<PAGE>
Filed Pursuant to Rule 497(e)
Registration No. 33-16439
ROBERTSON STEPHENS INVESTMENT TRUST
PROSPECTUS SUPPLEMENT DATED MAY 10, 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 22% 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:
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES:
(as a percentage of average net assets)
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 (reflecting
voluntary expense
limitations) 0.33%(1) 0.70%(1) 0.70%(1) 0.95% 0.45%(1) 0.43%
----- ----- ----- ----- ----- -----
Total Fund Operating
Expenses (reflecting
voluntary expense
limitations) 1.83%(1) 1.95%(1) 1.95%(1) 2.20% 1.95%(1) 1.68%
</TABLE>
- ----------------
(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
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
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
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)%.
-2-
<PAGE>
ROBERTSON STEPHENS EMERGING GROWTH FUND
David Evans is responsible for managing the Emerging Growth Fund's portfolio.
Mr. Evans has more than fifteen years of investment research and management
experience, and has been a part of the management team at RSIM, Inc. since
1989. Mr. Evans has worked closely with Robert C. Czepiel, the former
portfolio manager of the Fund, for many years, including at CIGNA
Investments, where he was an analyst and portfolio manager before joining
RSIM, Inc.
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.
-3-
