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 NEWPORT JAPAN OPPORTUNITIES FUND
LIBERTY INTERMEDIATE GOVERNMENT FUND
LIBERTY NEWPORT GREATER CHINA FUND
LIBERTY SELECT VALUE FUND
LIBERTY NEWPORT INTERNATIONAL EQUITY FUND
THE LIBERTY FUND
LIBERTY FEDERAL SECURITIES 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 SMALL-CAP VALUE FUND
LIBERTY GROWTH & INCOME FUND
LIBERTY VALUE FUND
LIBERTY NEWPORT ASIA PACIFIC FUND
LIBERTY NEWPORT TIGER FUND
LIBERTY NEWPORT EUROPE FUND
LIBERTY ALL-STAR GROWTH AND INCOME FUND
LIBERTY INVESTMENT GRADE BOND FUND
LIBERTY FLOATING RATE ADVANTAGE FUND
Supplement to current Class Z share Prospectuses
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; and (v) clients of investment advisory affiliates of the distributor
provided that the clients meet certain criteria established by the distributor
and its affiliates. Initial purchases of Class Z shares are subject to a minimum
purchase amount of $100,000, except that purchases by retirement plans described
in clause (ii) above are not subject to any initial investment minimum. The
Funds reserve the right to change the investment minimums.
G-36/559C-0800 August 15, 2000
