Stein Roe Disciplined Stock Fund
                         Stein Roe Growth & Income Fund
                         Stein Roe Small Cap Tiger Fund
                                  (the "Funds")

                           SUPPLEMENT TO PROSPECTUSES

                  (Replacing Supplement dated October 5, 2000)

On October 17 or October  26,  2000,  the  respective  Boards of Trustees of the
Funds  approved a proposal to reorganize  each of the Funds into the  respective
Acquiring Fund listed below, subject to shareholder approval. If shareholders of
each  Fund  approve  the  proposal,  all  of the  assets  of the  Fund  will  be
transferred to the respective  Acquiring Fund and shareholders of each Fund will
receive shares of the Acquiring Fund in exchange for their shares.  Shareholders
of each Fund are  scheduled  to vote on the  proposal  at a special  meeting  of
shareholders  to be held on December  27,  2000.  If approved on that date,  the
reorganizations are proposed to take place in January, 2001. Shareholders of the
Funds will be mailed information detailing the proposal on or about November 13,
2000.

In  connection  with the proposed  reorganizations  of the Funds,  the Boards of
Trustees has  suspended  the sale of each Fund's  shares  effective  November 8,
2000.  Consequently,  purchase  orders for Fund shares  received  (except  those
purchases that are part of the Dividend  Purchase Option,  Dollar Cost Averaging
program, dividend reinvestments and contributions to certain existing retirement
plan accounts) will be rejected by each Fund.

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Funds                        Acquiring Funds

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Stein Roe Disciplined        Liberty Select Value
   Stock Fund                   Fund

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Stein Roe Growth &           Liberty Growth and
   Income Fund                  Income Fund

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Stein Roe Small Cap          Liberty Newport Asia
   Tiger Fund                   Pacific Fund

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G-36/682D-1100                  November 1, 2000