LIBERTY STEIN ROE FUNDS INVESTMENT TRUST, N-30D, 2001-01-03

LIBERTY STEIN ROE FUNDS INVESTMENT TRUST
N-30D, 2001-01-03

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STEIN ROE MUTUAL FUNDS

ANNUAL REPORT
SEPTEMBER 30, 2000

[PHOTO OF HANDS AND PLANT]

STEIN ROE EQUITY FUNDS

GROWTH FUND

SMALL COMPANY GROWTH FUND

[STEIN ROE LOGO]
STEIN ROE MUTUAL FUNDS
Sensible Risks. Intelligent Investments(R)

<PAGE>

Contents
--------------------------------------------------------------------------------
From the President................................................ 1

Stephen Gibson's thoughts on the markets and investing

Performance Summary............................................... 2

Questions & Answers............................................... 3

Interview with the portfolio manager and
a summary of investment activity

Fund Highlights................................................... 6

Portfolio of Investments.......................................... 7

A complete list of investments with market values

Financial Statements.............................................. 13

Statements of assets and liabilities, operations
and changes in net assets

Notes to Financial Statements..................................... 17

Financial Highlights.............................................. 22

Selected per-share data

Report of
Independent Accountants........................................... 24

Must be preceded or accompanied by a prospectus.

<PAGE>

From the President
--------------------------------------------------------------------------------
DEAR SHAREHOLDER:
It was some year for the Stein Roe Small Company Growth Fund. Against a backdrop
of remarkable volatility, the Fund's Class S shares posted a positive total
return of 75.42% for the 12-month period ended September 30, 2000. This easily
outpaced the positive total return of 29.66% for the Fund's benchmark, the
Russell 2000 Growth Index, during the same period.
After several years of lagging their large-cap brethren, small-capitalization
stocks, particularly small-cap growth stocks, staged a comeback. These stocks
began moving at a rapid pace last October, fueled by exceptional gains in the
technology and telecommunications sectors, and continued to forge ahead until
March 2000. At that time, investors grew increasingly worried about the impact
of rising interest rates and energy prices on corporate profits and earnings. As
a result, investors shied away from those sectors of the market where earnings
have been less predictable, including smaller companies. Nonetheless, this is
the best September-to-September total return for the small-cap market in several
years, as measured by the Russell 2000 Growth Index.
Looking back at the results for the Fund, I am reminded once again of the
importance of a long-term perspective and broad diversification when investing
in small-cap stocks. Through rigorous analysis, portfolio manager William
Garrison has been able to compose a diverse portfolio that possesses good
long-term prospects, and has held up well under the difficult environment of the
past six months.
Take a look at the report inside, which provides a further discussion on the
economic and market factors that affected the Fund's performance. Thank you for
choosing the Stein Roe Small Company Growth Fund and for giving us the
opportunity to serve your investment needs.

Sincerely,

/s/Stephen E. Gibson

Stephen E. Gibson
President
November 20, 2000

1 See benchmark index chart on page 2 for performance results.

Because economic and market conditions change frequently, there can be no
assurance that the trends described in this report will continue or come to
pass.

[PHOTO OF STEPHEN E. GIBSON]
Stephen E. Gibson

1
<PAGE>

Performance Summary
--------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
Period Ended September 30, 2000

1 LIFE OF
YEAR FUND+
--------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND, CLASS S 75.42% 26.58%
Russell 2000 Growth Index 29.66 12.12*
Morningstar Small Growth Category 54.80 22.26*
S&P Small Cap 600 Index 24.17 13.46*
--------------------------------------------------------------------------

* From 3/31/96.
+ The Fund's inception is 3/25/96.

Investment Comparisons
--------------------------------------------------------------------------
GROWTH OF A $10,000 INVESTMENT March 25, 1996 to September 30, 2000

--------------------------------------------------------------------------
Stein Roe Small Company Growth Fund

[LINE CHART HERE]

Stein Roe S&P Russell Morningstar
Small Company Small Cap 2000 Growth Small Growth
Growth Fund 600 Index Index Category

3/25/96 10000 10000 10000 10000
10890 10574 10535 10932.8
11371 10949 10950 11504.1
11300 10520 10500 10980.5
10550 9796 9583 9872.22
11070 10402 10140 10534.9
9/30/96 12110 10858 10537 11187
11750 10784 10374 10821.8
12030 11343 10802 11045.7
11550 11476 11085 11174.2
12330 11666 11307 11472.9
11459 11425 11033 10815.3
3/31/97 10658 10839 10512 10094.2
10738 10972 10542 9956.99
12010 12261 11714 11310.7
12670 12803 12216 11969.8
13652 13609 12784 12787.2
13202 13952 13077 13063.4
9/30/97 14023 14874 14034 14153.9
13762 14231 13418 13420
13652 14127 13331 13136.5
13850 14413 13564 13182.9
13635 14132 13350 12984.6
15112 15419 14337 14055.9
3/31/98 15636 16008 14927 14755.9
15530 16102 15009 14864.8
14578 15249 14200 13905.8
15402 15292 14230 14223.9
14353 14123 13078 13260.5
11452 11398 10538 10389.5
9/30/98 12426 12095 11363 11171
12468 12656 11827 11642.9
13432 13369 12446 12624.3
14936 14222 13217 13933.9
14639 14044 13393 14255.3
13190 12779 12308 13003.6
3/31/99 13618 12944 12500 13541.6
14268 13799 13620 14211.6
14757 14134 13819 14385.5
15663 14939 14443 15648.8
15884 14807 14047 15637.5
15676 14156 13528 15423.9
9/30/99 16534 14215 13530 15812.9
17317 14180 13585 16688.2
18860 14777 14395 18739.8
22540 15987 16025 22049.6
22997 15491 15767 21820.3
29931 17566 18370 27159.3
3/31/00 28806 16916 17160 25718.5
25378 16626 16127 22927
22305 16134 15186 21051.1
27040 17088 16511 24468.5
25117 16669 15979 22969.8
30141 18146 17198 25723.9
9/30/00 29007 17652 16733 24701.7

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 above
illustration assumes a $10,000 investment made on March 25, 1996 (March 31, 1996
for the indices and Morningstar category), and reinvestment of income and
capital gains distributions. The indices are unmanaged groups of stocks that
differ from the composition of the Fund and are not available for direct
investment.

The Fund's return is also compared to the average return of the funds included
in the Morningstar Small Growth Funds category average (Morningstar Average).
This Morningstar Average is composed of funds with similar investment styles as
measured by their underlying portfolio holdings. Morningstar does not warrant
their information to be accurate, correct, complete or timely. They shall not be
responsible for investment decisions, damages or other losses resulting from use
of the averages. Morningstar, Inc. has not granted consent for it to be
considered or deemed an "expert" under the Securities Act of 1933. Sales charges
are not reflected in the Morningstar's averages.

2
<PAGE>

Questions & Answers
--------------------------------------------------------------------------------

AN INTERVIEW WITH WILLIAM M. GARRISON, PORTFOLIO MANAGER OF THE STEIN ROE
SMALL COMPANY GROWTH FUND
FUND DATA
INVESTMENT OBJECTIVE AND STRATEGY:
Stein Roe Small Company
Growth Fund seeks long-term growth by investing primarily in stocks of small
growing companies.

FUND INCEPTION:
March 25, 1996

TOTAL NET ASSETS:
$36.5 million

Q: HOW DID THE FUND'S CLASS S SHARES PERFORM DURING THE 12 MONTHS ENDED
SEPTEMBER 30, 2000?

GARRISON: I am pleased to report that the Stein Roe Small Company Growth Fund
performed well over the past year. Class S shares of the Fund had a total return
of 75.42% compared with 29.66% for the Russell 2000 Growth Index. This newly
selected benchmark reflects changes made to the Fund over the past 18 months
toward a purer growth strategy and broadly diversified portfolio.

[PHOTO OF WILLIAM M. GARRISON]
William M. Garrison

Q: WHAT CONTRIBUTED THE FUND'S PERFORMANCE DURING THAT TIME?

GARRISON: Throughout the year, we participated in the record-breaking initial
public offering (IPO) market. Given the remarkable pace and number of new
offerings, we felt it important to be selective while examining each company's
projected future capital needs, and its ability to execute an effective business
plan. Increasingly, we developed a preference for companies that were closer to
reaching profitability and therefore more likely to be well received by
investors. Not all of our IPOs have been well received in the market and a few
have detracted from the Fund's performance. However, several new issues moved
beyond our estimate of fair value within the first few days of trading. Roughly
5% of the portfolio's dollar appreciation was generated by IPOs held for less
than two weeks. At fiscal year-end, the portfolio contained stocks of
approximately 30 other newly public companies that we purchased within the past
year.

3
<PAGE>

Q&A Continued
--------------------------------------------------------------------------------

Q: DID THE FUND FOCUS ON SPECIFIC SECTORS DURING THE PERIOD?

GARRISON: In both our IPO investments and other selections made during the year,
we favored computer software/service companies (22.6% of net assets), as we
believe it will be easier for such companies to reach critical mass and generate
significant earnings quickly. The veritable explosion in technology has spawned
many markets for specialized software, while the nature of the product makes
manufacturing faster and less expensive than for computer hardware. Two of the
Fund's better-performing stocks, Art Technology Group (0.5% of net assets) and
Mercury Interactive (2.8% of net assets), are software firms. The first produces
software products that allow businesses to better manage Internet relations. The
second is a manufacturer of software for testing the efficacy of other software
applications. Both have grown to medium-capitalization companies as of September
30, 2000, but we have held on to these companies because we feel that they still
have considerable room to grow.
We were also enamored with biotechnology companies (6.9% of net assets). With
advancements in recent years, this industry is finally out of the lab and into
the marketplace, and the rate of new product discoveries and introductions is
accelerating.

Q: HOW HAS DIVERSIFICATION BENEFITED THE FUND?

GARRISON: Most of the gains for our technology-related stocks occurred during
the first half of the fiscal year. Later, the market shunned technology stocks,
many of which have yet to generate earnings, in favor of sectors with greater
potential to generate near-term profits and meet earnings projections. At this
stage, we were glad we maintained our discipline, and ensured that the portfolio
was diversified across many industry sectors. Aside from technology (58% of net
assets), the portfolio had sizable positions in such sectors as health care and
consumer cyclicals (13% and 12% of net assets, respectively) as of September 30,
2000. Leading contributors to performance during the latter portion of the year
included SEI Investments (0.5% of net assets), a financial services provider;
UTI Energy (1.2% of net assets), an owner/operator of land drilling rigs used to
explore for natural gas; and Medicis Pharmaceuticals (0.5% of net assets), a
specialty drug company with an attractive portfolio of marketable products.

4
<PAGE>

Q&A Continued
--------------------------------------------------------------------------------
Q: WHAT IS YOUR OUTLOOK FOR SMALL-CAP STOCKS?

GARRISON: Our view into the next fiscal year might be summed up as guardedly
optimistic. We believe small-cap stocks will do well for several reasons.
Investors are more aware today of the potential benefits of small-caps.
Small-cap valuations are still relatively reasonable (compared to mid- and
large-cap stocks). Finally, technology has leveled the playing field, making it
easier for small companies in many industries to compete more effectively.
However, we acknowledge that the fast and furious pace of IPO activity could
bring about an oversupply of small-cap investments that could prove detrimental.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Total return performance
includes changes in share price and reinvestment of income and capital gains
distributions. Share price and investment returns will vary, so you may have a
gain or loss when you sell your shares. Portfolio holdings are as of 9/30/00 and
are subject to change. The Russell 2000 Growth Index is an unmanaged group of
stocks not associated with the Fund; it is not available for direct investments.

5
<PAGE>

Fund Highlights As of September 30, 2000
--------------------------------------------------------------------------------

Stein Roe Small Company Growth Fund
TOP 10 EQUITY HOLDINGS (% OF NET ASSETS)
--------------------------------------------------------------------------------
Matrixone 3.1% ACT Manufacturing, Inc. 2.0%
Mercury Interactive Corp. 2.8 SIPEX Corp. 2.0
Actuate Corp. 2.7 Enzon, Inc. 1.8
Constellation Brands, Inc.--A 2.1 Pogo Producing Co. 1.7
Shaw Group, Inc. 2.0 Aspen Tech, Inc. 1.7
--------------------------------------------------------------------------------

EQUITY PORTFOLIO HIGHLIGHTS

RUSSELL 2000
PORTFOLIO GROWTH INDEX
--------------------------------------------------------------------------------
Number of Holdings 128 2,000
Dollar Weighted Median
Market Capitalization ($Mil.) 1,199 1,003
--------------------------------------------------------------------------------

ECONOMIC SECTOR BREAKDOWN

September 30, 1999

[PIE CHART HERE]

Technology 40%
Consumer Cyclical 20
Consumer Non-Cyclical 15
Industrial 8
Financial 7
Energy 5
Utilities 3
Basic Materials 2

September 30, 2000

[PIE CHART HERE]

Technology 58%
Consumer Cyclical 12
Consumer Non-Cyclical 8
Industrial 10
Financial 4
Energy 6
Utilities 1
Basic Materials 1

--------------------------------------------------------------------------------
ASSET ALLOCATION

September 30, 1999

[PIE CHART HERE]

Equities 94.1%
Cash, Equivalents & Other 5.9

September 30, 2000

[PIE CHART HERE]

Equities 90.6%
Cash, Equivalents & Other 9.4

6
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
Investment Portfolio
September 30, 2000 (in thousands)
COMMON STOCKS - 90.6% Shares Value
--------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 2.6%
DATA PROCESSING SERVICES - 0.4%
The Bisys Group, Inc. (a)......................... 2 $ 131
-------

DIVERSIFIED COMMERCIAL SERVICES - 1.5%
ChoicePoint, Inc. (a)............................. 7 307
ProsoftTraining.Com (a)........................... 16 232
-------
539
-------
ENVIRONMENTAL SERVICES - 0.7%
Tetra Tech, Inc. (a).............................. 10 274
-------

CONSUMER DISCRETIONARY - 3.8%
CONSUMER DURABLES & APPAREL - 2.0%
APPAREL & ACCESSORIES - 0.4%
Columbia Sportwear Company (a).................... 3 128
-------

HOUSEWARES & SPECIALTIES - 0.4%
Advanced Lighting Technologies, Inc. (a).......... 13 163
-------

LEISURE PRODUCTS - 0.6%
Meade Instruments Corp.(a)........................ 12 234
-------

PHOTOGRAPHIC EQUIPMENT - 0.6%
Concord Camera Corp. (a).......................... 8 205
-------
Hotels, Restaurants & Leisure - 1.8%
CASINOS & GAMING - 0.7%
Station Casinos, Inc. (a)......................... 17 244
-------
RESTAURANTS - 1.1%
CEC Entertainment, Inc. (a)....................... 13 410
-------

CONSUMER STAPLES - 2.4%
AGRICULTURAL PRODUCTS - 0.3%
Eden Bioscience Corp. (a)......................... 3 109
-------

DISTILLERS & VINTNERS - 2.1%
Constellation Brands, Inc. Class A (a)............ 14 760
-------

ENERGY - 5.6%
OIL & GAS DRILLING - 1.7%
Pride Petroleum International, Inc. (a)........... 6 170
UTI Energy Corp. (a).............................. 10 433
-------
603
-------
OIL & GAS EQUIPMENT & SERVICES - 1.2%
Cal Dive International, Inc. (a).................. 8 463
-------
OIL & GAS EXPLORATION & PRODUCTION - 2.7%
Louis Dreyfus Natural Gas Corp. (a)............... 4 151
Pogo Producing Co................................. 25 634
Syntroleum Corp. (a).............................. 4 86
Triton Energy Corp. (a)........................... 3 117
-------
988
-------

7
<PAGE>

HEALTH CARE - 13.2%
BIOTECHNOLOGY & PHARMACEUTICALS - 9.6%
BIOTECHNOLOGY - 6.9%
Aurora Biosciences Corp. (a)...................... 2 156
COR Therapeutics, Inc. (a)........................ 4 268
Celgene Corp. (a)................................. 2 119
Ciphergen Corp. (a)............................... 1 26
Cubist Pharmaceuticals, Inc. (a).................. 5 239
Enzon, Inc. (a)................................... 10 647
Illumina, Inc. (a)................................ 8 381
Large Scale Biology Corp. (a)..................... 6 210
NeoPharm, Inc. (a)................................ 6 217
Sangamo BioSciences, Inc. (a)..................... 4 159
Vical, Inc. (a)................................... 4 109
-------
2,531
-------
PHARMACEUTICALS - 2.7%
Alpharma, Inc., Class A........................... 2 147
Dusa Pharmaceuticals, Inc. (a).................... 15 459
Medicines Co. (a)................................. 5 185
Medicis Pharmaceutical Corp., Class A (a)......... 3 172
-------
963
-------
HEALTH CARE EQUIPMENT & SERVICES - 3.6%
HEALTH CARE DISTRUBUTORS & SERVICES - 0.7%
Bindley Western Industries, Inc................... 8 262
-------

HEALTH CARE EQUIPMENT - 2.9%
Aspect Medical Systems, Inc. (a).................. 6 74
Chromavision Medical Systems, Inc. (a)............ 4 40
Closure Medical Corp. (a)......................... 6 146
Curon Medical, Inc. (a)........................... 7 76
Novoste Corp. (a)................................. 6 272
Oratec Interventions, Inc. (a).................... 3 39
Physiometrix, Inc. (a)............................ 7 150
Transgenomic, Inc. (a)............................ 4 84
Zoll Medical Corp. (a)............................ 4 171
-------
1,052
-------

8
<PAGE>

ELECTRICAL COMPONENTS & EQUIPMENT - 1.4%
CTS Corp.......................................... 2 101
Electro Scientific Inds, Inc. (a)................. 12 411
-------
512
-------
INDUSTRIAL MACHINERY - 1.5%
AptarGroup, Inc................................... 8 199
Valence Technology, Inc. (a)...................... 20 338
-------
537
-------

MATERIALS - 2.5%
PRECIOUS METALS & MINERALS - 0.5%
Stillwater Mining Co. (a)......................... 7 197
-------

STEEL - 2.0%
The Shaw Group, Inc. (a).......................... 10 726
-------

MEDIA - 0.3%
ADVERTISING - 0.3%
Catalina Marketing Corp. (a)...................... 3 102
-------

BROADCASTING & CABLE - 0.0%
Radio One, Inc. (a)............................... 2 16
-------

REAL ESTATE - 0.9%
REAL ESTATE INVESTMENT TRUST - 0.9%
Pinnacle Holdings, Inc. (a)....................... 13 338
-------

RETAILING - 5.1%
APPAREL RETAIL - 1.7%
AnnTaylor Stores Corp. (a)........................ 9 361
Chico's Fas, Inc. (a)............................. 8 258
-------
619
-------
CATALOG RETAIL - 1.3%
Coldwater Creek, Inc. (a)......................... 18 473
-------

COMPUTER & ELECTRONICS RETAIL - 0.4%
Tweeter Home Entertainment Group (a).............. 4 149
-------

GENERAL MERCHANDISE STORES - 0.5%
99 Cents Only Stores (a).......................... 1 67
Tuesday Morning Corp. (a)......................... 14 108
-------
175
-------
SPECIALTY STORES - 1.2%
Rent-A-Center, Inc. (a)........................... 7 246
Zale Corp. (a).................................... 6 182
-------
428
-------

9
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
Continued
Shares Value
--------------------------------------------------------------------------------
SOFTWARE & SERVICES - 22.6%
APPLICATIONS SOFTWARE - 8.6%
Actuate Corp. (a)................................. 29 $ 1,002
Agile Software Corp.(a)........................... 3 225
Aspen Technology, Inc. (a)........................ 14 609
Mercury Interactive Corp. (a)..................... 7 1,019
SpeechWorks International, Inc.(a)................ 1 37
Vastera, Inc.(a).................................. 11 242
-------
3,134
-------
INTERNET SOFTWARE & SERVICES - 10.4%
Allscripts, Inc. (a).............................. 5 75
Apropos Technology, Inc.(a)....................... 15 136
Art Technology Group, Inc. (a).................... 2 190
Blue Martini Software Inc.(a)..................... 2 65
ClickAction, Inc. (a)............................. 11 104
CommTouch Software (a)............................ 15 290
Critical Path Inc. (a)............................ 9 522
Extensity, Inc. (a)............................... 5 109
Interwoven Inc. (a)............................... 3 294
Matrixone Inc. (a)................................ 28 1,136
Netegrity Inc. (a)................................ 3 200
Resonate Inc. (a)................................. 1 55
Sonicwall, Inc. (a)............................... 8 234
TeleCommunication Systems, Inc. (a)............... 5 99
eBenX, Inc.(a).................................... 24 268
-------
3,777
-------
IT CONSULTING & SERVICES - 0.9%
Cognizant Tech Solutions Corp.(a)................. 7 261
Espeed , Inc., Class A (a)........................ 3 77
-------
338
-------
SYSTEMS SOFTWARE - 2.7%
Overland Data, Inc. (a)........................... 24 209
Precise Software Solutions, Ltd. (a).............. 11 474
Symantec Corp. (a)................................ 2 83
Wind River Systems, Inc. (a)...................... 5 221
-------
987
-------

TECHNOLOGY HARDWARE & EQUIPMENT - 19.8%
COMPUTER STORAGE & PERIPHERALS - 3.2%
Certicom Corp. (a) ............................... 4 151
Exabyte Corp.(a).................................. 31 349
JNI Corp. (a)..................................... 4 356
Media 100, Inc. (a)............................... 7 75
Mobile Electronics, Inc. (a)...................... 26 239
-------
1,170
-------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 7.9%
ACT Manufacturing, Inc.(a)........................ 14 723
DDI Corp. (a)..................................... 12 544
DSP Group, Inc. (a)............................... 8 284
Kemet Corp. (a)................................... 10 262
Newport Corp...................................... 1 175
Orbotech Ltd. (a)................................. 3 185
SIPEX Corp. (a)................................... 17 715
-------
2,888
-------

10
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
Continued
Shares Value
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT - CONT.
NETWORKING EQUIPMENT - 1.7%
Computer Network Technology Corp. (a)............. 7 $ 227
MRV Communications, Inc. (a)...................... 8 376
-------
603
-------
SEMICONDUCTOR EQUIPMENT - 3.3%
GSI Lumonics, Inc. (a)............................ 8 124
LTX Corp. (a)..................................... 3 59
Photon Dynamics, Inc. (a)......................... 12 453
Therma-Wave, Inc. (a)............................. 9 244
Varian Semiconductor Equipment, Inc. (a).......... 9 333
-------
1,213
-------
SEMICONDUCTORS - 2.5%
C-Cube Microsystems, Inc. (a)..................... 8 158
Micrel, Inc. (a).................................. 4 268
Pericom Semiconductor Corp. (a)................... 11 389
TTM Technologies, Inc.(a)......................... 5 108
-------
923
-------
TELECOMMUNICATIONS EQUIPMENT - 1.2%
Aware, Inc. (a)................................... 5 200
International FiberCom, Inc. (a).................. 17 252
-------
452
-------

TELECOMMUNICATION SERVICES - 1.1%
INTEGRATED TELECOM SERVICES - 1.1%
Crosswave Communications, Inc. (a)................ 7 73
ITC Deltacom, Inc. (a)............................ 27 307
RateXchange Corp. (a)............................. 8 27
-------
407
-------

TRANSPORTATION - 2.8%
AIR FREIGHT & COURIERS - 1.0%
Expeditors International Washington, Inc.......... 3 140
Forward Air Corp. (a)............................. 7 232
-------
372
-------
AIRLINES - 1.5%
Atlantic Coast Airlines Holdings, Inc. (a)........ 5 171
Skywest, Inc...................................... 7 364
-------
535
-------
MARINE - 0.3%
OMI Corp. (a)..................................... 14 114
-------

11
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
Continued
Value
--------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost of $28,288) (b).............. $33,093
-------
--------------------------------------------------------------------------------
SHORT-TERM OBLIGATIONS - 12.5% PAR
--------------------------------------------------------------------------------
Repurchase Agreement with SBC Warburg, Ltd. dated
09/29/00, due 10/02/00 at 6.50%, collateralized by
U.S Treasury notes with a maturity of 2017, market
value $4,647(repurchase proceeds $4,566) $ 4,564 4,564
-------
--------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES, NET - (3.1)%............. (1,147)
NET ASSETS - 100.0%.................................. $36,510
=======
--------------------------------------------------------------------------------
NOTES TO INVESTMENT PORTFOLIO:
--------------------------------------------------------------------------------
(a) Non-income producing.
(b) Cost for federal income tax purpose is $28,297.

See notes to financial statements.

12
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
Statement of Assets and Liabilities
September 30, 2000
(In thousands except for pershare amounts and footnotes)

ASSETS
Investments at value (cost $28,288) .............. $33,093
Short-term obligations ........................... 4,564
--------
37,657
Receivable for:
Investments sold............................... $ 663
Fund shares sold............................... 48
Expense reimbursement due from Advisor......... 17
Dividends...................................... 3
Interest....................................... 2 733
------- --------
Total Assets................................... 38,390

LIABILITIES
Payable for:
Fund shares repurchased........................ 1,115
Investments purchased.......................... 668
Accrued:
Management fee................................. 28
Administration fee............................. 2
Bookkeeping fee................................ 2
Transfer agent fee............................. 9
Other.......................................... 56
-------
Total Liabilities 1,880
--------
Net Assets .................................... $36,510
--------
Class A
Net asset value and redemption price per share ($1/(c)) $ 22.15(a)
--------
Maximum offering price per share ($22.15/0.9425).. 23.50(b)
--------
Class S
Net asset value, redemption and offering per share
($36,509/1,647)................................ $ 22.17
--------

COMPOSITION OF NET ASSETS
Capital paid in................................... $26,288
Accumulated net realized gain..................... 5,417
Net unrealized appreciation ...................... 4,805
--------
$36,510
========

(a) Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

See notes to financial statements.

13
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
Statement of Operations
For the Year Ended September 30, 2000
(In thousands)

INVESTMENT INCOME
Interest ......................................... $ 118
Dividends......................................... 21
------
Total Investment Income ....................... 139

EXPENSES
Management fee.................................... $ 204
Administration fee................................ 36
12b-1 Service fee ................................ (a)
Transfer agent.................................... 59
Bookkeeping fee................................... 25
Trustees fee...................................... 10
Custodian fee..................................... 11
Audit fee......................................... 17
Legal fee......................................... 2
Registration fee.................................. 56
Reports to shareholders........................... 40
Other............................................. 7
------
Total expenses................................. 467
Fees waived by the Advisor ....................... (105)
Custodian credits earned.......................... (2) 360
------ ------
Net Investment Loss............................ (221)
NET REALIZED & UNREALIZED GAIN ON PORTFOLIO POSITIONS
Net realized gain on investments.................. 6,509
Net change in unrealized appreciation/depreciation
on Investments................................. 3,696
------
Net Gain ...................................... 10,205
------
INCREASE IN NET ASSETS FROM OPERATIONS............ $9,984
======

(a) Rounds to less than one.

See notes to financial statements.

14
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
<TABLE>
Statement of Changes in Net Assets
(In thousands)

<CAPTION>
YEAR PERIOD YEAR
ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, JUNE 30,
INCREASE (DECREASE) IN NET ASSETS 2000(B) 1999(A) 1999
------------ ------------ ----------
<S> <C> <C> <C>
OPERATIONS:
Net investment loss............... $ (221) $ (22) $ (40)
Net realized gain ................ 6,509 404 730
Net change in unrealized
appreciation/depreciation...... 3,696 132 (277)
------- ------- -------
Net Increase from Operations... 9,984 514 413
DISTRIBUTIONS:
From net realized gains - Class A. -- -- (465)
From net realized gains - Class B. -- -- (47)
From net realized gains - Class C. -- -- (47)
From net realized gains - Class S. (836) -- --
------- ------- -------
9,148 514 (146)
------- ------- -------

FUND SHARE TRANSACTIONS:
Receipts for shares sold -
Class A...................... 1 -- 11
Value of distributions reinvested -
Class A...................... -- -- 465
Cost of shares repurchased -
Class A...................... -- -- (14)
Exchange of Class A shares
(See Note 6)................. -- -- (3,601)
------- ------- -------
1 -- (3,139)
------- ------- -------
Value of distributions reinvested -
Class B...................... -- -- 47
Termination of Class B shares
(See Note 6)................. -- -- (351)
------- ------- -------
-- -- (304)
------- ------- -------
Value of distributions reinvested -
Class C...................... -- -- 47
Termination of Class C shares
(See Note 6)................. -- -- (351)
------- ------- -------
-- -- (304)
------- ------- -------
Receipts for shares sold -
Class S...................... 23,605 793 4,400
Value of distributions reinvested -
Class S...................... 830 -- --
Cost of shares repurchased -
Class S...................... (6,987) (687) (142)
Reorganization of Fund (See Note 6) -- -- 4,303
------- ------- -------
17,448 106 8,561
------- ------- -------
Net Increase from Fund Share
Transactions.............. 17,449 106 4,814
------- ------- -------

Total Increase ................ 26,597 620 4,668

NET ASSETS
Beginning of period............... 9,913 9,293 4,625
------- ------- -------
End of period (net of overdistributed
net investment income of none,
none and $42, respectively).... $36,510 $ 9,913 $ 9,293
======= ======= =======

(a) The Fund changed its fiscal year end from June 30 to September 30.
Information presented is for the period July 1, 1999 through September 30, 1999.
(b) Class A shares were initially offered on July 31, 2000.

See notes to financial statements.
</TABLE>

15
<PAGE>

Stein Roe Small Company Growth Fund
--------------------------------------------------------------------------------
<TABLE>

Statement of Changes in Net Assets Continued
(In thousands)

YEAR PERIOD YEAR
ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, JUNE 30,
2000(B) 1999(A) 1999
------------ ------------ ----------
<S> <C> <C> <C>
NUMBER OF FUND SHARES
Sold - Class A.................... (c) -- 1
Issued for distributions reinvested -
Class A...................... -- -- 39
Repurchased - Class A............. -- -- (1)
Exchange of Class A shares
(See Note 6)................. -- -- (308)
------- ------- -------
(c) -- (269)
------- ------- -------
Issued for distributions reinvested -
Class B....................... -- -- 4
Termination of Class B shares
(See Note 6).................. -- -- (31)
------- ------- -------
-- -- (27)
------- ------- -------
Issued for distributions reinvested -
Class C....................... -- -- 4
Termination of Class C shares
(See Note 6).................. -- -- (31)
------- ------- -------
-- -- (27)
------- ------- -------
Sold - Class S.................... 1,205 61 371
Issued for distributions reinvested -
Class S...................... 56 -- --
Repurchased - Class S............. (349) (53) (12)
Reorganization of Fund (See Note 6) -- -- 368
------- ------- -------
912 8 727
------- ------- -------

(a) The Fund changed its fiscal year end from June 30 to September 30.
Information presented is for the period July 1, 1999 through September 30,
1999.
(b) Class A shares were initially offered on July 31, 2000.
(c) Rounds to less than one.

See notes to financial statements.

</TABLE>

16
<PAGE>

Notes to Financial Statements
--------------------------------------------------------------------------------
September 30, 2000

NOTE 1. ORGANIZATION
Stein Roe Small Company Growth Fund - Class S and Liberty Small Company Growth
Fund - Class A (collectively the "Fund") is a series of Liberty-Stein Roe Funds
Investment Trust (the Trust), an open-end management investment company
organized as a Massachusetts business trust. The Fund's investment objective is
to seek capital appreciation. The Fund may issue an unlimited number of shares.
Effective July 31, 2000 the Fund began offering Class A shares. The Fund offers
two classes of shares: Class A and Class S. Class S shares are offered
continuously at net asset value. Class A has its own sales charge and expense
structure. Please refer to the Fund's Class A prospectus for more information on
Class A shares. The financial highlights for Class A are presented in a separate
annual report.
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 revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements.
SECURITY VALUATION AND TRANSACTIONS:
Equity securities generally are valued at the last sale price or, in the case of
unlisted or listed securities for which there were no sales during the day, at
current quoted bid price.
Short-term obligations with a maturity of 60 days or less are valued at
amortized cost.
Portfolio positions for which market quotations are not readily available are
valued at fair value under procedures approved by the Trustees.
Security transactions are accounted for on the date the securities are
purchased, sold or mature.
Cost is determined and gains (losses) are based upon the specific
identification method for both financial statement and federal income tax
purposes.
FEDERAL INCOME TAXES:
Consistent with the Fund's policy to qualify as a regulated investment company
and to distribute all of its taxable income, no federal income tax has been
accrued.

17
<PAGE>

Notes to Financial Statements Continued
--------------------------------------------------------------------------------
DETERMINATION OF CLASS NET ASSET VALUES AND FINANCIAL HIGHLIGHTS
All income, expenses (other than Class A 12b-1 service fee and Class A and Class
S Transfer Agent fee), and realized and unrealized gains (losses) are allocated
to each class proportionately on a daily basis for purposes of determining the
net asset value of each class.
The per share data was calculated using the average shares outstanding during
the period.
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders are recorded on the ex-date.
The amount and character of income and gains to be distributed are determined
in accordance with income tax regulations which may differ from generally
accepted accounting principles. Reclassifications are made to the Fund's capital
accounts to reflect income and gains available for distribution (or available
capital loss carryforwards) under income tax regulations.
OTHER:
Interest income is recorded on the accrual basis. Dividend income is recorded on
the ex-dividend date. Corporate actions are recorded on the ex-date. The Fund's
custodian takes possession through the federal book-entry system of securities
collateralizing repurchase agreements. Collateral is marked-to-market daily to
ensure that the market value of the underlying assets remains sufficient to
protect the Fund. The Fund may experience costs and delays in liquidating the
collateral if the issuer defaults or enters bankruptcy.

NOTE 2. FEES AND COMPENSATION PAID TO AFFILIATES
MANAGEMENT FEE:
Stein Roe and Farnham, Inc. (the Advisor) is the investment Advisor of the
Fund and receives a monthly fee equal to 0.85% annually of the Fund's average
daily net assets.
ADMINISTRATIVE FEE:
The Advisor also provides accounting and other services for a monthly fee
equal to 0.15% annually of the Fund's average daily net assets.
BOOKKEEPING FEE:
The Advisor provides bookkeeping and pricing services for a monthly fee equal to
$25,000 annually plus 0.0025% annually of the Fund's average daily net assets
over $50 million.

18
<PAGE>

Notes to Financial Statements Continued
--------------------------------------------------------------------------------
TRANSFER AGENT FEE:
Liberty Funds Services, Inc., (the Transfer Agent), an affiliate of of the
Advisor, provides shareholder services for a monthly fee equal to 0.22% annually
of the Fund's average daily net assets and receives reimbursement for certain
out-of-pocket expenses. For more information on the Transfer Agent fee
applicable to Class A shares, please refer to the Fund's prospectus.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES
Liberty Funds Distributor, Inc. (the Distributor), a subsidiary of the
Advisor, is the Fund's principal underwriter.
The Fund has adopted a 12b-1 plan which requires it to pay the Distributor a
service fee on Class A net assets. The fee structure for the 12b-1 plan is
defined in the Class A prospectus.
EXPENSE LIMITS:
The Advisor has agreed, until further notice, to waive fees
and bear certain Fund expenses to the extent that total expenses (exclusive of
service fees, distribution fees, brokerage commissions, interest, taxes, and
extraordinary expenses, if any) exceed 1.50% annually of the Fund's average
daily net assets.
OTHER:
The Fund pays no compensation to its officers, all of whom are employees of the
Advisor or Administrator.

NOTE 3. PORTFOLIO INFORMATION
INVESTMENT ACTIVITY:
During the year ended September 30, 2000, purchases and sales of
investments, other than short-term obligations, were $48,872,070 and
$35,318,442, respectively.
Unrealized appreciation (depreciation) at September 30, 2000, based on cost
of investments for federal income tax purposes was:

Gross unrealized
appreciation: $ 7,666,449
Gross unrealized
depreciation: (2,870,773)
----------
Net unrealized
appreciation: $ 4,795,676
==========
OTHER:
The Fund may focus its investments in certain industries, subjecting it to
greater risk than a fund that is more diversified.

19
<PAGE>

Notes to Financial Statements Continued
--------------------------------------------------------------------------------
NOTE 4. LINE OF CREDIT
The Liberty-Stein Roe Funds Investment Trust participates in unsecured line of
credit agreements provided by the custodian bank consisting of two components.
The committed line of credit entitles the Trust to borrow from the custodian at
any time upon notice from the Trust. The uncommitted line of credit permits the
Trust to borrow from the custodian at the custodian's sole discretion. The
aggregate borrowings available to the Trust for the committed and uncommitted
lines of credit are $200 million and $100 million, respectively. Borrowings may
be made to temporarily finance repurchase of Fund shares. Interest is charged to
the trust and, ultimately, the Fund based on its borrowings. In addition, a
commitment fee of 0.10% per annum on the Fund's unused commitment shall be paid
quarterly by the Fund based on the relative asset size of the Fund to the Trust
as a whole. The commitment fee is included in other expenses on the Statement of
Operations. For the year ended September 30, 2000, the Trust and Fund had no
borrowings under the agreement.

NOTE 5. OTHER RELATED PARTY TRANSACTIONS
During the year ended September 30, 2000, the Fund used Alphatrade, a wholly
owned subsidiary of Colonial Management Associates, Inc., as a broker. Total
commissions paid to Alphatrade during the year were $892.

20
<PAGE>

Notes to Financial Statements Continued
--------------------------------------------------------------------------------
NOTE 6. REORGANIZATION, UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES
The Fund was reorganized into a single class fund as of February 3, 1999. On
that date, Class A shares of the Colonial Aggressive Growth Fund (CAGF) were
exchanged into a single series of the Fund (Class S). Class B and Class C shares
were terminated. For the period July 1, 1998 through February 2, 1999, Liberty
Funds Distributor, Inc., (the Distributor), an affiliate of the Advisor, was
CAGF's principal underwriter. The Distributor retained no net underwriting
discounts on CAGF's Class A shares and no contingent deferred sales charges on
Class A, Class B or Class C share redemptions.
From July 1, 1998 through February 2, 1999, CAGF operated under a 12b-1 plan,
which required the payment of a service fee to the Distributor equal to 0.25%
annually of CAGF's net assets as of the 20th of each month. The plan also
required the payment of a distribution fee equal to 0.75% annually of the
average net assets attributable to Class B and Class C shares only. Any CDSC and
fees received from the 12b-1 plan were used principally as repayment to the
Distributor for amounts paid by the Distributor to dealers who sold such shares.

21
<PAGE>

Financial Highlights
--------------------------------------------------------------------------------
Selected data for a share of each class outstanding throughout each period are
as follows:

Year Period
ended ended
September September
30, 30,
--------- --------- ----------------------------------------------------
2000 1998
Class S 1999(c) 1999(d) Class A Class B
--------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value - Beginning of period......... $13.50 $ 12.79 $ 14.39 $ 12.65 $ 12.54
--------- ---------- --------- ---------- ----------
Income From Investment Operations:
Net investment loss (a)(b).................... (0.18) (0.03) (0.09) (0.14) (0.24)
Net realized and unrealized gain.............. 9.86 0.74 0.19 2.78 2.75
--------- ---------- --------- ---------- ----------
Total from Investment Operations......... 9.68 0.71 0.10 2.640 2.51
--------- ---------- --------- ---------- ----------
Less Distributions Declared to Shareholders:
From net investment income.................... -- -- -- -- --
From net realized gains....................... (1.01) -- (1.70) (0.90) (0.90)
--------- ---------- --------- ---------- ----------
Total Distributions Declared
to Shareholders......................... (1.01) -- (1.70) (0.90) (0.90)
--------- ---------- --------- ---------- ----------
Net asset value - End of period............... $22.17 $ 13.50 $ 12.79 $ 14.39 $ 14.15
========= ========== ========= ========== ==========
Total return (f)(g)........................... 75.42% 5.55%(h) 1.71% 21.56% 20.68%
========= ========== ========= ========== ==========
Ratios To Average Net Assets
Expenses (i).................................. 1.50% 1.50%(j) 1.52% 1.55% 2.30%
Fees and expenses waived or borne by
the Advisor (i).......................... 0.44% 2.23%(j) 2.53% 2.21% 2.21%
Net investment loss (i)....................... (0.92)% (0.93)%(j) (0.78)% (1.04)% (1.79)%
Portfolio turnover............................ 160% 27%(h) 105% 70% 70%
Net assets at end of period (000's)........... $ 36,509 $ 9,913 $ 9,293 $ 3,867 $ 379

(a) Net of fees and expenses waived or borne by the
Advisor which amounted to:............... $ 0.09 $ 0.07 $ 0.31 $ 0.30 $ 0.30
(b) Per share data was calculated using average shares outstanding during the
period. (c) The Fund changed its fiscal year end from June 30 to September
30. Information presented is for the period July 1, 1999 through September
30, 1999.
(d) On February 3, 1999, Class B and Class C shares were terminated. Please see
Note 6 in Notes to Financial Statements.
(e) The Fund commenced investment operations on March 25, 1996. The activity
shown is from the effective date of registration (March 31, 1996) with the
Securities and Exchange Commission.
(f) Total return at net asset value assuming all distributions reinvested and
no initial sales charge or contingent deferred sales charge.
(g) Had the Advisor not waived or reimbursed a portion of expenses, total
return would have been reduced.
(h) Not annualized.
(i) The benefits derived from custody credits and directed brokerage
arrangements had an impact of 0.01% for the year ended September 30, 2000.
(j) Annualized.

22
<PAGE>

Years ended June 30,
---------------------------------------------------------------------------------------------
1997 1996(e)
Class C Class A Class B Class C Class A Class B Class C
-------- -------- -------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value - Beginning
of period...................... $ 12.54 $ 11.30 $ 11.28 $ 11.28 $ 10.11 $ 10.11 $ 10.11
-------- -------- -------- --------- -------- -------- --------
Income From Investment Operations:
Net investment loss (a)(b).......... (0.24) (0.11) (0.20) (0.20) (0.02) (0.04) (0.04)
Net realized and unrealized gain.... 2.75 1.48 1.48 1.48 1.21 1.21 1.21
-------- -------- -------- --------- -------- -------- --------
Total from Investment
Operations..................... 2.51 1.37 1.28 1.28 1.19 1.17 1.17
-------- -------- -------- --------- -------- -------- --------
Less Distributions Declared
to Shareholders:
From net investment income.......... -- (0.01) -- -- -- -- --
From net realized gains............. (0.90) (0.01) (0.02) (0.02) -- -- --
-------- -------- -------- --------- -------- -------- --------
Total Distributions Declared
to Shareholders................ (0.90) (0.02) (0.02) (0.02) -- -- --
-------- -------- -------- --------- -------- -------- --------
Net asset value - End of period..... $ 14.15 $ 12.65 $ 12.54 $ 12.54 $ 11.30 $ 11.28 $ 11.28
======== ======== ======== ========= ======== ======== ========
Total return (f)(g)................. 20.68% 12.14% 11.31% 11.31% 11.77%(h) 11.57%(h) 11.57%(h)
======== ======== ======== ========= ======== ======== ========
Ratios To Average Net Assets
Expenses (i)........................ 2.30% 1.55% 2.30% 2.30% 1.55%(j) 2.30%(j) 2.30%(j)
Fees and expenses waived or borne by
the Advisor (i)................ 2.21% 2.57% 2.57% 2.57% 1.38%(j) 1.38%(j) 1.38%(j)
Net investment loss (i)............. (1.79)% (0.99)% (1.74)% (1.74)% (0.58)%(j) (1.33)%(j) (1.33)%(j)
Portfolio turnover.................. 70% 54% 54% 54% 0%(h) 0%(h) 0%(h)
Net assets at end of period (000's). $ 379 $ 3,185 $ 314 $ 314 $ 2,826 $ 282 $ 282

(a) Net of fees and expenses waived or borne by the
Advisor which amounted to:..... $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.04 $ 0.04 $ 0.04

</TABLE>
--------------------------------------------------------------------------------
Federal Income Tax Information (unaudited)
For the fiscal year ended September 30, 2000, the Fund designates long-term
capital gains of $1,545,897.
--------------------------------------------------------------------------------

23
<PAGE>

Report of Independent Accountants
-------------------------------------------------------------------------------

To the Trustees of Liberty-Stein Roe Funds Investment Trust and Class S
Shareholders of Stein Roe Small Company Growth Fund

In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the Class S financial highlights present fairly, in
all material respects, the financial position of Stein Roe Small Company Growth
Fund, (the "Fund")(a series of Liberty-Stein Roe Funds Investment Trust) at
September 30, 2000, the results of its operations, the changes in its net assets
and the financial highlights for the periods indicated, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
November 20, 2000

24
<PAGE>

Liberty-Stein Roe Funds Investment Trust
--------------------------------------------------------------------------------

TRUSTEES
John A. Bacon, Jr.
Private Investor
William W. Boyd
Chairman and Director, Sterling Plumbing
Group Inc.
Lindsay Cook
Executive Vice President, Liberty Financial
Companies, Inc.
Douglas A. Hacker
Executive Vice President and Chief Financial
Officer, United Airlines
Janet Langford Kelly
Executive Vice President, Secretary and General
Counsel, Kellogg Company
Charles R. Nelson
Van Voorhis Professor of Political Economy,
University of Washington
Thomas C. Theobald
Managing Director, William Blair Capital Partners

OFFICERS
Stephen E. Gibson, President
William D. Andrews, Executive Vice President
Loren A. Hansen, Executive Vice President
Kevin M. Carome, Executive Vice President,
Secretary

AGENTS AND ADVISORS
Stein Roe & Farnham Incorporated
Investment Advisor
State Street Bank and Trust Company
Custodian
Liberty Funds Services, Inc.
Transfer Agent
Bell, Boyd & Lloyd, LLC
Legal Counsel to the Trust
PricewaterhouseCoopers LLP
Independent Accountants

<PAGE>

THE STEIN ROE MUTUAL FUNDS

FIXED INCOME FUNDS
Cash Reserves Fund
Municipal Money Market Fund
Intermediate Municipals Fund
Managed Municipals Fund
High-Yield Municipals Fund
Intermediate Bond
Fund Income
Fund High Yield Fund

EQUITY FUNDS
Balanced Fund
Growth & Income Fund
Disciplined Stock Fund
Growth Stock Fund
Growth Investor Fund
Young Investor Fund
Focus Fund
Midcap Growth Fund
Capital Opportunities Fund
Small Company Growth Fund

INTERNATIONAL FUNDS
Asia Pacific Fund
Small Cap Tiger Fund
International Fund

Stein Roe Mutual Funds
P.O. Box 8900
Boston, MA 02205-8900
Financial Advisors call: 800-322-0593
Shareholders call: 800-338-2550
www.steinroe.com

In Chicago, visit our Fund Center at One South Wacker Drive

Liberty Funds Distributor, Inc.

S13-02/204D-0900 (11/00)
00/2115