May 2005 Newsletter Dear Investor, We're pleased to bring you recent information on the RS Funds. In this update you will find: Andy Pilara of the RS Value Fund was featured in the Wall Street Journal First Quarter 2005 RS Fund Commentaries available to read May 1, 2005 Prospectus update available RS Funds Updates RS Value Fund Touted as "3-Year Winner" in WSJ Read why the Wall Street Journal named the RS Value Fund as its Three-Year Winner at the end of the first quarter in 2005. First Quarter 2005 RS Fund Commentaries Our portfolio managers provide insights into their respective funds every quarter. To read the first quarter 2005 commentaries on the RS Funds click here. May 1, 2005 Prospectus Our annual prospectus update is ready to view. Our prospectus has summaries on all 10 funds, including investment objective and strategies, risks, and fund performance. Additionally, it includes information on our portfolio managers, how to invest, and past financial highlights. Click here to read more. Quick Links   Daily NAVs     Performance Account Access   Log In     Invest Now 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. Our Privacy Policy Your privacy is very important to RS Investments. For more information about our Privacy Policy, visit us at http://www.rsinvestments.com/privacypolicy.html For Comments and Questions If you have comments or suggestions about our Web site or this e-mail program, please e-mail us at funds@RSinvestments.com. Please do not send feedback, comments, or questions using the "reply to" function. We appreciate your comments and feedback. Tell a Friend! Tell your friends about our Fund Update E-Newsletter. To sign up, please click on the following URL: http://www.rsinvestments.com/eupdates.html Unsubscribe To unsubscribe to this e-mail: Please reply to this message with "Unsubscribe" typed in the subject line or simply click here. This is a commercial e-mail: We are sending you this e-mail because we believe you have indicated an interest in receiving RS Funds Special Fund Updates at some time in the past. If you wish to unsubscribe to this service, please reply to this message with 'Unsubscribe' typed in the subject line.
This report may be used only when preceded or accompanied by a prospectus. Please contact RS Investments at 1-800-766-FUND or write to us at 388 Market Street, Suite 1700, San Francisco, CA 94111 for a prospectus containing more complete information. You should consider the investment objectives, risks, charges, and expenses of the RS Funds before making an investment decision. The prospectus contains this and other information - please read it carefully before investing or sending money. Past performance is no guarantee of 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 high double-digit returns are highly unusual and cannot be sustained. Numbers assume 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 or visiting www.rsinvestments.com. The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient (s) is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.
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