Liberty Stein Roe Advisor Trust, et al. · 497 · On 1/19/01

Filed On 1/19/01 12:08pm ET   ·   SEC Files 2-99356, 33-02633, 33-11351, 333-17255, 333-19181, 333-87177   ·   Accession Number 21832-1-25

Definitive Material   ·   Rule 497
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Multi Fund Supplement                                  3±    15K 

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LIBERTY - STEIN ROE FUNDS INVESTMENT TRUST                                      
Stein Roe Balanced Fund                                                         
Stein Roe Asia Pacific Fund                                                     
Liberty Growth Investor Fund (including Stein Roe Growth Investor Fund, Class S)
Stein Roe Growth Stock Fund                                                     
Liberty Midcap Growth Fund (including Stein Roe Midcap Growth Fund, Class S     
Stein Roe Focus Fund (including Liberty Focus Fund, Class A)                    
Stein Roe Capital Opportunities Fund (including                                 
Liberty Capital Opportunities Fund, Class A)                                  
Stein Roe Small Company Growth Fund (including                                  
Liberty Small Company Growth Fund, Class A)                                   
Stein Roe Young Investor Fund                                                   
Stein Roe International Fund                                                    
Liberty Value Opportunities Fund (including Stein                               
Roe Growth & Income Fund, Class S)                                            
Stein Roe Disciplined Stock Fund                                                

LIBERTY - STEIN ROE FUNDS MUNICIPAL TRUST                                       
Stein Roe Intermediate Municipals Fund                                          
Stein Roe High-Yield Municipals Fund (including                                 
Liberty High Income Municipals Fund, Class A)                                 
Stein Roe Municipal Money Market Fund                                           
Stein Roe Managed Municipals Fund                                               

LIBERTY - STEIN ROE FUNDS TRUST                                                 
Stein Roe Institutional Client High Yield Fund                                  

LIBERTY - STEIN ROE ADVISOR TRUST                                               
Liberty Young Investor Fund                                                     
Liberty Growth Stock Fund                                                       
Stein Roe Advisor High - Yield Municipals Fund                                  
Stein Roe Advisor Intermediate Bond Fund                                        

LIBERTY - STEIN ROE FUNDS INCOME TRUST                                          
Stein Roe Income Fund (including Liberty Income Bond Fund, Class A)             
Stein Roe Intermediate Bond Fund (including Liberty Intermediate Bond           
Fund, Class A)                                                                
Stein Roe High Yield Fund (including Liberty High Yield Bond Fund, Class A)     
Stein Roe Cash Reserves Fund                                                    

LIBERTY FLOATING RATE FUND                                                      

The Funds  listed  above are  referred  to  collectively  as the "Funds" and the
Trusts listed above are referred to collectively as the "Trusts."               

Supplement to Statements of Additional Information

Special  Meetings of Shareholders of the Funds  (Meetings) were held on December
27, 2000. At the Meetings,  each of Richard W. Lowry,  Salvatore Macera, William
E. Mayer,  John J. Neuhauser and Anne-Lee  Verville were elected as new trustees
of the Trusts. As a result,  each Fund's Statement of Additional  Information is
amended to include the following information on new trustees:                   

                                                        [Enlarge/Download Table]
                                                                                                     
                            Position held                                                            
Name, Age; Address          With the Trust  Principal occupation(s) during past five years           
------------------          --------------  ----------------------------------------------           

Richard W. Lowry, 64           Trustee      Private Investor since 1987 (formerly Chairman and       
10701 Charleston Drive                      Chief Executive Officer, U.S. Plywood Corporation        
Vero Beach, FL 32963                        (building products manufacturer)).                       

Salvatore Macera, 69           Trustee      Private Investor since 1981 (formerly Executive Vice     
26 Little Neck Lane                         President and Director of Itek Corporation               
New Seabury, MA  02649                      (electronics)).                                          

William E. Mayer(1), 60        Trustee       Partner, Park Avenue Equity Partners (venture capital)  
500 Park Avenue, 5th Floor                   since November, 1996; Dean, College of Business and     
New York, NY 10022                           Management, University of Maryland prior thereto;       
                                             Director, Johns Manville (building                      
                                             products manufacturer), Lee Enterprises (print          
                                             and on-line media) and WR Hambrecht + Co (financial     
                                             service provider).                                      

John J.  Neuhauser,  57        Trustee       Academic Vice  President and Dean of Faculties,         
                                             Boston 84 College Road College since August, 1999; Dean,
                                             Boston College Chestnut Hill, MA 02467-3838 School      
                                             of Management prior thereto.                            

Thomas E. Stitzel, 64          Trustee       Business Consultant since 1999; Professor of Finance    
2208 Tawny Woods Place                       and Dean prior thereto, College of Business, Boise      
Boise, ID  83706                             State University prior thereto; Chartered Financial     
                                             Analyst.                                                

Anne-Lee Verville, 54          Trustee       Consultant since 1997; General Manager, Global          
359 Stickney Hill Road                       Education Industry prior thereto (formerly President,   
Hopkinton, NH  03229                         Applications Solutions Division, IBM Corporation        
                                             (global education and global applications)).            

(1)  Mr. Mayer is an "interested  person," as defined in the Investment  Company
     Act of 1940 (1940 Act)  because he is a Director  of WR  Hambrecht + Co. (a
registered broker-dealer).                                            

The Board of Trustees  consists  of the six new  trustees as well as the current
trustees, Ms. Kelly and Messrs. Hacker, Nelson and Theobald. Messrs. Bacon, Boyd
and Cook did not stand for reelection and retired on December 27, 2000.         

The following table sets forth the compensation paid to Ms. Verville and Messrs.
Lowry, Macera,  Mayer,  Neuhauser and Stitzel in their capacities as Trustees of
the Liberty Funds complex(2):                                                   

                          Total Compensation From the Fund Complex Paid to the
 Trustee                Trustees for the Calendar Year Ended December 31, 1999
 -------                ------------------------------------------------------

Mr. Lowry                                  $ 97,000                         
Mr. Macera                                   95,000                         
Mr. Mayer                                   101,000                         
Mr. Neuhauser                               101,252                         
Mr. Stitzel                                  95,000                         
Ms. Verville                                 96,000                         

(2)  At December 31, 1999, the complex consisted of 51 open-end and 8 closed-end
     management  investment  company  portfolios  in the  Liberty  Funds Group -
     Boston and 12  open-end  management  investment  portfolios  in the Liberty
Variable Investment Trust (together, the Fund Complex).               

DIR-35/523E-0101                                               January 16, 2001 

Dates Referenced Herein   and   Documents Incorporated By Reference

This 497 Filing		Date		Other Filings
		12/31/99		N-30D, NSAR-A
		12/27/00		PRES14A, DEFS14A
		1/16/01
Filed On / Filed As Of		1/19/01
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