File No. 33-11351
Rule 497(e)
STEIN ROE INVESTMENT TRUST
Stein Roe Special Venture Fund
Supplement to Feb. 1, 1999 Prospectus
___________________
The Board of Trustees voted on May 4, 1999, to liquidate Stein Roe
Special Venture Fund. The Board directed that sales of Special
Venture Fund shares be suspended as of the close of business on
May 10, 1999, and that the Fund be liquidated on June 28, 1999, or
before that time if all shareholders have redeemed their interests
in the Fund. In the case of shares held in qualified retirement
plans for which Stein Roe does not receive transfer instructions
by the liquidation date, Stein Roe will transfer such shares to
Stein Roe Cash Reserves Fund.
The Board's decision to liquidate Special Venture Fund was
prompted by the Fund's relatively small size and the belief that,
under current conditions, it would not be likely to attract
significant new assets in the near future. Funds of nominal asset
size generally tend to be inefficient for shareholders-they may
have higher expense ratios, less investment flexibility and,
consequently, lower returns over the long term.
This Supplement is Dated May 10, 1999
<PAGE>
STEIN ROE INVESTMENT TRUST
Stein Roe Special Venture Fund
Supplement to Feb. 25, 1999 Defined Contribution Plans Prospectus
___________________
The Board of Trustees voted on May 4, 1999, to liquidate Stein Roe
Special Venture Fund. The Board directed that sales of Special
Venture Fund shares be suspended as of the close of business on
May 10, 1999, and that the Fund be liquidated on June 28, 1999, or
before that time if all shareholders have redeemed their interests
in the Fund. In the case of shares held in qualified retirement
plans for which Stein Roe does not receive transfer instructions
by the liquidation date, Stein Roe will transfer such shares to
Stein Roe Cash Reserves Fund.
The Board's decision to liquidate Special Venture Fund was
prompted by the Fund's relatively small size and the belief that,
under current conditions, it would not be likely to attract
significant new assets in the near future. Funds of nominal asset
size generally tend to be inefficient for shareholders-they may
have higher expense ratios, less investment flexibility and,
consequently, lower returns over the long term.
This Supplement is Dated May 10, 1999
