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Rule 497(e)
R-33-16439
ROBERTSON STEPHENS INVESTMENT TRUST
FUND PROSPECTUS SUPPLEMENT
TO CLASS A PROSPECTUS DATED APRIL 1, 1997
COVER PAGE. The following legend is added to the cover page of the
Prospectus:
"SHARES OF THE FUNDS ARE NOT BANK DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, BANK OF AMERICA OR ANY OF ITS AFFILIATES AND ARE NOT FEDERALLY
INSURED BY, GUARANTEED BY, OBLIGATIONS OF OR OTHERWISE SUPPORTED BY THE U.S.
GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD
OR ANY OTHER GOVERNMENTAL AGENCY. INVESTMENT IN THE FUNDS INVOLVES INVESTMENT
RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL."
EXPENSE SUMMARY: The Distribution Plan for the Contrarian Fund contemplates
that the Fund may make payments under the Plan at the annual rate of up to 0.75%
of the Fund's average daily net assets, although payments under the Plan are
currently limited to the annual rate of 0.50% of the Fund's average daily net
assets. The rate at which payments are made by the Fund under the Plan may be
increased by the Trustees. Rule 12b-1 Expenses shown for the Contrarian Fund in
the Expense Summary on page 2 of the Prospectus reflect payment by the Fund
under the Distribution Plan at the annual rate of 0.75% of the Fund's average
daily net assets.
SHORT SALES. The section of the Prospectus entitled "Short Sales," appearing
on page 14, is amended by: (i) deleting the reference to the Global Low-Priced
Stock Fund in the introductory parenthetical, and (ii) adding at the end of the
section the following:
"The Contrarian Fund-TM- may enter into short sales on securities with a value
of up to 40% of the Fund's total assets, and its positions in short sales may
have the effect of providing the Fund with investment leverage. To the extent
the Fund enters into short sales on a substantial portion of its assets, the
Fund will to that extent be exposed to the risks of short sales described
above. For a description of the effects and the risks of investment leverage,
see 'Borrowing and Leverage' in this Prospectus.
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"Each of the other Funds may enter into short sales on securities with a value
of up to 25% of the Fund's total assets. (The Global Low-Priced Stock Fund will
only enter into short sales on securities which it owns, for hedging purposes).
A Fund's ability to engage in short sales may be limited by tax considerations."
MANAGEMENT OF THE FUNDS. The section of the Prospectus entitled "Management
of the Funds," appearing on page 18, is amended by replacing the first two
paragraphs of that section with the following:
"The Trustees of the Trust are responsible for generally overseeing the conduct
of the Trust's business. Robertson, Stephens & Company Investment Management,
L.P. ('RSIM, L.P.'), 555 California Street, San Francisco, CA 94104, is the
investment adviser for each of the Funds other than the Emerging Growth Fund.
RSIM, L.P., a California partnership, was formed in 1993 and is a wholly owned
indirect subsidiary of BankAmerica Corp. RSIM, L.P. and its affiliates in the
Robertson Stephens group of companies have in excess of $4 billion under
management in public and private investment funds. BankAmerica Corp. is a
global financial services company with approximately $250 billion in assets
and an equity capital base of approximately $20 billion.
"RS Investment Management, Inc. (formerly known as 'Robertson Stephens
Investment Management, Inc.'), 555 California Street, San Francisco, CA 94104,
is the investment advisor for the Emerging Growth Fund. RS Investment
Management, Inc. ('RSIM, Inc.') commenced operations in March 1986 and is also a
wholly owned indirect subsidiary of BankAmerica Corp."
THE FUNDS' DISTRIBUTOR. Edgewood Services, Inc., Clearing Operations, P.O.
Box 897, Pittsburgh, Pennsylvania 15230-0897, is the distributor for the Funds.
Any references in the Prospectus to Robertson, Stephens & Company LLC as the
Funds' distributor should be read instead to refer to Edgewood Services, Inc.
In addition, the first three paragraphs of the section of the Prospectus
entitled "The Funds' Distributor" are replaced in their entirety with the
following:
"Edgewood Services, Inc. ('Edgewood') is the principal underwriter of the Funds'
shares. To compensate Edgewood for the services it provides and for the
expenses it bears, each Fund makes payments to Edgewood under a Distribution
Plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940.
Under the Plan, the Funds pay Edgewood compensation, accrued daily and paid
monthly, at the annual rates of 0.50% of the Fund's average daily net assets,
in the case of The Contrarian Fund, and 0.25% of the Fund's average daily net
assets, in the case of each of the other Funds. (The Distribution Plan
contemplates that the Contrarian Fund and the Developing Countries Fund may
make payments at the annual rates of up to 0.75% and 0.50%, respectively, of
their average daily net assets, although payments under the Plan by those
Funds are currently limited to the annual rates of 0.50% and
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0.25%, respectively, of the Funds' average daily net assets.) Edgewood may pay
brokers a commission expressed as a percentage of the purchase price of shares
of the Funds.
"BancAmerica Robertson Stephens, an affiliate of RSIM, L.P. and RSIM, Inc.,
provides certain services to Edgewood in respect of the promotion of the shares
of the Funds. In return for these services, Edgewood pays to BancAmerica
Robertson Stephens substantially all of the payments received by Edgewood under
the Distribution Plans. The telephone number of BancAmerica Robertson Stephens
is 1-800-766-FUND."
BancAmerica Robertson Stephens may receive brokerage commissions from the Funds
in accordance with procedures adopted by the Trustees under the Investment
Company Act of 1940, which require periodic review of such transactions.
PORTFOLIO MANAGERS. Mr. Rod Berry has been named a co-portfolio manager of
the Information Age Fund, Mr. John Seabern has been named a co-portfolio manager
of the Diversified Growth Fund, and Mr. Rainerio Reyes has been named a
co-portfolio manager of the MicroCap Growth Fund. Each has served on the
management teams for those Funds since their inception.
JANUARY 2, 1998
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<PAGE>
Rule 497(e)
R-33-16439
ROBERTSON STEPHENS INVESTMENT TRUST
FUND PROSPECTUS SUPPLEMENT
TO CLASS C PROSPECTUS DATED APRIL 1, 1997
COVER PAGE. The following legend is added to the cover page of the Prospectus:
"SHARES OF THE FUNDS ARE NOT BANK DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, BANK OF AMERICA OR ANY OF ITS AFFILIATES AND ARE NOT FEDERALLY
INSURED BY, GUARANTEED BY, OBLIGATIONS OF OR OTHERWISE SUPPORTED BY THE U.S.
GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD
OR ANY OTHER GOVERNMENTAL AGENCY. INVESTMENT IN THE FUNDS INVOLVES INVESTMENT
RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL."
SHORT SALES. The section of the Prospectus entitled "Short Sales," appearing on
page 11, is amended by: (i) deleting the reference to the Global Low-Priced
Stock Fund in the introductory parenthetical, and (ii) adding at the end of the
section the following:
"The Contrarian Fund-TM- may enter into short sales on securities with a value
of up to 40% of the Fund's total assets, and its positions in short sales may
have the effect of providing the Fund with investment leverage. To the extent
the Fund enters into short sales on a substantial portion of its assets, the
Fund will to that extent be exposed to the risks of short sales described above.
For a description of the effects and the risks of investment leverage, see
'Borrowing and Leverage' in this Prospectus.
"Each of the other Funds may enter into short sales on securities with a value
of up to 25% of the Fund's total assets. (The Global Low-Priced Stock Fund will
only enter into short sales on securities which it owns, for hedging purposes).
A Fund's ability to engage in short sales may be limited by tax considerations."
MANAGEMENT OF THE FUNDS. The section of the Prospectus entitled "Management of
the Funds," appearing on page 18, is amended by replacing the first two
paragraphs of that section with the following:
"The Trustees of the Trust are responsible for generally overseeing the conduct
of the Trust's business. Robertson, Stephens & Company Investment Management,
L.P. ('RSIM, L.P.'), 555 California Street, San Francisco, CA 94104, is the
investment advisor for each of the
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Funds other than the Emerging Growth Fund. RSIM, L.P., a California
partnership, was formed in 1993 and is a wholly owned indirect subsidiary of
BankAmerica Corp. RSIM, L.P. and its affiliates in the Robertson Stephens
group of companies have in excess of $4 billion under management in public and
private investment funds. BankAmerica Corp. is a global financial services
company with approximately $250 billion in assets and an equity capital base
of approximately $20 billion.
"RS Investment Management, Inc. (formerly known as 'Robertson Stephens
Investment Management, Inc.'), 555 California Street, San Francisco, CA 94104,
is the investment advisor for the Emerging Growth Fund. RS Investment
Management, Inc. ('RSIM, Inc.') commenced operations in March 1986 and is also a
wholly owned indirect subsidiary of BankAmerica Corp."
THE FUNDS' DISTRIBUTOR. Edgewood Services, Inc., Clearing Operations, P.O. Box
897, Pittsburgh, Pennsylvania 15230-0897, is the distributor for the Funds. Any
references in the Prospectus to Robertson, Stephens & Company LLC as the Funds'
distributor should be read instead to refer to Edgewood Services, Inc. Except
as provided below, references to "RS&Co." in the section of the Prospectus
entitled "The Funds' Distributor" should be read instead to refer to Edgewood
Services, Inc. In addition, that section is amended by deleting the last
sentence on page 21 of the Prospectus, and by adding the following paragraph
immediately thereafter:
"BancAmerica Robertson Stephens, an affiliate of RSIM, L.P. and RSIM, Inc.,
provides certain services to Edgewood in respect of the promotion of the shares
of the Funds. In return for these services, Edgewood pays to BancAmerica
Robertson Stephens substantially all of the payments received by Edgewood under
the Distribution Plans. In addition, BancAmerica Robertson Stephens receives
the proceeds of any CDSC imposed on redemptions of shares. The telephone number
of BancAmerica Robertson Stephens is 1-800-766-FUND."
The reference to RS&Co. in the first sentence on page 22 of the Prospectus
should be read instead to refer to BancAmerica Robertson Stephens.
BancAmerica Robertson Stephens may receive brokerage commissions from the Funds
in accordance with procedures adopted by the Trustees under the Investment
Company Act of 1940, which require periodic review of such transactions.
SHAREHOLDER SERVICING PLAN. BancAmerica Robertson Stephens is the shareholder
servicing agent for the Funds. Any references to RS&Co. in the section of the
Prospectus entitled "Shareholder Servicing Plan" should be read instead to refer
to BancAmerica Robertson Stephens.
PORTFOLIO MANAGERS. Mr. Rod Berry has been named a co-portfolio manager of the
Information Age Fund, Mr. John Seabern has been named a co-portfolio manager of
the
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Diversified Growth Fund, and Mr. Rainerio Reyes has been named a co-portfolio
manager of the MicroCap Growth Fund. Each has served on the management teams
for those Funds since their inception.
JANUARY 2, 1998
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