Rule 497(e)
R-33-16439
ROBERTSON STEPHENS INVESTMENT TRUST
SUPPLEMENT
TO CLASS A PROSPECTUS DATED MARCH 1, 1998
The Administrative Services Agreement between Robertson, Stephens &
Company Investment Management, L.P. and certain of the Funds has been amended
so that, beginning May 26, 1998, no fees will be payable by the Funds under the
Agreement. The Diversified Growth, Growth & Income, Global Natural Resources,
Global Value, Information Age, and MicroCap Growth Funds are currently parties
to the Administrative Services Agreement.
As a result, the Expense Summary appearing on pages 2 - 3 of the
prospectus is revised to read in its entirety as follows:
Expense Summary
The following table summarizes an investor's maximum transaction costs
from investing in Class A shares of each of the Funds and expenses incurred by
each of the Funds based on its most recent fiscal year. The Example shows the
cumulative expenses attributable to a $1,000 investment in 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
</TABLE>
- ----------
* A $9.00 fee is charged for redemptions made by bank wire.
<PAGE>
Annual Fund Operating Expenses
(as a percentage of average net assets):
<TABLE>
<CAPTION>
Global
Developing Diversified Emerging Natural
Contrarian Countries Growth Growth Resources
--------------- --------------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Management Fees ....................... 1.50% 1.25% 1.00% 1.00% 1.00%
Rule 12b-1 Expenses ................... 0.50%(1) 0.25%(1) 0.25% 0.25% 0.25%
Other Expenses ........................ 0.23% 0.60%(1) 0.64% 0.25% 0.32%
------- ------- ---- ---- ----
Total Fund Operating Expenses ......... 2.23% 2.10%(1) 1.89% 1.50% 1.57%
</TABLE>
<TABLE>
<CAPTION>
Global Growth & Information MicroCap Value +
Value Income Age Growth Partners Growth
----------------- --------------- ------------- --------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Management Fees ....................... 1.00% 1.00% 1.00% 1.25% 1.25% 1.00%
Rule 12b-1 Expenses ................... 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses ........................ 0.70%(1)* 0.05%(1) 0.32% 0.45%(1) 0.28% 0.19%
------- ------- ---- ------- ---- ----
Total Fund Operating Expenses ......... 1.95%(1)* 1.30%(1) 1.57% 1.95%(1) 1.78% 1.44%
</TABLE>
- ----------
(1) Reflecting voluntary expense limitations.
* Estimated based on expected expenses during current fiscal year.
Example
An investment of $1,000 in a Fund would incur the following expenses,
assuming 5% annual return and redemption at the end of each period:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
The Contrarian FundTM ...................... $23 $70 $119 $256
The Developing Countries Fund .............. $21 $66 $113 $242
The Diversified Growth Fund ................ $19 $59 $102 $220
The Emerging Growth Fund ................... $15 $47 $ 82 $179
The Global Natural Resources Fund .......... $16 $50 $ 85 $186
The Global Value Fund ...................... $20 $61 $105 $227
The Growth & Income Fund ................... $13 $41 $ 71 $156
The Information Age FundTM ................. $16 $50 $ 85 $186
The MicroCap Growth Fund ................... $20 $61 $105 $227
The Partners Fund .......................... $18 $56 $ 96 $209
The Value + Growth Fund .................... $15 $46 $ 79 $172
</TABLE>
<PAGE>
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 some of the Funds reflect
voluntary expense limitations currently in effect. In the absence of those
limitations, Other Expenses and Total Fund Operating Expenses, respectively, of
those Funds would be as follows: Developing Countries Fund, 1.03% and 2.53%;
Global Value Fund, 1.96% and 3.21%; Growth & Income Fund, 0.47% and 1.72%;
MicroCap Growth Fund, 1.10% and 2.60% (without giving effect to any reduction
in administrative service fees described below). In addition, Rule 12b-1
Expenses for the Contrarian FundTM and the Developing Countries Fund reflect
the rates to which the Trustees have limited payments under the Funds'
Distribution Plans; in the absence of those limitations, the Funds' Rule 12b-1
Expenses would be 0.75% and 0.50%, respectively, and Total Fund Operating
Expenses would be 2.48% and 2.78%, respectively. Until May 26, 1998, each of
the Diversified Growth, Growth & Income, Global Natural Resources, Global
Value, Information Age, and MicroCap Growth Funds paid fees under an
administrative services agreement with Robertson Stephens Investment Management
at the annual rate of 0.25% of a Fund's average daily net assets; the agreement
was amended on that date to provide that no fee would be payable by those Funds
for services under the agreement. Other Expenses and Total Fund Operating
Expenses for those Funds are shown in the table above giving effect to the fee
reduction. In the absence of the fee reduction, Other Expenses and Total Fund
Operating Expenses for the Diversified Growth Fund would be 0.89% and 2.14%,
respectively; for the Global Natural Resources Fund, 0.57% and 1.82%,
respectively; and for the Information Age Fund, 0.57% and 1.82%, respectively.
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.
June 4, 1998
<PAGE>
ROBERTSON STEPHENS INVESTMENT TRUST
SUPPLEMENT
TO CLASS C PROSPECTUS DATED MARCH 1, 1998
The Administrative Services Agreement between Robertson, Stephens &
Company Investment Management, L.P. and certain of the Funds has been amended
so that, beginning May 26, 1998, no fees will be payable by the Funds under the
Agreement. The Diversified Growth, Growth & Income, Global Natural Resources,
Global Value, Information Age, and MicroCap Growth Funds are currently parties
to the Administrative Services Agreement.
As a result, the Expense Summary appearing on pages 2 - 3 of the
prospectus is revised to read in its entirety as follows:
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 during the current
fiscal year. 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 Dividend ......... None
Redemption Fee* ........................................... None
Exchange Fee .............................................. None
Contingent Deferred Sales Charge
(as a percentage of the original purchase price) ......... 1.0% in the
first year, and
eliminated
thereafter.
</TABLE>
- ----------
* A $9.00 fee is charged for redemptions made by bank wire.
<PAGE>
Annual Fund Operating Expenses
(as a percentage of average net assets)
<TABLE>
<CAPTION>
Global
Con- Developing Diversified Emerging Natural
trarian Countries Growth Growth Resources
--------- --------------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Management Fees ................. 1.50% 1.25% 1.00% 1.00% 1.00%
Rule 12b-1 Expenses ............. 0.75% 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fee ......... 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses* ................. 0.23% 0.60%(1) 0.64% 0.25% 0.32%
---- ------- ---- ---- ----
Total Fund Operating
Expenses* ...................... 2.73% 2.85%(1) 2.64% 2.25% 2.32%
</TABLE>
<TABLE>
<CAPTION>
Global Growth & Information MicroCap Value +
Value Income Age Growth Partners Growth
--------------- --------------- ------------- --------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Management Fees ................. 1.00% 1.00% 1.00% 1.25% 1.25% 1.00%
Rule 12b-1 Expenses ............. 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%
Other Expenses* ................. 0.70%(1) 0.05%(1) 0.32% 0.45%(1) 0.28% 0.19%
------- ------- ---- ------- ---- ----
Total Fund Operating
Expenses * ..................... 2.70%(1) 2.05%(1) 2.32% 2.70%(1) 2.53% 2.19%
</TABLE>
- ----------
(1) Reflecting voluntary expense limitations.
* Estimated based on expected expenses during the current fiscal year.
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 3 5 10
year years years years
------ ------- ------- ------
<S> <C> <C> <C> <C>
The Contrarian FundTM ..................... $38 $85 $144 $305
The Developing Countries Fund ............. $39 $88 $150 $316
The Diversified Growth Fund ............... $37 $82 $140 $296
The Emerging Growth Fund .................. $33 $70 $120 $258
The Global Natural Resources Fund ......... $34 $72 $124 $265
The Global Value Fund ..................... $37 $84 $143 $302
The Growth & Income Fund .................. $31 $64 $110 $237
The Information Age FundTM ................ $34 $72 $124 $265
The MicroCap Growth Fund .................. $37 $84 $143 $302
The Partners Fund ......................... $36 $79 $134 $285
The Value + Growth Fund ................... $32 $68 $117 $251
</TABLE>
<PAGE>
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, 1.04% and 3.29%; Global Value Fund, 1.97%
and 3.97%; Growth & Income Fund, 0.48% and 2.48%; and MicroCap Growth Fund,
1.10% and 3.35% (without giving effect to any reduction in administrative
service fees described below). Until May 26, 1998, each of the Diversified
Growth, Growth & Income, Global Natural Resources, Global Value, Information
Age, and MicroCap Growth Funds paid fees under an administrative services
agreement with Robertson Stephens Investment Management at the annual rate of
0.25% of a Fund's average daily net assets; the agreement was amended on that
date to provide that no fee would be payable by those Funds for services under
the agreement. Other Expenses and Total Fund Operating Expenses for those Funds
are shown in the table above giving effect to the fee reduction. In the absence
of the fee reduction, Other Expenses and Total Fund Operating expenses for the
Diversified Growth Fund would be 0.89% and 2.89%, respectively; for the Global
Natural Resources Fund, 0.57% and 2.57%, respectively; and for the Information
Age Fund, 0.57% and 2.57%, respectively. 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.
June 4, 1998
<PAGE>
ROBERTSON STEPHENS INVESTMENT TRUST
SUPPLEMENT
TO CLASS A PROSPECTUS DATED MARCH 1, 1998
Cover. The cover of the Prospectus is amended by adding at the end of the
first paragraph thereof the following: "This Prospectus also relates to a
twelfth mutual fund, the Robertson Stephens Global Low-Priced Stock Fund;
shares of that Fund are not currently being offered for sale by this
Prospectus."
Expense Summary. The Expense Summary contained in the Prospectus is
amended by adding the following at the end thereof:
Expense Summary -- Global Low-Priced Stock Fund
The following table summarizes an investor's maximum transaction costs
from investing in Class A shares of the Global Low-Priced Stock Fund and
expenses incurred by the Fund based on its most recent fiscal year. The Example
shows the cumulative expenses attributable to a $1,000 investment in the Fund
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
</TABLE>
- ----------
* A $9.00 fee is charged for redemptions made by bank wire.
Annual Fund Operating Expenses
(as a percentage of average net assets):
<TABLE>
<CAPTION>
Global
Low-Priced
Stock Fund
---------------
<S> <C>
Management Fees ....................... 1.00%
Rule 12b-1 Expenses ................... 0.25%
Other Expenses ........................ 0.70%(1)
-------
Total Fund Operating Expenses ......... 1.95%(1)
</TABLE>
- ----------
(1) Reflecting voluntary expense limitations.
Example
An investment of $1,000 in the Global Low-Priced Stock Fund would incur
the following expenses, assuming 5% annual return and redemption at the end of
each period:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
The Global Low-Priced Stock Fund .......... $20 $61 $105 $227
</TABLE>
This information is provided to help investors understand the operating
expenses of the Global Low-Priced Stock Fund. 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 Global Low-Priced Stock Fund reflect voluntary expense limitations
currently in effect. In the absence of those limitations, Other Expenses and
Total Fund Operating Expenses, respectively, would be 1.35% and 2.60% (without
giving effect to the reduction in administrative service fees described below).
Until May 26, 1998 the Global
<PAGE>
Low-Priced Stock Fund paid fees under an administrative services agreement with
Robertson Stephens Investment Management at an annual rate of 0.25% of the
Fund's average daily net assets; the agreement was amended on that date to
provide that no fee would be payable by the Fund for services under the
agreement. The Management Fees paid by the Global Low-Priced Stock Fund are
higher than those paid by most other mutual funds. Because of Rule 12b-1 fees
paid by the Fund, long-term shareholders may pay more than the economic
equivalent of the maximum front-end sales load permitted under applicable
broker-dealer sales rules.
Financial Highlights. The Financial Highlights section of the prospectus
is amended by adding the following after page 7:
The Global Low-Priced Stock Fund
The financial highlights presented below have been audited by Price
Waterhouse LLP, independent accountants. The audited financial statements are
incorporated by reference into the Statement of Additional Information and may
be obtained by shareholders upon request.
<TABLE>
<CAPTION>
The Global Low-Priced Stock Fund
---------------------------------------------------------
For the
Year ended Year Ended Period Ended
12/31/97 12/31/96 12/31/95
------------------- ------------------ ------------------
<S> <C> <C> <C>
Net asset value, beginning of period
Income from Investment Operations: $ 13.52 $ 10.45 $ 10.00
Net investment income/(loss) ........................................ (0.16) (0.09) 0.03
Net realized gain/ (loss) and unrealized
appreciation/ (depreciation) on investments ........................ (1.63) 3.17 0.42
---------- --------- ---------
Total from investment operations .................................... (1.79) 3.08 0.45
Distributions:
Dividends from net investment income ................................ -- (0.01) --
Distribution from net realized capital gain ......................... (0.56) -- --
---------- --------- ---------
Total from investment operations .................................... $ (0.56) $ (0.01) --
Net asset value, end of period ...................................... $ 11.17 $ 13.52 $10.45
Total Return ........................................................ (13.54)% 29.39% 4.50%
Ratios/ Supplemental Data:
Net assets, end of period (thousands) ............................... $ 13,371 $31,441 $1,643
Ratio of net operating expenses to average net assets ............... 1.95 %(1) 1.94 %(1) 1.91%(1)*
Ratio of net investment income/(loss) to average net assets ......... (1.17)%(1) (0.67)%(1) 2.06%(1)*
Portfolio turnover rate ............................................. 65% 66% 0%
Average commission rate paid(2) ..................................... $ 0.0096 $ 0.0134 --
</TABLE>
Per-share data has been determined by using the average number of shares
outstanding throughout the period.
* Annualized
(1) If the Global Low-Priced Stock Fund had paid all of its expenses and
had received no reimbursement from the Adviser, the ratio of expenses
to average net assets for the year ended December 31, 1997, for the
year ended December 31, 1996, and the period ended December 31, 1995,
would have been 2.60%, 3.14% and 9.04%, respectively, and the ratio of
net investment loss to average net assets would have been (1.82)%,
(1.87)% and (5.07)%, respectively.
(2) A Fund is required to disclose its average commission rate for security
trades on which a commission is charged. This amount may vary from fund
to fund and period to period depending on the mix of trades executed in
various markets where trading practices and commission rate structures
may differ. This rate generally does not reflect markups, markdowns or
spreads on shares traded on a principal basis, if any.
<PAGE>
Investment Objectives and Policies. The Investment Objectives and Policies
section of the Prospectus is amended by adding the following on page 14 before
the caption entitled "The Global Natural Resources Fund":
The Global Low-Priced Stock Fund
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.
Other Investment Practices and Risk Considerations. The section of the
Prospectus entitled "Other Investment Practices and Risk Considerations --
Short sales" appearing on page 19 is amended by adding the following sentence
at the end thereof: "(The Global Low-Priced Stock Fund will only enter into
short sales on securities which it owns, for hedging purposes.)"
<PAGE>
Management of the Funds. The section of the Prospectus entitled
"Management of the Funds" appearing on pages 23-24 is revised by inserting
references to the Global Low-Priced Stock Fund immediately before the
references to the Global Natural Resources Fund in (i) the fifth paragraph of
that section and (ii) in the paragraph of that section entitled "Administrative
services".
Portfolio Managers. The last paragraph of the Portfolio Managers section
of the prospectus appearing on page 25 is revised to read in its entirety as
follows:
The Developing Countries Fund and the Global Low-Priced Stock Fund are
managed by teams of investment professionals at Robertson Stephens Investment
Management.
June 5, 1998
<PAGE>
ROBERTSON STEPHENS INVESTMENT TRUST
SUPPLEMENT
to Class C Prospectus dated March 1, 1998
Cover. The cover of the Prospectus is amended by adding at the end of the
first paragraph thereof the following: "This Prospectus also relates to a
twelfth mutual fund, the Robertson Stephens Global Low-Priced Stock Fund;
shares of that Fund are not currently being offered for sale by this
Prospectus."
Expense Summary. The Expense Summary contained in the Prospectus is
amended by adding the following at the end thereof:
Expense Summary -- Global Low-Priced Stock Fund
The following table summarizes an investor's maximum transaction costs
from investing in Class C shares of the Global Low-Priced Stock Fund and
expenses the Fund expects to incur in respect of its Class C shares during the
current fiscal year. The Example shows the cumulative expenses attributable to
a $1,000 investment in Class C shares of the Fund over specified periods.
<TABLE>
<S> <C>
Shareholder Transaction Expenses:
Maximum Sales Load Imposed on Purchases .................... None
Maximum Sales Load Imposed on Reinvested Dividends ......... None
Redemption Fee* ............................................ None
Exchange Fee ............................................... None
Contingent Deferred Sales Charge
(as a percentage of the original purchase price) ......... 1% in the
first year, and
eliminated
thereafter
</TABLE>
- ----------
* A $9.00 fee is charged for redemptions made by bank wire.
Annual Fund Operating Expenses
(as a percentage of average net assets):
<TABLE>
<CAPTION>
Global
Low-Priced
Stock Fund
---------------
<S> <C>
Management Fees ....................... 1.00%
Rule 12b-1 Expenses ................... 0.75%
Shareholder Service Fee ............... 0.25%
Other Expenses ........................ 0.70%(1)
-------
Total Fund Operating Expenses ......... 2.70%(1)
</TABLE>
- ----------
(1) Reflecting voluntary expense limitations.
Example
An investment of $1,000 in Class C shares of the Global Low-Priced Stock
Fund would incur the following expenses, assuming 5% annual return and
redemption at the end of each period:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
The Global Low-Priced Stock Fund .......... $37 $84 $143 $302
</TABLE>
<PAGE>
This information is provided to help investors understand the operating
expenses of the Global Low-Priced Stock Fund. 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 Global Low-Priced Stock Fund are estimated based on the expenses the Fund
expects to incur with respect to its Class C shares; they also reflect
voluntary expense limitations currently in effect. In the absence of those
limitations, Other Expenses and Total Fund Operating Expenses, respectively,
would be 1.35% and 3.35% (without giving effect to the reduction in
administrative service fees described below). Until May 26, 1998 the Global
Low- Priced Stock Fund paid fees under an administrative services agreement
with Robertson Stephens Investment Management at an annual rate of 0.25% of the
Fund's average daily net assets; the agreement was amended on that date to
provide that no fee would be payable by the Fund for services under the
agreement. The Management Fees paid by the Global Low-Priced Stock Fund are
higher than those paid by most other mutual funds. Because of Rule 12b-1 fees
paid by the Fund, long-term shareholders may pay more than the economic
equivalent of the maximum front-end sales load permitted under applicable
broker-dealer sales rules.
Financial Highlights. The Financial Highlights section of the prospectus
is amended by adding the following after page 5:
The Global Low-Priced Stock Fund
The financial highlights presented below have been audited by Price
Waterhouse LLP, independent accountants. The audited financial statements are
incorporated by reference into the Statement of Additional Information and may
be obtained by shareholders upon request.
The Global Low-Priced Stock Fund
<TABLE>
<CAPTION>
For the Period
Ended
12/31/97(1)
-------------------
<S> <C>
Net asset value, beginning of period ................................ $ 13.45
Income from Investment Operations:
Net investment income/(loss) ........................................ (0.16)
Net realized gain/ (loss) and unrealized
appreciation/ (depreciation) on investments ......................... (1.69)
----------
Total from investment operations .................................... (1.85)
Distributions:
Dividends from net investment income ................................ --
Distribution from net realized capital gain ......................... (0.56)
----------
Total from investment operations .................................... $ (0.56)
Net asset value, end of period ...................................... $ 11.04
Total Return ........................................................ (14.07)%
Ratios/ Supplemental Data:
Net assets, end of period (thousands) ............................... $ 51
Ratio of net operating expenses to average net assets ............... 2.45 %(2)
Ratio of net investment income/(loss) to average net assets ......... (1.95)%(2)
Portfolio turnover rate ............................................. 65%
Average commission rate paid(3) ..................................... $ 0.0096
</TABLE>
(1) Class C shares were first issued on May 20, 1997.
(2) If the Global Low-Priced Stock Fund had paid all of its expenses and
there had been no reimbursement by the Adviser for the period from
May 20, 1997 (Commencement of Operations), through December 31, 1997,
total return would have been (14.46)%, the ratio of expenses to
average net assets would have been 3.10%, and the ratio of net
investment loss to average net assets would have been (2.60)%.
<PAGE>
(3) A Fund is required to disclose its average commission rate per share
for security trades on which a commission is charged. This amount may
vary from fund to fund and period to period depending on the mix of
trades executed in various markets where trading practices and
commission rate structures may differ. This rate generally does not
reflect markups, markdowns or spreads on shares traded on a principal
basis, if any.
Ratios, except for total return and portfolio turnover rate, have been
annualized. Total returns do not include the 1% contingent deferred sales
charge.
Per share data with respect to Class C shares has been determined by
using the average number of Class C shares outstanding throughout the
period. Distributions reflect per-share amounts distributed for the period.
Investment Objectives and Policies. The Investment Objectives and Policies
section of the Prospectus is amended by adding the following on page 8 before
the caption entitled "The Global Natural Resources Fund":
The Global Low-Priced Stock Fund
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.
<PAGE>
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.
Other Investment Practices and Risk Considerations. The section of the
Prospectus entitled "Other Investment Practices and Risk Considerations --
Short sales" appearing on page 13 is amended by adding the following sentence
at the end thereof: "(The Global Low-Priced Stock Fund will only enter into
short sales on securities which it owns, for hedging purposes.)"
Management of the Funds. The section of the Prospectus entitled
"Management of the Funds" appearing on pages 17-18 is revised by inserting
references to the Global Low-Priced Stock Fund immediately before the
references to the Global Natural Resources Fund in (i) the fifth paragraph of
that section and (ii) in the paragraph of that section entitled "Administrative
services".
Portfolio Managers. The last paragraph of the Portfolio Managers section
of the prospectus appearing on page 19 is revised to read in its entirety as
follows:
The Developing Countries Fund and the Global Low-Priced Stock Fund are
managed by teams of investment professionals at Robertson Stephens
Investment Management.
June 5, 1998