Park Avenue Securities LLC (PAS)
Disclosure
Important Disclosure Information

Individual variable annuities are issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation. Variable Annuities and RS Investment Funds and distributed by Park Avenue Securities LLC (PAS). GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian). PAS is a wholly owned subsidiary of GIAC. Guardian, GIAC and PAS are located at 7 Hanover Square, New York, NY 10004.

Variable annuities, along with their underlying investment options, are not deposits or obligations of, or guaranteed or endorsed by any bank or depository institution, nor are they insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the National Credit Union Association or any other agency. They involve investment risk, including possible loss of principal amount invested.

PAS: member FINRA, SIPC.

A Word About Risks and Fees: Variable annuities involve investment risk. Investment value may fluctuate, including possible loss of the principal amount invested. Annuity payments are guaranteed solely by the financial strength and claims-paying ability of GIAC. In addition, variable annuities deduct investment division charges (these consist of fund-level expenses and are similar to the charges on traditional mutual funds), as well as annual mortality and expense risk charges (M & E charges) and administrative expenses under the annuity contract. An annual contract fee is usually deducted for contracts below $100,000. Depending on the specific contract, Contingent Deferred Sales Charges (CDSCs) may apply for surrenders or withdrawals, based on the number of years the contract has been in force.

Funds are subject to the general risks associated with the markets and securities in which they invest, including the risk that the value of a portfolio may be driven down gradually or sharply by general conditions of the market, changes in interest rates or the performance of an individual company, industry or economy.

With all mutual funds, the value of your investment could decline so you could lose money. You should consider the fund's investment objectives, risks, charges and fees carefully before investing. Investment return and principal value may fluctuate so that shares, when redeemed, may be worth more or less than their original cost.