LIBERTY FUNDS

                                 STEIN ROE FUNDS

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

                                                            December 28, 2000

                  THE JOINT SPECIAL MEETING OF SHAREHOLDERS HAS
                  BEEN ADJOURNED TO THURSDAY, JANUARY 25, 2001

Dear Shareholder:

We are writing to inform you that the Special Meeting of Shareholders  scheduled
for  Wednesday,  December 27, 2000 has been  adjourned to Thursday,  January 25,
2001 in order to give  Shareholders  additional  time to vote their shares.  The
Fund's records indicate that as of September 29, 2000,  ("Record Date") you were
holding  shares in one or more of the  Liberty  or Stein Roe fund  families.  As
today,  we have not  received  your  vote  instructions.  All votes are vital no
matter  how many  shares  you hold and your  shares  cannot  be voted  unless we
receive your  executed  proxy or you are present at the meeting!  We urge you to
act  promptly  in order to allow us to obtain a  sufficient  number of votes and
avoid the possibility of another meeting adjournment.  In order for your vote to
be  represented,  we must  receive  your  instructions  on or before  Wednesday,
January 24, 2001.

If you have any questions  regarding the meeting agenda or the execution of your
proxy please call Shareholder  Communications  Corporation  ("SCC"),  the Fund's
proxy agent, at 1-877-518-9416.

For  your  convenience,  we have  established  three  easy  methods  by which to
register your vote:

1.  By Phone: To speak with a proxy specialist call 1-877-518-9416.
              Representatives are available to take your vote Monday through
              Friday between 9 a.m. and 11 p.m. and Saturday 12 p.m. to 6 p.m.
              eastern time.  Please have your proxy card available at the time
              of the call.

2. By Internet:  Visit www.proxyvote.com, and enter the 12-digit control number
                 located on your proxy card.

3. By Mail:    Simply return your executed proxy in the enclosed postage paid
               envelope. Please use this option only if the above methods are
               unavailable, as we may not receive your executed proxy by
               January 25, 2001.

                       DO NOT HESITATE. PLEASE VOTE TODAY!

As the date of the adjourned meeting moves closer and we still have not received
your proxy, you may receive a call from SCC reminding you to exercise your right
to vote.

Thank you in advance for your participation.

                                  LIBERTY FUNDS

                                 STEIN ROE FUNDS

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

                                                              December 28, 2000

                  THE JOINT SPECIAL MEETING OF SHAREHOLDERS HAS
                   BEEN ADJOURNED TO THURSDAY, JANUARY 25, 2001

Dear Shareholder:

We are writing to inform you that the Special Meeting of Shareholders  scheduled
for  Wednesday,  December 27, 2000 has been  adjourned to Thursday,  January 25,
2001 in order to give  Shareholders  additional  time to vote their shares.  The
Fund's records indicate that as of September 29, 2000,  ("Record Date") you were
holding  shares in one or more of the  Liberty or Stein Roe fund  family.  As of
today,  we have not received  your voting  instructions.  All votes are vital no
matter  how many  shares  you hold and your  shares  cannot  be voted  unless we
receive your  executed  proxy or you are present at the meeting!  We urge you to
act  promptly  in order to allow us to obtain a  sufficient  number of votes and
avoid the possibility of another meeting adjournment.  In order for your vote to
be  represented,  we must  receive  your  instructions  on or before  Wednesday,
January 24, 2001.

For  your  convenience,  we have  established  three  easy  methods  by which to
register your vote:

1. By Touchtone:  Dial the toll-free number found on your proxy card and follow
                  the simple directions.

2.  By Internet:  Visit www.proxyvote.com, and enter your 12-digit control
                  number located on your proxy card.


3.  By Mail:      Complete the enclosed proxy card and return it in the
                  enclosed postage-paid envelope.
                  Please use this option only if the above methods are
                  unavailable, as we may not receive your executed proxy by
                  January 25, 2001.


                       DO NOT HESITATE. PLEASE VOTE TODAY!

Thank you in advance for your participation.

                                  LIBERTY FUNDS

                                 STEIN ROE FUNDS

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

                                                             December 28, 2000

                  THE JOINT SPECIAL MEETING OF SHAREHOLDERS HAS
                  BEEN ADJOURNED TO THURSDAY, JANUARY 25, 2001

Dear Shareholder:

We are writing to inform you that the Special Meeting of Shareholders  scheduled
for  Wednesday,  December 27, 2000 has been  adjourned to Thursday,  January 25,
2001 in order to give  Shareholders  additional  time to vote their shares.  The
Fund's records indicate that as of September 29, 2000,  ("Record Date") you were
holding shares in one or more of the Liberty or Stein Roe fund  families.  As of
today,  we have not received  your voting  instructions.  All votes are vital no
matter  how many  shares  you hold and your  shares  cannot  be voted  unless we
receive your  executed  proxy or you are present at the meeting!  We urge you to
act  promptly  in order to allow us to obtain a  sufficient  number of votes and
avoid the possibility of another meeting adjournment.  In order for your vote to
be  represented,  we must  receive  your  instructions  on or before  Wednesday,
January 24, 2001.

If you should have any questions  regarding the meeting  agenda or the execution
of your proxy please call Shareholder  Communications  Corporation  ("SCC"), the
Fund's proxy agent, at 1-877-518-9416.

For  your  convenience,  we have  established  three  easy  methods  by which to
register your vote:

1.  By Phone: To speak with a proxy specialist call 1-877-518-9416.
              Representatives are available to take your vote Monday through
              Friday between 9 a.m. and 11 p.m. and Saturday 12 p.m. to
              6 p.m. eastern time.  Please have your proxy card available at
              the time of the call.

2.  By Fax:  Fax your executed proxy to us toll-free at 1-800-733-1885, anytime.


3.  By Mail: Simply return your executed proxy in the enclosed postage paid
             envelope. Please use this option only if the above methods are
             unavailable, as we may not receive your executed proxy by
             January 25, 2001.

                       DO NOT HESITATE. PLEASE VOTE TODAY!

As the date of the adjourned meeting moves closer and we still have not received
your proxy, you may receive a call from SCC reminding you to exercise your right
to vote.

Thank you in advance for your participation.