497 1 invest_trust.txt SUPPLEMENT COLUMBIA MANAGEMENT GROUP Supplement to Prospectuses and Statements of Additional Information 1. On October 13, 2003, the following Funds will change their names as referenced below:
CURRENT FUND NAME NEW FUND NAME Liberty Strategic Income Fund Columbia Strategic Income Fund Liberty Newport Japan Opportunities Fund Columbia Newport Japan Opportunities Fund Liberty Newport Greater China Fund Columbia Newport Greater China Fund Liberty Money Market Fund Columbia Money Market Fund Liberty Newport Global Equity Fund Columbia Global Equity Fund Liberty Federal Securities Fund Columbia Federal Securities Fund Liberty Contrarian Income Fund Columbia Contrarian Income Fund Liberty Intermediate Government Income Fund Columbia Intermediate Government Income Fund Liberty Quality Plus Bond Fund Columbia Quality Plus Bond Fund Liberty Corporate Bond Fund Columbia Corporate Bond Fund Liberty Tax-Exempt Fund Columbia Tax-Exempt Fund Liberty Tax-Exempt Insured Fund Columbia Tax-Exempt Insured Fund Liberty Municipal Money Market Fund Columbia Municipal Money Market Fund Liberty California Tax-Exempt Fund Columbia California Tax-Exempt Fund Liberty Connecticut Tax-Exempt Fund Columbia Connecticut Tax-Exempt Fund Liberty Massachusetts Tax-Exempt Fund Columbia Massachusetts Tax-Exempt Fund Liberty New York Tax-Exempt Fund Columbia New York Tax-Exempt Fund Liberty Large Company Index Fund Columbia Large Company Index Fund Liberty U.S. Treasury Index Fund Columbia U.S. Treasury Index Fund Liberty Small Company Index Fund Columbia Small Company Index Fund Liberty Newport Asia Pacific Fund Columbia Newport Asia Pacific Fund Liberty Newport Tiger Fund Columbia Newport Tiger Fund Liberty Newport Europe Fund Columbia Europe Fund Liberty Income Fund Columbia Income Fund Liberty Intermediate Bond Fund Columbia Intermediate Bond Fund Liberty Managed Municipals Fund Columbia Managed Municipals Fund Liberty High Yield Municipal Fund Columbia High-Yield Municipal Fund Liberty Large Cap Core Fund Columbia Large-Cap Core Fund Liberty International Equity Fund Columbia International Equity Fund Liberty Global Thematic Equity Fund Columbia Global Thematic Equity Fund Liberty European Thematic Equity Fund Columbia European Thematic Equity Fund Liberty Floating Rate Advantage Fund Columbia Floating Rate Advantage Fund Liberty Floating Rate Fund Columbia Floating Rate Fund
2. Also on October 13, 2003: o the Funds will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Funds will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Funds' distributor) and Liberty Funds Services, Inc. (the Funds' transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. September 17, 2003 LIBERTY SMALL CAP FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003, the Fund will change its name to "Columbia Small-Cap Fund." 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 702-36/416P-0903 September 17, 2003 LIBERTY ASSET ALLOCATION FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003, the Fund will change its name to "Columbia Asset Allocation Fund." 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 3. Effective October 13, 2003, the Fund will use the Standard & Poor's 500 Index and the Lehman Brothers Aggregate Bond Index as performance benchmarks. The Lehman Aggregate Index is an unmanaged index made up of the Lehman Brothers Government/Credit Bond Index, the Lehman Brothers Mortgage Backed Securities Index and the Lehman Brothers Asset Backed Securities Index. The advisor believes that using these two indices offers shareholders a more useful comparison for the Fund's relative performance. 4. On October 13, 2003, the following row will be added to the chart entitled "Average Annual Total Returns - for periods ended December 31, 2002": 1 Year 5 Years 10 Years Lehman Aggregate Index (%) 10.25 7.55 7.51 704-36/415P-0903 September 17, 2003 LIBERTY EQUITY GROWTH FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003: o The Fund will change its name to "Columbia Large-Cap Growth Fund" o The first sentence of the first paragraph under the heading "Principal Investment Strategies" will be replaced with the following sentence: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broadly diversified portfolio of large capitalization equity securities, primarily common stocks and securities that can be converted into common stocks. 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 3. Effective October 13, 2003, the Fund will use the Russell 1000 Growth Index as its performance benchmark. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The advisor believes that the Russell 1000 Growth Index offers shareholders a more useful comparison for the Fund's relative performance than the Standard & Poor's 500 Index. 4. On October 13, 2003, the following row will be added to the chart entitled "Average Annual Total Returns - for periods ended December 31, 2002": 1 Year 5 Years 10 Years Russell 1000 Growth Index (%) -27.88 -3.84 6.70 703-36/424P-0903 September 17, 2003 LIBERTY EQUITY VALUE FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003, the Fund will change its name to "Columbia Disciplined Value Fund." 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 3. Effective October 13, 2003, the Fund will use the Russell 1000 Value Index as its performance benchmark. The Russell 1000 Value Index is an unmanaged index that measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The advisor believes that the Russell 1000 Value Index offers shareholders a more useful comparison for the Fund's relative performance than the Standard & Poor's 500 Index. 4. On October 13, 2003, the following row will be added to the chart entitled "Average Annual Total Returns - for periods ended December 31, 2002": 1 Year 5 Years 10 Years Russell 1000 Value Index (%) -15.52 1.16 10.80 731-36/423P-0903 September 17, 2003 LIBERTY GROWTH STOCK FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003, the Fund will change its name to "Columbia Growth Stock Fund." 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 3. Effective October 13, 2003, the Fund will use the Russell 1000 Growth Index as its performance benchmark. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The advisor believes that the Russell 1000 Growth Index offers shareholders a more useful comparison for the Fund's relative performance than the Standard & Poor's 500 Index. 4. On October 13, 2003, the following row will be added to the chart entitled "Average Annual Total Returns - for periods ended December 31, 2002": 1 Year 5 Years 10 Years Russell 1000 Growth Index (%) -27.88 -3.84 6.70 755-36/421P-0903 September 17, 2003 LIBERTY SMALL COMPANY EQUITY FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003, the Fund will change its name to "Columbia Small Company Equity Fund." 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 3. Effective October 13, 2003, the Fund will use the Russell 2000 Growth Index as its performance benchmark. The Russell 2000 Growth Index is an unmanaged index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The advisor believes that the Russell 2000 Growth Index offers shareholders a more useful comparison for the Fund's relative performance than the Russell 2000 Index. 4. On October 13, 2003, the following row will be added to the chart entitled "Average Annual Total Returns - for periods ended December 31, 2002": 1 Year 5 Years 10 Years Russell 2000 Growth Index (%) -30.26 -6.59 2.62 725-36/414P-0903 September 17, 2003 LIBERTY YOUNG INVESTOR FUND Supplement to Prospectuses and Statement of Additional Information 1. On October 13, 2003, the Fund will change its name to "Columbia Young Investor Fund." 2. Also on October 13, 2003: o The Fund will be listed as part of the Columbia fund family under the letter "C" in the mutual fund listing section of your newspaper. In addition, the website for the Fund will change from www.libertyfunds.com to www.columbiafunds.com. o Liberty Funds Distributor, Inc. (the Fund's distributor) and Liberty Funds Services, Inc. (the Fund's transfer agent) will change their names to Columbia Funds Distributor, Inc. and Columbia Funds Services, Inc., respectively. 3. Effective October 13, 2003, the Fund will use the Russell 3000 Index as its performance benchmark. The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The advisor believes that the Russell 3000 Index offers shareholders a more useful comparison for the Fund's relative performance than the Standard & Poor's 500 Index. 4. On October 13, 2003, the following row will be added to the chart entitled "Average Annual Total Returns - for periods ended December 31, 2002": 1 Year 5 Years Life of Fund(1) Russell 3000 Index (%) -21.54 -0.71 9.42 (1) Performance information is from April 30, 1994. 756-36/417P-0903 September 17, 2003