Fund Facts (Class A)

Ticker Symbol: GCMXX Cusip Number: 700159304 Date of Inception: 11/3/82

Minimum Investment: $2,500; $1,000 for IRA Minimum Subsequent Investment: $100 Sales Load: See pages 113-120 of the Prospectus Redemption Fee: None

Management subadvised by Guardian Investor Services LLC

Alexander Grant   Portfolio manager of the RS Money Market Fund and RS Tax-Exempt Fund   •   Managed the Fund since October 1986   •   Managing Director, Guardian Life   •   Manages Guardian Life’s tax-exempt assets   •   Education: B.A. from the State University of New York at Buffalo

Investment Objective
Seeks as high a level of current income as is consistent with liquidity and preservation of capital.

Investment Strategy
The Fund invests in money market instruments denominated in U.S. dollars. The Fund primarily selects investments that present minimal credit risks, as determined by the adviser, in accordance with guidelines established by the Board of trustees.

The Fund selects investments that have terms of 13 months or less, or which have a rate of interest that is readjusted at least once every 13 months.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. The RS Money Market Fund is neither insured nor guaranteed by the FDIC or any other agency. Although the fund seeks to preserve the value or your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 0.45%1 Distribution (12b-1) Fees: 0.25% Other Expenses: 0.16% Total Annual Fund Operating Expenses: 0.86%2 Fee Waiver/Expense Limitation: -0.06%2 Net Expenses: 0.80%2		As of 3/31/08 Number of Positions: 62 Fund Assets: $515.9 million
1 "Management Fees" have been restated to reflect current fees. 2 An expense limitation with respect to the Fund's Total Annual Fund Operating Expenses is imposed pursuant to a written agreement between RS Investments and the Fund in effect through December 31, 2009. The effect of this limitation is reflected under the caption "Fee Waiver/Expense Limitation." RS Investments may terminate the limitation for the Fund after December 31, 2009. "Net Expenses" reflect the effect of this expense limitation on "Total Annual Fund Operating Expenses."

Performance Update (Class A)
Average Annual Total Returns For Periods ended 6/30/08

Average Days to Maturity: 40

Effective 7-Day Yield:
With fee waiver: 1.47%
Without fee waiver: 1.44%
7-Day Yield:
With fee waiver: 1.46%
Without fee waiver: 1.43%

Annualized historical yields for the 7-day periods ended June 30, 2008. Effective yield assumes reinvested income. Yields will vary.

Performance quoted represents past performance and does not guarantee future results. The Fund is the successor to The Guardian Cash Management Fund; performance shown includes performance of the predecessor fund for periods prior to October 9, 2006. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. As of the most current prospectus, the Fund's total gross annual operating expense ratio for the Class A shares is 0.86%. 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. Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Current and month-end performance information, which may be lower or higher than that cited, is available by contacting RS Investments at 800-766-3863 and is frequently updated on our Web site: www.RSinvestments.com.

The RS Money Market Fund is neither insured nor guaranteed by the FDIC or any other agency. Although the fund seeks to preserve the value or your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

* The Lehman Brothers 3-Month Treasury Bill Index is generally considered representative of the average yield of three-month Treasury Bills. The Lehman Brothers 3-Month Treasury Bill Index is an unmanaged index that is not available for direct investment and there are no expenses associated with the index while there are expenses associated with the Fund. The Lipper Money Market Fund Objective Average is the average of all the funds in the group in the Lipper database in existence for the periods and does not reflect any deductions for sales charges.

Top Ten Holdings
as of 6/30/08

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.

Sector Allocation
as of 6/30/08

Sector Allocations are subject to change.

Quarterly Fund Commentaries   (as of 3/31/08)

  First Quarter 2008
  Fourth Quarter 2007
  Third Quarter 2007
  Second Quarter 2007
  First Quarter 2007
  Fourth Quarter 2006