Fund Facts (Class A)

Investment Style: Small-Cap Core Ticker Symbol: GPSCX Cusip Number: 700159858 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

Matthew Ziehl   Portfolio manager of the RS Small Cap Core Equity Fund   •   Managed the Fund since January 2002   •   Managing Director, Guardian Life   •   Prior to joining Guardian, Matt was Team Leader for small-cap growth       portfolios at Salomon Brothers Asset Management, Inc.   •   Education: B.A. from Yale University, M.B.A. from New York University,       and is a Chartered Financial Analyst

Investment Objective
Long-term capital appreciation.

Investment Strategy
At least 85% of the value of the Fund's total assets is usually invested in a diversified portfolio of common stocks issued by companies with a small market capitalization at the time of initial purchase.

A blended approach is used when managing the Fund's portfolio, comprising both growth and value stocks.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Small cap investing entails special risks. Small-cap stocks have tended to be more volatile and to drop more in down markets than large-cap stocks. This may happen because small companies may be limited in terms of product lines, financial resources and management.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 0.75% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.22% Total Annual Fund Operating Expenses: 1.22%1		As of 3/31/08 Number of Positions: 72 Average Market Cap: $1.1 billion Median Market Cap: $972.5 million Weighted Avg Market Cap: $1.3 billion 2008 P/E: 21.1x 3-Year Sales Growth: 35.8% Fund Assets: $134.2 million Beta: 1.432 R2: 0.732
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 to 1.27% for Class A shares. RS Investments may terminate the limitation for the Fund after December 31, 2009. 2 Risk characteristics are relative to the Russell 2000® Index as of 3/31/08, and for the three-year period.

Performance Update (Class A)
Average Annual Total Returns For Periods ended 6/30/08

Performance quoted represents past performance and does not guarantee future results. The Fund is the successor to The Guardian Park Avenue Small Cap 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 1.22%. 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 Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which consists of the 3,000 largest U.S. companies based on total market capitalization. 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 6/30/08

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

Sector Allocation
as of 6/30/08

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.

Quarterly Fund Commentaries   (as of 6/30/08)

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