File No. 33-17255
Rule No. 497(e)
LIBERTY-STEIN ROE ADVISOR TRUST
Stein Roe Advisor Special Fund
Supplement to Feb. 1, 1999 Prospectus
The Board of Trustees of Liberty-Stein Roe Advisor Trust
voted on May 4, 1999, to liquidate Stein Roe Advisor Special Fund
(Fund). The Board directed that sales of Fund shares be suspended
as of May 6, 1999, and that the Fund be liquidated on June 15,
1999, or before that time if all shareholders have redeemed their
interests in the Fund.
The Board's decision to liquidate the Fund was prompted by
the Fund's relatively small size and the belief that, under
current conditions, it would not be likely to attract significant
new assets in the near future. Funds of nominal asset size
generally tend to be inefficient for shareholders--they may have
higher expense ratios, less investment flexibility and,
consequently, lower returns over the long run.
This Supplement is Dated May 5, 1999
