LIBERTY STEIN ROE ADVISOR TRUST
NSAR-B, EX-99.77D, 2000-08-29
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Liberty-Stein Roe Advisor Trust:
Stein Roe Advisor High-Yield Municipals Fund

At the October 19, 1999 Board of Trustees Meeting it was voted:

         that the  investment  policies  of the  Stein  Roe  Advisor  High-Yield
Municipals  Fund  relating to the purchase and sale of real estate and acting as
an underwriter of securities are designated as fundamental investment policies.



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