ROBERTSON STEPHENS INVESTMENT TRUST, N-30D, 1995-12-01

ROBERTSON STEPHENS INVESTMENT TRUST
N-30D, 1995-12-01

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<PAGE>

DEVELOPING COUNTRIES

ROBERTSON STEPHENS MUTUAL FUNDS
The Developing Countries Fund
Semi-Annual Report
September 30, 1995

[GRAPHIC]

<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

FUND PHILOSOPHY

Long-term capital appreciation drives the investment strategy of The Robertson
Stephens Developing Countries Fund. The Fund has high expectations for the
long-term performance of emerging markets worldwide, and anticipates that some
foreign equity markets may outperform the stock markets of developed countries.
The Fund is positioned to capitalize on both rising and falling markets.
Primarily, it will invest in equity securities of growing or undervalued
companies in developing countries and hold those positions for maximum growth.
Additionally, the Fund will seek to identify countries, sectors or individual
securities that may be overvalued and will sell short in an attempt to profit
from anticipated devaluation. Shareholders are encouraged to invest with a
three- to five-year time frame, and are urged to recognize that international
investing entails risks that may be greater than the average mutual fund.

CONTENTS

1 Fund Highlights
2 Report to Shareholders
6 Did You Know?
7 Answers to Your Questions
8 Country Focus
10 Portfolio Manager's Travelogue
12 Fund Performance
13 Portfolio Summary
14 Schedule of Net Assets
17 Statement of Net Assets
18 Statement of Operations
19 Statement of Changes in Net Assets
20 Financial Highlights
21 Notes to Financial Statements
24 Administration

<PAGE>

ROBERTSON, STEPHENS & COMPANY

FUND HIGHLIGHTS

AGGRESSIVE ASSET ALLOCATIONS
While the Fund has the unique ability to short, currently we are essentially
fully invested with roughly 99% of our assets invested in equities, 1% in cash
and no short positions. To us, the outlook for emerging markets remains
positive.

OPTIMISTIC OUTLOOK
Having endured an extensive correction of market excesses, we are confident that
the asset class is set to rebound. We believe economic fundamentals remain
strong, and valuations now appear fair.

POLAND POISED FOR DEVELOPMENT
A strong domestic economy, a growing export sector, fair valuations and an
abundance of quality restructured companies make Poland especially attractive
right now. Two of our favorite companies are Bank Rozwoju Eksportu SA (BRE) and
Irena, a glass and crystal manufacturer.

EMERGING EUROPE UP LATIN AMERICA DOWN
Our regional allocation continues to favor Asia, while increasing exposure to
Emerging Europe at the expense of Latin America. We believe Emerging Europe
possesses attractive fundamentals and valuations while Latin America does not.

<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

FUND MANAGER

DEAR SHAREHOLDER:

The past quarter started with a continuation of the positive trend of the prior
quarter and resulted in The Robertson Stephens Developing Countries Fund
reaching a net asset value of $10.02 for a short time. The sharp rally from the
Fund's low of $7.65 however, was a bit overdone, and the Fund entered a period
of consolidation. For most of the quarter, the net asset value remained in
slightly positive territory -- hovering around $9.38 before experiencing a final
week sell-off to $9.09 which resulted in a 1.73% loss for the quarter.

CURRENT ASSET ALLOCATION REMAINS AGGRESSIVE
At the time of this writing the Fund is essentially fully invested with roughly
99% of its assets invested in equities, 1% in cash, and no short positions. We
continue to believe that the outlook for emerging markets remains positive and
believe that the optimal position for the Fund at this time is to have maximum
exposure to the markets (i.e., 100% long).

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ROBERTSON, STEPHENS & COMPANY

Having gone through what has essentially been an 18 month correction of excesses
in the emerging market asset class, we believe that valuations are now
attractive and that economic fundamentals remain strong. A return of portfolio
investment into the asset class and a resulting appreciation of equity prices
now seem possible. While it is always difficult to judge the timing and
catalyst for such an event (it always seems to take longer than expected), we
believe that one possibility may be a slowing in the appreciation of U.S.
equity prices. The U.S. market has clearly attracted strong portfolio inflows
which may have diverted potential investment from the emerging markets.

REGIONAL AND COUNTRY ALLOCATION
Our regional allocation continues to lean towards Asia while increasing exposure
to Emerging Europe at the expense of Latin America. Currently, five countries in
Asia account for roughly 55% of the Fund, while two countries in Latin America
represent 18% of assets, and Emerging Europe is now 18%.

Looking forward, the Fund will likely continue to shift assets from Latin
America to Emerging Europe. Having just returned from back-to-back research
trips to the two regions, we strongly believe that Emerging Europe will
significantly outperform Latin America over the coming 12 to 24 months. While
growth is accelerating in Emerging Europe where the markets appear cheap and
under-owned, the opposite seems true for Latin America.

Continuing problems with overvalued currencies (particularly in Argentina) and
never-ending inflation battles (Brazil) are resulting in exceptionally
restrictive economic growth policies in the Latin America region. With
unemployment rising, growth decelerating and earnings falling, the potential for
significant setbacks at the corporate and country level clearly exist. Equally
unsettling is that meaningful problems in one country will likely produce dire
results for the region as a whole.

The most significant changes to country weightings have taken place in these two
regions. Mexico has been reduced from approximately 20% of the Fund at the
beginning of the quarter to 9% today, and the Czech Republic has grown to 18%.

"We believe economic fundamentals remain STRONG and valuations now appear fair."

<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

POLAND

POLAND
Last quarter we highlighted the Czech Republic, our favorite emerging market, in
the Country Focus section. This quarter we review another Emerging European
market, Poland, which we also expect to be one of the top performing markets in
the years to come.

Our primary reasons for investing in Poland are: a strong domestic economy, a
growing export sector, fair valuations and an abundance of quality restructured
companies. Having successfully transitioned from a centrally planned economy to
a free market economy via "shock" reform policies, the Poles' efforts are
starting to bear fruit. In addition to strong domestic demand which should
support GDP growth of 6.5% this year, exports to the East and West are growing
as a result of Poland's positive geographic positioning. Polish corporations
that have undergone extensive restructuring in the past years are well
positioned to take advantage of these developments. Management teams that we
have met with are competent and seem determined to

[PHOTO]
G. Randy Hecht
President

INVESTMENT MANAGEMENT

<PAGE>

ROBERTSON, STEPHENS & COMPANY

capitalize on recent developments by increasing turnover and profitability. The
Polish equity market, which astounded many investors by soaring 740%
from a low base in 1993, suffered an extensive correction in 1994 and 1995 and
now appears fairly valued at a price/earnings ratio (P/E) of roughly 10.

Two of our favorite Polish companies are Bank Rozwoju Eksportu SA (BRE) and
Irena, a glass and crystal manufacturer.

BANK ROZWOJU EKSPORTU SA
Bank Rozwoju Eksportu SA (BRE) is one of our most recent investments (after the
close of the quarter). One of BRE's main attractions is its large market share
in the fastest growing sectors of the Polish banking industry -- foreign trade,
brokerage services and investment banking. Another significant plus is its
alliance with the powerful German Commerzbank. This should benefit the bank
longer term as should the bank's outstanding credit management. While the bank
has managed to increase its earnings per share from 1.65 zloty in 1993 to an
estimated 7.11 zloty this year, the stock has actually declined and now trades
at a P/E of less than six.

IRENA
Irena, a glass and crystal manufacturer from Kieke (central Poland), has strong
positions in the domestic market and a reputation for quality and excellence.
The company exports 75% of its production to the U.S., Japan, Britain, Australia
and other highly profitable foreign markets. Aggressive cost-cutting programs,
new product offerings and more direct sales have had a positive impact on
profitability. Operating margins have grown from 18.3% in 1994 to 18.8% in 1995
and are expected to increase further in 1996. Given increasing demand from their
most profitable export markets and expanding direct sales, we believe that Irena
is very attractively priced at nine times expected 1995 earnings.

LOOKING FORWARD
While the timing and the catalyst for the next move up in the emerging markets
is uncertain, we are confident that we now stand on solid ground having endured
an extensive correction of market excesses. Economic fundamentals remain strong
and valuations now appear fair. We remain optimistic and believe we are well
positioned, being essentially fully invested, to take advantage of positive
developments in the future. Thank you for your ongoing support.

Sincerely,

/s/ Michael C. Hoffman

MICHAEL C. HOFFMAN
Portfolio Manager

<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

DID YOU KNOW?

Test your global knowledge. Answers follow on page 11.

1.
Which geographic region had the highest economic growth rate in 1994?

a. LATIN AMERICA
b. EMERGING EUROPE
c. ASIA

2.
Which three countries had the highest rates of economic growth over the past
decade? (As measured by real growth in Gross National Product [GNP] per capita)

a. U.S., JAPAN, GERMANY
b. BRAZIL, MALAYSIA, CHILE
c. THAILAND, KOREA, CHINA

3.
Which country's rate of inflation has dropped from over 3,000% in 1989 to less
than 4% in 1994?

a. BRAZIL
b. ARGENTINA
c. TAIWAN

4.
A. What is the western most country in South America?

a. ARGENTINA
b. PERU
c. ECUADOR

B. Which U.S. city lies directly north of the western most tip of that country?

a. MIAMI
b. DALLAS
c. CHICAGO

<PAGE>

ROBERTSON, STEPHENS & COMPANY

ANSWERS TO YOUR QUESTONS

We believe it is important for you to have the opportunity to directly ask
Portfolio Manager Michael Hoffman for his thoughts on matters of interest to
you. If there is anything you want to know, or if you have a suggestion, please
contact us at the address below. We look forward to hearing from you.

Q: What do you do on your research trips -- how do you allocate your time?

A: My research trips are broken into three parts. The first, which represents
roughly one-third of my time, is spent meeting with government officials to
gauge political risk and to ascertain shifts in economic policy. Typically, I
will meet with representatives from the executive branch, the finance ministry,
the central bank, the opposition party and select others. The second portion,
which represents slightly less than one-third of the time, involves meeting with
independent representatives who provide a check and balance in regards to what
the government is saying. This often includes local representatives from the IMF
or World Bank, local journalists and local professors. These two portions of the
trip help me decide in which countries to invest. Finally, I spend a little more
than one-third of my time meeting with company executives and visiting factories
to gain insights on the outlook for earnings, the quality of management and
other variables that help me to decide in which companies to invest.

Q: Which country and which region do you expect to be the top performers over
the next year?

A: The Czech Republic and Emerging Europe. Economic fundamentals in Emerging
Europe continue to improve as these countries further their transition from
centrally planned economies to free market economies. Economic growth is
quickening, inflation is falling, exports are expanding and political risk is on
the decline. Additionally, valuations look extremely attractive and foreign
investor interest appears to be escalating. Many of these markets have recently
been through bear markets.

Q: How much should I invest in the emerging markets? What percent of your
assets are invested in the emerging markets?

A: Unfortunately, I cannot answer the first part of this question as the
appropriate amount differs for each individual according to their investment
objectives and their tolerance for risk. A financial advisor should be able to
help you answer this question. As for myself, I do have a considerable portion
of my assets invested in my Developing Countries Fund. I firmly believe that
higher rates of economic growth in the developing countries shall, over the
long-term, reward emerging market investors.

Send your questions regarding The Robertson Stephens Developing Countries Fund
to:

Schyler Parsons
Robertson Stephens & Company
555 California Street, Suite 2600
San Francisco, CA 94104
Fax: 415/788-4665
E-mail: [email protected].

QUESTIONS MAY BE EDITED FOR REASONS OF SPACE AND CLARITY.

<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

COUNTRY FOCUS
Poland

HISTORY AND ECONOMIC DEVELOPMENT
Historically, one of the greatest misfortunes for Poland has been its geographic
location. Military conflicts and border disputes between its powerful neighbors,
Russia and Germany, have often turned the country into a battlefield, and large
pieces of Polish territory have been passed from one great power to another.
Ironically, this geographic curse of yesterday has become an important
competitive advantage for the country in today's era of economic warfare. In
addition to a strong domestic economy (the largest in the region), Polish
companies are now benefiting from exports to both the rich West and to the
sprawling markets of the former Soviet Union.

After the end of communism, Poland implemented a series of bold economic reforms
(dubbed "shock therapy") that resulted in immediate economic pain, but which
eventually allowed the country to be the first in the region to achieve positive
economic growth. Today, Poland has promising economic growth (6.5% in 1995),
falling rates of inflation and a stable currency.

In addition to improving economic fundamentals, Poland is also benefiting from
the emergence of a competitive and financially sound private sector as a result
of a mass privatization program. Polish management, which has had to learn to
compete, tends to be competent, aggressive and determined to succeed.

Politically, Poland has achieved a stable democracy which is unlikely to
disappear. The populace has been strongly behind the reform programs and is a
strong proponent of Poland's inclusion into the European Union and NATO.

With positive geographic positioning, improving economics, a strong private
sector and political stability, we believe Poland is destined to be a power in
Emerging Europe.

[MAP]

COUNTRY FACTS

CAPITAL: Warsaw
POPULATION: 39 million
PER CAPITA GDP: $2,300
AREA: 120,727 sq. mi.
(roughly 4/5 the size of California)

NEIGHBORING COUNTRIES:
Germany, Czech Republic, Slovakia, Russia, Belarus, Ukraine, Lithuania

PRESIDENT: Lech Walesa
(Presidential elections in November)
PRIME MINISTER: Jozef Oleksy

"Our regional allocation continues to lean towards Asia while increasing
exposure to EMERGING

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ROBERTSON, STEPHENS & COMPANY

ECONOMIC FACTS (1994)
ECONOMIC GROWTH: 5%
UNEMPLOYMENT: 15.3%
INFLATION: 29.5%
INTEREST RATES: 27%
TRADE BALANCE: $840 million
CURRENT ACCOUNT BALANCE: -1.04% of GDP
GROSS EXTERNAL DEBT: $42.2 billion
FOREIGN RESERVES: $6 billion

EQUITY MARKET FACTS(1)
ANNUAL RETURNS:
1995 19.2% (YTD)
1994 -42%
1993 739%

MARKET CAPITALIZATION:
$3.7 billion

P/E RATIO:
1995 10.0
1994 12.9
1993 31.5

AVERAGE DAILY TURNOVER:
$16 million

[PHOTO]
VIEW OF THE ROYAL CASTLE, WARSAW, POLAND

The DG29 Index(2)
(AMOUNTS IN ZLOTY)
The Polish equity market, which astounded many investors by soaring 740% from a
low base in 1993, suffered an extensive correction in 1994 and 1995. The market
now appears fairly valued at a price/earnings ratio (P/E) of roughly 10.

[GRAPH]

EUROPE at the expense of Latin America."

(1)Source: Baring Securities (2)Source: Bloomberg

<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

PORTFOLIO MANAGER'S TRAVELOGUE

During the September quarter, Michael's travel included South America. His
itinerary and insights for Brazil and Argentina are highlighted below.

[GLOBE GRAPHIC]

[SOUTH AMERICA GRAPHIC]

BRAZIL

SAO PAULO
SEPTEMBER 16 - SEPTEMBER 18

BRASILIA
SEPTEMBER 18 - SEPTEMBER 20

- - Central Bank,
Gustavo Loyola, Governor
Gustavo Franco, Director of Foreign Affairs

- - Ministry of Finance,
Jose Roberto Mendonca de Barros, Secretary of Finance

- - Congress,
Luis Eduardo Magalhaes, President
of the Chamber
Senator Jose Fogaca, PMDB Party

- - Planning Ministry,
Andrea Sandro Calabi, Director

The success of the Real Plan has resulted in broad support for President
Cardoso and his reform plans. For the first time in many years it would appear
that the potential for serious reform exists. Almost without exception
politicians are jumping on the Cardoso bandwagon for fear of being left
behind.

COMPANY HIGHLIGHTS
Wembley
Casa Anglo
Banco Itamaraty
Iven

Company managements were keenly focused on slower economic growth and the
potential for further declines. Earnings are likely to suffer in the mid-term.

ARGENTINA

BUENOS AIRES
SEPTEMBER 20 - SEPTEMBER 22

- - Congress,
Representative Dr. Jorge Matzkin, President Bloque Justicialista Party
Representative Dr. Carlos Alberto Alvarez, Frente Grande Party
Representaive Dr. Roldolfo Terragno, UCR, Radical Party

- - Central Bank,
Dr. Pablo Guidotti, Director Banco Central de la Republica Argentina

- - Securities Exchange Commission,
Dr. Francisco Susmel, Vice President

- - Ministry of Finance,
Dr. Joaquin Cottani, Financing Undersecretary

- - Argentina Institute of Capital Markets,
Dr. Javier Gonzales Fraga, Director, Former President of the Central Bank

- - Economic and Political Consultants,
Dr. Rosendo Fraga, Political Analyst
Dr. Juan Carlos de Pablo, Economist
Dr. Roberto Alemann, Economist, Former Misister of Finance

The entire country seemed to be focused on the one question of whether Finance
Minister Domingo Cavallo will serve out his term or resign shortly. While most
politicians and outside consultants agree that he will stay in the very short
term, most also believe that he is unlikely to finish his term. An abrupt
departure would be devastating for the financial markets.

<PAGE>

ROBERTSON, STEPHENS & COMPANY

DID YOU KNOW?

(ANSWERS)

1.
c. ASIA (8.4%).
This is compared to 5.1% for Latin America and 0.3% for Emerging Europe. Asia
has and should continue to lead the regions in 1995. Latin America and Emerging
Europe, however, should switch places as Emerging Europe is predicted to grow a
promising 5% while Latin America is expected to grow only a disappointing 1%.

2.
c. THAILAND (8.4%), KOREA (8.1%), AND CHINA (6.5%). In recent years, rates of
economic growth in the developing countries have been much higher than those of
the U.S. (1.2%) and other western nations. These higher economic growth rates,
which may offer investors and corporations the opportunity to achieve higher
rates of return on capital, are the primary reason for investing in developing
countries.

3.
b. ARGENTINA.
While Argentina's success is the most notable, a variety of economic reform
policies in Latin America successfully reduced inflation in the region to 12.6%
in 1994. While that number will increase this year, as a result of Mexico, no
countries in the region are currently suffering from hyperinflation.

4.
A. b. PERU
B. d. MIAMI.
(SEE MAP BELOW.)

[MAP]

Source: Emerging Stock Markets Factbook, 1995, IFC.

11
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THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

FUND PERFORMANCE

Results of a hypothetical $10,000 investment
in The Robertson Stephens Developing Countries Fund and the MSCI Emerging
Markets Global Index(1)

IF INVESTED ON MAY 2, 1994(2)

DEV COUNTRIES

DCF MSCI
VALUE VALUE
-------------------------
<S> <C> <C>
5/2/94 $10,000 $10,000
5/94 $9,980 $10,318
6/94 $9,960 $10,083
7/94 $9,800 $10,754
8/94 $10,170 $11,850
9/94 $9,990 $12,164
10/94 $9,870 $11,852
11/94 $9,889 $11,285
12/94 $9,497 $10,691
1/95 $8,605 $9,515
2/95 $8,027 $9,339
3/95 $8,686 $9,444
4/95 $9,031 $9,624
5/95 $9,193 $9,933
6/95 $9,375 $9,889
7/95 $9,761 $10,028
8/95 $9,497 $9,685
9/95 $9,213 $9,781
</TABLE>

CUMULATIVE TOTAL RETURNS

<TABLE>
<CAPTION>
DEVELOPING COUNTRIES MSCI EMERGING MARKETS
FOR THE PERIODS ENDED 9/30/95 FUND GLOBAL INDEX(1)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Three months (1.73)% (1.09)%
- ----------------------------------------------------------------------------------------------------------
Six months 6.07% 3.57%
- ----------------------------------------------------------------------------------------------------------
Nine months (2.99)% (8.51)%
- ----------------------------------------------------------------------------------------------------------
One year (7.78)% (19.59)%
- ----------------------------------------------------------------------------------------------------------
Since inception (5/2/94) (7.87)% (2.19)%
- ----------------------------------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURNS

DEVELOPING COUNTRIES MSCI EMERGING MARKETS
FOR THE PERIODS ENDED 9/30/95 FUND GLOBAL INDEX(1)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Since inception (5/2/94) (5.63)% (1.56)%
- ----------------------------------------------------------------------------------------------------------
</TABLE>

(1) The Morgan Stanley Capital International (MSCI) Emerging Markets Global
Index (EMG) is a market capitalization weighted index composed of
companiesrepresentative of the market structure of 20 emerging market
countries in Europe, Latin America, and the Pacific Basin.

The MSCI Indices reflect stock market trends by representing the evolution
of an unmanaged portfolio containing a broad selection of domestically
listed companies. Stock selection also takes into consideration the
trading capabilities of foreigners in emerging market countries.

(2) Date that the Fund's shares were first offered to the public.

Investors should realize that all performance data presented is based upon
past performance during limited periods of time, and that past performance
is no guarantee of future performance. Investors should also realize that
both investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.

<PAGE>

PORTFOLIO SUMMARY

AS OF SEPTEMBER 30, 1995

[PIE CHART]

<TABLE>
<S> <C>
ASIA
Thailand 13.5%
Korea 12.1%
Indonesia 10.7%
Malaysia 10.0%
Philippines 8.8%
Hong Kong 3.5%
India 0.6%

LATIN AMERICA
Mexico 12.3%
Venezuela 5.4%

EMERGING EUROPE
Czech Republic 17.6%

AFRICA
Morocco 1.2%

PUTS 0.4%

CASH/OTHER 3.9%
</TABLE>

TOP TEN HOLDINGS

1.
GSS ARRAY TECHNOLOGY COMPANY, LTD.
A Thai company that manufactures printed circuit board assemblies, cables and
harnesses, coils and transformers, electronic control devices, wound sliders,
and thin film head and head gimbal assemblies.

2.
FILINVEST LAND, INC.
A company based in the Phillipines which acquires and develops raw land into
residential subdivisions and provides mortgage financing for the sale of its
properties.

3.
CESKE ENERGETICKE ZAVODY A.S.
A Czech Republic electricity generator and owner of the national high voltage
transmission grid.

4.
SAMSUNG ELECTRONICS - GDS
A Korean manufacturer and exporter of a wide range of consumer and industrial
electronic equipment, as well as memory chips, semiconductors, computers,
telecommunications equipment and color television sets.

5.
LG ELECTRONICS - GDR
A Korean company that manufactures cordless telephones, home automation,
computer peripherals, and telecommunications equipment, such as cellular
telephones.

6.
KOMERCNI BANKA A.S.
The Czech Republic's largest bank (with 96 branches) is 49% state owned,
performs deposits and loans, operates electronic cash machines, as well as
international banking facilities.

7.
TABAK A.S.
The Czech Republic's largest cigarette producer.

8.
SIDERURGICA VENEZOLANA SIVENSA ADR
A Venezuelan holding company comprised of over 40 companies that make steel
products, automobile parts, wire products and capital goods.

9.
REGIONAL CONTAINER LINES
A Thai company that has operations in the shipping business, covering routes
throughout the Pacific Rim.

10. LINGUI DEVELOPMENT BERHAD
A Malaysian investment holding company involved in a variety of endeavors
including logging, processing and marketing of timber and property
development.

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THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

SCHEDULE OF NET ASSETS

<TABLE>
<CAPTION>
SEPTEMBER 30, 1995 (UNAUDITED) SHARES VALUE
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS
CZECH REPUBLIC - 17.6%
Ceske Energeticke Zavody A.S. 22,300 $ 921,767
Komercni Banka A.S. - GDR(3) 40,000 773,200
SPT Telecom A.S. 4,000 384,528
Tabak A.S. 3,985 672,478
The Czech Republic Fund, Inc.(1) 27,500 354,063

- -------------------------------------------------------------------------------
3,106,036
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
HONG KONG - 3.5%
ASM Pacific Technology Ltd.(1) 460,000 440,265
Cathay Investment Fund Ltd. 170,000 180,297
- -------------------------------------------------------------------------------
620,562
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
INDIA - 0.6%
Sanghi Poyesters Limited - GDS(4) 30,000 97,500
- -------------------------------------------------------------------------------
97,500
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
INDONESIA - 10.7%
First Dynasty Mines, Ltd. 100,000 557,994
PT Bank Dagang Nasional Indonesia, Foreign(1,5) 350,000 320,569
PT Dynaplast, Foreign(1,5,6) 510,000 472,743
PT Multibreeder Adirama, Foreign(5,6) 749,000 413,264
PT Sumalindo Lestari Jaya, Foreign (1,5) 130,000 117,634
- -------------------------------------------------------------------------------
1,882,204
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
KOREA - 12.1%
LG Electronics, Inc. - GDR(3) 70,000 875,000
Pohang Iron & Steel Company, Ltd. - ADR(1,2) 10,700 351,763
Samsung Electronics - GDS(4) 12,808 909,368
- -------------------------------------------------------------------------------
2,136,131
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
MALAYSIA - 10.0%
Aokam Perdana Berhad(1) 300,000 603,105
Land and General Berhad(1) 200,000 525,478
Lingui Developments Berhad(1) 300,000 632,962
- -------------------------------------------------------------------------------
1,761,545
- -------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.

<PAGE>

ROBERTSON, STEPHENS & COMPANY

SHARES VALUE
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
MEXICO - 12.3%
Cementos de Mexico, S.A. - ADR(1,2) 40,000 $ 322,500
Grupo Industrial Durango S.A. de C.V. - ADR(2) 30,000 270,000
Grupo Tribasa S.A. de C.V. - ADR(2) 75,000 553,125
Industrias Penoles S.A. 75,000 282,132
Seguros Comercial America, S.A. Class B 540,000 133,730
Vitro Sociedad Anonima - ADR(1,2) 75,000 609,375
- -------------------------------------------------------------------------------
2,170,862
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
MOROCCO - 1.2%
C. Oriental 6,472 218,218
- -------------------------------------------------------------------------------
218,218
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
PHILIPPINES - 8.8%
Filinvest Land, Inc. 2,910,000 938,169
International Container Terminal Services, Inc. 600,000 379,966
Negros Navigation Company, Inc. 1,268,500 175,268
Robinson's Land Corporation, Series B 443,600 62,994
- -------------------------------------------------------------------------------
1,556,397
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
THAILAND - 13.5%
Alphatec Electronics Company, Ltd., Foreign(1,5,6) 30,000 411,237
Bangkok Bank Company, Ltd., Foreign(1,5) 23,000 258,458
GSS Array Technologies Company, Ltd., Foreign(1,5) 230,000 1,063,160
Regional Container Lines, Foreign(1,5,6) 44,960 644,973
- -------------------------------------------------------------------------------
2,377,828
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
VENEZUELA - 5.4%
Corimon C.A. Sponsored - ADR(1,2) 50,000 275,000
Siderurgica Venezolana Sivensa - ADR(1,2,6) 330,000 672,441
- -------------------------------------------------------------------------------
947,441
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TOTAL COMMON STOCKS - 95.7%(Cost: $18,489,068) 16,874,724
- -------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.

15
<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

SCHEDULE OF NET ASSETS (CONTINUED)

SEPTEMBER 30, 1995 (UNAUDITED) CONTRACTS VALUE
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
PUT OPTIONS
- -------------------------------------------------------------------------------
S&P 500 INDEX PUT OPTIONS
December 1995 525 100 $ 14,375
December 1995 550 50 16,875
December 1995 560 100 45,000
- -------------------------------------------------------------------------------
TOTAL PUT OPTIONS - 0.4% (Cost: $245,750) 76,250

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS - 96.1% (Cost: $18,734,818) 16,950,974
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS
- -------------------------------------------------------------------------------
Czech Koruna 106,426
- -------------------------------------------------------------------------------
TOTAL CASH AND CASH EQUIVALENTS - 0.6% 106,426

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TOTAL NET ASSETS - 100.0% $17,646,014
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

(1) Income producing security.
(2) ADR - American Depository Receipt.
(3) GDR - Global Depository Receipt.
(4) GDS - Global Depository Shares.
(5) Foreign - Foreign Shares.
(6) See 1a in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

<PAGE>

STATEMENT OF NET ASSETS

SEPTEMBER 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------
Investments, at value (Cost: $18,734,818) $ 16,950,974
Cash and cash equivalents 106,426
Receivable for investments sold 1,313,882
Receivable for fund shares subscribed 67,428
Receivable from Adviser 130,891
Dividends/interest receivable 31,341
Tax reclaim receivable 124
- -------------------------------------------------------------------------------
TOTAL ASSETS 18,601,066

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------
Payable for investments purchased 632,209
Payable for fund shares redeemed 24,643
Payable, other 295,787
Tax withholding 2,413
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 955,052

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------
Paid in capital 20,371,742
Accumulated undistributed net investment gain 6,462
Accumulated net realized (loss) from investments (803,806)
Accumulated net realized (loss) from options (128,100)
Accumulated net realized (loss) from securities sold short (17,500)
Net unrealized (depreciation) on investments (1,614,284)
Net unrealized (depreciation) on options (168,500)
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRICING OF SHARES: $ 9.09
Net Asset Value, offering and redemption price per share
(net assets of $17,646,014 applicable to 1,940,852 shares of
beneficial interest outstanding with no par value)
- -------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.

17
<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME
- -------------------------------------------------------------------------------
Interest $ 53,112
Dividends (Net of foreign tax of $13,286) 104,379
- -------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 157,491

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------
Investment advisory fees 96,227
Custodian and transfer agent fees 39,398
Professional fees 38,188
Distribution fees 27,759
Shareholder reports 24,407
Trustees' fees and expenses 11,250
Registration and filing fees 19,517
Other 6,820
Dividend expense for securities sold short 551
- -------------------------------------------------------------------------------
264,117

Less: Reimbursement from Adviser (86,714)
- -------------------------------------------------------------------------------
TOTAL EXPENSES, NET 177,403

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
REALIZED (LOSS) AND UNREALIZED APPRECIATION/(DEPRECIATION) ON INVESTMENTS,
OPTIONS AND SECURITIES SOLD SHORT
- -------------------------------------------------------------------------------
Net realized (loss) from investments (86,007)
Net realized (loss) from options (128,100)
Net realized (loss) from securities sold short (17,500)
Net change in unrealized appreciation on investments 704,682
Net change in unrealized (depreciation) on options (168,500)
- -------------------------------------------------------------------------------
TOTAL NET REALIZED (LOSS) AND UNREALIZED APPRECIATION/(DEPRECIATION) 304,575
ON INVESTMENTS, OPTIONS AND SECURITIES SOLD SHORT

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 284,663
- -------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an intergal part of these financial statements.

<PAGE>

ROBERTSON, STEPHENS & COMPANY

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
9/30/95 5/2/94 -
(UNAUDITED) 3/31/95
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
- -------------------------------------------------------------------------------
Net investment (loss)/income $ (19,912) $ 103,473
Net realized (loss) from investments (86,007) (880,354)
Net realized (loss) from options (128,100) -
Net realized (loss)/gain from securities sold short (17,500) 344,728
Net change in unrealized appreciation/(depreciation)
on investments 704,682 (2,318,966)
Net change in unrealized (depreciation) on options (168,500) -
- -------------------------------------------------------------------------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 284,663 (2,751,119)

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------
Net investment income - (77,099)
Realized gains on investments - (182,173)
- -------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS - (259,272)

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
- -------------------------------------------------------------------------------
Net increase in net assets resulting from capital
share transactions 9,016,223 11,355,519

- -------------------------------------------------------------------------------
TOTAL CAPITAL SHARE TRANSACTIONS 9,016,223 11,355,519

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 9,300,886 8,345,128
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------
Beginning of period 8,345,128 0
End of period $ 17,646,014 $ 8,345,128
- -------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.

19
<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
FOR A SHARE OUTSTANDING 9/30/95 5/2/94 -
THROUGHOUT EACH PERIOD: (UNAUDITED) 3/31/95
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, beginning of period $ 8.57 $ 10.00

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Net investment (loss)/income (0.01) 0.06
Net realized (loss) and unrealized appreciation/
(depreciation) on investments 0.53 (1.36)
Total Increase/(Decrease) in Net Assets Resulting
from Operations 0.52 (1.30)

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------
Net Assets, end of period $ 17,646,014 $ 8,345,128
Ratio of Expenses to Average Net Assets 2.29% 3.15%
Ratio of Net Investment Income/(Loss) to Average
Net Assets (0.26)% 0.72%
Portfolio Turnover Rate 65% 124%
</TABLE>

Per share data has been determined by using the average number of shares
outstanding throughout the period.

Ratios, except for total return and portfolio turnover rate, have been
annualized.

If the Fund had paid all of its expenses and there had been no reimbursement by
the Adviser, the ratio of expenses to average net assets for the year ended
March 31, 1995, and the six months ended September 30, 1995, would have been
3.46% and 3.41%, respectively, and the ratio of net investment income/(loss)
to average net assets would have been 0.41% and (1.38)%, respectively.

The accompanying notes are an integral part of these financial statements.

<PAGE>

ROBERTSON, STEPHENS & COMPANY

NOTES TO FINANCIAL STATEMENTS

The Robertson Stephens Developing Countries Fund (the "Fund") is a series of the
Robertson Stephens Investment Trust (the "Trust"), a Massachusetts business
trust organized on May 11, 1987. The Fund is registered under the Investment
Company Act of 1940, as amended (the "1940 Act") as a non-diversified, open-end
management investment company. The Fund became effective to offer shares to the
public on April 29, 1994, and it started to offer shares to the public on May 2,
1994. The Trust offers nine series of shares -- The Robertson Stephens Emerging
Growth Fund, The Robertson Stephens Value+Growth Fund, The Robertson Stephens
Contrarian Fund, The Robertson Stephens Developing Countries Fund, The Robertson
Stephens Growth & Income Fund, The Robertson Stephens Partners Fund, The
Robertson Stephens Information Age Fund (effective November 15, 1995), The
Robertson Stephens Global Natural Resources Fund (effective November 15, 1995),
and The Robertson Stephens Global Low-Priced Stock Fund (effective November 15,
1995). The assets for each series are segregated and accounted for separately.

NOTE 1 SIGNIFICANT ACCOUNTING POLICIES:
The following policies are in conformity with generally accepted accounting
principles.

A. INVESTMENT VALUATIONS:
Marketable equity securities including options and foreign securities are valued
at the last sale price on the principal exchange or market on which they are
traded; or, if there were no sales that day, at the mean between the closing bid
and asked prices. Foreign securities prices are generally denominated in foreign
currencies. The currencies are translated into U.S. dollars by using the
exchange rates quoted at the close of The London Stock Exchange prior to when
the Fund's net asset value is next determined. At September 30, 1995, 89% of the
Fund's long positions were valued in this manner.

Securities for which market quotations are not readily available are valued at
their fair value as determined in accordance with the guidelines and procedures
adopted by the Fund's Board of Trustees. The guidelines and procedures use all
available resources including quotations from market makers and fundamental
valuation methods which include, but are not limited to, the analysis of:
the effect of any restrictions on the sale of the security, product development
and trends of the security's issuer, changes in the industry and other competing
companies, significant changes in the issuer's financial position, and any other
event which would have a significant impact on the value of a security. At
September 30, 1995, 11% of the Fund's long positions were valued using these
guidelines and procedures.

B. REPURCHASE AGREEMENTS:
Repurchase agreements are fully collateralized by U.S. government securities.
All collateral is held by the Fund's custodian and is monitored daily to ensure
that the collateral's market value equals at least 100% of the repurchase price
under the agreement. However, in the event of default or bankruptcy by the
counterparty to the agreement, realization and/or retention of the collateral
may be subject to legal proceedings. The Fund's policy is to limit repurchase
agreement transactions to those parties deemed by the Fund's Investment Adviser
to have satisfactory creditworthiness.

C. FEDERAL INCOME TAXES:
The Fund has made no provision for federal taxes for the quarter ended September
30, 1995, as it does not expect to incur any federal income tax for the year.
The Fund expects to comply with requirements of the Internal Revenue Code for
qualifying as a regulated investment company so as not to be subject to federal
income tax.

D. SECURITIES TRANSACTIONS:
Securities transactions are accounted for on the date the securities are
purchased, sold, or sold short (trade date). Realized gains and losses on
securities transactions are determined on the basis of specific identification.

21
<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

NOTES TO FINANCIAL STATEMENTS

E. FOREIGN CURRENCY TRANSLATION:
The accounting records of the Fund are maintained in U.S. dollars. Investment
securities and all other assets and liabilities of the Fund denominated in a
foreign currency are translated into U.S. dollars at the exchange rate each day.
Purchases and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the exchange rate in effect on the dates of the
respective transactions.

The Fund does not isolate the portion of the fluctuations on investments
resulting from changes in foreign currency exchange rates from the fluctuations
in market prices of investments held. Such fluctuations are included with the
net realized and unrealized gain or loss from investments.

F. INVESTMENT INCOME:
Dividend income is recorded on the ex-dividend date. Interest income is accrued
and recorded daily.

G. CAPITAL ACCOUNTS:
The Fund follows the provisions of the AICPA's Statement of Position 93-2
"Determination, Disclosure and Financial Statement Presentation of Income,
Capital Gain and Return of Capital Distributions by Investment Companies"
("SOP"). The purpose of this SOP is to report undistributed net investment
income and accumulated net realized gain (loss) accounts in such a manner as to
approximate amounts available for future distributions to shareholders, if any.

NOTE 2 CAPITAL SHARES:

A. TRANSACTIONS:
The Fund has authorized an unlimited number of shares of beneficial interest
with no par value. Transactions in capital shares for the six months ended
September 30, 1995, and for the period ended March 31, 1995, were as follows:

4/1/95 - 9/30/95 SHARES AMOUNT
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
Shares sold 2,137,211 $ 20,022,419

Shares reinvested - -
- -------------------------------------------------------------------------------
2,137,211 20,022,419

- -------------------------------------------------------------------------------
Shares redeemed (1,170,691) (11,006,196)
- -------------------------------------------------------------------------------

5/2/94 - 3/31/95 SHARES AMOUNT
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
Shares sold 3,093,680 $30,436,016
Shares reinvested 26,976 252,773
- -------------------------------------------------------------------------------
3,120,656 30,688,789

- -------------------------------------------------------------------------------
Shares redeemed (2,146,325) (19,333,270)
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Net increase 974,331 $ 11,355,519
- -------------------------------------------------------------------------------
</TABLE>

NOTE 3 TRANSACTIONS WITH AFFILIATES:

A. ADVISORY FEES AND EXPENSE LIMITATION:
Under the terms of an advisory agreement, which is reviewed and approved
annually by the Fund's Board of Trustees, the Fund pays Robertson, Stephens
Investment Management, L.P. ("RSIM"), of which Robertson, Stephens & Company,
L.P. ("RS & Co."), the Fund's Distributor, is the sole Limited Partner, an
investment advisory fee calculated at an annual rate of 1.25% of the average
daily net assets of the Fund. For the six months ended September 30, 1995, the
Fund incurred investment advisory fees of $96,227. RSIM has agreed to reimburse
the Fund for any annual operating expenses, including investment advisory fees
but excluding distribution fees and dividend expense for short sales, which
exceed the most stringent limits prescribed by any state in which the Fund's
shares are offered for sale.

B. AFFILIATED PERSONS:
Certain officers and Trustees of the Fund are also Members and/or officers of
Robertson, Stephens & Company Group, L.L.C. ("RS Group"), the parent of
RS & Co., the Fund's Distributor and RSIM, the Fund's Adviser. G. Randy Hecht,
President, Chief Executive Officer and a Trustee of the Fund, is also a Director
of

<PAGE>

ROBERTSON, STEPHENS & COMPANY

RSIM, a Member of RS Group, and Chief Operating Officer of RS & Co. Terry R.
Otton, Chief Financial Officer of the Fund, is a Member of RS Group and Chief
Financial Officer of RS & Co. John P. Rohal, a Trustee of the Fund, is a Member
of RS Group and Director of Research for RS & Co. All affiliated and access
persons, as defined in the 1940 Act, follow strict guidelines and policies on
personal trading as outlined in the Fund's Code of Ethics.

C. COMPENSATION OF TRUSTEES AND OFFICERS:
Trustees and officers of the Fund who are affiliated persons receive no
compensation from the Fund. Trustees of the Fund who are not interested persons
of the Trust, as defined in the 1940 Act, collectively received compensation and
reimbursement of expenses of $11,250 for the six months ended September 30,
1995.

D. DISTRIBUTION FEES:
The Fund has entered into an agreement with RS & Co. for distribution services
and has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940
Act, which is approved annually by the Fund's Board of Trustees. Under the Plan,
RS & Co. is compensated for services in such capacity, including its expenses in
connection with the promotion and distribution of the Fund's shares. The
distribution fee is calculated at an annual rate of 0.25% of the average daily
net assets of the Fund. For the six months ended September 30, 1995, the Fund
incurred distribution fees of $27,759.

E. BROKERAGE COMMISSIONS:
RSIM may direct orders for investment transactions to RS & Co. as broker-dealer,
subject to Fund policies as stated in the prospectus, regulatory constraints,
and the ability of RS & Co. to provide competitive prices and commission rates.
All investment transactions in which RS & Co. acts as a broker may only be
executed on an agency basis. Subject to certain constraints, the Fund may make
purchases of securities from offerings or underwritings in which RS & Co. has
been retained by the issuer. For the six months ended September 30, 1995, the
Fund paid brokerage commissions of $0 to RS & Co.

NOTE 4 INVESTMENTS:

A. PORTFOLIO TURNOVER RATE:
The portfolio turnover rate, which is calculated based on the lesser of the cost
of investments purchased or the proceeds from investments sold (excluding
securities sold short and short-term investments), measured as a percentage of
the Fund's average monthly investment portfolio for the six months ended
September 30, 1995, was 65%.

B. TAX BASIS OF INVESTMENTS:
At September 30, 1995, the cost of investments for federal income tax purposes
was $18,734,750. Accumulated net unrealized depreciation on investments was
$1,783,664, consisting of gross unrealized appreciation and depreciation of
$1,231,563 and $3,015,227, respectively.

C. INVESTMENT PURCHASES AND SALES:
For the six months ended September 30, 1995, the cost of investments purchased
and the proceeds from investments sold (excluding securities sold short and
short-term investments) were $16,852,866 and $8,860,983, respectively.

D. OPTIONS:
At September 30, 1995, 1.4% of the Fund's net assets consisted of premiums paid
for the purchase of S&P 500 Index put options to hedge portfolio long
investments against adverse price fluctuations. The risk associated with the
purchase of these put options is limited to the premium originally paid. The
premium paid for the purchase of these options is included in the Fund's
"Statement of Net Assets" as an investment and is subsequently market-to-market
daily to reflect the market value of the options.

E. SHORT SALES:
Short sales are transactions in which the Fund sells a security it does not own,
in anticipation of a decline in the market value of that security. To complete
such a transaction, the Fund must borrow the security to deliver to the buyer
upon the short sale; the Fund then is obligated to replace the security borrowed
by purchasing it in the open market at some later date. The Fund will incur a
loss if the market price of the security increases

23
<PAGE>

THE DEVELOPING COUNTRIES FUND SEMI-ANNUAL RESULTS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

between the date of the short sale and the date on which the Fund replaces the
borrowed security. The Fund will realize a gain if the security declines in
value between those dates. All short sales must be fully collateralized. The
Fund maintains the collateral in a segregated account consisting of cash and/or
U.S. government securities sufficient to collateralize the market value of its
short positions. The Fund may also sell short "against the box" (i.e., the Fund
enters into a short sale as described above, while holding an offsetting long
position in the security which is sold short). If the Fund enters into a short
sale "against the box," it will segregate an equivalent amount of securities
owned by the Fund as collateral while the short sale is outstanding. The Fund
limits the value of short sell positions (excluding short sales "against the
box") to 25% of the Fund's total assets. At September 30, 1995, the Fund had 0%
of the Fund's total assets in short positions. For the six months ended
September 30, 1995, the cost of investments purchased to cover short sales and
the proceeds from investments sold short were $70,500 and $0, respectively.

F. FOREIGN SECURITIES:
Foreign securities investments involve special risks and considerations not
typically associated with those of U.S. origin. These risks include, but are not
limited to, reevaluation of currencies, adverse political, social and economic
developments and less reliable information about issuers. These risks are
heightened for investments in emerging markets countries. Moreover, securities
of many foreign companies and markets may be less liquid and their prices more
volatile than those of U.S. companies and markets. The Fund intends to invest no
more than 40% of its total assets exclusively in one foreign country. At
September 30, 1995, the Fund had investments worth no more than 20% of its total
assets in any one foreign country.

ADMINISTRATION

OFFICERS AND TRUSTEES
G. Randy Hecht
President, Chief Executive Officer

Terry R. Otton
Chief Financial Officer

Leonard B. Auerbach, Trustee
Daniel R. Cooney, Trustee
James K. Peterson, Trustee
John P. Rohal, Trustee
Robert A. Zidar, Secretary

INVESTMENT ADVISER
Robertson, Stephens Investment Management, L.P.
555 California Street, Suite 2600
San Francisco, CA 94104

DISTRIBUTOR
Robertson, Stephens & Company, L.P.
555 California Street, Suite 2600
San Francisco, CA 94104
1-800-766-3863

TRANSFER AGENT AND DISBURSING AGENT
State Street Bank & Trust Company
c/o National Financial Data Services
Kansas City, MO
1-800-272-6944

CUSTODIAN
State Street Bank & Trust Company
Boston, MA

AUDITORS
Price Waterhouse LLP
San Francisco, CA

LEGAL COUNSEL
Ropes & Gray
Boston, MA

This report is submitted for the information of shareholders of The Robertson
Stephens Developing Countries Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

Published November 21, 1995

<PAGE>

ROBERTSON, STEPHENS & COMPANY

THE ROBERTSON STEPHENS MUTUAL FUNDS

In addition to THE DEVELOPING COUNTRIES FUND, Robertson Stephens offers the
following mutual funds:

THE CONTRARIAN FUND
A DEFENSIVE POSITION IN TODAY'S VOLATILE MARKET -- Invests in attractively
priced, growing companies worldwide that are out of favor or have never been
discovered by institutional investors. Adheres to an independent, aggressive,
and flexible investment strategy. The Fund may engage in short sales and invests
in companies of all sizes. Managed by Paul Stephens.

THE EMERGING GROWTH FUND
SEEKING TO INVEST IN AMERICA'S MOST DYNAMIC, GROWTH-ORIENTED INDUSTRIES --
Invests primarily in common stocks of emerging growth companies (predominantly
technology, specialty retailing and health care) with above average growth
potential. No load. Managed by Bob Czepiel.

THE GLOBAL LOW-PRICED STOCK FUND
SEEKING OVERLOOKED AND UNDERVALUED COMPANIES
- -- Invests in companies worldwide that are low-priced (stock prices no
greater than $10 per share), have future growth potential, but are under
appreciated by other investors. No load. Managed by Hannah Sullivan.

THE GLOBAL NATURAL RESOURCES FUND
PRIMARILY FOCUSING ON ATTRACTIVE HARD ASSET COMPANIES -- Invests in equities of
companies engaged in the discovery, development, production, or distribution of
natural resources, such as energy, metals and forest products. No load. Managed
by Andy Pilara, Jr.

THE GROWTH & INCOME FUND
SEEKING HIGH GROWTH WHILE MODERATING RISK -- Invests in equity and debt
securities, with an emphasis on small and mid-cap companies with growth
potential and/or current income. No load. Managed by John Wallace.

THE INFORMATION AGE FUND
FOCUSING ON INVESTMENTS IN THE INFORMATION TECHNOLOGY SECTOR -- Invests in a
wide-range of technology companies with strong fundamentals, market advantage
and growth potential, including computer hardware and software,
telecommunications, multimedia, and financial services. No load. Managed by Ron
Elijah.

THE PARTNERS FUND
SMALL-CAP VALUE FUND WITH A CONTRARIAN DISCIPLINE -- Invests with
a value methodology combining traditional Graham & Dodd balance sheet analysis
and cash flow analysis. No load. Managed by Andy Pilara, Jr.

THE VALUE+GROWTH FUND
A GROWTH FUND FOR VALUE CONSCIOUS INVESTORS -- Invests in mid-cap growth
companies with favorable price/earnings ratios, in sectors
with the potential for above average growth. Ability to short sell. No load.
Managed by Ron Elijah.

For more information, including management fees, expenses and special risks
associated with short selling or with international investing, call Robertson,
Stephens & Company, L.P., distributor, for a prospectus. Read it carefully
before you invest.

<PAGE>

ROBERTSON STEPHENS & COMPANY MUTUAL FUNDS

555 California Street, Suite 2600
San Francisco, California 94104

FUND INFORMATION

ROBERTSON STEPHENS INVESTOR SERVICES

- - Knowledgeable mutual fund representatives ready to answer your investment
questions.

- - Automated access to daily net asset values and the portfolio managers' hotline
24 hours a day.

1-800-766-3863

ROBERTSON STEPHENS ACCOUNTLINK

Automated account information is available 24 hours a day through Robertson
Stephens AccountLink.

1-800-624-8025

FUND LISTINGS

The Fund is listed in THE WALL STREET JOURNAL, USA TODAY, INVESTOR'S BUSINESS
DAILY, and most local newspapers as Dev Ctry under the heading Robertson
Stephens. Its computer quotation symbol is RSDCX.