Liberty Small-Cap Value Fund
Liberty Value Opportunities Fund
Liberty Value Fund
Liberty All-Star Growth & Income Fund
Liberty Strategic Balanced Fund
Liberty Short Term Government Fund
Liberty Oregon Tax-Free Fund
Liberty Florida Tax-Exempt Fund
Liberty Michigan Tax-Exempt Fund
Liberty Minnesota Tax-Exempt Fund
Liberty North Carolina Tax-Exempt Fund
Liberty Contrarian Small-Cap Fund
Liberty Contrarian Balanced Fund
Liberty Newport Tiger Cub Fund
Liberty Newport Global Equity Fund
Liberty Intermediate Tax-Exempt Fund
(the "Funds")
SUPPLEMENT TO PROSPECTUSES
(Replacing Supplement dated October 26, 2000)
On October 17 or October 26, 2000 the respective Boards of Trustees of the Funds
approved a proposal to reorganize each of the Funds into the respective
Acquiring Fund listed below, subject to shareholder approval. If shareholders of
each Fund approve the proposal, all of the assets of the Fund will be
transferred to the respective Acquiring Fund and shareholders of each Fund will
receive shares of the Acquiring Fund in exchange for their shares. Shareholders
of each Fund are scheduled to vote on the proposal at a special meeting of
shareholders to be held on December 27, 2000. If approved on that date, the
reorganizations are proposed to take place in January, 2001. Shareholders of the
Funds will be mailed information detailing the proposal on or about November 20,
2000.
In connection with the proposed reorganizations of the Funds, the Boards of
Trustees have suspended the sale of each Fund's shares effective November 8,
2000. Consequently, purchase orders for Fund shares received (except those
purchases that are part of the Automatic Investment Plan, Automated Dollar Cost
Averaging program, Automatic Dividend Diversification program, dividend
reinvestments, contributions to certain existing retirement plan accounts and
purchases through wrap fee accounts) will be rejected by each Fund.
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Funds Acquiring Funds
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Liberty Small-Cap Value Fund Liberty Select Value Fund
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Liberty Value Opportunities Fund Liberty Growth & Income Fund
Liberty Value Fund
Liberty All-Star Growth & Income Fund
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Liberty Strategic Balanced Fund The Liberty Fund
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Liberty Short Term Government Fund Liberty Intermediate Government Fund
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Liberty Oregon Tax-Free Fund Liberty Tax-Exempt Fund
Liberty Florida Tax-Exempt Fund
Liberty Michigan Tax-Exempt Fund
Liberty Minnesota Tax-Exempt Fund
Liberty North Carolina Tax-Exempt Fund
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Liberty Contrarian Small-Cap Fund Liberty Special Fund
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Liberty Contrarian Balanced Fund Liberty Contrarian Equity Fund
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Liberty Newport Tiger Cub Fund Liberty Newport Asia Pacific Fund
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Liberty Newport Global Equity Fund Liberty Newport Global Utilities Fund
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Liberty Intermediate Tax-Exempt Fund Stein Roe Intermediate Municipals Fund
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G-36/887D-1100 November 15, 2000
November 27, 2000
