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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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SIGNATURE GAIL KNUDSEN
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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To the Board of Trustees:
Stein Roe Income Trust
Stein Roe Municipal Trust
SR&F Base Trust
Stein Roe Trust
Stein Roe Advisor Trust
In planning and performing our audits of the financial statements of each of the
Stein Roe Funds and SR&F Portfolios listed in the Appendix attached hereto (the
Trusts) for the year ended June 30, 1999, we considered their internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and not
to provide assurance on the internal control.
The management of the Trusts is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
<PAGE>
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above at June 30, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of the Trusts and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
[GRAPHIC OMITTED]
August 11, 1999
<PAGE>
Appendix
Stein Roe Funds and SR&F Portfolios audited for the year ended June 30, 1999:
Series of the Stein Roe Income Trust:
Stein Roe Cash Reserves Fund
Stein Roe Intermediate Bond Fund
Stein Roe Income Fund
Stein Roe High Yield Fund
Series of the Stein Roe Municipal Trust:
Stein Roe Municipal Money Market Fund
Stein Roe Intermediate Municipals Fund
Stein Roe Managed Municipals Fund
Stein Roe High-Yield Municipals Fund
Series of the SR&F Base Trust:
SR&F High Yield Portfolio
SR&F Income Portfolio
SR&F Intermediate Bond Portfolio
SR&F Cash Reserves Portfolio
SR&F Municipal Money Market Portfolio
SR&F High Yield Municipals Portfolio
Series of the Stein Roe Trust:
Stein Roe Institutional Client High Yield Fund
Series of the Stein Roe Advisor Trust:
Stein Roe Advisor Intermediate Bond Fund
Stein Roe Advisor High Yield Municipals
