File No. 33-11351
Rule 497(e)
STEIN ROE INVESTMENT TRUST
Supplement to Feb. 1, 1999 Prospectus
_______________________________
STEIN ROE SPECIAL FUND
Effective May 6, 1999, the name of Stein Roe Special Fund is
changed to Stein Roe Disciplined Stock Fund. The Fund's principal
investment strategy is changed to the following:
Principal Investment Strategy Disciplined Stock Fund invests all
of its assets in SR&F Disciplined Stock Portfolio as part of a
master fund/feeder fund structure. Under normal market
circumstances, Disciplined Stock Portfolio will invest primarily
in common stocks of midcapitalization companies. The Portfolio
may also invest in companies having large-market capitalizations.
The Portfolio may invest up to 25 percent of its assets in foreign
stocks. The portfolio will be "blend" in nature, meaning that the
manager will exercise latitude in investing in the stocks of
companies that have "growth" and/or "value" characteristics. The
portfolio manager will generally avoid growth stocks with very
high relative price/earnings ratios and growth rates. These
strategies reflect the Fund's more conservative posture than a
fund investing only in growth stocks. In selecting stocks with
value characteristics, the portfolio manager will look for
companies that are undervalued and are perhaps growing more
slowly, but whose valuation may be attractive based on factors
such as an improved earnings outlook, increasing free cash flow,
new product initiatives or changes in management.
The first paragraph on page 30 of the prospectus, describing
principal investment risks, is changed to read as follows:
Investments in stocks of midsized companies can be riskier than
investments in larger companies. Midsized companies often have
limited product lines, operating histories, markets, or financial
resources. They may depend heavily on a smaller management group
than larger companies. Midsized companies may trade less
frequently, in smaller volumes, and fluctuate more sharply in
price than larger companies. In addition, they may not be widely
followed by the investment community, which can lower the demand
for their stock.
Effective May 6, 1999, the portfolio manager of Stein Roe
Disciplined Stock Fund and SR&F Disciplined Stock Portfolio is
Daniel K. Cantor. Mr. Cantor has also been portfolio manager of
SR&F Growth & Income Portfolio since its inception in 1997 and
manager of Stein Roe Growth & Income Fund since 1995. He joined
Stein Roe in 1985 as an equity analyst and served as an advisor to
Stein Roe Private Capital Management from 1992 to 1995. Mr.
Cantor was a co-manager of Stein Roe Young Investor Fund from 1994
to 1995. Mr. Cantor is a senior vice president of Stein Roe. A
chartered financial analyst, he received a B.A. degree from the
University of Rochester and an M.B.A. degree from the Wharton
School of the University of Pennsylvania.
Prior to Mr. Cantor becoming portfolio manager, the Fund generally
purchased stocks of companies that the portfolio manager believed
were undervalued, underfollowed or out of favor. Mr. Cantor will
implement the Fund's revised principal investment strategy as soon
as is practicable in the ordinary course of managing the Fund's
investment portfolio.
STEIN ROE GROWTH OPPORTUNITIES FUND
Effective May 6, 1999, the name of Stein Roe Growth Opportunities
Fund is changed to Stein Roe Midcap Growth Fund. The Fund's
principal investment strategy is changed to the following:
Principal Investment Strategy Under normal market conditions,
the Fund invests at least 65 percent of its assets in common
stocks of midcap companies that the portfolio managers believe
have long-term growth potential. The Fund may also invest in
small- and large-capitalization companies. The Fund may invest up
to 25 percent of its assets in foreign stocks. To select
investments for the Fund, the portfolio managers consider midcap
companies that show the potential to generate and sustain long-
term earnings growth at above-average rates. The portfolio
managers select companies based on their view of long-term rather
than short-term earnings growth prospects.
Prior to this change, the Fund invested in common stocks of large-
, mid- and small capitalization companies without any
predetermined emphasis on any single capitalization category. The
Fund's portfolio managers will implement the Fund's revised
principal investment strategy as soon as is practicable in the
ordinary course of managing the Fund's investment portfolio.
This Supplement is Dated May 21, 1999
