Fund Facts (Class A)

Investment Style: Large-Cap Core Ticker Symbol: GUSPX Cusip Number: 700159676 Date of Inception: 8/7/00

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 Investor Services LLC

		Jonathan Jankus   Co-portfolio manager of the RS S&P 500 Index Fund   •   Managed or Co-Managed the Fund since its inception   •   Managing Director, Guardian Life   •   Prior to joining Guardian in 1995, was Chief Investment Strategist for       global bonds with Barclay Investments   •   Education: B.A. from Queens College, M.A. from Columbia University,       M.S. from Polytechnic Institute of New York, M.S. from Pace University       Graduate School of Business and is a Chartered Financial Analyst
		Stewart Johnson   Co-portfolio manager of the RS S&P 500 Index Fund   •   Co-Managed the Fund since May 2004   •   Senior Director, Guardian Life   •   Education: B.A. from City College of New York

Investment Objective
Seeks to track the investment performance of the Standard & Poors 500 Composite Stock Price Index, which emphasizes securities issued by large U.S. companies.

Investment Strategy
At least 95% of the total value of the Fund's total assets is usually invested in the stocks of companies included in the S&P 500 Index.

The S&P 500^® Index is an unmanaged index of 500 common stocks selected by Standard & Poor's as representative of a broad range of industries within the U.S. economy. It is comprised primarily of stocks issued by large capitalization companies. The index is often considered to be the performance benchmark for U.S. stock market performance in general.

There is no assurance that the Fund will track the performance of the S&P 500 Index perfectly.

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: 0.25% Distribution (12b-1) Fees: 0.25% Other Expenses: 0.22% Total Annual Fund Operating Expenses: 0.72%1 Fee Waiver/Expense Limitation: -0.34%1 Net Expenses: 0.38%1		As of 9/30/08 Number of Positions: 515 Equity and 1 T-Bill Fund Assets: $132.3 million Beta: 1.002 R2: 1.002
1 Effective September 1, 2008, the expense limitation with respect to the Fund’s Total Annual Fund Operating Expenses was lowered pursuant to a written agreement between RS Investments and the Fund in effect through August 31, 2009. The effect of this lower limitation is reflected under the caption “Fee Waiver/Expense Limitation.” “Net Expenses” reflect the effect of this lower expense limitation on Total Annual Fund Operating Expenses. RS Investments may terminate the lower limitation for the Fund after August 31, 2009. The expense limitation in effect prior to September 1, 2009 (the “continuing expense limitation”), which limits the Fund’s expenses to 0.53% for Class A shares, will continue in effect through 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 S&P 500 Index 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 0.72%. Class A performance quoted "with maximum sales charge" reflects the current maximum sales charge of 3.00%. 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 S&P 500^® Index of 500 primarily large-cap U.S. stocks is generally considered to be representative of U.S. stock market activity. 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.

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
  Fourth Quarter 2006