STEIN ROE ADVISOR TAX-MANAGED GROWTH FUND
Class A, B, C, E, F and Z shares
Supplement to Prospectuses and Statement of
Additional Information dated March 1, 2000
(Replacing Supplement dated June 23, 2000)
Effective July 14, 2000, the Fund changed its name to "Liberty Tax-Managed
Growth Fund."
The Board of Trustees recently approved a change to the administration agreement
between the Fund and Colonial Management Associates, Inc. (Administrator).
The Fund's current administration fee paid to the Administrator is 0.40% of the
average daily net assets of the Fund. Effective July 1, 2000, the Trustees
approved a decrease in the administration fee to 0.25% of average daily net
assets.
Effective July 1, 2000, Stein Roe & Farnham Incorporated (Advisor) and the
Administrator will no longer voluntarily waive advisory and administration fees
and reimburse the Fund for certain expenses so that the total annual fund
operating expenses (exclusive of distribution and service fees, brokerage
commissions, interest, taxes and extraordinary expenses, if any) will not exceed
1.25% of the first $100 million of average net assets and 1.50% of average net
assets over $100 million. For the fiscal year ended October 31, 1999, total
annual fund operating expenses did not exceed these amounts and, therefore, the
total annual fund operating expenses of the Fund would have been the same for
the fiscal year ended October 31, 1999 without the voluntary fee waiver and
reimbursement.
705-36/222C-0700 July 21, 2000
