LIBERTY HIGH YIELD SECURITIES FUND
LIBERTY INCOME FUND
LIBERTY STRATEGIC INCOME FUND
LIBERTY TAX-MANAGED GROWTH FUND
LIBERTY TAX-MANAGED VALUE FUND
LIBERTY TAX-MANAGED GROWTH FUND II
LIBERTY TAX-MANAGED AGGRESSIVE GROWTH FUND
LIBERTY SELECT VALUE FUND
LIBERTY NEWPORT INTERNATIONAL EQUITY FUND
THE LIBERTY FUND
LIBERTY REAL ESTATE FUND
LIBERTY CONTRARIAN INCOME FUND
LIBERTY UTILITIES FUND
LIBERTY COUNSELOR INCOME PORTFOLIO
LIBERTY COUNSELOR BALANCED PORTFOLIO
LIBERTY COUNSELOR GROWTH PORTFOLIO
LIBERTY ALL-STAR GROWTH AND INCOME FUND
LIBERTY FLOATING RATE ADVANTAGE FUND
SUPPLEMENT TO CURRENT CLASS Z SHARE
PROSPECTUSES (REPLACING SUPPLEMENT
DATED AUGUST 21, 2000)
The Class Z share prospectuses of the above Funds are amended to revise the
categories of investors who are eligible to purchase Class Z shares. The
following investors are now eligible to purchase Class Z shares: (i) clients of
broker-dealers or registered investment advisors that both recommend the
purchase of Fund shares and charge such clients an asset-based fee; (ii) a
retirement plan (or the custodian for such plan) with aggregate plan assets of
at least $5 million at the time of purchase and which purchases shares directly
from Liberty Funds Distributor, Inc., the Funds' distributor, or through a
third party broker-dealer; (iii) any insurance company, trust company or bank
purchasing shares for its own account; (iv) any endowment, investment company
or foundation; (v) clients of investment advisory affiliates of the distributor
provided that the clients meet certain criteria established by the distributor
and its affiliates; (vi) any shareholder (or family member of such shareholder)
who owned shares of any of the funds of Liberty Acorn Trust on September 29,
2000 (when all of the then outstanding shares of Liberty Acorn Trust were
re-designated Class Z shares) and who has since then continued to own shares of
any funds distributed by Liberty Funds Distributor, Inc.; (vii) any person
investing all or part of the proceeds of a distribution, roll over or transfer
of assets into a Liberty IRA, from any deferred compensation plan which was a
shareholder of any of the funds of Liberty Acorn Trust on September 29, 2000,
in which the investor was a participant and through which the investor invested
in one or more of the funds of Liberty Acorn Trust immediately prior to the
distribution, roll over or transfer; (viii) any trustee of Liberty Acorn Trust,
any employee of Liberty Wanger Asset Management, L.P., or a member of the
family of such trustee or employee; and (ix) any person or entity listed in the
account registration for any account (such as joint owners, trustees,
custodians, and designated beneficiaries) that held shares of any of the funds
of Liberty Acorn Trust on September 29, 2000 and that has since then continued
to hold shares of any fund distributed by Liberty Funds Distributor, Inc.
Initial purchases of Class Z shares are subject to a minimum purchase amount of
$100,000, except that purchases by (a) retirement plans described in clause
(ii) above are not subject to any initial investment minimum, and (b) investors
described in clauses (vi), (viii) and (ix) above are subject to a minimum
purchase amount of $1,000. The Funds reserve the right to change the investment
minimums.
G-36/484D-1000 October 23, 2000
