NEWPORT TIGER FUND
CLASS Z SHARES
Supplement to Prospectus dated April 30, 1998
The Fund's Prospectus is amended as follows:
(1) The ninth paragraph on the front cover of the Prospectus is revised in its
entirety as follows:
The following eligible institutional investors may purchase Class Z shares:
(i) any retirement plan with aggregate assets of at least $5 million at the
time of purchase of Class Z shares and which purchases shares directly from
the Distributor or through a third party broker-dealer; (ii) any insurance
company, trust company or bank purchasing shares for its own account and
(iii) endowment, investment company or foundation. In addition, Class Z
shares may be purchased directly or by exchange by any (i) investors who
were Class I shareholders of SoGen International Fund, SoGen Overseas Fund
or SoGen Gold Fund as of the reorganization of these funds into Colonial
Trust II, (ii) those investors who were shareholders of the predecessor
Newport Fund as of March 24, 1995, who purchased their shares of the fund
at net asset value and who continue to hold Class Z shares and (iii)
clients of investment advisory affiliates of the Distributor, provided that
these clients meet certain criteria established by the Distributor and its
affiliates. Class Z shares are subject to a 2.00% contingent redemption fee
on redemptions made within five business days of purchase.
(2) On the front cover of the Prospectus, a new paragraph is added below the
Table of Contents as follows:
This Prospectus is also available on-line at our Web site
(http://www.libertyfunds.com). The SEC maintains a Web site
(http://www.sec.gov) that contains the Statement of Additional Information,
materials that are incorporated by reference into this Prospectus and the
Statement of Additional Information, and other information regarding the
Fund.
(3) The subcaption Borrowing of Money under the caption HOW THE FUND PURSUES
ITS OBJECTIVE AND CERTAIN RISK FACTORS is revised in its entirety as
follows:
Borrowing of Money. The Fund may borrow money from banks, other affiliated
funds and other entities to the extent permitted by law, for temporary or
emergency purposes up to 33 1/3% of its total assets.
(4) The sixth paragraph under the caption HOW THE FUND IS MANAGED is revised in
its entirety as follows:
Robert B. Cameron, Christopher Legallet, John M. Mussey and Thomas R.
Tuttle co-manage the Fund. Mr. Cameron, Senior Vice President of the
Advisor, has managed the Fund since October 1998. Prior to joining the
Advisor in 1996, Mr. Cameron was a branch manager-equity sales at CS First
Boston, Swiss Bank Corp. and Barings Securities. Mr. Legallet, Senior Vice
President of the Advisor, has managed the Fund since October 1998. He has
been affiliated with the Advisor since 1997. Prior to his affiliation with
the Advisor, Mr. Legallet was a Managing Director of Jupiter Tyndall (Asia)
Ltd. in Hong Kong serving as lead manager for investment in Asia. Messrs.
Mussey and Tuttle, President and Senior Vice President, respectively, of
the Adviser, have each co-managed the Fund since 1989 and 1995,
respectively. Messrs. Mussey and Tuttle also are President and Director,
and Senior Vice President, respectively, of Newport Pacific Management,
Inc. (Newport Pacific), the Adviser's immediate parent, and have each
managed other funds or accounts on their behalf since 1983. See "
Management of the Fund" in the Statement of Additional Information for more
information.
(5) The sub-caption Year 2000 under the caption HOW THE FUND IS MANAGED is
revised in its entirety as follows:
The Fund's Advisor, Distributor and Transfer Agent (Liberty Companies) are
actively managing Year 2000 readiness for the Fund. The Liberty Companies
are taking steps that they believe are reasonably designed to address the
Year 2000 problem and are communicating with vendors who provide services,
software and systems to the Fund to provide that date-related information
and data can be properly processed and calculated on and after January 1,
2000. Many Fund service providers and vendors, including the Liberty
Companies, are in the process of making Year 2000 modifications to their
software and systems and believe that such modifications will be completed
on a timely basis prior to January 1, 2000. However, no assurances can be
given that all modifications required to ensure proper data processing and
calculation on and after January 1, 2000 will be timely made or that
services to the Fund will not be adversely affected.
(6) The second paragraph under the caption HOW TO BUY SHARES is revised in its
entirety as follows:
The following eligible institutional investors may purchase Class Z shares:
(i) any retirement plan with aggregate assets of at least $5 million at the
time of purchase of Class Z shares and which purchases shares directly from
the Distributor or through a third party broker-dealer; (ii) any insurance
company, trust company or bank purchasing shares for its own account and
(iii) endowment, investment company or foundation. In addition, Class Z
shares may be purchased directly or by exchange by any (i) investors who
were Class I shareholders of SoGen International Fund, SoGen Overseas Fund
or SoGen Gold Fund as of the reorganization of these funds into Colonial
Trust II, (ii) those investors who were shareholders of the predecessor
Newport Fund as of March 24, 1995, who purchased their shares of the fund
at net asset value and who continue to hold Class Z shares and (iii)
clients of investment advisory affiliates of the Distributor, provided that
these clients meet certain criteria established by the Distributor and its
affiliates. Class Z shares are subject to a 2.00% contingent redemption fee
on redemptions made within five business days of purchase. The Distributor
may pay financial service firms a finder's fee on such purchases, payable
in quarterly installments during the first year after purchase. Each
installment will be equal to 1/4 of 0.15% of the value of the shares at the
time the installment is calculated.
(7) The last sentence under the subcaption "Contingent Redemption Fee" under
the caption HOW TO SELL SHARES is revised in its entirety as follows:
The fee may not apply to omnibus accounts and wrap fee programs.
(8) The last sentence in the first paragraph under the caption HOW TO SELL
SHARES is revised in its entirety as follows:
To avoid delay in payment, investors are advised to purchase shares
unconditionally, such as by federal fund wire or other immediately
available funds.
(9) A new sentence is added at the end of the paragraph under the caption HOW
TO EXCHANGE SHARES as follows:
All exchanges within five business days after a purchase are subject to a
2% contingent redemption fee. See "How to Sell Shares - Contingent
Redemption Fee."
(10) Under the caption TELEPHONE TRANSACTIONS the first sentence is revised in
its entirety and a new second and third sentences are added as follows:
All shareholders and/or their financial advisors are automatically eligible
to exchange Fund shares and to redeem up to $100,000 of Fund shares by
calling 1-800-422-3737 toll-free any business day between 9:00 a.m. Eastern
time and the time at which the Fund values it shares. Telephone redemptions
are limited to a total of $100,000 in a 30-day period. Redemptions that
exceed $100,000 may be done by placing a wire order trade through a broker
or furnishing a signature guaranteed request.
(11) Liberty Financial Investments, Inc., the Fund's distributor, changed its
name to Liberty Funds Distributor, Inc. The new name does not affect the
investment management of, or service to, the Fund. The Distributor
continues to offer selected investment products managed by subsidiaries of
Liberty Financial Companies, Inc. (NYSE:L), the indirect parent of the
Distributor.
(12) Colonial Investors Service Center, Inc., the Fund's transfer agent, changed
its name to Liberty Funds Services, Inc. The new name does not affect the
services to the Fund.
(13) The Chase Manhattan Bank is the Fund's Custodian.
(14) Price Waterhouse LLP, the Fund's independent accountants, changed its name
to PricewaterhouseCoopers LLP. The new name does not affect the services
provides to the Fund.
NT-36/173G-1198 December 21, 1998
