<PAGE> PAGE 1
000 B000000 06/30/99
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007 C020400 STEIN ROE CASH RESERVES FUND
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011 A00AA01 LIBERTY FUNDS DISTRIBUTOR, INC.
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011 C01AA01 BOSTON
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011 C03AA01 02111
013 A00AA01 ERNST & YOUNG
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 LIBERTY SECURITIES CORPORATION
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<PAGE> PAGE 2
014 A00AA02 KEYPORT FINANCIAL SESRVICES CORP.
014 B00AA02 8-24435
014 A00AA03 LIBERTY FUNDS DISTRIBUTOR, INC.
014 B00AA03 8-44998
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
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015 E01AA01 X
015 A00AA02 BANK OF IRELAND
015 B00AA02 S
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 26443
072 C000400 0
072 D000400 0
072 E000400 5
072 F000400 0
072 G000400 1250
072 H000400 0
072 I000400 794
072 J000400 0
<PAGE> PAGE 20
072 K000400 35
072 L000400 0
072 M000400 12
072 N000400 57
072 O000400 0
072 P000400 0
072 Q000400 36
072 R000400 14
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 1312
072 X000400 3510
072 Y000400 0
072 Z000400 22933
072AA000400 0
072BB000400 3
072CC010400 0
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0450
073 A020400 0.0000
073 B000400 0.0450
073 C000400 0.0000
074 A000400 50
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 505585
074 J000400 0
074 K000400 0
074 L000400 2506
074 M000400 0
074 N000400 508141
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 4455
074 S000400 0
074 T000400 503686
074 U010400 503564
<PAGE> PAGE 21
074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 0
075 B000400 37900
076 000400 0.00
024 000700 N
028 A010700 3235
028 A020700 535
028 A030700 0
028 A040700 2262
028 B010700 1710
028 B020700 273
028 B030700 0
028 B040700 5077
028 C010700 10363
028 C020700 207
028 C030700 0
028 C040700 3079
028 D010700 6361
028 D020700 264
028 D030700 0
028 D040700 5269
028 E010700 7562
028 E020700 265
028 E030700 0
028 E040700 18178
028 F010700 4996
028 F020700 209
028 F030700 0
028 F040700 7362
028 G010700 34227
028 G020700 1753
028 G030700 0
028 G040700 41227
028 H000700 20665
029 000700 N
030 A000700 0
030 B000700 0.00
030 C000700 0.00
034 000700 N
035 000700 0
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 N
041 000700 N
<PAGE> PAGE 22
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 2.3
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 94.4
062 Q000700 0.0
062 R000700 3.3
063 A000700 0
063 B000700 8.7
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
<PAGE> PAGE 23
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 Y
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 247622
071 B000700 236372
071 C000700 0
071 D000700 296
072 A000700 12
072 B000700 3490
072 C000700 9
072 D000700 0
072 E000700 0
072 F000700 229
072 G000700 57
072 H000700 0
072 I000700 64
072 J000700 0
072 K000700 0
072 L000700 0
072 M000700 10
072 N000700 22
072 O000700 0
072 P000700 0
072 Q000700 25
072 R000700 15
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 38
072 X000700 460
072 Y000700 81
072 Z000700 3120
072AA000700 0
072BB000700 759
072CC010700 0
072CC020700 869
072DD010700 0
<PAGE> PAGE 24
072DD020700 0
072EE000700 0
073 A010700 3.1330
073 A020700 0.0000
073 B000700 1.1560
073 C000700 0.0000
074 A000700 55
074 B000700 0
074 C000700 0
074 D000700 32827
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 23
074 M000700 5
074 N000700 32910
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 144
074 S000700 0
074 T000700 32766
074 U010700 3228
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
075 A000700 0
075 B000700 326370
076 000700 0.00
SIGNATURE GAIL KNUDSEN
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787491
<NAME> STEIN ROE AND FARNHAM INCOME TRUST
<SERIES>
<NUMBER> 1
<NAME> SRIF
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE>296605
<RECEIVABLES> 58
<ASSETS-OTHER> 56
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 296744
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2104
<TOTAL-LIABILITIES> 2104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 314115
<SHARES-COMMON-STOCK> 31320
<SHARES-COMMON-PRIOR> 44703
<ACCUMULATED-NII-CURRENT> 51
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8723)
<NET-ASSETS> 294640
<DIVIDEND-INCOME> 233
<INTEREST-INCOME> 28471
<OTHER-INCOME> 0
<EXPENSES-NET> (3103)
<NET-INVESTMENT-INCOME> 25601
<REALIZED-GAINS-CURRENT> (9974)
<APPREC-INCREASE-CURRENT> (14328)
<NET-CHANGE-FROM-OPS> 1299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25599)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67976
<NUMBER-OF-SHARES-REDEEMED> (219840)
<SHARES-REINVESTED> 22401
<NET-CHANGE-IN-ASSETS> (153763)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR>0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3103
<AVERAGE-NET-ASSETS> 337283
<PER-SHARE-NAV-BEGIN> 10.030
<PER-SHARE-NII> 0.670
<PER-SHARE-GAIN-APPREC> (0.620)
<PER-SHARE-DIVIDEND> (0.670)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 0.84
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787491
<NAME> Stein Roe Income Trust
<SERIES>
<NUMBER> 8
<NAME> SRIBF
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-1-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 437952
<INVESTMENTS-AT-VALUE> 428048
<RECEIVABLES> 725
<ASSETS-OTHER> 51
<OTHER-ITEMS-ASSETS> 431850
<TOTAL-ASSETS> 432626
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1503
<TOTAL-LIABILITIES> 1503
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 449578
<SHARES-COMMON-STOCK> 49974
<SHARES-COMMON-PRIOR> 48755
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (292)
<ACCUMULATED-NET-GAINS> (8275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9888)
<NET-ASSETS> 431123
<DIVIDEND-INCOME> 308
<INTEREST-INCOME> 31031
<OTHER-INCOME> 0
<EXPENSES-NET> 3194
<NET-INVESTMENT-INCOME> 28145
<REALIZED-GAINS-CURRENT> 178
<APPREC-INCREASE-CURRENT> (16916)
<NET-CHANGE-FROM-OPS> 11407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28795)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218839
<NUMBER-OF-SHARES-REDEEMED> (229625)
<SHARES-REINVESTED> 21841
<NET-CHANGE-IN-ASSETS> (6333)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7968)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1685
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3194
<AVERAGE-NET-ASSETS> 453887
<PER-SHARE-NAV-BEGIN> 8.97
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.33)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.57)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.63
<EXPENSE-RATIO> 0.72
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787491
<NAME> Stein Roe Income Trust
<SERIES>
<NUMBER> 4
<NAME> SRCRF
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 50585
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 2505
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 50
<TOTAL-ASSETS> 508141
<PAYABLE-FOR-SECURITIES> 3576
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 879
<TOTAL-LIABILITIES> 4455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 503553
<SHARES-COMMON-STOCK> 503564
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 133
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5036860
<NET-ASSETS> 0
<DIVIDEND-INCOME> 26443
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 3510
<NET-INVESTMENT-INCOME> 22933
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 22930
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22933)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1292705
<NUMBER-OF-SHARES-REDEEMED> (1304251)
<SHARES-REINVESTED> 21281
<NET-CHANGE-IN-ASSETS> 9732
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.0
<PER-SHARE-NII> 1.0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .045
<RETURNS-OF-CAPITAL> 4.64
<PER-SHARE-NAV-END> 1.0
<EXPENSE-RATIO> .70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787491
<NAME> Stein Roe Income Trust
<SERIES>
<NUMBER> 7
<NAME> SRHYF
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 32827
<INVESTMENTS-AT-VALUE> 33559
<RECEIVABLES> 23
<ASSETS-OTHER> 60
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32910
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 144
<TOTAL-LIABILITIES> 144
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34271
<SHARES-COMMON-STOCK> 3228
<SHARES-COMMON-PRIOR> 3772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (759)
<ACCUM-APPREC-OR-DEPREC> (733)
<NET-ASSETS> 32766
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 3490
<OTHER-INCOME> 0
<EXPENSES-NET> 379
<NET-INVESTMENT-INCOME> 3120
<REALIZED-GAINS-CURRENT> (759)
<APPREC-INCREASE-CURRENT> (869)
<NET-CHANGE-FROM-OPS> 1492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3133)
<DISTRIBUTIONS-OF-GAINS> (1156)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5211
<NUMBER-OF-SHARES-REDEEMED> (6117)
<SHARES-REINVESTED> 362
<NET-CHANGE-IN-ASSETS> (8705)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 460
<AVERAGE-NET-ASSETS> 37900
<PER-SHARE-NAV-BEGIN> 11.000
<PER-SHARE-NII> 0.850
<PER-SHARE-GAIN-APPREC> (0.530)
<PER-SHARE-DIVIDEND> (0.850)
<PER-SHARE-DISTRIBUTIONS> (0.320)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.150
<EXPENSE-RATIO> 1.000
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
