LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST
497, 2000-07-14
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                      STEIN ROE HIGH YIELD MUNICIPAL FUND
                                  (the "Fund")

                SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 1, 1999
                            _______________________

As of  July 14,  2000, the current shares of the Fund will be redesignated
Class S shares.  Like the existing shares from which they are being converted,
these Class S shares are no-load shares carrying no sales charge or 12b-1 fee.


  S30-36/115C-0700                                                July 14, 2000



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