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RS INVESTMENT TRUST
PROSPECTUS SUPPLEMENT
TO PROSPECTUS DATED MAY 1, 2000
SUMMARY INFORMATION
Objective, Principal Investment Strategies, and Principal Risks
RS Diversified Growth Fund.
1. The first paragraph appearing under "Principal Investment Strategies" on
page 5 of the Prospectus is replaced in its entirety with the following:
"The Fund invests primarily in small-capitalization growth companies across
a broadly diversified mix of industry sectors and companies. The Fund
invests primarily in stocks of companies with market capitalizations of up
to $1.5 billion, but may invest is securities of larger companies. The Fund
may also invest a portion of its assets in companies whose potential for
capital growth has not yet been recognized by other investors."
2. The Table (and accompanying footnote) appearing on page 6 of the Prospectus
is replaced in its entirety with the following:
<TABLE>
<CAPTION>
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AVERAGE ANNUAL TOTAL RETURNS (FOR PERIODS SINCE INCEPTION
ENDING DECEMBER 31, 1999) PAST ONE YEAR (8/1/96)
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<S> <C> <C>
RS Diversified Growth Fund 150.21% 57.08%
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Russell 2000 Growth Index* 43.09% 19.29%
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</TABLE>
* The Russell 2000 Growth Index is an unmanaged market
capitalization-weighted index containing those securities in the Russell
2000 Index with higher price-to-book ratios and higher forecasted growth
values. Investment results assume the reinvestment of dividends paid on the
stocks constituting the index. The Russell 2000 Growth Index has replaced
the Russell 2000 Index (which is composed of 2,000 U.S. companies with an
average market capitalization of $467 million) as the Fund's comparative
index in this Prospectus because RSIM believes the Russell 2000 Growth
Index is more representative of the Fund's likely investment universe. For
periods ending December 31, 1999, the One Year and Since Inception average
annual total returns of the Russell 2000 Index were 21.26% and 15.87%,
respectively.
November 30, 2000
