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These are extraordinary times in the financial markets. Now, more than ever, we feel it's critical to communicate directly with investors so you have a clear understanding of what we're doing on your behalf. Our portfolio managers' third quarter commentaries are listed below. Most of all, we want to assure you that now, as always, we remain focused and committed to our long-term investment disciplines.
Growth Funds
• RS Emerging Growth Fund 
• RS Smaller Company Growth Fund
• RS Select Growth Fund
• RS MidCap Opportunities Fund
• RS Growth Fund
• RS Technology Fund (formerly The Information Age Fund®)
Value Funds
• RS Partners Fund
• RS Value Fund
• RS Investors Fund
• RS Global Natural Resources Fund
• RS Large Cap Value Fund
Core Funds
• RS Small Cap Core Equity Fund
• RS Large Cap Alpha Fund (formerly RS Core Equity Fund)
• RS Equity Dividend Fund
International Funds
• RS International Growth Fund
• RS Emerging Markets Fund
Fixed Income Funds
• RS Investment Quality Bond Fund
• RS Low Duration Bond Fund
• RS High Yield Bond Fund
• RS Tax-Exempt Fund
• RS Money Market Fund
Index Fund
• RS S&P 500 Index Fund
Asset Allocation Fund
• RS Asset Allocation Fund
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. High yield bond investing involves special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. The S&P 500 Index is a registered trademark of Standard & Poor's and is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that include the reinvestment of dividends. It is not available for direct investment. Investors in the tax-exempt funds may be subject to Alternative Minimum Tax and certain other state and local taxes.
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