File No. 33-14954
Rule 497(e)
STEINROE VARIABLE INVESTMENT TRUST
SUPPLEMENT DATED MAY 5, 1999
TO PROSPECTUS DATED MAY 1, 1999
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FUND NAME CHANGE
The name of Stein Roe Special Venture Fund, Variable Series is
changed to Stein Roe Small Company Growth Fund, Variable Series
effective May 5, 1999.
PERFORMANCE TABLE
The performance table shows how the average annual returns of the
Fund compare with those of a broad measure of market performance
for one year, five years and 10 years. The Fund's designated
benchmark has been changed from the Russell 2000 Index to the S&P
Small-Cap 600 Index. The S&P 600 measures the performance of
selected U.S. stocks with a small market capitalization. The
table is intended to illustrate some of the risks of investing in
the Fund by showing the changes in the Fund's performance. All
returns include the reinvestment of dividends and distributions.
As with all mutual funds, past performance does not predict the
Fund's future performance. Performance results include any
expense reduction arrangements. If these arrangements were not in
place, then the performance results would have been lower. Any
reduction arrangements may be discontinued at any time. The
Fund's performance results do not reflect the cost of insurance
and separate account charges which are imposed under your VA
contract or VLI policy.
1 Year 5 Years 10 Years
Stein Roe Small Company
Growth Fund, Variable Series -17.30% 5.06% 12.52%
S&P Small-Cap 600 Index* -1.31% 13.22% 13.19%
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*The S&P Small-Cap 600 Index is an unmanaged group of stocks that
differs from the Fund's composition; it is not available for
direct investment.
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