Fund Facts (Class A)

Investment Style: Large-Cap Value Ticker Symbol: RLCVX Cusip Number: 700159429 Date of Inception: 2/3/03

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 UBS Global Asset Management (Americas) Inc.

The Fund is managed by a team of investment experts with many years of experience focusing on large cap companies that appear undervalued.
		Thomas Cole   Co-portfolio manager of the RS Large Cap Value Fund   •   Member of the investment management team of RS Large Cap Value Fund       since its inception   •   Education: B.B.A and an M.B.A from the University of Wisconsin and is a       Chartered FinancialAnalyst
		Thomas Digenan   Co-portfolio manager of the RS Large Cap Value Fund   •   Member of the investment management team of RS Large Cap Value Fund       since its inception   •   Prior Experience: senior manager in the tax department at KPMG Peat Marwick   •   Education: B.S. at Marquette University and M.S.T from Depaul University       and is a Chartered FinancialAnalyst
		Scott Hazen   Co-portfolio manager of the RS Large Cap Value Fund   •   Member of the investment management team of RS Large Cap Value Fund       since 2004   •   Prior Experience: client service and relationship management professional       with UBS Global AM from 1992 to 2004   •   Education: B.B.A. from the University of Notre Dame and an M.B.A. from the       University of Chicago and is a Chartered Financial Analyst
		John Leonard   Co-portfolio manager of the RS Large Cap Value Fund   •   Member of the investment management team of RS Large Cap Value Fund       since its inception   •   Prior Experience: investment manager at a real estate management company   •   Education: A.B. from Dartmouth College and an M.B.A. from the University of       Chicago and is a Chartered Financial Analyst

Investment Objective
Seeks to maximize total return, consisting of capital appreciation and current income.

Investment Strategy
Normally, at least 80% of the value of the Fund's total assets is invested in equity securities issued by companies with a large market capitalization at the time of purchase.

The Fund normally invests in companies whose stock prices, in the investment adviser's opinion, do not reflect the company's full value. These expectations are based on the investment adviser's assessment of a company's ability to generate profit and to grow in business in the future.

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: 0.78%1 Distribution (12b-1) Fees: 0.25% Other Expenses: 0.31% Total Annual Fund Operating Expenses: 1.34%2		As of 9/30/08 Number of Positions: 56 Average Market Cap: $50.7 billion Median Market Cap: $23.8 billion Weighted Avg Market Cap: $76.7 billion 2008 P/E: 13.9x 3-Year Sales Growth: 12.7% Fund Assets: $67.2 million Beta: 1.003 R2: 0.933
1 "Management Fees" have been restated to reflect current fees. 2 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 1.43% for Class A shares. RS Investments may terminate the limitation for the Fund after December 31,2009. 3 Risk characteristics are relative to the Russell 1000® Value 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 UBS Large Cap Value 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 1.34%. 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 1000^® Value Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 1000^® Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values. 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.
** The 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

Sector Allocations 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