Supplement to Statements of Additional Information
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Liberty Federal Securities Fund Liberty Strategic Income Fund
The Liberty Fund Liberty Tax-Exempt Fund
Liberty Newport Global Equity Fund Liberty Tax-Exempt Insured Fund
Liberty Newport Global Utilities Fund Liberty Utilities Fund
Liberty High Yield Municipal Fund Liberty Counselor Income Portfolio
Liberty High Yield Securities Fund Liberty Counselor Balanced Portfolio
Liberty Income Fund Liberty Counselor Growth Portfolio
Liberty Intermediate Tax-Exempt Fund Liberty Contrarian Fund
Liberty Intermediate Government Fund Liberty Contrarian Income Fund
Liberty Newport International Equity Fund Liberty Contrarian Equity Fund
Stein Roe Small Cap Tiger Fund Liberty Contrarian Balanced Fund
Liberty All-Star Growth & Income Fund Liberty Real Estate Fund
Liberty California Tax-Exempt Fund Liberty Oregon Tax-Free Fund
Liberty Connecticut Tax-Exempt Fund Liberty Contrarian Small-Cap Fund
Liberty Florida Tax-Exempt Fund Liberty Special Fund
Liberty Massachusetts Tax-Exempt Fund Liberty Newport Europe Fund
Liberty Michigan Tax-Exempt Fund Liberty Newport Greater China Fund
Liberty Minnesota Tax-Exempt Fund Liberty Newport Japan Opportunities Fund
Liberty New York Tax-Exempt Fund Liberty Newport Tiger Fund
Liberty North Carolina Tax-Exempt Fund Liberty Floating Rate Advantage Fund
Liberty Ohio Tax-Exempt Fund Liberty Tax-Managed Growth Fund
Liberty Select Value Fund Liberty Tax-Managed Value Fund
Liberty Short Term Government Fund Liberty Tax-Managed Growth Fund II
Liberty Strategic Balanced Fund Liberty Tax-Managed Aggressive Growth Fund
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The Statements of Additional Information for the Funds are revised as follows:
The following is added to the section "ORGANIZATION AND HISTORY":
On November 1, 2000, Liberty Financial Companies, Inc. (Liberty Financial), the
ultimate parent of each of the Funds' advisors, announced that it had retained
CS First Boston to help it explore strategic alternatives, including the
possible sale of Liberty Financial.
G-35/874D-1100 November 20, 2000
