Fund Facts (Class A)

Investment Style: Large-Cap Growth Ticker Symbol: GUBGX Cusip Number: 700159403 Date of Inception: 2/16/93

Minimum Investment: $2,500; $1,000 for IRA Minimum Subsequent Investment: $100 Sales Load: See pages 114-119 of the Prospectus Redemption Fee: None

Management subadvised by Guardian Baillie Gifford Limited and Baillie Gifford Overseas Limited

R. Robin Menzies   Portfolio manager of the RS International Growth Fund   •   Director of Baillie Gifford Overseas Limited and partner of Baillie Gifford & Co.   •   In charge of geographical diversification of Fund’s assets since its inception   •   Managing Director, Guardian Baillie Gifford Limited   •   Education: B.A. from Cambridge University

Investment Objective
Seeks long-term growth of capital.

Investment Strategy
At least 80% of the value of the Fund's total assets is usually invested in a diversified portfolio of common stocks and convertible securities issued by companies that are domiciled outside of the U.S.

The Fund uses a bottom-up, stock-driven approach to country and asset allocation, with the objective to select stocks that can sustain an above-average growth rate and trade at a reasonable price.

Risk Factors
International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility.

Fund Metrics (Class A)

As of 5/1/07 Management Fee: 0.80% 12b-1 Fee: 0.25% Other Expenses: 0.59%1 Total Annual Fund Operating Expenses: 1.64%2		As of 3/31/08 Number of Positions: 95 Weighted Avg Market Cap: $37.8 billion Fund Assets: $74.7 million Beta: 1.043 R2: 0.943
1 "Other Expenses" 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, to limit the Fund's Total Annual Fund Operating Expenses (excluding interest expense associated with reverse repurchase agreements and securities lending) to 1.73% for Class A shares. RS Investments may terminate the limitation for the Fund after December 31, 2009. 3 Risk characteristics are relative to the MSCI EAFE Growth Index as of 3/31/08, and for the three-year period.

Performance Update (Class A)
Average Annual Total Returns For Periods ended 3/31/08

Performance quoted represents past performance and does not guarantee future results. The Fund is the successor to The Guardian International Growth 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. The Fund's total gross annual operating expense ratio as of the most current prospectus is as follows: Class A 1.64%, Class B 2.88%, Class C 2.56% and Class K 1.88%. 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. Certain share classes are subject to lower maximum sales charges whether paid at the time of purchase or deferred. The Class B and Class C share performance quoted "with sales charge" takes into account the applicable contingent deferred sales charge (up to 3% for Class B shares, up to 1% for class C shares). There is no sales charge for Class K shares. 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 1-800-766-FUND and is frequently updated on our Web site: www.RSinvestments.com.

* The Morgan Stanley Capital International (MSCI) Growth Index for Europe, Australasia, and Far East (EAFE) is generally considered to be representative of international stock market activity. 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.

Top Ten Holdings
as of 3/31/08

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

Sector Allocation
as of 3/31/08

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.

Regional Allocation
as of 3/31/08

Equity holdings and top countries are subject to change.

Quarterly Fund Commentaries   (as of 12/31/07)

  Fourth Quarter 2007 Manager Commentary
  Third Quarter 2007 Manager Commentary
  Second Quarter 2007 Manager Commentary
  First Quarter 2007 Manager Commentary
  Fourth Quarter 2006 Manager Commentary