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File No. 333-17255 Rule No. 497(e) STEIN ROE ADVISOR TRUST Stein Roe Advisor Young Investor Fund Supplement to February 14, 1997, Prospectus _______________ Arthur J. McQueen has stepped down as co-portfolio manager of SR&F Growth Investor Portfolio effective May 9, 1997, in order to devote more time to managing another Stein Roe Mutual Fund. The Portfolio will continue to be co- managed by Erik Gustafson and David Brady. This Supplement is Dated May 9, 1997
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