1933 Act Registration No. 33-11351
1940 Act File No. 811-4978
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Post Effective Amendment No. 42 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 43 [X]
STEIN ROE INVESTMENT TRUST
(Exact Name of Registrant as Specified in Charter)
One South Wacker Drive, Chicago, Illinois 60606
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: 1-800-338-2550
Jilaine Hummel Bauer Cameron S. Avery
Executive Vice-President Bell, Boyd & Lloyd
& Secretary Three First National Plaza
Stein Roe Investment Trust Suite 3300
One South Wacker Drive 70 W. Madison Street
Chicago, Illinois 60606 Chicago, Illinois 60602
(Name and Address of Agents for Service)
It is proposed that this filing will become effective (check
appropriate box):
[X] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485
Registrant has previously elected to register pursuant to Rule
24f-2 an indefinite number of shares of beneficial interest of
the following series: Stein Roe Growth & Income Fund, Stein Roe
Balanced Fund, Stein Roe Growth Stock Fund, Stein Roe Capital
Opportunities Fund, Stein Roe Special Fund, Stein Roe
International Fund, Stein Roe Young Investor Fund, Stein Roe
Special Venture Fund, Stein Roe Emerging Markets Fund, and Stein
Roe Growth Opportunities Fund. The Rule 24f-2 Notice for the
fiscal year ended September 30, 1996 was filed on November 14,
1996.
This amendment to the Registration Statement has also been signed
by SR&F Base Trust as it relates to Stein Roe Growth & Income
Fund, Stein Roe Balanced Fund, Stein Roe Growth Stock Fund, Stein
Roe Young Investor Fund, Stein Roe Special Fund, Stein Roe Special
Venture Fund, and Stein Roe International Fund.
<PAGE>
STEIN ROE INVESTMENT TRUST
CROSS REFERENCE SHEET
Item
No. Caption
Part A
1 Front cover
2 Fee Table; Summary
3 (a) Financial Highlights
(b) Financial Highlights
(c) Investment Return
(d) Financial Highlights
4 Organization and Description of Shares; The Fund[s];
Investment Policies; Investment Restrictions; Risks
and Investment Considerations; Portfolio Investments and
Strategies; Summary--Investment Risks
5 (a) Management--Trustees and Investment Adviser
(b) Management--Trustees and Investment Adviser,
Fees and Expenses
(c) Management--Portfolio Managers
(d) Inapplicable
(e) Management--Transfer Agent
(f) Management--Fees and Expenses; Financial Highlights
(g) Inapplicable
5A Inapplicable
6 (a) Organization and Description of Shares; see Statement of
Additional Information--General Information and History
(b) Inapplicable
(c) Organization and Description of Shares
(d) Organization and Description of Shares
(e) Summary
(f) Distributions and Income Taxes; Shareholder Services
(g) Distributions and Income Taxes
(h) Special Considerations Regarding Master Fund/Feeder Fund
Structure
7 How to Purchase Shares
(a) Management--Distributor
(b) How to Purchase Shares;
Net Asset Value
(c) Inapplicable
(d) How to Purchase Shares
(e) Inapplicable
(f) Inapplicable
(g) Inapplicable
8 (a) How to Redeem Shares; Shareholder Services
(b) How to Purchase Shares
(c) How to Redeem Shares
(d) How to Redeem Shares
9 Inapplicable
Part B
10 Cover page
11 Table of Contents
12 General Information and History
13 Investment Policies; Portfolio Investments and Strategies;
Investment Restrictions
14 Management
15(a) Inapplicable
(b) Principal Shareholders
(c) Principal Shareholders
16(a) Investment Advisory Services; Management; see prospectus:
Management
(b) Investment Advisory Services
(c) Inapplicable
(d) Investment Advisory Services
(e) Inapplicable
(f) Inapplicable
(g) Inapplicable
(h) Custodian; Independent Public Accountants
(i) Transfer Agent
17(a) Portfolio Transactions
(b) Inapplicable
(c) Portfolio Transactions
(d) Portfolio Transactions
(e) Inapplicable
18 General Information and History
19(a) Purchases and Redemptions; see prospectus: How to Purchase
Shares, How to Redeem Shares, Shareholder Services
(b) Purchases and Redemptions; see prospectus: Net Asset Value
(c) Purchases and Redemptions
20 Additional Income Tax Considerations; Portfolio Investments
and Strategies--Taxation of Options and Futures
21(a) Distributor
(b) Inapplicable
(c) Inapplicable
22(a) Inapplicable
(b) Investment Performance
23 Financial Statements
Part C
24 Financial Statements and Exhibits
25 Persons Controlled By or Under Common Control with Registrant
26 Number of Holders of Securities
27 Indemnification
28 Business and Other Connections of Investment Adviser
29 Principal Underwriters
30 Location of Accounts and Records
31 Management Services
32 Undertakings
<PAGE>
The prospectuses and statements of additional information relating to
Stein Roe Growth & Income Fund, Stein Roe Balanced Fund, Stein Roe
Growth Stock Fund, Stein Roe Special Fund, Stein Roe Special Venture
Fund, Stein Roe Capital Opportunities Fund, Stein Roe International
Fund, Stein Roe Young Investor Fund, Stein Roe Emerging Markets Fund
and Stein Roe Growth Opportunities Fund, all of the series of Stein
Roe Investment Trust, are not affected by the filing of this post-
effective amendment No. 42.
<PAGE>
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) 1. Financial statements included in Part A of this Amendment
to the Registration Statement: Financial Highlights.
2. Financial statements included in Part B of this Amendment:
Financial statements (investments as of September 30,
1996, balance sheets as of September 30, 1996, statements
of operations for the year ended September 30, 1996,
statements of changes in net assets for each of the two
years in the period ended September 30, 1996, and notes
thereto) are incorporated by reference to Registrant's
September 30, 1996 annual reports.
(b) Exhibits: [Note: As used herein, the term "Registration
Statement" refers to the Registration Statement of the
Registrant on Form N-1A under the Securities Act of 1933, No.
33-11351. The terms "Pre-Effective Amendment" and "PEA"
refer, respectively, to a pre-effective amendment and a post-
effective amendment to the Registration Statement.]
1. (a) Agreement and Declaration of Trust as amended through
February 1, 1996. (Exhibit 1 to PEA #32.)*
(b) Amendment dated December 31, 1996 to Agreement and
Declaration of Trust. (Exhibit 1(b) to PEA #37.)*
2. By-Laws of Registrant as amended through February 3,
1993. (Exhibit 2 to PEA #34).*
3. None.
4. Inapplicable.
5. Management agreement between Registrant and Stein Roe
& Farnham Incorporated (the "Adviser") as amended
through July 1, 1996. (Exhibit 5(a) to PEA #34.)*
6. (a) Underwriting agreement between Registrant and Liberty
Securities Corporation dated June 22, 1987 as amended
through October 28, 1992. (Exhibit 6 to PEA #34).*
(b) Specimen copy of selected dealer agreement. (Exhibit
6(b) to PEA #40.)*
7. None.
8. Custodian contract between Registrant and State Street
Bank and Trust Company as amended through May 8, 1995.
(Exhibit 8 to PEA #31.)*
9. (a) Restated Transfer Agency Agreement between Registrant
and SteinRoe Services Inc. dated August 1,
1995.(Exhibit 9(a) to PEA #31.)*
(b) Accounting and Bookkeeping Agreement dated August 1,
1994. (Exhibit 9(b) to PEA #34.)*
(c) Administrative Agreement between Registrant and the
Adviser dated August 15, 1995 as amended through July
1, 1996. (Exhibit 9(c) to PEA #34.)*
(d) Sub-transfer agent agreement with Colonial Investors
Service Center as amended through June 30, 1997.
(Exhibit 9(d) to PEA #41.)*
10. (a) Opinions and consents of Ropes & Gray. (Exhibit 10(a)
to PEA #34).*
(b) Opinions and consents of Bell, Boyd & Lloyd with
respect to SteinRoe Prime Equities (now named Stein
Roe Growth & Income Fund), Stein Roe Capital
Opportunities Fund, Stein Roe Special Fund, SteinRoe
Stock Fund (now named Stein Roe Growth Stock Fund),
SteinRoe Total Return Fund (now named Stein Roe
Balanced Fund), Stein Roe International Fund,
Stein Roe Young Investor Fund, and Stein Roe Special
Venture Fund. (Exhibit 10(b) to PEA #34).*
(c) Opinion and consent of Bell, Boyd & Lloyd with
respect to Stein Roe Emerging Markets Fund. (Exhibit
10(c) to PEA #37.)*
(d) Opinion and consent of Bell, Boyd & Lloyd with
respect to Stein Roe Growth Opportunities Fund.
(Exhibit 10(d) to PEA #39.)*
11. (a) Consent of Arthur Andersen LLP, independent public
accountants.
(b) Consent of Morningstar, Inc. (Exhibit 11(b) to PEA
#34).*
12. Unaudited financial statements (schedule of investments,
balance sheet, statement of operations, statement of
changes in net assets, and notes thereto) as of Sept. 30,
1997, relating to the series Stein Roe Growth
Opportunities Fund.
13. Inapplicable.
14. (a) Stein Roe & Farnham Funds Individual Retirement
Account Plan. (Exhibit 14 to PEA #41.)*
(b) Stein Roe & Farnham Prototype Paired Defined
Contribution Plan.**
15. None.
16. Schedules for computation of each performance
quotation provided in the Registration Statement in
response to Item 22 for SteinRoe Prime Equities (now
named Stein Roe Growth & Income Fund), Stein Roe Total
Return Fund (now named Stein Roe Balanced Fund), Stein
Roe Stock Fund (now named Stein Roe Growth Stock Fund),
Stein Roe Capital Opportunities Fund, Stein Roe Special
Fund, Stein Roe International Fund, Stein Roe Young
Investor Fund, and Stein Roe Special Venture Fund.
(Exhibit 16 to PEA #34).*
17. (a) Financial Data Schedule--Stein Roe Growth & Income
Fund.
(b) Financial Data Schedule--Stein Roe Balanced Fund.
(c) Financial Data Schedule--Stein Roe Growth Stock Fund.
(d) Financial Data Schedule--Stein Roe Capital
Opportunities Fund.
(e) Financial Data Schedule--Stein Roe Special Fund.
(f) Financial Data Schedule--Stein Roe International
Fund.
(g) Financial Data Schedule--Stein Roe Young Investor
Fund.
(h) Financial Data Schedule--Stein Roe Special Venture
Fund.
(i) Financial Data Schedule--Stein Roe Emerging Markets
Fund
(j) Financial Data Schedule--Stein Roe Growth
Opportunities Fund
18. Inapplicable
19. (Miscellaneous.)
(a) Mutual Fund Application. (Exhibit 19(a) to PEA #40.)*
(b) Automatic Redemption Services Application. (Exhibit
19(c) to PEA #34).*
_______________________
*Incorporated by reference.
**Incorporated by reference to Exhibit 14(b) to post-effective
amendment No. 33 to the Registration Statement on Form N-1A of
Stein Roe Income Trust, No. 33-02633.
Item 25. Persons Controlled By or Under Common Control with
Registrant.
The Registrant does not consider that it is directly or indirectly
controlling, controlled by, or under common control with other
persons within the meaning of this Item. See "Investment Advisory
Services," "Management," and "Transfer Agent" in the Statement of
Additional Information, each of which is incorporated herein by
reference.
Item 26. Number of Holders of Securities.
Number of Record Holders
Title of Series as of September 30, 1997
--------------------------------- -------------------------
Stein Roe Growth & Income Fund 8,858
Stein Roe International Fund 4,403
Stein Roe Young Investor Fund 99,536
Stein Roe Special Venture Fund 4,814
Stein Roe Emerging Markets Fund 3,399
Stein Roe Growth Opportunities Fund 3,710
Stein Roe Balanced Fund 6,300
Stein Roe Growth Stock Fund 14,922
Stein Roe Capital Opportunities Fund 37,090
Stein Roe Special Fund 32,583
Item 27. Indemnification.
Article Tenth of the Agreement and Declaration of Trust of
Registrant (Exhibit 1), which Article is incorporated herein by
reference, provides that Registrant shall provide indemnification
of its trustees and officers (including each person who serves or
has served at Registrant's request as a director, officer, or
trustee of another organization in which Registrant has any
interest as a shareholder, creditor or otherwise) ("Covered
Persons") under specified circumstances.
Section 17(h) of the Investment Company Act of 1940 ("1940 Act")
provides that neither the Agreement and Declaration of Trust nor
the By-Laws of Registrant, nor any other instrument pursuant to
which Registrant is organized or administered, shall contain any
provision which protects or purports to protect any trustee or
officer of Registrant against any liability to Registrant or its
shareholders to which he would otherwise be subject by reason of
willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of his office. In
accordance with Section 17(h) of the 1940 Act, Article Tenth shall
not protect any person against any liability to Registrant or its
shareholders to which he would otherwise be subject by reason of
willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of his office.
Unless otherwise permitted under the 1940 Act,
(i) Article Tenth does not protect any person against any
liability to Registrant or to its shareholders to which he would
otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in
the conduct of his office;
(ii) in the absence of a final decision on the merits by a
court or other body before whom a proceeding was brought that a
Covered Person was not liable by reason of willful misfeasance,
bad faith, gross negligence, or reckless disregard of the duties
involved in the conduct of his office, no indemnification is
permitted under Article Tenth unless a determination that such
person was not so liable is made on behalf of Registrant by (a)
the vote of a majority of the trustees who are neither "interested
persons" of Registrant, as defined in Section 2(a)(19) of the 1940
Act, nor parties to the proceeding ("disinterested, non-party
trustees"), or (b) an independent legal counsel as expressed in a
written opinion; and
(iii) Registrant will not advance attorneys' fees or other
expenses incurred by a Covered Person in connection with a civil
or criminal action, suit or proceeding unless Registrant receives
an undertaking by or on behalf of the Covered Person to repay the
advance (unless it is ultimately determined that he is entitled to
indemnification) and (a) the Covered Person provides security for
his undertaking, or (b) Registrant is insured against losses
arising by reason of any lawful advances, or (c) a majority of the
disinterested, non-party trustees of Registrant or an independent
legal counsel as expressed in a written opinion, determine, based
on a review of readily available facts (as opposed to a full
trial-type inquiry), that there is reason to believe that the
Covered Person ultimately will be found entitled to
indemnification.
Any approval of indemnification pursuant to Article Tenth does not
prevent the recovery from any Covered Person of any amount paid to
such Covered Person in accordance with Article Tenth as
indemnification if such Covered Person is subsequently adjudicated
by a court of competent jurisdiction not to have acted in good
faith in the reasonable belief that such Covered Person's action
was in, or not opposed to, the best interests of Registrant or to
have been liable to Registrant or its shareholders by reason of
willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of such Covered
Person's office.
Article Tenth also provides that its indemnification provisions
are not exclusive.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to trustees, officers, and
controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, Registrant has been advised that in the
opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by Registrant of expenses incurred or paid by a trustee, officer,
or controlling person of Registrant in the successful defense of
any action, suit, or proceeding) is asserted by such trustee,
officer, or controlling person in connection with the securities
being registered, Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of
whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final
adjudication of such issue.
Registrant, its trustees and officers, its investment adviser, the
other investment companies advised by the adviser, and persons
affiliated with them are insured against certain expenses in
connection with the defense of actions, suits, or proceedings, and
certain liabilities that might be imposed as a result of such
actions, suits, or proceedings. Registrant will not pay any
portion of the premiums for coverage under such insurance that
would (1) protect any trustee or officer against any liability to
Registrant or its shareholders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties involved in the
conduct of his office or (2) protect its investment adviser or
principal underwriter, if any, against any liability to Registrant
or its shareholders to which such person would otherwise be
subject by reason of willful misfeasance, bad faith, or gross
negligence, in the performance of its duties, or by reason of its
reckless disregard of its duties and obligations under its
contract or agreement with the Registrant; for this purpose the
Registrant will rely on an allocation of premiums determined by
the insurance company.
Pursuant to the indemnification agreement among the Registrant,
its transfer agent and its investment adviser dated July 1, 1995,
the Registrant, its trustees, officers and employees, its transfer
agent and the transfer agent's directors, officers and employees
are indemnified by Registrant's investment adviser against any and
all losses, liabilities, damages, claims and expenses arising out
of any act or omission of the Registrant or its transfer agent
performed in conformity with a request of the investment adviser
that the transfer agent and the Registrant deviate from their
normal procedures in connection with the issue, redemption or
transfer of shares for a client of the investment adviser.
Registrant, its trustees, officers, employees and representatives
and each person, if any, who controls the Registrant within the
meaning of Section 15 of the Securities Act of 1933 are
indemnified by the distributor of Registrant's shares (the
"distributor"), pursuant to the terms of the distribution
agreement, which governs the distribution of Registrant's shares,
against any and all losses, liabilities, damages, claims and
expenses arising out of the acquisition of any shares of the
Registrant by any person which (i) may be based upon any wrongful
act by the distributor or any of the distributor's directors,
officers, employees or representatives or (ii) may be based upon
any untrue or alleged untrue statement of a material fact
contained in a registration statement, prospectus, statement of
additional information, shareholder report or other information
covering shares of the Registrant filed or made public by the
Registrant or any amendment thereof or supplement thereto or the
omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statement
therein not misleading if such statement or omission was made in
reliance upon information furnished to the Registrant by the
distributor in writing. In no case does the distributor's
indemnity indemnify an indemnified party against any liability to
which such indemnified party would otherwise be subject by reason
of willful misfeasance, bad faith, or negligence in the
performance of its or his duties or by reason of its or his
reckless disregard of its or his obligations and duties under the
distribution agreement.
Item 28. Business and Other Connections of Investment Adviser.
The Adviser is a wholly-owned subsidiary of SteinRoe Services Inc.
("SSI"), which in turn is a wholly-owned subsidiary of Liberty
Financial Companies, Inc., which is a majority owned subsidiary
of LFC Holdings, Inc., which in turn is a subsidiary of Liberty
Mutual Equity Corporation, which in turn is a subsidiary of
Liberty Mutual Insurance Company. The Adviser acts as investment
adviser to individuals, trustees, pension and profit-sharing
plans, charitable organizations, and other investors. In addition
to Registrant, it also acts as investment adviser to other
investment companies having different investment policies.
For a two-year business history of officers and directors of the
Adviser, please refer to the Form ADV of Stein Roe & Farnham
Incorporated and to the section of the statement of additional
information (part B) entitled "Investment Advisory Services."
Certain directors and officers of the Adviser also serve and have
during the past two years served in various capacities as
officers, directors, or trustees of SSI and of the Registrant,
SR&F Base Trust, and/or other investment companies managed by
the Adviser. (The listed entities are located at One South
Wacker Drive, Chicago, Illinois 60606, except for SteinRoe
Variable Investment Trust and Keyport Variable Investment Trust,
which are located at Federal Reserve Plaza, Boston, MA 02210
and LFC Utilities Trust, which is located at One Financial
Center, Boston, MA 02111.) A list of such capacities is given
below.
POSITION FORMERLY
HELD WITHIN
CURRENT POSITION PAST TWO YEARS
------------------- -----------------
STEINROE SERVICES INC.
Gary A. Anetsberger Vice President
Timothy K. Armour Vice President
Jilaine Hummel Bauer Vice President; Secretary
Kenneth J. Kozanda Vice President; Treasurer
Kenneth R. Leibler Director
C. Allen Merritt, Jr. Director; Vice President
Hans P. Ziegler Director, President, Vice Chairman
Chairman
SR&F BASE TRUST
William D. Andrews Executive Vice-President
Gary A. Anetsberger Sr. Vice-President Treasurer
Timothy K. Armour President; Trustee
Jilaine Hummel Bauer Executive Vice-President; Secy.
Thomas W. Butch Executive Vice-President
Loren A. Hansen Executive Vice-President
Michael T. Kennedy Vice-President
Lynn C. Maddox Vice-President
Jane M. Naeseth Vice-President
Hans P. Ziegler Executive Vice-President
STEIN ROE INCOME TRUST; STEIN ROE INSTITUTIONAL TRUST; AND
STEIN ROE TRUST
William D. Andrews Executive Vice-President
Gary A. Anetsberger Sr. Vice-President Treasurer
Timothy K. Armour President; Trustee
Jilaine Hummel Bauer Executive V-P; Secretary
Thomas W. Butch Executive Vice-President Vice-President
Philip J. Crosley Vice-President
Loren A. Hansen Executive Vice-President
Michael T. Kennedy Vice-President
Stephen F. Lockman Vice-President
Steven P. Luetger Vice-President
Lynn C. Maddox Vice-President
Anne E. Marcel Vice-President
Jane M. Naeseth Vice-President
Hans P. Ziegler Executive Vice-President
STEIN ROE INVESTMENT TRUST
William D. Andrews Executive Vice-President
Gary A. Anetsberger Sr. Vice-President Treasurer
Timothy K. Armour President; Trustee
Jilaine Hummel Bauer Executive V-P; Secretary
Bruno Bertocci Vice-President
David P. Brady Vice-President
Thomas W. Butch Executive Vice-President Vice-President
Daniel K. Cantor Vice-President
Philip J. Crosley Vice-President
E. Bruce Dunn Vice-President
Erik P. Gustafson Vice-President
Loren A. Hansen Executive Vice-President
David P. Harris Vice-President
Harvey B. Hirschhorn Vice-President
Eric S. Maddix Vice-President
Lynn C. Maddox Vice-President
Anne E. Marcel Vice-President
Arthur J. McQueen Vice-President
Richard B. Peterson Vice-President
M. Gerard Sandel Vice-President
Gloria J. Santella Vice-President
Hans P. Ziegler Executive Vice-President
STEIN ROE ADVISOR TRUST
William D. Andrews Executive Vice-President
Gary A. Anetsberger Sr. Vice-President Treasurer
Timothy K. Armour President; Trustee
Jilaine Hummel Bauer Executive V-P; Secretary
Bruno Bertocci Vice-President
David P. Brady Vice-President
Thomas W. Butch Executive Vice-President Vice-President
Daniel K. Cantor Vice-President
Philip J. Crosley Vice-President
E. Bruce Dunn Vice-President
Erik P. Gustafson Vice-President
Loren A. Hansen Executive Vice-President
David P. Harris Vice-President
Harvey B. Hirschhorn Vice-President
Michael T. Kennedy Vice-President
Stephen F. Lockman Vice-President
Eric S. Maddix Vice-President
Lynn C. Maddox Vice-President
Anne E. Marcel Vice-President
M. Jane McCart Vice-President
Arthur J. McQueen Vice-President
Richard B. Peterson Vice-President
M. Gerard Sandel Vice-President
Gloria J. Santella Vice-President
Hans P. Ziegler Executive Vice-President
STEIN ROE MUNICIPAL TRUST
William D. Andrews Executive Vice-President
Gary A. Anetsberger Sr. Vice-President Treasurer
Timothy K. Armour President; Trustee
Jilaine Hummel Bauer Executive V-P; Secretary
Thomas W. Butch Executive Vice-President Vice-President
Joanne T. Costopoulos Vice-President
Philip J. Crosley Vice-President
Loren A. Hansen Executive Vice-President
Lynn C. Maddox Vice-President
Anne E. Marcel Vice-President
M. Jane McCart Vice-President
Hans P. Ziegler Executive Vice-President
STEINROE VARIABLE INVESTMENT TRUST
Gary A. Anetsberger Treasurer
Timothy K. Armour Vice President
Jilaine Hummel Bauer Vice President
E. Bruce Dunn Vice President
Erik P. Gustafson Vice President
Harvey B. Hirschhorn Vice President
Michael T. Kennedy Vice President
Jane M. Naeseth Vice President
Richard B. Peterson Vice President
LFC UTILITIES TRUST
Gary A. Anetsberger Vice President
Ophelia L. Barsketis Vice President
Deborah A. Jansen Vice President
KEYPORT VARIABLE INVESTMENT TRUST
Ophelia L. Barsketis Vice President
Deborah A. Jansen Vice President
Item 29. Principal Underwriters.
Registrant's principal underwriter, Liberty Securities
Corporation, is a wholly owned subsidiary of Liberty Investment
Services, Inc., a wholly owned subsidiary of Liberty Financial
Services, Inc. which, in turn, is a wholly owned subsidiary of
Liberty Financial Companies, Inc. Liberty Financial Companies,
Inc. is a public corporation whose majority shareholder is LFC
Holdings, Inc., a wholly owned subsidiary of Liberty Mutual Equity
Corporation. Liberty Mutual Equity Corporation is a wholly owned
subsidiary of Liberty Mutual Insurance Company.
Liberty Securities Corporation is principal underwriter for the
following investment companies:
Stein Roe Income Trust
Stein Roe Municipal Trust
Stein Roe Investment Trust
Stein Roe Institutional Trust
Stein Roe Trust
Set forth below is information concerning the directors and
officers of Liberty Securities Corporation:
Positions
Positions and Offices and Offices
Name with Underwriter with Registrant
- ------------------ -------------------- --------------
Porter P. Morgan Chairman of the Board; Director None
Frank L. Tarantino President; Chief Operating
Officer; Director None
Robert L. Spadafora Executive Vice President -
Sales and Marketing None
John T. Treece, Jr. Senior Vice President - Operations None
John W. Reading Senior Vice President and
Assistant Secretary None
Valerie A. Arendell Senior Vice President - Sales None
Gerald H. Stanney, Vice President and Compliance
Jr. Officer (Boston) None
Jilaine Hummel Bauer Vice President and Compliance Exec. V-P &
Officer (Chicago) Secretary
Bruce F. Ripepi Vice President, General Counsel None
and Assistant Secretary
Timothy K. Armour Vice President President,
Trustee
Lindsay Cook Vice President Trustee
Ralph E. Nixon Vice President None
Joyce B. Riegel Vice President None
Heidi J. Walter Vice President V-P
Glenn E. Williams Assistant Vice President None
Philip J. Iudice Treasurer None
John A. Benning Secretary None
John A. Davenport Assistant Secretary None
Marjorie M. Pluskota Assistant Secretary None
C. Allen Merritt, Jr. Assistant Treasurer; Assistant
Secretary; Director None
The principal business address of Mr. Armour, Ms. Bauer, Ms.
Pluskota, Ms. Riegel and Ms. Walter is One South Wacker Drive,
Chicago, IL 60606; that of Mr. Williams is Two Righter Parkway,
Wilmington, DE 19803; that of Mr. Ripepi is 100 Manhattanville
Road, Purchase, NY 10577; and that of the other officers is 600
Atlantic Avenue, Boston, MA 02210-2214.
Item 30. Location of Accounts and Records.
Registrant maintains the records required to be maintained by it
under Rules 31a-1(a), 31a-1(b), and 31a-2(a) under the Investment
Company Act of 1940 at its principal executive offices at One
South Wacker Drive, Chicago, Illinois 60606. Certain records,
including records relating to Registrant's shareholders and the
physical possession of its securities, may be maintained pursuant
to Rule 31a-3 at the main office of Registrant's transfer agent or
custodian.
Item 31. Management Services.
None.
Item 32. Undertakings.
If requested to do so by the holders of at least 10% of the
Trust's outstanding shares, the Trust will call a special meeting
for the purpose of voting upon the question of removal of a
trustee or trustees and will assist in the communications with
other shareholders as if the Trust were subject to Section 16(c)
of the Investment Company Act of 1940.
Since the information called for by Item 5A is contained in the
latest annual reports to shareholders, Registrant undertakes with
respect to each series to furnish each person to whom a prospectus
is delivered with a copy of the latest annual report to
shareholders upon request and without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it
meets all of the requirements for effectiveness of this
registration statement pursuant to Rule 485(b) under the Securities
Act of 1933 and has duly caused this amendment to the Registration
Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Chicago and State of Illinois on
the 7th day of November, 1997.
STEIN ROE INVESTMENT TRUST
By TIMOTHY K. ARMOUR
Timothy K. Armour, President
Pursuant to the requirements of the Securities Act of 1933,
this amendment to the Registration Statement has been signed below
by the following persons in the capacities and on the dates
indicated:
Signature Title* Date
- ------------------------ --------------------- ---------------
TIMOTHY K. ARMOUR President and Trustee November 7, 1997
Timothy K. Armour
Principal Executive Officer
GARY A. ANETSBERGER Senior Vice-President November 7, 1997
Gary A. Anetsberger
Principal Financial Officer
SHARON R. ROBERTSON Controller November 7, 1997
Sharon R. Robertson
Principal Accounting Officer
KENNETH L. BLOCK Trustee November 7, 1997
Kenneth L. Block
WILLIAM W. BOYD Trustee November 7, 1997
William W. Boyd
LINDSAY COOK Trustee November 7, 1997
Lindsay Cook
DOUGLAS A. HACKER Trustee November 7, 1997
Douglas A. Hacker
JANET LANGFORD KELLY Trustee November 7, 1997
Janet Langford Kelly
FRANCIS W. MORLEY Trustee November 7, 1997
Francis W. Morley
CHARLES R. NELSON Trustee November 7, 1997
Charles R. Nelson
THOMAS C. THEOBALD Trustee November 7, 1997
Thomas C. Theobald
*This amendment to the Registration Statement has also been signed
by the above persons in their capacities as trustees and officers
of SR&F Base Trust.
<PAGE>
STEIN ROE INVESTMENT TRUST
INDEX TO EXHIBITS FILED WITH THIS AMENDMENT
Exhibit
Number Description
- ------- ------------
11(a) Consent of Arthur Andersen LLP
12 Unaudited financial statements of Growth Opportunities
Fund
17(a) Financial Data Schedule--Stein Roe Growth & Income Fund
17(b) Financial Data Schedule--Stein Roe Balanced Fund
17(c) Financial Data Schedule--Stein Roe Growth Stock Fund
17(d) Financial Data Schedule--Stein Roe Capital
Opportunities Fund
17(e) Financial Data Schedule--Stein Roe Special Fund
17(f) Financial Data Schedule--Stein Roe International Fund
17(g) Financial Data Schedule--Stein Roe Young Investor Fund
17(h) Financial Data Schedule--Stein Roe Special Venture Fund
17(i) Financial Data Schedule--Stein Roe Emerging Markets
Fund
17(j) Financial Data Schedule--Stein Roe Growth Opportunities
Fund
Exhibit 11(a)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of
our report dated November 11, 1996, and to all references to our
Firm included in or made a part of this Registration Statement on
Form N-1A of the Stein Roe Investment Trust (comprising the Stein
Roe Growth & Income Fund, Stein Roe Balanced Fund, Stein Roe Growth
Stock Fund, Stein Roe International Fund, Stein Roe Special Fund,
Stein Roe Capital Opportunities Fund and Stein Roe Special Venture
Fund).
ARTHUR ANDERSEN LLP
Chicago, Illinois
November 6, 1997
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of
our report dated October 31, 1996, and to all references to our
Firm included in or made a part of this Registration Statement on
Form N-1A of the Stein Roe Investment Trust (comprising the Stein
Roe Young Investor Fund).
ARTHUR ANDERSEN LLP
Chicago, Illinois
November 6, 1997
EXHIBIT 12
Stein Roe Growth Opportunities Fund
Investments as of September 30, 1997
(Dollar Amounts In Thousands)
(Unaudited)
Number Market
of Shares Value
--------- ------
Common Stocks (90.4%)
Business Services (13.4%)
*AHL Services, Inc. 10,000 $182
*AccuStaff Incorporated 27,000 850
*CCC Information Services Group Inc. 23,000 489
*Caribiner International, Inc. 19,000 774
Danka Business Systems Plc 14,000 623
*Gartner Group, Inc. 20,000 600
*INSpire Insurance Solutions, Inc. 34,000 616
*Iron Mountain Incorporated 17,000 595
*Learning Tree International, Inc. 12,000 344
*Sylvan Learning Systems, Inc. 12,000 527
*Viking Office Products, Inc. 33,000 718
*The Vincam Group, Inc. 12,000 345
-------
6,663
Consumer Products & Services (3.4%)
*Blyth Industries, Inc. 14,000 392
*CUC International Inc. 28,000 868
St. John Knits, Inc. 9,000 404
-------
1,664
Data Processing Services (3.4%)
*The BISYS Group, Inc. 14,000 450
First Data Corporation 13,000 488
*Fiserv, Inc. 17,000 746
-------
1,684
Financial Services (8.5%)
Capital Re Corporation 8,000 488
Citicorp 4,000 536
Federal National Mortgage Assocation 13,000 611
HCC Insurance Holdings, Inc. 23,000 611
MGIC Investment Corporation 13,000 745
Norwest Corporation 8,000 490
Washington Mutual, Inc. 11,000 767
-------
4,248
<PAGE>
Stein Roe Growth Opportunities Fund (CONTINUED)
Number Market
of Shares Value
--------- ------
Health Care (15.7%)
*Applied Analytical Industries, Inc. 18,000 $365
Biomet, Inc. 27,000 648
*Boron, LePore & Associates, Inc. 25,000 578
*Boston Scientific Corporation 11,000 607
Cardinal Health, Inc. 10,000 710
Guidant Corporation 12,000 672
HBO & Company 18,000 679
*HEALTHSOUTH Corporation 23,000 614
*Health Management Associates, Inc. 19,000 601
*PAREXEL International Corporation 23,000 908
Pfizer Inc 7,000 420
*PhyCor, Inc. 15,000 436
United HealthCare Corporation 12,000 600
-------
7,838
Industrial Products (9.7%)
*Advanced Lighting Technologies, Inc. 15,000 405
*Barnett Inc. 14,000 297
Borg-Warner Automotive, Inc. 8,000 455
Ecolab Inc. 8,000 388
Honeywell Inc. 7,000 470
*Hub Group, Inc. 12,000 446
Monsanto Company 11,000 429
*Pameco Corporation 20,000 355
Schlumberger Limited 9,000 758
*Solutia Inc. 2,200 44
*Wilmar Industries, Inc. 14,000 378
*Wisconsin Central Transporatation Corporation 13,000 414
-------
4,839
Leisure & Entertainment (5.2%)
Carnival Corporation 16,000 740
*Doubletree Corporation 14,000 676
La Quinta Inns, Inc. 25,000 589
*Signature Resorts, Inc. 12,000 570
-----
2,575
Media (5.5%)
*CMP Media Inc. 11,000 275
*Cox Communications, Inc. 15,000 413
*Getty Communications Plc 37,000 685
*Outdoor Systems, Inc. 23,000 604
*Univision Communications Inc. 14,000 770
-------
2,747
<PAGE>
Stein Roe Growth Opportunities Fund (CONTINUED)
Number Market
of Shares Value
--------- ------
Retail (6.2%)
Dollar General Corporation 17,500 $596
The Home Depot, Inc. 10,000 521
*Kohl's Corporation 9,000 639
*Paul Harris Stores, Inc. 30,000 829
The TJX Companies, Inc. 17,000 520
-------
3,105
Technology Services (15.4%)
*Analog Devices, Inc. 19,000 636
*Cambridge Technology Partners, Inc. 19,000 680
*Cisco Systems, Inc. 8,000 585
*Documentum, Inc. 23,000 765
*HNC Software Inc. 11,000 437
Intel Corporation 4,000 369
Molex Incorporated 15,000 611
*PeopleSoft, Inc. 11,000 657
*Saville Systems Plc 8,000 562
*Siebel Systems, Inc. 15,000 639
*Solectron Corporation 17,000 757
*Sterling Commerce, Inc. 15,000 539
*The Vantive Corporation 19,000 456
-------
7,693
Telecommunications (4.0%)
*CIENA Corporation 12,000 594
LM Ericsson Telecommunications 10,000 480
*Powerwave Technologies, Inc. 24,000 930
-------
2,004
-------
Total Common Stocks (Cost $41,338) 45,060
Principal
Amount
---------
Short-Term Obligations (9.5%)
Commercial Paper (9.5%)
Associates Corp. of North America
6.400% 10/01/97 $2,435 2,435
UBS Finance 6.750% 10/01/97 2,308 2,308
Total Short-Term Obligations (Amortized -------
Cost $4,743) 4,743
Total Investments (99.9%) $49,803
(Cost $46,081)
Other Assets, Less Liabilities (0.1%) 27
-------
Total Net Assets (100.0%) $49,830
=======
*Non-income producing.
See accompanying notes to financial statements.
<PAGE>
Stein Roe Growth Opportunities Fund
Balance Sheet
September 30, 1997
(All amounts in thousands, except per-share data)
(Unaudited)
Assets
Investment in Portfolio, at market value $ 49,803
Cash 101
Receivable for fund shares sold 56
Dividends and interest receivable 5
Other assets 31
----------
Total Assets $ 49,996
==========
Liabilities
Payable to investment adviser and transfer agent $ 82
Payable for fund shares redeemed 44
Other liabilities 40
----------
Total Liabilities 166
----------
Capital
Paid-in capital 46,479
Net unrealized appreciation of investments 3,722
Accumulated undistributed net investment income 2
Accumulated undistributed net realized
losses on investments (373)
----------
Total Capital (Net Assets) 49,830
----------
Total Liabilities and Capital $ 49,996
==========
Shares Outstanding (Unlimited Number Authorized) 4,625
==========
Net Asset Value (Capital) Per Share $ 10.77
==========
See accompanying notes to financial statements.
<PAGE>
Stein Roe Growth Opportunities Fund
Statement of Operations
For the Period Ended September 30, 1997(a)
(All amounts in thousands)
(Unaudited)
Investment Income
Interest $ 118
Dividends 28
----------
Total Investment Income 146
Expenses
Management fees 86
Transfer agent fees 25
Audit and legal fees 23
Printing and postage 18
Administrative fees 17
Organizational expense 8
Custodian fees 7
Accounting fees 6
Trustees' fees 2
Other 8
----------
Total Expenses 200
Reimbursement of Expenses by Investment
Adviser (56)
----------
Total Net Expenses 144
----------
Net Investment Income 2
----------
Realized and Unrealized Gains (Losses)
on Investments
Net realized losses on investments (373)
Net change in unrealized appreciation
or depreciation of investments 3,722
----------
Net Gains (Losses) on Investments 3,349
----------
Net Increase in Net Assets Resulting
from Operations $ 3,351
==========
(a) From commencement of operations on June 30, 1997.
See accompanying notes to financial statements.
<PAGE>
Stein Roe Growth Opportunities Fund
Statement of Changes in Net Assets
For The Period Ended September 30, 1997(a)
(All amounts in thousands)
(Unaudited)
Operations
Net investment income $ 2
Net realized losses on investments (373)
Net change in unrealized appreciation or
depreciation of investments 3,722
----------
Net Increase in Net Assets
Resulting from Operations 3,351
----------
Distributions To Shareholders
Dividends from net investment income -
Capital gain distributions -
----------
Total Distributions to Shareholders -
----------
Share Transactions
Subscriptions to fund shares 50,017
Investment income dividends reinvested -
Capital gain distributions reinvested -
Redemptions of fund shares (3,538)
----------
Net Increase from Share Transactions 46,479
----------
Net Increase in Net Assets 49,830
Total Net Assets
Beginning of Period -
----------
End of Period $ 49,830
==========
Accumulated Undistributed Net Investment
Income at End of Period $ 2
==========
Analyses of Changes in Shares of Beneficial Interest
Subscriptions to fund shares 4,965
Investment income dividends reinvested -
Capital gain distributions reinvested -
----------
4,965
Redemptions of fund shares (340)
----------
Net increase in fund shares 4,625
Shares outstanding at beginning of period -
----------
Shares outstanding at end of period 4,625
==========
(a) From the commencement of operations on June 30, 1997.
See accompanying notes to financial statements.
<PAGE>
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
The following are the significant accounting policies of Stein Roe
Growth Opportunities Fund, a series of the Stein Roe Investment
Trust (a Massachusetts business trust). These policies are in
conformity with generally accepted accounting principles. The
preparation of financial statements in conformity with generally
accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of increases and decreases in net assets from
operations during the reporting period. Actual results could differ
from those estimates.
Security Valuations
All securities are valued as of September 30, 1997. Securities are
valued at, depending on the security involved, the last reported
sales price, last bid or asked price, or the mean between last bid
and asked priced as of the close of the appropriate exchange or
other designated time. A security which is listed or traded on more
than one exchange is valued at the quotation on the exchange
determined to be the primary exchange for such security. 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 elects
to be taxed as a "regulated investment company" and make 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 them 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, 1997,
the accumulated undistributed net realized loss on investments for
federal income tax purposes, amounting to $373, is available to
offset future taxable gains. If not applied, the carry-forward
expires in 2005.
Distributions 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. Differences in the
recognition or classification of income between the financial
statements and tax earnings that result in temporary
overdistributions are classified as distributions in excess of net
investment income or net realized gains, and any permanent
differences are reclassified to paid-in capital.
Other Information
Dividend income is recognized on the ex-dividend date and interest
income is recognized on an accrual basis.
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 monthly management and administrative fees, computed
and accrued daily, to Stein Roe & Farnham Incorporated (the
"Adviser"), an indirect, majority-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 percent of the first $500 million of average
daily net assets, .70 percent of the next $500 million, .65 percent
of the next $500 million, and .60 percent thereafter. The
administrative fee for the Fund is computed at an annual rate of
.15 percent of the first $500 million of average daily net assets,
.125 percent of the next $500 million, .10 percent of the next $500
million, and .075 percent thereafter.
The administrative agreement for the Fund provides that the Adviser
will reimburse the Fund to the extent that 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 expenses exceed 1.25 percent of average daily net
assets. This expense limitation expires on January 31, 1998,
subject to earlier termination by the Adviser on 30 days' notice.
The transfer agent fees are paid to SteinRoe Services Inc. (SSI),
an indirect, majority-owned subsidiary of Liberty Mutual Insurance
Company. SSI has entered into an agreement with Colonial Investors
Service Center, Inc., an indirect, majority-owned subsidiary of
Liberty Mutual Insurance Company, to act as sub-transfer agent for
the Funds.
The Adviser also provides certain fund accounting services. For the
period ended September 30, 1997, the Fund incurred charges of $6.
Certain officers and trustees of the Trust are also officers of the
Adviser. The compensation of trustees not affiliated with the
Adviser for the Fund for the period ended September 30, 1997, was
$2. No remuneration was paid to any other trustee or officer of
the Trust.
NOTE 3. SHORT-TERM DEBT
To facilitate portfolio liquidity, the Fund maintains borrowing
arrangements under which it can borrow against portfolio
securities. The Fund had no borrowings during the period ended
September 30, 1997.
NOTE 4. INVESTMENT TRANSACTIONS
The aggregate cost of purchases and proceeds from sales other than
short-term obligations for the period ended September 30, 1997,
were $42,965 and $1,253, respectively.
At September 30, 1997, gross unrealized appreciation and
depreciation on a tax basis and the cost of investments for federal
income tax purposes and for financial reporting purposes were
$5,002, $1,280, $46,081 and $46,081, respectively.
<PAGE>
Financial Highlights
Stein Roe Growth Opportunities Fund
(All amounts in thousands, except per-share data)
(Unaudited)
Selected per-share data (for a share outstanding throughout
each period), ratios and supplemental data.
Period
Ended
September 30,
1997(a)
--------------
Net Asset Value, Beginning of Period $10.00
------
Income From Investment Operations
Net investment income -
Net realized and unrealized gains
(losses) on investments 0.77
------
Total from investment operations 0.77
------
Distributions
Net investment income -
Net realized capital gains -
------
Total distributions -
------
Net Asset Value, End of Period $10.77
======
Ratio of net expenses to average net
assets (b) 1.25%*
Ratio of net investment income to average
net assets (c) 0.02%*
Portfolio turnover rate 3%
Average commissions (per share) $0.0708
Total return 7.70%
Net assets, end of period $49,830
*Annualized
(a) From commencement of operations on June 30, 1997.
(b) If the Fund had paid all of its expenses and there had
been no reimbursement by the Adviser, this ratio would
have been 1.74 percent for the period ended September
30, 1997.
(c) Computed giving effect to the Adviser's expense limitation
undertaking.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> STEIN ROE GROWTH & INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 210,355
<INVESTMENTS-AT-VALUE> 273,094
<RECEIVABLES> 444
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 81
<TOTAL-ASSETS> 273,619
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 995
<TOTAL-LIABILITIES> 995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,040
<SHARES-COMMON-STOCK> 14,442
<SHARES-COMMON-PRIOR> 11,116
<ACCUMULATED-NII-CURRENT> 504
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,229
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,851
<NET-ASSETS> 272,624
<DIVIDEND-INCOME> 1,918
<INTEREST-INCOME> 1,518
<OTHER-INCOME> 0
<EXPENSES-NET> 1,419
<NET-INVESTMENT-INCOME> 2,017
<REALIZED-GAINS-CURRENT> 3,185
<APPREC-INCREASE-CURRENT> 9,369
<NET-CHANGE-FROM-OPS> 14,571
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,228
<DISTRIBUTIONS-OF-GAINS> 8,004
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,588
<NUMBER-OF-SHARES-REDEEMED> 31,958
<SHARES-REINVESTED> 7,268
<NET-CHANGE-IN-ASSETS> 68,237
<ACCUMULATED-NII-PRIOR> 716
<ACCUMULATED-GAINS-PRIOR> 7,047
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 671
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,419
<AVERAGE-NET-ASSETS> 248,385
<PER-SHARE-NAV-BEGIN> 18.39
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.88
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> STEIN ROE BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 216,889
<INVESTMENTS-AT-VALUE> 254,188
<RECEIVABLES> 381
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 90
<TOTAL-ASSETS> 254,659
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 441
<TOTAL-LIABILITIES> 441
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,506
<SHARES-COMMON-STOCK> 8,765
<SHARES-COMMON-PRIOR> 7,685
<ACCUMULATED-NII-CURRENT> 134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,051
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49,527
<NET-ASSETS> 254,218
<DIVIDEND-INCOME> 1,334
<INTEREST-INCOME> 4,245
<OTHER-INCOME> 0
<EXPENSES-NET> 1,369
<NET-INVESTMENT-INCOME> 4,210
<REALIZED-GAINS-CURRENT> 7,326
<APPREC-INCREASE-CURRENT> 3,085
<NET-CHANGE-FROM-OPS> 14,621
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,459
<DISTRIBUTIONS-OF-GAINS> 18,743
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,125
<NUMBER-OF-SHARES-REDEEMED> 27,462
<SHARES-REINVESTED> 19,073
<NET-CHANGE-IN-ASSETS> 23,155
<ACCUMULATED-NII-PRIOR> (555)
<ACCUMULATED-GAINS-PRIOR> 16,469
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,369
<AVERAGE-NET-ASSETS> 260,391
<PER-SHARE-NAV-BEGIN> 30.07
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> (2.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.00
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> STEIN ROE GROWTH STOCK FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 303,993
<INVESTMENTS-AT-VALUE> 461,436
<RECEIVABLES> 3
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 412
<TOTAL-ASSETS> 461,851
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,352
<TOTAL-LIABILITIES> 3,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 281,816
<SHARES-COMMON-STOCK> 16,476
<SHARES-COMMON-PRIOR> 14,517
<ACCUMULATED-NII-CURRENT> (160)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,608
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 162,235
<NET-ASSETS> 458,499
<DIVIDEND-INCOME> 1,921
<INTEREST-INCOME> 567
<OTHER-INCOME> 0
<EXPENSES-NET> 2,505
<NET-INVESTMENT-INCOME> (17)
<REALIZED-GAINS-CURRENT> 14,670
<APPREC-INCREASE-CURRENT> 3,566
<NET-CHANGE-FROM-OPS> 18,219
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,100
<DISTRIBUTIONS-OF-GAINS> 33,201
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,592
<NUMBER-OF-SHARES-REDEEMED> 79,126
<SHARES-REINVESTED> 27,151
<NET-CHANGE-IN-ASSETS> 40,535
<ACCUMULATED-NII-PRIOR> 957
<ACCUMULATED-GAINS-PRIOR> 33,139
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,281
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,505
<AVERAGE-NET-ASSETS> 467,880
<PER-SHARE-NAV-BEGIN> 28.79
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (2.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.83
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> STEIN ROE CAPITAL OPPORTUITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 984,809
<INVESTMENTS-AT-VALUE> 996,558
<RECEIVABLES> 5,135
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<OTHER-ITEMS-ASSETS> 480
<TOTAL-ASSETS> 1,002,173
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<OTHER-ITEMS-LIABILITIES> 7,669
<TOTAL-LIABILITIES> 10,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,050,759
<SHARES-COMMON-STOCK> 43,185
<SHARES-COMMON-PRIOR> 54,262
<ACCUMULATED-NII-CURRENT> (7,914)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (63,298)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,749
<NET-ASSETS> 991,296
<DIVIDEND-INCOME> 711
<INTEREST-INCOME> 2,846
<OTHER-INCOME> 0
<EXPENSES-NET> 8,263
<NET-INVESTMENT-INCOME> (4,706)
<REALIZED-GAINS-CURRENT> (54,874)
<APPREC-INCREASE-CURRENT> (330,535)
<NET-CHANGE-FROM-OPS> (390,115)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 316,076
<NUMBER-OF-SHARES-REDEEMED> 619,203
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 693,242
<ACCUMULATED-NII-PRIOR> (3,208)
<ACCUMULATED-GAINS-PRIOR> (8,424)
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<GROSS-EXPENSE> 8,263
<AVERAGE-NET-ASSETS> 1,444,607
<PER-SHARE-NAV-BEGIN> 31.04
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> (7.97)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> STEIN ROE SPECIAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 728,978
<INVESTMENTS-AT-VALUE> 1,051,705
<RECEIVABLES> 51
<ASSETS-OTHER> 838
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,052,594
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,139
<TOTAL-LIABILITIES> 4,139
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 697,130
<SHARES-COMMON-STOCK> 42,112
<SHARES-COMMON-PRIOR> 42,299
<ACCUMULATED-NII-CURRENT> (2,627)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,557
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 324,395
<NET-ASSETS> 1,048,455
<DIVIDEND-INCOME> 3,387
<INTEREST-INCOME> 1,865
<OTHER-INCOME> 0
<EXPENSES-NET> 6,527
<NET-INVESTMENT-INCOME> (1,275)
<REALIZED-GAINS-CURRENT> 32,203
<APPREC-INCREASE-CURRENT> (44,570)
<NET-CHANGE-FROM-OPS> (13,642)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 86,857
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92,723
<NUMBER-OF-SHARES-REDEEMED> 178,292
<SHARES-REINVESTED> 76,025
<NET-CHANGE-IN-ASSETS> (110,043)
<ACCUMULATED-NII-PRIOR> (2,611)
<ACCUMULATED-GAINS-PRIOR> 85,469
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,142,298
<PER-SHARE-NAV-BEGIN> 27.39
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.38)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.90
<EXPENSE-RATIO> 1.15
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> STEIN ROE INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 139,163
<INVESTMENTS-AT-VALUE> 140,064
<RECEIVABLES> 42
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 227
<TOTAL-ASSETS> 140,333
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 278
<TOTAL-LIABILITIES> 278
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 130,241
<SHARES-COMMON-STOCK> 12,770
<SHARES-COMMON-PRIOR> 12,369
<ACCUMULATED-NII-CURRENT> (116)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,519
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,411
<NET-ASSETS> 140,055
<DIVIDEND-INCOME> 958
<INTEREST-INCOME> 149
<OTHER-INCOME> (77)
<EXPENSES-NET> 1,079
<NET-INVESTMENT-INCOME> (49)
<REALIZED-GAINS-CURRENT> 4,346
<APPREC-INCREASE-CURRENT> (1,188)
<NET-CHANGE-FROM-OPS> 3,109
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<DISTRIBUTIONS-OF-INCOME> (1,000)
<DISTRIBUTIONS-OF-GAINS> (1,837)
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<NUMBER-OF-SHARES-SOLD> 21,071
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<SHARES-REINVESTED> 2,153
<NET-CHANGE-IN-ASSETS> 4,510
<ACCUMULATED-NII-PRIOR> 933
<ACCUMULATED-GAINS-PRIOR> 1,010
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,079
<AVERAGE-NET-ASSETS> 140,120
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.97
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> STEIN ROE YOUNG INVESTOR FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 324,889
<INVESTMENTS-AT-VALUE> 330,228
<RECEIVABLES> 1,484
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 217
<TOTAL-ASSETS> 331,839
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,676
<TOTAL-LIABILITIES> 1,676
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 318,926
<SHARES-COMMON-STOCK> 18,553
<SHARES-COMMON-PRIOR> 9,609
<ACCUMULATED-NII-CURRENT> (271)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,156
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,352
<NET-ASSETS> 330,163
<DIVIDEND-INCOME> 894
<INTEREST-INCOME> 856
<OTHER-INCOME> 0
<EXPENSES-NET> 1,907
<NET-INVESTMENT-INCOME> (157)
<REALIZED-GAINS-CURRENT> 2,164
<APPREC-INCREASE-CURRENT> (13,243)
<NET-CHANGE-FROM-OPS> (11,236)
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<DISTRIBUTIONS-OF-INCOME> 250
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 2,126
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<PER-SHARE-NAV-BEGIN> 18.64
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> .02
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<PER-SHARE-NAV-END> 17.80
<EXPENSE-RATIO> 1.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> STEIN ROE SPECIAL VENTURE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 170,872
<INVESTMENTS-AT-VALUE> 166,223
<RECEIVABLES> 215
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 71
<TOTAL-ASSETS> 166,509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 322
<TOTAL-LIABILITIES> 322
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157,025
<SHARES-COMMON-STOCK> 12,273
<SHARES-COMMON-PRIOR> 9,106
<ACCUMULATED-NII-CURRENT> (269)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,370
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,061
<NET-ASSETS> 166,187
<DIVIDEND-INCOME> 544
<INTEREST-INCOME> 428
<OTHER-INCOME> 0
<EXPENSES-NET> 1,005
<NET-INVESTMENT-INCOME> (33)
<REALIZED-GAINS-CURRENT> 13,815
<APPREC-INCREASE-CURRENT> (24,003)
<NET-CHANGE-FROM-OPS> (10,221)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,445)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,092
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<SHARES-REINVESTED> 13,220
<NET-CHANGE-IN-ASSETS> 21,659
<ACCUMULATED-NII-PRIOR> (214)
<ACCUMULATED-GAINS-PRIOR> 8,979
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<GROSS-EXPENSE> 1,005
<AVERAGE-NET-ASSETS> 159,485
<PER-SHARE-NAV-BEGIN> 15.87
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.81)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.54
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> STEIN ROE EMERGING MARKETS FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-28-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 33,563
<INVESTMENTS-AT-VALUE> 33,262
<RECEIVABLES> 1,016
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 344
<TOTAL-ASSETS> 34,622
<PAYABLE-FOR-SECURITIES> 2,130
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43
<TOTAL-LIABILITIES> 2,173
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,749
<SHARES-COMMON-STOCK> 3,277
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (29)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (300)
<NET-ASSETS> 32,449
<DIVIDEND-INCOME> 19
<INTEREST-INCOME> 56
<OTHER-INCOME> 0
<EXPENSES-NET> 46
<NET-INVESTMENT-INCOME> 29
<REALIZED-GAINS-CURRENT> (29)
<APPREC-INCREASE-CURRENT> (300)
<NET-CHANGE-FROM-OPS> (300)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,792
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 32,449
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57
<AVERAGE-NET-ASSETS> 30,980
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> STEIN ROE GROWTH OPPORTUNITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> MAY-09-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 46,081
<INVESTMENTS-AT-VALUE> 49,803
<RECEIVABLES> 61
<ASSETS-OTHER> 132
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<TOTAL-ASSETS> 49,996
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 166
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46,479
<SHARES-COMMON-STOCK> 4,625
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (373)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,722
<NET-ASSETS> 49,996
<DIVIDEND-INCOME> 28
<INTEREST-INCOME> 118
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<EXPENSES-NET> 144
<NET-INVESTMENT-INCOME> 2
<REALIZED-GAINS-CURRENT> (373)
<APPREC-INCREASE-CURRENT> 3,722
<NET-CHANGE-FROM-OPS> 3,351
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 4,965
<NUMBER-OF-SHARES-REDEEMED> (340)
<SHARES-REINVESTED> 4,625
<NET-CHANGE-IN-ASSETS> 49,830
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 200
<AVERAGE-NET-ASSETS> 45,654
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.77
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<PER-SHARE-NAV-END> 10.77
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
