Fund Facts (Class A)

Ticker Symbol: GUHYX Cusip Number: 700159742 Date of Inception: 9/1/98

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

		Leslie Barbi   Co-portfolio manager of the RS High Yield Bond Fund   •   Managed the Fund since July 2008   •   Managing Director and Head of Public Fixed Income, Guardian Life   •   Prior to joining Guardian Life, Leslie was managing director of fixed income       at Goldman Sachs Asset Management and a portfolio manager and executive       vice president of fixed income at Pacific Investment Management Co.   •   Education: A.B. from Harvard University and M.B.A. from University of Chicago       Graduate School of Business
		Marc Gross   Co-portfolio manager of the RS High Yield Bond Fund   •   Managed the Fund since July 2008   •   Senior Director, Guardian Life   •   Prior to joining Guardian Life, Marc was a responsible for high yield and       distressed credit analysis, idea generation, and trade execution at Clinton Group       and a senior analyst at RBC Dain Rauscher   •   Education: B.A. from University of North Carolina at Chapel Hill and M.B.A. from       New York University Stern School of Business
		Howard G. Most   Co-portfolio manager of the RS High Yield Bond Fund   •   Managed the Fund since July 2008   •   Managing Director and Head of Fixed Income Credit Research, Guardian Life   •   Prior to joining Guardian Life, Howard was managing director at Salomon       Smith Barney and had earlier roles at UBS Securities, Drexel Burnham Lambert,       Moody’s Investor Service, and Standard & Poor’s Corporation   •   Education: B.A. from City College of New York, J.D. from Fordham University,       and an M.B.A. from Columbia University

Investment Objective
Seeks current income with capital appreciation as a secondary objective.

Investment Strategy
At least 80% of the value of the Fund's total assets is invested in corporate bonds and other debt securities that, at the time of purchase, are rated below investment grade by nationally recognized statistical ratings organizations or are unrated.

The investment team considers several factors in purchasing and selling securities, such as issuer's earnings patterns, financial history, management and general prospects, relative to the price of the security.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. 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. High yield bond investing includes special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. 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: 0.60% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.32% Total Annual Fund Operating Expenses: 1.17%1 Fee Waiver/Expense Limitation: -0.32%1 Net Expenses: 0.85%1		As of 9/30/08 Fund Assets: $74.3 million Beta: 0.832 R2: 0.972
1 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." 2 Risk characteristics are relative to the Barclays Capital Corporate High Yield Index as of 9/30/08, and for the three-year period.

Performance Update (Class A)
Average Annual Total Returns For Periods ended 9/30/08

Performance quoted represents past performance and does not guarantee future results. The Fund is the successor to The Guardian High Yield Bond 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 1.17%. Class A performance quoted "with maximum sales charge" reflects the current maximum sales charge of 3.75%. 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 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 Barclays Capital Corporate High Yield Index is an unmanaged index that is generally considered to be representative of the investable universe of the U.S. dollar-denominated high-yield debt market. Unlike the Fund, the index does not incur fees or expenses.

Top Ten Holdings
as of 9/30/08

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

Sector Allocation
as of 9/30/08

Sector Allocations are subject to change.

Bond Quality
as of 9/30/08

Quarterly Fund Commentaries   (as of 9/30/08)

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