Fund Facts (Class A)

Investment Style: Large-Cap Growth Ticker Symbol: GBEMX Cusip Number: 700159833 Date of Inception: 5/1/97

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 Baillie Gifford Limited and Baillie Gifford Overseas Limited

		Timothy Campbell   Co-portfolio manager of the RS Emerging Markets Fund   •   Member of institutional clients department   •   Investment manager in the emerging markets investment team   •   Member of the emerging markets policy committee   •   Education: B.A. from Trinity College, Dublin
		Edward Hocknell   Co-portfolio manager of the RS Emerging Markets 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   •   Education: B.A. from Oxford University
		Richard E. Sneller   Co-portfolio manager of the RS Emerging Markets Fund   •   Partner of Baillie Gifford & Co.   •   Joined Baillie Gifford in 1994   •   Education: BSc from the London School of Economics and an       MSc from Stirling University
		Michael P. Stirling-Aird   Co-portfolio manager of the RS Emerging Markets Fund   •   Manager in the institutional clients department   •   Client service manager with responsibility for international clients and a member of       the emerging markets investment policy committee   •   Previous experience: Business manager (third parties) at Alliance Trust   •   Education: MA from Edinburgh University and an MSc from Stirling University
		William Sutcliffe   Co-portfolio manager of the RS Emerging Markets Fund   •   Investment manager in the emerging markets investment team   •   Education: MA from Glasgow University

Investment Objective
Seeks long-term capital appreciation.

Investment Strategy
At least 80% of the value of the Fund's total assets is invested in a diversified portfolio of common stocks and convertible securities issued by companies in emerging markets.

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
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. 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. These risks are even greater when investing in emerging markets.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 1.00% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.34% Total Annual Fund Operating Expenses: 1.59%1		As of 9/30/08 Number of Positions:85 Weighted Avg Market Cap: $24.3 billion Fund Assets: $534.9 million Beta: 1.012 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, to limit the Fund's Total Annual Fund Operating Expenses (excluding interest expense associated with reverse repurchase agreements and securities lending) to 1.75% for Class A shares. RS Investments may terminate the limitation for the Fund after December 31, 2009. 2 Risk characteristics are relative to the MSCI Emerging Markets Free 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 Emerging Markets 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. As of the most current prospectus, the Fund's total gross annual operating expense ratio for the Class A shares is 1.59%. 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. 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 Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index is generally considered to be representative of the stock market activity of emerging markets. 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 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

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 9/30/08

Equity holdings and top countries are subject to change.

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