YOUNG INVESTORS INVITED TO COMPETE IN 5TH ANNUAL NATIONWIDE ESSAY CONTEST

This year's question: "How do you think the Internet has changed the way people save and invest?"

"The Young Investor Fund has helped thousands of children and their parents become familiar with topics relating to money and investing, and it continues to be the pioneer in providing financial education to these groups, " said Stephen E. Gibson, president of Stein Roe Mutual Funds. "Given the success of previous years' contests, which have generated over 6,000 entries, we believe this is a great way to recognize some of the best ideas of young investors across the nation. The essay contest reinforces that starting to invest early can help provide the basis for a bright financial future."

To request an entry form, individuals should call 800-403-KIDS or visit Stein Roe's web site at www.steinroe.com. The contest is open from Oct. 1, 2000 through Dec. 31, 2000. This year young people are asked to think about the impact of computers and the Internet by answering the following question, in approximately 250 words: "How do you think the Internet has changed the way people save and invest?" Essays will be judged on content, writing style and writing mechanics.

Students eligible to compete in the essay contest are required to be enrolled in grades five, six or seven for the 2000-2001 school year. These grades were selected based on their close correlation to the average ages of the majority of children with custodial Stein Roe and Liberty Young Investor Fund accounts. Children in these grades do not need to be shareholders of the fund to enter.

A total of $25,500 worth of Stein Roe Young Investor Fund or Liberty Young Investor Fund shares will be awarded to essay winners. Three prizes (first, second and third place) will be awarded at each grade level. First place winners will receive $5,000 in Young Investor Fund shares, second place $2,500 and, third place $1,000. Fund shares will be deposited in a new or existing custodial account. Judging of essays will begin on Jan. 15, 2001, and the names of the winners will be announced after Mar. 31, 2001.

The Stein Roe Young Investor Fund, a no-load mutual fund introduced in April 1994, seeks to provide long-term growth of capital while helping teach young people about money and investing. Another version of the fund, Liberty Young Investor Fund, is sold through financial intermediaries who are paid a fee for their services. Combined, the two Funds have more than 200,000 children with custodial accounts and over $1.5 billion in assets. The portfolio managers look for securities of strong growth companies whose products appeal to and affect the lives of children and teenagers. The Funds provide a variety of on-going education-oriented materials that explain financial concepts in a fun, informal way.

Stein Roe Young Investor Fund and Liberty Young Investor Fund are distributed by Liberty Funds Distributor, Inc., an operating unit of Liberty Financial Companies, Inc. (NYSE: L), which is an integrated asset accumulation and management organization, and is majority owned (71 percent) by Liberty Mutual Insurance Company. Its operating companies manage, as of June 30, 2000, over $66 billion of assets for investors worldwide through an array of fixed, indexed and variable annuities, private and institutional accounts, and 95 mutual funds. Its operating companies include Crabbe Huson Group, Independent Financial Marketing Group, Keyport Life Insurance Company, Liberty Asset Management Company, Liberty Funds Group, Newport Pacific Management, Progress Investment Management Company, and Stein Roe Private Capital Management.

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For more complete information about Stein Roe Young Investor Fund, including a prospectus, please call a Stein Roe account representative at 800-338-2550. For more complete information about Liberty Young Investor Fund, including a prospectus, please call 800-426-3750. Please read the prospectus carefully before you invest.

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