July 14, 2000
Securities ans Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Liberty-Stein Roe Investment Trust
Stein Roe Advisor Select Growth & Income Fund
File Nos. 811-4978 and 33-11351
Ladies and Gentlemen:
Pursuant to the requirements of Rule 497(e), submitted for filing via EDGAR is
prospectus supplement dated July 14, 2000, which is now being used in connection
with the public offering and sale of shares of the Fund. Please be advised that
the Fund's Prospectus, as supplemented and Annual Report (each of which was
filed via EDGAR) have not been revised since the date of the last filing.
Sincerely,
Liberty-Stein Roe Investment Trust
/s/Vincent Pietropalo
Vincent Pietropalo
Assistant Secretary
Enclosures
cc: Cameron Avery (Bell Boyd & Lloyd)
J. DiMaria (PWC)
Deborah Young (2)
Blue Sky
Jim Fellows
Brian Good
Wendy Rauch
Marlys Jarstfer
.
STEIN ROE ADVISOR SELECT GROWTH & INCOME FUND
Class A,B,C and Z shares
SUPPLEMENT TO PROSPECTUSES DATED NOVEMBER 22, 1999
------------------------
Effective July 14, 2000, the Fund changed its name to "Liberty Select Growth and
Income Fund."
The section of the prospectus entitled "Principal Investment Strategy" is
replaced with the following:
Principal Investment Strategy Growth & Income Fund invests all of its assets in
SR&F Growth & Income Portfolio as part of a master fund/feeder fund structure.
The Portfolio invests primarily in common stocks of well-established companies
having large-market capitalizations. The Portfolio may also invest in companies
having midsized market capitalizations. The Portfolio may also invest up to 25%
of its assets in foreign stocks. In selecting investments for the Fund, the
advisor, uses a bottom-up, fundamental analysis to find well-managed businesses
selling at very attractive valuations. The advisor focuses on the stocks of
companies that have experienced management, broad, highly diversified product
lines, deep financial resources, easy access to credit and a history of paying
dividends.
The advisor may sell a portfolio holding if the security reaches the portfolio
managers' price target or if the company has a deterioration of fundamentals
such as failing to meet key operating benchmarks. The advisor may also sell a
portfolio holding to fund redemptions.
The following paragraph is added to section entitled Principal Investment Risks:
The securities issued by mid-capitalization companies may have more risk than
those of larger companies. These securities may be more susceptible to market
downturns, and their prices could be more volatile.
The section entitled "Defining Capitalization" is replaced with the following:
DEFINING CAPITALIZATION
The section of the prospectus entitled "Defining Capitalization" is replaced
with the following:
Defining Capitalization. A company's market capitalization is simply its stock
price multiplied by the number of shares of stock it has issued and outstanding.
In the financial markets, companies generally are sorted into one of three
capitalization-based categories: large capitalization (large cap); medium
capitalization (mid cap) or small capitalization (small cap). In defining a
company's market capitalization, we use capitalization-based categories as they
are defined by Morningstar, Inc.
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Morningstar ranks stocks as follows: the top 5% of the 5000 largest domestic
stocks in Morningstar's equity database are classified as large cap, the next
15% of the 5000 are classified as mid cap, and the remaining 80% (as well as
companies that fall outside the largest 5000) are classified as small cap. As of
June 30, 2000, large cap companies had market capitalizations greater than $10.5
billion, mid cap companies had market capitalizations between $1.7 and $10.5
billion, and small cap companies had market capitalizations less than $1.7
billion. These amounts are subject to change.
763-36/144C-0700 July 14, 2000
