Institutional
Mutual Funds

RS Institutional Offerings

Value Strategies

Strategy	Style	Attributes
RS Small Cap Value Portfolio	Small Cap Value	High-conviction portfolio of small-cap value companies. Our portfolio tends to be diversified at the sector level, and concentrated at the position level.
RS Mid Cap Value Portfolio	Mid Cap Value	High-conviction portfolio of mid-cap value companies. Our portfolio tends to be diversified at the sector level, and concentrated at the position level.
RS Large Cap Value Portfolio	Large Cap Value	High-conviction portfolio of large-cap value companies. Our portfolio tends to be diversified at the sector level, and concentrated at the position level.
RS Concentrated All Cap Value Portfolio	All Cap Value	High-conviction portfolio of small-, mid-, and large-cap value companies in which the RS Value Team members have the highest conviction.
RS Global Natural Resources Portfolio	Natural Resources Sector	Concentrates investments in a portfolio of natural resource companies with advantaged assets.

Growth Strategies

Strategy	Style	Attributes
RS Small Cap Growth Portfolio	Small Cap Growth	Focused on large-cap growth companies that possess strong management teams and sustainable revenue growth that we can purchase at a discount to our own earnings estimates.
RS Small/Mid Growth Portfolio	SMID Cap Growth	Concentrated portfolio of small and mid-cap growth companies that possess strong management teams, solid growth and high margins.
RS Mid Cap Growth Portfolio	Mid Cap Growth	Focused on mid-cap growth companies that possess solid growth, high margins and strong Return on Invested Capital that we can purchase at a discount to our own earnings estimates.
RS Technology Portfolio	Technology Sector	Focused on technology companies of all market cap ranges that possess strong management teams, high revenue growth, and proprietary technology.

Emerging Markets Strategies

Strategy	Style	Attributes
RS Emerging Markets Strategy	All Cap Core	Focused on emerging markets companies across the market cap spectrum that possess superior earnings growth and attractive relative valuation.
RS China Strategy	China	Disciplined investment approach structured to capture the market inefficiencies and long-term growth opportunities in China.

Natural Resources Strategies

Strategy	Style	Attributes
RS Global Natural Resources Portfolio	Natural Resources Sector	Concentrates investments in a portfolio of natural resource companies with advantaged assets.

RS Mutual Fund Offerings

Value Funds

Mutual Fund	Style	Attributes
RS Partners Fund	Small Cap Value	High-conviction portfolio of small-cap value companies. Our portfolio tends to be diversified at the sector level, and concentrated at the position level.
RS Value Fund	Mid Cap Value	High-conviction portfolio of mid-cap value companies. Our portfolio tends to be diversified at the sector level, and concentrated at the position level.
RS Large Cap Alpha Fund	Large Cap Value	High-conviction portfolio of large-cap value companies. Our portfolio tends to be diversified at the sector level, and concentrated at the position level.
RS Investors Fund	All Cap Value	High-conviction portfolio of small-, mid-, and large-cap value companies in which the RS Value Team members have the highest conviction.
RS Global Natural Resources Fund	Natural Resources Sector	Concentrates investments in a portfolio of natural resource companies with advantaged assets.

Growth Funds

Mutual Fund	Style	Attributes
RS Small Cap Growth Fund	Small Cap Growth	Focused on small-cap growth companies that possess distinct competitive advantages, strong management teams, organic revenue growth and high margins.
RS Select Growth Fund	SMID Cap Growth	Concentrated portfolio of small and mid-cap growth companies that possess strong management teams, solid growth and high margins.
RS Mid Cap Growth Fund	Mid Cap Growth	Focused on mid-cap growth companies that possess solid growth, high margins and strong Return on Invested Capital that we can purchase at a discount to our own earnings estimates.
RS Growth Fund	Large Cap Growth	Focused on large-cap growth companies that possess strong management teams and sustainable revenue growth that we can purchase at a discount to our own earnings estimates.
RS Technology Fund	Technology Sector	Focused on technology companies of all market cap ranges that possess strong management teams, high revenue growth and proprietary technology.
RS Small Cap Equity Fund	Small Cap Growth	Focused on small-cap growth companies that possess distinct competitive advantages, strong management teams, organic revenue growth and high margins.

Emerging Markets Funds

Mutual Fund	Style	Attributes
RS Emerging Markets Fund	Emerging Markets	Invests in a diversified portfolio of companies located in developing economies.
RS China Fund	China	Disciplined investment approach structured to capture the market inefficiencies and long-term growth opportunities in China.

Developed Global Markets Funds

Mutual Fund	Style	Attributes
RS International Growth Fund	International Growth	Invests in a diversified portfolio of companies located outside the U.S.
RS Global Growth Fund	Global Growth	Invests in a diversified portfolio of dynamic growth companies located around the world.

Natural Resources Funds

Mutual Fund	Style	Attributes
RS Global Natural Resources Fund	Natural Resources Sector	Concentrates investments in a portfolio of natural resource companies with advantaged assets.

Fixed Income Funds

Mutual Fund		Attributes
RS Investment Quality Bond Fund		Diversified portfolio of investment-grade fixed income securities.
RS Low Duration Bond Fund		Invests in a portfolio of short-term fixed income securities.
RS High Yield Fund		Invests in a portfolio of corporate high-yield securities.
RS Tax-Exempt Fund		Invests in a portfolio of tax-exempt bonds issued by municipalities across the US.
RS High Income Municipal Bond Fund (previously RS High Yield Municipal Bond Fund)		Invests in a portfolio of geographically diversified high yield municipal obligations that offer the potential for high income exempt from federal taxes.
RS Floating Rate Fund		Invests primarily in floating rate instruments that offer the potential for income and limit exposure to rising interest rates.
RS Strategic Income Fund		Invests opportunistically in a diversified portfolio of investment grade and high yield U.S. and foreign securities.
RS Money Market Fund		Invests in "First Tier" money market instruments (those rated in the highest category by two nationally recognized ratings services) denominated in U.S. dollars.

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RS Investments

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.

© 2013 RS Investment Management Co. LLC
RS Investments is the marketing name for RS Investment Management Co. LLC and its affiliates.

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

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Government entities;
Sponsors, administrators or consultants of employee benefits plan with at least 100 participants. (This does not include any participants in the plan);
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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.

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.