RS Investments

Quarterly Fund Commentaries

First Quarter 2008 Manager Commentaries
Past Commentaries

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.

You should read the current RS Funds' Prospectus before investing. The RS Funds' Statement of Additional Information 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-FUND.

If you are an existing shareholder and would like a copy of the prospectus or need to contact RS Investments call 1-800-766-FUND [3863]. If you are interested in learning more about and how to invest with RS contact your financial professional. Why Work with an Investment Professional?

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, SIPC.

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