LIBERTY HIGH YIELD SECURITIES FUND
LIBERTY NEWPORT GLOBAL UTILITIES FUND
LIBERTY INTERMEDIATE GOVERNMENT FUND
LIBERTY UTILITIES FUND
LIBERTY TAX-MANAGED AGGRESSIVE GROWTH FUND
STEIN ROE SMALL CAP TIGER FUND
LIBERTY TAX-MANAGED GROWTH FUND
LIBERTY MONEY MARKET FUND
LIBERTY TAX-MANAGED VALUE FUND
LIBERTY SELECT VALUE FUND
LIBERTY TAX-MANAGED GROWTH FUND II
LIBERTY INCOME FUND
LIBERTY SHORT TERM GOVERNMENT FUND
THE LIBERTY FUND
LIBERTY NEWPORT JAPAN OPPORTUNITIES FUND
LIBERTY FEDERAL SECURITIES FUND
LIBERTY NEWPORT GREATER CHINA FUND
LIBERTY STRATEGIC BALANCED FUND
LIBERTY NEWPORT GLOBAL EQUITY FUND
LIBERTY FLOATING RATE ADVANTAGE FUND
LIBERTY NEWPORT INTERNATIONAL EQUITY FUND
LIBERTY OHIO TAX-EXEMPT FUND
LIBERTY TAX-EXEMPT MONEY MARKET FUND
LIBERTY MINNESOTA TAX-EXEMPT FUND
LIBERTY HIGH YIELD MUNICIPAL FUND
LIBERTY MICHIGAN TAX-EXEMPT FUND
LIBERTY COUNSELOR INCOME PORTFOLIO
LIBERTY NEW YORK TAX-EXEMPT FUND
LIBERTY COUNSELOR BALANCED PORTFOLIO
LIBERTY FLORIDA TAX-EXEMPT FUND
LIBERTY COUNSELOR GROWTH PORTFOLIO
LIBERTY SMALL-CAP VALUE FUND
LIBERTY MASSACHUSETTS TAX-EXEMPT FUND
LIBERTY VALUE FUND
LIBERTY CALIFORNIA TAX-EXEMPT FUND
LIBERTY GROWTH & INCOME FUND
LIBERTY CONNECTICUT TAX-EXEMPT FUND
LIBERTY NEWPORT TIGER FUND
LIBERTY NORTH CAROLINA TAX-EXEMPT FUND
LIBERTY NEWPORT EUROPE FUND
LIBERTY NEWPORT ASIA PACIFIC FUND
LIBERTY INVESTMENT GRADE BOND FUND
LIBERTY ALL-STAR GROWTH AND INCOME FUND
LIBERTY STRATEGIC INCOME FUND
Supplement to Statements of Additional Information
Pursuant to the Board of Trustees' approval, the shareholders' servicing
and transfer agency fee arrangement between Liberty Funds Services, Inc. (LFS)
and each Fund has been revised, effective January 1, 2000. Each Fund pays LFS a
monthly fee at the annual rate of 0.07% of the average daily closing value of
the total net assets of each Fund for such month. In addition to this
compensation, each Fund pays LFS the following fees:
1. A transaction fee of $1.18 per transaction occurring in Fund accounts
during any month; PLUS
2. An account fee for open accounts of $4.00 per annum, payable on a
monthly basis, in an amount equal to 1/12 the per annum charge; PLUS
3. An account fee for closed accounts of $1.50 per annum, payable on a
monthly basis, in an amount equal to 1/12 the per annum charge; PLUS
4. Each Fund's allocated share of LFS reimbursement out-of-pocket expenses.
G-35/483C-0800 August 21, 2000
