Morningstar Ratings™ (Class A) as of 4/30/08 Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics.
Fund Name - Morningstar Category (Inception Date)	Overall	3 Year	5 Year	10 Year
GROWTH FUNDS
Emerging Growth - Small Growth Category (11/30/87)
without sales charge	out of 688	out of 688	out of 560	out of 270
including the effect of sales charges, loads, and redemption fees	out of 688	out of 688	out of 560	out of 270
Smaller Company Growth - Small Growth Category (8/15/96)
without sales charge	out of 688	out of 688	out of 560	out of 270
including the effect of sales charges, loads, and redemption fees	out of 688	out of 688	out of 560	out of 270
Select Growth - Small Growth Category (8/1/96)
without sales charge	out of 688	out of 688	out of 560	out of 270
including the effect of sales charges, loads, and redemption fees	out of 688	out of 688	out of 560	out of 270
MidCap Opportunities - Mid-Cap Growth Category (7/12/95)
without sales charge	out of 828	out of 828	out of 694	out of 311
including the effect of sales charges, loads, and redemption fees	out of 828	out of 828	out of 694	out of 311
Growth - Large Growth Category (5/12/92)
without sales charge	out of 1,458	out of 1,458	out of 1,205	out of 566
including the effect of sales charges, loads, and redemption fees	out of 1,458	out of 1,458	out of 1,205	out of 566
Technology - Specialty-Technology Category (11/15/95)
without sales charge	out of 264	out of 264	out of 235	out of 69
including the effect of sales charges, loads, and redemption fees	out of 264	out of 264	out of 235	out of 69
VALUE FUNDS
Partners - Small Blend Category (7/12/95)
without sales charge	out of 541	out of 541	out of 421	out of 178
including the effect of sales charges, loads, and redemption fees	out of 541	out of 541	out of 421	out of 178
Value - Mid-Cap Blend Category (6/30/93)
without sales charge	out of 429	out of 429	out of 341	out of 158
including the effect of sales charges, loads, and redemption fees	out of 429	out of 429	out of 341	out of 158
Investors - Mid-Cap Blend Category (11/15/05)
without sales charge	Too new for star rating	Too new for star rating	Too new for star rating	Too new for star rating
including the effect of sales charges, loads, and redemption fees	Too new for star rating	Too new for star rating	Too new for star rating	Too new for star rating
Global Natural Resources - Specialty-Natural Resources Category (11/15/95)
without sales charge	out of 150	out of 150	out of 99	out of 68
including the effect of sales charges, loads, and redemption fees	out of 150	out of 150	out of 99	out of 68
Large Cap Value - Large Value Category (2/3/03)
without sales charge	out of 1,183	out of 1,183	out of 932	n/a
including the effect of sales charges, loads, and redemption fees	out of 1,183	out of 1,183	out of 932	n/a
CORE EQUITY FUNDS
Small Cap Core Equity - Small Growth Category (5/1/97)
without sales charge	out of 688	out of 688	out of 560	out of 270
including the effect of sales charges, loads, and redemption fees	out of 688	out of 688	out of 560	out of 270
Core Equity - Large Blend Category (6/1/72)
without sales charge	out of 1,695	out of 1,695	out of 1,316	out of 630
including the effect of sales charges, loads, and redemption fees	out of 1,695	out of 1,695	out of 1,316	out of 630
Equity Dividend - Mid-Cap Value Category (7/31/07)
without sales charge	Too new for star rating	Too new for star rating	Too new for star rating	Too new for star rating
including the effect of sales charges, loads, and redemption fees	Too new for star rating	Too new for star rating	Too new for star rating	Too new for star rating
INTERNATIONAL FUNDS
International Growth - Foreign Large Growth Category (2/16/93)
without sales charge	out of 184	out of 184	out of 158	out of 75
including the effect of sales charges, loads, and redemption fees	out of 184	out of 184	out of 158	out of 75
Emerging Markets - Diversified Emerging Markets Category (5/1/97)
without sales charge	out of 211	out of 211	out of 189	out of 110
including the effect of sales charges, loads, and redemption fees	out of 211	out of 211	out of 189	out of 110
FIXED INCOME FUNDS
Investment Quality Bond - Intermediate-Term Bond Category (2/16/93)
without sales charge	out of 984	out of 984	out of 832	out of 439
including the effect of sales charges, loads, and redemption fees	out of 984	out of 984	out of 832	out of 439
Low Duration Bond - Short-Term Bond Category (7/30/03)
without sales charge	out of 388	out of 388	n/a	n/a
including the effect of sales charges, loads, and redemption fees	out of 388	out of 388	n/a	n/a
High Yield Bond - High Yield Bond Category (9/1/98)
without sales charge	out of 470	out of 470	out of 402	n/a
including the effect of sales charges, loads, and redemption fees	out of 470	out of 470	out of 402	n/a
Tax-Exempt - Muni National Long Category (2/16/93)
without sales charge	out of 256	out of 256	out of 247	out of 201
including the effect of sales charges, loads, and redemption fees	out of 256	out of 256	out of 247	out of 201
S&P 500 INDEX FUND
S&P 500 Index - Large Blend Category (8/15/96)
without sales charge	out of 1,695	out of 1,695	out of 1,316	n/a
including the effect of sales charges, loads, and redemption fees	out of 1,695	out of 1,695	out of 1,316	n/a
ASSET ALLOCATION FUND
Asset Allocation - Large Blend Category (2/16/93)
without sales charge	out of 1,695	out of 1,695	out of 1,316	out of 630
including the effect of sales charges, loads, and redemption fees	out of 1,695	out of 1,695	out of 1,316	out of 630

Please Note: Without sales charge rating for Class A shares should only be considered by investors who are not subject to a front-end sales charge

Lipper Rankings (Class A) as of 4/30/08 Lipper rankings are based on total return with dividends reinvested and do not take into account sales charges. Quartiles and rankings are based on total return and are historical and do not represent future results.
Fund Name (Inception Date)	Lipper Category	1 Year	3 Year	5 Year	10 Year
GROWTH FUNDS
Emerging Growth (11/30/87)	Small Cap Growth	#269 out of 598	#263 out of 481	#220 out of 395	#64 out of 187
Smaller Company Growth (8/15/96)	Small Cap Growth	#463 out of 598	#397 out of 481	#164 out of 395	#84 out of 187
Select Growth (8/1/96)	Small Cap Growth	#59 out of 598	#160 out of 481	#172 out of 395	#48 out of 187
MidCap Opportunities (7/12/95)	Mid Cap Growth	#442 out of 604	#315 out of 503	#201 out of 414	#78 out of 179
Growth (5/12/92)	Multi Cap Growth	#286 out of 513	#189 out of 396	#89 out of 329	#69 out of 140
Technology (11/15/95)	Science & Tech	#117 out of 264	#87 out of 241	#47 out of 219	#9 out of 59
VALUE FUNDS
Partners (7/12/95)	Small Cap Core	#458 out of 796	#310 out of 638	#41 out of 493	#20 out of 190
Value (6/30/93)	Mid Cap Value	#109 out of 332	#66 out of 264	#11 out of 204	#11 out of 62
Investors (11/15/05)	Mid Cap Core	#241 out of 343	n/a	n/a	n/a
Global Natural Resources (11/15/95)	Natural Resources	#136 out of 156	#73 out of 104	#47 out of 77	#23 out of 49
Large Cap Value (2/3/03)	Large Cap Value	#384 out of 543	#247 out of 471	#189 out of 388	n/a
CORE EQUITY FUNDS
Small Cap Core Equity (5/1/97)	Small Cap Core	#359 out of 796	#258 out of 638	#325 out of 493	#149 out of 190
Core Equity (6/1/72)	Large Cap Core	#13 out of 822	#7 out of 684	#107 out of 575	#228 out of 299
Equity Dividend (7/31/07)	Small Cap Core	Too new for ranking	Too new for ranking	Too new for ranking	Too new for ranking
INTERNATIONAL FUNDS
International Growth (2/16/93)	International	#31 out of 64	#23 out of 53	#20 out of 50	#15 out of 27
Emerging Markets (5/1/97)	Emerging Markets	#16 out of 270	#9 out of 195	#17 out of 172	#17 out of 97
FIXED INCOME FUNDS
Investment Quality Bond (2/16/93)	Intermediate Investment	#196 out of 559	#184 out of 473	#164 out of 403	#60 out of 194
Low Duration Bond (7/30/03)	Short Investment Grade	#47 out of 262	#45 out of 211	n/a	n/a
High Yield Bond (9/1/98)	High Current Yield	#339 out of 458	#282 out of 383	#252 out of 333	n/a
Tax-Exempt (2/16/93)	General Municipal	#91 out of 234	#61 out of 221	#58 out of 211	#5 out of 151
Money Market (11/3/82)	Money Market	#225 out of 336	#184 out of 311	#176 out of 292	#130 out of 190
S&P 500 INDEX FUND
S&P 500 Index (8/7/00)	S&P Index	#136 out of 184	#103 out of 170	#91 out of 153	n/a
ASSET ALLOCATION FUND
Asset Allocation (2/16/93)	Flexible Portfolio	#129 out of 148	#84 out of 105	#64 out of 95	#44 out of 55

Performance quoted represents past performance and does not guarantee 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 any high double-digit returns are highly unusual and cannot be sustained. The RS Emerging Growth Fund's total gross annual operating expense ratio is 1.49%. The RS Growth Fund's total gross annual operating expense ratio is 1.33%. The Information Age Fund^&#reg;'s total gross annual operating expense ratio is 1.61%. The RS MidCap Opportunities Fund's total gross annual operating expense ratio is 1.33%. The RS Select Growth Fund's total gross annual operating expense ratio is 1.62%. The RS Smaller Company Growth Fund's total gross annual operating expense ratio is 1.51%. The RS Value Fund's total gross annual operating expense ratio is 1.34%. The RS Partners Fund's total gross annual operating expense ratio is 1.50%. The RS Investors Fund's total gross annual operating expense ratio is 1.59%. The RS Global Natural Resources Fund's total gross annual operating expense ratio is 1.51%. The RS Large Cap Value Fund's total gross annual operating expense ratio is 1.40%. The RS Core Equity Fund's total gross annual operating expense ratio is 0.94%. The RS Small Cap Core Equity Fund's total gross annual operating expense ratio is 1.26%. The RS S&P 500 Index Fund's total gross annual operating expense ratio is 0.70%. The RS International Growth Fund's total gross annual operating expense ratio is 1.64%. The RS Emerging Markets Fund's total gross annual operating expense ratio is 1.68%. The RS Investment Quality Bond Fund's total gross annual operating expense ratio is 1.01%. The RS Low Duration Bond Fund's total gross annual operating expense ratio is 1.45%. The RS High Yield Bond Fund's total gross annual operating expense ratio is 1.17%. The RS Tax-Exempt Fund's total gross annual operating expense ratio is 0.91%. The RS Money Market Fund's total gross annual operating expense ratio is 0.92%. The RS Asset Allocation Fund's total gross annual operating expense ratio is 1.86%. Please refer to the most current Fund prospectus for complete details on expenses including fees. The performance quoted, "with maximum sales load" reflects the current maximum sales charge of 4.75% that became effective on October 9, 2006. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Certain share classes are subject to lower maximum sales charges whether paid at the time of purchase or deferred. A "deferred sales charge" also known as "back end load" or "CDSC" is incurred when liquidating an A share purchase over $1 million, for example, before a specified holding period. Any sales charges are in addition to the fund's fees and expenses as detailed in the Fund's most current prospectus. Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Performance results assume the 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 and is frequently updated on our web site: www.RSinvestments.com.

^† © 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

Please note, some of the Morningstar proprietary calculations, including the Morningstar Rating™ are not customarily calculated based on adjusted historical returns. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. For each retail mutual fund with at least three-year history, Morningstar calculates a Morningstar Rating™ based on Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects 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 bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) 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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The Overall Morningstar Rating for a fund is derived from a weighted average of the ratings for the three-, five- and ten-year (if applicable) time periods. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. Past performance is no guarantee of future results. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

^†† © 2008 REUTERS. Lipper rankings are based on total return with dividends reinvested and do not take into account or reflect sales charges. Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations. Lipper clients manage more than 95% of U.S. fund assets. The firm, founded in 1973 and headquartered in New York, tracks 125,000 funds worldwide through its offices in major financial capitals in North America, Europe, and Asia. Read the following Restrictions: Information on this page has been sourced from Lipper, a Reuters Company ("Lipper Content"). All such information is protected by copyright: © 2008 REUTERS. All rights reserved. Any copying, republication or redistribution of Lipper Content is expressly prohibited without the prior written consent of Lipper. Lipper and its parent and affiliated companies will not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. LIPPER and the LIPPER Corporate Marks are proprietary trademarks of Lipper, a Reuters Company. For additional information on the other Lipper Services, please visit the Lipper Web site at http://www.lipperweb.com.

The information contained herein was obtained from sources we believe to be reliable and we have attempted to insure accuracy. Investors relying on information contained herein are encouraged to verify this information directly with the rating agency or through independent sources.

Market volatility can affect short-term performance. Favorable ratings do not necessarily indicate positive returns. Please visit www.RSinvestments.com/funds/navs.html for the most up to date performance information on the RS Funds.