NEWPORT GREATER CHINA FUND
Supplement to Prospectus dated December 12, 1997
The Fund's Prospectus is amended as follows:
In order to discourage short-term speculation and to offset the costs resulting
from such speculation, effective June 15, 1998, the Fund will impose a 2.00% fee
on redemptions and exchanges of Fund shares held for five business days or less.
Therefore, Shareholder Transaction Expenses is amended in its entirety as
follows:
Shareholder Transaction Expenses (1)(2)
Class A Class B Class C
Maximum initial sales charge imposed on a 5.75% 0.00%(4) 0.00%(4)
purchase (as a % of offering price)(3)
Maximum contingent deferred sales charge 1.00%(5) 5.00% 1.00%
(as a % of offering price)(3)
Maximum contingent redemption fee(3)(6) 2.00% 2.00% 2.00%
(1) For accounts less than $1,000 an annual fee of $10 may be deducted. See "How
to Buy Shares." (2) Redemption proceeds exceeding $500 sent via federal funds
wire will be subject to a $7.50 charge per
transaction.
(3) Does not apply to reinvested distributions.
(4) Because of the 0.75% distribution fee applicable to Class B and Class C
shares, long-term Class B and Class C shareholders may pay more in
aggregate sales charges than the maximum initial sales charge permitted
by the National Association of Securities Dealers, Inc. However, because
Class B shares automatically convert to Class A shares after
approximately 8 years, this is less likely for Class B shares than for a
class without a conversion feature.
(5) Only with respect to any portion of purchases of $1 million to $5 million
redeemed within approximately 18 months after purchase. See "How to
Buy Shares."
(6) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions or exchanges of Fund shares purchased and held for five
business days or less. See "Contingent Redemption Fee" under the caption
"How to Sell Shares."
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
(B) The following paragraph is added to the subcaption Class C Shares under the
caption "How to Buy Shares":
The Fund's Class C share exchange policy will be modified to permit only one
"roundtrip" exchange per three-month period, measured from the date of the
initial purchase. For example, an exchange from Fund X to Fund Y and back to
Fund X would be permitted only once during each three-month period.
GC-36/036-0398 April 1, 1998
<PAGE>
NEWPORT GREATER CHINA FUND
CLASS Z SHARES
Supplement to Prospectus
dated December 12, 1997
The Fund's Prospectus is amended as follows:
In order to discourage short-term speculation and to offset the costs resulting
from such speculation, effective June 15, 1998, the Fund will impose a 2.00% fee
on redemptions and exchanges of Fund shares held for five business days or less.
Therefore, Shareholder Transaction Expenses is amended in its entirety as
follows:
Shareholder Transaction Expenses (1)(2)
Maximum initial sales charge imposed on 0.00%
a purchase (as a % of offering
price)
Maximum contingent deferred sales 0.00%
charge (as a % of offering price)
Maximum contingent redemption fee(3) 2.00%
(1) For accounts less than $1,000 an annual fee
of $10 may be deducted. See "How to Buy
Shares."
(2) Redemption proceeds exceeding $500 sent via federal funds wire will be
subject to a $7.50 charge per transaction.
(3) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions or exchanges of Fund shares purchased and held for five
business days or less. See "Contingent Redemption Fee" under the caption
"How to Sell Shares."
<PAGE>
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
GC-36/037-0398 April 1, 1998
COLONIAL NEWPORT TIGER CUB FUND
Supplement to Prospectus dated December 29, 1997
The Fund's Prospectus is amended as follows:
(A) In order to discourage short-term speculation and to offset the costs
resulting from such speculation, effective June 15, 1998, the Fund will impose a
2.00% fee on redemptions and exchanges of Fund shares held for five business
days or less. Therefore, Shareholder Transaction Expenses is amended in its
entirety as follows:
Shareholder Transaction Expenses (1)(2)
Class A Class B Class C
Maximum initial sales charge imposed on a 5.75% 0.00%(4) 0.00%(4)
purchase (as a % of offering price)(3)
Maximum contingent deferred sales charge 1.00%(5) 5.00% 1.00%
(as a % of offering price)(3)
Maximum contingent redemption fee(3)(6) 2.00% 2.00% 2.00%
(1) For accounts less than $1,000 an annual fee of $10 may be deducted. See "How
to Buy Shares." (2) Redemption proceeds exceeding $500 sent via federal funds
wire will be subject to a $7.50 charge per
transaction.
(3) Does not apply to reinvested distributions.
(4) Because of the 0.75% distribution fee applicable to Class B and Class C
shares, long-term Class B and Class C shareholders may pay more in
aggregate sales charges than the maximum initial sales charge permitted
by the National Association of Securities Dealers, Inc. However, because
Class B shares automatically convert to Class A shares after
approximately 8 years, this is less likely for Class B shares than for a
class without a conversion feature.
(5) Only with respect to any portion of purchases of $1 million to $5 million
redeemed within approximately 18 months after purchase. See "How to
Buy Shares."
(6) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions and exchanges of Fund shares purchased and held for five
business days or less. See "Contingent Redemption Fee" under the caption
"How to Sell Shares."
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
(B) The following paragraph is added to the subcaption Class C Shares under the
caption "How to Buy Shares":
The Fund's Class C share exchange policy will be modified to permit only one
"roundtrip" exchange per three-month period, measured from the date of the
initial purchase. For example, an exchange from Fund X to Fund Y and back to
Fund X would be permitted only once during each three-month period.
CF-36/038F-0398 April 1, 1998
<PAGE>
COLONIAL NEWPORT TIGER CUB FUND
CLASS Z SHARES
Supplement to Prospectus
dated December 29, 1997
The Fund's Prospectus is amended as follows:
In order to discourage short-term speculation and to offset the costs resulting
from such speculation, effective June 15, 1998, the Fund will impose a 2.00% fee
on redemptions and exchanges of Fund shares held for five business days or less.
Therefore, Shareholder Transaction Expenses is amended in its entirety as
follows:
Shareholder Transaction Expenses (1)(2)
Maximum initial sales charge imposed 0.00%
on a purchase (as a % of offering
price)
Maximum contingent deferred sales 0.00%
charge (as a % of offering price)
Maximum contingent redemption fee(3) 2.00%
(1) For accounts less than $1,000 an annual fee
of $10 may be deducted. See "How to Buy
Shares."
(2) Redemption proceeds exceeding $500 sent via federal funds wire will be
subject to a $7.50 charge per transaction.
(3) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions or exchanges of Fund shares held for five business days or
less of purchase. See "Contingent Redemption Fee" under the caption "How
to Sell Shares."
<PAGE>
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
CF-36/039F-0398 April 1, 1998
NEWPORT JAPAN OPPORTUNITIES FUND
Supplement to Prospectus dated December 3, 1997
The Fund's Prospectus is amended as follows:
(A) In order to discourage short-term speculation and to offset the costs
resulting from such speculation, effective June 15, 1998, the Fund will impose a
2.00% fee on redemptions and exchanges of Fund shares held for five business
days or less. Therefore, Shareholder Transaction Expenses is amended in its
entirety as follows:
Shareholder Transaction Expenses (1)(2)
Class A Class B Class C
Maximum initial sales charge imposed on a 5.75% 0.00%(4) 0.00%(4)
purchase (as a % of offering price)(3)
Maximum contingent deferred sales charge 1.00%(5) 5.00% 1.00%
(as a % of offering price)(3)
Maximum contingent redemption fee(3)(6) 2.00% 2.00% 2.00%
(1) For accounts less than $1,000 an annual fee of $10 may be deducted. See "How
to Buy Shares." (2) Redemption proceeds exceeding $500 sent via federal funds
wire will be subject to a $7.50 charge
per transaction.
(3) Does not apply to reinvested distributions.
(4) Because of the 0.75% distribution fee applicable to Class B and Class C
shares, long-term Class B and Class C shareholders may pay more in
aggregate sales charges than the maximum initial sales charge permitted
by the National Association of Securities Dealers, Inc. However, because
Class B shares automatically convert to Class A shares after
approximately 8 years, this is less likely for Class B shares than for a
class without a conversion feature.
(5) Only with respect to any portion of purchases of $1 million to
$5 million redeemed within approximately 18 months after purchase.
See "How to Buy Shares."
(6) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions and exchanges of Fund shares purchased and held for five
business days or less. See "Contingent Redemption Fee" under the caption
"How to Sell Shares."
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
(B) The following paragraph is added to the subcaption Class C Shares under the
caption "How to Buy Shares":
The Fund's Class C share exchange policy will be modified to permit only one
"roundtrip" exchange per three-month period, measured from the date of the
initial purchase. For example, an exchange from Fund X to Fund Y and back to
Fund X would be permitted only once during each three-month period.
JF-36/034F-0398 April 1, 1998
<PAGE>
NEWPORT JAPAN OPPORTUNITIES FUND
CLASS Z SHARES
Supplement to Prospectus
dated December 3, 1997
The Fund's Prospectus is amended as follows:
In order to discourage short-term speculation and to offset the costs resulting
from such speculation, effective June 15, 1998, the Fund will impose a 2.00% fee
on redemptions and exchanges of Fund shares held for five business days or less.
Therefore, Shareholder Transaction Expenses is amended in its entirety as
follows:
Shareholder Transaction Expenses (1)(2)
Maximum initial sales charge imposed 0.00%
on
a purchase (as a % of offering
price)
Maximum contingent deferred sales 0.00%
charge (as a % of offering price)
Maximum contingent redemption fee(3) 2.00%
(1) For accounts less than $1,000 an annual
fee of $10 may be deducted. See "How to
Buy Shares."
(2) Redemption proceeds exceeding $500 sent via federal funds wire will be
subject to a $7.50 charge per transaction.
(3) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions or exchanges of Fund shares held for five business days or
less of purchase. See "Contingent Redemption Fee" under the caption "How
to Sell Shares."
<PAGE>
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
JF-36/035F-0398 April 1, 1998
COLONIAL NEWPORT TIGER FUND
Supplement to Prospectus dated April 30, 1997
(Replacing Supplement dated March 10, 1998)
The Fund's Prospectus is amended as follows:
(A) In order to discourage short-term speculation and to offset the costs
resulting from such speculation, effective June 15, 1998, the Fund will impose a
2.00% fee on redemptions and exchanges of Fund shares held for five business
days or less. Therefore, Shareholder Transaction Expenses is amended in its
entirety as follows:
Shareholder Transaction Expenses (1)(2)
Class A Class B Class C Class T
Maximum initial sales charge imposed 5.75% 0.00%(4) 0.00%(4) 5.75%
on a purchase (as a % of
offering price)(3)
Maximum contingent deferred sales 1.00%(5) 5.00% 1.00% 1.00%(4)
charge (as a % of offering price)(3)
Maximum contingent redemption fee(3)(6) 2.00% 2.00% 2.00% 2.00%
(1) For accounts less than $1,000 an annual fee of $10 may be deducted. See "How
to Buy Shares." (2) Redemption proceeds exceeding $500 sent via federal funds
wire will be subject to a $7.50 charge
per transaction.
(3) Does not apply to reinvested distributions.
(4) Because of the 0.75% distribution fee applicable to Class B and Class
C shares, long-term Class B and Class C shareholders may pay more in
aggregate sales charges than the maximum initial sales charge
permitted by the National Association of Securities Dealers, Inc.
However, because Class B shares automatically convert to Class A
shares after approximately 8 years, this is less likely for Class B
shares than for a class without a conversion feature.
(5) Only with respect to any portion of purchases of $1 million to
$5 million redeemed within approximately 18 months after purchase.
See "How to Buy Shares."
(6) A contingent redemption fee in the amount of 2.00% is imposed on
redemptions and exchanges of Fund shares purchased and held for five
business days or less. See "Contingent Redemption Fee" under the
caption "How to Sell Shares."
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
(B) The Fund's Trustees approved a name change for the Fund's Class D shares and
eliminated the Class D share initial sales charge. The Fund's "Class D" shares
have been renamed "Class C" shares and any reference in the Fund's Prospectus to
"Class D" shares is now a reference to "Class C" shares. Except as described
below, the other features of Class D shares remain unchanged, including the
1.00% contingent deferred sales charge.
The two paragraphs following the subcaption Class D Shares under the caption
"How to Buy Shares" are revised in their entirety as follows:
Class C Shares. Class C shares are offered at net asset value and are subject to
a 0.75% annual distribution fee and a 1.00% contingent deferred sales charge on
redemptions made within one year after the end of the month in which the
purchase was accepted.
The Distributor pays financial service firms an initial commission of 1.00% on
Class C share purchases and an ongoing commission of 0.75% annually commencing
after the shares purchased have been outstanding for one year. Payment of the
ongoing commission is conditioned on receipt by the Distributor of the 0.75%
annual distribution fee referred to above. The commission may be reduced or
eliminated if the distribution fee paid by the Fund is reduced or eliminated for
any reason.
The Fund's Class C share exchange policy will be modified to permit only one
"roundtrip" exchange per three-month period, measured from the date of the
initial purchase. For example, an exchange from Fund X to Fund Y and back to
Fund X would be permitted only once during each three-month period.
(C) Effective April 30, 1998, the Fund's name is changed to "Newport Tiger
Fund." The Fund's address and telephone number remain unchanged.
(D) The Fund's Distributor has changed its name to "Liberty Financial
Investments, Inc." The Distributor's address and telephone number remain
unchanged.
NT-36/965E-0498 April 1, 1998
<PAGE>
COLONIAL NEWPORT TIGER FUND
CLASS Z SHARES
Supplement to Prospectus dated April 30, 1997
(Replacing Supplement dated March 10, 1998)
The Fund's Prospectus is amended as follows:
(A) In order to discourage short-term speculation and to offset the costs
resulting from such speculation, effective June 15, 1998, the Fund will impose a
2.00% fee on redemptions and exchanges of Fund shares held for five business
days or less. Therefore, Shareholder Transaction Expenses is amended in its
entirety as follows:
Shareholder Transaction Expenses (1)(2)
Maximum initial sales charge imposed 0.00%
on a purchase (as a % of
offering
price)
Maximum contingent deferred sales 0.00%
charge (as a % of offering
price)
Maximum contingent redemption fee(3) 2.00%
(1) For accounts less than $1,000 an annual fee of $10 may be deducted.
See "How to Buy Shares."
(2) Redemption proceeds exceeding $500
sent via federal funds wire will be
subject to a $7.50 charge per
transaction.
(3) A contingent redemption fee in the
amount of 2.00% is imposed on
redemptions or exchanges of Fund
shares purchased and held for five
business days or less. See
"Contingent Redemption Fee" under the
caption "How to Sell Shares."
<PAGE>
In addition, a new sub-caption is added as the second paragraph under the
caption "How to Sell Shares" as follows:
Contingent Redemption Fee. The Fund can experience substantial price
fluctuations and is intended for long-term investors. Short-term "market timers"
who engage in frequent purchases and redemptions can disrupt the Fund's
investment program and create additional transaction costs that are borne by all
shareholders. For these reasons, the Fund will assess a redemption fee in the
amount of 2.00% on redemptions and exchanges of Fund shares purchased and held
for five business days or less.
The contingent redemption fee will be paid to the Fund to help offset
transaction costs. The Fund will use the "first-in, first-out" (FIFO) method to
determine the five business day holding period. Under this method, the date of
the redemption or exchange will be compared with the earliest purchase date of
shares held in the account. If this holding period is five business days or
less, the contingent redemption fee will be assessed.
The contingent redemption fee does not apply to any shares purchased through the
reinvestment of dividends. The fee may not apply to omnibus accounts.
(B) Effective April 30, 1998, the Fund's name is changed to "Newport Tiger
Fund." The Fund's address and telephone number remain unchanged.
(C) The Fund's Distributor has changed its name to "Liberty Financial
Investments, Inc." The Distributor's address and telephone number remain
unchanged.
NT-36/966E-0498 April 1, 1998
