Morningstar Ratings™ (Class A) as of 7/31/08 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 707	out of 707	out of 574	out of 279
including the effect of sales charges, loads, and redemption fees	out of 707	out of 707	out of 574	out of 279
Smaller Company Growth - Small Growth Category (8/15/96)
without sales charge	out of 707	out of 707	out of 574	out of 279
including the effect of sales charges, loads, and redemption fees	out of 707	out of 707	out of 574	out of 279
Select Growth - Small Growth Category (8/1/96)
without sales charge	out of 707	out of 707	out of 574	out of 279
including the effect of sales charges, loads, and redemption fees	out of 707	out of 707	out of 574	out of 279
MidCap Opportunities - Mid-Cap Growth Category (7/12/95)
without sales charge	out of 816	out of 816	out of 680	out of 323
including the effect of sales charges, loads, and redemption fees	out of 816	out of 816	out of 680	out of 323
Growth - Large Growth Category (5/12/92)
without sales charge	out of 1,501	out of 1,501	out of 1,218	out of 590
including the effect of sales charges, loads, and redemption fees	out of 1,501	out of 1,501	out of 1,218	out of 590
Technology - Specialty-Technology Category (11/15/95)
without sales charge	out of 256	out of 256	out of 228	out of 77
including the effect of sales charges, loads, and redemption fees	out of 256	out of 256	out of 228	out of 77
VALUE FUNDS
Partners - Small Blend Category (7/12/95)
without sales charge	out of 549	out of 549	out of 435	out of 190
including the effect of sales charges, loads, and redemption fees	out of 549	out of 549	out of 435	out of 190
Value - Mid-Cap Blend Category (6/30/93)
without sales charge	out of 402	out of 402	out of 322	out of 160
including the effect of sales charges, loads, and redemption fees	out of 402	out of 402	out of 322	out of 160
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 153	out of 153	out of 103	out of 69
including the effect of sales charges, loads, and redemption fees	out of 153	out of 153	out of 103	out of 69
Large Cap Value - Large Value Category (2/3/03)
without sales charge	out of 1,189	out of 1,189	out of 931	n/a
including the effect of sales charges, loads, and redemption fees	out of 1,189	out of 1,189	out of 931	n/a
CORE EQUITY FUNDS
Small Cap Core Equity - Small Growth Category (5/1/97)
without sales charge	out of 707	out of 707	out of 574	out of 279
including the effect of sales charges, loads, and redemption fees	out of 707	out of 707	out of 574	out of 279
Core Equity - Large Blend Category (6/1/72)
without sales charge	out of 1,699	out of 1,699	out of 1,328	out of 663
including the effect of sales charges, loads, and redemption fees	out of 1,699	out of 1,699	out of 1,328	out of 663
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 177	out of 177	out of 152	out of 70
including the effect of sales charges, loads, and redemption fees	out of 177	out of 177	out of 152	out of 70
Emerging Markets - Diversified Emerging Markets Category (5/1/97)
without sales charge	out of 217	out of 217	out of 189	out of 110
including the effect of sales charges, loads, and redemption fees	out of 217	out of 217	out of 189	out of 110
FIXED INCOME FUNDS
Investment Quality Bond - Intermediate-Term Bond Category (2/16/93)
without sales charge	out of 989	out of 989	out of 833	out of 446
including the effect of sales charges, loads, and redemption fees	out of 989	out of 989	out of 833	out of 446
Low Duration Bond - Short-Term Bond Category (7/30/03)
without sales charge	out of 376	out of 376	out of 309	n/a
including the effect of sales charges, loads, and redemption fees	out of 376	out of 376	out of 309	n/a
High Yield Bond - High Yield Bond Category (9/1/98)
without sales charge	out of 475	out of 475	out of 409	n/a
including the effect of sales charges, loads, and redemption fees	out of 475	out of 475	out of 409	n/a
Tax-Exempt - Muni National Long Category (2/16/93)
without sales charge	out of 252	out of 252	out of 243	out of 200
including the effect of sales charges, loads, and redemption fees	out of 252	out of 252	out of 243	out of 200
S&P 500 INDEX FUND
S&P 500 Index - Large Blend Category (8/15/96)
without sales charge	out of 1,699	out of 1,699	out of 1,328	n/a
including the effect of sales charges, loads, and redemption fees	out of 1,699	out of 1,699	out of 1,328	n/a
ASSET ALLOCATION FUND
Asset Allocation - Large Blend Category (2/16/93)
without sales charge	out of 1,699	out of 1,699	out of 1,328	out of 663
including the effect of sales charges, loads, and redemption fees	out of 1,699	out of 1,699	out of 1,328	out of 663

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 7/31/08 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	#408 out of 605	#302 out of 490	#262 out of 402	#85 out of 198
Smaller Company Growth (8/15/96)	Small Cap Growth	#549 out of 605	#452 out of 490	#317 out of 402	#73 out of 198
Select Growth (8/1/96)	Small Cap Growth	#229 out of 605	#262 out of 490	#339 out of 402	#61 out of 198
MidCap Opportunities (7/12/95)	Mid Cap Growth	#562 out of 593	#342 out of 505	#255 out of 405	#70 out of 179
Growth (5/12/92)	Multi Cap Growth	#415 out of 490	#229 out of 371	#121 out of 317	#72 out of 135
Technology (11/15/95)	Science & Tech	#58 out of 104	#72 out of 99	#45 out of 87	#3 out of 27
VALUE FUNDS
Partners (7/12/95)	Small Cap Core	#263 out of 790	#335 out of 628	#52 out of 494	#17 out of 197
Value (6/30/93)	Mid Cap Value	#75 out of 344	#73 out of 274	#9 out of 209	#6 out of 66
Investors (11/15/05)	Mid Cap Core	#200 out of 340	n/a	n/a	n/a
Global Natural Resources (11/15/95)	Natural Resources	#59 out of 94	#49 out of 61	#36 out of 47	#19 out of 30
Large Cap Value (2/3/03)	Large Cap Value	#392 out of 555	#278 out of 482	#182 out of 394	n/a
CORE EQUITY FUNDS
Small Cap Core Equity (5/1/97)	Small Cap Core	#428 out of 790	#303 out of 628	#355 out of 494	#163 out of 197
Core Equity (6/1/72)	Large Cap Core	#6 out of 827	#2 out of 704	#41 out of 584	#219 out of 326
Equity Dividend (7/31/07)	Small Cap Core	#238 out of 282	n/a	n/a	n/a
INTERNATIONAL FUNDS
International Growth (2/16/93)	International	#34 out of 73	#25 out of 56	#17 out of 53	#15 out of 27
Emerging Markets (5/1/97)	Emerging Markets	#107 out of 282	#17 out of 200	#22 out of 172	#19 out of 97
FIXED INCOME FUNDS
Investment Quality Bond (2/16/93)	Intermediate Investment	#211 out of 555	#165 out of 461	#136 out of 394	#54 out of 196
Low Duration Bond (7/30/03)	Short Investment Grade	#40 out of 259	#37 out of 208	#42 out of 171	n/a
High Yield Bond (9/1/98)	High Current Yield	#312 out of 460	#290 out of 387	#228 out of 336	n/a
Tax-Exempt (2/16/93)	General Municipal	#62 out of 228	#71 out of 213	#35 out of 203	#6 out of 147
Money Market (11/3/82)	Money Market	#233 out of 338	#187 out of 310	#179 out of 293	#130 out of 192
S&P 500 INDEX FUND
S&P 500 Index (8/7/00)	S&P Index	#105 out of 183	#96 out of 169	#92 out of 151	n/a
ASSET ALLOCATION FUND
Asset Allocation (2/16/93)	Flexible Portfolio	#133 out of 143	#91 out of 100	#74 out of 87	#44 out of 51

© 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.

Performance quoted represents past performance and does not guarantee future results.

© 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 theron. 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 ensure 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.