Quarter-End Performance Review - Monday, March 31, 2008  Class A  Shares(1).  (Month-End Review)
Click Here for:  Class B Shares  /  Class C Shares  /  Class K Shares  /  Class Y Shares

Click on a Fund name to learn more about a specific Fund or click here for  daily prices.

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 any high double-digit returns are highly unusual and cannot be sustained. The total gross annual operating expense ratio for each fund is listed in the table. The performance quoted, "with maximum sales charge" reflects the current maximum sales charge of 4.75% that became effective on October 9, 2006. 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. A "deferred sales charge" also known as "back end load" or "CDSC" is incurred when liquidating an A share purchase over $1 million, for example, before a specified holding period. Any sales charges are in addition to the fund's fees and expenses as detailed in the Fund's most current prospectus. Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Performance results assume the reinvestment of dividends and capital gains. 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 and is frequently updated on our Web site: www.RSinvestments.com.

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 any high double-digit returns are highly unusual and cannot be sustained. The total gross annual operating expense ratio for each fund is listed in the table. The performance quoted, "with maximum sales charge" reflects the current maximum sales charge of 4.75% that became effective on October 9, 2006. 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. A "deferred sales charge" also known as "back end load" or "CDSC" is incurred when liquidating an A share purchase over $1 million, for example, before a specified holding period. Any sales charges are in addition to the fund's fees and expenses as detailed in the Fund's most current prospectus. Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Performance results assume the reinvestment of dividends and capital gains. 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 and is frequently updated on our Web site: www.RSinvestments.com.

FOOTNOTES

1) Past performance is not indicative of future results. Total return figures are shown for Class A shares and are historical. Performance for Class B, Class C and Class K shares will differ. Total return figures for Class A shares do not take into account the current maximum sales charge applicable to each fund. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares. Figures shown reflect changes in share prices and reinvestment of each fund's dividends and distributions and the deduction of all unreimbursed fund expenses. Beginning October 9, 2006 the "with sales load" performance figures assume the deduction of the current maximum sales load as follows: RS Equity Funds, 4.75%; RS Fixed Income Funds, 3.75%; RS S&P 500 Index Fund, 3.00%; RS Low Duration Bond Fund, 2.25%; and RS Money Market Fund (formerly RS Cash Management Fund) has no sales charge on Class A Shares.

Prior to October 9, 2000 the maximum sales load was 4.5% for all funds, except The Low Duration Bond Fund which had a maximum initial sales charge of 3% and The Cash Management Fund which had none, so actual returns would have differed.

^*Shares of The Core Equity Fund were offered at a higher sales charge, prior August 25, 1988, so actual returns would have been somewhat lower.

The investment adviser has assumed operating expenses for certain funds, as follows:

The Investment Quality Bond Fund and The Tax-Exempt Fund: From June 1, 1994 to December 31, 1998: ordinary operating expenses, on an annual basis, in excess of 0.75% of the Fund's average daily net assets. Since January 1, 1999: ordinary operating expenses, on an annual basis, in excess of 0.80% of the Fund's average daily net assets. Since January 1, 2000: ordinary operating expenses, on an annual basis, in excess of 0.85% of the Fund's average daily net assets. The High Yield Bond Fund: From September 1, 1998 to December 31, 1999: ordinary operating expenses, on an annual basis, in excess of 0.75% of the Fund's average daily net assets. Since January 1, 2000: ordinary operating expenses, on an annual basis, in excess of 0.85% of the Fund's average daily net assets. The Cash Management Fund: Since June 1, 1994, ordinary operating expenses, on an annual basis, in excess of 0.85% of the Fund's average daily net assets.

Without these expense reimbursements, the performance figures for these funds would have been lower.

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.

2) The RS Investors Fund "since inception" return is not annualized and represents the cumulative return.

3) Annualized historical yields for the 30-day and 7-day periods ended Monday, March 31, 2008. 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. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

RS Funds are distributed by Guardian Investor Services LLC (GIS) located at 7 Hanover Square, New York, NY 10004. GIS is an indirect wholly owned subsidiary of The Guardian Life Insurance Company of America, New York, NY. GIS is a member: FINRA, SIPC.