<PAGE>
Filed Pursuant to Rule 497(e)
Registration No. 33-16439
ROBERTSON STEPHENS INVESTMENT TRUST
PROSPECTUS SUPPLEMENT DATED JUNE 13, 1996
to Prospectus dated November 15, 1995
ROBERTSON STEPHENS CONTRARIAN FUND
Principally as a result of significant stock price appreciation, at the date of
this Prospectus Supplement, approximately 21% of the Contrarian Fund's total
assets were invested in common stock of Diamond Fields Resources, a Canadian
corporation. As a result, a decline in the stock price of Diamond Fields
Resources would have a significant adverse effect on the net asset value of the
Fund.
ALL FUNDS
The information in the Table entitled "Annual Fund Operating Expenses" and in
the "Example" on page 2 of the Prospectus relating to the Developing Countries,
Global Low-Priced Stock, Global Natural Resources, Information Age, Partners,
and Value + Growth Funds is deleted and replaced in its entirety by the
following:
ANNUAL FUND OPERATING EXPENSES:
(as a percentage of average net assets)
<TABLE>
<CAPTION>
Global Global
Developing Low-Priced Natural Information Value +
Countries Stock Resources Age Partners Growth(2)
<S> <C> <C> <C> <C> <C> <C>
Management Fees 1.25% 1.00% 1.00% 1.00% 1.25% 1.00%
Rule 12b-1 Expenses 0.25%(1) 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.33%(1) 0.70%(1) 0.70%(1) 0.95% 0.45%(1) 0.43%
(reflecting voluntary ------- ------- ------- ----- -------- -----
expense limitations)
Total Fund Operating 1.83%(1) 1.95%(1) 1.95%(1) 2.20% 1.95%(1) 1.68%
Expenses (reflecting
voluntary expense
limitations)
</TABLE>
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(1) Reflecting voluntary expense limitations. In the absence of such
limitations, Other Expenses and Total Fund Operating Expenses for the Developing
Countries Fund would be 1.96% and 3.46%, respectively; and estimated Other
Expenses and Total Fund Operating Expenses for each the other Funds would be
approximately as follows: Global Low-Priced Stock Fund -- 5.65% and 6.90%,
respectively; Global Natural Resources Fund -- 4.95% and 6.20%, respectively;
and Partners Fund -- 2.70% and 4.20%, respectively. The Developing Countries
Fund has limited payments under its Rule 12b-1 Plan to 0.25%; in the absence of
that limitation, such payments would be made at the rate of 0.50%.
(2) Reflecting implementation of Distribution Plan. See "Robertson Stephens
Value + Growth Fund," below.
EXAMPLE
1 Year 3 Years 5 Years 10 Years
The Developing Countries Fund $19 $58 $99 $215
The Global Low-Priced Stock Fund $20 $61 N/A N/A
The Global Natural Resources Fund $20 $61 N/A N/A
The Information Age Fund $22 $69 N/A N/A
The Partners Fund $20 $61 N/A N/A
Value +Growth Fund $17 $53 $91 $199
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The Financial Highlights below supplement the table on page 3 of the prospectus.
FINANCIAL HIGHLIGHTS
THE CONTRARIAN FUND, THE DEVELOPING COUNTRIES FUND, THE EMERGING GROWTH FUND,
THE GROWTH & INCOME FUND, THE PARTNERS FUND AND THE VALUE + GROWTH FUND
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The financial highlights presented below, covering the periods ended
September 30, 1995 for each Fund, have not been audited.
<TABLE>
<CAPTION>
CONTRARIAN DEVELOPING EMERGING GROWTH & PARTNERS VALUE +
FUND COUNTRIES FUND GROWTH FUND INCOME FUND FUND GROWTH FUND
For the Period For the Period
For the Six For the Six For the Six 7/12/95 7/12/95 For the Six
Months Ended Months Ended Months Ended through through Months Ended
9/30/95 9/30/95 9/30/95 9/30/95 9/30/95 9/30/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . $10.70 $8.57 $18.36 $10.00 $10.00 $18.25
Income From Investment Operations:
Net investment income/(loss) . . . . . . 0.01 (0.01) (0.08) 0.01 0.04 (0.11)
Net realized gain/(loss) and unrealized
appreciation/(depreciation)
on investments . . . . . . . . . . . 2.55 0.53 2.57 0.75 0.15 8.41
-------- ------ ------- ------- ------- ------
Total from investment operations . . . . 2.56 0.52 2.49 0.76 0.19 8.30
Distributions:
Dividends from net investment income . . - - - - - -
Distribution from net realized
capital gain . . . . . . . . . . . . . - - (0.42) - - -
-------- ------ ------- ------- ------- ------
Total from investment operations . . . . . - - (0.42) - - -
Net asset value, end of period . . . . . $13.26 $9.09 $20.43 $10.76 $10.19 $26.55
Total Return . . . . . . . . . . . . . 23.93% 6.07% 13.80% 7.60% 1.90% 45.48%
Ratios/Supplemental Data:
Net assets, end of period (thousands) . . $506,239 $17,646 $180,462 $101,539 $8,306 $1,385,628
Ratio of net operating expenses to
average net assets . . . . . . . . . . . 2.34%(1)* 2.29%(2)* 1.57%* 1.95%* 2.88%(3)* 1.37%*
Ratio of net investment income/(loss)
to average net assets . . . . . . . . . . 0.14%(1)* (0.26)%(2)* (0.84)%* 0.30%* 1.66%(3)* (0.96)%*
Portfolio turnover rate . . . . . . . . . 34% 65% 107% 21% 35% 40%
</TABLE>
Per share data is determined by using the average number of shares outstanding
throughout the period.
* ANNUALIZED
(1) IF THE CONTRARIAN FUND HAD PAID ALL OF ITS EXPENSES AND THERE HAD BEEN NO
REIMBURSEMENT BY ROBERTSON, STEPHENS & COMPANY INVESTMENT MANAGEMENT, L.P.
("RSIM, L.P."), THE RATIO OF EXPENSES TO AVERAGE NET ASSETS FOR THE SIX
MONTHS ENDED SEPTEMBER 30, 1995 WOULD HAVE BEEN 2.52%, AND THE RATIO OF NET
INVESTMENT (LOSS) TO AVERAGE NET ASSETS WOULD HAVE BEEN (0.04)%.
(2) IF THE DEVELOPING COUNTRIES FUND HAD PAID ALL OF ITS EXPENSES AND THERE HAD
BEEN NO REIMBURSEMENT BY RSIM, L.P., THE RATIO OF EXPENSES TO AVERAGE NET
ASSETS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995 WOULD HAVE BEEN 3.41%,
AND THE RATIO OF NET INVESTMENT (LOSS) TO AVERAGE NET ASSETS WOULD HAVE
BEEN (1.38)%.
(3) IF THE PARTNERS FUND HAD PAID ALL OF ITS EXPENSES AND THERE HAD BEEN NO
REIMBURSEMENT BY RSIM, L.P., THE RATIO OF EXPENSES TO AVERAGE NET ASSETS
FOR THE PERIOD ENDED SEPTEMBER 30, 1995 WOULD HAVE BEEN 5.71%, AND THE
RATIO OF NET INVESTMENT (LOSS) TO AVERAGE NET ASSETS WOULD HAVE BEEN
(1.17)%.
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ROBERTSON STEPHENS EMERGING GROWTH FUND
James Callinan is responsible for managing the Emerging Growth Fund's
portfolio. Mr. Callinan has more than nine years of investment research and
management experience. From 1986 until June 1996, Mr. Callinan was employed
by Putnam Investments, where, beginning in June 1994, he served as portfolio
manager to the Putnam OTC Emerging Growth Fund, a mutual fund investing
primarily in small- to medium-sized companies. Mr. Callinan is a graduate of
Harvard College and received an MBA from Harvard Business School, and is a
Certified Financial Analyst.
ROBERTSON STEPHENS VALUE + GROWTH FUND
The Value + Growth Fund has adopted a Distribution Plan, pursuant to which the
Fund makes payments to Robertson, Stephens & Company LLC ("RS&Co."), its
distributor, accrued daily and paid monthly, at the annual rate of 0.25% of the
Fund's average daily net assets. The Distribution Plan is intended to
compensate RS&Co. for the services it provides and for the expenses it bears in
connection with the offering of the Fund's shares. Robertson, Stephens &
Company Investment Management, L.P., the Fund's investment adviser, has agreed
to reduce the management fees payable to it by an amount equal to the payments
received by RS&Co. under the Distribution Plan.
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