You should read the current RS Funds' Prospectus before investing. Visit our Web site at www.RSinvestments.com for further information on all the RS Funds, including performance, quarterly fund commentary and the latest RS news.

Closing Net Asset Values (NAVs) as of Thursday, June 9, 2005
Fund	Symbol	NAV	Daily $ Change	Daily % Change
RS Diversified Growth Fund	RSDGX	$20.78	$0.23	1.12%
RS Emerging Growth Fund	RSEGX	$30.15	$0.40	1.34%
RS Growth Fund	RSGRX	$16.74	$0.15	0.90%
RS Information Age Fund®	RSIFX	$14.96	$0.30	2.05%
RS Internet Age Fund®	RIAFX	$6.68	$0.09	1.37%
RS MidCap Opportunities Fund	RSMOX	$12.02	$0.09	0.75%
RS Smaller Company Growth Fund	RSSGX	$21.59	$0.20	0.94%
RS Global Natural Resources Fund	RSNRX	$26.10	$0.07	0.27%
RS Partners Fund	RSPFX	$34.66	$0.12	0.35%
RS Value Fund	RSVAX	$22.49	$0.12	0.54%

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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 high double-digit returns are highly unusual and cannot be sustained. Current and month-end performance information, which may be lower or higher than that cited, is available by contacting RS Investments at 1-800-766-FUND or visiting www.rsinvestments.com.

Investing in small- and mid-sized companies can involve risks such as less publicly available information than larger companies, volatility, and less liquidity. 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. 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. International investing can involve greater currency fluctuations and less political and economic stability. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. 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. The values of debt securities will fluctuate with market conditions and interest rates.

This report may be used only when preceded or accompanied by a prospectus. You should consider the investment objectives, risks, charges, and expenses of the RS Funds before making an investment decision. The prospectus contains this and other information - please read it carefully before investing or sending money.

For more information, contact RS Investments at 1-800-766-FUND or e-mail us at funds.com.

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