LIBERTY FUNDS GROUP
Liberty Federal Securities Fund Liberty Tax-Exempt Insured Fund
The Liberty Fund Liberty Growth & Income Fund
Liberty Newport Global Equity Fund Liberty Utilities Fund
Liberty Newport Global Utilities Fund Liberty Value Fund
Liberty High Yield Municipal Fund Liberty Contrarian Fund
Liberty High Yield Securities Fund Liberty Contrarian Income Fund
Liberty Income Fund Liberty Contrarian Equity Fund
Liberty Intermediate Tax-Exempt Fund Liberty Contrarian Balanced Fund
Liberty Intermediate Government Fund Liberty Real Estate Fund
Liberty Newport International Equity Fund Liberty Oregon Tax-Free Fund
Liberty Money Market Fund Liberty Contrarian Small-Cap Fund
Liberty Municipal Money Market Fund Liberty Special Fund
Liberty California Tax-Exempt Fund Liberty Newport Asia Pacific Fund
Liberty Connecticut Tax-Exempt Fund Liberty Newport Europe Fund
Liberty Florida Tax-Exempt Fund Liberty Newport Greater China Fund
Liberty Massachusetts Tax-Exempt Fund Liberty Newport Tiger Fund
Liberty Michigan Tax-Exempt Fund Stein Roe Small Cap Tiger Fund
Liberty Minnesota Tax-Exempt Fund Liberty Floating Rate Fund
Liberty New York Tax-Exempt Fund Liberty Floating Rate Advantage Fund
Liberty North Carolina Tax-Exempt Fund Liberty Growth Investor Fund
Liberty Ohio Tax-Exempt Fund Liberty Growth Stock Fund
Liberty Select Value Fund Liberty Value Opportunities Fund
Liberty Short Term Government Fund Liberty Tax-Managed Growth Fund
Liberty Small-Cap Value Fund Liberty Tax-Managed Value Fund
Liberty Strategic Balanced Fund Liberty Tax-Managed Growth Fund II
Liberty Strategic Income Fund Liberty Intermediate Bond Fund
Liberty Tax-Exempt Fund Liberty Young Investor Fund
Liberty Global Young Investor Fund
The Statements of Additional Information are revised as follows:
The following sub-heading and paragraph are added to the section entitled
"Programs for Reducing or Eliminating Sales Charges" in the Statement of
Additional Information of all funds distributed by Liberty Funds Distributor,
Inc. (LFD):
Exchanges for Affiliates of Investment Advisor
Clients of affiliates of LFD who have previously purchased shares of other
investment companies and have been charged a front-end load or other sales
charge on such purchases may exchange those shares for Class A shares of any
funds distributed by LFD, without incurring an additional front-end load or
sales charge for those exchanged shares. Certain funds may charge an annual
12b-1 distribution and service fee.
G-35/997D-1200 December 7, 2000
