File No. 33-11351
Rule 497(e)
STEIN ROE INTERNATIONAL FUND,
A SERIES OF LIBERTY-STEIN ROE FUNDS INVESTMENT TRUST
Supplement to February 1, 2000 Prospectus
SHAREHOLDER MEETING TO CONSIDER A NEW ADVISORY AGREEMENT. The
Board of Trustees of Liberty-Stein Roe Funds Investment Trust
(Trust) has called a meeting of the Fund's shareholders for June
1, 2000 to vote on a proposed advisory agreement with Newport Fund
Management, Inc. (Newport) an affiliate of Stein Roe & Farnham
Incorporated (Stein Roe), the Fund's investment adviser. Since
the Fund is a feeder fund in a master fund/feeder fund structure,
portfolio management is currently provided by Stein Roe to the
master fund, SR&F International Portfolio, under an agreement
between SR&F Base Trust and Stein Roe. At the February 8, 2000
meeting, the Portfolio's and the Trust's Board of Trustees voted
in favor of the proposed advisory agreement. Accordingly, if the
Fund's shareholders approve the proposed advisory agreement,
Newport will replace Stein Roe as adviser and will provide
portfolio management services to the Portfolio and on
substantially the same terms and conditions as the Portfolio's
existing advisory agreement with Stein Roe. Newport is a wholly
owned subsidiary of Liberty Financial Companies, Inc. (LFC), and
is located at 580 California Street, Suite 1960, San Francisco, CA
94104. Newport is registered as an investment adviser under the
Investment Advisers Act of 1940 and specializes in international
investing. It is an affiliate of Stein Roe. As of February 29,
2000, Newport managed $2.6 billion in assets.
PORTFOLIO MANAGERS. Effective March 15, 2000, Charles R. Roberts,
Michael Ellis and Deborah F. Snee will replace Nicholas Ghajar as
co-managers of the Fund. Effective March 15, 2000, each of the
co-managers will become joint employees of Newport, Stein Roe and
Colonial Management Associates, Inc. (Colonial), an affiliate of
Stein Roe. Both Colonial and Stein Roe are indirect wholly owned
subsidiaries of LFC.
Mr. Roberts is a Managing Director of Newport. Mr. Roberts is
also a Managing Director of Newport Pacific Management, Inc.
(Newport Pacific), Newport's immediate parent. Mr. Roberts will
be a senior vice president with both Colonial and Stein Roe. Mr.
Roberts has been employed with Newport and Newport Pacific since
November, 1998, where he has managed other funds or accounts on
behalf of Newport and Newport Pacific. Prior to joining Newport
and Newport Pacific, he managed the European component of
institutional international equity accounts at Progress Investment
Management (Progress) since 1997. Prior to joining Progress in
1997, he managed the European component of institutional
international equity accounts and was a member of the investment
policy committee at Sit/Kim International since prior to 1994.
Mr. Ellis is a senior vice president of both Newport and Newport
Pacific. Mr. Ellis will hold the same position with Colonial and
Stein Roe. Prior to joining Newport and Newport Pacific in
December, 1996, he was a vice president at Matthews International
Capital Management since September, 1991.
Ms. Snee is a vice president and Europe analyst at Newport. She
also will be an analyst at Colonial and Stein Roe. Prior to
working at Newport, Ms. Snee spent five years at Sit/Kim as an
emerging markets analyst.
INVESTMENT ADVISOR. Effective March 15, 2000, Stein Roe will use
Newport's trading facilities when buying or selling foreign
securities for the Fund's portfolio. Newport will execute all
trades under its own procedures.
INVESTMENT POLICY CHANGE. Effective March 15, 2000, the Fund's
principal investment strategy, appearing on page 1 of this
prospectus is revised in its entirety to read as follows:
PRINCIPAL INVESTMENT STRATEGY. The Fund invests all of its
assets in SR&F International Portfolio as part of a master
fund/feeder fund structure. Under normal conditions, the
Portfolio will invest at least 65% of its total assets in the
stocks of foreign companies of any size, but generally
focuses on large capitalization companies. Large-cap
companies are defined as those companies with market
capitalizations of at least $5 billion. The Portfolio may
also purchase stocks of mid-cap foreign companies, defined as
those companies with market capitalizations between $1
billion and $5 billion. The Portfolio seeks broad
diversification, both in terms of countries and issuers.
To select stocks, the portfolio manager looks for growth
companies with long-term above average growth potential.
These are companies with proven management, predictable
growth rates, and low levels of debt. The portfolio manager
may sell a stock if there is a deterioration in a company's
fundamentals or a change to a company's management strategy,
or if the portfolio manager identifies a different company
with more attractive growth prospects.
This Supplement is Dated March 15, 2000.
S12-36/842A-0300
