Team Overview

The RS High Yield Municipal Bond Funds is sub-advised by Guardian Investor Services LLC and Managed by Alexander Grant, a member of the RS Fixed-Income Team. The RS Fixed Income Team consists of 35 seasoned investment professionals, who on average have over 19 years of investment experience.

Portfolio Management Team

Alexander Grant

Portfolio manager of RS Tax-Exempt Fund and RS High Yield Municipal Bond Fund, and co-portfolio manager of RS Money Market Fund

Management tenure: since 1993 on RS Tax-Exempt Fund; since inception on RS High Yield Municipal Bond Fund; since 1986 on RS Money Market Fund
Managing Director, Guardian Life
Manages Guardian Life's tax-exempt assets
Education: B.A. from the State University of New York at Buffalo

Characteristics

Strategies from
RS Investments

RS Fixed Income Team

All Team Members

You should read the current RS Funds' Prospectus before investing. The RS Funds' Statement of Additional Information (SAI) provides information about the Funds that may not be contained in the Prospectus.

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.

If you are an existing shareholder and would like a copy of the prospectus or need to contact RS Investments, call 800-766-3863. If you are interested in learning more about and how to invest with RS, please contact your financial professional.

The information on this web site is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

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

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.

Not A Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

GIS is a member: FINRA and SIPC.

© 2012 RS Investment Management Co. LLC
RS Investments is the marketing name for RS Investment Management Co. LLC and its affiliates.

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IMPORTANT LEGAL INFORMATION

The information contained in this document is intended for institutional investors only.

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If you do not fall within at least one of the above categories you should not access the information contained in this document.

Access to RS Research Insights

Please complete the following registration information and certify you are an institutional investor in order to view

*Required Field

First Name*

Last Name*

Company*

Email Address*

Phone Number*

Designation*

Institutional Client
Financial Advisor or Independent Broker/Dealer
Registered Investment Advisor (RIA) / Wealth Manager Please select your designation

Please note, following submission of registration, you will be prompted for a password to access the document. If you do not have the password, please
Contact Us.

IMPORTANT LEGAL INFORMATION

The information contained in this document is intended for institutional investors only.

An institutional investor is one that falls within one or more of the following categories:

Associated persons who are registered as or with an NASD member (includes a broker/dealer);
Any person acting solely on behalf of an institutional investor;
Government entities;
Sponsors, administrators or consultants of employee benefits plan with at least 100 participants. (This does not include any participants in the plan);
Qualified plans with at least 100 participants. (This does not include any participants in the plan); and
Persons described in FINRA rule 3110(c)(4), which defines "institutional accounts" to include:
- A bank, savings and loan association, insurance company, or registered investment company;
- An SEC-registered investment adviser; or
- Any other entity (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million.

If you do not fall within at least one of the above categories you should not access the information contained in this document.

Team Overview

Portfolio Management Team

Alexander Grant

Strategies fromRS Investments

RS Fixed Income Team

Access to RS Research Insights

Access to RS Research Insights

Strategies from
RS Investments