Company Press Release

RS Investments Completes Adoption of Oak Value Fund

SAN FRANCISCO - RS Investments, a San Francisco-based investment management firm, announced that its adoption of Oak Value Fund was completed today, following shareholder approval of the reorganization of Oak Value Fund into RS Capital Appreciation Fund (RCAPX).

The investment team at Oak Value Capital Management officially joins RS Investments as part of the transaction and now operates as a distinct investment team within the firm's specialized team structure. The team and RS Capital Appreciation Fund, with a 17-year track record and an Overall Morningstar Rating of four stars (based on risk-adjusted returns in Morningstar's Large Cap Blend category), add a “growth-at-a-reasonable-price” (GARP) strategy to RS' family of 22 mutual funds. The Fund offers RS clients access to another well-established and differentiated large cap option.

"This Fund and investment team are a great strategic and cultural fit with RS," said Terry Otton, chief executive officer of RS Investments. "We welcome these outstanding investors to RS where they will continue to apply their time-tested, quality-driven investment approach in pursuit of strong risk-adjusted returns."

The three experienced co-portfolio managers joining RS Investments from Oak Value are David Carr, Larry Coats, and Christy Phillips. The members of the investment team each bring 24 years of industry experience, adding to RS' deep bench of experienced investment professionals. RS Capital Appreciation Fund's investment strategy seeks advantaged and growing businesses at attractive valuations and invests in 20 - 30 companies in which the investment team has the highest conviction. The team will continue to manage the Fund from RS' Chapel Hill, North Carolina office.

"We will continue to invest as we always have but with the benefit of greater resources," said Larry Coats, co-manager of the RS Capital Appreciation Fund. "This transition enables us to focus exclusively on investment management, while our clients and shareholders will benefit from lowered fees and RS' strengths in investment management, compliance, operational, and client servicing infrastructure."

About RS

RS Investments is an investment management firm offering investment solutions for institutional and individual investors and the advisors who serve them. The firm's specialized investment platform supports distinct investment teams, each utilizing disciplined and repeatable investment processes to deliver research-driven value, growth, core growth, international, and fixed income strategies. The firm was founded in 1986 and has offices in San Francisco, Chapel Hill, and New York.

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.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. 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.

RS Capital Appreciation Fund's Overall Four Star Morningstar rating is based on risk-adjusted returns. As of June 30, 2010, the Fund rated four stars Overall versus 1810 funds, four stars for the 3-year period versus 1810 funds, three stars for the five-year period versus 1486 funds and four stars for the 10-year period versus 772 funds in Morningstar's Large Cap Blend Category.

Performance quoted represents past performance and does not guarantee future results. For current performance information, please visit www.rsinvestments.com or call 800-766-3863.

© 2010 Morningstar, Inc. Morningstar ratings are calculated based on Morningstar risk-adjusted returns measures that accounts for variation in a fund's monthly performance (including the effect of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. This investment's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

Growth at a Reasonable Price (GARP) investing seeks to combine the tenets of both growth and value investing. GARP investors seek companies that are showing consistent earnings growth above broad market levels combined with relatively low valuation multiples.