File No. 2-99356
Rule 497(e)
LIBERTY-STEIN ROE FUNDS MUNICIPAL TRUST
Stein Roe High-Yield Municipals Fund
Supplement to November 1, 1999 Prospectus
____________________________
Effective immediately, the investment strategy of Stein Roe
High-Yield Municipals Fund is modified as follows:
In selecting municipal securities for the Portfolio, the
portfolio manager invests at least 65% of its total assets
in medium- or lower-rated tax-exempt securities. These
securities are at the time of purchase:
* rated A or below by Standard & Poor's,
* rated A or below by Moody's Investors Service, Inc.,
* given a comparable rating by another nationally recognized
rating agency, or
* unrated securities that Stein Roe believes to be of
comparable quality.
This Supplement is Dated November 9, 1999
