Fund Facts (Class A)

Investment Style: Large-Cap Core Ticker Symbol: GPAFX Cusip Number: 700159106 Date of Inception: 6/1/72

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

Manind Govil   Portfolio manager of the RS Large Cap Alpha Fund (formerly RS Core Equity Fund)   •   Managed the Fund since August 1, 2005   •   Head of Equity Investments, Guardian Life   •   Prior to joining Guardian Life, Mani was Lead Portfolio Manager - Large Cap       Blend/Core Equity, Co-Head of Equities and Head of Equity Research at       Mercantile Capital Advisers   •   Education: B.S. from the University of Bombay, M.B.A. from the       University of Cincinnati, and is a Chartered Financial Analyst

Investment Objective
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 U.S. common stocks and convertible securities.

The Fund prioritizes style consistency and maintaining a large-cap blend profile. The investment process uses portfolio construction techniques and risk modeling to pursue this goal.

Risk Factors
As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets.

Fund Metrics (Class A)

As of 5/1/08 Management Fees: 0.50% Distribution (12b-1 Fees): 0.25% Other Expenses: 0.18% Total Annual Fund Operating Expenses: 0.93%1		As of 9/30/08 Number of Positions: 52 Average Market Cap: $37.9 billion Median Market Cap: $23.0 billion Weighted Avg Market Cap: $41.2 billion 2008 P/E: 15.7x 3-Year Sales Growth: 12.3% Fund Assets: $781.5 million Beta: 1.002 R2: 0.882
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 0.93% for Class A shares. RS Investments may terminate the limitation for the Fund after December 31, 2009. 2 Risk characteristics are relative to the S&P 500® 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 Park Avenue 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 0.93%. 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.

* S&P 500^® Index is an unmanaged market capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees and 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.

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