LIBERTY STEIN ROE ADVISOR FLOATING RATE FUND
497, 2000-05-04
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                     COLONIAL INVESTMENT GRADE BOND FUND
                     LIBERTY-STEIN ROE ADVISOR FLOATING
                          RATE ADVANTAGE FUND
                   STEIN ROE ADVISOR FLOATING RATE FUND

                          Class A, B and C Shares

                         Supplement to Prospectuses
              (Replacing Supplements dated February 1, 2000)

The Funds' prospectuses are amended as follows:

During the period  February 1 through  June 15,  2000,  shareholders  will pay a
reduced  sales charge on purchases of Class A shares  according to the following
table:

         Dollar Amount of

           Transaction                  Sales Charge

Less than $100,000                          1.50%
$100,000 to less than $500,000              1.50%
$500,000 to less than $1,000,000            1.25%
$1,000,000 or more                          0.00%

Purchases of $1,000,000 to  $5,000,000  are subject to a 1.00% Early  Withdrawal
Charge  (calculated on the lesser of cost or market value) on redemptions within
18 months from the first day of the month  following each purchase.  The portion
of a  purchase  in  excess  of  $5,000,000  will  not be  subject  to the  Early
Withdrawal Charge.

INT-36/310B-0500                            May 1, 2000


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