<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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055 B000800 N
<PAGE> PAGE 20
056 000800 Y
057 000800 N
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 7.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 3.0
062 N000800 61.0
062 O000800 0.0
062 P000800 29.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 19.6
064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
<PAGE> PAGE 21
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 21665
071 B000800 19517
071 C000800 94280
071 D000800 21
072 A000800 6
072 B000800 3370
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 198
072 G000800 75
072 H000800 0
072 I000800 4
072 J000800 6
072 K000800 0
072 L000800 0
072 M000800 7
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 13
072 R000800 8
072 S000800 0
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 43
072 X000800 354
072 Y000800 0
072 Z000800 3016
072AA000800 253
072BB000800 309
072CC010800 0
072CC020800 2928
072DD010800 5059
072DD020800 0
072EE000800 0
<PAGE> PAGE 22
073 A010800 0.5500
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 55
074 B000800 0
074 C000800 7293
074 D000800 95724
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 2470
074 K000800 1
074 L000800 1377
074 M000800 9
074 N000800 106928
074 O000800 2873
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 220
074 S000800 0
074 T000800 103835
074 U010800 10139
074 U020800 0
074 V010800 0.00
074 V020800 0.00
074 W000800 0.0000
074 X000800 0
074 Y000800 0
075 A000800 0
075 B000800 99970
076 000800 0.00
024 000900 Y
025 A000901 ASSOC. CORP. OF N.A.
025 C000901 D
025 D000901 3325
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 8257
028 A020900 816
028 A030900 0
<PAGE> PAGE 23
028 A040900 4716
028 B010900 10086
028 B020900 367
028 B030900 0
028 B040900 3005
028 C010900 11247
028 C020900 457
028 C030900 0
028 C040900 5487
028 D010900 7865
028 D020900 963
028 D030900 0
028 D040900 5337
028 E010900 8417
028 E020900 429
028 E030900 0
028 E040900 3904
028 F010900 11875
028 F020900 902
028 F030900 0
028 F040900 6463
028 G010900 57747
028 G020900 3934
028 G030900 0
028 G040900 28912
028 H000900 0
029 000900 N
030 A000900 0
030 B000900 0.00
030 C000900 0.00
034 000900 N
035 000900 0
036 B000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 3.0
062 H000900 0.0
062 I000900 89.0
062 J000900 0.0
<PAGE> PAGE 24
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 8.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 28
063 B000900 0.0
064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 Y
070 Q020900 N
<PAGE> PAGE 25
070 R010900 Y
070 R020900 N
071 A000900 0
071 B000900 0
071 C000900 0
071 D000900 0
072 A000900 6
072 B000900 2908
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 207
072 G000900 87
072 H000900 0
072 I000900 4
072 J000900 0
072 K000900 0
072 L000900 6
072 M000900 0
072 N000900 0
072 O000900 0
072 P000900 13
072 Q000900 12
072 R000900 2
072 S000900 0
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 16
072 X000900 347
072 Y000900 0
072 Z000900 2561
072AA000900 0
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072CC020900 0
072DD010900 2569
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073 A010900 0.0500
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 203
074 B000900 0
074 C000900 125769
074 D000900 8016
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
<PAGE> PAGE 26
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 153
074 M000900 80
074 N000900 134221
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 120
074 S000900 0
074 T000900 134101
074 U010900 134101
074 U020900 0
074 V010900 0.00
074 V020900 0.00
074 W000900 0.9986
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074 Y000900 0
075 A000900 110311
075 B000900 0
076 000900 0.00
SIGNATURE GAIL KNUDSEN
TITLE VICE PRESIDENT
To the Board of Trustees:
Stein Roe Income Trust
Stein Roe Municipal Trust
SR&F Base Trust
Stein Roe Trust
Stein Roe Advisor Trust
In planning and performing our audits of the financial statements of each of the
Stein Roe Funds and SR&F Portfolios listed in the Appendix attached hereto (the
Trusts) for the year ended June 30, 1999, we considered their internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and not
to provide assurance on the internal control.
The management of the Trusts is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
<PAGE>
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above at June 30, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of the Trusts and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
[GRAPHIC OMITTED]
August 11, 1999
<PAGE>
Appendix
Stein Roe Funds and SR&F Portfolios audited for the year ended June 30, 1999:
Series of the Stein Roe Income Trust:
Stein Roe Cash Reserves Fund
Stein Roe Intermediate Bond Fund
Stein Roe Income Fund
Stein Roe High Yield Fund
Series of the Stein Roe Municipal Trust:
Stein Roe Municipal Money Market Fund
Stein Roe Intermediate Municipals Fund
Stein Roe Managed Municipals Fund
Stein Roe High-Yield Municipals Fund
Series of the SR&F Base Trust:
SR&F High Yield Portfolio
SR&F Income Portfolio
SR&F Intermediate Bond Portfolio
SR&F Cash Reserves Portfolio
SR&F Municipal Money Market Portfolio
SR&F High Yield Municipals Portfolio
Series of the Stein Roe Trust:
Stein Roe Institutional Client High Yield Fund
Series of the Stein Roe Advisor Trust:
Stein Roe Advisor Intermediate Bond Fund
Stein Roe Advisor High Yield Municipals
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000815425
<NAME> STEIN ROE VARIABLE INVESTMENT TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 3078
<NUMBER-OF-SHARES-REDEEMED> (1968)
<SHARES-REINVESTED> 1796
<NET-CHANGE-IN-ASSETS> 38551
<ACCUMULATED-NII-PRIOR> 10078
<ACCUMULATED-GAINS-PRIOR> 18823
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1253
<AVERAGE-NET-ASSETS> 378943
<PER-SHARE-NAV-BEGIN> 17.14
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<EXPENSE-RATIO> 0.59
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
