Key Characteristics as of 6/30/10

Top Ten Holdings¹
	Coupon	Maturity Date
Connecticut St. Housing Fin. Auth.	0.360	7/1/2010	3.67%
IBM	0.130	7/8/2010	3.10%
Colgate-Palmolive Co.	0.070	7/19/2010	3.10%
Roche Holdings, Inc.	0.150	7/19/2010	3.10%
United States Treasury Bill	0.178	11/26/2010	2.89%
Triborough Brdg. & Tunl. Auth. NY Revs.	2.000	11/15/2010	2.08%
Los Angeles Department of Airports	0.350	7/12/2010	2.07%
New York St. Urban Dev. Corp. Rev.	0.320	7/1/2010	2.07%
Wal-Mart Stores, Inc.	0.160	7/2/2010	2.07%
Private Export Funding Corp.	0.170	7/6/2010	2.07%
Total			26.23%
View Full Quarterly Holdings

Characteristics
Number of Holdings	66
Average Days to Maturity	39
Effective 7-Day Yield With Subsidy	0.01%
Effective 7-Day Yield Without Subsidy	-0.46%
Current 7-Day Yield With Subsidy	0.01%
Current 7-Day Yield Without Subsidy	-0.46%

Sector Allocations²
Commercial Paper	67.2%
Municipal Securities	19.4%
Government Securities	13.2%
Corporate Bonds	0.0%
CDs	0.0%
Short-Term/Other Assets and Liabilities	0.1%

Communications

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. As of the most current prospectus, the Fund's total gross annual operating expense ratio for the Class A shares is 0.85%. 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.

Annualized historical yields for the 7-day periods ended Wednesday, June 30, 2010 for Quarter-End. Effective yield assumes reinvested income. Yields will vary. Shares of the Cash Management Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation, the National Credit Union Association, the Federal Reserve Board or any other agency.

The RS Money Market Fund is neither insured nor guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value or your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

1 Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.

2 Sector Holdings are subject to change.

Other Investment Products

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.