The RS Smaller Company Growth Fund invests principally in smaller growth companies. The Fund normally invests at least 80% of its net assets in companies considered by RS Investments at the time to be smaller companies - currently, companies with market capitalizations up to that of the largest company included in the Russell 2000^® Index on the last day of the most recent quarter (currently, approximately $7.1 billion, based on the size of the largest company on March 31, 2008). We seek smaller companies that we believe have the potential for long-term capital appreciation based on superior or niche products or services, operating characteristics, management, or other factors. The Fund may at times invest a substantial portion of its assets in technology companies.

Fund Facts (Class A)

Investment Style: Small-Cap Growth Ticker Symbol: RSSGX Cusip Number: 74972H887 Date of Inception: 8/15/96

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

		Bill Wolfenden   Co-portfolio manager of RS Smaller Company Growth Fund   •   Tenure with RS Investments: April 2001   •   Tenure as Portfolio Manager: April 2001   •   Prior Experience: Served on the micro-cap and small-cap growth investment       management teams at Dresdner RCM Global Investors for eight years   •   Education: B.A. from Southern Methodist University and M.B.A. from       Vanderbilt University
		Scott Tracy   Co-portfolio manager of RS Smaller Company Growth Fund, RS Emerging Growth Fund, and RS Select Growth Fund   •   Tenure with RS: December 2001   •   Tenure as Co-Portfolio Manager: January 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

The RS Smaller Company Growth Fund invests principally in smaller growth companies. The Fund normally invests at least 80% of its net assets in companies considered by RS Investments at the time to be smaller companies - currently, companies with market capitalizations up to that of the largest company included in the Russell 2000^® Index on the last day of the most recent quarter (currently, approximately $7.1 billion, based on the size of the largest company on March 31, 2008). We seek smaller companies that we believe have the potential for long-term capital appreciation based on superior or niche products or services, operating characteristics, management, or other factors. The Fund may at times invest a substantial portion of its assets in technology companies.

The RS Smaller Company Growth Fund invests principally in smaller growth companies. The Fund normally invests at least 80% of its net assets in companies considered by RS Investments at the time to be smaller companies - currently, companies with market capitalizations up to that of the largest company included in the Russell 2000^® Index on the last day of the most recent quarter (currently, approximately $7.1 billion, based on the size of the largest company on March 31, 2008). We seek smaller companies that we believe have the potential for long-term capital appreciation based on superior or niche products or services, operating characteristics, management, or other factors. The Fund may at times invest a substantial portion of its assets in technology companies.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 1.00% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.27% Acquired Fund Fee & Expenses: 0.01%1 Total Annual Fund Operating Expenses: 1.53%2 Fee Waiver/Expense Limitation: -0.01%2 Net Expenses: 1.52%2		As of 3/31/08 Number of Positions: 76 Average Market Cap: $1.1 billion Median Market Cap: $956.5 million Weighted Avg Market Cap: $1.2 billion 2008 P/E: 18.7x 3-Year Sales Growth: 33.4% Fund Assets: $190.5 million Beta:0.903 R2: 0.863
1 The amounts indicated are expenses indirectly incurred by the Fund through investments in certain pooled investment vehicles 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 2000® Growth Index as of 3/31/08, and for the three-year period.

The RS Smaller Company Growth Fund invests principally in smaller growth companies. The Fund normally invests at least 80% of its net assets in companies considered by RS Investments at the time to be smaller companies - currently, companies with market capitalizations up to that of the largest company included in the Russell 2000^® Index on the last day of the most recent quarter (currently, approximately $7.1 billion, based on the size of the largest company on March 31, 2008). We seek smaller companies that we believe have the potential for long-term capital appreciation based on superior or niche products or services, operating characteristics, management, or other factors. The Fund may at times invest a substantial portion of its assets in technology companies.

The RS Smaller Company Growth Fund invests principally in smaller growth companies. The Fund normally invests at least 80% of its net assets in companies considered by RS Investments at the time to be smaller companies - currently, companies with market capitalizations up to that of the largest company included in the Russell 2000^® Index on the last day of the most recent quarter (currently, approximately $7.1 billion, based on the size of the largest company on March 31, 2008). We seek smaller companies that we believe have the potential for long-term capital appreciation based on superior or niche products or services, operating characteristics, management, or other factors. The Fund may at times invest a substantial portion of its assets in technology companies.

The RS Smaller Company Growth Fund invests principally in smaller growth companies. The Fund normally invests at least 80% of its net assets in companies considered by RS Investments at the time to be smaller companies - currently, companies with market capitalizations up to that of the largest company included in the Russell 2000^® Index on the last day of the most recent quarter (currently, approximately $7.1 billion, based on the size of the largest company on March 31, 2008). We seek smaller companies that we believe have the potential for long-term capital appreciation based on superior or niche products or services, operating characteristics, management, or other factors. The Fund may at times invest a substantial portion of its assets in technology companies.