Members of the RS Hard Assets team discuss RS' approach to extracting value from natural resource equities.

As with all of our investment strategies, the value of an investment in this strategy could decline, so you could lose money. 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. Portfolios 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.

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.

Information provided is historical, does not predict future results, and is subject to change without notice. This is not a recommendation to buy or sell any security.
Past performance is no guarantee of future results.

The universe in the natural gas producers' index is comprised of 16 natural gas companies, of these 3 are considered by the RS Hard Assets Team to be advantaged producers. The advantaged producers are defined as natural gas-producing companies that: 1) generate the majority of cash flows from assets which sit in the bottom third of a steeply sloped supply cost curve and 2) have a large project inventory of similar quality. In addition, these companies possess management teams that, in the opinion of the RS Hard Assets Team, are prudent stewards of capital.

Source: Factset, RS Investments as of 12/31/10

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

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

GIS is a member: FINRA and SIPC.