RS INVESTMENTS ANNOUNCES PORTFOLIO MANAGEMENT CHANGE FOR RS LARGE CAP ALPHA FUND

13-Member RS Value Team to Assume Management of Fund

SAN FRANCISCO, March 27, 2009 – RS Investments, a San Francisco-based investment management firm, announced today that the RS Value Team will assume portfolio management responsibility for RS Large Cap Alpha Fund (GPAFX) and related portfolios on March 30, 2009. The Fund has been managed by Manind ("Mani") Govil, who will be departing the firm.

"RS Large Cap Alpha Fund shareholders will be well served by the talent, bench strength and expertise of our 13-member RS Value Team," said Chief Executive Officer Terry Otton. "The RS Value Team is well suited to continue serving the goals of our RS Large Cap Alpha Fund shareholders. They bring an impressive long-term performance record, an experienced team, and a disciplined investment process. We appreciate Mani's contributions to our shareholders over the last three years and wish him well."

RS Large Cap Alpha Fund will continue to be managed with an emphasis on large cap companies and in recognition of the central role the Fund may play within investors' portfolios.

"We believe that the current market environment is one which particularly lends itself to fundamental, company-specific research. We are excited to be able to take advantage of the large cap opportunities at valuations we haven't seen in decades," said Andy Pilara, co-portfolio manager on RS Large Cap Alpha Fund.

The investment professionals on the RS Value Team bring an average of 14 years of investment experience to a process that spans the market cap spectrum. The RS Value Team manages several RS Funds, including RS Partners Fund and RS Value Fund, both of which have delivered strong long-term results to shareholders.

RS Investments is an investment management firm offering growth, value, international and fixed income mutual funds for institutional and individual investors and the advisors who serve them. RS' specialized investment platform supports distinct investment teams, each utilizing disciplined and repeatable investment processes to deliver research-driven value and growth strategies. RS also provides access to specialized international and fixed income funds through its family of mutual funds. The firm was founded in 1986 and has offices in San Francisco and New York.

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.

RS Funds are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. To obtain a printed copy, please call 800-766-3863.

RS is an independent subsidiary of Guardian Investor Services LLC. Guardian Investor Services LLC (GIS), is a registered broker-dealer, registered investment advisor, and a wholly owned subsidiary of the Guardian Life Insurance Company of America.

RS Funds are distributed by:
Guardian Investor Services LLC, 7 Hanover Square, New York, NY 10004.

GIS is a member: FINRA, SIPC.