Fund Facts (Class A)

Investment Style: Small-Cap Growth Ticker Symbol: RSDGX Cusip Number: 74972H804 Date of Inception: 8/1/96

Minimum Investment: $2,500; $1,000 for IRA Minimum Subsequent Investment: $100 Sales Load: See pages 113-120 of the Prospectus Redemption Fee: None

Management

		Jim Callinan   Co-portfolio manager of RS Select Growth Fund and RS Emerging Growth Fund   •   Tenure with RS Investments: June 1996   •   Tenure as Portfolio Manager: May 2007   •   Prior Experience: Served on the investment team of Putnam's growth group for       nine years; portfolio manager of Putnam OTC Emerging Growth Fund for two years   •   Education: A.B. from Harvard College, M.S. from New York University, M.B.A. from       Harvard Business School, and is a Chartered Financial Analyst
		Steve Bishop   Co-portfolio manager of RS Select Growth Fund, RS Emerging Growth Fund, RS Technology Fund   •   Tenure with RS Investments (RS): August 1996   •   Tenure as Co-Portfolio Manager: May 2007   •   Prior Experience: Analyst at Dean Witter Reynolds, Inc. for two years   •   Education: B.A. from University of Notre Dame and M.B.A. from Harvard Business       School
		Melissa Chadwick-Dunn   Co-portfolio manager of RS Select Growth Fund and RS Emerging Growth Fund   •   Tenure with RS: April 2001   •   Tenure as Co-Portfolio Manager: May 2007   •   Prior experience: Equity Analyst at Putnam Investments for two years; four years       in investment banking, working on corporate finance and mergers-and-acquisition       transactions for Lehman Brothers and McDaniels S.A.   •   Education: B.A. and M.A. from University of Chicago and M.B.A. from Wharton       School of Business
		Allison Thacker   Co-portfolio manager of RS Select Growth Fund, RS Emerging Growth Fund, RS Technology Fund   •   Tenure with RS: July 2000   •   Tenure as Co-Portfolio Manager: May 2007   •   Prior experience: Analyst at Putnam Investments and Merrill Lynch for a total of       three years   •   Education: B.A. from Rice University and M.B.A. from Harvard Business School
		Scott Tracy   Co-portfolio manager of RS Select Growth Fund, RS Emerging Growth Fund, and RS Smaller Company Growth Fund   •   Tenure with RS: December 2001   •   Tenure as Co-Portfolio Manager: May 2007   •   Prior experience: Spent three years at Shoreline Investment Management,       the in-house asset management arm of Hewlett-Packard and one year as an equity       analyst at Montgomery Securities   •   Education: B.A. from Trinity College, M.B.A. from University of California at Berkeley,       and is a Chartered Financial Analyst

Investment Objective
Long-term capital growth.

Investment Strategy
The Fund typically invests in a portfolio of small- and mid-capitalization growth-oriented companies. Although the Fund is a diversified mutual fund, the Fund will likely hold a limited number of securities. RS Investments currently expects that the Fund will normally hold between 40 and 60 securities positions.

The Fund invests principally in equity securities of companies with market capitalizations (at the time of purchase) of up to 120% of the market capitalization of the largest company included in the Russell 2500^® Index as of June 30 of each year (currently, approximately $10.2 billion, based on the size of the largest company on June 30, 2007). The Fund may hold investments in companies whose market capitalizations exceed the preceding parameter due to appreciation or acquisitions by those companies after the Fund’s purchase of their securities. The Fund may at times invest a substantial portion of its assets in technology companies.

Investment Process
RS Investments typically considers a number of factors in evaluating a potential investment, including, for example, its assessment of:
  •   whether the company has the potential for strong and sustainable revenue and earnings-per-share growth;
  •   whether the company can achieve and sustain a long-term competitive advantage in what RS Investments considers a growth industry or a niche in an established industry;
  •   whether the company has a superior management team.

Sell Discipline
RS Investments may consider selling a security for the Fund if, for example, in RS Investments’ judgment:
  •   the price of the security appears high in light of the company’s long-term prospects;
  •   the company’s business fundamentals turn negative;
  •   another investment may offer a better opportunity.

Although RS Investments may consider the factors described above in purchasing or selling investments for the Fund, RS Investments may purchase, sell, or continue to hold an investment for the Fund whenever it believes that doing so may benefit the Fund or on the basis of any of the factors described above or any other factors it may at its discretion consider.

The Fund may hold a substantial portion of its assets in cash and cash equivalents, although it will not necessarily do so.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries. Investments in technology companies may be highly volatile. Investing in a more limited number of issuers and sectors can be subject to great market fluctuation.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 1.00% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.31%1 Total Annual Fund Operating Expenses: 1.56%2 Fee Waiver/Expense Limitation: -0.01%2 Net Expenses: 1.55%2		As of 3/31/08 Number of Positions: 49 Average Market Cap: $2.4 billion Median Market Cap: $1.9 billion Weighted Avg Market Cap: $2.4 billion 2008 P/E: 19.6x 3-Year Sales Growth: 35.7% Fund Assets: $102.9 million Beta: 1.073 R2: 0.883
1 "Other Expenses" include expenses indirectly incurred by the Fund through investments in certain pooled investment vehicles of 0.01% or less of the Fund's average daily net assets for the fiscal year ended December 31, 2007. 2 RS Investments has agreed that through December 31, 2009, it will not receive annual Management Fees from the Fund in excess of 0.99%. The amount of the resulting waiver is shown under the caption "Fee Waiver/Expense Limitation" shown above. "Net Expenses" reflect the effect of this fee waiver on "Total Annual Fund Operating Expenses." RS Investments may terminate this waiver after December 31, 2009. 3 Risk characteristics are relative to the Russell 2500® Growth Index as of 3/31/08, and for the three-year period.

Performance Update (Class A)
Average Annual Total Returns For Periods ended 6/30/08

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Please keep in mind that any high double-digit returns are highly unusual and cannot be sustained. As of the most current prospectus, the Fund's total gross annual operating expense ratio for the Class A shares is 1.56%. Class A performance quoted "with maximum sales charge" reflects the current maximum sales charge of 4.75%. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Current and month-end performance information, which may be lower or higher than that cited, is available by contacting RS Investments at 800-766-3863 and is frequently updated on our Web site: www.RSinvestments.com.

* Russell 2500^® Index offers investors access to the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set. The Russell 2500 includes the smallest 2500 securities in the Russell 3000. Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index. Unlike the Fund, the index does not incur fees or expenses.
** The Russell 2000^® Growth Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values. (The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which consists of the 3,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees and expenses.

Top Ten Holdings
as of 6/30/08

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.

Sector Allocation
as of 6/30/08

The Fund's holdings are allocated to each sector based on their Russell classification. If a holding is not classified by Russell, it is assigned a Russell designation by RS Investments. Cash includes short-term investments and net other assets and liabilities.

Quarterly Fund Commentaries   (as of 6/30/08)

  Second Quarter 2008
  First Quarter 2008
  Fourth Quarter 2007
  Third Quarter 2007
  Second Quarter 2007
  First Quarter 2007