RS TAX-EXEMPT FUND RECOGNIZED BY LIPPER FOR LONG-TERM PERFORMANCE

Award Exhibits Strength, Longevity of RS Fixed Income Team

SAN FRANCISCO, April 6, 2009 – RS Investments (RS), a San Francisco-based investment management firm, announced today that RS Tax-Exempt Fund (GUTEX), has been recognized by Lipper, a fund research and analysis organization, as "the Best General Municipal Debt Fund over Five and Ten Years." The Award is based on the Fund's risk-adjusted performance for the five and 10 years ended December 31, 2008.

The Fund, which earned the top spot out of 146 funds in its peer group for its 10-year performance and 1st out of 193 peers for the five-year period, was recognized during the Lipper Fund Awards, on April 2nd, in a ceremony spotlighting the world's top-performing funds. Near-term rankings were similarly strong, ranking 8th out of 202 peers for the three-year period and 16th out of 228 over the last year, all rankings based on risk-adjusted performance for periods ended December 31, 2008 according to Lipper Analytical Services. RS Tax-Exempt Fund is managed by Alexander M. Grant, Jr., a 23-year industry veteran, who has guided the Fund since 1993 with the support of a 10-member team of credit analysts.

"This accomplishment reflects the strength and capabilities of our firm and of the extraordinarily talented RS fixed income team," said Terry Otton, chief executive officer of RS Investments. "RS Tax-Exempt Fund has provided the kind of consistent, long-term performance across market cycles sought by investors. It exemplifies the disciplined, diversified and risk-managed approach taken by our highly experienced fixed income managers."

RS Tax-Exempt Fund is a national fund that invests in bonds generally exempt from federal taxes. The investment team seeks quality bonds with attractive risk/reward profiles.

"I am honored to accept this prestigious industry award and would like to acknowledge the contributions of the team of credit analysts who provide the rigorous, fundamental research that supports our fixed income strategies," said Mr. Grant. He singled out Sylvan Feldstein, Ph.D, director of municipal bond research, for his contributions to the Fund's success. Dr. Feldstein, who has over 30 years of investment experience, is the author of more than 40 articles and has authored or edited four books on municipal bonds.

Mr. Grant has spent his entire career at Guardian Investor Services, LLC, the subadvisor to RS Tax-Exempt Fund. He is a contributor to "The Handbook to Municipal Bonds," a recent publication that provides a comprehensive look at tax-exempt municipal bonds. Mr. Grant holds a bachelor's degree from the State University of New York at Buffalo.

About RS Investments

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

NOTE: Since the time of the press release the rankings have changed. Please find below current Lipper rankings as of September 30, 2009:
RS Tax-Exempt Fund earned the #3 ranking out of 154 for the ten-year period: General Municipal Debt category. This Fund ranked 18 out of 212 and 12 out of 196 for the three- and five-year periods respectively.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money.

Bond funds are subject to interest rate risk, credit risk and prepayment risk. When interest rates rise, bond prices generally fall and when interest rates fall, bond prices generally rise. Investors in the fund may be subject to AMT and certain other state and local taxes.

© 2009 REUTERS Lipper rankings are based on risk adjusted return with dividends reinvested and do not take into account or reflect sales charges. Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations. Lipper clients manage more than 95% of U.S. fund assets. The firm, founded in 1973 and headquartered in New York, tracks 125,000 funds worldwide through its offices in major financial capitals in North America, Europe, and Asia. Read the following Restrictions: Information on this page has been sourced from Lipper, a Reuters Company ("Lipper Content"). All such information is protected by copyright:© 2009 REUTERS. All rights reserved. Any copying, republication or redistribution of Lipper Content is expressly prohibited without the prior written consent of Lipper. Lipper and its parent and affiliated companies will not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. LIPPER and the LIPPER Corporate Marks are proprietary trademarks of Lipper, a Reuters Company. For additional information on the other Lipper Services, please visit the Lipper Web site at www.lipperweb.com.

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.