LIBERTY SMALL-CAP VALUE FUND
LIBERTY VALUE OPPORTUNITIES FUND
LIBERTY VALUE FUND
LIBERTY ALL-STAR GROWTH & INCOME FUND
LIBERTY STRATEGIC BALANCED FUND
LIBERTY SHORT-TERM GOVERNMENT FUND
LIBERTY OREGON TAX-FREE FUND
LIBERTY FLORIDA TAX-EXEMPT FUND
LIBERTY MICHIGAN TAX-EXEMPT FUND
LIBERTY MINNESOTA TAX-EXEMPT FUND
LIBERTY NORTH CAROLINA TAX-EXEMPT FUND
LIBERTY CONTRARIAN SMALL CAP FUND
LIBERTY CONTRARIAN BALANCED FUND
LIBERTY NEWPORT TIGER CUB FUND
(THE "FUNDS")
SUPPLEMENT TO PROSPECTUSES
Subject to approval by the Boards of Trustees of the Funds, a proposal to
reorganize each of the Funds into the respective Acquiring Fund listed below
will be submitted to the shareholders of each Fund. If shareholders of the Funds
approve the proposals, all of the assets of the Funds will be transferred to the
respective Acquiring Fund and shareholders of each Fund will receive shares of
the Acquiring Fund in exchange for their shares. Shareholders of the Funds are
scheduled to vote on the proposal at a special meeting of shareholders to be
held on December 19, 2000. If approved, the reorganizations are proposed to take
place in January, 2001. Shareholders of the Funds will be mailed information
detailing the proposal on or about November 8, 2000.
<TABLE>
<CAPTION>
FUNDS ACQUIRING FUNDS
<S> <C>
Liberty Small-Cap Value Fund Liberty Select Value Fund
Liberty Value Opportunities Fund Liberty Growth & Income Fund
Liberty Value Fund
Liberty All-Star Growth & Income Fund
Liberty Strategic Balanced Fund The Liberty Fund
Liberty Short-Term Government Fund Liberty Intermediate Government Fund
Liberty Oregon Tax-Free Fund Liberty Tax-Exempt Fund
Liberty Florida Tax-Exempt Fund
Liberty Michigan Tax-Exempt Fund
Liberty Minnesota Tax-Exempt Fund
Liberty North Carolina Tax-Exempt Fund
Liberty Contrarian Small Cap Fund Liberty Special Fund
Liberty Contrarian Balanced Fund Liberty Contrarian Equity Fund
Liberty Newport Tiger Cub Fund Liberty Newport Asia Pacific Fund
</TABLE>
G-36/119D-0900 October 5, 2000
