File No. 33-11351
Rule 497(e)
STEIN ROE INVESTMENT TRUST
Stein Roe Total Return Fund
Supplement to Prospectus dated February 1, 1996
Change in Name, Objective and Policy. At its meeting on
February 7, 1996, the Board of Trustees of Stein Roe Investment
Trust voted to change the Fund into a "balanced fund." (The
Fund's corporate predecessor had been a balanced fund from its
inception in 1949 until 1983.) Effective April 17, 1996, the
Fund's name will change to Stein Roe Balanced Fund and its
objective and policy will be revised to read as follows:
The Fund seeks long-term growth of capital and current
income, consistent with reasonable investment risk. The
Fund's assets are allocated among equities, debt
securities, and cash. The portfolio manager determines
those allocations using the Adviser's investment
strategists' views regarding economic, market, and other
factors relative to investment opportunities.
The equity portion of the Fund's portfolio is invested
primarily in well-established companies having market
capitalizations in excess of $1 billion. Under normal
market conditions, debt securities will make up at least
25% of the Fund's total assets. Investments in debt
securities are limited to those that are within the four
highest grades (generally referred to as "investment
grade") assigned by a nationally recognized statistical
rating organization or, if unrated, determined by the
Adviser to be of comparable quality.
Portfolio Manager Change. Robert A. Christensen, who has
managed the Fund's portfolio since 1981, has announced his
retirement from Stein Roe & Farnham Incorporated (the "Adviser")
on April 1, 1996. Harvey B. Hirschhorn, Executive Vice
President, Chief Economist and Investment Strategist for the
Adviser, has been named as new portfolio manager commencing with
Mr. Christensen's retirement. At that time, Lynn C. Maddox, who
has co-managed the Fund for the last year, will step down to
devote more time to other responsibilities at the Adviser.
Sandra Knight will join William Garrison as associate portfolio
managers of the Fund.
The Date of this Supplement is February 15, 1996
