File No. 33-11351
Rule 497(e)
STEIN ROE INVESTMENT TRUST
Stein Roe Balanced Fund
Stein Roe Growth & Income Fund
Stein Roe Growth Stock Fund
Stein Roe Disciplined Stock Fund
(formerly Stein Roe Special Fund)
Stein Roe Large Company Focus Fund
Stein Roe Special Venture Fund
Stein Roe Capital Opportunities Fund
Stein Roe Midcap Growth Fund
(formerly Stein Roe Growth Opportunities Fund)
Supplement to Feb. 1, 1999 Statement of Additional Information
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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:
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.
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:
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.
STEIN ROE SPECIAL VENTURE FUND
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.
This Supplement is Dated June 8, 1999
