STEIN ROE ADVISOR TAX-MANAGED GROWTH FUND
Supplement to Prospectus dated February 28, 1998
(Replacing Supplement dated October 30, 1998)
The Fund's Prospectus is amended as follows:
(1) The Fund's investment objective is revised to delete the words "to
maximize." The Fund's investment objective is now stated as follows:
Stein Roe Advisor Tax-Managed Growth Fund seeks long-term capital growth
while reducing shareholder exposure to taxes.
(2) To the front cover of the Prospectus, a new paragraph is added below the
Table of Contents as follows:
This Prospectus is also available on-line at the Web site
http://www.libertyfunds.com. The SEC maintains a Web site
(http://www.sec.gov) that contains the Statement of Additional Information,
materials that are incorporated by reference into this Prospectus and the
Statement of Additional Information, and other information regarding the
Fund.
(3) The paragraph "Borrowing of Money" under the caption HOW THE FUND PURSUES
ITS OBJECTIVE AND CERTAIN RISK FACTORS is revised in its entirety as
follows:
Borrowing of Money. The Fund may borrow money from banks, other affiliated
funds and other entities to the extent permitted by law for temporary or
emergency purposes up to 33 1/3% of its total assets.
(4) The second sentence in the paragraph "Securities Loans" under the caption
HOW THE FUND PURSUES ITS OBJECTIVE AND CERTAIN RISK FACTORS is revised in
its entirety as follows:
(5) A new caption and paragraph is added after the last paragraph of the
caption HOW THE FUND IS MANAGED as follows:
YEAR 2000
The Fund's Advisor, Administrator, Distributor and Transfer Agent (Liberty
Companies) are actively managing Year 2000 readiness for the Fund. The
Liberty Companies are taking steps that they believe are reasonably
designed to address the Year 2000 problem and are communicating with
vendors who provide services, software and systems to the Fund to provide
that date-related information and data can be properly processed and
calculated on and after January 1, 2000. Many Fund service providers and
vendors, including the Liberty Companies, are in the process of making Year
2000 modifications to their software and systems and believe that such
modifications will be completed on a timely basis prior to January 1, 2000.
However, no assurances can be given that all modifications required to
ensure proper data processing and calculation on and after January 1, 2000
will be timely made or that services to the Fund will not be adversely
affected.
(6) A new sentence is added as the last sentence under the caption HOW THE
FUND VALUES ITS SHARES as follows:
In addition, if the values of foreign securities have been materially
affected by events occurring after the closing of a foreign market, the
foreign securities may be valued at their fair value.
(7) The following sentence is added to the paragraph "Class A Shares" under the
caption EXCHANGES:
Exchanges of Class A shares are not subject to a contingent deferred sales
charge. However, in determining whether a contingent deferred sales charge
is applicable to redemptions, the schedule of the fund into which the
original investment was made should be used.
(8) The Distributor pays an additional 1% commission (total commission of 5%)
to financial service firms on sales of Class B shares of the Fund to their
clients or customers. The commission is paid directly from the Distributors
assets and will not affect the expenses paid by Fund shareholders.
Financial service firms may waive receipt of all or any portion of these
payments.
(9) Liberty Financial Investments, Inc., the Fund's distributor, has changed
its name to Liberty Funds Distributor, Inc. (Distributor). The new name
does not affect the investment management of, or service to, the Fund. The
Distributor continues to offer selected investment products managed by
subsidiaries of Liberty Financial Companies, Inc. (NYSE:L), the indirect
parent of the Distributor.
(10) Colonial Investors Service Center, Inc.(Transfer Agent), the Fund's
transfer agent, has changed its name to Liberty Funds Services, Inc. The
new name will not affect the services that the Transfer Agent provides to
the Fund.
(11) The Fund's custodian is The Chase Manhattan Bank. The Custodian's address
is 270 Park Avenue, New York, NY 10017-2070.
(12) Price Waterhouse LLP, the Fund's independent accountant, changed its name
to PricewaterhouseCoopers LLP. The new name will not affect the services
the independent accountants provide to the Fund.
MG-36/427G-1298 December 31, 1998
<PAGE>
STEIN ROE ADVISOR TAX-MANAGED GROWTH FUND
Supplement to Prospectus dated February 28, 1998,
Revised August 14, 1998
(Replacing Supplement dated October 30, 1998)
The Fund's Prospectus is amended as follows:
(1) The Fund's investment objective is revised to delete the words "to
maximize." The Fund's investment objective is now stated as follows:
Stein Roe Advisor Tax-Managed Growth Fund seeks long-term capital growth
while reducing shareholder exposure to taxes.
(2) The paragraph "Borrowing of Money" under the caption HOW THE FUND PURSUES
ITS OBJECTIVE AND CERTAIN RISK FACTORS is revised in its entirety as
follows:
Borrowing of Money. The Fund may borrow money from banks, other affiliated
funds and other entities to the extent permitted by law for temporary or
emergency purposes up to 33 1/3% of its total assets.
(3) The second sentence in the paragraph "Securities Loans" under the caption
HOW THE FUND PURSUES ITS OBJECTIVE AND CERTAIN RISK FACTORS is revised in
its entirety as follows:
Such loans will not exceed 33 1/3% of the Fund's total assets.
(4) A new caption and paragraph is added after the last paragraph of the
caption HOW THE FUND IS MANAGED as follows:
YEAR 2000
The Fund's Advisor, Administrator, Distributor and Transfer Agent (Liberty
Companies) are actively managing Year 2000 readiness for the Fund. The
Liberty Companies are taking steps that they believe are reasonably
designed to address the Year 2000 problem and are communicating with
vendors who provide services, software and systems to the Fund to provide
that date-related information and data can be properly processed and
calculated on and after January 1, 2000. Many Fund service providers and
vendors, including the Liberty Companies, are in the process of making Year
2000 modifications to their software and systems and believe that such
modifications will be completed on a timely basis prior to January 1, 2000.
However, no assurances can be given that all modifications required to
ensure proper data processing and calculation on and after January 1, 2000
will be timely made or that services to the Fund will not be adversely
affected.
(5) Liberty Financial Investments, Inc., the Fund's distributor, has changed
its name to Liberty Funds Distributor, Inc. (Distributor). The new name
does not affect the investment management of, or service to, the Fund. The
Distributor continues to offer selected investment products managed by
subsidiaries of Liberty Financial Companies, Inc. (NYSE:L), the indirect
parent of the Distributor.
(6) Colonial Investors Service Center, Inc.(Transfer Agent), the Fund's
transfer agent, has changed its name to Liberty Funds Services, Inc. The
new name will not affect the services that the Transfer Agent provides to
the Fund.
(7) A new sentence is added as the last sentence under the caption HOW THE
FUND VALUES ITS SHARES as follows:
In addition, if the values of foreign securities have been materially
affected by events occurring after the closing of a foreign market, the
foreign securities may be valued at their fair value.
(8) The following sentence is added to the paragraph "Class A Shares" under the
caption EXCHANGES:
Exchanges of Class A shares are not subject to a contingent deferred sales
charge. However, in determining whether a contingent deferred sales charge
is applicable to redemptions, the schedule of the fund into which the
original investment was made should be used.
MG-36/428G-1298 December 31, 1998
<PAGE>
STEIN ROE ADVISOR TAX-MANAGED GROWTH FUND
Supplement to Prospectus dated December 1, 1998
The Fund's Prospectus is amended as follows:
(1) The Fund's investment objective is revised to delete the words
"to maximize." The Fund's investment objective is now stated
as follows:
Stein Roe Advisor Tax-Managed Growth Fund seeks long-term capital growth
while reducing shareholder exposure to taxes.
MG-36/426G-1298 December 31, 1998
