Fund Facts (Class A)

Investment Style: Sector Ticker Symbol: RSNRX Cusip Number: 74972H705 Date of Inception: 11/15/95

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

		Andy Pilara   Co-portfolio manager of the RS Global Natural Resources Fund, RS Partners Fund, RS Value Fund, and RS Investors Fund   •   Tenure with RS Investments (RS): September 1993   •   Tenure as Portfolio Manager: November 1995   •   Prior Experience: President of Pilara Associates, a private investment firm       specializing in value investing, for 19 years   •   Education: B.A. from St. Mary's College of California
		MacKenzie Davis   Co-portfolio manager of the RS Global Natural Resources Fund, RS Partners Fund, RS Value Fund, and RS Investors Fund   •   Tenure with RS: March 2004   •   Tenure as Co-Portfolio Manager: January 2005   •   Prior Experience: High-yield analyst at Fidelity Management & Research Company       for four years; vice president at Fidelity Capital Markets for four years; analyst       at Goldman Sachs & Company for two years   •   Education: A.B. from Brown University and is a Chartered Financial Analyst
		Ken Settles Jr.   Co-portfolio manager of the RS Global Natural Resources Fund   •   Tenure with RS: September 2006   •   Tenure as Co-Portfolio Manager: May 2007   •   Prior Experience: Senior energy analyst at Neuberger Berman, LLC for seven years;       financial analyst at Salomon Smith Barney, Inc. for three years   •   Education: B.A. in economics from Williams College and is a Chartered Financial       Analyst

Investment Objective
Long-term capital appreciation.

Investment Strategy
The Fund invests principally in equity securities of issuers in natural resources industries. The Fund may invest in securities of issuers located anywhere in the world and normally will invest in securities of companies located in at least three countries, which may include the United States.

Investment Process
We typically perform fundamental analysis to identify companies offering the potential for capital appreciation. We may use a cash flow-return analysis to evaluate investments for the Fund and attempt to identify companies with rates of return that exceed their costs of capital over a commodity cycle.

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

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their values. Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 1.00% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.20% Acquired Fund Fees & Expenses: 0.02%1 Total Annual Fund Operating Expenses: 1.47%2		As of 3/31/08 Number of Positions: 39 Average Market Cap: $23.4 billion Median Market Cap: $8.8 billion Weighted Avg Market Cap: $30.1 billion 2008 P/E: 16.1x 3-Year Sales Growth: 22.9% Fund Assets: $2.1 billion Beta: 0.943 R2: 0.873
1 The amounts indicated are expenses indirectly incurred by the Fund through investments in certain pooled investment vehicles ("Acquired Funds") for the fiscal year ended December 31, 2007. 2 RS Investments has contractually agreed through April 30, 2009 to reduce its management fee with respect to Class A shares of the Fund to the extent that Class A's Total Annual Fund Operating Expenses (excluding expenses indirectly incurred by the Fund through investments in Acquired Funds, interest, taxes, and extraordinary expenses) exceed 1.49%, and to reduce the management fee paid by each of the other classes of the Fund so that each of those classes bears the same level of management fees as Class A shares during the period. 3 Risk characteristics are relative to the S&P GSSI Natural Resources 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 1.47%. 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.

* The S&P North American Natural Resources Sector Index^™ is a modified cap-weighted index designed as a benchmark for U.S.-traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. Index results assume the reinvestment of dividends paid on the stocks constituting the index. Unlike the Fund, the index does not incur fees or expenses.
** The S&P 500^® Index is an unmanaged market capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. 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