ROBERTSON STEPHENS INVESTMENT TRUST, 497, 1997-02-18

ROBERTSON STEPHENS INVESTMENT TRUST
497, 1997-02-18

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INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A
POST-EFFECTIVE AMENDMENT TO THE TRUST'S REGISTRATION STATEMENT RELATING TO THESE
SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BUT HAS
NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY
BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS
PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER
TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH
SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
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SUBJECT TO COMPLETION
PRELIMINARY PROSPECTUS DATED JANUARY 21, 1997

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ROBERTSON STEPHENS MUTUAL FUNDS
555 California Street, Suite 2600 PROSPECTUS
San Francisco, CA 94104 CLASS C SHARES
800-270-5829 March , 1997
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ROBERTSON STEPHENS INVESTMENT TRUST makes available to investors the
expertise of the investment professionals at Robertson Stephens Investment
Management. The Trust is offering Class C shares of eleven mutual funds by this
Prospectus: THE CONTRARIAN FUND-TM-, The Robertson Stephens DEVELOPING COUNTRIES
FUND, The Robertson Stephens DIVERSIFIED GROWTH FUND, The Robertson Stephens
EMERGING GROWTH FUND, The Robertson Stephens GLOBAL LOW-PRICED STOCK FUND, The
Robertson Stephens GLOBAL NATURAL RESOURCES FUND, The Robertson Stephens GROWTH
& INCOME FUND, THE INFORMATION AGE FUND-TM-, The Robertson Stephens MICROCAP
GROWTH FUND, The Robertson Stephens PARTNERS FUND, and The Robertson Stephens
VALUE + GROWTH FUND.

THIS PROSPECTUS EXPLAINS CONCISELY THE INFORMATION ABOUT THE TRUST THAT A
PROSPECTIVE INVESTOR SHOULD KNOW BEFORE INVESTING IN THE FUNDS' CLASS C SHARES.
Please read it carefully and keep it for future reference. Investors can find
more detailed information about the Funds in the March __, 1997 Statement of
Additional Information, as amended from time to time. For a free copy of the
Statement of Additional Information, please call 1-800-270-5829. The Statement
of Additional Information has been filed with the Securities and Exchange
Commission and is incorporated into this Prospectus by reference.

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<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
PAGE
-----
Expense Summary........................ 2
Investment Objectives and Policies..... 4
Management of the Funds................ 15
Portfolio Managers..................... 16
How to Purchase Shares................. 17
How to Redeem Shares................... 19
The Funds' Distributor................. 21
Shareholder Servicing Plan............. 21
Dividends, Distributions, and Taxes.... 22
How Net Asset Value Is Determined...... 22
How Performance Is Determined.......... 23
Additional Information................. 23
</TABLE>

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION OR
ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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EXPENSE SUMMARY

The following table summarizes an investor's maximum transaction costs from
investing in Class C shares of each of the Funds and expenses each of the Funds
expects to incur in respect of its Class C shares. The Example shows the
cumulative expenses attributable to a $1,000 investment in Class C shares of the
Funds over specified periods.

<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES:
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fee* None
Exchange Fee None
Contingent Deferred Sales Charge 1.0% in the
(as a percentage of the original purchase price first year,
or the current net asset value, whichever is less) and
eliminated
thereafter.
</TABLE>

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* A $9.00 FEE IS CHARGED FOR REDEMPTIONS MADE BY BANK WIRE.
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
GLOBAL GLOBAL GROWTH
DEVELOPING DIVERSIFIED EMERGING LOW-PRICED NATURAL &
CONTRARIAN-TM- COUNTRIES GROWTH GROWTH STOCK RESOURCES INCOME
--------------- ------------- ------------- ----------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Management Fees 1.50% 1.25% 1.00% 1.00% 1.00% 1.00% 1.00%
Rule 12b-1 Expenses 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fee 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses* 0.22% 0.35%(1) 0.70%(1) 0.35% 0.70%(1) 0.70%(1) 0.05%(1)
------ ------ ------ ----------- ------ ------ -----------
Total Fund Operating
Expenses* 2.72% 2.60%(1) 2.70%(1) 2.35% 2.70%(1) 2.70%(1) 2.05%(1)

<CAPTION>
ANNUAL FUND OPERATING E
(as a percentage of ave
MICRO
INFORMATION CAP VALUE +
AGE-TM- GROWTH PARTNERS GROWTH
------------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Management Fees 1.00% 1.25% 1.25% 1.00%
Rule 12b-1 Expenses 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fee 0.25% 0.25% 0.25% 0.25%
Other Expenses* 0.78% 0.45%(1) 0.45%(1) 0.33%
------ ----------- ------ -----------
Total Fund Operating
Expenses* 2.78% 2.70%(1) 2.70%(1) 2.33%
</TABLE>

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(1) REFLECTING VOLUNTARY EXPENSE LIMITATIONS.
* ESTIMATED BASED ON EXPECTED EXPENSES OF CLASS C SHARES.

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EXAMPLE

An investment of $1,000 in Class C shares of the Funds would incur the following
expenses, assuming 5% annual return and redemption at the end of each period:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS
----------- -----------
<S> <C> <C>
The Contrarian Fund-TM- $ 28 $ 84
The Developing Countries Fund $ 26 $ 81
The Diversified Growth Fund $ 27 $ 84
The Emerging Growth Fund $ 24 $ 73
The Global Low-Priced Stock Fund $ 27 $ 84
The Global Natural Resources Fund $ 27 $ 84
The Growth & Income Fund $ 21 $ 64
The Information Age Fund-TM- $ 28 $ 86
The MicroCap Growth Fund $ 27 $ 84
The Partners Fund $ 27 $ 84
The Value + Growth Fund $ 24 $ 73
</TABLE>

This information is provided to help investors understand the operating expenses
of the Funds. THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF FUTURE
PERFORMANCE. ACTUAL EXPENSES MAY BE MORE OR LESS THAN THOSE SHOWN. Other
Expenses and Total Fund Operating Expenses for the Funds are estimated based on
the expenses the Funds expect to incur with respect to their Class C shares;
they also reflect voluntary expense limitations currently in effect for some of
the Funds. In the absence of those expense limitations, Other Expenses and Total
Fund Operating Expenses, respectively, of those Funds would be as follows:
Developing Countries Fund, 1.21% and 3.46%; Diversified Growth Fund, 1.19% and
3.19%; Global Low-Priced Stock Fund, 1.65% and 3.65%; Global Natural Resources
Fund, 0.92% and 2.92%; Growth & Income Fund, 0.51% and 2.51%; MicroCap Growth
Fund, 4.90% and 7.15%; and Partners Fund, 0.67% and 2.92%. The Management Fees
paid by the Funds are higher than those paid by most other mutual funds. Because
of Rule 12b-1 fees paid by the Funds, long-term shareholders may pay more than
the economic equivalent of the maximum front-end sales load permitted under
applicable broker-dealer sales rules.

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INVESTMENT OBJECTIVES AND POLICIES

The Robertson Stephens Mutual Funds are designed to make available to mutual
fund investors the expertise of the investment professionals at Robertson,
Stephens & Company Investment Management, L.P. and Robertson Stephens Investment
Management, Inc. (Robertson, Stephens & Company Investment Management, L.P. and
Robertson Stephens Investment Management, Inc. are referred to collectively in
this Prospectus as "Robertson Stephens Investment Management").

None of the Funds, other than the Growth & Income Fund, invests for current
income. Each of the Funds may hold a portion of its assets in cash or money
market investments.

The investment policies of each Fund may, unless otherwise specifically
stated, be changed by the Trustees of the Trust without shareholder approval, as
may each Fund's investment objective. All percentage limitations on investments
will apply at the time of investment and will not be considered violated unless
an excess or deficiency occurs or exists immediately after and as a result of
the investment. There can, of course, be no assurance that a Fund will achieve
its investment objective.

For a description of certain risks associated with the Funds' investment
practices, see "Other Investment Practices and Risk Considerations," below.

THE CONTRARIAN FUND-TM-
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The Contrarian Fund's-TM- investment objective is maximum long-term growth.
Normally, The Contrarian Fund-TM- seeks this growth by aggressive yet flexible
investing worldwide in growing companies that are attractively priced. The
Contrarian Fund-TM- focuses its investments primarily on equity securities of
domestic, multinational, and foreign companies whose potential values generally
have been overlooked by other investors. Such companies include attractively
priced businesses that have not yet been discovered or become popular,
previously unpopular companies with growth potential due to changed
circumstances, companies that have declined in value and no longer command an
investor following, and previously popular companies temporarily out of favor
due to short-term factors.

In implementing its "contrarian" investment strategy, the Fund may take
positions that are different from those taken by other mutual funds. For
example, the Fund may sell the stocks of some issuers short, and may take
positions in options and futures contracts in anticipation of a market decline.
The Fund may also borrow money to purchase additional portfolio securities. The
Fund is a non-diversified mutual fund.

THE DEVELOPING COUNTRIES FUND
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The Developing Countries Fund's investment objective is long-term capital
appreciation. The Fund invests primarily in a non-diversified portfolio of
publicly traded developing country equity securities. The Fund may also, to a
lesser degree, invest in private placements of developing country equity
securities.

Developing country equity securities are securities which are principally
traded in the capital markets of a developing country; securities of companies
that derive at least 50% of their total revenues from either goods produced or
services performed in developing countries or from sales made in developing
countries, regardless of where the securities of such companies are principally
traded; securities of companies organized under the laws of, and with a
principal office in, a developing country; securities of investment companies
(such as country funds) that principally invest in developing country
securities; and American Depository Receipts (ADRs) and Global Depository
Receipts (GDRs) with respect to the securities of such companies. Developing
countries are countries that in the opinion of Robertson Stephens Investment
Management are generally considered to be developing countries by the
international financial community. The Fund will normally invest at least

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65% of its assets in developing country equity securities. The Fund may also
borrow money to purchase additional portfolio securities. The Fund is a
non-diversified mutual fund.

The Developing Countries Fund may invest up to 10% of its total assets in
shares of other investment companies. Such other investment companies would
likely pay expenses similar to those paid by the Fund, including, for example,
advisory and administrative fees. Robertson Stephens Investment Management will
waive its investment advisory fees on the Fund's assets invested in other
open-end investment companies, to the extent of the advisory fees of those
investment companies attributable to the Fund's investment.

In selecting investments for the Fund, Robertson Stephens Investment
Management may consider a number of factors in evaluating potential investments,
including political risks, classic macroeconomic variables, and equity market
valuations. Robertson Stephens Investment Management may also focus on the
quality of a company's management, the company's growth prospects, and the
financial well being of the company. The Developing Countries Fund's investments
generally will reflect a broad cross-section of countries, industries, and
companies in order to minimize risk. In situations where the market for a
particular security is determined by Robertson Stephens Investment Management to
be sufficiently liquid, the Fund may engage in short sales.

THE DIVERSIFIED GROWTH FUND
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The Diversified Growth Fund's investment objective is to seek long-term
capital growth. In selecting investments for the Fund, Robertson Stephens
Investment Management focuses on small- and mid-cap companies, to create a
portfolio of investments broadly diversified over industry sectors and
companies.

The Fund will invest principally in common and preferred stocks and
warrants. Although the Fund intends to focus on companies with market
capitalizations of up to $3 billion, the Fund will remain flexible and may
invest in securities of larger companies. The Fund may also purchase debt
securities Robertson Stephens Investment Management believes are consistent with
the Fund's investment objective, and may engage in short sales of securities it
expects to decline in price.

Small- and mid-cap companies may present greater opportunities for
investment return than do larger companies, but also involve greater risks. They
may have limited product lines, markets, or financial resources, or may depend
on a limited management group. Their securities may trade less frequently and in
limited volume. As a result, the prices of these securities may fluctuate more
than prices of securities of larger, widely traded companies. See "Investments
in Smaller Companies," below.

THE EMERGING GROWTH FUND
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The Emerging Growth Fund's investment objective is capital appreciation. The
Fund invests in an actively managed diversified portfolio of equity securities
(principally common stocks) of emerging growth companies. Emerging growth
companies are companies that, in the opinion of Robertson Stephens Investment
Management, have the potential, based on superior products or services,
operating characteristics, and financing capabilities, for more rapid growth
than the overall economy.

The Emerging Growth Fund's investments generally are held in a portfolio of
securities of companies in industry segments that are experiencing rapid growth
and in companies with proprietary advantages. Robertson Stephens Investment
Management may consider a number of factors in evaluating potential investments,
including, for example, the rate of earnings growth, the quality of management,
the extent of proprietary operating advantage, the return on equity, and/or the
financial condition of the company.

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management group. Their securities may trade less frequently and in limited
volume. As a result, the prices of these securities may fluctuate more than
prices of securities of larger, widely traded companies. See "Investments in
Smaller Companies," below.

THE GLOBAL LOW-PRICED STOCK FUND
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The Global Low-Priced Stock Fund's investment objective is long-term growth.
The Fund intends to invest in "low-priced" stocks (prices no greater than $10
per share) of companies worldwide that have future growth potential, but are
overlooked or underappreciated by other investors.

Robertson Stephens Investment Management believes there are substantial
opportunities to discover and invest in undervalued companies that have
long-term growth prospects. Such companies include attractively priced
businesses that have not yet been discovered by other investors, previously
out-of-favor companies with growth potential due to changing circumstances,
companies that have declined in value and no longer command an investor
following, and companies temporarily out of favor due to short-term factors. In
most cases there will be little coverage by Wall Street analysts of the
companies in which the Fund invests. Institutional ownership will also usually
be limited.

It has been the experience of Robertson Stephens Investment Management that
attractive investment opportunities often exist in companies whose stock price
is $10 or less per share. For many reasons, including limits on purchasing the
stocks "on margin" (with borrowed money), many investors do not buy low-priced
stocks. The result is less competition from other investors, and the potential
that a company's value may not be reflected fully in its stock price.

In selecting securities for the Fund's portfolio, Robertson Stephens
Investment Management uses a "bottom-up" analysis, looking at companies of all
sizes, and in all industries and geographical markets. Robertson Stephens
Investment Management focuses on a company's financial condition, profitability
prospects, and capital needs going forward.

Robertson Stephens Investment Management will likely invest in certain
stocks before other investors recognize their value. The result could be a lack
of stock price movement in the near term. Investors should therefore have a
long-term investment horizon when investing in the Fund.

Although the Fund will seek to invest principally in common stocks, it may
also invest any portion of its assets in preferred stocks, warrants, and debt
securities if Robertson Stephens Investment Management believes they would help
achieve the Fund's objective. The Fund will normally invest substantially all of
its assets in low-priced stocks, and will normally invest in securities of
issuers located in at least three countries, one of which may be the United
States.

Smaller companies may present greater opportunities for investment return
than do larger companies, but may also involve greater risks. They may have
limited product lines, markets, or financial resources, or may depend on a
limited management group. Their securities may trade less frequently and in
limited volume. As a result, the prices of these securities may fluctuate more
than prices of securities of larger, more widely traded companies. See
"Investments in Smaller Companies," below.

THE GLOBAL NATURAL
RESOURCES FUND
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The Global Natural Resources Fund's investment objective is long-term
capital appreciation. The Fund will invest primarily in securities of issuers in
the natural resources industries. The Fund is designed for investors who believe
that investment in securities of such companies provides the opportunity for
capital appreciation, while offering the potential over the long term to limit
the adverse effects of inflation. The Fund

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may invest in securities of issuers located anywhere in the world if Robertson
Stephens Investment Management believes they offer the potential for capital
appreciation.

Although the Fund will seek to invest principally in common stocks, it may
also invest in preferred stocks, securities convertible into common stocks or
preferred stocks, and warrants to purchase common stocks or preferred stocks.
The Fund will seek to invest in companies with strong potential for earnings
growth, and whose earnings and tangible assets could benefit from accelerating
inflation. Robertson Stephens Investment Management believes that companies in
the natural resources industries with the flexibility to adjust prices or
control operating costs offer attractive opportunities for capital growth when
inflation is rising.

Companies in the natural resources industries include companies that
Robertson Stephens Investment Management considers to be principally engaged in
the discovery, development, production, or distribution of natural resources,
the development of technologies for the production or efficient use of natural
resources, or the furnishing of related supplies or services. Natural resources
include, for example, energy sources, precious metals, forest products, real
estate, nonferrous metals, and other basic commodities.

Companies in the natural resources industries may include, for example:

- Companies that participate in the discovery and development of natural
resources from new or conventional sources.
- Companies that own or produce natural resources such as oil, natural gas,
precious metals, and other commodities.
- Companies that engage in the transportation, distribution, or processing
of natural resources.
- Companies that contribute new technologies for the production or efficient
use of natural resources, such as systems for energy conversion,
conservation, and pollution control.
- Companies that provide related services such as mining, drilling,
chemicals, and related parts and equipment.

A particular company will be considered to be principally engaged in the
natural resources industries if at the time of investment Robertson Stephens
Investment Management determines that at least 50% of the company's assets,
gross income, or net profits are committed to, or derived from, those
industries. A company will also be considered to be principally engaged in the
natural resources industries if Robertson Stephens Investment Management
considers that the company has the potential for capital appreciation primarily
as a result of particular products, technology, patents, or other market
advantages in those industries.

The Fund will normally invest at least 65% of its assets in securities of
companies in the natural resources industries. The Fund may invest the remainder
of its assets in securities of companies in any industry if Robertson Stephens
Investment Management believes they would help achieve the Fund's objective of
long-term capital appreciation. The portion of the Fund's assets invested in
such securities will vary depending on Robertson Stephens Investment
Management's evaluation of economic conditions, inflationary expectations, and
other factors affecting companies in the natural resources industries and other
sectors. The Fund may also sell securities short if it expects their market
price to decline. The Fund will normally invest in securities of issuers located
in at least three countries, one of which may be the United States.

Because the Fund's investments are concentrated in the natural resources
industries, the value of its shares will be especially affected by factors
peculiar to those industries and may fluctuate more widely than the value of
shares of a portfolio which invests in a broader range of industries. For
example, changes in commodity prices may affect both the industries which
produce, refine, and distribute them and industries which supply alternate
sources of commodities. In addition, certain of these industries are generally
subject to greater government regulation than many other industries; therefore,
changes

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in regulatory policies may have a material effect on the business of companies
in these industries.

THE GROWTH & INCOME FUND
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The Growth & Income Fund's investment objective is long-term total return.
The Fund will pursue this objective primarily by investing in equity and debt
securities, focusing on small- and mid-cap companies that offer the potential
for capital appreciation, current income, or both.

The Fund will normally invest the majority of its assets in common and
preferred stocks, convertible securities, bonds, and notes. Although the Fund
intends to focus on companies with market capitalizations of up to $3 billion,
the Fund will remain flexible and may invest in securities of larger companies.
The Fund may also engage in short sales of securities it expects to decline in
price. The Fund intends to pay dividends quarterly; the amount of any dividends
will fluctuate.

Small- and mid-cap companies may present greater opportunities for
investment return than do larger companies, but may also involve greater risks.
They may have limited product lines, markets, or financial resources, or may
depend on a limited management group. Their securities may trade less frequently
and in limited volume. As a result, the prices of these securities may fluctuate
more than prices of securities of larger, widely traded companies. See
"Investments in Smaller Companies," below.

THE INFORMATION AGE FUND-TM-
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The Information Age Fund's-TM- investment objective is long-term capital
appreciation. The Fund is designed for investors who believe that aggressive
investment in common stocks of companies in the information technology
industries provides significant opportunities for capital appreciation. While
ordinary mutual funds may place some of their investments in securities of
companies in the information technology sector, The Information Age Fund-TM-
focuses its investments in that sector.

Although the Fund will seek to invest principally in common stocks, it may
also invest any portion of its assets in preferred stocks and warrants if
Robertson Stephens Investment Management believes they would help achieve the
Fund's objective. The Fund may also engage in short sales of securities it
expects to decline in price.

Companies in the information technology industries include companies that
Robertson Stephens Investment Management considers to be principally engaged in
the development, production, or distribution of products or services related to
the processing, storage, transmission, or presentation of information or data.
The following examples illustrate the wide range of products and services
provided by these industries:

- Computer hardware and software of any kind, including, for example,
semiconductors, minicomputers, and peripheral equipment.
- Telecommunications products and services.
- Multimedia products and services, including, for example, goods and
services used in the broadcast and media industries.
- Data processing products and services.
- Financial services companies that collect or disseminate market, economic,
and financial information.

A particular company will be considered to be principally engaged in the
information technology industries if at the time of investment Robertson
Stephens Investment Management determines that at least 50% of the company's
assets, gross income, or net profits are committed to, or derived from, those
industries. A company will also be considered to be principally engaged in the
information technology industries if Robertson Stephens Investment Management
considers that the company has the potential for capital appreciation primarily
as a result of particular products, technology, patents, or other market
advantages in those industries. The Fund will normally invest at least 65% of
its assets in securities of companies in the information technology industries.

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Because the Fund's investments are concentrated in the information
technology industries, the value of its shares will be especially affected by
factors peculiar to those industries and may fluctuate more widely than the
value of shares of a portfolio which invests in a broader range of industries.
For example, many products and services are subject to risks of rapid
obsolescence caused by technological advances. Competitive pressures may have a
significant effect on the financial condition of companies in the information
technology industries. For example, if information technology continues to
advance at an accelerated rate, and the number of companies and product
offerings continues to expand, these companies could become increasingly
sensitive to short product cycles and aggressive pricing. In addition, many of
the activities of companies in the information technology industries are highly
capital intensive, and it is possible that a company which invests substantial
amounts of capital in the development of new products or services will be unable
to recover its investment or otherwise to meet its obligations.

THE MICROCAP GROWTH FUND
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The MicroCap Growth Fund's investment objective is long-term capital
appreciation. The Fund will invest in a diversified portfolio of equity
securities of "micro-cap" companies that Robertson Stephens Investment
Management believes offer the potential for long-term capital appreciation.

"Micro-cap" companies are companies with market capitalizations of $250
million or less.

Robertson Stephens Investment Management seeks to identify micro-cap
companies that have the potential, based on superior or niche products or
services, operating characteristics, management, or other factors, for long-term
capital appreciation. Equity securities in which the Fund may invest include
common stocks, preferred stocks, and warrants, and securities convertible into
common or preferred stocks. Under normal circumstances, the Fund will invest at
least 65% of its assets in securities which Robertson Stephens Investment
Management determines at the time of investment to be micro-cap companies. The
Fund may invest the remainder of its assets in securities of companies of any
size if Robertson Stephens Investment Management believes such investments are
consistent with the Fund's investment objective. The Fund may also engage in
short sales of securities it expects to decline in price.

Micro-cap and other small companies may offer greater opportunities for
capital appreciation than other companies but may also involve greater risks.
They may have limited product lines, markets, or financial resources, or may
depend on a limited management group. Their securities may trade less frequently
and in limited volume. As a result, the prices of these securities may fluctuate
more sharply than those of other securities, and the Fund may experience some
difficulty in establishing or closing out positions in these securities at
prevailing market prices. See "Investments in Smaller Companies," below.

THE PARTNERS FUND
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The Partners Fund's investment objective is long-term growth. The Fund will
employ a value methodology to invest in equity securities primarily of companies
with market capitalizations of up to $750 million. This traditional value
methodology combines Graham & Dodd balance sheet analysis with cash flow
analysis.

In selecting investments for the Fund, Robertson Stephens Investment
Management will:

- Perform fundamental research focusing on business analysis;
- Observe how management allocates capital;
- Strive to understand the unit economics of the business of the company;
- Key on the cash flow rate of return on capital employed;
- Discern the sources and uses of cash;
- Consider how management is compensated; and
- Ask how the stock market is pricing the entire company.

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At times, the Fund may invest all or most of its assets in securities of
U.S. issuers. At other times, the Fund may invest any portion of its assets in
foreign securities, if Robertson Stephens Investment Management believes they
offer attractive investment values.

Small companies may present greater opportunities for investment return than
do larger companies, but may also involve greater risks. They may have limited
product lines, markets, or financial resources, or may depend on a limited
management group. Their securities may trade less frequently and in limited
volume. As a result, the prices of these securities may fluctuate more than
prices of securities of larger, widely traded companies. See "Investments in
Smaller Companies," below.

Although the Fund will seek to invest principally in common stocks, it may
also invest in preferred stocks, warrants, and debt securities if Robertson
Stephens Investment Management believes they would help achieve the Fund's
objective. The Fund may also hold a portion of its assets in cash or money
market instruments. The Fund is a non-diversified mutual fund.

THE VALUE + GROWTH FUND
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The Value + Growth Fund's investment objective is capital appreciation. The
Fund invests primarily in growth companies with favorable relationships between
price/earnings ratios and growth rates, in sectors offering the potential for
above-average returns. The Fund may invest in securities of larger or smaller
companies, if Robertson Stephens Investment Management believes they offer the
potential for capital appreciation.

In selecting investments for the Fund, Robertson Stephens Investment
Management's primary emphasis is typically on evaluating a company's management,
growth prospects, business operations, revenues, earnings, cash flows, and
balance sheet in relation to its share price. Robertson Stephens Investment
Management may select stocks which it believes are undervalued relative to the
current stock price. Undervaluation of a stock can result from a variety of
factors, such as a lack of investor recognition of (1) the value of a business
franchise and continuing growth potential, (2) a new, improved or upgraded
product, service or business operation, (3) a positive change in either the
economic or business condition for a company, (4) expanding or changing markets
that provide a company with either new earnings direction or acceleration, or
(5) a catalyst, such as an impending or potential asset sale or change in
management, that could draw increased investor attention to a company. Robertson
Stephens Investment Management also may use similar factors to identify stocks
which it believes to be overvalued, and may engage in short sales of such
securities.

OTHER INVESTMENT PRACTICES AND RISK CONSIDERATIONS
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The Funds may also engage in the following investment practices, each of
which involves certain special risks. The Statement of Additional Information
contains more detailed information about these practices (some of which,
including, for example, options and futures contracts, and certain debt
securities, may be considered "derivative" investments), including limitations
designed to reduce these risks.

INVESTMENTS IN SMALLER COMPANIES. Each of the Funds may invest a
substantial portion of its assets in securities issued by small companies. Such
companies may offer greater opportunities for capital appreciation than larger
companies, but investments in such companies may involve certain special risks.
Such companies may have limited product lines, markets, or financial resources
and may be dependent on a limited management group. While the markets in
securities of such companies have grown rapidly in recent years, such securities
may trade less frequently and in smaller volume than more widely held
securities. The values of these securities may fluctuate more sharply than those
of other securities, and a Fund may experience some difficulty in establishing
or closing out positions in these securities at prevailing market prices. There
may be less publicly available information about the issuers of these securities
or

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less market interest in such securities than in the case of larger companies,
and it may take a longer period of time for the prices of such securities to
reflect the full value of their issuers' underlying earnings potential or
assets.

Some securities of smaller issuers may be restricted as to resale or may
otherwise be highly illiquid. The ability of a Fund to dispose of such
securities may be greatly limited, and a Fund may have to continue to hold such
securities during periods when Robertson Stephens Investment Management would
otherwise have sold the security. It is possible that Robertson Stephens
Investment Management or its affiliates or clients may hold securities issued by
the same issuers, and may in some cases have acquired the securities at
different times, on more favorable terms, or at more favorable prices, than a
Fund.

SHORT SALES. (ALL FUNDS EXCEPT THE EMERGING GROWTH, GLOBAL LOW-PRICED STOCK,
AND PARTNERS FUNDS.) When Robertson Stephens Investment Management anticipates
that the price of a security will decline, it may sell the security short and
borrow the same security from a broker or other institution to complete the
sale. A Fund may make a profit or incur a loss depending upon whether the market
price of the security decreases or increases between the date of the short sale
and the date on which the Fund must replace the borrowed security. An increase
in the value of a security sold short by a Fund over the price at which it was
sold short will result in a loss to the Fund, and there can be no assurance that
a Fund will be able to close out the position at any particular time or at an
acceptable price.

FOREIGN SECURITIES. The Funds may invest in securities principally traded
in foreign markets. Because foreign securities are normally denominated and
traded in foreign currencies, the value of a Fund's assets may be affected
favorably or unfavorably by currency exchange rates and exchange control
regulations. There may be less information publicly available about a foreign
company than about a U.S. company, and foreign companies are not generally
subject to accounting, auditing, and financial reporting standards and practices
comparable to those in the United States. The securities of some foreign
companies are less liquid and at times more volatile than securities of
comparable U.S. companies. Foreign brokerage commissions and other fees are also
generally higher than in the United States. Foreign settlement procedures and
trade regulations may involve certain risks (such as delay in payment or
delivery of securities or in the recovery of a Fund's assets held abroad) and
expenses not present in the settlement of domestic investments.

In addition, there may be a possibility of nationalization or expropriation
of assets, imposition of currency exchange controls, confiscatory taxation,
political or financial instability, and diplomatic developments that could
affect the value of a Fund's investments in certain foreign countries. Legal
remedies available to investors in certain foreign countries may be more limited
than those available with respect to investments in the United States or in
other foreign countries. In the case of securities issued by a foreign
governmental entity, the issuer may in certain circumstances be unable or
unwilling to meet its obligations on the securities in accordance with their
terms, and a Fund may have limited recourse available to it in the event of
default. The laws of some foreign countries may limit a Fund's ability to invest
in securities of certain issuers located in those foreign countries. Special tax
considerations apply to foreign securities. A Fund may buy or sell foreign
currencies and options and futures contracts on foreign currencies for hedging
purposes in connection with its foreign investments. Except as otherwise
provided in this Prospectus, there is no limit on the amount of a Fund's assets
that may be invested in foreign securities.

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Although many of the securities in which the Funds may invest are traded on
securities exchanges, they may trade in limited volume, and the exchanges may
not provide all of the conveniences or protections provided by securities
exchanges in more developed markets. The Funds may also invest a substantial
portion of their assets in securities traded in the over-the-counter markets in
such countries and not on any exchange, which may affect the liquidity of the
investment and expose the Funds to the credit risk of their counterparties in
trading those investments.

DEBT SECURITIES. Each of the Funds may invest in debt securities from time
to time, if Robertson Stephens Investment Management believes investing in such
securities might help achieve the Fund's objective. The Growth & Income Fund and
the Partners Fund may invest without limit in debt securities and other fixed-
income securities. Each of the other Funds may invest in debt securities to the
extent consistent with its investment policies, although Robertson Stephens
Investment Management expects that under normal circumstances those Funds would
not likely invest a substantial portion of their assets in debt securities.

THE CONTRARIAN FUND-TM-, THE DIVERSIFIED GROWTH FUND, AND THE GROWTH &
INCOME FUND may invest in lower-quality, high-yielding debt securities.
Lower-rated debt securities (commonly called "junk bonds") are considered to be
of poor standing and predominantly speculative. Securities in the lowest rating
categories may have extremely poor prospects of attaining any real investment
standing, and some of those securities in which a Fund may invest may be in
default. The rating services' descriptions of securities in the lower rating
categories, including their speculative characteristics, are set forth in the
Statement of Additional Information.

Like those of other fixed-income securities, the values of lower-rated
securities fluctuate in response to changes in interest rates. In addition, the
lower ratings of such securities reflect a greater possibility that adverse
changes in the financial condition of the issuer, or in general economic
conditions, or both, or an unanticipated rise in interest rates, may impair the
ability of the issuer to make payments of interest and principal. Changes by
recognized rating services in their ratings of any fixed-income security and in
the ability or perceived inability of an issuer to make payments of interest and
principal may also affect the value of these investments. See the Statement of
Additional Information.

Each of the OTHER FUNDS will invest only in securities rated "investment
grade" or considered by Robertson Stephens Investment Management to be of
comparable quality. Investment grade securities are rated Baa or higher by
Moody's Investors Service, Inc. or BBB or higher by Standard & Poor's.
Securities rated Baa or BBB lack outstanding investment characteristics, have
speculative characteristics, and are subject to greater credit and market risks
than higher-rated securities. Descriptions of the securities ratings assigned by
Moody's and Standard & Poor's are described in the Statement of Additional
Information.

Any of the Funds may at times invest in so-called "zero-coupon" bonds and
"payment-in-kind" bonds. Zero-coupon bonds are issued at a significant discount
from face value and pay interest only at maturity rather than at intervals
during the life of the security. Payment-in-kind bonds allow the issuer, at its
option, to make current interest payments on the bonds either in cash or in
additional bonds. The values of zero-coupon bonds and payment-in-kind bonds are
subject to greater fluctuation in response to changes in market interest rates
than bonds which pay interest currently, and may involve greater credit risk
than such bonds.

A Fund will not necessarily dispose of a security when its debt rating is
reduced below its rating at the time of purchase, although Robertson Stephens
Investment Management will monitor the investment to determine whether continued
investment in the security will assist in meeting the Fund's investment
objective. If a security's rating is reduced below investment grade, an
investment in that security may entail the risks of lower-rated securities
described below.

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BORROWING AND LEVERAGE. The CONTRARIAN FUND-TM- and DEVELOPING COUNTRIES
FUND may borrow money to invest in additional portfolio securities. This
practice, known as "leverage," increases a Fund's market exposure and its risk.
When a Fund has borrowed money for leverage and its investments increase or
decrease in value, the Fund's net asset value will normally increase or decrease
more than if it had not borrowed money. The interest the Fund must pay on
borrowed money will reduce the amount of any potential gains or increase any
losses. The extent to which a Fund will borrow money, and the amount it may
borrow, depend on market conditions and interest rates. Successful use of
leverage depends on Robertson Stephens Investment Management's ability to
predict market movements correctly. A Fund may at times borrow money by means of
reverse repurchase agreements. Reverse repurchase agreements generally involve
the sale by a Fund of securities held by it and an agreement to repurchase the
securities at an agreed-upon price, date, and interest payment. Reverse
repurchase agreements will increase a Fund's overall investment exposure and may
result in losses. The amount of money borrowed by a Fund for leverage may
generally not exceed one-third of the Fund's assets (including the amount
borrowed).

OPTIONS AND FUTURES. A Fund may buy and sell call and put options to hedge
against changes in net asset value or to attempt to realize a greater current
return. In addition, through the purchase and sale of futures contracts and
related options, a Fund may at times seek to hedge against fluctuations in net
asset value and to attempt to increase its investment return.

A Fund's ability to engage in options and futures strategies will depend on
the availability of liquid markets in such instruments. It is impossible to
predict the amount of trading interest that may exist in various types of
options or futures contracts. Therefore, there is no assurance that a Fund will
be able to utilize these instruments effectively for the purposes stated above.
Options and futures transactions involve certain risks which are described below
and in the Statement of Additional Information.

Transactions in options and futures contracts involve brokerage costs and
may require a Fund to segregate assets to cover its outstanding positions. For
more information, see the Statement of Additional Information.

INDEX FUTURES AND OPTIONS. A Fund may buy and sell index futures contracts
("index futures") and options on index futures and on indices (or may purchase
investments whose values are based on the value from time to time of one or more
securities indices) for hedging purposes. An index future is a contract to buy
or sell units of a particular bond or stock index at an agreed price on a
specified future date. Depending on the change in value of the index between the
time when the Fund enters into and terminates an index futures or option
transaction, the Fund realizes a gain or loss. A Fund may also buy and sell
index futures and options to increase its investment return.

LEAPS AND BOUNDS. The VALUE + GROWTH FUND may purchase long-term
exchange-traded equity options called Long-Term Equity Anticipation Securities
("LEAPs") and Buy-Write Options Unitary Derivatives ("BOUNDs"). LEAPs provide a
holder the opportunity to participate in the underlying securities' appreciation
in excess of a fixed dollar amount, and BOUNDs provide a holder the opportunity
to retain dividends on the underlying securities while potentially participating
in the underlying securities' capital appreciation up to a fixed dollar amount.
The VALUE + GROWTH FUND will not purchase these options with respect to more
than 25% of the value of its net assets.

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Fund will enter into options or futures transactions only if Robertson Stephens
Investment Management believes that a liquid secondary market exists for such
option or futures contract, there can be no assurance that a Fund will be able
to effect closing transactions at any particular time or at an acceptable price.
Certain provisions of the Internal Revenue Code may limit a Fund's ability to
engage in options and futures transactions.

Each Fund expects that its options and futures transactions generally will
be conducted on recognized exchanges. A Fund may in certain instances purchase
and sell options in the over-the-counter markets. A Fund's ability to terminate
options in the over-the-counter markets may be more limited than for
exchange-traded options, and such transactions also involve the risk that
securities dealers participating in such transactions would be unable to meet
their obligations to the Fund. A Fund will, however, engage in over-the-counter
transactions only when appropriate exchange-traded transactions are unavailable
and when, in the opinion of Robertson Stephens Investment Management, the
pricing mechanism and liquidity of the over-the-counter markets are satisfactory
and the participants are responsible parties likely to meet their obligations.

A Fund will not purchase futures or options on futures or sell futures if,
as a result, the sum of the initial margin deposits on the Fund's existing
futures positions and premiums paid for outstanding options on futures contracts
would exceed 5% of the Fund's assets. (For options that are "in-the-money" at
the time of purchase, the amount by which the option is "in-the-money" is
excluded from this calculation.)

NON-DIVERSIFICATION AND SECTOR CONCENTRATION. THE CONTRARIAN FUND-TM-, THE
DEVELOPING COUNTRIES FUND, AND THE PARTNERS FUND are "non-diversified"
investment companies, and may invest their assets in a more limited number of
issuers than may other investment companies. Under the Internal Revenue Code, an
investment company, including a non-diversified investment company, generally
may not invest more than 25% of its assets in obligations of any one issuer
other than U.S. Government obligations and, with respect to 50% of its total
assets, a Fund may not invest more than 5% of its total assets in the securities
of any one issuer (except U.S. Government securities). Thus, each of those Funds
may invest up to 25% of its total assets in the securities of each of any two
issuers. This practice involves an increased risk of loss to a Fund if the
market value of a security should decline or its issuer were otherwise not to
meet its obligations.

At times a Fund may invest more than 25% of its assets in securities of
issuers in one or more market sectors such as, for example, the technology
sector. A market sector may be made up of companies in a number of related
industries. A Fund would only concentrate its investments in a particular market
sector if Robertson Stephens Investment Management were to believe the
investment return available from concentration in that sector justifies any
additional risk associated with concentration in that sector. When a Fund
concentrates its investments in a market sector, financial, economic, business,
and other developments affecting issuers in that sector will have a greater
effect on the Fund than if it had not concentrated its assets in that sector.

Currently, THE CONTRARIAN FUND-TM- has invested a significant portion of its
assets in companies within a number of industries involving base metals,
precious metals, and oil/energy. In addition, the VALUE + GROWTH FUND has
invested a significant portion of its assets in companies within a number of
industries in the technology and telecommunications sectors. Accordingly, the
performance of these Funds may be subject to a greater risk of market
fluctuation than that of a fund invested in a wider spectrum of market or
industrial sectors.

SECURITIES LOANS AND REPURCHASE AGREEMENTS. Each of the Funds may lend
portfolio securities to broker-dealers and may enter into repurchase agreements.
These transactions must be fully collateralized at all times, but involve some
risk to a Fund if the other party should default on its obligations and the Fund
is delayed or prevented from recovering the collateral.

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DEFENSIVE STRATEGIES. At times, Robertson Stephens Investment Management
may judge that market conditions make pursuing a Fund's basic investment
strategy inconsistent with the best interests of its shareholders. At such
times, Robertson Stephens Investment Management may temporarily use alternative
strategies, primarily designed to reduce fluctuations in the values of the
Fund's assets. In implementing these "defensive" strategies, a Fund may invest
in U.S. Government securities, other high-quality debt instruments, and other
securities Robertson Stephens Investment Management believes to be consistent
with the Fund's best interests.

PORTFOLIO TURNOVER. The length of time a Fund has held a particular
security is not generally a consideration in investment decisions. The
investment policies of a Fund may lead to frequent changes in the Fund's
investments, particularly in periods of volatile market movements. A change in
the securities held by a Fund is known as "portfolio turnover." Portfolio
turnover generally involves some expense to a Fund, including brokerage
commissions or dealer mark-ups and other transaction costs on the sale of
securities and reinvestment in other securities. Such sales may result in
realization of taxable capital gains. Portfolio turnover rates for each of the
following Funds during their fiscal periods ended December 31, 1995 were as
follows: Contrarian Fund, 29%; Developing Countries Fund, 103%; Emerging Growth
Fund, 147%; Value+Growth Fund, 104%. Portfolio turnover rates for the following
Funds for the nine months ended September 30, 1996 (unannualized) were as
follows: Global Low-Priced Stock Fund, 38%; Global Natural Resources Fund, 60%;
Growth & Income Fund, 160%; Information Age Fund, 256%; Partners Fund, 55%.
Annual portfolio turnover for the Diversified Growth and MicroCap Growth Funds
is expected to be less than 200%.

MANAGEMENT OF THE FUNDS

The Trustees of the Trust are responsible for generally overseeing the
conduct of the Trust's business. ROBERTSON, STEPHENS & COMPANY INVESTMENT
MANAGEMENT, L.P., 555 California Street, San Francisco, CA 94104, is the
investment adviser for each of the Funds other than the Emerging Growth Fund.
Robertson, Stephens & Company Investment Management, L.P., a California limited
partnership, was formed in 1993 and is registered as an investment adviser with
the Securities and Exchange Commission. The general partner of Robertson,
Stephens & Company Investment Management, L.P. is Robertson, Stephens & Company,
Inc., and the principal limited partner is Robertson, Stephens & Company LLC,
the Funds' distributor and a major investment banking firm specializing in
emerging growth companies that has developed substantial investment research,
underwriting, and venture capital expertise. Since 1978, Robertson, Stephens &
Company LLC has managed underwritten public offerings for over $26 billion of
securities of emerging growth companies. Robertson, Stephens & Company
Investment Management, L.P. and its affiliates have in excess of $4.1 billion
under management in public and private investment funds. Robertson, Stephens &
Company LLC, its general partner, Robertson, Stephens & Company, Inc., and
Sanford R. Robertson may be deemed to be control persons of Robertson, Stephens
& Company Investment Management, L.P.

ROBERTSON STEPHENS INVESTMENT MANAGEMENT, INC., 555 California Street, San
Francisco, CA 94104 is the investment adviser for the Emerging Growth Fund.
Robertson Stephens Investment Management, Inc. commenced operations in March
1986 and is registered as an investment adviser with the Securities and Exchange
Commission and is an indirect wholly-owned subsidiary of Robertson, Stephens &
Company LLC.

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and officers for the Trust. The Trust pays all expenses not assumed by Robertson
Stephens Investment Management including, among other things, Trustees' fees,
auditing, accounting, legal, custodial, investor servicing, and shareholder
reporting expenses, and payments under the Funds' Distribution Plans.

Robertson Stephens Investment Management places all orders for purchases and
sales of the Funds' investments. In selecting broker-dealers, Robertson Stephens
Investment Management may consider research and brokerage services furnished to
it and its affiliates. Robertson, Stephens & Company LLC 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 these
transactions. Subject to seeking the most favorable price and execution
available, Robertson Stephens Investment Management may consider sales of shares
of the Funds as a factor in the selection of broker-dealers.

Robertson Stephens Investment Management may at times bear certain expenses
of the Funds. The Investment Advisory Agreements between each of the Diversified
Growth Fund, the Global Low-Priced Stock Fund, the Global Natural Resources
Fund, the Growth & Income Fund, The Information Age Fund-TM-, the MicroCap
Growth Fund, the Partners Fund, and the Value + Growth Fund and Robertson
Stephens Investment Management permit Robertson Stephens Investment Management
to seek reimbursement for those expenses within the succeeding two-year period,
subject to any expense limitations then applicable to the Fund in question.

ADMINISTRATIVE SERVICES. Each of the Diversified Growth, Growth & Income,
Global Low-Priced Stock, Global Natural Resources, and MicroCap Growth Funds,
and The Information Age Fund-TM- has entered into an agreement with Robertson
Stephens Investment Management pursuant to which Robertson Stephens Investment
Management provides administrative services to the Fund. Each Fund pays
Robertson Stephens Investment Management a fee for such services at the annual
rate of 0.25% of its average daily net assets.

PORTFOLIO MANAGERS

Paul H. Stephens has served as The Contrarian Fund's-TM- portfolio manager
since its inception in June 1993. He is a founder of Robertson, Stephens &
Company LLC. In addition to managing public investment portfolios for
individuals since 1975, Mr. Stephens has acted as the firm's Chief Investment
Officer since 1978. He holds a B.S. and an M.B.A. from the University of
California at Berkeley.

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 of the Putnam OTC Emerging Growth Fund. Mr. Callinan received an A.B. in
economics from Harvard College, an M.S. in accounting from New York University,
and an M.B.A. from Harvard Business School, and is a Chartered Financial
Analyst.

Ronald E. Elijah has managed the Value + Growth Fund's portfolio since that
Fund's inception in April 1992. Mr. Elijah is also the portfolio manager for The
Information Age Fund-TM-. From August 1985 to January 1990, Mr. Elijah was a
securities analyst for Robertson, Stephens & Company LLC. From January 1990 to
January 1992, Mr. Elijah was an analyst and portfolio manager for Water Street
Capital, which managed short selling investment funds. He holds a master's
degree in economics from Humboldt State University and an M.B.A. with an
emphasis in finance from Golden Gate University.

David Evans is responsible for managing the portfolio of the MicroCap Growth
Fund.

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Mr. Evans has more than fifteen years of investment research and management
experience, and has been a part of the management team at Robertson Stephens
Investment Management since 1989. Mr. Evans was an analyst and portfolio manager
at CIGNA before joining Robertson Stephens Investment Management. He holds a
B.A. from Muskingum College and an M.B.A. from the Wharton School of the
University of Pennsylvania.

Michael Hoffman has been responsible for managing the Developing Countries
Fund's portfolio since that Fund's inception in April 1994. From August 1990 to
April 1994, Mr. Hoffman was a portfolio manager with CIGNA International
Investment Advisors, where he managed four portfolios with net assets ranging
from $25 million to $100 million. He holds a B.S. from Pennsylvania State
University and a master's degree in international business from the University
of South Carolina.

Andrew P. Pilara, Jr. has been responsible for managing the Partners Fund
since the Fund's inception in July 1995 and is responsible for managing the
Global Natural Resources Fund. Since August 1993 he has been a member of The
Contrarian Fund-TM- management team. Mr. Pilara has been involved in the
securities business for over 25 years, with experience in portfolio management,
research, trading, and sales. Prior to joining Robertson, Stephens & Company
Investment Management, L.P., he was president of Pilara Associates, an
investment management firm he established in 1974. He holds a B.A. in economics
from St. Mary's College.

M. Hannah Sullivan is responsible for managing the Global Low-Priced Stock
Fund. Since April 1992, she has been a member of the management team for the
Contrarian Fund-TM-. She holds a B.A. in Spanish literature from Cornell
University and an M.B.A. from the University of California at Berkeley.

John L. Wallace has been responsible for managing the Growth & Income Fund
since its inception in July 1995 and is responsible for managing the Diversified
Growth Fund. Prior to joining Robertson, Stephens & Company Investment
Management, L.P., Mr. Wallace was Vice President of Oppenheimer Management
Corp., where he was portfolio manager of the Oppenheimer Main Street Income and
Growth Fund. He holds a B.A. from the University of Idaho and an M.B.A. from
Pace University.

HOW TO PURCHASE SHARES

Class C shares of any Fund may be purchased through your financial
institution, which may be a broker-dealer, a bank, or another institution. You
can open an account for Class C shares of a Fund with as little as $5,000
($1,000 for IRA and for gift/transfer-to-minor accounts) and make additional
investments at any time with as little as $100 ($1 for IRAs).

Your financial institution can assist you in establishing your account and
making your investment. Your financial institution is responsible for forwarding
all of the necessary documentation to the Trust, and may charge for its
services. If you do not have a financial institution, Robertson, Stephens & Co.
LLC, the Funds' principal underwriter ("RS&Co."), can refer you to one.

Once you have made the initial minimum investment in a Fund, you can make
regular investments in that Fund of $100 or more on a monthly or quarterly basis
through automatic deductions from your bank checking account. Application forms
are available from your financial institution or through RS&Co.

OTHER INFORMATION
ABOUT PURCHASING SHARES
- -------------------------------------

CONTINGENT DEFERRED SALES CHARGE. Class C shares are sold without an initial
sales charge, although a contingent deferred sales charge ("CDSC") of 1.00% is
imposed on redemptions of such shares within the first year after purchase. The
CDSC will be charged on the lesser of the shares' cost or current net asset
value. Shares acquired by reinvestment of distributions will be redeemed without
a CDSC. In determining whether a CDSC is payable on any redemption, a Fund will
first redeem shares acquired through the reinvestment of distributions, and then
the remaining shares held longest. RS&Co. receives the entire amount of any CDSC
you pay.

REINVESTMENT PRIVILEGE. If you redeem Class C shares of a Fund, you have a
one-time right, within 90 days, to reinvest the redemption proceeds plus the
amount of CDSC you paid, if any, at the next-determined net asset value. RS&Co.
must be notified in writing by you or by your financial institution of the
reinvestment for you to recover the CDSC. If you redeem shares in a Fund, there
may be tax consequences.

GENERAL
- -------------------------------------

If you are considering redeeming or exchanging shares of a Fund or
transferring shares to another person shortly after purchase, you should pay for
those shares with a certified check to avoid any delay in redemption, exchange,
or transfer. Otherwise a Fund may delay payment until the purchase price of
those shares has been collected or, if you redeem by telephone, until 15
calendar days after the purchase date.

A Fund may waive the CDSC on Class C shares redeemed by the Trust's current
and retired Trustees (and their families), current and retired employees (and
their families) of RS&Co., Robertson Stephens Investment Management, and their
affiliates, registered representatives and other employees (and their families)
of broker-dealers having sales agreements with RS&Co., employees (and their
families) of financial institutions having sales agreements with RS&Co. (or
otherwise having an arrangement with a broker-dealer or financial institution
with respect to sales of Fund shares), financial institution trust departments
investing an aggregate of $1 million or more in one or more funds in the
Robertson Stephens family, clients of certain administrators of tax-qualified
plans, employer-sponsored retirement plans, and tax-qualified plans when
proceeds from repayments of loans to participants are invested (or reinvested)
in the Robertson Stephens Funds. A Fund may sell shares not subject to any CDSC
in connection with the acquisition by the Fund of assets of an investment
company or personal holding company. In addition, the CDSC may be waived in the
case of (i) redemptions of shares held at the time a shareholder dies or becomes
disabled, including the shares of a shareholder who owns the shares with his or
her spouse as joint tenants with right of survivorship, provided that the
redemption is requested within one year of the death or initial determination of
disability; and (ii) redemptions in connection with the following retirement
plan distributions: (a) lump-sum or other distributions from a qualified
retirement plan following retirement or separation from service; (b)
distributions from an IRA, Keogh Plan, or Custodial Account under Section
403(b)(7) of the Internal Revenue Code following attainment of age 59 1/2; (c) a
tax-free return on an excess contribution to an IRA; and (d) distributions to
make "substantially equal periodic payments" as described in Section 72(t) of
the Internal Revenue Code. The minimum initial investment may be waived for
current and retired Trustees, and current and retired employees of the Trust,
RS&Co., or their affiliates. Contact your financial institution or RS&Co. for
information. If you invest through a broker-dealer or other financial
institution, your broker-dealer or other financial institution will be
responsible for electing on your behalf to take advantage of any of the waivers
described above. Please instruct your broker-dealer or other financial
institution accordingly.

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Because of the relatively high cost of maintaining accounts, the Fund
reserves the right to redeem, upon not less than 60 days notice, any Fund
account whose account balance falls below $500 as a result of redemptions. A
shareholder may, however, avoid such a redemption by a Fund by increasing his
investment in shares of the Fund to a value of $500 or more during such 60-day
period.

Each Fund reserves the right to reject any purchase, in whole or in part,
and to suspend the offering of its shares for any period of time and to change
or waive the minimum investment amounts specified in this prospectus. No share
certificates for Class C shares will be issued.

EXCHANGE PRIVILEGE
- -------------------------------------

Except as otherwise described below, you can exchange your shares in any
Fund worth at least $1,000 for Class C shares of the other Robertson Stephens
Funds offering such shares, at net asset value beginning 15 days after purchase.
If you exchange shares subject to a CDSC, the transaction will not be subject to
a CDSC. However, when you redeem the shares acquired through the exchange, the
redemption may be subject to the CDSC, depending upon when you originally
purchased the shares. For purposes of determining whether the CDSC applies, the
length of time you have owned your shares will be measured from the date of
original purchase and will not be affected by any exchange.

Shares may be exchanged only if the amount being exchanged satisfies the
minimum investment required and the shareholder is a resident of a state where
shares of the appropriate Fund are qualified for sale. However, you may not
without the consent of RS&Co. exchange your investment in shares of any Fund
more than four times in any twelve-month period (including the initial exchange
of your investment from that Fund during the period, and subsequent exchanges of
that investment from other Funds during the same twelve-month period).

The exchange privilege is not intended as a vehicle for short-term trading.
Excessive exchange activity may interfere with portfolio management and have an
adverse effect on all shareholders. In order to limit excessive exchange
activity and in other circumstances where RS&Co. or the Trustees believe doing
so would be in the best interests of the Fund, the Fund reserves the right to
revise or terminate the exchange privilege, limit the amount or number of
exchanges, or reject any exchange. Shareholders would be notified of any such
action to the extent required by law. Consult your financial institution before
requesting an exchange.

Investors should note that an exchange will result in a taxable event.
Exchange privileges may be terminated, modified, or suspended by a Fund upon 60
days prior notice to shareholders.

Unless you have indicated that you do not wish to establish telephone
exchange privileges (see the Account Application or call the Funds for details),
you may make exchanges by telephone.

HOW TO REDEEM SHARES

You can sell your Class C shares in a Fund to that Fund any day the New York
Stock Exchange is open, either through your financial institution or directly to
the Fund. A Fund will only redeem shares for which it has received payment.

SELLING SHARES THROUGH YOUR
FINANCIAL INSTITUTION
- -------------------------------------

Your financial institution and RS&Co. must receive your request before the
close of regular trading on the New York Stock Exchange to receive that day's
net asset value. Your financial

19
<PAGE>
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- --------------------------------------------------------------------------------
institution will be responsible for furnishing all necessary documentation to
RS&Co., and may charge you for its services.

SELLING SHARES DIRECTLY TO A FUND
- -------------------------------------

BY MAIL. You may redeem your shares of a Fund by mailing a written request
for redemption to the Transfer Agent that:

(1) states the number of shares or dollar amount to be redeemed;

(2) identifies your account number; and

(3) is signed by you and all other owners of the account exactly as their names
appear on the account.

If you request that the proceeds from your redemption be sent to you at an
address other than your address of record, or to another party, you must include
a signature guarantee for each such signature by an eligible signature
guarantor, such as a member firm of a national securities exchange or a
commercial bank or trust company located in the United States. If you are a
resident of a foreign country, another type of certification may be required.
Please contact National Financial Data Services (the "Transfer Agent") for more
details at 1-800-272-6944. Corporations, fiduciaries, and other types of
shareholders may be required to supply additional documents which support their
authority to effect a redemption.

BY TELEPHONE. Unless you have indicated that you do not wish to establish
telephone redemption privileges (see the Account Application or contact your
financial institution for details), you may redeem shares by calling the
Transfer Agent at 1-800-272-6944 by 4:00 p.m. New York time on any day the New
York Stock Exchange is open for business.

If an account has more than one owner, the Transfer Agent may rely on the
instructions of any one owner. Each Fund employs reasonable procedures in an
effort to confirm the authenticity of telephone instructions, which currently
include the recording of shareholders' calls, the mailing of confirmation
statements, and the use of a personal identification test (which may, for
example, require the caller to give a special authorization number or to verify
the account owner's address and social security number). If procedures
established by the Trust are not followed, the Funds and the Transfer Agent may
be responsible for any losses because of unauthorized or fraudulent
instructions. By not declining telephone redemption privileges, you authorize
the Transfer Agent to act upon any telephone instructions it believes to be
genuine, (1) to redeem shares from your account and (2) to mail or wire the
redemption proceeds. If you recently opened an account by wire, you cannot
redeem shares by telephone until the Transfer Agent has received your completed
Application.

Telephone redemption is not available for shares held in IRAs. Each Fund may
change, modify, or terminate its telephone redemption services at any time upon
30 days notice.

BY WIRE TRANSFER. If your financial institution receives Federal Reserve
wires, you may instruct that your redemption proceeds be forwarded to your
account with your financial institution or to you by a wire transfer. Please
indicate your financial institution's or your own complete wiring instructions.
The Funds will forward proceeds from telephone redemptions only to the bank or
brokerage account that you have authorized in writing. A $9.00 wire fee will be
paid either by redeeming shares from your account, or upon a full redemption,
deducting the fee from the proceeds.

GENERAL REDEMPTION POLICIES
- -------------------------------------

20
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after the Fund's receipt of the check or until the check has cleared, whichever
occurs first. If you redeem shares through your financial institution, your
financial institution is responsible for ensuring that the Transfer Agent
receives your redemption request in proper form at the appropriate time.

You may experience delays in exercising telephone redemptions during periods
of abnormal market activity. Accordingly, during periods of volatile economic
and market conditions, you may wish to consider transmitting redemption orders
to the Transfer Agent by an overnight courier service.

THE FUNDS' DISTRIBUTOR

Each of the Funds has adopted a Distribution Plan under Rule 12b-1 with
respect to its Class C shares (each, a "Plan") providing for payments by the
Fund to RS&Co. from the assets attributable to the Fund's Class C shares.
Payments under the Plan are intended to compensate RS&Co. for services provided
and expenses incurred by it as principal underwriter of the Fund's Class C
shares, including the payments to financial institutions described below.

In order to compensate broker-dealers and certain other financial
institutions for services provided in connection with sales of Class C shares,
RS&Co. makes quarterly payments to qualifying broker-dealers and other financial
institutions at an annual rate of up to 0.75% of the average net asset value of
Class C shares attributable to shareholders for whom the broker-dealers or
financial institutions are the intermediaries of record. RS&Co. may suspend or
modify such payments. Such payments are also subject to the continuation of the
relevant Plan, the terms of any agreements between financial institutions and
RS&Co., and any applicable limits imposed by the National Association of
Securities Dealers, Inc.

Each of the Funds currently makes payments to RS&Co. under its Plan at the
annual rate of 0.75% of the assets of the Fund attributable to its Class C
shares (although the Plans contemplate payments at a rate of up to 1.00% of a
Fund's average net assets attributable to Class C shares). The Plans also by
their terms relate to payments under the Funds' Shareholder Servicing Plan, to
the extent such payments may be seen as primarily intended to result in the sale
of a Fund's Class C shares. The Trustees may reduce the amount of payments or
suspend the Plan for such periods as they may determine. RS&Co. also receives
the proceeds of any CDSC imposed on redemptions of shares.

RS&Co., Robertson Stephens Investment Management, and their affiliates, at
their own expense and out of their own assets, may also provide other
compensation to financial institutions in connection with sales of the Funds'
shares or the servicing of shareholders or shareholder accounts. Such
compensation may include, but is not limited to, financial assistance to
financial institutions in connection with conferences, sales or training
programs for their employees, seminars for the public, advertising or sales
campaigns, or other financial institution-sponsored special events. In some
instances, this compensation may be made available only to certain financial
institutions whose representatives have sold or are expected to sell significant
amounts of shares. Dealers may not use sales of the Funds' shares to qualify for
this compensation to the extent such may be prohibited by the laws of any state
or any self-regulatory agency, such as the National Association of Securities
Dealers, Inc.

Each Fund has agreed to indemnify RS&Co. against certain liabilities,
including liabilities under the Securities Act of 1933, as amended.

SHAREHOLDER SERVICING PLAN

The Trust has adopted a Shareholder Servicing Plan (the "Service Plan") for
the Class C shares of each Fund. Under the Service Plan, each Fund pays fees to
RS&Co. at an annual rate

21
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of up to 0.25% of the Fund's average daily net assets. The Plan contemplates
that financial institutions will enter into shareholder service agreements with
RS&Co. to provide administrative support services to their customers who are
Fund shareholders. In return for providing these support services, a financial
institution may receive payments from RS&Co. at a rate not exceeding 0.25% of
the average daily net assets of the Class C shares of each Fund for which the
financial institution is the financial institution of record. These
administrative services may include, but are not limited to, the following
functions: providing office space, equipment, telephone facilities, and various
personnel, including clerical, supervisory, and computer personnel, as necessary
or beneficial to establish and maintain shareholder accounts and records;
processing purchase and redemption transactions and automatic investments of
client account cash balances; answering routine client inquiries regarding the
Funds; assisting clients in changing dividend options, account designations, and
addresses; and providing such other services as RS&Co. reasonably requests.

DIVIDENDS, DISTRIBUTIONS, AND TAXES

Each Fund distributes substantially all of its net investment income and net
capital gains to shareholders at least once a year (or more often if necessary
to avoid certain excise or income taxes on the Fund). All distributions by a
Fund will be automatically reinvested in Class C shares of the Fund unless the
shareholder (or the shareholder's financial institution) requests cash payment
on at least 10 days prior written notice to the Transfer Agent.

Each Fund intends to qualify as a "regulated investment company" for federal
income tax purposes and to meet all other requirements that are necessary for it
to be relieved of federal taxes on income and gains it distributes to
shareholders. A Fund will distribute substantially all of its net investment
income and net capital gain income on a current basis.

All Fund distributions will be taxable to you as ordinary income, except
that any distributions of net long-term capital gains will be taxed as such,
regardless of how long you have held your shares. Distributions will be taxable
as described above, whether received in cash or in shares through the
reinvestment of distributions. Early in each year, the Trust will notify you of
the amount and tax status of distributions paid to you by each of the Funds for
the preceding year.

The foregoing is a summary of certain federal income tax consequences of
investing in a Fund. You should consult your tax adviser to determine the
precise effect of an investment in a Fund on your particular tax situation.

HOW NET ASSET VALUE IS DETERMINED

Each Fund calculates the net asset value of its Class C shares by dividing
the total value of its assets attributable to its Class C shares, less its
liabilities attributable to those shares, by the number of its Class C shares
outstanding. Shares are valued as of the close of regular trading on the New
York Stock Exchange each day the Exchange is open. Fund securities for which
market quotations are readily available are stated at market value. Short-term
investments that will mature in 60 days or less are stated at amortized cost,
which approximates market value. All other securities and assets are valued at
their fair values determined by Robertson Stephens Investment Management. The
net asset value of a Fund's Class C shares will generally differ from that of
its other classes of shares due to the variance in daily net income realized by
and dividends paid on each class of shares, and any differences in the expenses
of the different classes.

22
<PAGE>
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HOW PERFORMANCE IS DETERMINED

Yield and total return data may from time to time be included in
advertisements about the Funds' Class C shares. The "yield" of a Fund's Class C
shares is calculated by dividing the annualized net investment income per Class
C share during a recent 30-day period by the net asset value per Class C share
on the last day of that period. "Total return" for the period during which Class
C shares of a Fund have been offered, through the most recent calendar quarter,
represents the average annual compounded rate of return (or, in the case of a
period of one year or less, the actual rate of return) on an investment of
$1,000 in Class C shares of that Fund. Total return may also be presented for
other periods. Quotations of yield or total return for a period when an expense
limitation was in effect will be greater than if the limitation had not been in
effect. A Fund's performance may be compared to various indices. See the
Statement of Additional Information. Information may be presented in
advertisements about a Fund describing the background and professional
experience of the Fund's investment adviser or any portfolio manager.

All data are based on a Fund's past investment results and do not predict
future performance. Investment performance, which will vary, is based on many
factors, including market conditions, the composition of the Fund's portfolio,
and the Fund's expenses. Investment performance also often reflects the risks
associated with a Fund's investment objective and policies. These factors should
be considered when comparing a Fund's investment results to those of other
mutual funds and other investment vehicles.

ADDITIONAL INFORMATION

Each Fund is a series of the Trust, which was organized on May 11, 1987
under the laws of The Commonwealth of Massachusetts and is a business entity
commonly known as a "Massachusetts business trust." A copy of the Agreement and
Declaration of Trust, which is governed by Massachusetts law, is on file with
the Secretary of State of The Commonwealth of Massachusetts.

When matters are submitted for shareholder vote, shareholders of each series
will have one vote for each full share owned and proportionate, fractional votes
for fractional shares held. Generally, shares of each series vote separately as
a class on all matters except (1) matters affecting only the interests of one or
more of the series, in which case only shares of the affected series would be
entitled to vote, or (2) when the Investment Company Act requires that shares of
all series be voted in the aggregate. Each series offered by this Prospectus
issues shares of two classes, Class A shares and Class C shares. Class A shares
have different sales charges and other expenses, which may affect performance.
Contact RS&Co. for information concerning the Class A shares of any Fund, at
1-800-270-5829. Although the Trust is not required to hold annual shareholder
meetings, shareholders have the right to call a meeting to elect or remove
Trustees, or to take other actions as provided in the Agreement and Declaration
of Trust.

State Street Bank and Trust Company, c/o National Financial Data Services,
P.O. Box 419717, Kansas City, Missouri 64141, acts as each Fund's transfer agent
and dividend paying agent. State Street Bank and Trust Company, 225 Franklin
Street, Boston, Massachusetts 02110, also acts as the custodian of each Fund's
portfolio.

23
<PAGE>
- ----------------------------------------------------
- ----------------------------------------------------

ROBERTSON STEPHENS & COMPANY
BRINGING THE FUND MANAGER TO YOU

ADDRESS
555 California Street
San Francisco, CA 94104
1-800-270-5829

INVESTMENT ADVISERS
Robertson, Stephens & Company
Investment Management, L.P.
Robertson Stephens Investment
Management, Inc.
555 California Street
San Francisco, CA 94104
1-800-270-5829

DISTRIBUTOR
Robertson, Stephens & Company LLC
555 California Street
San Francisco, CA 94104
1-800-270-5829

TRANSFER AGENT
State Street Bank and Trust Company
c/o National Financial Data Services
P. O. Box 419717
Kansas City, MO 64141
1-800-272-6944

INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
San Francisco, CA 94104

LEGAL COUNSEL
Ropes & Gray
Boston, MA 02110

CUSTODIAN
State Street Bank and Trust Company
Boston, MA 02110

No dealer, salesperson, or any other person has been authorized to give any
information or to make any representations other than those contained in this
Prospectus in connection with the offer contained in this Prospectus, and, if
given or made, such other information or representations must not be relied upon
as having been authorized by the Fund. This Prospectus does not constitute an
offering in any state or jurisdiction in which such offering may not lawfully be
made.

- ---------------------------------------------------
- ---------------------------------------------------

---------------------------------------------------

ROBERTSON
STEPHENS
MUTUAL
FUNDS
--------------------

THE CONTRARIAN FUND-TM-
THE ROBERTSON STEPHENS
DEVELOPING COUNTRIES FUND
THE ROBERTSON STEPHENS
DIVERSIFIED GROWTH FUND
THE ROBERTSON STEPHENS
EMERGING GROWTH FUND
THE ROBERTSON STEPHENS
GLOBAL LOW-PRICED
STOCK FUND
THE ROBERTSON STEPHENS
GLOBAL NATURAL
RESOURCES FUND
THE ROBERTSON STEPHENS
GROWTH & INCOME FUND
THE ROBERTSON STEPHENS
MICROCAP GROWTH FUND
THE INFORMATION AGE FUND-TM-
THE ROBERTSON STEPHENS
PARTNERS FUND
THE ROBERTSON STEPHENS
VALUE + GROWTH FUND

PROSPECTUS
March , 1997
<PAGE>
INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A
POST-EFFECTIVE AMENDMENT TO THE TRUST'S REGISTRATION STATEMENT RELATING TO THESE
SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BUT HAS
NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY
BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS
PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER
TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH
SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
<PAGE>
SUBJECT TO COMPLETION
PRELIMINARY PROSPECTUS DATED JANUARY 21, 1997

ROBERTSON STEPHENS INVESTMENT TRUST makes available to investors the
expertise of the investment professionals at Robertson Stephens Investment
Management. The Trust is offering Class C shares of ten mutual funds by this
Prospectus: The Robertson Stephens DEVELOPING COUNTRIES FUND, The Robertson
Stephens DIVERSIFIED GROWTH FUND, The Robertson Stephens EMERGING GROWTH FUND,
The Robertson Stephens GLOBAL LOW-PRICED STOCK FUND, The Robertson Stephens
GLOBAL NATURAL RESOURCES FUND, The Robertson Stephens GROWTH & INCOME FUND, THE
INFORMATION AGE FUND-TM-, The Robertson Stephens MICROCAP GROWTH FUND, The
Robertson Stephens PARTNERS FUND, and The Robertson Stephens VALUE + GROWTH
FUND.

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
PAGE
-----
Expense Summary........................ 2
Investment Objectives and Policies..... 4
Management of the Funds................ 15
Portfolio Managers..................... 16
How to Purchase Shares................. 17
How to Redeem Shares................... 19
The Funds' Distributor................. 20
Shareholder Servicing Plan............. 21
Dividends, Distributions, and Taxes.... 21
How Net Asset Value Is Determined...... 22
How Performance Is Determined.......... 22
Additional Information................. 22
</TABLE>

EXPENSE SUMMARY

- --------------------------
* A $9.00 FEE IS CHARGED FOR REDEMPTIONS MADE BY BANK WIRE.
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
GLOBAL GLOBAL GROWTH
DEVELOPING DIVERSIFIED EMERGING LOW-PRICED NATURAL & INFORMATION
COUNTRIES GROWTH GROWTH STOCK RESOURCES INCOME AGE-TM-
-------------- ------------- ----------- -------------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Management Fees 1.25% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Rule 12b-1 Expenses 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fee 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses* 0.35%(1) 0.70%(1) 0.35% 0.70%(1) 0.70%(1) 0.05%(1) 0.78%
------ ------ ----------- ------ ------------- ----------- ------
Total Fund Operating
Expenses* 2.60%(1) 2.70%(1) 2.35% 2.70%(1) 2.70%(1) 2.05%(1) 2.78%

<CAPTION>
ANNUAL FUND OPERATING EXP
(as a percentage of avera
MICRO
CAP VALUE +
GROWTH PARTNERS GROWTH
----------- ------------ -----------
<S> <C> <C> <C>
Management Fees 1.25% 1.25% 1.00%
Rule 12b-1 Expenses 0.75% 0.75% 0.75%
Shareholder Service Fee 0.25% 0.25% 0.25%
Other Expenses* 0.45%(1) 0.45%(1) 0.33%
----------- ------ -----------
Total Fund Operating
Expenses* 2.70%(1) 2.70%(1) 2.33%
</TABLE>

- ----------------------------------------
(1) REFLECTING VOLUNTARY EXPENSE LIMITATIONS.
* ESTIMATED BASED ON EXPECTED EXPENSES OF CLASS C SHARES.

2
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EXAMPLE

An investment of $1,000 in Class C shares of the Funds would incur the following
expenses, assuming 5% annual return and redemption at the end of each period:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS
----------- -----------
<S> <C> <C>
The Developing Countries Fund $ 26 $ 81
The Diversified Growth Fund $ 27 $ 84
The Emerging Growth Fund $ 24 $ 73
The Global Low-Priced Stock Fund $ 27 $ 84
The Global Natural Resources Fund $ 27 $ 84
The Growth & Income Fund $ 21 $ 64
The Information Age Fund-TM- $ 28 $ 86
The MicroCap Growth Fund $ 27 $ 84
The Partners Fund $ 27 $ 84
The Value + Growth Fund $ 24 $ 73
</TABLE>

3
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INVESTMENT OBJECTIVES AND POLICIES

None of the Funds, other than the Growth & Income Fund, invests for current
income. Each of the Funds may hold a portion of its assets in cash or money
market investments.

For a description of certain risks associated with the Funds' investment
practices, see "Other Investment Practices and Risk Considerations," below.

THE DEVELOPING COUNTRIES FUND
- -------------------------------------

4
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Robertson Stephens Investment Management to be sufficiently liquid, the Fund may
engage in short sales.

THE DIVERSIFIED GROWTH FUND
- -------------------------------------

THE EMERGING GROWTH FUND
- -------------------------------------

Smaller companies may present greater opportunities for investment return
than do larger companies, but may also involve greater risks. They may have
limited product lines, markets, or financial resources, or may depend on a
limited management group. Their securities may trade less frequently and in
limited volume. As a result, the prices of these securities may fluctuate more
than prices of securities of larger, widely traded companies. See "Investments
in Smaller Companies," below.

THE GLOBAL LOW-PRICED STOCK FUND
- -------------------------------------

5
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be little coverage by Wall Street analysts of the companies in which the Fund
invests. Institutional ownership will also usually be limited.

THE GLOBAL NATURAL
RESOURCES FUND
- -------------------------------------

Companies in the natural resources industries may include, for example:

6
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THE GROWTH & INCOME FUND
- -------------------------------------

7
<PAGE>
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THE INFORMATION AGE FUND-TM-
- -------------------------------------

THE MICROCAP GROWTH FUND
- -------------------------------------

"Micro-cap" companies are companies with market capitalizations of $250
million or less.

8
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THE PARTNERS FUND
- -------------------------------------

In selecting investments for the Fund, Robertson Stephens Investment
Management will:

THE VALUE + GROWTH FUND
- -------------------------------------

9
<PAGE>
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securities of larger or smaller companies, if Robertson Stephens Investment
Management believes they offer the potential for capital appreciation.

OTHER INVESTMENT PRACTICES AND RISK CONSIDERATIONS
- -------------------------------------

10
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Each of the Funds may invest in securities of issuers in developing
countries. Certain Funds may at times invest a substantial portion of their
assets in such securities. Investments in developing countries are subject to
the same risks applicable to foreign investments generally, although those risks
may be increased due to conditions in such countries. For example, the
securities markets and legal systems in developing countries may only be in a
developmental stage and may provide few, or none, of the advantages or
protections of markets or legal systems available in more developed countries.
Although many of the securities in which the Funds may invest are traded on
securities exchanges, they may trade in limited volume, and the exchanges may
not provide all of the conveniences or protections provided by securities
exchanges in more developed markets. The Funds may also invest a substantial
portion of their assets in securities traded in the over-the-counter markets in
such countries and not on any exchange, which may affect the liquidity of the
investment and expose the Funds to the credit risk of their counterparties in
trading those investments.

THE DIVERSIFIED GROWTH FUND, AND THE GROWTH & INCOME FUND may invest in
lower-quality, high-yielding debt securities. Lower-rated debt securities
(commonly called "junk bonds") are considered to be of poor standing and
predominantly speculative. Securities in the lowest rating categories may have
extremely poor prospects of attaining any real investment standing, and some of
those securities in which a Fund may invest may be in default. The rating
services'

11
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descriptions of securities in the lower rating categories, including their
speculative characteristics, are set forth in the Statement of Additional
Information.

BORROWING AND LEVERAGE. The DEVELOPING COUNTRIES FUND may borrow money to
invest in additional portfolio securities. This practice, known as "leverage,"
increases the Fund's market exposure and its risk. When a Fund has borrowed
money for leverage and its investments increase or decrease in value, the Fund's
net asset value will normally increase or decrease more than if it had not
borrowed money. The interest the Fund must pay on borrowed money will reduce the
amount of any potential gains or increase any losses. The extent to which a Fund
will borrow money, and the amount it may borrow, depend on market conditions and
interest rates. Successful use of leverage depends on Robertson Stephens
Investment Management's ability to predict market movements correctly. A Fund
may at times borrow money by means of reverse repurchase agreements. Reverse
repurchase agreements generally involve the sale by a Fund of securities held by
it and an agreement to repurchase the securities at an agreed-upon price, date,
and interest payment. Reverse repurchase agreements will increase a Fund's
overall investment exposure and may result in losses. The amount of money
borrowed by a Fund for leverage may generally not exceed one-third of the Fund's
assets (including the amount borrowed).

12
<PAGE>
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RISKS RELATED TO OPTIONS AND FUTURES STRATEGIES. Options and futures
transactions involve costs and may result in losses. Certain risks arise because
of the possibility of imperfect correlations between movements in the prices of
futures and options and movements in the prices of the underlying security or
index of the securities held by a Fund that are the subject of a hedge. The
successful use by a Fund of the strategies described above further depends on
the ability of Robertson Stephens Investment Management to forecast market
movements correctly. Other risks arise from a Fund's potential inability to
close out futures or options positions. Although a Fund will enter into options
or futures transactions only if Robertson Stephens Investment Management
believes that a liquid secondary market exists for such option or futures
contract, there can be no assurance that a Fund will be able to effect closing
transactions at any particular time or at an acceptable price. Certain
provisions of the Internal Revenue Code may limit a Fund's ability to engage in
options and futures transactions.

13
<PAGE>
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are "in-the-money" at the time of purchase, the amount by which the option is
"in-the-money" is excluded from this calculation.)

NON-DIVERSIFICATION AND SECTOR CONCENTRATION. THE DEVELOPING COUNTRIES FUND
AND THE PARTNERS FUND are "non-diversified" investment companies, and may invest
their assets in a more limited number of issuers than may other investment
companies. Under the Internal Revenue Code, an investment company, including a
non-diversified investment company, generally may not invest more than 25% of
its assets in obligations of any one issuer other than U.S. Government
obligations and, with respect to 50% of its total assets, a Fund may not invest
more than 5% of its total assets in the securities of any one issuer (except
U.S. Government securities). Thus, each of those Funds may invest up to 25% of
its total assets in the securities of each of any two issuers. This practice
involves an increased risk of loss to a Fund if the market value of a security
should decline or its issuer were otherwise not to meet its obligations.

Currently, the VALUE + GROWTH FUND has invested a significant portion of its
assets in companies within a number of industries in the technology and
telecommunications sectors. Accordingly, the performance of the Fund may be
subject to a greater risk of market fluctuation than that of a fund invested in
a wider spectrum of market or industrial sectors.

PORTFOLIO TURNOVER. The length of time a Fund has held a particular
security is not generally a consideration in investment decisions. The
investment policies of a Fund may lead to frequent changes in the Fund's
investments, particularly in periods of volatile market movements. A change in
the securities held by a Fund is known as "portfolio turnover." Portfolio
turnover generally involves some expense to a Fund, including brokerage
commissions or dealer mark-ups and other transaction costs on the sale of
securities and reinvestment in other securities. Such sales may result in
realization of taxable capital gains. Portfolio turnover rates for each of the
following Funds during their fiscal periods ended December 31, 1995 were as
follows: Developing Countries Fund, 103%; Emerging Growth Fund, 147%;
Value+Growth Fund, 104%. Portfolio turnover rates for the following Funds for
the nine months ended September 30, 1996 (unannualized) were as follows: Global
Low-Priced Stock Fund, 38%; Global Natural Resources Fund, 60%; Growth & Income
Fund, 160%; Information Age Fund, 256%; Partners Fund, 55%. Annual portfolio
turnover for the Diversified Growth and MicroCap Growth Funds is expected to be
less than 200%.

14
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MANAGEMENT OF THE FUNDS

Subject to such policies as the Trustees may determine, Robertson Stephens
Investment Management furnishes a continuing investment program for the Funds
and makes investment decisions on their behalf pursuant to Investment Advisory
Agreements with each Fund. Robertson Stephens Investment Management is also
responsible for overall management of the Funds' business affairs, subject to
the authority of the Board of Trustees, and for providing office space and
officers for the Trust. The Trust pays all expenses not assumed by Robertson
Stephens Investment Management including, among other things, Trustees' fees,
auditing, accounting, legal, custodial, investor servicing, and shareholder
reporting expenses, and payments under the Funds' Distribution Plans.

15
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Robertson Stephens Investment Management pursuant to which Robertson Stephens
Investment Management provides administrative services to the Fund. Each Fund
pays Robertson Stephens Investment Management a fee for such services at the
annual rate of 0.25% of its average daily net assets.

PORTFOLIO MANAGERS

David Evans is responsible for managing the portfolio of the MicroCap Growth
Fund. Mr. Evans has more than fifteen years of investment research and
management experience, and has been a part of the management team at Robertson
Stephens Investment Management since 1989. Mr. Evans was an analyst and
portfolio manager at CIGNA before joining Robertson Stephens Investment
Management. He holds a B.A. from Muskingum College and an M.B.A. from the
Wharton School of the University of Pennsylvania.

Andrew P. Pilara, Jr. has been responsible for managing the Partners Fund
since the Fund's inception in July 1995 and is responsible for managing the
Global Natural Resources Fund. Mr. Pilara has been involved in the securities
business for over 25 years, with experience in portfolio management, research,
trading, and sales. Prior to joining Robertson, Stephens & Company Investment
Management, L.P., he was president of Pilara Associates, an investment
management firm he established in 1974. He holds a B.A. in economics from St.
Mary's College.

M. Hannah Sullivan is responsible for managing the Global Low-Priced Stock
Fund. She holds a B.A. in Spanish literature from Cornell University and an
M.B.A. from the University of California at Berkeley.

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HOW TO PURCHASE SHARES

OTHER INFORMATION
ABOUT PURCHASING SHARES
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Each Fund's Class C shares are sold at the Fund's net asset value per share
next determined after the Fund receives your purchase order. In most cases, in
order to receive that day's public offering price, your financial institution
must ensure that the Trust receives your order before the close of regular
trading on the New York Stock Exchange.

GENERAL
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Robertson Stephens family, clients of certain administrators of tax-qualified
plans, employer-sponsored retirement plans, and tax-qualified plans when
proceeds from repayments of loans to participants are invested (or reinvested)
in the Robertson Stephens Funds. A Fund may sell shares not subject to any CDSC
in connection with the acquisition by the Fund of assets of an investment
company or personal holding company. In addition, the CDSC may be waived in the
case of (i) redemptions of shares held at the time a shareholder dies or becomes
disabled, including the shares of a shareholder who owns the shares with his or
her spouse as joint tenants with right of survivorship, provided that the
redemption is requested within one year of the death or initial determination of
disability; and (ii) redemptions in connection with the following retirement
plan distributions: (a) lump-sum or other distributions from a qualified
retirement plan following retirement or separation from service; (b)
distributions from an IRA, Keogh Plan, or Custodial Account under Section
403(b)(7) of the Internal Revenue Code following attainment of age 59 1/2; (c) a
tax-free return on an excess contribution to an IRA; and (d) distributions to
make "substantially equal periodic payments" as described in Section 72(t) of
the Internal Revenue Code. The minimum initial investment may be waived for
current and retired Trustees, and current and retired employees of the Trust,
RS&Co., or their affiliates. Contact your financial institution or RS&Co. for
information. If you invest through a broker-dealer or other financial
institution, your broker-dealer or other financial institution will be
responsible for electing on your behalf to take advantage of any of the waivers
described above. Please instruct your broker-dealer or other financial
institution accordingly.

EXCHANGE PRIVILEGE
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of exchanges, or reject any exchange. Shareholders would be notified of any such
action to the extent required by law. Consult your financial institution before
requesting an exchange.

Investors should note that an exchange will result in a taxable event.
Exchange privileges

may be terminated, modified, or suspended by a Fund upon 60 days prior notice to
shareholders.

Unless you have indicated that you do not wish to establish telephone
exchange privileges (see the Account Application or call the Funds for details),
you may make exchanges by telephone.

HOW TO REDEEM SHARES

SELLING SHARES THROUGH YOUR
FINANCIAL INSTITUTION
- -------------------------------------

Your financial institution and RS&Co. must receive your request before the
close of regular trading on the New York Stock Exchange to receive that day's
net asset value. Your financial institution will be responsible for furnishing
all necessary documentation to RS&Co., and may charge you for its services.

SELLING SHARES DIRECTLY TO A FUND
- -------------------------------------

BY MAIL. You may redeem your shares of a Fund by mailing a written request
for redemption to the Transfer Agent that:

(1) states the number of shares or dollar amount to be redeemed;

(2) identifies your account number; and

(3) is signed by you and all other owners of the account exactly as their names
appear on the account.

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Telephone redemption is not available for shares held in IRAs. Each Fund may
change, modify, or terminate its telephone redemption services at any time upon
30 days notice.

GENERAL REDEMPTION POLICIES
- -------------------------------------

The redemption price per share is the net asset value per share next
determined after the Transfer Agent receives the request for redemption in
proper form, and each Fund will make payment for redeemed shares within seven
days thereafter. Under unusual circumstances, a Fund may suspend repurchases, or
postpone payment of redemption proceeds for more than seven days, as permitted
by federal securities law. If you purchase shares of a Fund by check (including
certified check) and redeem them shortly thereafter, the Fund will delay payment
of the redemption proceeds for up to fifteen days after the Fund's receipt of
the check or until the check has cleared, whichever occurs first. If you redeem
shares through your financial institution, your financial institution is
responsible for ensuring that the Transfer Agent receives your redemption
request in proper form at the appropriate time.

THE FUNDS' DISTRIBUTOR

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financial institutions whose representatives have sold or are expected to sell
significant amounts of shares. Dealers may not use sales of the Funds' shares to
qualify for this compensation to the extent such may be prohibited by the laws
of any state or any self-regulatory agency, such as the National Association of
Securities Dealers, Inc.

Each Fund has agreed to indemnify RS&Co. against certain liabilities,
including liabilities under the Securities Act of 1933, as amended.

SHAREHOLDER SERVICING PLAN

The Trust has adopted a Shareholder Servicing Plan (the "Service Plan") for
the Class C shares of each Fund. Under the Service Plan, each Fund pays fees to
RS&Co. at an annual rate of up to 0.25% of the Fund's average daily net assets.
The Plan contemplates that financial institutions will enter into shareholder
service agreements with RS&Co. to provide administrative support services to
their customers who are Fund shareholders. In return for providing these support
services, a financial institution may receive payments from RS&Co. at a rate not
exceeding 0.25% of the average daily net assets of the Class C shares of each
Fund for which the financial institution is the financial institution of record.
These administrative services may include, but are not limited to, the following
functions: providing office space, equipment, telephone facilities, and various
personnel, including clerical, supervisory, and computer personnel, as necessary
or beneficial to establish and maintain shareholder accounts and records;
processing purchase and redemption transactions and automatic investments of
client account cash balances; answering routine client inquiries regarding the
Funds; assisting clients in changing dividend options, account designations, and
addresses; and providing such other services as RS&Co. reasonably requests.

DIVIDENDS, DISTRIBUTIONS, AND TAXES

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HOW NET ASSET VALUE IS DETERMINED

HOW PERFORMANCE IS DETERMINED

Yield and total return data may from time to time be included in
advertisements about the Funds' Class C shares. The "yield" of a Fund's Class C
shares is calculated by dividing the annualized net investment income per Class
C share during a recent 30-day period by the net asset value per Class C share
on the last day of that period. "Total return" for the period during which Class
C shares of a Fund have been of-
fered, through the most recent calendar quarter, represents the average annual
compounded rate of return (or, in the case of a period of one year or less, the
actual rate of return) on an investment of $1,000 in Class C shares of that
Fund. Total return may also be presented for other periods. Quotations of yield
or total return for a period when an expense limitation was in effect will be
greater than if the limitation had not been in effect. A Fund's performance may
be compared to various indices. See the Statement of Additional Information.
Information may be presented in advertisements about a Fund describing the
background and professional experience of the Fund's investment adviser or any
portfolio manager.

ADDITIONAL INFORMATION

When matters are submitted for shareholder vote, shareholders of each series
will have one vote for each full share owned and proportionate,

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fractional votes for fractional shares held. Generally, shares of each series
vote separately as a class on all matters except (1) matters affecting only the
interests of one or more of the series, in which case only shares of the
affected series would be entitled to vote, or (2) when the Investment Company
Act requires that shares of all series be voted in the aggregate. Each series
offered by this Prospectus issues shares of two classes, Class A shares and
Class C shares. Class A shares have different sales charges and other expenses,
which may affect performance. Contact RS&Co. for information concerning the
Class A shares of any Fund, at 1-800-270-5829. Although the Trust is not
required to hold annual shareholder meetings, shareholders have the right to
call a meeting to elect or remove Trustees, or to take other actions as provided
in the Agreement and Declaration of Trust.

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ROBERTSON STEPHENS & COMPANY
BRINGING THE FUND MANAGER TO YOU

ADDRESS
555 California Street
San Francisco, CA 94104
1-800-270-5829

INVESTMENT ADVISERS
Robertson, Stephens & Company
Investment Management, L.P.
Robertson Stephens Investment
Management, Inc.
555 California Street
San Francisco, CA 94104
1-800-270-5829

DISTRIBUTOR
Robertson, Stephens & Company LLC
555 California Street
San Francisco, CA 94104
1-800-270-5829

TRANSFER AGENT
State Street Bank and Trust Company
c/o National Financial Data Services
P. O. Box 419717
Kansas City, MO 64141
1-800-272-6944

INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
San Francisco, CA 94104

LEGAL COUNSEL
Ropes & Gray
Boston, MA 02110

CUSTODIAN
State Street Bank and Trust Company
Boston, MA 02110

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---------------------------------------------------

ROBERTSON
STEPHENS
MUTUAL
FUNDS
--------------------

THE ROBERTSON STEPHENS
DEVELOPING COUNTRIES FUND
THE ROBERTSON STEPHENS
DIVERSIFIED GROWTH FUND
THE ROBERTSON STEPHENS
EMERGING GROWTH FUND
THE ROBERTSON STEPHENS
GLOBAL LOW-PRICED
STOCK FUND
THE ROBERTSON STEPHENS
GLOBAL NATURAL
RESOURCES FUND
THE ROBERTSON STEPHENS
GROWTH & INCOME FUND
THE ROBERTSON STEPHENS
MICROCAP GROWTH FUND
THE INFORMATION AGE FUND-TM-
THE ROBERTSON STEPHENS
PARTNERS FUND
THE ROBERTSON STEPHENS
VALUE + GROWTH FUND

PROSPECTUS
March , 1997