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. In addition, the rate at which the
Contrarian Fund pays Rule 12b-1 fees has been reduced to the annual rate of
0.25% of the Funds's average daily net assets.
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.
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
- ----------
* 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>
Management Fees ....................... 1.50% 1.25% 1.00% 1.00% 1.00%
Rule 12b-1 Expenses ................... 0.25%(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 ......... 1.98%(1) 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>
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>
The Contrarian Fund(TM)..................... $20 $62 $107 $230
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 24, 1998
