-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ay8mijKp0PeYB1m7VZqJv+AUVY+p3OzdwK+xRUFnk9h7fYv83O9zxqwvl64f8G+n Ke1rFliPrA+k1a8tzcQahw== 0000935069-06-003123.txt : 20061124 0000935069-06-003123.hdr.sgml : 20061123 20061124124056 ACCESSION NUMBER: 0000935069-06-003123 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061124 DATE AS OF CHANGE: 20061124 EFFECTIVENESS DATE: 20061124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RS INVESTMENT TRUST CENTRAL INDEX KEY: 0000814232 IRS NUMBER: 946649069 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05159 FILM NUMBER: 061237856 BUSINESS ADDRESS: STREET 1: 388 MARKET STREET STREET 2: SUITE 1700 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4155912700 MAIL ADDRESS: STREET 1: 388 MARKET STREET STREET 2: SUITE 1700 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: ROBERTSON STEPHENS INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ROBERTSON STEPHENS EMERGING GROWTH FD DATE OF NAME CHANGE: 19920315 FORMER COMPANY: FORMER CONFORMED NAME: ROBERTSON STEPHENS EMERGING GROWTH FUND DATE OF NAME CHANGE: 19920312 0000814232 S000007373 RS Diversified Growth Fund C000020249 Class A RSDGX 0000814232 S000007374 RS Smaller Company Growth Fund C000020250 Class A RSSGX 0000814232 S000007375 RS Value Fund C000020251 Class A RSVAX 0000814232 S000007376 RS Emerging Growth Fund C000020252 Class A RSEGX 0000814232 S000007377 RS Global Natural Resources Fund C000020253 Class A RSNRX 0000814232 S000007378 RS Growth Fund C000020254 Class A RSGRX 0000814232 S000007379 RS Information Age Fund C000020255 Class A RSIFX 0000814232 S000007380 RS Internet Age Fund C000020256 Class A RIAFX 0000814232 S000007381 RS Investors Fund C000020257 Class A RSINX 0000814232 S000007382 RS MidCap Opportunities Fund C000020258 Class A RSMOX 0000814232 S000007383 RS Partners Fund C000020259 Class A RSPFX N-Q 1 g34931rsinvestments_nq.txt RS INVESTMENTS N-Q 2006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05159 --------- RS Investment Trust ---------------------------------------------------------- (Exact name of registrant as specified in charter) 388 Market Street San Francisco, CA 94111 ---------------------------------------------------------- (Address of principal executive offices) (Zip code) Terry R. Otton c/o RS Investments 388 Market Street San Francisco, CA 94111 ---------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 800-766-3863 ------------ Date of fiscal year end: December 31 ----------- Date of reporting period: September 30, 2006 ------------------ Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS DIVERSIFIED GROWTH FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 94.1% ADVERTISING AGENCIES -- 1.1% Marchex, Inc., Class B(1) 168,400 $ 2,583,256 - -------------------------------------------------------------------------------- 2,583,256 - -------------------------------------------------------------------------------- AIR TRANSPORTATION -- 0.8% Alaska Air Group, Inc.(1) 52,300 1,989,492 - -------------------------------------------------------------------------------- 1,989,492 - -------------------------------------------------------------------------------- ALUMINUM -- 1.2% Century Aluminum Co.(1) 86,700 2,917,455 - -------------------------------------------------------------------------------- 2,917,455 - -------------------------------------------------------------------------------- BANKS - OUTSIDE NEW YORK CITY -- 0.9% Virginia Commerce Bancorp, Inc.(1) 100,500 2,231,100 - -------------------------------------------------------------------------------- 2,231,100 - -------------------------------------------------------------------------------- BIOTECHNOLOGY RESEARCH & PRODUCTION -- 2.2% Array BioPharma, Inc.(1) 293,837 2,503,491 Solexa, Inc.(1) 312,700 2,758,014 - -------------------------------------------------------------------------------- 5,261,505 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 2.3% Pinnacle Entertainment, Inc.(1) 106,600 2,997,592 Scientific Games Corp., Class A(1) 77,160 2,453,688 - -------------------------------------------------------------------------------- 5,451,280 - -------------------------------------------------------------------------------- COMMUNICATIONS & MEDIA -- 0.9% Linktone Ltd., ADR(1,3) 398,616 2,048,886 - -------------------------------------------------------------------------------- 2,048,886 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 7.6% Atheros Communications(1) 199,100 3,609,683 AudioCodes Ltd.(1) 289,300 2,716,527 Avocent Corp.(1) 69,100 2,081,292 Cogent Communications Group, Inc.(1) 273,563 3,170,595 InPhonic, Inc.(1) 383,440 3,036,845 WebEx Communications, Inc.(1) 85,100 3,320,602 - -------------------------------------------------------------------------------- 17,935,544 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 10.3% Commvault Systems, Inc.(1) 10,330 185,940 Digital River, Inc.(1) 49,300 2,520,216 DivX, Inc.(1) 13,040 309,961 Equinix, Inc.(1) 66,000 3,966,600 Informatica Corp.(1) 130,000 1,766,700 Macrovision Corp.(1) 102,600 2,430,594 Optimal Group, Inc., Class A(1) 216,500 2,546,040 September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS (CONTINUED) Parametric Technology Corp.(1) 104,900 $ 1,831,554 Quest Software, Inc.(1) 107,830 1,539,812 The TriZetto Group, Inc.(1) 284,400 4,305,816 TRX, Inc.(1) 577,750 2,923,415 - -------------------------------------------------------------------------------- 24,326,648 - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY -- 1.9% Radiant Systems, Inc.(1) 141,132 1,704,875 Riverbed Technology, Inc.(1) 2,560 49,920 Trident Microsystems, Inc.(1) 121,454 2,825,020 - -------------------------------------------------------------------------------- 4,579,815 - -------------------------------------------------------------------------------- CONSTRUCTION -- 1.2% Chicago Bridge & Iron Co. N. V., ADR(3) 117,100 2,817,426 - -------------------------------------------------------------------------------- 2,817,426 - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 1.4% Netflix, Inc.(1) 67,051 1,527,422 The9 Ltd., ADR(1,3) 83,400 1,784,760 - -------------------------------------------------------------------------------- 3,312,182 - -------------------------------------------------------------------------------- COSMETICS -- 0.1% Bare Escentuals, Inc.(1) 5,340 144,981 - -------------------------------------------------------------------------------- 144,981 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 0.9% Jones Lang LaSalle, Inc. 25,680 2,195,126 - -------------------------------------------------------------------------------- 2,195,126 - -------------------------------------------------------------------------------- DIVERSIFIED MATERIALS & PROCESSING -- 1.0% Armor Holdings, Inc.(1) 40,700 2,333,331 - -------------------------------------------------------------------------------- 2,333,331 - -------------------------------------------------------------------------------- DRUGS & PHARMACEUTICALS -- 1.0% Amylin Pharmaceuticals, Inc.(1) 55,400 2,441,478 - -------------------------------------------------------------------------------- 2,441,478 - -------------------------------------------------------------------------------- ELECTRONICS - MEDICAL SYSTEMS -- 0.9% IntraLase Corp.(1) 103,600 2,041,956 - -------------------------------------------------------------------------------- 2,041,956 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 4.6% Applied Micro Circuits Corp.(1) 731,900 2,115,191 Ikanos Communications, Inc.(1) 93,800 1,104,026 O2Micro International Ltd., ADR(1,3) 226,357 1,564,127 Silicon Image, Inc.(1) 138,000 1,755,360 Silicon Motion Technology Corp., ADR(1,3) 143,365 2,384,160 Volterra Semiconductor Corp.(1) 114,800 1,865,500 - -------------------------------------------------------------------------------- 10,788,364 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 1 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS DIVERSIFIED GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- ENERGY - MISCELLANEOUS -- 1.8% Aventine Renewable Energy Holdings, Inc.(1) 88,300 $ 1,888,737 TETRA Technologies, Inc.(1) 101,500 2,452,240 - -------------------------------------------------------------------------------- 4,340,977 - -------------------------------------------------------------------------------- FINANCIAL - MISCELLANEOUS -- 1.1% Portfolio Recovery Associates, Inc.(1) 57,906 2,540,336 - -------------------------------------------------------------------------------- 2,540,336 - -------------------------------------------------------------------------------- FINANCIAL DATA PROCESSING SERVICES & SYSTEMS -- 4.0% Cybersource Corp.(1) 204,002 2,413,344 Digital Insight Corp.(1) 81,900 2,401,308 Heartland Payment Systems, Inc. 67,700 1,760,200 Online Resources Corp.(1) 240,583 2,947,142 - -------------------------------------------------------------------------------- 9,521,994 - -------------------------------------------------------------------------------- FINANCIAL INFORMATION SERVICES -- 1.4% FactSet Research Systems, Inc. 66,200 3,215,334 - -------------------------------------------------------------------------------- 3,215,334 - -------------------------------------------------------------------------------- FOODS -- 0.6% Medifast, Inc.(1) 165,000 1,432,200 - -------------------------------------------------------------------------------- 1,432,200 - -------------------------------------------------------------------------------- HEALTH CARE FACILITIES -- 1.2% Five Star Quality Care, Inc.(1) 271,540 2,921,770 - -------------------------------------------------------------------------------- 2,921,770 - -------------------------------------------------------------------------------- HEALTH CARE MANAGEMENT SERVICES -- 1.9% Allscripts Healthcare Solutions, Inc.(1) 128,300 2,880,335 Omnicell, Inc.(1) 95,850 1,714,757 - -------------------------------------------------------------------------------- 4,595,092 - -------------------------------------------------------------------------------- HEALTH CARE SERVICES -- 0.5% LHC Group, Inc.(1) 52,600 1,174,032 - -------------------------------------------------------------------------------- 1,174,032 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 1.3% Amerisafe, Inc.(1) 302,954 2,968,949 - -------------------------------------------------------------------------------- 2,968,949 - -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY -- 1.2% The Navigators Group, Inc.(1) 57,440 2,757,694 - -------------------------------------------------------------------------------- 2,757,694 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 1.3% Affiliated Managers Group, Inc.(1) 31,860 3,189,505 - -------------------------------------------------------------------------------- 3,189,505 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 2.9% Dril-Quip, Inc.(1) 32,000 $ 2,165,760 Superior Energy Services, Inc.(1) 104,300 2,738,918 W-H Energy Services, Inc.(1) 45,600 1,891,032 - -------------------------------------------------------------------------------- 6,795,710 - -------------------------------------------------------------------------------- MACHINERY - SPECIALTY -- 1.0% Flow International Corp.(1) 179,900 2,333,303 - -------------------------------------------------------------------------------- 2,333,303 - -------------------------------------------------------------------------------- MEDICAL & DENTAL INSTRUMENTS & SUPPLIES -- 6.4% Kyphon, Inc.(1) 89,300 3,341,606 LifeCell Corp.(1) 58,550 1,886,481 Orthofix International N.V.(1) 19,000 863,930 PolyMedica Corp. 95,880 4,104,623 The Spectranetics Corp.(1) 169,421 1,982,225 Viasys Healthcare, Inc.(1) 111,620 3,040,529 - -------------------------------------------------------------------------------- 15,219,394 - -------------------------------------------------------------------------------- METAL FABRICATING -- 0.5% Dynamic Materials Corp. 37,010 1,199,864 - -------------------------------------------------------------------------------- 1,199,864 - -------------------------------------------------------------------------------- MISCELLANEOUS BUSINESS & CONSUMER DISCRETIONARY -- 0.1% Shutterfly, Inc.(1) 15,320 238,226 - -------------------------------------------------------------------------------- 238,226 - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 0.9% Range Resources Corp. 81,300 2,052,012 - -------------------------------------------------------------------------------- 2,052,012 - -------------------------------------------------------------------------------- POLLUTION CONTROL & ENVIRONMENTAL SERVICES -- 0.8% Fuel Tech, Inc.(1) 121,829 1,814,034 - -------------------------------------------------------------------------------- 1,814,034 - -------------------------------------------------------------------------------- PRODUCTION TECHNOLOGY EQUIPMENT -- 3.7% Cymer, Inc.(1) 92,310 4,053,332 Entegris, Inc.(1) 241,950 2,639,675 GSI Group, Inc.(1) 222,555 2,080,889 - -------------------------------------------------------------------------------- 8,773,896 - -------------------------------------------------------------------------------- RAILROAD EQUIPMENT -- 1.1% American Railcar Industries, Inc. 85,329 2,483,927 - -------------------------------------------------------------------------------- 2,483,927 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS -- 0.8% JER Investors Trust, Inc. 104,100 1,786,356 - -------------------------------------------------------------------------------- 1,786,356 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 2 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS DIVERSIFIED GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- RESTAURANTS -- 1.4% California Pizza Kitchen, Inc.(1) 108,550 $ 3,248,902 - -------------------------------------------------------------------------------- 3,248,902 - -------------------------------------------------------------------------------- RETAIL -- 5.9% Bebe Stores, Inc. 118,400 2,933,952 Build-A-Bear-Workshop, Inc.(1) 222,500 5,066,325 Cache, Inc.(1) 232,929 4,167,100 Volcom, Inc.(1) 78,500 1,769,390 - -------------------------------------------------------------------------------- 13,936,767 - -------------------------------------------------------------------------------- SECURITIES BROKERAGE & SERVICES -- 1.7% Investment Technology Group, Inc.(1) 44,250 1,980,188 Knight Trading Group, Inc.(1) 109,500 1,992,900 - -------------------------------------------------------------------------------- 3,973,088 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 5.5% AMN Healthcare Services, Inc.(1) 101,950 2,421,312 FTI Consulting, Inc.(1) 126,230 3,163,324 Global Sources Ltd.(1) 46,700 593,557 Kenexa Corp.(1) 73,400 1,851,148 Nutri/System, Inc.(1) 77,610 4,834,327 - -------------------------------------------------------------------------------- 12,863,668 - -------------------------------------------------------------------------------- SHOES -- 1.3% Iconix Brand Group, Inc.(1) 192,200 3,094,420 - -------------------------------------------------------------------------------- 3,094,420 - -------------------------------------------------------------------------------- STEEL -- 1.3% Oregon Steel Mills, Inc.(1) 61,100 2,985,957 - -------------------------------------------------------------------------------- 2,985,957 - -------------------------------------------------------------------------------- TRUCKERS -- 0.7% Old Dominion Freight Line, Inc.(1) 54,600 1,639,638 - -------------------------------------------------------------------------------- 1,639,638 - -------------------------------------------------------------------------------- UTILITIES - TELECOMMUNICATIONS -- 1.0% Time Warner Telecom, Inc., Class A(1) 130,220 2,475,482 - -------------------------------------------------------------------------------- 2,475,482 - -------------------------------------------------------------------------------- WHOLESALERS -- 0.5% Houston Wire & Cable Co.(1) 60,500 1,137,400 - -------------------------------------------------------------------------------- 1,137,400 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $213,723,419) 222,109,752 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.1% RS Mutual Funds(8) 196,791 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $168,374) 196,791 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 8.3% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) $ 12,319,968 BlackRock Liquidity Funds TempFund Portfolio-Institutional Shares(9) 7,206,515 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $19,526,483) 19,526,483 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 102.5% (Cost $233,418,276) 241,833,026 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER LIABILITIES, NET -- (2.5)% (5,962,466) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $235,870,560 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 3 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS EMERGING GROWTH FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 97.1% ADVERTISING AGENCIES -- 1.9% aQuantive, Inc.(1) 420,379 $ 9,929,352 ValueClick, Inc.(1) 216,560 4,015,022 - -------------------------------------------------------------------------------- 13,944,374 - -------------------------------------------------------------------------------- BANKS - OUTSIDE NEW YORK CITY -- 1.9% Boston Private Financial Holdings, Inc 277,815 7,745,482 PrivateBancorp, Inc. 148,534 6,790,975 - -------------------------------------------------------------------------------- 14,536,457 - -------------------------------------------------------------------------------- BEVERAGE - SOFT DRINKS -- 0.5% Hansen Natural Corp.(1) 107,070 3,477,634 - -------------------------------------------------------------------------------- 3,477,634 - -------------------------------------------------------------------------------- BIOTECHNOLOGY RESEARCH & PRODUCTION -- 2.6% Array BioPharma, Inc.(1) 363,261 3,094,984 Keryx Biopharmaceuticals, Inc.(1) 528,600 6,253,338 PDL BioPharma, Inc.(1) 250,430 4,808,256 Solexa, Inc.(1) 556,310 4,906,654 - -------------------------------------------------------------------------------- 19,063,232 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 1.8% Pinnacle Entertainment, Inc.(1) 261,630 7,357,035 Scientific Games Corp., Class A(1) 202,010 6,423,918 - -------------------------------------------------------------------------------- 13,780,953 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 6.2% Atheros Communications(1) 697,100 12,638,423 AudioCodes Ltd.(1) 753,148 7,072,060 CommScope, Inc.(1) 158,110 5,195,494 Ixia(1) 417,820 3,722,776 j2 Global Communications, Inc.(1) 304,572 8,275,221 WebEx Communications, Inc.(1) 229,240 8,944,945 - -------------------------------------------------------------------------------- 45,848,919 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 12.1% Akamai Technologies, Inc.(1) 239,590 11,977,104 Altiris, Inc.(1) 344,550 7,266,559 Baidu.Com, Inc., ADR(1,3) 36,500 3,195,210 Blackbaud, Inc. 29,170 641,448 Commvault Systems, Inc.(1) 32,670 588,060 Digital River, Inc.(1) 283,650 14,500,188 DivX, Inc.(1) 41,260 980,750 Equinix, Inc.(1) 185,180 11,129,318 Hyperion Solutions Corp.(1) 175,020 6,034,690 Informatica Corp.(1) 618,640 8,407,317 MicroStrategy, Inc., Class A(1) 88,083 8,969,492 September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS (CONTINUED) Omniture, Inc.(1) 258,320 $ 2,038,145 Quest Software, Inc.(1) 102,620 1,465,414 Sigma Designs, Inc.(1) 23,083 345,091 Sybase, Inc.(1) 169,500 4,108,680 The TriZetto Group, Inc.(1) 567,820 8,596,795 - -------------------------------------------------------------------------------- 90,244,261 - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY -- 1.9% Riverbed Technology, Inc.(1) 8,100 157,950 Synaptics, Inc.(1) 160,660 3,915,284 Trident Microsystems, Inc.(1) 217,210 5,052,305 Vimicro International Corp., ADR(1,3) 445,100 4,905,002 - -------------------------------------------------------------------------------- 14,030,541 - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 4.0% Dolby Laboratories, Inc., Class A(1) 244,840 4,860,074 Netflix, Inc.(1) 344,840 7,855,455 The9 Ltd., ADR(1,3) 364,900 7,808,860 THQ, Inc.(1) 309,710 9,034,241 - -------------------------------------------------------------------------------- 29,558,630 - -------------------------------------------------------------------------------- COSMETICS -- 0.1% Bare Escentuals, Inc.(1) 16,980 461,007 - -------------------------------------------------------------------------------- 461,007 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 1.6% Greenhill & Co., Inc. 69,080 4,629,741 Huron Consulting Group, Inc.(1) 179,874 7,051,061 - -------------------------------------------------------------------------------- 11,680,802 - -------------------------------------------------------------------------------- ELECTRONICS - MEDICAL SYSTEMS -- 3.3% Hologic, Inc.(1) 120,330 5,236,762 Illumina, Inc.(1) 247,130 8,165,175 IntraLase Corp.(1) 282,560 5,569,258 Intuitive Surgical, Inc.(1) 38,660 4,076,697 Neurometrix, Inc.(1) 76,130 1,447,231 - -------------------------------------------------------------------------------- 24,495,123 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 7.5% FormFactor, Inc.(1) 170,091 7,165,934 Hittite Microwave Corp.(1) 99,130 4,411,285 Netlogic Microsystems, Inc.(1) 149,098 3,782,616 O2Micro International Ltd., ADR(1,3) 317,390 2,193,165 Qimonda AG, ADR(1,3) 323,620 5,501,540 Silicon Image, Inc.(1) 879,510 11,187,367 Silicon Motion Technology Corp., ADR(1,3) 429,150 7,136,765 SiRF Technology Holdings, Inc.(1) 71,590 1,717,444 Techwell, Inc.(1) 88,626 1,327,617 See notes to Schedule of Investments on page 28. 4 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS EMERGING GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS (CONTINUED) Tessera Technologies, Inc.(1) 243,070 $ 8,453,975 Volterra Semiconductor Corp.(1) 165,493 2,689,261 - -------------------------------------------------------------------------------- 55,566,969 - -------------------------------------------------------------------------------- ELECTRONICS - TECHNOLOGY -- 0.4% Eagle Test Systems, Inc.(1) 177,860 2,938,247 - -------------------------------------------------------------------------------- 2,938,247 - -------------------------------------------------------------------------------- ENERGY - MISCELLANEOUS -- 0.5% TETRA Technologies, Inc.(1) 170,680 4,123,629 - -------------------------------------------------------------------------------- 4,123,629 - -------------------------------------------------------------------------------- FINANCE COMPANIES -- 1.1% International Securities Exchange Holdings, Inc., Class A 182,130 8,540,076 - -------------------------------------------------------------------------------- 8,540,076 - -------------------------------------------------------------------------------- FINANCIAL - MISCELLANEOUS -- 2.7% Portfolio Recovery Associates, Inc.(1) 284,650 12,487,596 Sotheby's 237,130 7,645,071 - -------------------------------------------------------------------------------- 20,132,667 - -------------------------------------------------------------------------------- FINANCIAL DATA PROCESSING SERVICES & SYSTEMS -- 0 7% Heartland Payment Systems, Inc. 212,490 5,524,740 - -------------------------------------------------------------------------------- 5,524,740 - -------------------------------------------------------------------------------- FINANCIAL INFORMATION SERVICES -- 1.2% FactSet Research Systems, Inc. 177,810 8,636,232 - -------------------------------------------------------------------------------- 8,636,232 - -------------------------------------------------------------------------------- HEALTH CARE FACILITIES -- 4.2% ICON PLC, ADR(1,3) 104,941 7,406,736 LCA-Vision, Inc. 119,970 4,955,961 Psychiatric Solutions, Inc.(1) 127,120 4,333,521 Radiation Therapy Services, Inc.(1) 231,829 6,776,361 United Surgical Partners International, Inc.(1) 304,390 7,558,004 - -------------------------------------------------------------------------------- 31,030,583 - -------------------------------------------------------------------------------- HEALTH CARE MANAGEMENT SERVICES -- 2.8% Allscripts Healthcare Solutions, Inc.(1) 435,310 9,772,709 Vital Images, Inc.(1) 346,624 10,946,386 - -------------------------------------------------------------------------------- 20,719,095 - -------------------------------------------------------------------------------- HEALTH CARE SERVICES -- 1.4% Healthways, Inc.(1) 155,474 6,934,141 Nighthawk Radiology Holdings, Inc.(1) 172,940 3,308,342 - -------------------------------------------------------------------------------- 10,242,483 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- HOTEL/MOTEL -- 0.7% Four Seasons Hotels, Inc. 87,550 $ 5,590,067 - -------------------------------------------------------------------------------- 5,590,067 - -------------------------------------------------------------------------------- HOUSEHOLD FURNISHINGS -- 1.0% Select Comfort Corp.(1) 337,460 7,383,625 - -------------------------------------------------------------------------------- 7,383,625 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 0.5% HealthExtras, Inc.(1) 124,370 3,520,915 - -------------------------------------------------------------------------------- 3,520,915 - -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY -- 1.5% The Navigators Group, Inc.(1) 197,680 9,490,617 Tower Group, Inc. 46,270 1,543,104 - -------------------------------------------------------------------------------- 11,033,721 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 1.5% Affiliated Managers Group, Inc.(1) 114,840 11,496,632 - -------------------------------------------------------------------------------- 11,496,632 - -------------------------------------------------------------------------------- MACHINERY - INDUSTRIAL/SPECIALTY -- 0.6% Gardner Denver, Inc.(1) 145,360 4,808,509 - -------------------------------------------------------------------------------- 4,808,509 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 2.0% Dril-Quip, Inc.(1) 92,910 6,288,149 Lufkin Industries, Inc. 90,360 4,781,851 W-H Energy Services, Inc.(1) 98,000 4,064,060 - -------------------------------------------------------------------------------- 15,134,060 - -------------------------------------------------------------------------------- MEDICAL & DENTAL INSTRUMENTS & SUPPLIES -- 7.7% AngioDynamics, Inc.(1) 166,245 3,442,934 Foxhollow Technologies, Inc.(1) 64,060 2,190,211 Kyphon, Inc.(1) 380,170 14,225,961 LifeCell Corp.(1) 371,774 11,978,558 NuVasive, Inc.(1) 430,160 8,650,518 PolyMedica Corp. 270,859 11,595,474 ResMed, Inc.(1) 121,870 4,905,268 - -------------------------------------------------------------------------------- 56,988,924 - -------------------------------------------------------------------------------- METAL FABRICATING -- 1.0% Dynamic Materials Corp. 230,630 7,477,025 - -------------------------------------------------------------------------------- 7,477,025 - -------------------------------------------------------------------------------- MISCELLANEOUS BUSINESS & CONSUMER DISCRETIONARY -- 0.1% Shutterfly, Inc.(1) 48,740 757,907 - -------------------------------------------------------------------------------- 757,907 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 5 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS EMERGING GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 0.7% Parallel Petroleum Corp.(1) 274,370 $ 5,503,862 - -------------------------------------------------------------------------------- 5,503,862 - -------------------------------------------------------------------------------- POLLUTION CONTROL & ENVIRONMENTAL SERVICES -- 0.9% Team, Inc.(1) 281,840 7,062,910 - -------------------------------------------------------------------------------- 7,062,910 - -------------------------------------------------------------------------------- PRINTING & COPYING SERVICES -- 0.8% VistaPrint Ltd.(1) 231,370 6,001,738 - -------------------------------------------------------------------------------- 6,001,738 - -------------------------------------------------------------------------------- PRODUCTION TECHNOLOGY EQUIPMENT -- 0.8% Cymer, Inc.(1) 136,780 6,006,010 - -------------------------------------------------------------------------------- 6,006,010 - -------------------------------------------------------------------------------- RESTAURANTS -- 1.0% California Pizza Kitchen, Inc.(1) 256,890 7,688,718 - -------------------------------------------------------------------------------- 7,688,718 - -------------------------------------------------------------------------------- RETAIL -- 3.5% Coldwater Creek, Inc.(1) 358,715 10,316,643 Gmarket, Inc. ADR(1,3) 19,430 282,707 GSI Commerce, Inc.(1) 281,051 4,170,797 Volcom, Inc.(1) 255,587 5,760,931 Zumiez, Inc.(1) 192,950 5,209,650 - -------------------------------------------------------------------------------- 25,740,728 - -------------------------------------------------------------------------------- SECURITIES BROKERAGE & SERVICES -- 4.3% GFI Group, Inc.(1) 87,480 4,836,769 IntercontinentalExchange, Inc.(1) 94,800 7,116,636 Investment Technology Group, Inc.(1) 243,770 10,908,707 optionsXpress Holdings, Inc. 324,910 9,058,491 - -------------------------------------------------------------------------------- 31,920,603 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 3.1% AMN Healthcare Services, Inc.(1) 330,410 7,847,237 Ctrip.com International Ltd., ADR(3) 154,380 6,939,381 Kenexa Corp.(1) 202,880 5,116,634 Nutri/System, Inc.(1) 50,320 3,134,433 - -------------------------------------------------------------------------------- 23,037,685 - -------------------------------------------------------------------------------- SHOES -- 1.7% Iconix Brand Group, Inc.(1) 504,450 8,121,645 Steven Madden Ltd. 123,469 4,844,923 - -------------------------------------------------------------------------------- 12,966,568 - -------------------------------------------------------------------------------- TEXTILE - APPAREL MANUFACTURERS -- 0.9% Carter's, Inc.(1) 250,030 6,598,292 - -------------------------------------------------------------------------------- 6,598,292 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- UTILITIES - TELECOMMUNICATIONS -- 1.5% Time Warner Telecom, Inc., Class A(1) 578,650 $ 11,000,136 - -------------------------------------------------------------------------------- 11,000,136 - -------------------------------------------------------------------------------- WHOLESALERS -- 0.9% MWI Veterinary Supply, Inc.(1) 195,120 6,542,374 - -------------------------------------------------------------------------------- 6,542,374 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $622,095,758) 722,837,663 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.1% RS Mutual Funds(8) 357,672 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $297,225) 357,672 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 5.1% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) 38,318,281 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $38,318,281) 38,318,281 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 102.3% (Cost $660,711,264) 761,513,616 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER LIABILITIES, NET -- (2.3)% (17,007,081) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $744,506,535 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 6 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS GROWTH FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 96.7% AEROSPACE -- 2.8% Lockheed Martin Corp. 33,700 $ 2,900,222 United Technologies Corp. 37,500 2,375,625 - -------------------------------------------------------------------------------- 5,275,847 - -------------------------------------------------------------------------------- AIR TRANSPORTATION -- 1.4% Southwest Airlines Co. 159,200 2,652,272 - -------------------------------------------------------------------------------- 2,652,272 - -------------------------------------------------------------------------------- BANKS - NON U.S. -- 0.7% Bank of Ireland, ADR(3) 16,000 1,260,480 - -------------------------------------------------------------------------------- 1,260,480 - -------------------------------------------------------------------------------- BEVERAGE - SOFT DRINKS -- 1.4% PepsiCo, Inc. 39,800 2,597,348 - -------------------------------------------------------------------------------- 2,597,348 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 2.7% Harrah's Entertainment, Inc. 43,000 2,856,490 International Game Technology 53,800 2,232,700 - -------------------------------------------------------------------------------- 5,089,190 - -------------------------------------------------------------------------------- COMMUNICATIONS & MEDIA -- 1.2% Time Warner, Inc. 125,000 2,278,750 - -------------------------------------------------------------------------------- 2,278,750 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 6.1% Corning, Inc.(1) 120,000 2,929,200 Motorola, Inc. 84,300 2,107,500 QUALCOMM, Inc. 50,000 1,817,500 Research In Motion Ltd.(1) 22,000 2,258,520 Tellabs, Inc.(1) 215,000 2,356,400 - -------------------------------------------------------------------------------- 11,469,120 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 8.6% Adobe Systems, Inc.(1) 65,000 2,434,250 Amdocs Ltd.(1) 79,600 3,152,160 BEA Systems, Inc.(1) 165,000 2,508,000 Microsoft Corp. 154,500 4,222,485 Oracle Corp.(1) 118,000 2,093,320 Symantec Corp.(1) 85,000 1,808,800 - -------------------------------------------------------------------------------- 16,219,015 - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY -- 4.7% Apple Computer, Inc.(1) 50,000 3,851,500 Palm, Inc.(1) 180,000 2,620,800 SanDisk Corp.(1) 43,000 2,302,220 - -------------------------------------------------------------------------------- 8,774,520 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 1.3% Activision, Inc.(1) 160,000 $ 2,416,000 - -------------------------------------------------------------------------------- 2,416,000 - -------------------------------------------------------------------------------- COPPER -- 1.1% Freeport-McMoRan Copper & Gold, Inc., Class B 38,000 2,023,880 - -------------------------------------------------------------------------------- 2,023,880 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 5.4% American Express Co. 45,000 2,523,600 Chicago Mercantile Exchange Holdings, Inc. 5,200 2,486,900 Merrill Lynch & Co., Inc. 30,400 2,377,888 The Goldman Sachs Group, Inc. 16,800 2,842,056 - -------------------------------------------------------------------------------- 10,230,444 - -------------------------------------------------------------------------------- DRUGS & PHARMACEUTICALS -- 7.7% AstraZeneca PLC, ADR(3) 39,400 2,462,500 Cardinal Health, Inc. 32,800 2,156,272 Eli Lilly & Co. 42,100 2,399,700 Gilead Sciences, Inc.(1) 40,000 2,748,000 Johnson & Johnson 40,300 2,617,082 Schering Plough Corp. 95,000 2,098,550 - -------------------------------------------------------------------------------- 14,482,104 - -------------------------------------------------------------------------------- ELECTRONICS - MEDICAL SYSTEMS -- 1.2% Medtronic, Inc. 46,800 2,173,392 - -------------------------------------------------------------------------------- 2,173,392 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 7.5% Advanced Micro Devices, Inc.(1) 75,000 1,863,750 Integrated Device Technology, Inc.(1) 118,500 1,903,110 Intel Corp. 107,700 2,215,389 Marvell Technology Group Ltd.(1) 149,900 2,903,563 MEMC Electronic Materials, Inc.(1) 70,000 2,564,100 Micron Technology, Inc.(1) 155,900 2,712,660 - -------------------------------------------------------------------------------- 14,162,572 - -------------------------------------------------------------------------------- FINANCIAL DATA PROCESSING SERVICES & SYSTEMS -- 1.4% Alliance Data Systems Corp.(1) 46,800 2,582,892 - -------------------------------------------------------------------------------- 2,582,892 - -------------------------------------------------------------------------------- HEALTH CARE MANAGEMENT SERVICES -- 2.3% Caremark Rx, Inc. 40,000 2,266,800 UnitedHealth Group, Inc. 40,000 1,968,000 - -------------------------------------------------------------------------------- 4,234,800 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 7 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- HOTEL/MOTEL -- 1.4% Starwood Hotels & Resorts Worldwide, Inc. 45,300 $ 2,590,707 - -------------------------------------------------------------------------------- 2,590,707 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 1.3% Assurant, Inc. 44,000 2,350,040 - -------------------------------------------------------------------------------- 2,350,040 - -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY -- 1.2% The Chubb Corp. 44,900 2,333,004 - -------------------------------------------------------------------------------- 2,333,004 - -------------------------------------------------------------------------------- LEISURE TIME -- 1.2% Penn National Gaming, Inc.(1) 60,900 2,224,068 - -------------------------------------------------------------------------------- 2,224,068 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 2.5% Cameron International Corp.(1) 45,000 2,173,950 Schlumberger Ltd. 40,000 2,481,200 - -------------------------------------------------------------------------------- 4,655,150 - -------------------------------------------------------------------------------- MEDICAL & DENTAL INSTRUMENTS & SUPPLIES -- 1.2% Respironics, Inc.(1) 60,000 2,316,600 - -------------------------------------------------------------------------------- 2,316,600 - -------------------------------------------------------------------------------- MULTI-SECTOR COMPANIES -- 4.6% ABB Ltd., ADR(3) 215,400 2,838,972 General Electric Co. 105,000 3,706,500 Honeywell International Inc. 51,500 2,106,350 - -------------------------------------------------------------------------------- 8,651,822 - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 2.3% EnCana Corp. 50,000 2,334,500 XTO Energy, Inc. 45,000 1,895,850 - -------------------------------------------------------------------------------- 4,230,350 - -------------------------------------------------------------------------------- OIL - INTEGRATED INTERNATIONAL -- 0.8% Marathon Oil Corp. 20,000 1,538,000 - -------------------------------------------------------------------------------- 1,538,000 - -------------------------------------------------------------------------------- PRODUCTION TECHNOLOGY EQUIPMENT -- 1.4% Novellus Systems, Inc.(1) 97,100 2,685,786 - -------------------------------------------------------------------------------- 2,685,786 - -------------------------------------------------------------------------------- RADIO & TV BROADCASTERS -- 1.4% Grupo Televisa S.A., ADR(3) 125,000 2,657,500 - -------------------------------------------------------------------------------- 2,657,500 - -------------------------------------------------------------------------------- RESTAURANTS -- 1.3% Starbucks Corp.(1) 70,200 2,390,310 - -------------------------------------------------------------------------------- 2,390,310 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- RETAIL -- 5.5% Abercrombie & Fitch Co., Class A 43,000 $ 2,987,640 American Eagle Outfitters, Inc. 55,000 2,410,650 Costco Wholesale Corp. 60,000 2,980,800 Williams-Sonoma, Inc. 61,800 2,001,702 - -------------------------------------------------------------------------------- 10,380,792 - -------------------------------------------------------------------------------- STEEL -- 1.2% Nucor Corp. 45,000 2,227,050 - -------------------------------------------------------------------------------- 2,227,050 - -------------------------------------------------------------------------------- TEXTILE - APPAREL MANUFACTURERS -- 1.5% Coach, Inc.(1) 79,600 2,738,240 - -------------------------------------------------------------------------------- 2,738,240 - -------------------------------------------------------------------------------- TOBACCO -- 1.4% Altria Group, Inc. 35,600 2,725,180 - -------------------------------------------------------------------------------- 2,725,180 - -------------------------------------------------------------------------------- UTILITIES - CABLE TV & RADIO -- 1.5% Comcast Corp., Special Class A(1) 78,500 2,889,585 - -------------------------------------------------------------------------------- 2,889,585 - -------------------------------------------------------------------------------- UTILITIES - ELECTRICAL -- 2.3% Dominion Resources, Inc. 30,900 2,363,541 Duke Energy Corp. 65,600 1,981,120 - -------------------------------------------------------------------------------- 4,344,661 - -------------------------------------------------------------------------------- UTILITIES - TELECOMMUNICATIONS -- 5.2% America Movil S.A. de C.V., ADR(3) 57,000 2,244,090 AT&T, Inc. 80,000 2,604,800 Sprint Nextel Corp. 125,000 2,143,750 Verizon Communications, Inc. 74,900 2,781,037 - -------------------------------------------------------------------------------- 9,773,677 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $158,438,756) 181,625,148 - -------------------------------------------------------------------------------- Value ------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) 55,303 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $46,706) 55,303 - -------------------------------------------------------------------------------- Value ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 2.4% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) 4,377,224 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $4,377,224) 4,377,224 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 8 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Value - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 99.1% (Cost $162,862,686) $186,057,675 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER ASSETS, NET -- 0.9% 1,757,029 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $187,814,704 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 9 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS INFORMATION AGE FUND(R) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 93.4% ADVERTISING AGENCIES -- 4.9% aQuantive, Inc.(1) 99,280 $ 2,344,993 Marchex, Inc., Class B(1) 101,390 1,555,323 - -------------------------------------------------------------------------------- 3,900,316 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 11.1% Atheros Communications(1) 21,710 393,602 AudioCodes Ltd.(1) 98,350 923,507 Avocent Corp.(1) 27,470 827,396 Brocade Communications Systems, Inc.(1) 121,760 859,626 Comverse Technology, Inc.(1) 34,580 741,395 Foundry Networks, Inc.(1) 72,220 949,693 Research In Motion Ltd.(1) 9,990 1,025,573 Sonus Networks, Inc.(1) 58,800 309,288 Tellabs, Inc.(1) 87,040 953,958 WebEx Communications, Inc.(1) 49,430 1,928,759 - -------------------------------------------------------------------------------- 8,912,797 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 24.4% Adobe Systems, Inc.(1) 12,980 486,101 Akamai Technologies, Inc.(1) 68,330 3,415,817 Altiris, Inc.(1) 51,188 1,079,555 Blackbaud, Inc. 45,150 992,848 Citrix Systems, Inc.(1) 45,060 1,631,623 Commvault Systems, Inc.(1) 3,470 62,460 Digital River, Inc.(1) 39,680 2,028,441 Digitas, Inc.(1) 99,160 953,919 DivX, Inc.(1) 4,380 104,113 eCollege.com, Inc.(1) 30,250 483,697 Equinix, Inc.(1) 14,760 887,076 Informatica Corp.(1) 76,320 1,037,189 Microsoft Corp. 79,400 2,170,002 Omniture, Inc.(1) 119,810 945,301 RADWARE Ltd.(1) 67,450 915,296 Salesforce.com, Inc.(1) 26,370 946,156 Sigma Designs, Inc.(1) 97,000 1,450,150 - -------------------------------------------------------------------------------- 19,589,744 - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY -- 12.5% Apple Computer, Inc.(1) 23,060 1,776,312 Hewlett-Packard Co. 32,890 1,206,734 Logitech International S.A., ADR(1,3) 38,000 826,880 msystems Ltd.(1) 31,110 1,251,867 NVIDIA Corp.(1) 31,770 940,074 September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY (CONTINUED) Riverbed Technology, Inc.(1) 860 $ 16,770 Seagate Technology(1) 89,080 2,056,857 Synaptics, Inc.(1) 63,160 1,539,209 Vimicro International Corp., ADR(1,3) 38,600 425,372 - -------------------------------------------------------------------------------- 10,040,075 - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 10.2% Google, Inc., Class A(1) 4,970 1,997,443 Netflix, Inc.(1) 52,380 1,193,216 The9 Ltd., ADR(1,3) 72,900 1,560,060 THQ, Inc.(1) 48,210 1,406,286 Yahoo! Inc.(1) 79,388 2,006,929 - -------------------------------------------------------------------------------- 8,163,934 - -------------------------------------------------------------------------------- CONSUMER PRODUCTS -- 1.9% Nintendo Co. Ltd., ADR(3) 59,600 1,540,660 - -------------------------------------------------------------------------------- 1,540,660 - -------------------------------------------------------------------------------- ELECTRICAL & ELECTRONICS -- 1.1% Power Integrations, Inc.(1) 44,790 877,884 - -------------------------------------------------------------------------------- 877,884 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 18.6% Applied Micro Circuits Corp.(1) 501,040 1,448,005 Marvell Technology Group Ltd.(1) 81,620 1,580,979 Netlogic Microsystems, Inc.(1) 10,670 270,698 O2Micro International Ltd., ADR(1,3) 514,290 3,553,744 PLX Technology, Inc.(1) 186,362 1,932,574 Silicon Image, Inc.(1) 71,750 912,660 Silicon Motion Technology Corp., ADR(1,3) 115,460 1,920,100 SiRF Technology Holdings, Inc.(1) 24,590 589,914 Tessera Technologies, Inc.(1) 28,420 988,448 Volterra Semiconductor Corp.(1) 105,420 1,713,075 - -------------------------------------------------------------------------------- 14,910,197 - -------------------------------------------------------------------------------- MISCELLANEOUS BUSINESS & CONSUMER DISCRETIONARY -- 0.1% Shutterfly, Inc.(1) 5,190 80,705 - -------------------------------------------------------------------------------- 80,705 - -------------------------------------------------------------------------------- PRODUCTION TECHNOLOGY EQUIPMENT -- 4.2% Cymer, Inc.(1) 23,360 1,025,738 KLA-Tencor Corp. 21,030 935,204 Ultratech, Inc.(1) 108,780 1,448,949 - -------------------------------------------------------------------------------- 3,409,891 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 10 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS INFORMATION AGE FUND(R) (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- RETAIL -- 1.0% GSI Commerce, Inc.(1) 56,939 $ 844,975 - -------------------------------------------------------------------------------- 844,975 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 1.7% Ctrip.com International Ltd., ADR(3) 30,080 1,352,096 - -------------------------------------------------------------------------------- 1,352,096 - -------------------------------------------------------------------------------- UTILITIES - TELECOMMUNICATIONS -- 1.7% Millicom International Cellular S.A.(1) 19,850 812,262 Time Warner Telecom, Inc., Class A(1) 31,170 592,542 - -------------------------------------------------------------------------------- 1,404,804 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $65,822,174) 75,028,078 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.1% RS Mutual Funds(8) 32,490 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $28,670) 32,490 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 6.8% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) 5,427,319 BlackRock Liquidity Funds TempFund Portfolio-Institutional Shares(9) 35,378 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $5,462,697) 5,462,697 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.3% (Cost $71,313,541) 80,523,265 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER LIABILITIES, NET -- (0.3)% (219,597) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 80,303,668 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 11 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS INTERNET AGE FUND(R) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 92.3% ADVERTISING AGENCIES -- 9.2% aQuantive, Inc.(1) 138,730 $ 3,276,802 Marchex, Inc., Class B(1) 167,440 2,568,530 - -------------------------------------------------------------------------------- 5,845,332 - -------------------------------------------------------------------------------- COMMUNICATIONS & MEDIA -- 1.7% Linktone Ltd., ADR(1,3) 209,990 1,079,349 - -------------------------------------------------------------------------------- 1,079,349 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 6.9% AudioCodes Ltd.(1) 100,520 943,883 Brocade Communications Systems, Inc.(1) 98,320 694,139 Cbeyond, Inc.(1) 26,490 727,151 Sonus Networks, Inc.(1) 46,630 245,274 WebEx Communications, Inc.(1) 44,574 1,739,277 - -------------------------------------------------------------------------------- 4,349,724 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 26.5% Adobe Systems, Inc.(1) 11,210 419,814 Akamai Technologies, Inc.(1) 50,470 2,522,995 Altiris, Inc.(1) 42,910 904,972 Citrix Systems, Inc.(1) 17,870 647,073 Commvault Systems, Inc.(1) 2,750 49,500 Digital River, Inc.(1) 53,230 2,721,118 Digitas, Inc.(1) 175,970 1,692,831 DivX, Inc.(1) 3,480 82,720 eCollege.com, Inc.(1) 40,240 643,438 Equinix, Inc.(1) 12,310 739,831 Informatica Corp.(1) 37,150 504,868 Omniture, Inc.(1) 170,230 1,343,115 RADWARE Ltd.(1) 46,460 630,462 Salesforce.com, Inc.(1) 21,620 775,726 Sigma Designs, Inc.(1) 85,110 1,272,394 Submarino SA, GDR 144A(3,7) 30,000 1,169,046 Symantec Corp.(1) 30,310 644,997 - -------------------------------------------------------------------------------- 16,764,900 - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY -- 3.8% Logitech International S.A., ADR(1,3) 30,700 668,032 msystems Ltd.(1) 26,540 1,067,970 Riverbed Technology, Inc.(1) 680 13,260 Trident Microsystems, Inc.(1) 12,620 293,541 Vimicro International Corp., ADR(1,3) 31,100 342,722 - -------------------------------------------------------------------------------- 2,385,525 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 16.7% Google, Inc., Class A(1) 5,910 $ 2,375,229 Netflix, Inc.(1) 99,040 2,256,131 The9 Ltd., ADR(1,3) 85,000 1,819,000 THQ, Inc.(1) 42,080 1,227,474 Yahoo! Inc.(1) 113,350 2,865,488 - -------------------------------------------------------------------------------- 10,543,322 - -------------------------------------------------------------------------------- CONSUMER PRODUCTS -- 2.2% Nintendo Co. Ltd., ADR(3) 55,000 1,421,750 - -------------------------------------------------------------------------------- 1,421,750 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT & COMPONENTS -- 0.9% Color Kinetics, Inc.(1) 34,550 586,659 - -------------------------------------------------------------------------------- 586,659 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 12.7% Applied Micro Circuits Corp.(1) 413,570 1,195,217 Netlogic Microsystems, Inc.(1) 8,700 220,719 O2Micro International Ltd., ADR(1,3) 389,950 2,694,555 PLX Technology, Inc.(1) 168,070 1,742,886 Silicon Motion Technology Corp., ADR(1,3) 78,260 1,301,464 Techwell, Inc.(1) 58,140 870,937 - -------------------------------------------------------------------------------- 8,025,778 - -------------------------------------------------------------------------------- MISCELLANEOUS BUSINESS & CONSUMER DISCRETIONARY -- 0.1% Shutterfly, Inc.(1) 4,110 63,910 - -------------------------------------------------------------------------------- 63,910 - -------------------------------------------------------------------------------- PRINTING & COPYING SERVICES -- 1.6% VistaPrint Ltd.(1) 39,010 1,011,919 - -------------------------------------------------------------------------------- 1,011,919 - -------------------------------------------------------------------------------- RETAIL -- 4.7% Blue Nile, Inc.(1) 15,880 577,238 GSI Commerce, Inc.(1) 133,360 1,979,062 Overstock.com, Inc.(1) 23,030 403,716 - -------------------------------------------------------------------------------- 2,960,016 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 3.2% Ctrip.com International Ltd., ADR(3) 45,460 2,043,427 - -------------------------------------------------------------------------------- 2,043,427 - -------------------------------------------------------------------------------- UTILITIES - TELECOMMUNICATIONS -- 2.1% Millicom International Cellular S.A.(1) 16,460 673,543 Time Warner Telecom, Inc., Class A(1) 35,420 673,334 - -------------------------------------------------------------------------------- 1,346,877 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $50,347,827) 58,428,488 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 12 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS INTERNET AGE FUND(R) (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) $ 21,319 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $19,000) 21,319 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 7.7% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) 3,257,701 BlackRock Liquidity Funds TempFund Portfolio-Institutional Shares(9) 1,607,788 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $4,865,489) 4,865,489 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% (Cost $55,232,316) 63,315,296 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEPOSITS WITH BROKERS FOR SECURITIES SOLD SHORT -- 2.0% 1,277,980 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES SOLD SHORT -- (2.2)% (Proceeds $1,277,980) (1,400,944) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER ASSETS, NET -- 0.2% 114,517 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 63,306,849 - -------------------------------------------------------------------------------- Schedule of Securities Sold Short - RS Internet Age Fund (R) September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 2.2% FINANCIAL INFORMATION SERVICES -- 1.0% Move, Inc.(1) 129,720 $ 636,925 - -------------------------------------------------------------------------------- 636,925 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 1.2% eBay, Inc.(1) 26,940 764,019 - -------------------------------------------------------------------------------- 764,019 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL SECURITIES SOLD SHORT (Proceeds $1,277,980) $ 1,400,944 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 13 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS MIDCAP OPPORTUNITIES FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 96.2% AEROSPACE -- 1.2% Alliant Techsystems, Inc.(1) 40,000 $ 3,242,400 - -------------------------------------------------------------------------------- 3,242,400 - -------------------------------------------------------------------------------- AIR TRANSPORTATION -- 1.1% UAL Corp.(1) 105,000 2,789,850 - -------------------------------------------------------------------------------- 2,789,850 - -------------------------------------------------------------------------------- BANKS - OUTSIDE NEW YORK CITY -- 3.2% AmericanWest Bancorp 125,000 2,656,250 SVB Financial Group(1) 67,000 2,990,880 Zions Bancorp 33,400 2,665,654 - -------------------------------------------------------------------------------- 8,312,784 - -------------------------------------------------------------------------------- BIOTECHNOLOGY RESEARCH & PRODUCTION -- 2.6% Celgene Corp.(1) 80,000 3,464,000 Cephalon, Inc.(1) 55,000 3,396,250 - -------------------------------------------------------------------------------- 6,860,250 - -------------------------------------------------------------------------------- BUILDING MATERIALS -- 1.1% Vulcan Materials Co. 36,000 2,817,000 - -------------------------------------------------------------------------------- 2,817,000 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 4.0% Boyd Gaming Corp. 110,000 4,228,400 International Game Technology 68,000 2,822,000 Scientific Games Corp., Class A(1) 110,000 3,498,000 - -------------------------------------------------------------------------------- 10,548,400 - -------------------------------------------------------------------------------- COMMUNICATIONS & MEDIA -- 1.4% Gemstar-TV Guide International, Inc.(1) 1,075,000 3,569,000 - -------------------------------------------------------------------------------- 3,569,000 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 3.0% Ciena Corp.(1) 138,742 3,780,719 Tellabs, Inc.(1) 380,000 4,164,800 - -------------------------------------------------------------------------------- 7,945,519 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 4.5% Autodesk, Inc.(1) 90,000 3,130,200 BEA Systems, Inc.(1) 198,000 3,009,600 Citrix Systems, Inc.(1) 85,000 3,077,850 Digital River, Inc.(1) 50,000 2,556,000 - -------------------------------------------------------------------------------- 11,773,650 - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY -- 6.7% Apple Computer, Inc.(1) 42,000 3,235,260 NVIDIA Corp.(1) 90,000 2,663,100 September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMPUTER TECHNOLOGY (CONTINUED) Palm, Inc.(1) 355,000 $ 5,168,800 SanDisk Corp.(1) 45,000 2,409,300 Trident Microsystems, Inc.(1) 175,000 4,070,500 - -------------------------------------------------------------------------------- 17,546,960 - -------------------------------------------------------------------------------- CONSTRUCTION -- 1.1% Chicago Bridge & Iron Co. N. V., ADR(3) 115,000 2,766,900 - -------------------------------------------------------------------------------- 2,766,900 - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 5.1% Activision, Inc.(1) 140,000 2,114,000 Harman International Industries, Inc 40,400 3,370,976 Netflix, Inc.(1) 199,900 4,553,722 THQ, Inc.(1) 115,000 3,354,550 - -------------------------------------------------------------------------------- 13,393,248 - -------------------------------------------------------------------------------- COSMETICS -- 1.3% Avon Products, Inc. 110,000 3,372,600 - -------------------------------------------------------------------------------- 3,372,600 - -------------------------------------------------------------------------------- DRUGS & PHARMACEUTICALS -- 2.1% Allergan, Inc. 22,000 2,477,420 Forest Laboratories, Inc.(1) 58,000 2,935,380 - -------------------------------------------------------------------------------- 5,412,800 - -------------------------------------------------------------------------------- ELECTRONICS -- 1.0% Avid Technology, Inc.(1) 70,000 2,549,400 - -------------------------------------------------------------------------------- 2,549,400 - -------------------------------------------------------------------------------- ELECTRONICS - INSTRUMENTS, GAUGES & METERS -- 1.1% Thermo Electron Corp.(1) 75,000 2,949,750 - -------------------------------------------------------------------------------- 2,949,750 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 6.0% Agere Systems, Inc.(1) 100,000 1,493,000 Integrated Device Technology, Inc.(1) 160,000 2,569,600 Marvell Technology Group Ltd.(1) 140,000 2,711,800 MEMC Electronic Materials, Inc.(1) 75,000 2,747,250 Micron Technology, Inc.(1) 187,200 3,257,280 Silicon Laboratories, Inc.(1) 90,000 2,791,800 - -------------------------------------------------------------------------------- 15,570,730 - -------------------------------------------------------------------------------- FINANCE - SMALL LOANS -- 1.1% The First Marblehead Corp. 42,500 2,943,550 - -------------------------------------------------------------------------------- 2,943,550 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 14 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS MIDCAP OPPORTUNITIES FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- FINANCE COMPANIES -- 1.1% International Securities Exchange Holdings, Inc., Class A 60,000 $ 2,813,400 - -------------------------------------------------------------------------------- 2,813,400 - -------------------------------------------------------------------------------- FINANCIAL DATA PROCESSING SERVICES & SYSTEMS -- 2.9% Alliance Data Systems Corp.(1) 65,000 3,587,350 CheckFree Corp.(1) 93,700 3,871,684 - -------------------------------------------------------------------------------- 7,459,034 - -------------------------------------------------------------------------------- FOODS -- 1.0% McCormick & Co., Inc. 71,500 2,715,570 - -------------------------------------------------------------------------------- 2,715,570 - -------------------------------------------------------------------------------- HEALTH CARE FACILITIES -- 3.5% Manor Care, Inc. 42,000 2,195,760 Sunrise Senior Living, Inc.(1) 141,100 4,214,657 Tenet Healthcare Corp.(1) 335,000 2,726,900 - -------------------------------------------------------------------------------- 9,137,317 - -------------------------------------------------------------------------------- HEALTH CARE SERVICES -- 1.1% Medco Health Solutions, Inc.(1) 46,000 2,765,060 - -------------------------------------------------------------------------------- 2,765,060 - -------------------------------------------------------------------------------- HOTEL/MOTEL -- 1.3% Hilton Hotels Corp. 120,000 3,342,000 - -------------------------------------------------------------------------------- 3,342,000 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 1.0% Genworth Financial, Inc., Class A 77,000 2,695,770 - -------------------------------------------------------------------------------- 2,695,770 - -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY -- 1.1% Covanta Holdings Corp.(1) 130,000 2,798,900 - -------------------------------------------------------------------------------- 2,798,900 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 1.1% Affiliated Managers Group, Inc.(1) 28,000 2,803,080 - -------------------------------------------------------------------------------- 2,803,080 - -------------------------------------------------------------------------------- LEISURE TIME -- 1.3% Penn National Gaming, Inc.(1) 90,000 3,286,800 - -------------------------------------------------------------------------------- 3,286,800 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 0.8% Cameron International Corp.(1) 45,000 2,173,950 - -------------------------------------------------------------------------------- 2,173,950 - -------------------------------------------------------------------------------- MEDICAL & DENTAL INSTRUMENTS & SUPPLIES -- 5.9% Dade Behring Holdings, Inc. 80,000 3,212,800 DENTSPLY International, Inc. 98,800 2,974,868 September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- MEDICAL & DENTAL INSTRUMENTS & SUPPLIES (CONTINUED) ResMed, Inc.(1) 80,000 $ 3,220,000 Respironics, Inc.(1) 70,000 2,702,700 St. Jude Medical, Inc.(1) 90,000 3,176,100 - -------------------------------------------------------------------------------- 15,286,468 - -------------------------------------------------------------------------------- METAL FABRICATING -- 2.0% Mueller Water Products, Inc.(1) 350,200 5,116,422 - -------------------------------------------------------------------------------- 5,116,422 - -------------------------------------------------------------------------------- MULTI-SECTOR COMPANIES -- 1.0% McDermott International, Inc.(1) 64,000 2,675,200 - -------------------------------------------------------------------------------- 2,675,200 - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 2.5% Newfield Exploration Co.(1) 60,000 2,312,400 Quicksilver Resources, Inc.(1) 70,000 2,233,000 Southwestern Energy Co.(1) 65,000 1,941,550 - -------------------------------------------------------------------------------- 6,486,950 - -------------------------------------------------------------------------------- PRODUCTION TECHNOLOGY EQUIPMENT -- 3.0% Cymer, Inc.(1) 100,000 4,391,000 Novellus Systems, Inc.(1) 128,000 3,540,480 - -------------------------------------------------------------------------------- 7,931,480 - -------------------------------------------------------------------------------- RADIO & TV BROADCASTERS -- 1.1% Univision Communications, Inc., Class A(1) 80,000 2,747,200 - -------------------------------------------------------------------------------- 2,747,200 - -------------------------------------------------------------------------------- RETAIL -- 4.9% Abercrombie & Fitch Co., Class A 46,000 3,196,080 Bebe Stores, Inc. 145,000 3,593,100 Limited Brands, Inc. 100,000 2,649,000 The TJX Cos., Inc. 118,000 3,307,540 - -------------------------------------------------------------------------------- 12,745,720 - -------------------------------------------------------------------------------- SAVINGS & LOAN -- 1.4% People's Bank 92,900 3,679,769 - -------------------------------------------------------------------------------- 3,679,769 - -------------------------------------------------------------------------------- SECURITIES BROKERAGE & SERVICES -- 2.3% E*TRADE Financial Corp.(1) 136,000 3,253,120 Investment Technology Group, Inc.(1) 63,000 2,819,250 - -------------------------------------------------------------------------------- 6,072,370 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 1.6% Nutri/System, Inc.(1) 65,000 4,048,850 - -------------------------------------------------------------------------------- 4,048,850 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 15 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS MIDCAP OPPORTUNITIES FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- STEEL -- 1.1% Oregon Steel Mills, Inc.(1) 60,000 $ 2,932,200 - -------------------------------------------------------------------------------- 2,932,200 - -------------------------------------------------------------------------------- TELECOMMUNICATIONS EQUIPMENT -- 1.3% InterDigital Communications Corp.(1) 100,000 3,410,000 - -------------------------------------------------------------------------------- 3,410,000 - -------------------------------------------------------------------------------- TOBACCO -- 1.3% Loews Corp.- Carolina Group 60,000 3,323,400 - -------------------------------------------------------------------------------- 3,323,400 - -------------------------------------------------------------------------------- TRUCKERS -- 1.2% Landstar System, Inc. 75,000 3,202,500 - -------------------------------------------------------------------------------- 3,202,500 - -------------------------------------------------------------------------------- UTILITIES - ELECTRICAL -- 0.9% Mirant Corp.(1) 90,000 2,457,900 - -------------------------------------------------------------------------------- 2,457,900 - -------------------------------------------------------------------------------- UTILITIES - GAS PIPELINES -- 0.9% The Williams Cos., Inc. 95,000 2,267,650 - -------------------------------------------------------------------------------- 2,267,650 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $228,160,928) 250,739,751 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) 37,590 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $33,453) 37,590 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 5.1% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) 13,328,974 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $13,328,974) 13,328,974 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 101.3% (Cost $241,523,355) 264,106,315 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER LIABILITIES, NET -- (1.3)% (3,350,360) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $260,755,955 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 16 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS SMALLER COMPANY GROWTH FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 92.1% ADVERTISING AGENCIES -- 0.9% Marchex, Inc., Class B(1) 171,600 $ 2,632,344 - -------------------------------------------------------------------------------- 2,632,344 - -------------------------------------------------------------------------------- AEROSPACE -- 0.9% HEICO Corp. 75,350 2,584,505 - -------------------------------------------------------------------------------- 2,584,505 - -------------------------------------------------------------------------------- AUTO PARTS - AFTERMARKET -- 0.2% Keystone Automotive Industries, Inc.(1) 15,090 573,722 - -------------------------------------------------------------------------------- 573,722 - -------------------------------------------------------------------------------- BANKS - OUTSIDE NEW YORK CITY -- 2.9% Boston Private Financial Holdings, Inc 81,150 2,262,462 PrivateBancorp, Inc. 64,406 2,944,642 Virginia Commerce Bancorp, Inc.(1) 150,005 3,330,111 - -------------------------------------------------------------------------------- 8,537,215 - -------------------------------------------------------------------------------- BEVERAGE - SOFT DRINKS -- 0.7% Hansen Natural Corp.(1) 63,010 2,046,565 - -------------------------------------------------------------------------------- 2,046,565 - -------------------------------------------------------------------------------- BIOTECHNOLOGY RESEARCH & PRODUCTION -- 1.7% ArthroCare Corp.(1) 47,980 2,248,343 Solexa, Inc.(1) 324,790 2,864,648 - -------------------------------------------------------------------------------- 5,112,991 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 3.4% Century Casinos, Inc.(1) 393,230 3,908,706 Scientific Games Corp., Class A(1) 193,430 6,151,074 - -------------------------------------------------------------------------------- 10,059,780 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 4.9% Atheros Communications(1) 150,740 2,732,916 CommScope, Inc.(1) 95,020 3,122,357 j2 Global Communications, Inc.(1) 153,812 4,179,072 RADVision Ltd.(1) 266,030 4,389,495 - -------------------------------------------------------------------------------- 14,423,840 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 4.5% Concur Technologies, Inc.(1) 245,490 3,571,879 Equinix, Inc.(1) 64,645 3,885,164 Omniture, Inc.(1) 322,931 2,547,926 Optimal Group, Inc., Class A(1) 286,410 3,368,182 - -------------------------------------------------------------------------------- 13,373,151 - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 1.2% The9 Ltd., ADR(1,3) 167,450 3,583,430 - -------------------------------------------------------------------------------- 3,583,430 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COSMETICS -- 0.1% Bare Escentuals, Inc.(1) 6,710 $ 182,177 - -------------------------------------------------------------------------------- 182,177 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 0.7% Greenhill & Co., Inc. 31,550 2,114,481 - -------------------------------------------------------------------------------- 2,114,481 - -------------------------------------------------------------------------------- ELECTRONICS -- 1.2% SRS Labs, Inc.(1) 562,785 3,489,267 - -------------------------------------------------------------------------------- 3,489,267 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 1.8% Silicon Motion Technology Corp., ADR(1,3) 133,800 2,225,094 Volterra Semiconductor Corp.(1) 181,330 2,946,612 - -------------------------------------------------------------------------------- 5,171,706 - -------------------------------------------------------------------------------- FINANCE COMPANIES -- 0.9% International Securities Exchange Holdings, Inc., Class A 55,800 2,616,462 - -------------------------------------------------------------------------------- 2,616,462 - -------------------------------------------------------------------------------- FINANCIAL - MISCELLANEOUS -- 1.6% Portfolio Recovery Associates, Inc.(1) 105,340 4,621,266 - -------------------------------------------------------------------------------- 4,621,266 - -------------------------------------------------------------------------------- FINANCIAL DATA PROCESSING SERVICES & SYSTEMS -- 3.1% Advent Software, Inc.(1) 42,771 1,548,738 Online Resources Corp.(1) 435,540 5,335,365 TradeStation Group, Inc.(1) 147,240 2,218,907 - -------------------------------------------------------------------------------- 9,103,010 - -------------------------------------------------------------------------------- HEALTH CARE FACILITIES -- 1.8% Five Star Quality Care, Inc.(1) 491,680 5,290,477 - -------------------------------------------------------------------------------- 5,290,477 - -------------------------------------------------------------------------------- HEALTH CARE MANAGEMENT SERVICES -- 0.5% Healthspring, Inc.(1) 74,120 1,426,810 - -------------------------------------------------------------------------------- 1,426,810 - -------------------------------------------------------------------------------- HEALTH CARE SERVICES -- 0.6% NovaMed, Inc.(1) 221,365 1,744,356 - -------------------------------------------------------------------------------- 1,744,356 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 2.3% Amerisafe, Inc.(1) 372,629 3,651,764 HealthExtras, Inc.(1) 108,403 3,068,889 - -------------------------------------------------------------------------------- 6,720,653 - -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY -- 1.4% The Navigators Group, Inc.(1) 83,360 4,002,114 - -------------------------------------------------------------------------------- 4,002,114 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 17 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS SMALLER COMPANY GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- LEISURE TIME -- 0.7% Life Time Fitness, Inc.(1) 47,300 $ 2,189,517 - -------------------------------------------------------------------------------- 2,189,517 - -------------------------------------------------------------------------------- MACHINERY - INDUSTRIAL/SPECIALTY -- 0.7% Gardner Denver, Inc.(1) 65,520 2,167,402 - -------------------------------------------------------------------------------- 2,167,402 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 4.1% Allis-Chalmers Energy, Inc.(1) 105,930 1,550,815 Lufkin Industries, Inc. 38,160 2,019,427 Oil States International, Inc.(1) 122,360 3,364,900 Superior Energy Services, Inc.(1) 133,850 3,514,901 W-H Energy Services, Inc.(1) 37,470 1,553,881 - -------------------------------------------------------------------------------- 12,003,924 - -------------------------------------------------------------------------------- MACHINERY - SPECIALTY -- 1.3% Flow International Corp.(1) 302,061 3,917,731 - -------------------------------------------------------------------------------- 3,917,731 - -------------------------------------------------------------------------------- MEDICAL & DENTAL INSTRUMENTS & SUPPLIES -- 13.0% American Medical Systems Holdings, Inc.(1) 260,770 4,805,991 AngioDynamics, Inc.(1) 165,580 3,429,162 Immucor, Inc.(1) 82,665 1,852,523 Kyphon, Inc.(1) 87,980 3,292,212 LifeCell Corp.(1) 72,050 2,321,451 NuVasive, Inc.(1) 171,470 3,448,262 Orthovita, Inc.(1) 621,860 2,170,291 PolyMedica Corp. 108,313 4,636,879 ResMed, Inc.(1) 89,590 3,605,997 The Spectranetics Corp.(1) 428,870 5,017,779 Vital Signs, Inc. 66,390 3,758,338 - -------------------------------------------------------------------------------- 38,338,885 - -------------------------------------------------------------------------------- METAL FABRICATING -- 2.4% Dynamic Materials Corp. 60,150 1,950,063 Maverick Tube Corp.(1) 80,340 5,208,442 - -------------------------------------------------------------------------------- 7,158,505 - -------------------------------------------------------------------------------- MISCELLANEOUS BUSINESS & CONSUMER DISCRETIONARY -- 0.1% Shutterfly, Inc.(1) 19,260 299,493 - -------------------------------------------------------------------------------- 299,493 - -------------------------------------------------------------------------------- MISCELLANOUS PRODUCER DURABLES -- 1.0% BE Aerospace, Inc.(1) 137,440 2,898,610 - -------------------------------------------------------------------------------- 2,898,610 - -------------------------------------------------------------------------------- POLLUTION CONTROL & ENVIRONMENTAL SERVICES -- 2.7% SunOpta, Inc.(1) 318,604 3,367,644 September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- POLLUTION CONTROL & ENVIRONMENTAL SERVICES (CONTINUED) Team, Inc.(1) 180,670 $ 4,527,590 - -------------------------------------------------------------------------------- 7,895,234 - -------------------------------------------------------------------------------- POWER TRANSMISSION EQUIPMENT -- 0.9% Regal-Beloit Corp. 62,500 2,718,750 - -------------------------------------------------------------------------------- 2,718,750 - -------------------------------------------------------------------------------- PRODUCTION TECHNOLOGY EQUIPMENT -- 0.7% Cymer, Inc.(1) 49,320 2,165,641 - -------------------------------------------------------------------------------- 2,165,641 - -------------------------------------------------------------------------------- RAILROAD EQUIPMENT -- 1.0% American Railcar Industries, Inc. 95,584 2,782,450 - -------------------------------------------------------------------------------- 2,782,450 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS -- 1.5% KKR Financial Corp. 180,570 4,431,188 - -------------------------------------------------------------------------------- 4,431,188 - -------------------------------------------------------------------------------- RETAIL -- 4.6% Cache, Inc.(1) 291,047 5,206,831 Central Garden & Pet Co.(1) 101,440 4,895,494 Jos. A. Bank Clothiers, Inc.(1) 117,451 3,518,832 - -------------------------------------------------------------------------------- 13,621,157 - -------------------------------------------------------------------------------- SECURITIES BROKERAGE & SERVICES -- 3.2% GFI Group, Inc.(1) 33,705 1,863,549 Investment Technology Group, Inc.(1) 101,290 4,532,728 optionsXpress Holdings, Inc. 107,690 3,002,397 - -------------------------------------------------------------------------------- 9,398,674 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 9.7% AMN Healthcare Services, Inc.(1) 145,330 3,451,587 Barrett Business Services, Inc.(1) 196,230 4,213,058 Ctrip.com International Ltd., ADR(3) 37,270 1,675,287 FirstService Corp.(1) 208,799 4,973,592 Nutri/System, Inc.(1) 88,620 5,520,140 Rollins, Inc. 215,700 4,553,427 Steiner Leisure Ltd.(1) 99,780 4,195,749 - -------------------------------------------------------------------------------- 28,582,840 - -------------------------------------------------------------------------------- SHIPPING -- 0.9% American Commercial Lines, Inc.(1) 42,770 2,542,677 - -------------------------------------------------------------------------------- 2,542,677 - -------------------------------------------------------------------------------- SHOES -- 1.6% Iconix Brand Group, Inc.(1) 288,276 4,641,244 - -------------------------------------------------------------------------------- 4,641,244 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 18 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS SMALLER COMPANY GROWTH FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- TEXTILE - APPAREL MANUFACTURERS -- 1.3% Carter's, Inc.(1) 146,780 $ 3,873,524 - -------------------------------------------------------------------------------- 3,873,524 - -------------------------------------------------------------------------------- TRANSPORTATION - MISCELLANEOUS -- 0.9% Vitran Corp., Inc.(1) 136,050 2,516,925 - -------------------------------------------------------------------------------- 2,516,925 - -------------------------------------------------------------------------------- TRUCKERS -- 0.7% Old Dominion Freight Line, Inc.(1) 68,350 2,052,551 - -------------------------------------------------------------------------------- 2,052,551 - -------------------------------------------------------------------------------- UTILITIES - TELECOMMUNICATIONS -- 0.8% Time Warner Telecom, Inc., Class A(1) 116,120 2,207,441 - -------------------------------------------------------------------------------- 2,207,441 - -------------------------------------------------------------------------------- WHOLESALERS -- 1.0% MWI Veterinary Supply, Inc.(1) 90,780 3,043,853 - -------------------------------------------------------------------------------- 3,043,853 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $238,742,358) 270,858,538 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) 35,592 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $32,713) 35,592 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 10.5% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) 15,441,179 BlackRock Liquidity Funds TempFund Portfolio-Institutional Shares(9) 15,401,179 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $30,842,358) 30,842,358 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 102.6% (Cost $269,617,429) 301,736,488 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER LIABILITIES, NET -- (2.6)% (7,543,149) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $294,193,339 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 19 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS GLOBAL NATURAL RESOURCES FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 84.4% ALUMINUM -- 5.0% Alcan, Inc. 843,900 $ 33,646,293 Century Aluminum Co.(1) 1,514,200 50,952,830 - -------------------------------------------------------------------------------- 84,599,123 - -------------------------------------------------------------------------------- CHEMICALS -- 2.0% Eastman Chemical Co. 628,700 33,962,374 - -------------------------------------------------------------------------------- 33,962,374 - -------------------------------------------------------------------------------- COAL -- 7.9% Arch Coal, Inc. 1,057,220 30,564,230 Foundation Coal Holdings, Inc. 1,343,460 43,487,800 Peabody Energy Corp. 1,458,480 53,642,894 Western Canadian Coal Corp.(1) CAD 2,616,200 4,798,220 - -------------------------------------------------------------------------------- 132,493,144 - -------------------------------------------------------------------------------- ENERGY - MISCELLANEOUS -- 1.3% Crosstex Energy, Inc. 223,603 20,028,121 Sound Energy Trust CAD 353,750 2,117,278 - -------------------------------------------------------------------------------- 22,145,399 - -------------------------------------------------------------------------------- FINANCIAL - MISCELLANEOUS -- 3.6% Brookfield Asset Management, Inc., Class A CAD 1,375,050 60,796,217 - -------------------------------------------------------------------------------- 60,796,217 - -------------------------------------------------------------------------------- GOLD -- 3.4% Goldcorp, Inc. CAD 1,362,180 32,124,415 Kinross Gold Corp.(1) CAD 2,046,100 25,609,429 - -------------------------------------------------------------------------------- 57,733,844 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 0.6% PICO Holdings, Inc.(1) 286,778 9,334,624 - -------------------------------------------------------------------------------- 9,334,624 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 11.0% Basic Energy Services, Inc.(1,6) 1,712,590 41,787,196 Complete Production Services, Inc.(1) 2,174,810 42,930,749 Key Energy Services, Inc.(1) 4,848,600 65,940,960 Noble Corp. 549,150 35,244,447 - -------------------------------------------------------------------------------- 185,903,352 - -------------------------------------------------------------------------------- METALS & MINERALS - MISCELLANEOUS -- 7.6% BHP Billiton Ltd., ADR(3) 1,185,800 44,918,104 Companhia Vale do Rio Doce, ADR(3) 2,211,100 47,671,316 Ivanhoe Nickel & Platinum Ltd.(1,4,5) 203,624 1,018,120 Sherritt International Corp. CAD 3,969,000 34,621,114 - -------------------------------------------------------------------------------- 128,228,654 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- OFFSHORE DRILLING -- 0.9% Hercules Offshore, Inc.(1) 498,620 $ 15,482,151 - -------------------------------------------------------------------------------- 15,482,151 - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 21.1% Anadarko Petroleum Corp. 1,229,900 53,906,517 Anderson Energy Ltd.(1,6) CAD 4,613,000 17,746,276 Compton Petroleum Corp.(1) CAD 4,290,800 42,802,433 Denbury Resources, Inc.(1) 1,954,800 56,493,720 EnCana Corp. CAD 170,700 7,942,838 Newfield Exploration Co.(1) 951,900 36,686,226 Nexen, Inc. CAD 668,900 35,756,453 Noble Energy, Inc. 269,800 12,300,182 Southwestern Energy Co.(1) 644,900 19,263,163 Talisman Energy, Inc. CAD 4,484,300 73,177,036 - -------------------------------------------------------------------------------- 356,074,844 - -------------------------------------------------------------------------------- OIL - INTEGRATED INTERNATIONAL -- 8.2% Exxon Mobil Corp. 336,500 22,579,150 Marathon Oil Corp. 541,100 41,610,590 Paramount Resources Ltd., Class A(1) CAD 2,247,300 54,063,875 Petrobank Energy & Resources Ltd.(1) CAD 1,478,400 19,443,060 - -------------------------------------------------------------------------------- 137,696,675 - -------------------------------------------------------------------------------- STEEL -- 5.8% Allegheny Technologies, Inc. 927,860 57,703,613 Carpenter Technology Corp. 380,315 40,887,666 - -------------------------------------------------------------------------------- 98,591,279 - -------------------------------------------------------------------------------- UTILITIES - ELECTRICAL -- 6.0% PPL Corp. 1,571,700 51,708,930 TXU Corp. 802,900 50,197,308 - -------------------------------------------------------------------------------- 101,906,238 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $1,258,989,948) 1,424,947,918 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) 88,934 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $87,146) 88,934 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 20 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS GLOBAL NATURAL RESOURCES FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Value - -------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 10.0% BlackRock Liquidity Funds TempCash Portfolio-Institutional Shares(9) $ 84,751,703 BlackRock Liquidity Funds TempFund Portfolio-Institutional Shares(9) 84,601,703 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (Cost $169,353,406) 169,353,406 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 94.4% (Cost $1,428,430,500) 1,594,390,258 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER ASSETS, NET -- 5.6% 94,727,036 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $1,689,117,294 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 21 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS INVESTORS FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 94.4% CABLE TELEVISION SERVICES -- 7.3% Liberty Global, Inc., Class A(1) 75,806 $ 1,951,246 Liberty Global, Inc., Series C(1) 89,250 2,236,605 - -------------------------------------------------------------------------------- 4,187,851 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 5.8% Scientific Games Corp., Class A(1) 102,280 3,252,504 Station Casinos, Inc. 1,800 104,094 - -------------------------------------------------------------------------------- 3,356,598 - -------------------------------------------------------------------------------- CHEMICALS -- 3.1% Eastman Chemical Co. 33,450 1,806,969 - -------------------------------------------------------------------------------- 1,806,969 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 5.7% NCR Corp.(1) 83,340 3,290,263 - -------------------------------------------------------------------------------- 3,290,263 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 5.7% Symantec Corp.(1) 155,100 3,300,528 - -------------------------------------------------------------------------------- 3,300,528 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 2.3% Merrill Lynch & Co., Inc. 17,310 1,353,988 - -------------------------------------------------------------------------------- 1,353,988 - -------------------------------------------------------------------------------- EDUCATION SERVICES -- 2.3% Corinthian Colleges, Inc.(1) 120,100 1,298,281 - -------------------------------------------------------------------------------- 1,298,281 - -------------------------------------------------------------------------------- ELECTRONICS - MEDICAL SYSTEMS -- 3.0% eResearch Technology, Inc.(1) 210,510 1,707,236 - -------------------------------------------------------------------------------- 1,707,236 - -------------------------------------------------------------------------------- FINANCIAL - MISCELLANEOUS -- 3.8% Ambac Financial Group, Inc. 26,230 2,170,533 - -------------------------------------------------------------------------------- 2,170,533 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 2.3% Hanover Insurance Group, Inc. 29,810 1,330,420 - -------------------------------------------------------------------------------- 1,330,420 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 4.7% Amvescap PLC, ADR(3) 124,800 2,735,616 - -------------------------------------------------------------------------------- 2,735,616 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 4.0% Key Energy Services, Inc.(1) 168,030 2,285,208 - -------------------------------------------------------------------------------- 2,285,208 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 4.8% Compton Petroleum Corp.(1) CAD 111,800 $ 1,115,249 Talisman Energy, Inc. CAD 101,500 1,656,328 - -------------------------------------------------------------------------------- 2,771,577 - -------------------------------------------------------------------------------- OIL - INTEGRATED INTERNATIONAL -- 2.9% Paramount Resources Ltd., Class A(1) CAD 69,600 1,674,385 - -------------------------------------------------------------------------------- 1,674,385 - -------------------------------------------------------------------------------- RADIO & TV BROADCASTERS -- 2.5% Grupo Televisa S.A., ADR(3) 68,000 1,445,680 - -------------------------------------------------------------------------------- 1,445,680 - -------------------------------------------------------------------------------- REAL ESTATE -- 8.7% MI Developments, Inc., Class A 93,900 3,422,655 Realogy Corp.(1) 70,475 1,598,373 - -------------------------------------------------------------------------------- 5,021,028 - -------------------------------------------------------------------------------- RESTAURANTS -- 5.1% Triarc Cos., Inc., Class B 194,200 2,936,304 - -------------------------------------------------------------------------------- 2,936,304 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 12.1% Coinmach Service Corp. 69,700 1,250,418 Coinmach Service Corp., Class A 12,600 125,118 Coinstar, Inc.(1) 109,200 3,142,776 Corrections Corp. of America(1) 56,690 2,451,843 - -------------------------------------------------------------------------------- 6,970,155 - -------------------------------------------------------------------------------- TEXTILE - APPAREL MANUFACTURERS -- 3.4% Carter's, Inc.(1) 74,200 1,958,138 - -------------------------------------------------------------------------------- 1,958,138 - -------------------------------------------------------------------------------- UTILITIES - ELECTRICAL -- 4.9% PPL Corp. 86,000 2,829,400 - -------------------------------------------------------------------------------- 2,829,400 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $51,076,474) 54,430,158 - -------------------------------------------------------------------------------- Shares Value - -------------------------------------------------------------------------------- DEPOSITORY SECURITIES -- 5.4% DIVERSIFIED FINANCIAL SERVICES -- 5.4% KKR Private Equity Investors, L.P. 144A(1,7) 147,000 3,123,750 - -------------------------------------------------------------------------------- 3,123,750 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL DEPOSITORY SECURITIES (Cost $3,675,000) 3,123,750 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 22 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS INVESTORS FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) $ 1,316 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $1,357) 1,316 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 99.8% (Cost $54,752,831) 57,555,224 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER ASSETS, NET -- 0.2% 103,829 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 57,659,053 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 23 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS PARTNERS FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 78.3% AIR TRANSPORTATION -- 3.0% Grupo Aeroportuario del Pacifico SA de CV, ADR(3) 675,710 $ 22,974,140 Oesterreichische Post AG(1) EUR 1,267,000 48,279,061 - -------------------------------------------------------------------------------- 71,253,201 - -------------------------------------------------------------------------------- ALUMINUM -- 0.8% Century Aluminum Co.(1) 563,883 18,974,663 - -------------------------------------------------------------------------------- 18,974,663 - -------------------------------------------------------------------------------- AUTO PARTS - AFTER MARKET -- 1.7% Commercial Vehicle Group, Inc.(1,6) 2,047,101 39,427,165 - -------------------------------------------------------------------------------- 39,427,165 - -------------------------------------------------------------------------------- BANKS - OUTSIDE NEW YORK CITY -- 3.8% Greater Bay Bancorp 884,978 24,965,229 Hancock Holding Co. 568,920 30,465,666 Whitney Holding Corp. 985,026 35,234,380 - -------------------------------------------------------------------------------- 90,665,275 - -------------------------------------------------------------------------------- CABLE TELEVISION SERVICES -- 2.7% Liberty Global, Inc., Class A(1) 1,241,878 31,965,940 Liberty Global, Inc., Series C(1) 1,259,441 31,561,591 - -------------------------------------------------------------------------------- 63,527,531 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 2.6% Scientific Games Corp., Class A(1) 1,921,045 61,089,231 - -------------------------------------------------------------------------------- 61,089,231 - -------------------------------------------------------------------------------- COAL -- 2.5% Peabody Energy Corp. 1,653,400 60,812,052 - -------------------------------------------------------------------------------- 60,812,052 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 0.7% Novell, Inc.(1) 2,779,478 17,010,405 - -------------------------------------------------------------------------------- 17,010,405 - -------------------------------------------------------------------------------- EDUCATION SERVICES -- 2.4% Corinthian Colleges, Inc.(1,6) 5,258,124 56,840,320 - -------------------------------------------------------------------------------- 56,840,320 - -------------------------------------------------------------------------------- ELECTRONICS - MEDICAL SYSTEMS -- 1.7% eResearch Technology, Inc.(1,6) 5,002,730 40,572,140 - -------------------------------------------------------------------------------- 40,572,140 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 0.3% Avnet, Inc.(1) 423,300 8,305,146 - -------------------------------------------------------------------------------- 8,305,146 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- FINANCE COMPANIES -- 3.2% Assured Guaranty Ltd. 1,759,740 $ 45,630,058 Lazard Ltd., Class A 786,560 31,446,669 - -------------------------------------------------------------------------------- 77,076,727 - -------------------------------------------------------------------------------- FINANCIAL DATA PROCESSING SERVICES & SYSTEMS -- 3.3% eFunds Corp.(1) 548,545 13,263,818 Fair Isaac Corp. 1,133,900 41,466,723 John H. Harland Co. 689,557 25,134,353 - -------------------------------------------------------------------------------- 79,864,894 - -------------------------------------------------------------------------------- FINANCIAL INFORMATION SERVICES -- 0.3% Interactive Data Corp.(1) 403,600 8,051,820 - -------------------------------------------------------------------------------- 8,051,820 - -------------------------------------------------------------------------------- GOLD -- 0.8% Goldcorp, Inc. CAD 837,630 19,753,904 - -------------------------------------------------------------------------------- 19,753,904 - -------------------------------------------------------------------------------- HEALTH CARE FACILITIES -- 1.2% LCA-Vision, Inc. 715,633 29,562,799 - -------------------------------------------------------------------------------- 29,562,799 - -------------------------------------------------------------------------------- IDENTIFICATION CONTROL & FILTER DEVICES -- 1.0% Paxar Corp.(1) 1,207,170 24,119,257 - -------------------------------------------------------------------------------- 24,119,257 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 3.0% Hanover Insurance Group, Inc. 1,601,570 71,478,069 - -------------------------------------------------------------------------------- 71,478,069 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 1.6% Affiliated Managers Group, Inc.(1) 391,780 39,221,096 - -------------------------------------------------------------------------------- 39,221,096 - -------------------------------------------------------------------------------- MACHINERY - OIL/WELL EQUIPMENT & SERVICES -- 3.5% Key Energy Services, Inc.(1) 6,075,500 82,626,800 - -------------------------------------------------------------------------------- 82,626,800 - -------------------------------------------------------------------------------- MEDICAL SERVICES -- 2.6% Magellan Health Services, Inc.(1) 1,468,421 62,554,735 - -------------------------------------------------------------------------------- 62,554,735 - -------------------------------------------------------------------------------- METALS & MINERALS - MISCELLANEOUS -- 1.6% Sherritt International Corp. CAD 4,256,050 37,125,017 - -------------------------------------------------------------------------------- 37,125,017 - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 2.0% Compton Petroleum Corp.(1) CAD 4,847,100 48,351,747 - -------------------------------------------------------------------------------- 48,351,747 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 24 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS PARTNERS FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- OIL - INTEGRATED INTERNATIONAL -- 2.0% Paramount Resources Ltd., Class A(1) CAD 2,019,500 $ 48,583,632 - -------------------------------------------------------------------------------- 48,583,632 - -------------------------------------------------------------------------------- REAL ESTATE -- 2.8% MI Developments, Inc., Class A 1,826,900 66,590,505 - -------------------------------------------------------------------------------- 66,590,505 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS -- 2.3% BioMed Realty Trust, Inc. 957,500 29,050,550 KKR Financial Corp. 1,015,090 24,910,309 - -------------------------------------------------------------------------------- 53,960,859 - -------------------------------------------------------------------------------- RENTAL & LEASING SERVICES - CONSUMER -- 2.2% Aaron Rents, Inc.(6) 2,294,070 52,717,729 - -------------------------------------------------------------------------------- 52,717,729 - -------------------------------------------------------------------------------- RESTAURANTS -- 3.8% Triarc Cos., Inc., Class B(6) 6,003,100 90,766,872 - -------------------------------------------------------------------------------- 90,766,872 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 10.3% Coinmach Service Corp. 1,666,400 29,895,216 Coinmach Service Corp., Class A 815,350 8,096,425 Coinstar, Inc.(1,6) 2,450,552 70,526,887 Copart, Inc.(1) 854,227 24,080,659 Corrections Corp. of America(1) 2,647,520 114,505,240 - -------------------------------------------------------------------------------- 247,104,427 - -------------------------------------------------------------------------------- SHIPPING -- 1.6% Alexander & Baldwin, Inc. 845,236 37,503,121 - -------------------------------------------------------------------------------- 37,503,121 - -------------------------------------------------------------------------------- STEEL -- 3.6% Allegheny Technologies, Inc. 756,540 47,049,223 Carpenter Technology Corp. 364,900 39,230,399 - -------------------------------------------------------------------------------- 86,279,622 - -------------------------------------------------------------------------------- TEXTILE - APPAREL MANUFACTURERS -- 2.7% Carter's, Inc.(1) 2,426,040 64,023,196 - -------------------------------------------------------------------------------- 64,023,196 - -------------------------------------------------------------------------------- TRANSPORTATION - MISCELLANEOUS -- 0.7% Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR(3) 457,500 17,069,325 - -------------------------------------------------------------------------------- 17,069,325 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $1,527,271,782) 1,872,863,282 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- DEPOSITORY SECURITIES -- 6.3% DIVERSIFIED FINANCIAL SERVICES -- 3.2% KKR Private Equity Investors, L.P. 144A(1,7) 3,614,465 $ 76,807,381 - -------------------------------------------------------------------------------- 76,807,381 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 3.1% AP Alternative Assets, L.P. 144A(1,7) 3,893,600 72,615,640 - -------------------------------------------------------------------------------- 72,615,640 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL DEPOSITORY SECURITIES (Cost $166,055,288) 149,423,021 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) 171,722 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $168,107) 171,722 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 84.6% (Cost $1,693,495,177) 2,022,458,025 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER ASSETS, NET -- 15.4% 368,409,833 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $2,390,867,858 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 25 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS VALUE FUND - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS -- 79.4% ADVERTISING AGENCIES -- 0.6% Clear Channel Outdoor Holdings, Inc., Class A(1) 542,450 $ 11,065,980 - -------------------------------------------------------------------------------- 11,065,980 - -------------------------------------------------------------------------------- BANKS - OUTSIDE NEW YORK CITY -- 2.5% Synovus Financial Corp. 653,700 19,199,169 The Shizuoka Bank Ltd. JPY 2,452,600 26,659,373 - -------------------------------------------------------------------------------- 45,858,542 - -------------------------------------------------------------------------------- CABLE TELEVISION SERVICES -- 6.2% Liberty Global, Inc., Class A(1) 1,267,965 32,637,419 Liberty Global, Inc., Series C(1) 1,851,179 46,390,546 Liberty Media Holding Corp., Common Series A(1) 408,320 34,123,302 - -------------------------------------------------------------------------------- 113,151,267 - -------------------------------------------------------------------------------- CASINOS & GAMBLING -- 3.8% Scientific Games Corp., Class A(1) 1,602,302 50,953,204 Station Casinos, Inc. 307,400 17,776,942 - -------------------------------------------------------------------------------- 68,730,146 - -------------------------------------------------------------------------------- CHEMICALS -- 1.5% Eastman Chemical Co. 519,200 28,047,184 - -------------------------------------------------------------------------------- 28,047,184 - -------------------------------------------------------------------------------- COAL -- 2.4% Peabody Energy Corp. 1,210,010 44,504,168 - -------------------------------------------------------------------------------- 44,504,168 - -------------------------------------------------------------------------------- COMMUNICATIONS & MEDIA -- 1.3% Discovery Holding Co., Class A(1) 1,645,630 23,795,810 - -------------------------------------------------------------------------------- 23,795,810 - -------------------------------------------------------------------------------- COMMUNICATIONS TECHNOLOGY -- 2.7% NCR Corp.(1) 1,253,700 49,496,076 - -------------------------------------------------------------------------------- 49,496,076 - -------------------------------------------------------------------------------- COMPUTER SERVICES, SOFTWARE & SYSTEMS -- 3.2% Novell, Inc.(1) 1,716,370 10,504,184 Symantec Corp.(1) 2,293,300 48,801,424 - -------------------------------------------------------------------------------- 59,305,608 - -------------------------------------------------------------------------------- CONSUMER ELECTRONICS -- 2.3% VeriSign, Inc.(1) 929,785 18,781,657 Yahoo! Inc.(1) 915,200 23,136,256 - -------------------------------------------------------------------------------- 41,917,913 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 4.0% Ameriprise Financial, Inc. 786,260 $ 36,875,594 Merrill Lynch & Co., Inc. 458,550 35,867,781 - -------------------------------------------------------------------------------- 72,743,375 - -------------------------------------------------------------------------------- DRUGS & PHARMACEUTICALS -- 1.8% Barr Pharmaceuticals, Inc.(1) 371,800 19,311,292 Warner Chilcott Ltd.(1) 1,088,238 14,473,565 - -------------------------------------------------------------------------------- 33,784,857 - -------------------------------------------------------------------------------- ELECTRONICS - SEMICONDUCTORS & COMPONENTS -- 0.5% Arrow Electronics, Inc.(1) 338,500 9,285,055 - -------------------------------------------------------------------------------- 9,285,055 - -------------------------------------------------------------------------------- ENTERTAINMENT -- 2.0% Viacom, Inc., Class B(1) 966,085 35,919,040 - -------------------------------------------------------------------------------- 35,919,040 - -------------------------------------------------------------------------------- FINANCIAL - MISCELLANEOUS -- 4.8% Ambac Financial Group, Inc. 433,690 35,887,847 Brookfield Asset Management, Inc., Class A CAD 1,188,550 52,550,339 - -------------------------------------------------------------------------------- 88,438,186 - -------------------------------------------------------------------------------- GOLD -- 0.8% Goldcorp, Inc. CAD 618,700 14,590,858 - -------------------------------------------------------------------------------- 14,590,858 - -------------------------------------------------------------------------------- HEALTH CARE FACILITIES -- 2.1% Triad Hospitals, Inc.(1) 852,200 37,522,366 - -------------------------------------------------------------------------------- 37,522,366 - -------------------------------------------------------------------------------- INSURANCE - MULTI-LINE -- 3.4% Assurant, Inc. 523,620 27,966,544 Genworth Financial, Inc., Class A 993,180 34,771,232 - -------------------------------------------------------------------------------- 62,737,776 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 4.3% Amvescap PLC, ADR(3) 1,926,700 42,233,264 Federated Investors, Inc., Class B 1,089,340 36,830,585 - -------------------------------------------------------------------------------- 79,063,849 - -------------------------------------------------------------------------------- MEDICAL SERVICES -- 1.8% Magellan Health Services, Inc.(1) 763,070 32,506,782 - -------------------------------------------------------------------------------- 32,506,782 - -------------------------------------------------------------------------------- METALS & MINERALS - MISCELLANEOUS -- 0.2% Ivanhoe Nickel & Platinum Ltd.(1,4,5) 698,422 3,492,110 - -------------------------------------------------------------------------------- 3,492,110 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 26 | - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS -- RS VALUE FUND (CONTINUED) - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Foreign Currency(2) Shares Value - -------------------------------------------------------------------------------- MISCELLANEOUS EQUIPMENT -- 1.0% W.W. Grainger, Inc. 269,240 $ 18,044,465 - -------------------------------------------------------------------------------- 18,044,465 - -------------------------------------------------------------------------------- OFFICE FURNITURE & BUSINESS EQUIPMENT -- 0.5% Diebold, Inc. 216,620 9,429,469 - -------------------------------------------------------------------------------- 9,429,469 - -------------------------------------------------------------------------------- OIL - CRUDE PRODUCERS -- 2.8% Talisman Energy, Inc. CAD 3,127,900 51,042,627 - -------------------------------------------------------------------------------- 51,042,627 - -------------------------------------------------------------------------------- PUBLISHING - NEWSPAPERS -- 1.3% News Corp., Class B 1,118,340 23,082,538 - -------------------------------------------------------------------------------- 23,082,538 - -------------------------------------------------------------------------------- RADIO & TV BROADCASTERS -- 1.5% Grupo Televisa S.A., ADR(3) 1,299,600 27,629,496 - -------------------------------------------------------------------------------- 27,629,496 - -------------------------------------------------------------------------------- REAL ESTATE -- 4.4% MI Developments, Inc., Class A 1,334,220 48,632,319 Realogy Corp.(1) 1,446,650 32,810,022 - -------------------------------------------------------------------------------- 81,442,341 - -------------------------------------------------------------------------------- RETAIL -- 0.5% Ross Stores, Inc. 365,719 9,292,920 - -------------------------------------------------------------------------------- 9,292,920 - -------------------------------------------------------------------------------- SERVICES - COMMERCIAL -- 4.6% Corrections Corp. of America(1) 1,955,070 84,556,777 - -------------------------------------------------------------------------------- 84,556,777 - -------------------------------------------------------------------------------- SHIPPING -- 1.1% Alexander & Baldwin, Inc. 451,817 20,047,120 - -------------------------------------------------------------------------------- 20,047,120 - -------------------------------------------------------------------------------- STEEL -- 2.2% Allegheny Technologies, Inc. 660,400 41,070,276 - -------------------------------------------------------------------------------- 41,070,276 - -------------------------------------------------------------------------------- TRANSPORTATION - MISCELLANEOUS -- 1.9% Laidlaw International, Inc. 1,269,610 34,698,441 - -------------------------------------------------------------------------------- 34,698,441 - -------------------------------------------------------------------------------- UTILITIES - CABLE TV & RADIO -- 2.9% Comcast Corp.(1) 1,424,070 52,476,980 - -------------------------------------------------------------------------------- 52,476,980 - -------------------------------------------------------------------------------- September 30, 2006 (unaudited) Shares Value - -------------------------------------------------------------------------------- UTILITIES - ELECTRICAL -- 2.5% PPL Corp. 1,384,800 $ 45,559,920 - -------------------------------------------------------------------------------- 45,559,920 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $1,226,693,139) 1,454,330,318 - -------------------------------------------------------------------------------- Shares Value - -------------------------------------------------------------------------------- DEPOSITORY SECURITIES -- 5.9% DIVERSIFIED FINANCIAL SERVICES -- 3.3% KKR Private Equity Investors, L.P. 144A(1,7) 2,816,400 59,848,500 - -------------------------------------------------------------------------------- 59,848,500 - -------------------------------------------------------------------------------- INVESTMENT MANAGEMENT COMPANIES -- 2.6% AP Alternative Assets, L.P. 144A(1,7) 2,565,400 47,844,710 - -------------------------------------------------------------------------------- 47,844,710 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL DEPOSITORY SECURITIES (Cost $121,718,000) 107,693,210 - -------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------- OTHER INVESTMENTS -- 0.0% RS Mutual Funds(8) 124,410 - -------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS (Cost $121,481) 124,410 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 85.3% (Cost $1,348,532,620) 1,562,147,938 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER ASSETS, NET -- 14.7% 269,886,600 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $1,832,034,538 - -------------------------------------------------------------------------------- See notes to Schedule of Investments on page 28. 27 | - -------------------------------------------------------------------------------- NOTES TO SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- (1) Non income-producing security. (2) Foreign-denominated security: CAD - Canadian Dollar, EUR - Euro Dollar, JPY - Japanese Yen. (3) ADR -- American Depository Receipt. GDR -- Global Depository Receipt. (4) Fair value security. (5) Restricted security. See note below. (6) Affiliated issuer. See note below. (7) These securities may be resold in transactions under rule 144A of the Securities Act of 1933, normally to qualified institutional buyers. (8) Investments in designated RS Mutual Funds under a deferred compensation plan adopted May 6, 2002, for disinterested Trustees. (9) Money Market Fund registered under the Investment Company Act of 1940. TAX BASIS OF INVESTMENTS The cost of investments for federal income tax purposes at September 30, 2006, for each Fund is listed below. The net unrealized appreciation on investments, which consists of gross unrealized appreciation and depreciation, is also disclosed in the chart.
Net Unrealized Appreciation Gross Unrealized Gross Unrealized Fund Cost of Investments on Investments Appreciation Depreciation RS Diversified Growth $ 235,920,493 $ 5,912,533 $ 19,029,983 $ 13,117,450 - ------------------------------------------------------------------------------------------------------------------------------------ RS Emerging Growth 664,559,467 96,954,149 121,822,459 24,868,310 - ------------------------------------------------------------------------------------------------------------------------------------ RS Growth 165,678,677 20,378,998 21,468,221 1,089,223 - ------------------------------------------------------------------------------------------------------------------------------------ The Information Age Fund(R) 72,697,633 7,825,632 10,665,520 2,839,888 - ------------------------------------------------------------------------------------------------------------------------------------ RS Internet Age Fund(R) 54,343,380 7,570,972 10,486,424 2,915,452 - ------------------------------------------------------------------------------------------------------------------------------------ RS MidCap Opportunities 245,136,222 18,970,093 22,714,020 3,743,927 - ------------------------------------------------------------------------------------------------------------------------------------ RS Smaller Company Growth 271,154,724 30,581,764 37,533,967 6,952,203 - ------------------------------------------------------------------------------------------------------------------------------------ RS Global Natural Resources 1,430,074,106 164,316,152 229,029,643 64,713,491 - ------------------------------------------------------------------------------------------------------------------------------------ RS Investors 54,802,654 2,752,570 5,307,227 2,554,657 - ------------------------------------------------------------------------------------------------------------------------------------ RS Partners 1,693,576,679 328,881,346 391,487,933 62,606,587 - ------------------------------------------------------------------------------------------------------------------------------------ RS Value 1,349,222,782 212,925,156 236,361,859 23,436,703
RESTRICTED SECURITIES A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds' Board of Trustees. See table below for restricted securities held at September 30, 2006.
Acquisition % of Fund's Fund Security Shares Cost Value Date Net Assets RS Global Natural Ivanhoe Nickel & Platinum Ltd. 203,624 $ 784,997 $ 1,018,120 4/25/97 - 5/7/98 Resources - ------------------------------------------------------------------------------------------------------------------------------------ 784,997 1,018,120 0.06% - ------------------------------------------------------------------------------------------------------------------------------------ RS Value Ivanhoe Nickel & Platinum Ltd. 698,422 2,837,501 3,492,110 4/25/97 - 5/7/98 - ------------------------------------------------------------------------------------------------------------------------------------ 2,837,501 3,492,110 0.20% - ------------------------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUERS If a Fund owns 5% or more of the outstanding voting securities of an issuer, the Fund's investment represents an investment in an affiliate as defined by the Investment Company Act of 1940, as amended. A summary of the Funds with transactions in the securities of affiliated issuers for the period ended September 30, 2006 is listed below.
Number of Number of Shares Held at Shares Held Beginning Gross Gross at End of Value at End Fund Issuer of Period Additions Reductions Period Income of Period RS Global Natural Anderson Energy Ltd. 3,194,400 1,418,600 - 4,613,000 $ - $17,746,276 Resources Basic Energy Services, Inc. 1,712,590 - - 1,712,590 - 41,787,196 Clear Energy, Inc. 3,736,000 964,990 4,700,990 - - * 28 | NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ - 59,533,472 - ------------------------------------------------------------------------------------------------------------------------------------ RS Partners Aaron Rents, Inc. - 2,294,070 - 2,294,070 62,788 52,717,729 ADVO, Inc. 1,859,150 1,124,800 2,983,950 - 446,457 * Coinstar, Inc. 1,716,861 733,691 - 2,450,552 - 70,526,887 Commercial Vehicle Group, Inc. 1,934,600 112,501 - 2,047,101 - 39,427,165 Corinthian Colleges, Inc. 4,073,339 1,184,785 - 5,258,124 - 56,840,320 eResearch Technology, Inc. 1,604,973 3,397,757 - 5,002,730 - 40,572,140 John H. Harland Co. 1,334,530 43,200 688,173 689,557 497,271 * Spectrum Brands, Inc. - 3,068,930 3,068,930 - - * Triarc Cos., Inc., Class B 6,000,000 3,100 - 6,003,100 3,421,023 90,766,872 Tuesday Morning Corp. 653,925 2,080,171 2,734,096 - 1,256,660 * - ------------------------------------------------------------------------------------------------------------------------------------ 5,684,199 350,851,113 - ------------------------------------------------------------------------------------------------------------------------------------ * Issuer is not an affiliated issuer at September 30, 2006
For information about the Fund's policy regarding valuation of investments and other significant accounting policies please see the Fund's most recent annual or semiannual reports to shareholders filed on the Securities and Exchange Commission's Web site at http://www.sec.gov, or visit RS Investments' Web site at www.RSinvestments.com. 29 | ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded, as of a date within 90 days of the filing of this report, based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)), that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the Commission's rules and forms. (b) There was no change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) RS Investment Trust -------------------------------------------------------------------- By (Signature and Title)* /s/ Terry R. Otton ------------------------------------------------------- Terry R. Otton, President (principal executive officer) Date November 22, 2006 ---------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Terry R. Otton ------------------------------------------------------- Terry R. Otton, President (principal executive officer) Date November 22, 2006 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ James E. Klescewski ------------------------------------------------------- James E. Klescewski, Treasurer (principal financial officer) Date November 22, 2006 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g34931_302cert.txt 302 CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Terry R. Otton, certify that: 1. I have reviewed this report on Form N-Q of RS Investment Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined under Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 22, 2006 /s/ Terry R. Otton -------------------- ----------------------------------------------- Terry R. Otton, President (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, James E. Klescewski, certify that: 1. I have reviewed this report on Form N-Q of RS Investment Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined under Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 22, 2006 /s/ James E. Klescewski -------------------- ---------------------------------------- James E. Klescewski, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----