Second Quarter 2008 Manager Commentaries
Past Commentaries                                                

In order to provide consistent and up-to-date shareholder communication, our portfolio managers provide insight into their respective funds every quarter. For the two quarters (e.g. first and third quarter) that we do not publish an annual or semiannual report, our managers provide a fund commentary in a written transcript. These fund commentaries are for current or prospective shareholders who have already received a prospectus. Please read the prospectus carefully for any special risks associated with investing in a particular fund before listening or reading these commentaries. You may receive these reports automatically by signing up for our e-mail service at funds@rsinvestments.com or by clicking on the "E-mail Updates" link on our home page and signing up for "Fund Updates."
Second Quarter 2008 Manager Commentaries
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 Equity Funds • RS Small Cap Core Equity Fund   • RS Core Equity Fund   • RS Equity Dividend Fund
Past Commentaries
First Quarter 2008 Commentaries Fourth Quarter 2007 Commentaries Third Quarter 2007 Commentaries Second Quarter 2007 Commentaries First Quarter 2007 Commentaries
First Quarter 2008 Manager Commentaries
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   Value Funds • RS Partners Fund   • RS Value Fund   • RS Investors Fund   • RS Global Natural Resources Fund   • RS Large Cap Value Fund		Core Equity Funds • RS Small Cap Core Equity Fund   • RS Core Equity Fund   • RS Equity Dividend Fund   • RS S&P 500 Index 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   Asset Allocation Fund • RS Asset Allocation Fund
Fourth Quarter 2007 Manager Commentaries
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   Value Funds • RS Partners Fund   • RS Value Fund   • RS Investors Fund   • RS Global Natural Resources Fund   • RS Large Cap Value Fund		Core Equity Funds • RS Small Cap Core Equity Fund   • RS Core Equity Fund   • RS Equity Dividend Fund   • RS S&P 500 Index 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   Asset Allocation Fund • RS Asset Allocation Fund
Third Quarter 2007 Manager Commentaries
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   Value Funds • RS Partners Fund   • RS Value Fund   • RS Investors Fund   • RS Global Natural Resources Fund   • RS Large Cap Value Fund		Core Equity Funds • RS Small Cap Core Equity Fund   • RS Core Equity Fund   • RS Equity Dividend Fund   • RS S&P 500 Index 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   Asset Allocation Fund • RS Asset Allocation Fund
Second Quarter 2007 Commentaries
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   Value Funds • RS Partners Fund   • RS Value Fund   • RS Investors Fund   • RS Global Natural Resources Fund   • RS Large Cap Value Fund		Core Equity Funds • RS Small Cap Core Equity Fund   • RS Core Equity Fund   • RS S&P 500 Index 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   Asset Allocation Fund • RS Asset Allocation Fund
First Quarter 2007 Commentaries
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   Value Funds • RS Partners Fund   • RS Value Fund   • RS Investors Fund   • RS Global Natural Resources Fund   • RS Large Cap Value Fund		Core Equity Funds • RS Small Cap Core Equity Fund   • RS Core Equity Fund   • RS S&P 500 Index 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   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.