This study documents substantial variation in reproductive traits among populations of stream‐dwelling brown trout (Salmo truttaL.) at a very small geographic scale. Within two streams, we found a parallel pattern of variation, where females living above major waterfalls produced fewer and larger eggs than conspecifics from below the waterfalls. Four additional streams were represented with either a below‐waterfall site (n=2) or an above‐waterfall site (n=2). When these streams were included in the analyses, there was no consistent difference in reproductive traits between females from above‐ and below‐waterfall sites. There was no significant difference in total reproductive investment among sites within streams, but considerable variation among streams. Female first‐year growth rates was estimated from scales, and differed significantly among populations. Within streams, females from below waterfalls experienced higher first‐year growth rates as compared to females from above the waterfalls. Within seven out of eight populations, egg size increased significantly with increasing female body length. Within three populations, we found evidence for a trade‐off between offspring size and offspring number, as a negative association between fecundity and egg size independently of adult body size. Within three populations egg size decreased significantly with increasing maternal first‐year growth, independently of adult body size. We suggest that the within‐stream differences in offspring size/number strategies are influenced by population density and growth effects. Earlier, we have shown that population densities are consistently lower below the waterfalls in these streams. The Alpine bullhead (Cottus poecilopus) is found only below the waterfalls and could influence brown trout demography.