RS Investments: Dividend and Capital Gain Distributions

	Separate Accounts

	Composite Performance

	Statistical Summary

	Quarterly Holdings

	Quarterly Fund Commentaries

	Strategy Brochures

Income Distributions

Below are the income per share distributions for the RS Equity Dividend Fund.

Record Date: December 27, 2007
Ex-Dividend Date: December 28, 2007
Pay/Reinvest Date: December 31, 2007

2007 FOURTH QUARTER DISTRIBUTIONS (Dollars Per Share)

Ordinary Income
(per share) Total Distribution
(per share)

RS Equity Dividend Fund - Class A $0.0814 $0.0814

RS Equity Dividend Fund - Class C $0.0589 $0.0589

RS Equity Dividend Fund - Class K $0.0678 $0.0678

RS Equity Dividend Fund - Class Y $0.0932 $0.0932

You should read the current RS Funds' Prospectus before investing. The RS Funds' Statement of Additional Information provides information about the Funds that may not be contained in the Prospectus.

RS Funds are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. To obtain a printed copy, please call 800-766-3863.

If you are an existing shareholder and would like a copy of the prospectus or need to contact RS Investments call 800-766-3863. If you are interested in learning more about and how to invest with RS contact your financial professional. Why Work with an Investment Professional?

Distributed by: Guardian Investor Services LLC, 7 Hanover Square, New York, NY 10004.

RS is an independent subsidiary of Guardian Investor Services LLC. Guardian Investor Services LLC (GIS), is a registered broker-dealer, registered investment advisor, and a wholly owned subsidiary of the Guardian Life Insurance Company of America.

Not A Deposit/Not FDIC or NCUA Insured/May Lose Value/No Bank or Credit Union Guarantee

GIS is a member: FINRA, SIPC.

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