Fund Facts (Class A)

Investment Style: Income and Growth Ticker Symbol: REDAX Cusip Number: 74972H465 Date of Inception: 7/31/07

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

Raymond Anello   Portfolio manager of the RS Equity Dividend Fund   •   Managed the Fund since July 2007   •   Prior to joining Guardian, Ray was an equity portfolio manager/analyst and       high-yield analyst for Orion Capital in New York and served as an assistant       portfolio manager at Garrison Bradford, a portfolio management firm in       New York City.   •   Education: B.A. from Iona College, M.B.A. from Baruch College, and is a Chartered       Financial Analyst

Investment Objective
Current income and long-term capital appreciation.

Investment Strategy
The Fund normally invests at least 80% of its net assets in equity securities. The Fund focuses on companies that pay attractive dividends or that RS Investments believes have potential to grow their dividends.

Investment Process
We typically consider a number of factors in evaluating a potential investment, including, for example:
  •   attractive dividend yield and ability to sustain the dividend;
  •   potential for above-average dividend growth;
  •   attractive relative value;
  •   superior business opportunities or competitive advantages
  •   with a strong potential for risk-adjusted
  •   capital appreciation.

Sell Discipline
We consider selling or initiating the process when:
  •   the company no longer exhibits these characteristics;
  •   better opportunities exist that improve the overall portfolio risk/reward.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in 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. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. 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.

Fund Metrics (Class A)

As of 5/30/08 Management Fees: 0.60% Distribution (12b-1) Fees: 0.25% Other Expenses: 1.20%1 Total Annual Fund Operating Expenses: 2.05%2 Fee Waiver/Expense Limitation: -0.90%2 Net Expenses: 1.15%2		As of 3/31/08 Number of Positions: 51 Average Market Cap: $34.2 billion Median Market Cap: $13.3 billion Weighted Avg Market Cap: $39.9 billion 2008 P/E: 15.1x 3-Year Sales Growth: 21.7% Fund Assets: $9.5 million Beta: N/A R2: N/A
1 "Other Expenses" are based on estimated amounts for the Fund's initial fiscal year. 2 RS Investments has contractually agreed through April 30, 2008 to reduce its management fee with respect to Class A shares of the Fund to the extent that Class A's Total Annual Fund Operating Expenses (excluding expenses indirectly incurred by the Fund through investments in Acquired Funds, interest, taxes, organizational, and extraordinary expenses) exceed 1.15%, and to reduce the management fee paid by each of the other classes of the Fund so that each of those classes bears the same level of management fees as Class A shares during the period.

Performance Update
Average Annual Total Returns For Periods ended 6/30/08

Performance quoted is for a very short time period and should not be used as the basis for an investment decision. Performance quoted represents past performance and does not guarantee future results. 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 2.05%. Please refer to the most current Fund prospectus for complete details on expenses including fees. The performance quoted, "with maximum sales charge" reflects the current maximum sales charge of 4.75% that became effective on October 9, 2006. 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. Certain share classes are subject to lower maximum sales charges whether paid at the time of purchase or deferred. A "deferred sales charge" also known as "back end load" or "CDSC" is incurred when liquidating an A share purchase over $1 million, for example, before a specified holding period. 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. Performance results assume the reinvestment of dividends and capital gains. 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 Equity Dividend Fund "since inception" return is not annualized and represents the cumulative return.
** The Dow Jones U.S. Select Dividend Index measures the total return of 100 leading U.S. dividend-paying companies. Index results assume the reinvestment of dividends paid on the stocks constituting the index. Unlike the Fund, the index does not incur fees or expenses.
*** Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. As of the latest reconstitution, the average market capitalization was approximately $4.8 billion; the median market capitalization was approximately $944.7 million. The index had a total market capitalization range of approximately $182.6 million to $386.9 billion. Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does 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

The sector allocation represents the Global Industry Classification Standard (GICS), which was developed by Morgan Stanley Capital International (MSCI) and Standard & Poor's (S&P). The Fund's holdings are allocated to each sector based on their GICS classification. Cash includes short-term investments and net other assets and liabilities.

Quarterly Fund Commentaries   (as of 6/30/08)

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