<PAGE> 1
[PHOTO]
STEIN ROE ADVISOR
YOUNG INVESTOR(SM) FUND
SEMIANNUAL REPORT-- MARCH 31, 2000
THE INVESTMENT THAT'S ALSO AN EDUCATION
<PAGE> 2
FUND HIGHLIGHTS
Stein Roe Advisor Young Investor Fund Class A shares returned 40.13% without a
sales charge for the six-month period ended 3/31/00. The Fund benefited from
investments in technology and telecommunications stocks.
<TABLE>
<CAPTION>
<S> <C>
Table of contents
To Our Shareholders ........................ 1
Portfolio Managers' Commentary.............. 2-5
Portfolio of Investments ................... 6-7
Financial Statements ....................... 8-12
Notes to Financial Statements .............. 12-14
Financial Highlights ....................... 15
Activity Pages
Ages three to five ................ 16-17
Ages six to eight ................. 18-19
Ages nine to 12 ................... 20-21
</TABLE>
All information is for Class A shares unless otherwise noted. Performance,
including sales charge, reflects the 2% contingent deferred sales charge (CDSC)
which would be applied if shares are redeemed within three years. Stein Roe
Advisor Young Investor Fund invests all investable assets in SR&F Growth
Investor Portfolio, which has the same investment objective and substantially
the same investment policies as the Fund.
Past performance is not a guarantee of future results. Share price and
investment returns will vary, resulting in a gain or loss when you sell shares.
---------------------------
NOT FDIC MAY LOSE VALUE
-----------------
INSURED NO BANK GUARANTEE
---------------------------
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TO OUR SHAREHOLDERS
DEAR SHAREHOLDERS:
[PHOTO]
During the past six months, investors in Stein Roe Advisor Young Investor Fund
enjoyed a continuation of the long-running period of good returns and stock
market strength. Technology and telecommunications companies benefited from the
continued growth of the Internet and provided much of the support for the
market's strength during the period. As you will see on the pages that follow,
the Fund continued to invest in both sectors.
Stein Roe Advisor Young Investor Fund earned a 40.13% return without a sales
charge during the six months ended March 31, 2000. This compared favorably to
the broad-based, unmanaged Standard & Poor's 500 Index, which posted a return of
17.50% for the same period. Higher interest rates later in the period created a
challenging market environment, but your Fund's managers continued to do their
homework and invest in those companies that they felt had the best quality and
growth potential.
According to the National Center for Health Statistics, new births are on the
rise after years of decline.* More young people could mean a greater youth
influence on the economic marketplace and thus, the stock market. It also means
more young investors. Getting young people involved in investing is a growing
trend of which we are proud to have been a part. While Young Investor offers you
long-term growth potential to help you reach your financial goals, it is also
designed to help you learn about investing along the way. Many of you have been
with the Fund for years and we look forward to serving your investment needs in
the future. We hope you are proud to be among a class that will set examples for
future generations of young investors.
On the pages that follow, Dave Brady and Erik Gustafson, the Fund's portfolio
managers, discuss their investment strategy for the past six months and their
economic outlook for the near future. We encourage you to carefully review this
report and visit us on the Internet at www.libertyfunds.com and
www.younginvestor.com for more information about the Fund. We thank you for your
continued confidence and we look forward to sharing many years of future
investment success with you and your family.
Sincerely,
/s/ Stephen E. Gibson
Stephen E. Gibson
President
May 15, 2000
* Source: CNN Financial Network
Because market and economic conditions change frequently, there can be no
assurance that the trends described above or on the following pages will
continue or come to pass.
There are many companies working behind the scenes to make the Internet operate.
Besides investing in companies you see on the Internet, such as America Online
(1.4% of net assets), we invest in companies that may provide the transmission
services, make the networks that operate the services, and manufacture the
semiconductors and other hardware needed for operation.
1
<PAGE> 4
PORTFOLIO MANAGERS' REPORT
[PHOTO] [PHOTO]
Mr. Gustafson and Mr. Brady, senior vice presidents of the Advisor, have been
portfolio managers of the Portfolio since 1997 and managed its predecessor since
February 1995 and March 1995, respectively.
Q: How did the Fund perform during the six-month period from September 30,
1999 to March 31, 2000?
A: Stein Roe Advisor Young Investor Fund posted strong performance, returning
40.13%, without a sales charge, for the six-month period. Economic
expansion continued to support the market for growth stocks of all size. As
always, we focused our attention on owning the companies we believed had
strong enough growth characteristics to help us attain strong performance.
Q: Did a particular market sector drive the Portfolio's performance?
A: Technology holdings posted the strongest returns during the period. Growth
of the Internet and other technology products and services continued to
make technology the fastest growing sector of the economy. The Portfolio
owned companies in many areas of the technology market and enjoyed
performance from companies that support the Internet such as Cisco Systems
and Network Appliance (4.8% and 3.2% of net assets, respectively),
semiconductor companies such as Atmel and KLA (2.9% and 1.8% of net assets,
respectively), and hardware manufacturer Apple Computer (2.8% of net
assets).
Q: So recent weakness in technology stocks did not prompt you to reduce your
overall position?
A: No, we used the recent weakness to add to our technology position. At the
end of the period, 53% of the Fund's assets were in the technology sector,
up from 35% at the start of the period. We seek
AVERAGE ANNUAL TOTAL RETURNS
(as of 3/31/00)
<TABLE>
<CAPTION>
Class A Class K
without with without
sales sales sales
charge charge charge
-----------------------------------------------------------------------------
<S> <C> <C> <C>
Six months (cumulative) 40.13% 38.13% 40.13%
-----------------------------------------------------------------------------
One year 31.74 29.74 31.71
-----------------------------------------------------------------------------
Five years 29.71 29.71 29.87
-----------------------------------------------------------------------------
Since inception (4/29/94) 27.32 27.32 27.45
-----------------------------------------------------------------------------
</TABLE>
Due to market volatility after the close of the quarterly period, current
performance is significantly lower than shown.
Past performance is not a guarantee of future results. Investment returns and
principal value will fluctuate, resulting in a gain or loss on sale. Stein Roe
Advisor Young Investor Fund invests all of its investable assets in SR&F Growth
Investor Portfolio, which has the same investment objective and substantially
the same investment policies as the Fund. The Fund commenced operations on
2/14/97, but until 1/26/98, only offered the shares that are now designated as
Class K shares. Performance results reflect any voluntary waivers or
reimbursements of Fund expenses by the Advisor or its affiliates. Absent these
waivers or reimbursement arrangements, performance results would have been
lower. The historical performance of both share classes, prior to inception, is
based on the performance of SR&F Growth Investor Portfolio, restated to reflect
sales charges, 12b-1 fees and other expenses applicable to that class as set
forth in the prospectus "Fee Table," without giving effect to any fee waivers
described therein and assuming reinvestment of dividends and capital gains. Past
performance is not indicative of future results.
2
<PAGE> 5
those technology companies with growth potential and continue to find
exciting opportunities in this area. We bought Rational Software (1.1% of
net assets), a company that should benefit from increased business
transaction traffic on the Internet, and purchased Motorola (2.0% of net
assets) based on the success of their semiconductor and cellular products.
Q: What other sectors did you favor?
A: The telecommunications market is another area that has shown a lot of
growth and has been driving the stock market. We own several companies that
have benefited from this growth, including Nextlink Communications, a local
exchange carrier, and Level 3 Communications, a provider of high-speed
Internet and telephone transmission services (1.7% and 2.2% of net assets,
respectively).
Q: Tell us about some of the Portfolio's other new holdings.
A: We added several new names to the portfolio. We look not only to own
companies that are directly benefiting from the growth in a particular
industry, but those that support the industry's infrastructure as well. For
example, we bought companies such as Vodafone (1.9% of net assets), that
have benefited directly from the demand for more cellular phones and
services. We also bought Crown Castle International (1.8% of net assets), a
company which should benefit indirectly from the same trend. Crown Castle
owns and operates wireless communications and broadcast transmission
infrastructure such as towers and monopoles. An increase in cellular
service can mean an increase in antennas, and we believe this tower company
would benefit from that demand.
SECTOR BREAKDOWN AS OF 3/31/00
Technology 53%
Consumer Cyclical 15%
Utilities 12%
Consumer Non-Cyclical 6%
Industrial 6%
Financial 6%
Energy 1%
Basic Materials 1%
Sector breakdowns are calculated as a percentage of the total holdings in SR&F
Growth Investor Portfolio. Because the Portfolio is actively managed, there can
be no guarantee that the Portfolio will continue to maintain this breakdown of
these holdings in the future.
An infrastructure refers to the underlying base or foundation for an
organization or system. For example, Crown Castle operates the towers that hold
the antennas that transmit cellular service.
3
<PAGE> 6
Q: Did you sell any notable positions?
A: We constantly assess the Portfolio's holdings and if a company does not
meet our goals for growth potential, we sell it. We had been positive on
Mattel for a long time, but when its acquisition of the Learning Company, a
software company, did not turn out as planned and the market for toy
companies weakened, we sold the stock. We also sold Royal Caribbean Cruise
as near-term growth prospects slowed.
Q: What is your outlook for the market in coming months?
A: We look forward to more good times ahead in the form of a strong market for
growth stocks. The economy appears to be on track to maintain its record 4%
plus growth rate streak. Inflation seems under control and high oil prices
seem to have peaked. Positive movement on interest rates by the Federal
Reserve should be the ultimate catalyst for the market in the second half
of the year.
Technology should continue to be an area to watch as companies spend more
to lower costs and improve services. We believe the Internet and wireless
communications services and equipment will continue to expand their
markets. The financial services sector would be in a position to rebound if
interest rates remain firm or move lower. Companies that can grow their
sales and increase their earnings will continue to be the companies that we
want the Fund to own. We plan to continue to invest in a mix of
conservative, stable companies balanced by a mix of smaller-capitalization,
aggressive-growth names.
The Federal Reserve is the central bank of the United States. Created by
Congress in 1913, it is responsible for maintaining a sound banking system and a
healthy economy. The Federal Reserve acts as a bank for other banks and the U.S.
government. It also serves as a regulator of financial institutions. One of its
most important functions is maintaining short-term interest rates.
4
<PAGE> 7
TOP TEN HOLDINGS AS OF 3/31/00
(as a percentage of net assets)
<TABLE>
<CAPTION>
<S> <C>
---------------------------------------------
1. CISCO SYSTEMS, INC. 4.8%
---------------------------------------------
2. NETWORK APPLIANCE, INC. 3.2%
---------------------------------------------
3. MICROSOFT CORP. 2.9%
---------------------------------------------
4. ATMEL CORP. 2.9%
---------------------------------------------
5. APPLE COMPUTER, INC. 2.8%
---------------------------------------------
6. EMC CORP. 2.6%
---------------------------------------------
7. SAFEWAY, Inc. 2.5%
---------------------------------------------
8. MAXIM INTEGRATED PRODUCTS 2.5%
---------------------------------------------
9. VERITAS SOFTWARE Corp. 2.4%
---------------------------------------------
10. GENERAL ELECTRIC Co. 2.4%
---------------------------------------------
</TABLE>
Holdings are calculated as a percentage of the total net assets in SR&F Growth
Investor Portfolio. Because the Portfolio is actively managed, there can be no
guarantee the Portfolio will continue to maintain these holdings.
An investment in the Fund and smaller companies offers significant long-term
growth potential, but also involves certain risks, including possible
illiquidity and greater volatility than most larger, more established companies.
The Fund may be affected by stock market fluctuations that occur in response to
economic and business developments.
Past performance is no guarantee of future results. Share price and investment
return will vary, so you may have a gain or loss when you sell shares. Total
return includes changes in share price and reinvestment of income and capital
gains distributions. Portfolio holdings are as of 3/31/00 and are subject to
change.
THE COMPANIES WE INVEST IN
At the turn of the last century, most people did not have telephones in their
homes. By the turn of this century, we use telephone and cellular phone services
to communicate in ways our ancestors never dreamed possible. From the time the
telephone was invented by Alexander Graham Bell in 1876, the telecommunications
industry has experienced phenomenal growth through new product developments and
expanded service capabilities. Today, this industry continues to forge new
ground with the development of cellular phones and new ways of communicating
with cellular service. For example, there are now cellular phones that can
connect to anyplace in the world. Some people have cellular phones in their
watches, and access the Internet from their cellular handsets.
Companies in this industry are dedicated to perfecting new and better products
and expanding their marketplace. Companies that operate in industries with such
strong growth potential are companies we like to own in Young Investor Fund.
Level 3 Communications (2.2% of net assets), one of the portfolio's holdings, is
a company that has been experiencing rapid growth by providing products and
services in the telecommunications industry. This company hopes to help create a
new Internet generation that our young investors will grow up with. Its intent
is to use the Internet to provide businesses with a full range of communication
services, including local and long distance and data transmission. As of March
31, 2000, 20.2% of the portfolio's total net assets were invested in companies
that either make the products or provide the service that support the
telecommunications industry. For a complete list of the Fund's holdings, see
pages six and seven.
5
<PAGE> 8
SR&F GROWTH INVESTOR PORTFOLIO
PORTFOLIO OF INVESTMENTS AT MARCH 31, 2000
(All amounts in thousands)
<TABLE>
<CAPTION>
COMMON STOCKS (98.1%) SHARES VALUE
--------------------------------------------------------------------------------
<S> <C> <C>
FINANCE, INSURANCE & REAL ESTATE (6.3%)
DEPOSITORY INSTITUTIONS (0.7%)
Texas Regional Bancshares, Class A 375 $ 9,539
--------
FINANCIAL SERVICES (2.2%)
The Goldman Sachs Group, Inc. 300 31,537
--------
INSURANCE CARRIERS (2.1%)
Citigroup, Inc. 600 29,656
--------
NONDEPOSITORY CREDIT INSTITUTIONS (1.3%)
Household International, Inc. 500 18,656
--------
MANUFACTURING (32.8%)
CHEMICALS & ALLIED PRODUCTS (2.9%)
American Home Products Corp. 300 14,479
Johnson & Johnson 450 14,012
Minerals Technologies, Inc. 300 13,369
--------
41,860
--------
COMMUNICATIONS EQUIPMENT (3.9%)
Comverse Technology, Inc. (a) 300 28,350
Motorola, Inc. 200 28,475
--------
56,825
--------
ELECTRICAL INDUSTRIAL EQUIPMENT (2.4%)
General Electric Co. 255 34,141
--------
ELECTRONIC & ELECTRICAL EQUIPMENT (4.7%)
Atmel Corp. (a) 700 41,300
Intuit, Inc. (a) 500 27,187
--------
68,487
--------
ELECTRONIC COMPONENTS (2.5%)
Maxim Integrated Products (a) 500 35,531
--------
MACHINERY & COMPUTER EQUIPMENT (10.2%)
Apple Computer, Inc. 275 $ 40,744
Cisco Systems, Inc. (a) 800 69,581
EMC Corp. (a) 300 37,500
--------
147,825
--------
MEASURING & ANALYZING INSTRUMENTS (1.8%)
KLA - Tencor Corp. (a) 300 25,275
--------
MISCELLANEOUS MANUFACTURING (0.8%)
Hasbro, Inc. 700 11,550
--------
OFFICE MACHINES (1.5%)
Pitney Bowes, Inc. 500 22,344
--------
STONE, CLAY, GLASS & CONCRETE (2.1%)
Corning, Inc. 160 31,040
--------
RETAIL TRADE (6.0%)
FOOD STORES (2.5%)
Safeway, Inc. (a) 800 36,200
--------
MISCELLANEOUS RETAIL (1.5%)
Walgreen Co. 850 21,888
--------
RESTAURANTS (2.0%)
McDonald's Corp. 750 28,172
--------
SERVICES (26.9%)
AMUSEMENT & RECREATION (0.4%)
Cedar Fair, L.P. 315 6,261
--------
BUSINESS SERVICES (3.1%)
Equant NV - NY Registered Shares (a) 200 17,013
Sun Microsystems, Inc. (a) 300 28,111
--------
45,124
--------
</TABLE>
6
<PAGE> 9
<TABLE>
<CAPTION>
COMMON STOCKS (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER RELATED SERVICES (4.6%)
America Online, Inc. (a) 300 $ 20,175
Network Appliance, Inc. (a) 550 45,513
----------
65,688
----------
COMPUTER SOFTWARE (12.1%)
Doubleclick (a) 100 9,362
Foundry Networks, Inc. (a) 100 14,375
Inktomi Corp. (a) 100 34,125
Microsoft Corp. (a) 400 42,500
Rational Software Corp. (a) 200 15,300
Tibco Software, Inc. (a) 300 24,450
Veritas Software Corp. (a) 200 34,388
----------
174,500
----------
ENGINEERING, ACCOUNTING, RESEARCH &
MANAGEMENT (2.7%)
Gemstar (a) 200 17,200
Genentech, Inc. (a) 98 14,896
Paychex, Inc. 450 23,569
----------
55,665
----------
MOTION PICTURES (3.9%)
Walt Disney 800 33,100
----------
TRAVEL SERVICES (0.1%)
Sabre Group Holdings 55 2,032
----------
TRANSPORTATION, COMMUNICATION,
ELECTRIC, GAS & SANITARY SERVICES (26.1%)
BROADCASTING (7.2%)
AT&T Liberty Media A (a) 500 29,625
Clear Channel Communications (a) 400 20,719
Hispanic Broadcasting Corp. (a) 280 31,710
Univision Communications, Inc. Class A (a) 200 22,600
----------
104,654
----------
COMMUNICATIONS (3.0%)
Crown Castle International Corp. (a) 700 26,512
Nextlink Communications, Inc. Class A (a) 200 24,737
----------
51,249
----------
ELECTRIC SERVICES (3.6%)
AES Corp. (a) 400 $ 31,500
Calpine Corp. (a) 200 18,800
----------
50,300
----------
GAS SERVICES (1.4%)
Kinder Morgan, Inc. 600 20,700
----------
TELECOMMUNICATIONS (10.9%)
Level 3 Communications, Inc. (a) 300 31,725
MCI WorldCom, Inc. (a) 400 18,125
NTL, Inc. (a) 300 27,844
Qwest Communications International (a) 583 28,278
Sonera Oyj ADR 350 23,231
Vodafone AirTouch PLC ADR 600 27,781
----------
156,984
----------
Total Common Stocks
(Cost $837,584) (b) 1,416,783
----------
SHORT TERM OBLIGATIONS
COMMERCIAL PAPER (1.2%)
Associates Corp. of North America
4.16% (c) 04/03/00 16,690 16,684
----------
Other Assets, Less Liabilities (0.7%) 9,707
----------
Net Assets (100.0%) $1,443,174
==========
</TABLE>
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) At March 31, 2000, the cost of investments for federal income tax purposes
was identical. Net unrealized appreciation was $579,199, consisting of
gross unrealized appreciation of $600,366, and gross unrealized
depreciation of $21,167.
(c) Rate represents yield at time of purchase.
ACRONYM NAME
ADR American Depositary Receipt
See accompanying Notes to Financial Statements.
7
<PAGE> 10
SR&F GROWTH INVESTOR PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
(ALL AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at market value (cost $837,584) $1,416,783
Short-term obligations 16,684
Cash 13
Receivable for investments sold 31,265
Dividends receivable 300
Other 184
----------
Total assets 1,465,229
==========
LIABILITIES
Payable for investments purchased 21,196
Accrued:
Management fee 688
Bookkeeping fee 5
Transfer agent fee 1
Other 165
----------
Total liabilities 22,055
----------
Net assets to investors $1,443,174
==========
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE> 11
SR&F GROWTH INVESTOR PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2000 (UNAUDITED)
(ALL AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends $ 4,130
Interest 472
--------
Total investment income 4,602
--------
Expenses
Management fee 3,472
Bookkeeping fee 28
Transfer agent fee 3
Legal & audit fees 9
Trustees' fees 12
Custodian fee 12
Other 12
--------
Total expenses 3,548
--------
Net investment income 1,054
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 70,819
Net change in unrealized appreciation/depreciation
on investments 345,693
--------
Net gain 416,512
--------
Increase in net assets
resulting from operations $417,566
========
</TABLE>
See accompanying Notes to Financial Statements.
SR&F GROWTH INVESTOR PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
(ALL AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
(Unaudited)
Six Months Year
Ended Ended
March 31, September 30,
2000 1999
----------- -------------
<S> <C> <C>
OPERATIONS
Net investment income $ 1,054 $ 2,122
Net realized gain on investments 70,819 944
Net change in unrealized appreciation/
depreciation on investments 345,693 169,408
----------- -----------
Net increase in net assets
resulting from operations 417,566 172,474
----------- -----------
TRANSACTIONS IN INVESTORS'
BENEFICIAL INTEREST
Contributions 356,881 274,918
Withdrawals (318,113) (183,222)
----------- -----------
Net increase from transactions
in investors' beneficial interest 38,768 91,696
----------- -----------
Net increase in net assets 456,334 264,170
NET ASSETS
Beginning of year 986,840 722,670
----------- -----------
End of year $ 1,443,174 $ 986,840
=========== ===========
</TABLE>
9
<PAGE> 12
STEIN ROE ADVISOR YOUNG INVESTOR FUND
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
(ALL AMOUNTS IN THOUSANDS, EXCEPT PER-SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investment in Portfolio, at value $ 161,296
Receivable for fund shares sold 5,774
Other 58
---------
Total assets 167,128
---------
LIABILITIES
Payable for fund shares repurchased 536
Payable due to Advisor 134
Accrued:
Administrative fee 7
Bookkeeping fee 2
Service fee 74
Transfer agent fee 20
---------
Total liabilities 773
---------
Net assets $ 166,355
=========
ANALYSIS OF NET ASSETS
Paid-in capital $ 120,867
Accumulated net investment loss (482)
Accumulated net realized loss allocated from Portfolio (3,733)
Net unrealized appreciation allocated from Portfolio 49,703
---------
Net assets $ 166,355
=========
CLASS A
Net asset value per share (based on net assets of
$165,772 and 8,462 shares issued
and outstanding) $ 19.59
=========
CLASS K
Net asset value per share (based on net assets of
$583 and 30 shares issued and outstanding) $ 19.73
=========
</TABLE>
See accompanying Notes to Financial Statements.
10
<PAGE> 13
STEIN ROE ADVISOR YOUNG INVESTOR FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
(ALL AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Dividend income allocated from
Portfolio $ 438
Interest income allocated from
Portfolio 49
--------
Total investments income 487
--------
EXPENSES
Expenses allocated from
Portfolio 371
Administrative fee 130
Transfer agent fee 163
Bookkeeping fee 14
Services fees-- Class A 162
Distribution fees-- Class A 64
Distribution fees-- Class K 1
Trustees' fees 4
Legal & audit fees 7
Reports to shareholders 1
Custodian fee 1
Registration fees 18
Other 65
--------
Total expenses 1,001
Fees waived by the Distributor-- Class A (32)
--------
Net expenses 969
--------
Net investment loss (482)
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
ALLOCATED FROM PORTFOLIO
Net realized gain 3,795
Net change in unrealized appreciation/depreciation 38,520
--------
Net gain 42,315
--------
Increase in net assets
resulting from operations $ 41,833
========
</TABLE>
See accompanying Notes to Financial Statements.
STEIN ROE ADVISOR YOUNG INVESTOR FUND
STATEMENT OF CHANGES IN NET ASSETS
(ALL AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
(Unaudited)
Six Months Year
Ended Ended
March 31, September 30,
2000 1999
----------- -------------
<S> <C> <C>
OPERATIONS
Net investment loss $ (482) $ (488)
Net realized gain (loss) 3,795 (2,036)
Net change in unrealized
appreciation/depreciation 38,520 10,756
--------- ---------
Net increase in net assets
resulting from operations 41,833 8,232
--------- ---------
FUND SHARE TRANSACTIONS
Receipts for shares sold--
Class A 150,819 100,236
Cost of shares repurchased--
Class A (123,948) (47,993)
--------- ---------
26,871 52,243
--------- ---------
Receipts for shares sold--
Class K 68 100
Cost of shares repurchased--
Class K (60) (106)
--------- ---------
8 (6)
--------- ---------
Net increase from fund share
transactions 26,879 52,237
--------- ---------
Net increase in net assets 68,712 60,469
TOTAL NET ASSETS
Beginning of period 97,643 37,174
--------- ---------
End of period $ 166,355 $ 97,643
========= =========
Accumulated Net Investment
Loss at End of Period $ (482) $ --
========= =========
</TABLE>
11
<PAGE> 14
STEIN ROE ADVISOR YOUNG INVESTOR
STATEMENT OF CHANGES IN NET ASSETS
(ALL AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
(Unaudited)
Six Months Year
Ended Ended
March 31, September 30,
2000 1999
----------- -------------
<S> <C> <C>
Number of Fund Shares
Sold - Class A 8,740 7,022
Repurchased - Class A (7,233) (3,312)
------ ------
1,507 3,710
====== ======
Sold - Class K 4 8
Repurchased - Class K (3) (8)
------ ------
1 --
====== ======
</TABLE>
NOTES TO FINANCIAL STATEMENTS
(ALL AMOUNTS IN THOUSANDS)
(UNAUDITED)
NOTE 1. ORGANIZATION
Stein Roe Advisor Young Investor Fund (the "Fund") is a multi-class series of
Liberty-Stein Roe Advisor Trust (the "Trust"), an open-end management investment
company organized as a Massachusetts business trust. The Fund invests
substantially all of its assets in SR&F Growth Investor Portfolio (the
"Portfolio"), which seeks to achieve long-term capital appreciation by investing
primarily in common stocks and other equity-type securities that are believed to
have long-term appreciation potential. The Fund also has an educational
objective to teach investors, especially young people, about basic economic
principles and personal finance through a variety of educational materials
prepared and paid for by the Fund. The Fund currently offers two classes of
shares at net asset value: Class A and Class K. Class A shares are subject to a
maximum contingent deferred sales charge of 2.00% on redemptions made within
three years of purchase. The Fund commenced offering Class A shares on January
26, 1998.
The Portfolio is a series of SR&F Base Trust, a Massachusetts common law trust
organized under an Agreement and Declaration of Trust dated August 23, 1993. The
Portfolio commenced operations on February 3, 1997. On February 14, 1997, Stein
Roe Advisor Young Investor Fund contributed cash of $100. The Portfolio
allocates income, expenses, realized and unrealized gains and losses to each
investor on a daily basis, based on methods approved by the Internal Revenue
Service. At March 31, 2000, Stein Roe Advisor Young Investor Fund owned 11.2% of
the Portfolio.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following summarizes the significant accounting policies of the Fund and the
Portfolio. The policies are in conformity with generally accepted accounting
principles, which require management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
SECURITY VALUATIONS
Securities traded on national securities exchanges are valued at the last
reported sales price or, if there are no sales, at the latest bid quotation.
Each over-the-counter security for which the last sale price is available from
NASDAQ is valued at that price. All other over-the-counter securities for which
reliable quotations are available are valued at the latest bid quotation.
Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of the Board of Trustees.
12
<PAGE> 15
INVESTMENT TRANSACTIONS AND
INVESTMENT INCOME
Investment transactions are accounted for on trade date. Dividend income is
recorded on the ex-dividend date, and interest income is recorded on the accrual
basis. Interest income includes discount accretion on fixed income securities.
Realized gains and losses from investment transactions are reported on an
identified cost basis.
DETERMINATION OF CLASS NET ASSET
VALUES AND FINANCIAL HIGHLIGHTS
All income, expenses (excluding Class A and Class K service fees, distribution
fees and transfer agent fees), realized and unrealized gains (losses) are
allocated to each class proportionately on a daily basis for purposes of
determining the net asset value of each class.
The per share data was calculated using average shares outstanding during the
period. In addition, Class A and Class K's net investment income per share data
reflects the service fee, distribution fee and transfer agent fee applicable to
each class. Class A and Class K ratios are calculated by adjusting the expense
and net investment income ratios by the service fee, distribution fee and
transfer agent fee applicable to Class A and Class K shares.
FEDERAL INCOME TAXES
No provision is made for federal income taxes since (a) the Fund elects to be
taxed as a "regulated investment company" and makes distributions to its
shareholders to be relieved of all federal income taxes under provisions of
current federal tax law; and (b) the Portfolio is treated as a partnership for
federal income tax purposes and all of its income is allocated to its owners
based on methods approved by the Internal Revenue Service.
The Fund intends to utilize provisions of the federal income tax law, which
allow the Fund to carry a realized capital loss forward up to eight years
following the year of the loss, and offset such losses against any future
realized gains. At September 30, 1999, the Fund had capital loss carryforwards
of $9, $5,529 and $383, which expire in 2005, 2006 and 2007, respectively.
DISTRIBUTION TO SHAREHOLDERS
The Fund declares and pays dividends of any net investment income and net
realized capital gains annually, which are recorded on the ex-dividend date.
Dividends are determined in accordance with income tax principles, which may
treat certain transactions differently from generally accepted accounting
principles. Distributions in excess of tax basis earnings are reported in the
financial statements as a return of capital. Permanent differences in the
recognition or classification of income between the financial statements and tax
earnings are reclassified to paid-in capital.
NOTE 3. TRUSTEES' FEES AND
TRANSACTIONS WITH AFFILIATES
MANAGEMENT & ADMINISTRATIVE FEES
The Portfolio pays a monthly management fee and the Fund pays a monthly
administrative fee to Stein Roe & Farnham Incorporated (the "Advisor"), an
indirect, wholly-owned subsidiary of Liberty Financial Companies, Inc.
("Liberty"), for its services as investment Advisor and Administrator.
The management fee for the Portfolio is computed at an annual rate of 0.60% of
the Portfolio's average daily net assets up to $500 million, 0.55% of the next
$500 million, and 0.50% thereafter. The administrative fee for the Fund is
computed at an annual rate of 0.20% of the Fund's average daily net assets up to
$500 million, 0.15% of the next $500 million, and 0.125% thereafter.
BOOKKEEPING FEE
The Advisor provides bookkeeping and pricing services for a monthly fee equal to
$25 annually plus 0.0025% annually of the Fund's average daily net assets over
$50 million.
EXPENSE LIMITS
The Advisor has agreed to reimburse the Fund to the extent that its annual
expenses exceed 1.49% of average daily net assets for Class A shares and 1.50%
of average daily net assets for Class K shares through January 31, 2001, subject
to earlier termination by the Advisor on 30 days notice.
12b-1 SERVICE & DISTRIBUTION FEES
Shares of the Fund are distributed by Liberty Funds Distributor, Inc. (the
"Distributor"), an indirect, wholly-owned subsidiary of Liberty. The trustees of
the Trust have adopted a plan of distribution and service pursuant to Rule 12b-1
under the Investment Company Act of 1940 (the "Plan"). The Plan provides that,
as compensation for the personal service and/or maintenance of shareholder
accounts, the Distributor receives from the Fund a service fee at an annual rate
not to exceed 0.25% of average daily net assets attributable to Class A shares.
The Plan also provides that, as compensation for expenses related to the
promotion and distribution of Fund shares, the Distributor receives a
distribution fee at an annual rate not to exceed 0.10% of average daily net
assets for Class A shares. The Distributor has voluntarily agreed to waive a
portion of the Class A distribution fee so that it does not exceed 0.05%
annually. The Plan further provides that, as compensation for services and/or
distribution, the Distributor receives a fee at an annual rate not to exceed
0.25% of average daily net assets for Class K shares.
13
<PAGE> 16
TRANSFER AGENT FEE
Liberty Funds Services, Inc. (the Transfer Agent), an affiliate of Liberty,
provides shareholder services to the Fund. Transfer agent fees for Class A
shares are computed at an annual rate of 0.236% of average daily net assets.
Transfer agent fees for Class K shares are computed at an annual rate of 0.30%
of average daily net assets.
OTHER
Certain officers and trustees of the Trust are also officers of the Advisor. No
remuneration was paid to any other trustee or officer of the Trust who is
affiliated with the Advisor.
NOTE 4. SHORT-TERM DEBT
To facilitate portfolio liquidity, the Fund and the Portfolio maintain borrowing
arrangements under which they can borrow against portfolio securities. Neither
the Fund nor the Portfolio had borrowings during the six months ended March 31,
2000.
NOTE 5. INVESTMENT TRANSACTIONS
The Portfolio's aggregate cost of purchases and proceeds
from sales other than short-term obligations for the six months ended March 31,
2000, were $574,713 and $522,671, respectively.
NOTE 6. OTHER RELATED PARTY TRANSACTIONS
At March 31, 2000, the Fund had one shareholder, Liberty Financial Companies,
Inc., which owned 33.8% of the Fund's shares outstanding.
14
<PAGE> 17
FINANCIAL HIGHLIGHTS
SR&F GROWTH INVESTOR PORTFOLIO
<TABLE>
<CAPTION>
(Unaudited)
Six Months Period
Ended Years Ended Ended
March 31, September 30, September 30,
2000 1999 1998 1997(a)
----------- ---- ---- -------------
<S> <C> <C> <C> <C>
Ratio of net expenses
to average net assets 0.57%(b) 0.59% 0.62% 0.63%(b)
Ratio of net
investment income to
average net assets 0.17%(b) 0.25% 0.42% 0.54%(b)
Portfolio turnover rate 43% 45% 45% 38%
</TABLE>
(a) From commencement of operations on February 3, 1997.
(b) Annualized.
STEIN ROE ADVISOR YOUNG INVESTOR FUND
Selected per-share data (for a share outstanding throughout the period), ratios
and supplemental data.
<TABLE>
<CAPTION>
(Unaudited)
Six Months Period
Ended Year Ended Ended
March 31, September 30, September 30,
Class A 2000 1999 1998(a)
----------- ------------- -------------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $ 13.98 $ 11.35 $ 11.67
----------- ---------- ----------
INCOME FROM
INVESTMENT OPERATIONS
Net investment loss (b) (0.06)(c) (0.10)(c) (0.02)
Net realized and
unrealized gain (loss)
on investments 5.67 2.73 (0.30)
----------- ---------- ----------
Total from investment
operations 5.61 2.63 (0.32)
----------- ---------- ----------
NET ASSET VALUE,
END OF PERIOD $ 19.59 $ 13.98 $ 11.35
=========== ========== ==========
Ratio of net expenses to
average net assets (d) 1.49%(c)(f) 1.49%(c) 1.65%(f)
Ratio of net investment
loss to average
net assets (e) (0.73)%(c)(f) (0.53)%(c) (0.52)%(f)
Total return (e) 40.13%(g) 21.17% (2.74)%(g)
Net assets, end of
period (000's) $ 165,772 $ 97,233 $ 36,843
</TABLE>
(a) From commencement of multi-class offering on January 26, 1998.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Net of fees waived by the Distributor which amounted to $0.004 and $0.007
per share, respectively, and 0.05% (annualized) and 0.05%, respectively.
(d) If the Fund had paid all of its expenses and there had been no
reimbursement by the Advisor and/or Distributor, this ratio would have been
1.55% for the six months ended March 31, 2000, 1.74% for the year ended
September 30, 1999 and 2.02% for the period ended September 30, 1998.
(e) Computed giving effect to the Advisor's and/or Distributor's expense
limitation undertaking.
(f) Annualized.
(g) Not annualized
<TABLE>
<CAPTION>
(Unaudited)
Six Months Period
Ended Years Ended Ended
March 31, September 30, September 30,
Class K 2000 1999 1998 1997(a)
----------- ---- ---- -------------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF
PERIOD $ 14.08 $ 11.41 $ 11.49 $ 10.00
------- ------- ------- -------
INCOME FROM
INVESTMENT OPERATIONS
Net investment
loss (b) (0.07) (0.09) (0.03) (0.02)
Net realized and
unrealized
gain (loss) on
investments 5.72 2.76 (0.04) 1.51
------- ------- ------- -------
Total from
investment
operations 5.65 2.67 (0.07) 1.49
------- ------- ------- -------
DISTRIBUTIONS
Net investment
income -- -- (0.01) --
------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD $ 19.73 $ 14.08 $ 11.41 $ 11.49
======= ======= ======= =======
Ratio of net
expenses to
average
net assets 1.50%(e) 1.50%(c) 1.50%(c) 1.50%(c)
Ratio of net
investment
loss to average
net assets (d) (0.75)%(e) (0.64)% (0.48)% (0.24)%(e)
Total return (d) 40.13%(f) 23.40% (0.62)% 14.90%(f)
Net assets, end of
period (000's) $ 583 $ 410 $ 331 $ 116
</TABLE>
(a) From commencement of operations on February 14, 1997.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) If the Fund had paid all of its expenses and there had been no
reimbursement by the Advisor, this ratio would have been 1.70% for the year
ended September 30, 1999, 20.42% for the year ended September 30, 1998, and
89.45% for the period ended September 30, 1997.
(d) Computed giving effect to the Advisor's expense limitation undertaking.
(e) Annualized.
(f) Not annualized.
15
<PAGE> 18
ACTIVITY PAGES
PUZZLES AND GAMES (AGES THREE TO FIVE)
FIND THE DOLLAR
As you might expect, the Stock Market is a good place to find money. How many
dollar bills can you find in this picture?
For each [DOLLAR GRAPHIC] you find, add $1 to your total.
[PICTURE GAME WITH HIDDEN DOLLARS]
How many dollars do you have after your trip to the Stock Market? TOTAL $_____
If you have found 12 dollars, you have found them all.
DOT-TO-DOT
Want to make some money?
Connect the dots in this picture and see how easy it is!
{DOT-TO-DOT OF A DOLLAR SIGN]
16
<PAGE> 19
DESIGN A DOLLAR
[CARTOON DRAWING OF A DOLLAR BILL]
[BLANK SQUARE IN WHICH TO DRAW A DOLLAR]
The dollar bill is used more often than any other bill. It is printed with
special paper and ink by the U.S. Mint--the part of the government in charge of
printing money. If the U.S. Mint asked you to design a new dollar bill, what
would it look like? Whose picture would you use? What colors would it be? Look
at the top picture and then draw your own dollar bill.
17
<PAGE> 20
PUZZLES AND GAMES (AGES SIX TO EIGHT)
RHYME TIME
To answer the riddles below, think of a word connected to money or investing.
The correct answer will rhyme with the underlined word in the line above it. To
finish the rhyme, fill in the blank with the correct word.
1. It's not green like a dollar or a pickle.
It's worth 5 cents and called a _________.
2. To find some fish, look in a pond.
To invest in loans, go buy a ______.
3. All for Washington stand up and holler.
A green bill is called a ________.
4. This animal eats berries and has lots of hair.
They named a down stock market after a ____.
5. You need a key to open a lock.
To own part of a company, buy a ______.
6. Bees live in hives and make honey.
People have jobs to make _____.
7. Chickens like to squawk and peck.
To pay your bills, you write a _____.
8. The bratty boy gave her pigtails a yank.
The smart boy saved his money in a ____.
9. A bird keeps its eggs in a nest.
To save money for college, it's best to ______.
10. It has big, curved horns and is hard to pull.
When the stock market's up, it's called a ______.
Answers: 1) nickel; 2) bond; 3) dollar; 4) bear; 5) stock; 6) money; 7) check;
8) bank; 9) invest; 10) bull.
TREATS FOR T-SHIRTS
A third grade softball team wants team T-shirts. But the kids don't have the
money to buy them. They decide to hold a bake sale. Katie brings 24 chocolate
brownies. Chris brings 30 chocolate chip cookies. Vince brings 10 orange
cupcakes. Ramon brings 18 oatmeal cookies. Sarah brings 2 coconut layer cakes.
Vanessa brings 20 pieces of chocolate fudge.
1. How many cookies can the team sell?
2. Who brought the most treats?
3. How many more treats did Katie bring than Ramon?
4. The kids charged $10 for each coconut layer cake. How much money did they
make from selling them?
5. How many chocolate items were there?
6. Cupcakes sold for $2. How much money did the team make from them?
7. The kids brought a total of how many treats?
8. The team needs 10 T-shirts, which will cost $7 each. The team raised $98 at
the bake sale. Does the team have enough money for the shirts?
9. Will there be any money leftover? If so, how much?
10. What do you think the team should do with any extra money?
Answers: 1) 48; 2) Chris; 3) 6; 4) $20; 5) 74; 6) $20; 7) 104; 8) yes, 10 shirts
cost $70; 9) yes, $28; 10) all answers are okay.
18
<PAGE> 21
I SPY, I SPY WITH MY OWN LITTLE EYE
Have you ever looked closely at a dollar bill? What do all those pictures and
numbers mean?
Learn THESE and you might be able to teach your parents something about money!
[PHOTO OF THE FRONT OF A ONE DOLLAR BILL, VARIOUS CAPTIONS POINT DIFFERENT PARTS
OF THE BILL]
This letter tells you the location of the Federal Reserve Bank that first gave
out the bill. There are 12 Federal Reserve Bank locations. How many can you
name?*
This is George Washington, the first president of the United States.
This is the date that this exact bill design was first used.
This number is called a serial number. Every bill has a different serial number.
This is the signature of the Treasurer of the United States. Bills may be signed
with different names. That's because different treasurers were holding office
when the bills were printed.
[PHOTO OF THE BACK OF A ONE DOLLAR BILL, VARIOUS CAPTIONS POINT DIFFERENT PARTS
OF THE BILL]
This is the Great Seal of the United States.
The unfinished pyramid stands for growth.
The eye represents the watchful eye of God.
The eagle is the symbol of the United States. It stands for strength.
The 13 stars and stripes are for the first 13 states.
The arrows mean that America will fight to defend itself.
The olive branch stands for peace.
* The Federal Reserve Bank locations are: A. Boston; B. New York; C.
Philadelphia; D. Cleveland; E. Richmond; F. Atlanta; G. Chicago; H. St. Louis;
I. Minneapolis; J. Kansas City; K. Dallas; L. New Orleans.
19
<PAGE> 22
PUZZLES AND GAMES (AGES NINE TO 12)
[CROSSWORD PUZZLE]
MONEY AROUND THE WORLD
ACROSS
1. Money in Mexico
4. Money in Romania
8. Hello
9. It is (contraction)
10. Opposite of old
11. Also known as (abbrev.)
12. Money in U.S.
13. Money in Japan
16. Picture (slang)
18. Money in Russia (alternate spelling)
21. 2,000 pounds
22. Money in Germany
23. Debt
25. Come ____ !
26. Money in South Africa
27. Money in The Netherlands
DOWN
1. Copper coin
2. To stitch
3. Money in Iran
4. Money in Italy
5. Extraterrestrial
6. United States of America (abbrev.)
7. Money in France
14. Period of time
15. Neither...____
16. Money in England
17. Let me ___!
19. United Kingdom (abbrev.)
20. Lengthy
21. ___ be or not to be
22. Damage
24. Sticky substance used for roads
Answers. Across: 1) Peso; 4) Leu; 8) Hi; 9) Its; 10) New; 11) Aka; 12) Dollar;
13) Yen; 16) Pic; 18) Rouble; 21) Ton; 22) Mark; 23) IOU; 25) On; 26) Rand; 27)
Guilder. Down: 1) Penny; 2) Sew; 3) Rial; 4) Lira; 5) ET; 6) USA; 7) Franc; 14)
Era; 15) Nor; 16) Pound; 17) In; 19) UK; 20) Long; 21) To; 22) Mar; 24) Tar.
20
<PAGE> 23
SHAREHOLDER SCAVENGER HUNT
Search through the pages of this semiannual report to find solutions to the
riddles posed below.
1. Money invested, money lent. Returns for this period were at what percent?
2. A pharaoh's tomb, a floating eye. Where can you see them when you buy?
3. Diapers, bottles, rattles, tears. Are more babies born now than in recent
years?
4. Food, health care, toys, Bill Gates. In which market sector do we hold the
most weight?
5. We buy, we sell, we wait, we hold. This Fund is currently how many years
old?
6. Names are not always what they seem. What new holding sounds fit for a
king?
7. Named for a cowboy, though old-fashioned it's not, What tech company stock
holds our number-one spot?
8. Say bye-bye to Barbie and Ken, her beau. What company's stock did we decide
to let go?
9. It's been 100 years since the first phone call was sent. Telecommunications
holdings are at what percent?
10. Can you name a fruit that has a hard drive? What colorful company's in
holding spot five?
Answers: 1) 40.13%, p. 2; 2) on the back of a dollar bill, p. 19; 3) yes, p.1,
Dollar Digest(R); 4) technology, p. 3; 5) 6 years old, p. 2; 6) Crown Castle
International, p. 3 or 5; 7) Cisco Systems, p. 5; 8) Mattel, p. 4; 9) 20.2%, p.
5; 10) Apple Computer, p. 5.
REBUS PUZZLE
A rebus puzzle uses pictures and words to make another word or phrase. Can you
figure out these famous sayings about money?
[GRAPHIC OF A REBUS PUZZLE] ____________________________
(your answer)
[GRAPHIC OF A REBUS PUZZLE] ____________________________
(your answer)
Answers: 1) A penny for your thoughts; 2) Time is money.
21
<PAGE> 24
[PHOTO OF A CHILD]
IMPORTANT INFORMATION
ABOUT THIS REPORT
TRUSTEES
WILLIAM W. BOYD
Chairman and Director, Sterling Plumbing
Group Inc.
LINDSAY COOK
Executive Vice President, Liberty Financial
Companies, Inc.
DOUGLAS A. HACKER
Executive Vice President and Chief Financial
Officer, United Airlines
JANET LANGFORD KELLY
Executive Vice President, Secretary and General
Counsel, Sara Lee Corporation
CHARLES R. NELSON
Van Voorhis Professor of Political Economy,
University of Washington
THOMAS C. THEOBALD
Managing Partner, William Blair Capital Partners
The Transfer Agent for Stein Roe Advisor Young
Investor Fund is:
Liberty Funds Services, Inc.
P.O. Box 1722
Boston, MA 02105-1722
1-800-345-6611
The Fund mails one shareholder report to each shareholder address. If you would
like more than one report, please call 1-800-426-3750 and additional reports
will be sent to you.
This report has been prepared to shareholders of Stein Roe Advisor Young
Investor Fund. This report may also be used as sales literature when preceded or
accompanied by the current prospectus which provides details of sales charges,
investment objectives and operating policies of the Fund and the most recent
copy of the Liberty Funds Distributor, Inc. performance update.
<PAGE> 25
[PHOTO OF A CHILD]
OUR "FAMILY" OF MUTUAL FUNDS
Stein Roe Advisor Young Investor Fund is part of a family of funds distributed
by Liberty Funds Distributor, Inc. Liberty offers a wide spectrum of funds, from
conservative tax-free bonds to more aggressive international funds. Each fund
within the Liberty family follows a consistent investment style and adheres to
its stated investment objective. For more information on Liberty-distributed
funds, including All-Star, Colonial, Crabbe Huson, Newport and Stein Roe Advisor
funds, please consult your financial advisor or call 1-800-426-3750.
STEIN ROE ADVISOR YOUNG INVESTOR(SM) FUND SEMIANNUAL REPORT-- MARCH 31, 2000
[LIBERTY FUNDS LOGO]
ALL-STAR - COLONIAL - CRABBE HUSON - NEWPORT - STEIN ROE ADVISOR
Liberty Funds Distributor, Inc.(C)2000
One Financial Center, Boston, MA 02111-2621, 1-800-426-3750
www.libertyfunds.com
---------------
BULK RATE
U.S. POSTAGE
PAID
HOLLISTON, MA
PERMIT NO. 20
---------------
712-03/002B-0400 (5/00) 00/717