<PAGE>
ROBERTSON STEPHENS INVESTMENT TRUST
SUPPLEMENT
to Statement of Additional Information dated August 15, 1996
The information on page B-22 of the Statement of Additional Information relating
to Mr. James Peterson, is replaced in its entirety by the following:
JAMES PETERSON, Trustee
c/o Robertson, Stephens & Company LLC, 555 California Street, San Francisco, CA
94104
Mr. Peterson, 55, is a private consultant; he served as Director of the IBM
Retirement Funds from April 1988 until October 1996. Mr. Peterson was a Manager
of the IBM Retirement Funds from March 1981 until April 1988. Mr. Peterson has
been a Trustee of the Trust since June 1987.
December 2, 1996