LIBERTY STEIN ROE FUNDS INCOME TRUST
497, 2000-05-01
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May 1, 2000





SECURITIES AND EXCHANGE COMMISSION
Judiciary Plaza
450 Fifth St., N.W.
Washington, DC  20549


RE:      Liberty-Stein Roe Income Trust  File Nos: (33-02633) (811-4552)
         Stein Roe Cash Reserve Fund
         Liberty-Stein Roe Funds Municipal Trust (2-99356)(811-4367)
         Stein Roe Municipal Money Market Fund


Dear Sir/Madam:

Pursuant to the  requirements of Rule 497(e),  submitted for filing via EDGAR is
the form of Prospectus  Supplement dated May 1, 2000, which is now being used in
connection with the public  offering and sale of shares of the above  referenced
Funds. Please be advised that the Statement of Additional Information and Annual
Reports  (each of which was filed via EDGAR) of each Fund have not been  revised
since the date of the last filing.

Sincerely,


Liberty-Stein Roe Income Trust
Liberty-Stein Roe Funds Municipal Trust

Russell  Kane
Assistant Secretary

Enclosures

CC: Cameron  Avery, Bell, Boyd & Lloyd
J. DiMaria, (PWC)
Veronica  Wallace
Jane Naeseth
Deborah Smith (2)
Blue Sky
Marlys Jarstfer (2)

<PAGE>

                          Stein Roe Cash Reserves Fund

                      Stein Roe Municipal Money Market Fund

                Supplement to Prospectuses dated November 1, 1999

The Funds' prospectuses are amended as follows:

Your Account;  Selling  Shares.  Effective May 1, 2000,  (a) the minimum  dollar
amount of checks  written for the purpose of redeeming  shares will be raised to
$500;  and (b) the checks will be drawn against a special  checking  account the
Fund has with Boston Safe Deposit & Trust Company.

G-36/255B-0400                                                  May 1, 2000


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