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. The total gross annual operating expense ratio as of the most current prospectus for RS Investment Quality Bond Fund Class A, B, C, K, and Y shares are 1.01%, 1.82%, 1.80%, 1.39%, and 0.85%, respectively; for RS Low Duration Bond Fund Class A, B, C, K, and Y shares are 1.23%, 1.94%, 1.93%, 1.56%, and 0.81%, respectively; for RS High Yield Bond Fund Class A, B, C, K, and Y shares are 1.18%, 1.97%, 1.93%, 1.57%, and 1.01%, respectively; for RS Tax-Exempt Fund Class A, C and Y shares are 0.96%, 1.73%, and 0.81%, respectively; for RS High Yield Municipal Bond Fund Class A, C, and K shares are 1.18%, 1.93%, and 0.99%, respectively; for RS Floating Rate Fund Class A, C, K, and Y shares are 1.26%, 2.01%, 1.69%, and 1.07%, respectively; for RS Strategic Income Fund Class A, C, K, and Y shares are 1.31%, 2.05%, 1.74%, and 1.11%, respectively; and for RS Money Market Fund Class A, B, C, and K shares are 0.85%, 1.84%, 1.68%, and 1.25%, respectively. Class A shares performance quoted "with maximum sales load" reflects the current maximum sales charge of 3.75% for RS Investment Quality Bond Fund, RS High Yield Bond Fund, RS Tax-Exempt Fund, RS High Yield Municipal Bond Fund, RS Floating Rate Fund, RS Strategic Income Fund, and 2.25% for RS Low Duration Bond Fund. 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. The Class B and Class C share performance quoted "with sales load" takes into account the applicable contingent deferred sales charge (up to 3% for Class B shares, up to 1% for Class C shares). There are no sales charges for Class K and Class Y shares. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. Performance results assume the reinvestment of dividends and capital gains. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated would be lower. 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 periodically updated on our web site.

Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Total return figures for certain Funds reflect expense limitations in effect during the periods shown; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

*An expense limitation with respect to the Fund's Total Annual Fund Operating Expenses is imposed pursuant to a written agreement in effect through April 30, 2010. The effect of this limitation is reflected under the caption "Fee Waiver/Expense Limitation" as indicated in the prospectus. "With Subsidy" reflects the effect of this expense limitation on Total Annual Fund Operating Expenses. The "Monthly Distribution Yield" shown with and without subsidy do not reflect a sales load/charge (front end or back end). If a sales load were applied, the yield shown could be substantially lower particularly in the short-term.

With respect to the RS Money Market Fund (Class A, B, C, K) additional subsidies may be included to maintain a minimum yield threshold.

There is no guarantee of the payment of any dividend or other distributions.  As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money.

An investment in a bond fund exposes you to the general risk of investing in debt markets. These risks include interest rate risk, credit risk and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at relatively low levels. Please keep in mind that in this kind of environment, the risk that bond prices may fall when interest rates rise is potentially greater. High yield bond investing includes 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.

Money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in
these funds.

Money Market annualized historical yields for 7-day periods ended Sunday, February 28, 2010 for Month-End and Thursday, December 31, 2009 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. 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.

30-Day SEC Yields and Monthly Distribution Yields are for the periods ended ended Sunday, February 28, 2010 for Month-End and Thursday, December 31, 2009 for Quarter-End.