Fund Facts (Class A)

Ticker Symbol: GUAAX Cusip Number: 700159700 Date of Inception: 2/16/93

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

		Jonathan Jankus   Co-portfolio manager of the RS Asset Allocation Fund and RS S&P 500 Index Fund   •   Managed or Co-Managed the Fund since May 1995   •   Managing Director, Guardian Life   •   Prior to joining Guardian in 1995, was Chief Investment Strategist for       global bonds with Barclay Investments   •   Education: B.A. from Queens College, M.A. from Columbia University,       M.S. from Polytechnic Institute of New York, M.S. from Pace University       Graduate School of Business and is a Chartered Financial Analyst
		Stewart Johnson   Co-portfolio manager of the RS Asset Allocation Fund and RS S&P 500 Index Fund   •   Co-Managed the Fund since May 2004   •   Senior Director, Guardian Life   •   Education: B.A. from City College of New York

Investment Objective
Long-term total investment return, consistent with moderate investment risk.

Investment Strategy
Uses its own theoretical models to evaluate information about the economy and the markets to provide "signals" for portfolio allocations.

Distribution by asset classes fluctuates from a "neutral position" of 60% allocated to equity and 40% allocated to debt; however, there are no percentage limitations on the amount to be allocated to any asset class.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Bond funds are subject to interest rate risk, credit risk and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at relatively low levels. Please keep in mind that in this kind of environment, the risk that bond prices may fall when interest rates rise is potentially greater. The values of mortgage-backed securities depend on the credit quality and adequacy of the underlying assets or collateral and may be highly volatile.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 0.65% Distribution (12b-1) Fees: 0.25%1 Other Expenses: 0.29% Acquired Fund Fees & Expenses: 0.49%2 Total Annual Fund Operating Expenses: 1.68%3 Fee Waiver/Expense Limitation: -0.85%3 Net Expenses: 0.83%3		As of 3/31/08 Fund Assets: $101.5 million Beta: 1.434 R2: 0.934
1 The Distribution (12b-1) Fee paid by the Fund is reduced to the extent of Distribution (12b-1) Fees paid by the Funds in which the Fund invests so that the aggregate of direct and indirect Distribution (12b-1) Fees borne by the Fund will not exceed the amount set forth in the table above. 2 The amounts indicated are expenses indirectly incurred by the Fund through investments in RS Core Equity Fund, RS S&P 500 Index Fund, RS Investment Quality Bond Fund, and RS Money Market Fund (the "Acquired Funds") for the fiscal year ended December 31, 2007. Actual Acquired Fund Fees and Expenses will vary depending on the Acquired Funds in which the Fund’s portfolio is invested. 3 RS Investments has agreed, through December 31, 2009, that it will not receive, with respect to the portion of the Fund's portfolio that is invested directly in securities, annual management fees from the Fund in excess of 0.50%. In addition, RS investments has agreed to waive the Management Fee with respect to the portion of the Fund's assets that are invested in the Acquired Funds. The amount of the resulting waivers is shown under the caption "Fee Waiver/Expense Limitation" in the table above. "Net Expenses" reflects the effect of these fee waivers on "Total Annual Fund Operating Expenses." RS Investments may terminate these limitations for the Fund after December 31, 2009. In addition, 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, to limit the Fund's Total Annual Fund Operating Expenses (excluding interest expense associated with reverse repurchase agreements and securities lending) in future periods to 1.09% for class A shares. 4 Risk characteristics are relative to the Custom Index (60% S&P500® Index and 40% Lehman Bros Aggregate Bond Index) as of 3/31/08, and for the three-year period.

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

Performance quoted represents past performance and does not guarantee future results. The Fund is the successor to The Guardian Asset Allocation 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. Please keep in mind that any high double-digit returns are highly unusual and cannot be sustained. As of the most current prospectus, the Fund's total gross annual operating expense ratio for the Class A shares is 1.68%. Class A performance quoted "with maximum sales charge" reflects the current maximum sales charge of 4.75%. 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. 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 monthend 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 Custom Index total return data is comprised of 60% of the S&P 500 Index and 40% of the Lehman Brothers Aggregate Bond Index to reflect a 60/40 neutral weighting of the Fund. There are no expenses associated with this index, but there are expenses associated with the Fund.

The S&P 500^® Index of 500 primarily large-cap U.S. stocks is generally considered to be representative of U.S. stock market activity Index results assume the reinvestment of dividends paid on the stocks constituting the index. Unlike the Fund, the indexes do not incur fees or expenses. The Lehman Brothers Aggregate Bond Index is generally considered to be representative of U.S. bond market activity. Index results assume the reinvestment of dividends paid on the stocks constituting the index. Unlike the Fund, the indexes do not incur fees or expenses.

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