YOUNG
INVESTOR
FUND
SEMIANNUAL
REPORT
A different
kind of semiannual
report for a different kind
of mutual fund.
March 31, 1995
SteinRoe Mutual Funds
BUILDING WEALTH FOR GENERATIONS
Photo of little girl
<PAGE>
(1) Total return performance includes changes in share price and reinvestment
of income and capital gains distributions. The S&P 500 is an unmanaged group
of stocks that differs from the composition of each SteinRoe Fund; the S&P 500
is not available for direct investment. 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. The Fund's Adviser currently limits
expenses to .99 percent of average net assets. Absent past expense limits,
total return would have been less. Expense limits are subject to termination
on 30 days' notice to the Fund.
(2)Lipper Analytical Services, Inc. is an independent monitor of mutual fund
performance. The Lipper Growth Fund category consists of funds that normally
invest in companies whose long-term earnings are expected to grow
significantly faster than the earnings of stocks represented in the major
unmanaged stock indices. There were 497 and 557 funds in this category for the
periods 4/29/94 to 3/31/95, and 9/30/94 to 3/31/95, respectively. Performance
includes price changes and assumes reinvestment of dividends and capital
gains.
<PAGE>
To Our Shareholders
Dear Investor,
The SteinRoe Young Investor Fund celebrated its first birthday in April.
That's an important milestone in the life of a mutual fund, and was an
especially happy occasion for the Young Investor Fund. From the point it was
created to March 31, 1995, Young Investor's total return was 14.14 percent.
For the six-month period ending March 31, 1995, Young Investor's total return
was 11.46 percent, compared to a return of 9.71 percent for the S&P 500.(1)
Comparing the performance of mutual funds makes more sense if both funds
invest in similar ways. That's why mutual funds often are identified using
broad categories. Young Investor, for example, is in the "growth fund"
category -- funds in this group normally invest in companies whose long-term
earnings are expected to grow consistently. According to Lipper Analytical
Services, an independent company that ranks the performance of mutual funds,
on March 31 Young Investor's return since it began placed it in the top 13
percent of the funds -- ranking 63rd out of 497 funds -- in the growth fund
category. (2)
As we have stressed to you in the past, a mutual fund's value changes daily
and past performance is no guarantee of how it will perform in the future. But
it can provide useful information. What's most important is "having a
long-term view" -- understanding and accepting that the value of a mutual fund
that invests in stocks, such as Young Investor Fund, will change constantly.
It may go up -- as Young Investor did in its first year -- or down, but over
time, mutual funds have historically shown that they provide you with good
growth potential.
We thank you for investing with SteinRoe. Please write and tell us what you
think about Young Investor. I'm looking forward to hearing from you.
Sincerely,
Timothy K. Armour
President, SteinRoe Mutual Funds
<PAGE>
The Companies We Invest In
The New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX) are
the U.S.'s principal stock exchanges. But many stocks are not traded at an
exchange at all. Instead, they're traded "over the counter" in the OTC market,
an electronic marketplace. In America, the largest of these is called NASDAQ.
OTC traders don't deal face-to-face. Rather, they study the market activity on
computer screens and trade with other brokers by phone.
As you probably know, a mutual fund invests in the stocks of many different
companies to achieve the fund's investment objective. But how does the fund
decide what types of companies to invest in? Well, different types of
companies perform well at different times. In a period of expanding economic
growth, the market tends to be dominated by cyclical stocks -- companies, such
as auto makers, paper companies and metal producers, that benefit from an
expanding economy because they provide the materials and products that help
the economy grow.
When the economy begins to slow -- as it has recently -- growth stocks, which
are less directly affected by economic changes, tend to outperform cyclical
stocks. An example of a growth stock might be the stock of a company that
produces food or beverages. It doesn't matter what shape the economy is in --
everyone still needs to eat. Growth stocks also usually are able to achieve
strong earnings growth. That might be because they offer a product or service
that is in demand -- like a new computer game.
The ten largest holdings of your portfolio as of March 31, 1995, are listed to
the right.
Because a mutual fund invests in so many companies, your investment often is
automatically diversified. That means if the price of one security in the
portfolio declines, it will have less of an impact than if you only invested
in that one security by itself.
<TABLE>
<CAPTION>
% of Total
Net Assets
on 3/31/95 Symbol Exchange
<S> <C> <C> <C> <C>
1 Microsoft 3.2% MSFT NASDAQ*
2 AT&T 2.8 T NYSE**
3 Coca-Cola 2.7 KO NYSE
4 Viacom 2.7 VIA AMEX***
5 The Learning Company 2.7 LRNG NASDAQ
6 Nike 2.7 NKE NYSE
7 Motorola 2.6 MOT NYSE
8 Abbott Laboratories 2.6 ABT NYSE
9 The Walt Disney Company 2.6 DIS NYSE
10 Carnival Corporation 2.5 CCL NYSE
<FN>
* National Association of Securities Dealers Automated Quotation
** New York Stock Exchange
*** American Stock Exchange
</TABLE>
<PAGE>
An Interview with th e Portfolio Managers
In February, Eric Maddix and David Brady joined Erik Gustafson as co-portfolio
managers of the Young Investor Fund.
Photo of: David Brady, Erik Gustafson, Eric Maddix
Q. What kind of returns has the Fund posted?
A. The Young Investor Fund has provided a very strong investment performance
since its inception on April 29, 1994. For the past six months ended March 31,
1995, the Fund returned 11.46 percent, versus a 9.71 percent gain for the S&P
500.(1) We outperformed the index primarily because of our emphasis on the
technology sector, which performed especially well during the six-month
period.
Q. What is the Young Investor Fund's investment strategy?
A. The Fund was designed to teach young people about investing while pursuing
a superior investment return. Normally it invests at least 65 percent of its
assets in companies that have a direct connection to young people. The Fund
doesn't have any capitalization restrictions, which means that we have the
flexibility to invest in companies of all sizes. This includes smaller growth
companies, which may have increased investment risk but also have greater
potential for higher earnings and profit growth.
Q. Does focusing primarily on companies that cater to children limit the Fund
in any way?
A. No, we don't think so. Many of the great kids' companies are also among the
finest high-quality growth companies, including Microsoft, Disney, Coca-Cola,
and McDonald's. Children today are savvy consumers, and companies that can
anticipate and satisfy the changing preferences of children are well
positioned to succeed in the marketplace.
Q. What types of companies does the Fund invest in?
A. The Fund emphasis has led us toward technology companies and classic
consumer growth companies, both of which have performed extremely well for the
Fund since its inception. There are generally three types of companies we
invest in: classic kids' companies, like McDonald's, Toys "R" Us, and
Coca-Cola; great growth companies, which in many cases serve kids, but may not
be immediately associated with them (such as Microsoft and Procter & Gamble);
and smaller niche companies that serve kids, like Scholastic Corporation and
The Learning Company, which are smaller, education-oriented companies.
<PAGE>
Q. Have you made any new purchases for the Fund over the past six months?
A. We've added several new positions, including Remedy Corporation, a
manufacturer of help desk software; Viacom, a diversified media company;
Walgreen's, a retail drugstore chain; Polygram, a European-based record
company; Nabisco, a producer of consumer packaged goods; and CUC
International, a membership-based marketing group that provides airline and
dining services to consumers. We are also continuing to add to the Fund's
technology exposure because it is in that sector where we most often find
companies that meet the Fund's growth parameters. Additionally, many of these
companies have a direct link to young people. Finally, the Fund has recently
started to increase its exposure in the retail sector, adding to positions in
Baby Superstore, Gymboree, and Nike.
Q. What are your expectations for the Fund?
A. We believe the Fund is well positioned to take advantage of the current
economic situation as many of the Fund's holdings perform well in a
downshifting economy.
Q. Do you have any special observations for the Fund's young investors?
A. Well, first, we'd like to congratulate them for starting to invest at a
young age and we'd like to thank them for trusting us to invest their money
wisely. We'd also like to suggest they continue to learn all they can about
investing -- make it a priority throughout their lives, and have fun with it.
And, of course, we'd suggest they take a long-term view of investing.
1 Total return performance includes changes in share price and reinvestment of
income and capital gains distributions. Past performance is no guarantee of
future results. Share price and investment return will vary, so you may have a
gain or a loss when you sell shares. The S&P 500 is an unmanaged group of
stocks that differs from the composition of each SteinRoe Fund; the S&P 500 is
not available for direct investment. Portfolio holdings are as of March 31,
1995.
<PAGE>
Fund Highlights
Fund Data
Investment Objective:
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 children and teenagers about basic economic principles and personal
finance through a variety of educational materials prepared and paid for by
the Fund.
Fund Inception: 4/29/94
Total Net Assets: $16,596,253.24
<TABLE>
Economic Sector Breakdown
<CAPTION>
Portfolio Portfolio S&P 500
3/31/95 9/30/94 3/31/95
<S> <C> <C> <C>
Cyclicals 10% 15% 16%
Distribution 20 17 7
Energy 0 0 11
Health Care 8 4 9
Interest Sensitive 7 14 25
Stable Growth 31 30 20
Technology 19 18 10
Miscellaneous 5 2 2
Total 100% 100% 100%
Comparison of change in value of $10,000 investment. This graph compares the
performance of Young Investor Fund to the S&P 500 Index, an unmanaged group of
stocks that differs from the composition of the Fund.
<CAPTION>
Date YIF S&P 500
<S> <C> <C>
4/20/94 10000 10000
6/30/94 9700 9915
9/30/94 10240 10399
12/31/94 10739 10397
3/31/95 11414 11389
</TABLE>
Total Return
(From inception* to 3/31/95)
Fund S&P 500 Index
14.14.% 13.89%
*4/29/94 through 3/31/95.
Total return performance includes changes in share price and reinvestment of
income and capital gains distributions. This 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.
<PAGE>
<TABLE>
SteinRoe Investment Trust
Young Investor Fund
Investments as of March 31, 1995
(Dollar amounts in thousands)
(Unaudited)
Some of Young Investor's holdings, like Microsoft and The Learning Company,
are in the "technology sector." A sector is a particular group of stocks,
usually found in one industry. Many growth companies are in the technology
sector -- and they often are the companies that you recognize.
<CAPTION>
Number Market
Equity-Related Securities (93.0%) of Shares Value
<S> <C> <C>
Common Stocks (90.8%)
Computer Software (13.9%)
Bay Networks
(Markets and manufactures
a comprehensive line of
networking products) 8,000 $295
*Broderbund Software, Inc.
(Manufactures educational
software) 7,000 363
*The Learning Company
(Educational personal computer
software for children and
young adults) 15,000 448
*Microsoft Corporation
(Microcomputer software products) 7,500 533
Remedy Corp.
(Manufactures help desk software) 10,000 359
Transaction System Architects
(Manufactures software for ATM machines) 15,000 313
-----
2,311
Consumer Products (13.8%)
*CUC International Inc.
(Consumer marketing company) 10,000 389
The Gillette Company
(Shaving and personal care products ) 5,000 408
International Flavors & Fragrances Inc.
(Fragrance products sold to makers of perfumes and
personal care products) 6,500 335
Nike Inc. Class B
(Designs, manufactures and markets
athletic footwear and apparel products) 6,000 448
The Procter & Gamble Company
(Personal care products, pharmaceuticals, food
and beverages) 6,000 398
Wrigley (Wm.) Jr. Company
(World's largest chewing gum manufacturer) 7,000 311
-----
2,289
See accompanying notes to financial statements.
<PAGE>
SteinRoe Investment Trust
Young Investor Fund
Investments (continued)
(Dollar amounts in thousands)
(Unaudited)
<CAPTION>
Number Market
Common Stocks (Continued) of Shares Value
<S> <C> <C>
Distribution - Retail (18.7%)
Albertson's Inc.
(Retail food and drug chain) 8,500 $274
*Baby Superstore, Inc.
(Retailer of non-food baby and
young children's products) 8,000 314
*Barnes & Noble
(Superstore book retailer) 12,000 364
*The Gymboree Corp.
(Specialty retailer of apparel and
accessories for children) 14,000 355
Hershey Food Corporation
(Produces a broad line of chocolate,
confectionery and pasta products) 6,000 307
The Home Depot Inc.
(Home improvement retail chain) 8,000 354
Johnson & Johnson
(Manufactures and markets a broad range of health
care and other products) 7,000 416
*TOYS "R" US, Inc.
(Toy store operator) 12,000 308
Walgreen Company
(Largest retail drugstore chain in the
United States) 8,500 409
-----
3,101
Distribution - Wholesale (1.9%)
*Department 56, Inc.
(Designer, importer and distributor of
specialty giftware) 8,000 319
Electrical Equipment (5.3%)
Duracell International Inc.
(Manufactures and markets batteries) 7,500 336
LSI Logic
(Designer and developer of application-specific
integrated circuit products) 5,000 263
Sensormatic Electronics
(Makes and services electronic and
surveillance equipment) 10,000 28
-----
879
See accompanying notes to financial statements.
<PAGE>
SteinRoe Investment Trust
Young Investor Fund
Investments (continued)
(Dollar amounts in thousands)
(Unaudited)
With some simple math you can determine the share price of any stock in the
portfolio on the date of this report. All you have to do is divide the market
value by the number of shares. The equation for Baby Superstore: $314,000 /
8,000 shares = $39.25 per share.
<CAPTION>
Number Market
Common Stocks (Continued) of Shares Value
<S> <C> <C>
Entertainment (10.1%)
Carnival Corporation
(Operator of vacation cruise lines) 18,000 $420
Disney (Walt) Company
(Theme parks, resorts and motion pictures) 8,000 427
Poly Gram NV
(Diversified international entertainment
company) 7,000 384
Viacom International Incorporated, Class B
(Entertainment and communications
company) 10,000 448
-----
1,679
Food & Beverage (4.8%)
The Coca-Cola Company
(Producer and distributor of soft drink products) 8,000 452
*Nabisco Holdings Corp.
(Manufacturer and marketer of packaged foods) 12,000 344
-----
796
Health Care (4.9%)
Abbott Laboratories
(Diversified health care company) 12,000 427
Integrated Health
(Owner-operater of acute care facilities) 10,000 379
-----
806
Home Appliances (4.3%)
Motorola, Inc.
(Producer of electronic and telecommunication
equipment) 8,000 437
Sunbeam-Oster Co., Inc.
(Producer of major home appliances) 12,000 274
-----
711
Leisure Products (2.3%)
Coleman, Inc.
(Manufactures camping, sporting and outdoor goods) 10,000 384
Publishing (2.0%)
*Scholastic Corp.
(Publisher and distributor of children's books and
other educational materials) 6,000 327
See accompanying notes to financial statements.
<PAGE>
SteinRoe Investment Trust
Young Investor Fund
Investments (continued)
(Dollar amounts in thousands)
(Unaudited)
<CAPTION>
Number Market
Common Stocks (Continued) of Shares Value
<S> <C> <C>
Restaurants (5.2%)
McDonald's Corporation
(Develops, licenses, leases and services a
worldwide system of restaurants) 12,000 $410
Brinker International
(Operates and develops full-service restaurants) 18,000 299
------
709
Telecommunications (4.6%)
American Telephone and Telegraph Company
(Carrier of long-distance telephone service) 9,000 466
Hong Kong Telecommunications Ltd. ADRs
(Hong Kong telephone and data transmission company) 15,000 292
------
758
------
Total Common Stocks
(Cost $13,508) 15,069
======
Preferred Stock (2.2%)
Electronics (2.2%)
Nokia Corp. ADSs
(International electronics and electrotechnical group)
(Cost $374) 5,000 368
------
Total Equity-Related Securities
(Cost $13,882) 15,437
======
<CAPTION>
Principal
Amount
<S> <C> <C>
Short-Term Obligations (9.1%)
Commercial Paper (9.1%)
Countrywide Funding 6.200% 4/04/95 $800 799
UBS Finance 6.250% 4/03/95 708 708
-----
Total Short-Term Obligations
(Cost $1,507) 1,507
------
Total Investments (102.1%)
(Cost $15,389) 16,944
Other Assets Less Liabilities (-2.1%) (348)
------
Total Net Assets (100%) $16,596
=======
<FN>
*Non-income producing.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
SteinRoe Investment Trust
Young Investor Fund
<CAPTION>
Balance Sheet
March 31, 1995
(All amounts in thousands)
(Unaudited)
<S> <C>
Assets
Investments, at market value $16,944
Receivable from investment adviser 26
Cash and other assets 159
--------
Total Assets $17,129
=========
Liabilities
Payable for investments purchased $ 470
Other liabilities 63
--------
Total Liabilities 533
--------
Capital
Paid-in-capital 15,092
Net unrealized appreciation 1,555
Accumulated overdistributed net investment income (15)
Accumulated net realized losses on investments (36)
--------
Total Capital (Net Assets) 16,596
--------
Total Liabilities and Capital $17,129
=========
Shares Outstanding (Unlimited Number Authorized) 1,465
=========
Net Asset Value (Capital) Per Share $ 11.33
=========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
SteinRoe Investment Trust
Young Investor Fund
The securities that the Young Investor Fund holds earn income in the form of
dividends (from stocks) and interest (from bonds and short-term investments).
The Fund also realizes gains (or losses) when it decides to sell its
investments. This statement lists the amounts that the Fund earns from these
sources as well as the expenses incurred by the Fund and the net change in
value of the Fund's current holdings.
<CAPTION>
Statement of Operations
For the Six Months Ended
March 31, 1995
(All amounts in thousands)
(Unaudited)
<S> <C>
Investment Income
Dividends $ 62
Interest 43
-------
Total Investment Income 105
-------
Expenses
Transfer agent fees 66
Management fees 45
Printing and postage 22
Amortization of organization and
initial registration expenses 16
Accounting fees 12
Legal and audit fees 9
Registration fees 5
Custodian fees 4
Trustees' fees 2
Other expenses 7
-------
188
Reimbursement of expenses by
investment adviser (129)
-------
Total Expenses 59
-------
Net Investment Income 46
-------
Realized and Unrealized Gains on Investments
Net realized gains on investments 75
Net change in unrealized appreciation of investments 1,270
-------
Net Gains on Investments 1,345
-------
Net Increase in Net Assets Resulting from Operations $1,391
=======
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
SteinRoe Investment Trust
Young Investor Fund
<CAPTION>
Statement of Changes in Net Assets
(All amounts in thousands)
(Unaudited)
Period Six Months
Ended Ended
Sept. 30, March 31,
1994* 1995
------- --------
<S> <C> <C>
Operations
Net investment income $ 25 $ 46
Net realized gains (losses) on investments (111) 75
Net change in unrealized appreciation
of investments 285 1,270
------- --------
Net Increase in Net Assets Resulting
from Operations 199 1,391
------- --------
Distributions to Shareholders
Dividends from net investment income -- (85)
------- --------
Share Transactions
Subscriptions of fund shares 7,985 7,104
Investment income dividends reinvested -- 84
Redemptions of fund shares (8) (74)
------- --------
Net Increase from Share Transactions 7,977 7,114
------- --------
Net Increase in Net Assets 8,176 8,420
Total Net Assets
Beginning of period -- 8,176
------- --------
End of period $8,176 $16,596
======== ========
Accumulated Undistributed (Overdistributed)
Net Investment Income at End of Period $ 24 $ (15)
======== ========
Analysis of Changes in Shares of Beneficial Interest
Subscriptions of fund shares 799 666
Investment income dividends reinvested -- 8
Redemptions of fund shares (1) (7)
------- --------
Net increase in fund shares 798 667
Shares outstanding at beginning of period -- 798
------- --------
Shares outstanding at end of period 798 1,465
======== ========
<FN>
*From the commencement of operations on April 29, 1994.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
(Unaudited)
Note 1. Accounting Policies
The following are the significant accounting policies of the SteinRoe Young
Investor Fund (the "Fund"), a series of the SteinRoe Investment Trust (a
Massachusetts business trust).
Security Valuations
All securities are valued as of March 31, 1995. 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. Other assets and securities
of the Fund are valued by a method that the Board of Trustees believes
represents a fair value.
Federal Income Taxes
No provision is made for Federal income taxes since the Fund elected to be
taxed as a "regulated investment company" and makes such distributions to its
shareholders as to be relieved of all Federal income taxes under provisions of
current Federal tax law.
The Fund intends to utilize provisions of the Federal income tax laws which
allow it to carry a realized capital loss forward for eight years following
the year of the loss and offset such losses against any future realized gains.
At September 30, 1994, the Fund had a capital loss carryforward of $111, which
expires September 30, 2002.
Other Information
Realized gains or losses from sales of securities are determined on the
specific identified cost basis.
All amounts, except per-share amounts, are shown in thousands.
Note 2. Trustees' Fees and Transactions with Affiliates
The Fund pays a monthly management fee to Stein Roe & Farnham Incorporated
(the "Adviser"), an indirect wholly owned subsidiary of Liberty Mutual
Insurance Company, for its services as investment adviser and manager. The
management fee for the Fund is computed at an annual rate of .75 of 1% of the
first $250 million of average net assets, .70 of 1% of the next $250 million
and .60 of 1% thereafter.
The investment advisory agreement provides that the Adviser will reimburse the
Fund to the extent that its annual expenses, excluding certain expenses,
exceed the applicable limits prescribed by any state in which the Fund's
shares are offered for sale. In addition, the Adviser has agreed to reimburse
the Fund to the extent that its expenses exceed .99% of average net assets.
The expense limitation expires January 31, 1996, subject to earlier
termination by the Adviser on 30 days' notice.
At March 31, 1995, Keyport Life Insurance Company, an indirect wholly owned
subsidiary of Liberty Mutual Insurance Company owned 403 shares of the Fund
with a net asset value of $4,565.
The transfer agent fees are paid to SteinRoe Services Inc., an indirect wholly
owned subsidiary of Liberty Mutual Insurance Company.
The Adviser also provides the Fund with certain fund accounting services. For
the six months ended March 31, 1995, the Fund incurred fees of $12.
Certain officers and trustees of the Trust are also officers of the Adviser.
The compensation of trustees not affiliated with the Adviser for the six
months ended March 31, 1995 was $2. No remuneration was paid to any other
trustee or officer of the Trust.
<PAGE>
Note 3. Short-Term Debt
To facilitate portfolio liquidity, the Fund maintains borrowing arrange-ments
under which it can borrow against portfolio securities. The Fund had no
borrowings during the six months ended March 31, 1995.
Note 4. Investment Transactions
The aggregate cost of purchases and proceeds from sales or maturities of
securities (excluding short-term obligations) for the six months ended March
31, 1995, were $10,275 and $2,910, respectively.
At March 31, 1995, the cost of investments for Federal income tax purposes and
for financial reporting was the same. Unrealized appreciation and depreciation
of investments on a tax basis were $1,780 and $225, respectively.
Note 5. Financial Highlights
The Financial Highlights page provides very useful information about how the
Fund is doing. For instance, it provides you with such information as "total
return," an indication of the Fund's performance over time. The total return
for the six months ended March 31, 1995, for the Fund was 11.46%.
Selected per-share data (for a share outstanding throughout the period),
ratios and supplemental data.
<TABLE>
<CAPTION>
Period Six Months
Ended Ended
Sept. 30,1994 (a) March 31, 1995
<S> <C> <C>
Net Asset Value, Beginning of Period $10.00 $10.24
------ ----
Income From Investment Operations
Net investment income .03 .04
Net realized and unrealized gains on
investments .21 1.13
------ ------
Total from investment operations .24 1.17
------ ------
Distributions
Net investment income -- (.08)
------ ------
Net Asset Value, End of Period $10.24 $11.33
====== ======
Ratio of net expenses to average net assets (b) 0.99%* 0.99%*
Ratio of net investment income to average
net assets (c) 1.07%* 0.76%*
Portfolio turnover rate 12%** 27%**
Total return 2.40%** 11.46**
Net assets, end of period $8,176 $16,596
<FN>
* Annualized
** Not annualized
(a) The Fund commenced operations on April 29, 1994.
(b) If the Fund had paid all of its expenses and there had been no
reimbursement of expenses by the investment adviser, this ratio would have
been 3.13% for the six months ended March 31, 1995 and 4.58% for the period
ended Sept. 30, 1994.
(c) Computed giving effect to investment adviser's expense limitation
undertaking.
</TABLE>
<PAGE>
SteinRoe Investment Trust
Trustees
Timothy K. Armour
President of Mutual Fund Division and Director of Stein Roe & Farnham,
Incorporated
Kenneth L. Block
Chairman Emeritus, A. T. Kearney, Inc.
William W. Boyd
Chairman and Director of Sterling Plumbing Group, Inc.
Lindsay Cook
Senior Vice President of Liberty Financial Companies, Inc.
Francis W. Morley
Chairman, Employer Plan Administrators and Consultants Co.
Charles R. Nelson
Van Voorhis Professor of Political Economy, University of Washington
Gordon R. Worley
Private investor
Officers
Timothy K. Armour, President
Jilaine H. Bauer, Executive Vice President,
Secretary
N. Bruce Callow, Executive Vice President
Hans P. Ziegler, Executive Vice President
Gary A. Anetsberger, Senior Vice
President, Controller
David P. Brady, Vice President
Thomas W. Butch, Vice President
Daniel K. Cantor, Vice President
Robert A. Christensen, Vice President
E. Bruce Dunn, Vice President
Erik P. Gustafson, Vice President
Philip D. Hausken, Vice President
Harvey B. Hirschhorn, Vice President
Stephen P. Lautz, Vice President
Eric S. Maddix, Vice President
Lynn C. Maddox, Vice President
Anne E. Marcel, Vice President
Nicolette D. Parrish, Vice President,
Assistant Secretary
Richard B. Peterson, Vice President
Gloria J. Santella, Vice President
Thomas P. Sorbo, Vice President
Kenneth A. Kalina, Treasurer
Janet B. Rysz, Assistant Secretary
Agents and Advisers
Stein Roe & Farnham Incorporated
Investment Adviser
State Street Bank and Trust Company
Custodian
SteinRoe Services Inc.
Transfer Agent
Bell, Boyd & Lloyd
Legal Counsel to the Trust
Arthur Andersen LLP
Independent Public Accountants
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The SteinRoe Family of Funds
SteinRoe Money Market Funds seek income and principal stability with
liquidity:
Cash Reserves
Government Reserves
Municipal Money Market Fund
SteinRoe Bond Funds provide high current income potential:
Limited Maturity Income Fund
Government Income Fund
Intermediate Bond Fund
Income Fund
SteinRoe Tax-Exempt Bond Funds provide income free from federal income tax*:
Intermediate Municipals
Managed Municipals
High-Yield Municipals
SteinRoe Growth and Income Funds seek to provide long-term growth and current
income primarily from investments in stocks and bonds:
Total Return Fund
Prime Equities
SteinRoe Growth Funds offer long-term capital appreciation potential primarily
from investments in stocks:
Special Fund
Growth Stock Fund
Young Investor Fund
Special Venture Fund
Capital Opportunities Fund
International Fund
* Income may be subject to state and local taxes and federal alternative
minimum tax.
Liberty Securities Corporation, Distributor
Member, SIPC
SteinRoe Mutual Funds
BUILDING WEALTH FOR GENERATIONS
1 800 338-2550
08014
