Dear Investor,

RS Investments has no editorial control over the articles' publishers or the content, subject matter and timing of the articles. The views reported in the articles do not constitute investment advice. Investors should consult investment professionals regarding their individual investment programs.

The opinions expressed in the articles are the authors' as of the dates when the articles were published. Each article shows the date when the article was first published. These opinions have not been updated or supplemented and may not reflect the authors' views today. Other authors may have different, and possibly less favorable, views about RS Investments. Since the date of publication, economic and market conditions may have changed and the portfolio managers' views of the prospects of any particular investments may have changed.

These articles are authorized by RS Investments for distribution only if preceded or accompanied by a current RS Investments Mutual Funds prospectus. Neither this letter nor the articles are a prospectus. In deciding whether to purchase Fund shares, please read the prospectus carefully. The prospectus contains information regarding management fees, expenses, and the special risks associated with investing in the RS Investments Mutual Funds. International investing can involve greater currency fluctuations and less political and economic stability. Investing in smaller companies can involve more volatility, less liquidity, and less publicly available information. Investing in a particular sector or a more limited number of issuers and sectors can be subject to greater market fluctuation. Short selling is the sale of a borrowed security and the price of the security can increase between the date the security is sold and the date when the fund must replace it. Options and futures may not be perfectly correlated to the underlying index or security. High-yielding, lower quality debt securities may be considered to be of lower standing and more speculative.

Performance data quoted represents past performance, and 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. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Please keep in mind that high-double digit and triple-digit returns are highly unusual and cannot be sustained. Recent returns were achieved during favorable market conditions. Short term performance may not be sustainable. Rating and performance information is subject to change. Please contact RS Investments at 1-800-766-FUND or visit www.rsinvestments.com for current and quarter-end information.

Please click here for current Fund Information. For historical performance click here.