RS Investments Promotes MacKenzie Davis to Co-Portfolio Manager of the RS Global Natural Resources Fund

San Francisco, January 31, 2005 - RS Investments announces the promotion of MacKenzie Davis to co-portfolio manager of the RS Global Natural Resources Fund, effective January 3, 2005. MacKenzie will co-manage the Fund alongside portfolio manager Andy Pilara. Prior to assuming this role, MacKenzie served as an analyst for the Fund.

"In addition to being passionate about his work, MacKenzie has demonstrated excellent investment judgment and strong analytical capability for our value team," said Andy Pilara, portfolio manager and president of the RS Value Group.

Prior to joining RS Investments in March 2004, MacKenzie spent four years as a high-yield analyst at Fidelity Management & Research Company. Previously, he was a vice president at Fidelity Capital Markets. He was also an analyst at Goldman, Sachs & Company. Mr. Davis holds an A.B. from Brown University in Mathematical Economics and Modern American History. He is also a Chartered Financial Analyst.

RS Investments manages approximately $8.6 billion in mutual funds and institutional accounts. The RS Global Natural Resources Fund invests principally in equity securities of companies in natural resources industries. The Fund may invest in securities of issuers located anywhere in the world and normally will invest in securities of companies located in at least three countries, which may include the United States.

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