NATIONAL FEDERATION OF MUNICIPAL ANALYSTS RECOGNIZES
RS BOND ANALYST SYLVAN FELDSTEIN

Industry Award Honors Career of Achievement

SAN FRANCISCO, June 30, 2009 – RS Investments (RS), a San Francisco-based investment management firm, announced today that Sylvan Feldstein, Ph.D., Director of Municipal Bond Research, has received the 2009 Career Achievement Award from the National Federation of Municipal Analysts (NFMA), in recognition of his significant contributions to the field of municipal bond credit analysis.

"This well-deserved award highlights the depth of the credit research capabilities that support the RS fixed income funds,"  said Terry Otton, chief executive officer of RS Investments. "We salute Sylvan as a leading municipal bond analyst renowned in his profession—and on behalf of fund shareholders, we thank him for the contribution his astute analysis has made to the long-term returns enjoyed by RS Tax-Exempt fund."

A member of the RS Investments Fixed Income team, Mr. Feldstein is the  lead analyst for the RS Tax-Exempt Fund (GUTEX), which has been recognized by Lipper, a fund research and analysis organization, as "The Best General Municipal Debt Fund over Five and Ten Years" (ending 12/31/2008 – based on risk-adjusted return). The 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 humbly accept this prestigious industry award and am grateful to every member of the Fixed Income team, each of whose talents contribute to our strategy and success," Feldstein said.  "As a municipal analyst and educator, I am committed to continuing proprietary research to provide an informed perspective on legal and regulatory matters relating to the municipal finance industry."

Mr. Feldstein is the author of more than 40 articles and five books, including "The Handbook of Municipal Bonds," (which he co-edited) a 2008 publication that provides a comprehensive look at tax-exempt municipal bonds. He joined Guardian Investor Services, LLC, the sub advisor to RS Fixed Income funds, in 1996.  Prior to this, he worked at Merrill Lynch, as well as other brokerage firms.  Mr. Feldstein received his Ph.D. in Public Law and Government from Columbia University. He also has a B.S. in Public Law and Government from Columbia University; an M.A. from the City College of New York and an M.Phil from Columbia University. He is a former president of the Society of Municipal Analysts.

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.

About NFMA

NFMA was chartered in 1983 as a not-for-profit association with the goals of promoting professionalism in municipal credit analysis and furthering the skill level of their members. They do this through educational programs and industry communication, providing an informed perspective on legal and regulatory matters relating to the municipal finance industry, and by facilitating the flow of information between investors and issuing entities.

NOTE: Since the time of the press release the rankings have changed. Please find below current Lipper rankings as of March 31, 2010: RS Tax-Exempt Fund earned the 4 ranking for the ten-year period. 4 out of 156 for the ten year period: General Municipal Debt category. This Fund ranked 23 out of 201 and 17 out of 185, 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.

© 2010 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:© 2010 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.

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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.

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