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ROBERTSON STEPHENS INVESTMENT TRUST
FUND PROSPECTUS SUPPLEMENT
TO CLASS A PROSPECTUS DATED APRIL 1, 1997
COVER PAGE. The following legend is added to the cover page of the
Prospectus:
"SHARES OF THE FUNDS ARE NOT BANK DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, BANK OF AMERICA OR ANY OF ITS AFFILIATES AND ARE NOT
FEDERALLY INSURED BY, GUARANTEED BY, OBLIGATIONS OF OR OTHERWISE SUPPORTED
BY THE U.S. GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE
FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENTAL AGENCY. INVESTMENT IN THE
FUNDS INVOLVES INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL."
SHORT SALES. The section of the Prospectus entitled "Short Sales," appearing
on page 14, is amended by: (i) deleting the reference to the Global
Low-Priced Stock Fund in the introductory parenthetical, and (ii) adding at
the end of the section the following:
"The Contrarian Fund-TM- may enter into short sales on securities with a
value of up to 40% of the Fund's total assets, and its positions in short
sales may have the effect of providing the Fund with investment leverage. To
the extent the Fund enters into short sales on a substantial portion of its
assets, the Fund will to that extent be exposed to the risks of short sales
described above. For a description of the effects and the risks of investment
leverage, see 'Borrowing and Leverage' in this Prospectus.
"Each of the other Funds may enter into short sales on securities with a
value of up to 25% of the Fund's total assets. (The Global Low-Priced Stock
Fund will only enter into short sales on securities which it owns, for
hedging purposes). A Fund's ability to engage in short sales may be limited
by tax considerations."
MANAGEMENT OF THE FUNDS. The section of the Prospectus entitled "Management
of the Funds," appearing on page 18, is amended by replacing the first two
paragraphs of that section with the following:
"The Trustees of the Trust are responsible for generally overseeing the
conduct of the Trust's business. Robertson, Stephens & Company Investment
Management, L.P. ('RSIM, L.P.'), 555 California Street, San Francisco, CA
94104, is the investment adviser for each of the Funds other than the
Emerging Growth Fund. RSIM, L.P., a California partnership, was formed in
1993 and is a wholly owned indirect subsidiary of BankAmerica Corp. RSIM,
L.P. and its affiliates in the Robertson Stephens group of companies have in
excess of $4 billion under management in public and private investment funds.
BankAmerica Corp. is a global financial services company with approximately
$250 billion in assets and an equity capital base of approximately $20
billion.
"RS Investment Management, Inc. (formerly known as 'Robertson Stephens
Investment Management, Inc.'), 555 California Street, San Francisco, CA
94104, is the investment advisor for the Emerging
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Growth Fund. RS Investment Management, Inc. ('RSIM, Inc.') commenced
operations in March 1986 and is also a wholly owned indirect subsidiary of
BankAmerica Corp."
THE FUNDS' DISTRIBUTOR. Edgewood Services, Inc., Clearing Operations, P.O.
Box 897, Pittsburgh, Pennsylvania 15230-0897, is the distributor for the
Funds. Any references in the Prospectus to Robertson, Stephens & Company LLC
as the Funds' distributor should be read instead to refer to Edgewood
Services, Inc. In addition, the section of the Prospectus entitled "The
Funds' Distributor" is replaced in its entirely with the following:
"Edgewood Services, Inc. ('Edgewood') is the principal underwriter of the
Funds' shares. To compensate Edgewood for the services it provides and for
the expenses it bears, each Fund makes payments to Edgewood under a
Distribution Plan adopted pursuant to Rule 12b-1 under the Investment Company
Act of 1940. Under the Plans, each of the Funds pays Edgewood compensation,
accrued daily and paid monthly, at the annual rate of 0.75% of the Fund's
average daily net assets, in the case of The Contrarian Fund, and 0.25% of
the Fund's average daily net assets, in the case of each of the other Funds.
(The Distribution Plan for the Developing Countries Fund contemplates that
the Fund may make payments at the annual rate of up to 0.50% of the Fund's
average daily net assets, although the Trustees have currently limited such
payments to the annual rate of 0.25% of the Fund's average daily net assets.)
Edgewood may pay brokers a commission expressed as a percentage of the
purchase price of shares of the Funds.
"BancAmerica Robertson Stephens, an affiliate of RSIM, L.P. and RSIM, Inc.,
provides certain services to Edgewood in respect of the promotion of the
shares of the Funds. In return for these services, Edgewood pays to
BancAmerica Robertson Stephens a portion of the payments received by Edgewood
under the Distribution Plans. The telephone number of BancAmerica Robertson
Stephens is 1-800-766-FUND."
BancAmerica Robertson Stephens may receive brokerage commissions from the
Funds in accordance with procedures adopted by the Trustees under the
Investment Company Act of 1940, which require periodic review of such
transactions.
PORTFOLIO MANAGERS. Mr. Rod Berry has been named a co-portfolio manager of
the Information Age Fund, and Mr. John Seabern has been named a co-portfolio
manager of the Diversified Growth Fund. Each has served on the management
teams for those Funds since their inception.
OCTOBER 1, 1997
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ROBERTSON STEPHENS INVESTMENT TRUST
FUND PROSPECTUS SUPPLEMENT
TO CLASS C PROSPECTUS DATED APRIL 1, 1997
COVER PAGE. The following legend is added to the cover page of the Prospectus:
"SHARES OF THE FUNDS ARE NOT BANK DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, BANK OF AMERICA OR ANY OF ITS AFFILIATES AND ARE NOT
FEDERALLY INSURED BY, GUARANTEED BY, OBLIGATIONS OF OR OTHERWISE SUPPORTED BY
THE U.S. GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENTAL AGENCY. INVESTMENT IN THE FUNDS
INVOLVES INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL."
SHORT SALES. The section of the Prospectus entitled "Short Sales," appearing
on page 11, is amended by: (i) deleting the reference to the Global
Low-Priced Stock Fund in the introductory parenthetical, and (ii) adding at
the end of the section the following:
"The Contrarian Fund-TM- may enter into short sales on securities with a
value of up to 40% of the Fund's total assets, and its positions in short
sales may have the effect of providing the Fund with investment leverage. To
the extent the Fund enters into short sales on a substantial portion of its
assets, the Fund will to that extent be exposed to the risks of short sales
described above. For a description of the effects and the risks of investment
leverage, see 'Borrowing and Leverage' in this Prospectus.
"Each of the other Funds may enter into short sales on securities with a
value of up to 25% of the Fund's total assets. (The Global Low-Priced Stock
Fund will only enter into short sales on securities which it owns, for
hedging purposes). A Fund's ability to engage in short sales may be limited
by tax considerations."
MANAGEMENT OF THE FUNDS. The section of the Prospectus entitled "Management
of the Funds," appearing on page 18, is amended by replacing the first two
paragraphs of that section with the following:
"The Trustees of the Trust are responsible for generally overseeing the
conduct of the Trust's business. Robertson, Stephens & Company Investment
Management, L.P. ('RSIM, L.P.'), 555 California Street, San Francisco, CA
94104, is the investment advisor for each of the Funds other than the
Emerging Growth Fund. RSIM, L.P., a California partnership, was formed in
1993 and is a wholly owned indirect subsidiary of BankAmerica Corp. RSIM,
L.P. and its affiliates in the Robertson Stephens group of companies have in
excess of $4 billion under management in public and private investment funds.
BankAmerica Corp. is a global financial services company with approximately
$250 billion in assets and an equity capital base of approximately $20
billion.
"RS Investment Management, Inc. (formerly known as 'Robertson Stephens
Investment Management, Inc.'), 555 California Street, San Francisco, CA
94104, is the investment advisor for the Emerging Growth Fund. RS Investment
Management, Inc. ('RSIM, Inc.') commenced operations in March 1986 and is
also a wholly owned indirect subsidiary of BankAmerica Corp."
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THE FUNDS' DISTRIBUTOR. Edgewood Services, Inc., Clearing Operations, P.O.
Box 897, Pittsburgh, Pennsylvania 15230-0897, is the distributor for the
Funds. Any references in the Prospectus to Robertson, Stephens & Company LLC
as the Funds' distributor should be read instead to refer to Edgewood
Services, Inc. Except as provided below, references to "RS&Co." in the
section of the Prospectus entitled "The Funds' Distributor" should be read
instead to refer to Edgewood Services, Inc. In addition, that section is
amended by deleting the last sentence on page 21 of the Prospectus, and by
adding the following paragraph immediately thereafter:
"BancAmerica Robertson Stephens, an affiliate of RSIM, L.P. and RSIM, Inc.,
provides certain services to Edgewood in respect of the promotion of the
shares of the Funds. In return for these services, Edgewood pays to
BancAmerica Robertson Stephens a portion of the payments received by Edgewood
under the Distribution Plans. In addition, BancAmerica Robertson Stephens
receives the proceeds of any CDSC imposed on redemptions of shares. The
telephone number of BancAmerica Robertson Stephens is 1-800-766-FUND."
The reference to RS&Co. in the first sentence on page 22 of the Prospectus
should be read instead to refer to BankAmerica Robertson Stephens.
BancAmerica Robertson Stephens may receive brokerage commissions from the
Funds in accordance with procedures adopted by the Trustees under the
Investment Company Act of 1940, which require periodic review of such
transactions.
SHAREHOLDER SERVICING PLAN. BancAmerica Robertson Stephens is the
shareholder servicing agent for the Funds. Any references to RS&Co. in the
section of the Prospectus entitled "Shareholder Servicing Plan" should be
read instead to refer to BancAmerica Robertson Stephens.
PORTFOLIO MANAGERS. Mr. Rod Berry has been named a co-portfolio manager of
the Information Age Fund, and Mr. John Seabern has been named a co-portfolio
manager of the Diversified Growth Fund. Each has served on the management
teams for those Funds since their inception.
OCTOBER 1, 1997
