Supplement to Prospectuses
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Liberty Federal Securities Fund Liberty Growth & Income Fund
The Liberty Fund Liberty Utilities Fund
Liberty Newport Global Equity Fund Liberty Value Fund
Liberty Newport Global Utilities Fund Liberty Counselor Income Portfolio
Liberty High Yield Municipal Fund Liberty Counselor Balanced Portfolio
Liberty High Yield Securities Fund Liberty Counselor Growth Portfolio
Liberty Income Fund Liberty Contrarian Fund
Liberty Intermediate Tax-Exempt Fund Liberty Contrarian Income Fund
Liberty Intermediate Government Fund Liberty Contrarian Equity Fund
Liberty Newport International Equity Fund Liberty Contrarian Balanced Fund
Liberty Investment Grade Bond Fund Liberty Real Estate Fund
Liberty Money Market Fund Liberty Oregon Tax-Free Fund
Liberty Tax-Exempt Money Market Fund Liberty Contrarian Small-Cap Fund
Liberty California Tax-Exempt Fund Liberty Special Fund
Liberty Connecticut Tax-Exempt Fund Liberty Newport Asia Pacific Fund
Liberty Florida Tax-Exempt Fund Liberty Newport Europe Fund
Liberty Massachusetts Tax-Exempt Fund Liberty Newport Greater China Fund
Liberty Michigan Tax-Exempt Fund Liberty Newport Japan Opportunities Fund
Liberty Minnesota Tax-Exempt Fund Liberty Newport Tiger Fund
Liberty New York Tax-Exempt Fund Liberty Floating Rate Fund
Liberty North Carolina Tax-Exempt Fund Liberty Floating Rate Advantage Fund
Liberty Ohio Tax-Exempt Fund Liberty Growth Investor Fund
Liberty Select Value Fund Liberty Growth Stock Fund
Liberty Short Term Government Fund Liberty Select Growth and Income Fund
Liberty Small-Cap Value Fund Liberty Tax-Managed Growth Fund
Liberty Strategic Balanced Fund Liberty Tax-Managed Value Fund
Liberty Strategic Income Fund Liberty Tax-Managed Growth Fund II
Liberty Tax-Exempt Fund Liberty Young Investor Fund
Liberty Tax-Exempt Insured Fund Stein Roe Small Cap Tiger Fund
Liberty All-Star Growth & Income Fund
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The Prospectuses are revised as follows:
The footnote to the table "Class A Sales Charges" under the subcaption SALES
CHARGES under the section YOUR ACCOUNT is revised as follows:
Class A shares bought without an initial sales charge in accounts aggregating $1
million to $25 million at the time of purchase are subject to a 1% CDSC if the
shares are sold within 18 months of the time of purchase. Subsequent Class A
purchases that bring your account value above $1 million are subject to a CDSC
if redeemed within 18 months of the date of purchase. The 18 month period begins
on the first day of the month following each purchase. The contingent deferred
sales charge does not apply to retirement plans purchased through a fee-based
program.
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The following replaces the table called "Purchases Over $1 Million" under the
subcaption SALES CHARGES under the section YOUR ACCOUNT:
Amount purchased Commission %
First $3 million 1.00
$3 million to less than $5 million 0.80
$5 million to less than $25 million 0.50
$25 million or more 0.25*
* Paid over 12 months but only to the extent the shares remain outstanding.
For Class A share purchases by participants in certain group retirement plans
offered through a fee-based program, financial advisors receive a 1% commission
from the distributor on all purchases of less than $3 million.
G-36/282C-0700 August 1, 2000
