Fund Facts (Class A)

Ticker Symbol: RLDAX Cusip Number: 700169105 Date of Inception: 7/30/03

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 Investor Services LLC

		Howard Chin   Co-portfolio manager of the RS Low Duration Bond Fund and RS Investment Quality Bond Fund   •   Managed the Fund since its inception in July 2003   •   Managing Director, Guardian Life   •   Education: B.S. from the Polytechnic Institute of New York and M.B.A. from the University of California at Berkeley
		Robert Crimmins   Co-portfolio manager of the RS Low Duration Bond Fund and RS Investment Quality Bond Fund   •   Managed the Fund since May 2004   •   Managing Director, Guardian Life   •   Education: B.S. from St. John's University and M.B.A. from Fordham University

Investment Objective
Seeks high level of current income, consistent with the preservation of capital.

Investment Strategy
At least 80% of the value of the Fund's net assets is usually invested in different kinds of investment grade bonds, such as corporate bonds, mortgage-backed and asset-backed securities and obligations of the U.S. government and its agencies. The Fund tends to have an average duration within a range of 1 and 3 years, with a typical duration of between 1 and 2 years.

The Fund invests among the various sectors of the debt markets by analyzing overall economic conditions within and among these sectors. The Fund usually diversifies its asset allocations broadly among the debt securities market, but may emphasize some sectors over others based on their attractiveness relative to each other.

Risk Factors
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 5/1/07 Management Fee: 0.45% 12b-1 Fee: 0.25% Other Expenses: 0.75%1 Total Annual Fund Operating Expenses: 1.45%2 Fee Waiver/Expense Limitation: (0.65)%2 Net Expenses: 0.80%2		As of 3/31/08 Fund Assets: $38.9 million Beta: 0.733 R2: 0.833
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 (excluding interest expense associated with reverse repurchase agreements and securities lending) 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." 3 Risk characteristics are relative to the Lehman Brothers US Gov't 1-3 Year Bond 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 Low Duration 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. The Fund's total gross annual operating expense ratio as of the most current prospectus is as follows: Class A 1.45%, Class B 2.22%, Class C 2.24% and Class K 1.53%. Class A performance quoted "with maximum sales charge" reflects the current maximum sales charge of 2.25%. 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 Lehman Brothers U.S. Government 1-3 Year Bond Index is an unmanaged index that is generally considered to be representative of the average yield on U.S. government obligations having maturities between one and three years. 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

Sector Allocations 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