STEIN ROE INTERMEDIATE BOND FUND
STEIN ROE HIGH YIELD FUND
STEIN ROE INCOME FUND
Class S Shares
Supplement to Prospectus dated
November 1, 2000
The information under "The Funds' Management - Portfolio Managers," is revised
to read as follows:
Intermediate Bond Fund and Income Fund
Michael T. Kennedy has been portfolio manager of Intermediate Bond Portfolio
since its inception in 1998 and was portfolio manager of Intermediate Bond Fund
from 1988 to January 1998. He has been portfolio manager of Income Portfolio
since December 2000. He joined Stein Roe in 1987 and is a senior vice president.
A chartered financial analyst and a chartered investment counselor, he received
his B.S. degree from Marquette University and his M.M degree from Northwestern
University.
High Yield Fund
Jeffrey M. Martin has been portfolio manager of the High Yield Portfolio since
December 2000 and has been affiliated with the Portfolio or the Fund as an
analyst or associate portfolio manager since 1996. Mr. Martin joined Stein Roe
in 1993 and is a vice president and senior analyst. He received his B.S. degree
from St. John's University and his M.B.A. degree from the State University of
New York at Albany.
DIR-36/292E-0101 January 5, 2001
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LIBERTY INCOME BOND FUND, CLASS A
LIBERTY HIGH YIELD BOND FUND, CLASS A
Supplement to Prospectus dated
November 1, 2000
The information under "Managing the Fund--Portfolio Manager," is revised to read
as follows:
Income Bond Fund
Michael T. Kennedy has been portfolio manager of Income Portfolio since
December, 2000. Mr Kennedy has been portfolio manager of other Stein Roe fixed
income funds since 1988. He joined Stein Roe in 1987 and is a senior vice
president. A chartered financial analyst and a chartered investment counselor,
he received his B.S. degree from Marquette University and his M.M degree from
Northwestern University.
High Yield Bond Fund
Jeffrey M. Martin has been portfolio manager of the High Yield Portfolio since
December, 2000 and has been affiliated with the Portfolio and the Stein Roe High
Yield Fund as an analyst or associate portfolio manager since 1996. Mr. Martin
joined Stein Roe in 1993 and is a vice president and senior analyst. He received
his B.S. degree from St. John's University and his M.B.A. degree from the State
University of New York at Albany.
G-36/366E-0101 January 5, 2001
