RS Small Cap Equity Fund is closed to new investors.

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. The total gross annual operating expense ratio as of the most current prospectus for RS Small Cap Growth Fund Class A, C, K, and Y shares are 1.53%, 2.93%, 2.39%, and 1.17%, respectively; for RS Select Growth Fund Class A, C, K, and Y shares are 1.86%, 2.39%, 3.37%, and 1.42%, respectively; for RS Mid Cap Growth Fund Class A, C, K, and Y shares are 1.51%, 2.88%, 2.28%, and 1.26%, respectively; for RS Growth Fund Class A, C, K, and Y shares are 1.40%, 3.06%, 2.10%, and 1.45%, respectively; for RS Technology Fund Class A, C, K, and Y shares are 1.60%, 2.81%, 2.47%, and 1.39%, respectively; for RS Small Cap Equity Fund Class A, B, C, K, and Y shares are 1.40%, 2.29%, 2.10%, 1.82%, and 1.24%, respectively. Class A shares performance quoted "with maximum sales load" reflects the current maximum sales charge of up to 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. Certain share classes are subject to lower maximum sales charges whether paid at the time of purchase or deferred. The Class C share performance quoted "with sales load" takes into account the applicable contingent deferred sales charge (up to 1%). There are no sales charges for Class K and Class Y shares. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. Performance results assume the reinvestment of dividends and capital gains. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated would be lower. 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 periodically updated on our web site.

Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Total return figures for certain Funds reflect expense limitations in effect during the periods shown; without such limitations, 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.

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. 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 high technology and Internet-related sectors may be highly volatile. 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. High yield bond investing involves special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. The S&P 500 Index is a registered trademark of Standard & Poor's and is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that include the reinvestment of dividends. It is not available for direct investment. Investors in the tax-exempt funds may be subject to Alternative Minimum Tax and certain other state and local taxes.