RS Investments - Performance

Historical
Long Term

As of Latest:
Month-End
Quarter-End

Month-End Performance as of 6/30/10

	Quarter to Date	Since Inception 1/15/09
RS Global Natural Resources Long/Short Equity Gross of Fees Net of Fees	-1.69% -1.94%	8.32% 6.71%
S&P North American Natural Resources Sector Index^{™ 1}	-9.76%	20.31%

Quarter-End Performance as of 6/30/10

	Quarter to Date	Since Inception 1/15/09
RS Global Natural Resources Long/Short Equity Gross of Fees Net of Fees	-1.69% -1.94%	8.32% 6.71%
S&P North American Natural Resources Sector Index^{™ 1}	-9.76%	20.31%

Historical Performance (Results Net of Fees)
*Since Inception: 1/15/09

	Q1	Q2	Q3	Q4	Calendar Year
2009	2.96%*	2.02%	5.14%	1.33%	11.91%*
2010	0.62%	-1.94%

Performance quoted represents past performance and does not guarantee future results.

Investment Team

You should read the current RS Funds' Prospectus before investing. The RS Funds' Statement of Additional Information (SAI) provides information about the Funds that may not be contained in the Prospectus.

RS Funds are sold by Prospectus only. You should carefully consider the investment objectives, risks, charges, and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. To obtain a printed copy, please call 800-766-3863.

If you are an existing shareholder and would like a copy of the prospectus or need to contact RS Investments, call 800-766-3863. If you are interested in learning more about and how to invest with RS, please contact your financial professional.

The information on this web site is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

RS Funds are distributed by: Guardian Investor Services LLC, 7 Hanover Square, New York, NY 10004.

RS is an independent subsidiary of Guardian Investor Services LLC. Guardian Investor Services LLC (GIS), is a registered broker-dealer, registered investment advisor, and a wholly owned subsidiary of The Guardian Life Insurance Company of America.

Not A Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

GIS is a member: FINRA and SIPC.

© 2010 RS Investment Management Co. LLC
RS Investments is the marketing name for RS Investment Management Co. LLC and its affiliates.