-----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, EsU6RJG1+HOLhnxjkiUobiQr5fwoMRKsKih79lv94belFQCEIYlO9pMQwRgJ/o2X 1OMXKtw7XbpPew72FeX3Rw== 0001193125-08-125891.txt : 20080530 0001193125-08-125891.hdr.sgml : 20080530 20080530172951 ACCESSION NUMBER: 0001193125-08-125891 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080530 DATE AS OF CHANGE: 20080530 EFFECTIVENESS DATE: 20080530 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: 08871757 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 Select Growth Fund C000020249 Class A RSDGX C000036593 Class K C000050173 Class C 0000814232 S000007374 RS Smaller Company Growth Fund C000020250 Class A RSSGX C000036595 Class K C000041713 Class C C000041714 Class Y 0000814232 S000007375 RS Value Fund C000020251 Class A RSVAX C000036597 Class K C000041715 Class C C000041716 Class Y 0000814232 S000007376 RS Emerging Growth Fund C000020252 Class A RSEGX C000036599 Class K C000041717 Class C C000041718 Class Y 0000814232 S000007377 RS Global Natural Resources Fund C000020253 Class A RSNRX C000036600 Class K C000041719 Class C C000041720 Class Y 0000814232 S000007378 RS Growth Fund C000020254 Class A RSGRX C000036603 Class K C000041721 Class Y C000041722 Class C 0000814232 S000007379 RS Technology Fund C000020255 Class A RSIFX C000036605 Class K C000041723 Class C C000041724 Class Y 0000814232 S000007381 RS Investors Fund C000020257 Class A RSINX C000036609 Class K C000041726 Class C C000041727 Class Y 0000814232 S000007382 RS MidCap Opportunities Fund C000020258 Class A RSMOX C000036611 Class K C000041728 Class C C000041729 Class Y 0000814232 S000007383 RS Partners Fund C000020259 Class A RSPFX C000036613 Class K C000041730 Class Y 0000814232 S000013475 RS Asset Allocation Fund C000036405 Class A C000036406 Class B C000036407 Class C C000036408 Class K 0000814232 S000013476 RS S&P 500 Index Fund C000036409 Class A C000036410 Class B C000036411 Class C C000036412 Class K 0000814232 S000013477 RS Small Cap Core Equity Fund C000036413 Class A C000036414 Class B C000036415 Class C C000036417 Class K C000041731 Class Y 0000814232 S000013478 RS Tax-Exempt Fund C000036418 Class A C000036419 Class C 0000814232 S000013479 RS Money Market Fund C000036420 Class A C000036421 Class B C000036422 Class C C000036423 Class K 0000814232 S000013480 RS Core Equity Fund C000036424 Class B C000036425 Class C C000036427 Class K C000036428 Class A C000041732 Class Y 0000814232 S000013481 RS Emerging Markets Fund C000036429 Class A C000036430 Class B C000036431 Class C C000036433 Class K 0000814232 S000013482 RS High Yield Bond Fund C000036434 Class A C000036435 Class B C000036436 Class C C000036437 Class K 0000814232 S000013483 RS International Growth Fund C000036438 Class A C000036439 Class B C000036440 Class C C000036442 Class K 0000814232 S000013484 RS Investment Quality Bond Fund C000036443 Class A C000036444 Class B C000036445 Class C C000036446 Class K 0000814232 S000013485 RS Large Cap Value Fund C000036447 Class A C000036448 Class B C000036449 Class C C000036450 Class K 0000814232 S000013486 RS Low Duration Bond Fund C000036451 Class A C000036452 Class B C000036453 Class C C000036454 Class K 0000814232 S000018417 RS Equity Dividend Fund C000050895 Class A C000050896 Class C C000050897 Class K C000050898 Class Y N-Q 1 dnq.htm RS INVESTMENT TRUST RS Investment Trust
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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: March 31, 2008

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

Table of Contents

TABLE OF CONTENTS

Item 1. Schedule of Investments

Item 2. Controls and Procedures

Item 3. Exhibits

SIGNATURES

Certifications

Table of Contents

Item 1. Schedule of Investments

Table of Contents

Schedule of Investments - RS Emerging Growth Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 85.3%

      

Advertising Agencies — 1.6%

      

ValueClick, Inc.(1)

    426,650    $ 7,359,713
        7,359,713

Aerospace — 4.1%

      

Aerovironment, Inc.(1)

    78,250      1,600,213

HEICO Corp.

    155,330      7,572,337

Ladish Co., Inc.(1)

    113,902      4,100,472

Orbital Sciences Corp.(1)

    219,320      5,285,612
        18,558,634

Air Transport — 1.3%

      

Allegiant Travel Co.(1)

    230,720      6,095,622
        6,095,622

Auto Parts - Original Equipment — 0.5%

      

Amerigon, Inc.(1)

    153,970      2,278,756
        2,278,756

Biotechnology Research & Production — 0.8%

      

Myriad Genetics, Inc.(1)

    83,970      3,383,151

Vnus Medical Technologies(1)

    22,300      405,637
        3,788,788

Casinos & Gambling — 1.1%

      

Scientific Games Corp., Class A(1)

    233,390      4,926,863
        4,926,863

Chemicals — 0.6%

      

EnerSys(1)

    115,530      2,763,478
        2,763,478

Communications Technology — 3.4%

      

Atheros Communications(1)

    152,950      3,187,478

Cbeyond, Inc.(1)

    191,460      3,597,533

j2 Global Communications, Inc.(1)

    392,200      8,753,904
        15,538,915

Computer Services, Software & Systems — 9.0%

      

Concur Technologies, Inc.(1)

    119,393      3,707,153

DemandTec, Inc.(1)

    289,570      2,953,614

Digital River, Inc.(1)

    209,200      6,478,924

Equinix, Inc.(1)

    53,980      3,589,130

Informatica Corp.(1)

    263,310      4,492,069

Netezza Corp.(1)

    276,368      2,617,205

Nuance Communications, Inc.(1)

    386,820      6,734,536

PROS Holdings, Inc.(1)

    380,550      4,775,903

The TriZetto Group, Inc.(1)

    317,718      5,302,713
        40,651,247

Cosmetics — 1.9%

      

Bare Escentuals, Inc.(1)

    244,120      5,717,290

Ulta Salon, Cosmetics & Fragrance, Inc.(1)

    195,150      2,739,906
        8,457,196

Diversified Financial Services — 1.1%

      

Cardtronics, Inc.(1)

    711,820      4,961,385
        4,961,385

Drugs & Pharmaceuticals — 3.4%

      

K-V Pharmaceutical Co., Class A(1)

    366,790      9,155,078

Sciele Pharma, Inc.(1)

    324,390      6,325,605
        15,480,683

Education Services — 3.9%

      

American Public Education, Inc.(1)

    172,070      5,225,766

Capella Education Co.(1)

    98,810      5,395,026

March 31, 2008 (unaudited)

    Shares    Value

DeVry, Inc.

    166,180    $ 6,952,971
        17,573,763

Electronics - Medical Systems — 2.5%

      

Illumina, Inc.(1)

    80,390      6,101,601

Intuitive Surgical, Inc.(1)

    16,530      5,361,506
        11,463,107

Electronics - Semiconductors & Components — 5.4%

      

Cavium Networks, Inc.(1)

    166,990      2,738,636

Entropic Communications, Inc.(1)

    508,823      1,979,321

IPG Photonics Corp.(1)

    171,104      2,684,622

Mellanox Technologies Ltd.(1)

    172,360      2,400,975

Netlogic Microsystems, Inc.(1)

    174,830      4,220,396

O2Micro International Ltd., ADR(1)(2)

   931,227      7,198,385

PLX Technology, Inc.(1)

    494,400      3,297,648
        24,519,983

Financial Data Processing Services & Systems — 1.5%

      

CyberSource Corp.(1)

    461,452      6,741,814
        6,741,814

Financial Information Services — 1.9%

      

FactSet Research Systems, Inc.

    93,630      5,043,848

TheStreet.com, Inc.

    434,419      3,510,106
        8,553,954

Health Care Facilities — 3.4%

      

ICON PLC, ADR(1)(2)

    62,535      4,057,896

IPC The Hospitalist Co.(1)

    166,186      3,287,159

Psychiatric Solutions, Inc.(1)

    239,740      8,131,981
        15,477,036

Health Care Management Services — 2.2%

      

athenahealth, Inc.(1)

    73,100      1,730,277

HMS Holdings Corp.(1)

    123,910      3,537,630

Phase Forward, Inc.(1)

    268,034      4,578,021
        9,845,928

Health Care Services — 2.0%

      

Amedisys, Inc.(1)

    91,380      3,594,889

Healthways, Inc.(1)

    151,620      5,358,251
        8,953,140

Hotel/Motel — 0.8%

      

Home Inns & Hotels Management, Inc., ADR(1)(2)

    181,780      3,579,248
        3,579,248

Insurance - Property & Casualty — 1.1%

      

AmTrust Financial Services, Inc.

    294,666      4,776,536
        4,776,536

Investment Management Companies — 1.0%

      

Affiliated Managers Group, Inc.(1)

    49,480      4,489,815
        4,489,815

Leisure Time — 0.7%

      

Life Time Fitness, Inc.(1)

    103,550      3,231,796
        3,231,796

Machinery - Oil/Well Equipment & Services — 3.0%

      

Core Laboratories N.V.(1)

    67,429      8,044,280

Dril-Quip, Inc.(1)

    119,650      5,560,135
        13,604,415

Medical & Dental Instruments & Supplies — 7.6%

      

Cepheid, Inc.(1)

    158,910      3,875,815

LifeCell Corp.(1)

    141,690      5,955,231

Micrus Endovascular Corp.(1)

    294,250      3,636,930

NuVasive, Inc.(1)

    220,270      7,601,518

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Emerging Growth Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

ResMed, Inc.(1)

      142,390    $ 6,006,010

The Spectranetics Corp.(1)

      532,099      4,448,347

Wright Medical Group, Inc.(1)

      110,070      2,657,090
        34,180,941

Metal Fabricating — 2.4%

      

Dynamic Materials Corp.

      134,620      5,815,584

Valmont Industries, Inc.

      59,040      5,189,026
        11,004,610

Miscellaneous Producer Durables — 1.5%

      

BE Aerospace, Inc.(1)

      196,070      6,852,647
        6,852,647

Oil – Crude Producers — 1.2%

      

Arena Resources, Inc.(1)

      145,740      5,641,595
        5,641,595

Pollution Control & Environmental Services — 1.5%

      

Darling International, Inc.(1)

      142,960      1,851,332

Team, Inc.(1)

      172,706      4,714,874
        6,566,206

Publishing – Newspapers — 1.0%

      

Dolan Media Co.(1)

      215,870      4,341,146
        4,341,146

Restaurants — 1.4%

      

BJ’s Restaurants, Inc.(1)

      326,660      4,707,171

P.F. Chang’s China Bistro, Inc.(1)

     57,300      1,629,612
        6,336,783

Retail — 5.0%

      

Aeropostale, Inc.(1)

      86,180      2,336,340

GSI Commerce, Inc.(1)

      284,981      3,747,500

Priceline.com, Inc.(1)

      54,020      6,528,857

Shutterfly, Inc.(1)

      269,670      4,009,993

Volcom, Inc.(1)

      296,767      5,997,661
        22,620,351

Securities Brokerage & Services — 1.6%

      

Investment Technology Group, Inc.(1)

      156,830      7,242,409
        7,242,409

Services – Commercial — 1.3%

      

FTI Consulting, Inc.(1)

      79,680      5,660,467
        5,660,467

Shoes — 1.9%

      

Deckers Outdoor Corp.(1)

      45,290      4,883,168

Iconix Brand Group, Inc.(1)

      219,840      3,814,224
        8,697,392

Utilities – Telecommunications — 0.7%

      

Neutral Tandem, Inc.(1)

      102,426      1,844,692

Time Warner Telecom, Inc., Class A(1)

     86,990      1,347,475
        3,192,167

Total Common Stocks
(Cost $378,043,026)

         386,008,529
     Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.1%

      

RS Core Equity Fund, Class Y(3)

      724      28,840

RS Emerging Markets Fund, Class A(3)

      119      2,970

RS Equity Dividend Fund, Class Y(3)

      30      263

RS Global Natural Resources Fund, Class Y(3)

      5,305      199,293

RS Growth Fund, Class Y(3)

      418      5,185

RS Investment Quality Bond Fund, Class A(3)

      27      267

March 31, 2008 (unaudited)

    Shares    Value

RS Investors Fund, Class Y(3)

      6,232    $ 53,286

RS MidCap Opportunities Fund, Class Y(3)

     2,655      31,775

RS Money Market Fund, Class A(3)

      78,143      78,143

RS Partners Fund, Class Y(3)

      901      25,342

RS S&P 500 Index Fund, Class A(3)

     29      259

RS Smaller Company Growth Fund, Class Y(3)

      2,172      36,072

RS Technology Fund, Class Y(3)

      144      2,016

RS Value Fund, Class Y(3)

      217      5,079

Total Other Investments
(Cost $452,433)

         468,790
     Shares    Value

Short-Term Investments — 6.7%

      

Federated Prime Obligations Fund, Class B(4)

      20,358,143      20,358,143

SSgA Prime Money Market Fund(4)

      10,179,072      10,179,072

Total Short-Term Investments
(Cost $30,537,215)

         30,537,215
     Principal
Amount		    Value

Repurchase Agreements — 7.6%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $34,260,903, due 4/1/2008, collateralized by FHLB, 3.60%, due 1/29/2010, with a value of $34,945,138

    $ 34,259,000      34,259,000

Total Repurchase Agreements
(Cost $34,259,000)

         34,259,000

Total Investments — 99.7%
(Cost $443,291,674)

         451,273,534

Other Assets, Net — 0.3%

         1,133,840

Total Net Assets — 100.0%

       $ 452,407,374

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 386,399,175

Level 2 – Significant Other Observable Inputs

      64,874,358

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 451,273,534

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Smaller Company Growth Fund

 

March 31, 2008 (unaudited)

    Shares    Value
Common Stocks — 91.2%      
Advertising Agencies — 2.7%      

DG Fastchannel, Inc.(1)

    133,965    $ 2,569,449

ValueClick, Inc.(1)

    149,040      2,570,940
        5,140,389

Aerospace — 3.8%

      

HEICO Corp.

    66,690      3,251,137

Ladish Co., Inc.(1)

    49,455      1,780,380

Orbital Sciences Corp.(1)

    95,560      2,302,996
        7,334,513

Air Transport — 1.4%

      

Allegiant Travel Co.(1)

    102,030      2,695,633
        2,695,633

Auto Parts - Original Equipment — 0.5%

      

Amerigon, Inc.(1)

    65,880      975,024
        975,024

Biotechnology Research & Production — 1.4%

      

Myriad Genetics, Inc.(1)

    40,850      1,645,847

Vnus Medical Technologies(1)

    56,700      1,031,373
        2,677,220

Casinos & Gambling — 1.9%

      

Scientific Games Corp., Class A(1)

    176,300      3,721,693
        3,721,693

Communications Technology — 4.4%

      

Cbeyond, Inc.(1)

    62,454      1,173,511

GeoEye, Inc.(1)

    36,590      950,974

j2 Global Communications, Inc.(1)

    168,940      3,770,741

Syniverse Holdings, Inc.(1)

    146,990      2,448,853
        8,344,079

Computer Services, Software & Systems — 9.9%

      

Aladdin Knowledge Systems Ltd.(1)

    70,240      1,336,667

Concur Technologies, Inc.(1)

    30,920      960,066

Digital River, Inc.(1)

    62,720      1,942,438

Equinix, Inc.(1)

    22,855      1,519,629

Internet Brands, Inc., Class A(1)

    355,418      2,619,431

NaviSite, Inc.(1)

    535,969      1,184,491

Nuance Communications, Inc.(1)

    161,400      2,809,974

PROS Holdings, Inc.(1)

    184,930      2,320,872

The TriZetto Group, Inc.(1)

    174,250      2,908,232

Website Pros, Inc.(1)

    146,790      1,442,946
        19,044,746

Consumer Electronics — 1.4%

      

NIC, Inc.(1)

    368,510      2,620,106
        2,620,106

Cosmetics — 1.2%

      

Bare Escentuals, Inc.(1)

    94,500      2,213,190
        2,213,190

Diversified Financial Services — 1.1%

      

Cardtronics, Inc.(1)

    312,318      2,176,856
        2,176,856

Drugs & Pharmaceuticals — 4.9%

      

K-V Pharmaceutical Co., Class A(1)

    197,690      4,934,342

The Medicines Co.(1)

    86,800      1,753,360

Sciele Pharma, Inc.(1)

    143,260      2,793,570
        9,481,272

Education Services — 2.5%

      

American Public Education, Inc.(1)

    63,821      1,938,244

March 31, 2008 (unaudited)

    Shares    Value

DeVry, Inc.

    68,800    $ 2,878,592
        4,816,836

Electronics - Medical Systems — 2.2%

      

Natus Medical, Inc.(1)

    101,660      1,845,129

Zoll Medical Corp.(1)

    88,240      2,346,302
        4,191,431

Electronics - Semiconductors & Components — 0.7%

      

O2Micro International Ltd., ADR(1)(2)

   182,812      1,413,137
        1,413,137

Financial Data Processing Services & Systems — 2.6%

      

Advent Software, Inc.(1)

    50,930      2,170,637

CyberSource Corp.(1)

    198,435      2,899,135
        5,069,772

Financial Information Services — 1.2%

      

TheStreet.com, Inc.

    281,390      2,273,631
        2,273,631

Forms And Bulk Printing Services — 1.4%

      

Innerworkings, Inc.(1)

    190,960      2,679,169
        2,679,169

Health Care Facilities — 3.0%

      

IPC The Hospitalist Co.(1)

    109,761      2,171,073

Psychiatric Solutions, Inc.(1)

    105,050      3,563,296
        5,734,369

Health Care Management Services — 3.4%

      

HMS Holdings Corp.(1)

    50,860      1,452,053

Pediatrix Medical Group, Inc.(1)

    49,900      3,363,260

Phase Forward, Inc.(1)

    95,460      1,630,457
        6,445,770

Health Care Services — 2.2%

      

Amedisys, Inc.(1)

    58,620      2,306,111

Healthways, Inc.(1)

    54,330      1,920,022
        4,226,133

Insurance - Multi-Line — 1.2%

      

eHealth, Inc.(1)

    107,090      2,363,476
        2,363,476

Insurance - Property & Casualty — 2.3%

      

AmTrust Financial Services, Inc.

    274,430      4,448,510
        4,448,510

Investment Management Companies — 1.0%

      

Affiliated Managers Group, Inc.(1)

    21,390      1,940,929
        1,940,929

Jewelry Watches & Gemstones — 1.6%

      

FGX International Holdings Ltd.(1)

    259,140      3,099,314
        3,099,314

Leisure Time — 1.0%

      

Life Time Fitness, Inc.(1)

    61,100      1,906,931
        1,906,931

Machinery - Oil/Well Equipment & Services — 5.4%

      

Core Laboratories N.V.(1)

    22,410      2,673,513

Dril-Quip, Inc.(1)

    50,610      2,351,847

Oil States International, Inc.(1)

    64,450      2,888,004

Superior Energy Services, Inc.(1)

    63,730      2,524,983
        10,438,347

Medical & Dental Instruments & Supplies — 5.9%

      

LeMaitre Vascular, Inc.(1)

    554,554      1,802,300

LifeCell Corp.(1)

    54,960      2,309,969

Micrus Endovascular Corp.(1)

    81,160      1,003,138

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Smaller Company Growth Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value  

NuVasive, Inc.(1)

      77,800    $ 2,684,878  

The Spectranetics Corp.(1)

      423,732      3,542,399  
        11,342,684  

Medical Services — 1.1%

      

Radnet, Inc.(1)

      298,017      2,098,040  
        2,098,040  

Metal Fabricating — 2.5%

      

Dynamic Materials Corp.

      55,367      2,391,854  

Valmont Industries, Inc.

      26,950      2,368,636  
        4,760,490  

Miscellaneous Producer Durables — 1.5%

      

BE Aerospace, Inc.(1)

      84,190      2,942,441  
        2,942,441  

Oil - Crude Producers — 1.4%

      

Arena Resources, Inc.(1)

      69,160      2,677,184  
        2,677,184  

Pollution Control & Environmental Services — 1.9%

      

Darling International, Inc.(1)

      114,560      1,483,552  

Team, Inc.(1)

      77,730      2,122,029  
        3,605,581  

Publishing - Newspapers — 1.2%

      

Dolan Media Co.(1)

      110,030      2,212,703  
        2,212,703  

Retail — 2.8%

      

Aeropostale, Inc.(1)

      70,640      1,915,050  

Jos. A. Bank Clothiers, Inc.(1)

      107,021      2,193,931  

Shutterfly, Inc.(1)

      82,100      1,220,827  
        5,329,808  

Securities Brokerage & Services — 1.6%

      

Investment Technology Group, Inc.(1)

      67,440      3,114,379  
        3,114,379  

Services - Commercial — 3.2%

      

Rollins, Inc.

      174,033      3,078,644  

TeleTech Holdings, Inc.(1)

      135,140      3,035,244  
        6,113,888  

Shoes — 0.8%

      

Iconix Brand Group, Inc.(1)

      90,566      1,571,320  
        1,571,320  

Utilities - Telecommunications — 1.0%

      

Premiere Global Services, Inc.(1)

      135,160      1,938,194  
        1,938,194  

Total Common Stocks
(Cost $171,942,094)

         175,179,188  
     Shares    Value  

Other Investments - For Trustee Deferred Compensation Plan — 0.1%

      

RS Core Equity Fund, Class Y(3)

      124      4,933  

RS Emerging Growth Fund, Class Y(3)

      64      2,122  

RS Emerging Markets Fund, Class A(3)

      53      1,314  

RS Equity Dividend Fund, Class Y(3)

      13      115  

RS Global Natural Resources Fund, Class Y(3)

      713      26,791  

RS Growth Fund, Class Y(3)

      166      2,051  

RS Investment Quality Bond Fund, Class A(3)

      12      117  

RS Investors Fund, Class Y(3)

      957      8,186  

RS MidCap Opportunities Fund, Class Y(3)

     370      4,426  

RS Money Market Fund, Class A(3)

      9,216      9,216  

RS Partners Fund, Class Y(3)

      129      3,625  

March 31, 2008 (unaudited)

    Shares    Value  

RS S&P 500 Index Fund, Class A(3)

     12    $ 113  

RS Technology Fund, Class Y(3)

      60      838  

RS Value Fund, Class Y(3)

      92      2,159  

Total Other Investments
(Cost $65,931)

         66,006  
     Shares    Value  

Short-Term Investments — 8.4%

      

Federated Prime Obligations Fund, Class B(4)

      12,224,466      12,224,466  

SSgA Prime Money Market Fund(4)

      3,976,799      3,976,799  

Total Short-Term Investments

(Cost $16,201,265)

         16,201,265  
     Principal
Amount		    Value  

Repurchase Agreements — 1.4%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $2,642,147, due 4/1/2008, collateralized by FMAC, 5.00%, 1/2/2015, with a value of $2,698,250

    $ 2,642,000      2,642,000  

Total Repurchase Agreements
(Cost $2,642,000)

         2,642,000  

Total Investments — 101.1%
(Cost $190,851,290)

         194,088,459  

Other Liabilities, Net — (1.1)%

         (2,054,723 )

Total Net Assets — 100.0%

       $ 192,033,736  

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 175,235,140

Level 2 – Significant Other Observable Inputs

      18,853,319

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 194,088,459

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Select Growth Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 85.5%

      

Advertising Agencies — 2.5%

      

ValueClick, Inc.(1)

    149,940    $ 2,586,465
     2,586,465

Aerospace — 2.4%

      

HEICO Corp.

    51,600      2,515,500
     2,515,500

Air Transport — 2.3%

      

Allegiant Travel Co.(1)

    89,720      2,370,402
     2,370,402

Casinos & Gambling — 2.1%

      

Scientific Games Corp., Class A(1)

    104,020      2,195,862
     2,195,862

Communications Technology — 5.0%

      

Atheros Communications(1)

    61,010      1,271,449

Cbeyond, Inc.(1)

    64,870      1,218,907

j2 Global Communications, Inc.(1)

    118,960      2,655,187
     5,145,543

Computer Services, Software & Systems — 10.1%

      

Akamai Technologies, Inc.(1)

    74,960      2,110,874

Digital River, Inc.(1)

    77,570      2,402,343

Equinix, Inc.(1)

    12,000      797,880

Informatica Corp.(1)

    75,010      1,279,671

Nuance Communications, Inc.(1)

    117,530      2,046,197

The TriZetto Group, Inc.(1)

    105,450      1,759,960
     10,396,925

Cosmetics — 2.1%

      

Bare Escentuals, Inc.(1)

    92,690      2,170,800
     2,170,800

Drugs & Pharmaceuticals — 2.8%

      

K-V Pharmaceutical Co., Class A(1)

    114,290      2,852,678
     2,852,678

Education Services — 2.0%

      

DeVry, Inc.

    49,570      2,074,009
     2,074,009

Electronics - Medical Systems — 4.4%

      

Hologic, Inc.(1)

    18,740      1,041,944

Illumina, Inc.(1)

    25,490      1,934,691

Intuitive Surgical, Inc.(1)

    4,650      1,508,227
     4,484,862

Electronics - Semiconductors & Components — 3.5%

      

IPG Photonics Corp.(1)

    38,570      605,163

Marvell Technology Group Ltd.(1)

    120,870      1,315,066

O2Micro International Ltd., ADR(1)(2)

   221,097      1,709,080
     3,629,309

Financial Data Processing Services & Systems — 2.7%

      

CyberSource Corp.(1)

    192,190      2,807,896
     2,807,896

Financial Information Services — 1.6%

      

FactSet Research Systems, Inc.

    30,480      1,641,958
     1,641,958

Health Care Management Services — 1.3%

      

Phase Forward, Inc.(1)

    77,750      1,327,970
     1,327,970

Health Care Services — 1.7%

      

Healthways, Inc.(1)

    50,750      1,793,505
     1,793,505

March 31, 2008 (unaudited)

    Shares    Value

Hotel/Motel — 0.6%

      

Home Inns & Hotels Management, Inc., ADR(1) (2)

    29,780    $ 586,368
     586,368

Investment Management Companies — 1.9%

      

Affiliated Managers Group, Inc.(1)

    21,490      1,950,003
     1,950,003

Leisure Time — 0.7%

      

Life Time Fitness, Inc.(1)

    22,060      688,493
     688,493

Machinery - Oil/Well Equipment & Services — 5.8%

      

Core Laboratories N.V.(1)

    23,910      2,852,463

Dril-Quip, Inc.(1)

    66,290      3,080,496
     5,932,959

Machinery - Specialty — 1.0%

      

Bucyrus International, Inc., Class A

    9,850      1,001,252
     1,001,252

Medical & Dental Instruments & Supplies — 3.6%

      

Inverness Medical Innovations, Inc.(1)

   15,200      457,520

LifeCell Corp.(1)

    37,730      1,585,792

ResMed, Inc.(1)

    40,410      1,704,494
     3,747,806

Metal Fabricating — 3.0%

      

Dynamic Materials Corp.

    43,280      1,869,696

Valmont Industries, Inc.

    13,760      1,209,366
     3,079,062

Miscellaneous Producer Durables — 2.8%

      

BE Aerospace, Inc.(1)

    81,200      2,837,940
     2,837,940

Offshore Drilling — 2.2%

      

Atwood Oceanics, Inc.(1)

    24,810      2,275,573
     2,275,573

Oil - Crude Producers — 1.9%

      

SandRidge Energy, Inc.(1)

    48,623      1,903,590
     1,903,590

Restaurants — 0.5%

      

P.F. Chang’s China Bistro, Inc.(1)

   18,490      525,856
     525,856

Retail — 6.0%

      

Priceline.com, Inc.(1)

    20,950      2,532,017

Urban Outfitters, Inc.(1)

    62,730      1,966,586

Volcom, Inc.(1)

    82,510      1,667,527
     6,166,130

Securities Brokerage & Services — 3.0%

      

Investment Technology Group, Inc.(1)

    67,010      3,094,522
     3,094,522

Services - Commercial — 3.0%

      

FTI Consulting, Inc.(1)

    43,520      3,091,661
     3,091,661

Shoes — 2.4%

      

Deckers Outdoor Corp.(1)

    12,640      1,362,845

Iconix Brand Group, Inc.(1)

    64,300      1,115,605
     2,478,450

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Select Growth Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Utilities - Telecommunications — 0.6%

      

Time Warner Telecom, Inc., Class A(1)

     42,860    $ 663,901
        663,901

Total Common Stocks

(Cost $86,925,154)

         88,017,250
      Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.2%

      

RS Core Equity Fund, Class Y(3)

      339      13,515

RS Emerging Growth Fund, Class Y(3)

      97      3,196

RS Emerging Markets Fund, Class A(3)

      32      803

RS Equity Dividend Fund, Class Y(3)

      7      63

RS Global Natural Resources Fund, Class Y(3)

      2,631      98,855

RS Growth Fund, Class Y(3)

      135      1,667

RS Investment Quality Bond Fund, Class A(3)

      6      64

RS Investors Fund, Class Y(3)

      3,010      25,733

RS MidCap Opportunities Fund, Class Y(3)

     1,218      14,579

RS Money Market Fund, Class A(3)

      43,361      43,361

RS Partners Fund, Class Y(3)

      480      13,507

RS S&P 500 Index Fund, Class A(3)

     7      62

RS Smaller Company Growth Fund, Class Y(3)

      1,076      17,868

RS Technology Fund, Class Y(3)

      44      608

RS Value Fund, Class Y(3)

      61      1,441

Total Other Investments
(Cost $225,315)

      235,322
     Shares    Value

Short-Term Investments — 7.2%

      

Federated Prime Obligations Fund, Class B(4)

      5,120,092      5,120,092

SSgA Prime Money Market Fund(4)

      2,304,536      2,304,536

Total Short-Term Investments
(Cost $7,424,628)

      7,424,628
     Principal
Amount		    Value

Repurchase Agreements — 4.2%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.0% dated 3/31/2008, maturity value of $4,340,241, due 4/1/2008, collateralized by FNMA discount rate, due 4/1/2008 , with a value of $4,429,000

    $ 4,340,000      4,340,000

Total Repurchase Agreements
(Cost $4,340,000)

         4,340,000

Total Investments — 97.1%
(Cost $98,915,097)

         100,017,200

Other Assets, Net — 2.9%

         3,003,986

Total Net Assets — 100.0%

       $ 103,021,186

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 88,208,603

Level 2 – Significant Other Observable Inputs

      11,808,597

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 100,017,200

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS MidCap Opportunities Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 97.3%

      

Aluminum — 1.5%

      

Kaiser Aluminum Corp.

    53,000    $ 3,672,900
        3,672,900

Banks - Outside New York City — 2.1%

      

Northern Trust Corp.

    46,000      3,057,620

Synovus Financial Corp.

    181,000      2,001,860
        5,059,480

Biotechnology Research & Production — 1.5%

      

Celgene Corp.(1)

    60,000      3,677,400
        3,677,400

Building Materials — 2.3%

      

Simpson Manufacturing Co., Inc.

    75,000      2,038,500

Vulcan Materials Co.

    51,600      3,426,240
        5,464,740

Casinos & Gambling — 2.4%

      

Bally Technologies, Inc.(1)

    80,000      2,747,200

WMS Industries, Inc.(1)

    85,000      3,057,450
        5,804,650

Chemicals — 1.0%

      

CF Industries Holdings, Inc.

    22,500      2,331,450
        2,331,450

Coal — 1.1%

      

CONSOL Energy, Inc.

    37,000      2,560,030
        2,560,030

Communications Technology — 7.2%

      

Brocade Communications Systems, Inc.(1)

   1,275,000      9,307,500

Harris Corp.

    95,000      4,610,350

McAfee, Inc.(1)

    110,000      3,639,900
        17,557,750

Computer Services, Software & Systems — 10.6%

      

Akamai Technologies, Inc.(1)

    151,800      4,274,688

Informatica Corp.(1)

    185,000      3,156,100

MercadoLibre, Inc.(1)

    110,000      4,373,600

MICROS Systems, Inc.(1)

    100,000      3,366,000

Nuance Communications, Inc.(1)

    250,000      4,352,500

VeriFone Holdings, Inc.(1)

    390,000      6,189,300
        25,712,188

Consumer Electronics — 1.3%

      

Activision, Inc.(1)

    118,000      3,222,580
        3,222,580

Cosmetics — 1.3%

      

Bare Escentuals, Inc.(1)

    135,000      3,161,700
        3,161,700

Diversified Financial Services — 1.2%

      

Nasdaq OMX Group, Inc.(1)

    72,500      2,802,850
        2,802,850

Drugs & Pharmaceuticals — 3.9%

      

Forest Laboratories, Inc.(1)

    140,000      5,601,400

Mylan, Inc.

    330,000      3,828,000
        9,429,400

Education Services — 1.1%

      

ITT Educational Services, Inc.(1)

    58,500      2,686,905
        2,686,905

Electronics — 1.4%

      

Amphenol Corp., Class A

    93,000      3,464,250
        3,464,250

March 31, 2008 (unaudited)

    Shares    Value

Electronics - Medical Systems — 2.8%

      

Hologic, Inc.(1)

    55,000    $ 3,058,000

Illumina, Inc.(1)

    50,000      3,795,000
        6,853,000

Electronics - Semiconductors & Components — 2.7%

      

MEMC Electronic Materials, Inc.(1)

    33,000      2,339,700

SunPower Corp., Class A(1)

    57,250      4,265,698
        6,605,398

Energy Equipment — 1.5%

      

Suntech Power Holdings Co., Ltd., ADR(1)(2)

    90,000      3,650,400
        3,650,400

Engineering & Contracting Services — 3.1%

      

McDermott International, Inc.(1)

    75,000      4,111,500

URS Corp.(1)

    100,000      3,269,000
        7,380,500

Financial Data Processing Services & Systems — 6.8%

      

Alliance Data Systems Corp.(1)

    245,000      11,639,950

MasterCard, Inc., Class A

    22,000      4,905,780
        16,545,730

Foods — 1.3%

      

Herbalife Ltd.

    65,000      3,087,500
        3,087,500

Health Care Facilities — 1.4%

      

Pharmaceutical Product Development, Inc.

    80,000      3,352,000
        3,352,000

Health Care Management Services — 1.8%

      

AMERIGROUP Corp.(1)

    160,000      4,372,800
        4,372,800

Health Care Services — 1.1%

      

Express Scripts, Inc.(1)

    43,000      2,765,760
        2,765,760

Jewelry Watches & Gemstones — 1.5%

      

Fossil, Inc.(1)

    121,000      3,695,340
        3,695,340

Machinery - Construction & Handling — 1.1%

      

The Manitowoc Co., Inc.

    65,000      2,652,000
        2,652,000

Machinery - Oil/Well Equipment & Services — 5.0%

      

Grant Prideco, Inc.(1)

    58,000      2,854,760

Nabors Industries, Ltd.(1)

    90,200      3,046,054

Noble Corp.

    66,000      3,278,220

Weatherford International Ltd.(1)

    41,500      3,007,505
        12,186,539

Medical & Dental Instruments & Supplies — 2.5%

      

Inverness Medical Innovations, Inc.(1)

   200,000      6,020,000
        6,020,000

Medical Services — 1.0%

      

PAREXEL International Corp.(1)

    96,000      2,505,600
        2,505,600

Offshore Drilling — 1.1%

      

Transocean, Inc.

    19,000      2,568,800
        2,568,800

Oil - Crude Producers — 2.0%

      

Chesapeake Energy Corp.

    45,000      2,076,750

Quicksilver Resources, Inc.(1)

    76,500      2,794,545
        4,871,295

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS MidCap Opportunities Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Railroads — 1.2%

      

Kansas City Southern(1)

    70,000    $ 2,807,700
        2,807,700

Rental & Leasing Services - Commercial — 2.5%

      

AerCap Holdings N.V.(1)

    345,000      6,065,100
        6,065,100

Retail — 2.6%

      

Dick’s Sporting Goods, Inc.(1)

    88,300      2,364,674

Priceline.com, Inc.(1)

    33,000      3,988,380
        6,353,054

Savings & Loan — 1.2%

      

Hudson City Bancorp, Inc.

    165,000      2,917,200
        2,917,200

Services - Commercial — 4.0%

      

FTI Consulting, Inc.(1)

    55,000      3,907,200

TeleTech Holdings, Inc.(1)

    260,000      5,839,600
        9,746,800

Shipping — 1.2%

      

Kirby Corp.(1)

    52,500      2,992,500
        2,992,500

Shoes — 3.9%

      

Crocs, Inc.(1)

    367,000      6,411,490

Deckers Outdoor Corp.(1)

    27,000      2,911,140
        9,322,630

Tobacco — 1.2%

      

UST, Inc.

    55,000      2,998,600
        2,998,600

Truckers — 0.8%

      

Landstar System, Inc.

    35,000      1,825,600
        1,825,600

Utilities - Telecommunications — 2.1%

      

Clearwire Corp., Class A(1)

    350,000      5,183,500
        5,183,500

Total Common Stocks
(Cost $236,130,745)

         235,933,619
      Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.1%

      

RS Core Equity Fund, Class Y(3)

    114      4,525

RS Emerging Growth Fund, Class Y(3)

    67      2,196

RS Emerging Markets Fund, Class A(3)

    54      1,353

RS Equity Dividend Fund, Class Y(3)

    16      138

RS Global Natural Resources Fund, Class Y(3)

    628      23,596

RS Growth Fund, Class Y(3)

    155      1,921

RS Investment Quality Bond Fund, Class A(3)

    14      140

RS Investors Fund, Class Y(3)

    842      7,201

RS Money Market Fund, Class A(3)

    7,589      7,589

RS Partners Fund, Class Y(3)

    114      3,215

RS S&P 500 Index Fund, Class A(3)

   15      136

RS Smaller Company Growth Fund, Class Y(3)

    261      4,341

RS Technology Fund, Class Y(3)

    58      812

RS Value Fund, Class Y(3)

    94      2,198

Total Other Investments
(Cost $58,223)

         59,361

March 31, 2008 (unaudited)

    Shares    Value

Short-Term Investments — 1.1%

      

Federated Prime Obligations Fund, Class B(4)

    2,749,862    $ 2,749,862

Total Short-Term Investments
(Cost $2,749,862)

         2,749,862

Total Investments — 98.5%
(Cost $238,938,830)

         238,742,842

Other Assets, Net — 1.5%

         3,712,387

Total Net Assets — 100.0%

       $ 242,455,229

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 235,984,579

Level 2 – Significant Other Observable Inputs

      2,758,263

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 238,742,842

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Growth Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 93.0%

      

Banks - New York City — 1.4%

      

JPMorgan Chase & Co.

    56,500    $ 2,426,675
        2,426,675

Banks - Outside New York City — 4.1%

      

State Street Corp.

    28,000      2,212,000

U.S. Bancorp

    72,500      2,346,100

Wells Fargo & Co.

    80,000      2,328,000
        6,886,100

Beverage - Soft Drinks — 1.4%

      

The Coca-Cola Co.

    40,000      2,434,800
        2,434,800

Biotechnology Research & Production — 4.5%

      

Baxter International, Inc.

    37,000      2,139,340

Biogen Idec, Inc.(1)

    42,000      2,590,980

Genzyme Corp.(1)

    40,000      2,981,600
        7,711,920

Building Materials — 1.5%

      

Vulcan Materials Co.

    37,000      2,456,800
        2,456,800

Chemicals — 1.7%

      

E.I. du Pont de Nemours & Co.

    60,000      2,805,600
        2,805,600

Communications Technology — 7.1%

      

Cisco Systems, Inc.(1)

    135,000      3,252,150

Corning, Inc.

    77,000      1,851,080

Harris Corp.

    75,000      3,639,750

Research In Motion Ltd.(1)

    29,000      3,254,670
        11,997,650

Computer Services, Software & Systems — 2.1%

      

Microsoft Corp.

    126,270      3,583,543
        3,583,543

Computer Technology — 6.1%

      

Apple, Inc.(1)

    24,000      3,444,000

EMC Corp.(1)

    135,000      1,935,900

Hewlett-Packard Co.

    60,000      2,739,600

International Business Machines Corp.

    20,000      2,302,800
        10,422,300

Consumer Electronics — 1.5%

      

Electronic Arts, Inc.(1)

    50,000      2,496,000
        2,496,000

Diversified Financial Services — 3.3%

      

Morgan Stanley

    50,000      2,285,000

The Goldman Sachs Group, Inc.

    20,000      3,307,800
        5,592,800

Diversified Production — 2.0%

      

Danaher Corp.

    45,000      3,421,350
        3,421,350

Drugs & Pharmaceuticals — 8.0%

      

Abbott Laboratories

    50,000      2,757,500

Forest Laboratories, Inc.(1)

    115,000      4,601,150

Gilead Sciences, Inc.(1)

    70,000      3,607,100

Teva Pharmaceutical Industries Ltd., ADR(2)

    55,000      2,540,450
        13,506,200

Electronics - Medical Systems — 1.2%

      

Hologic, Inc.(1)

    35,000      1,946,000
        1,946,000

March 31, 2008 (unaudited)

    Shares    Value

Energy - Miscellaneous — 1.6%

      

Valero Energy Corp.

    55,000    $ 2,701,050
        2,701,050

Energy Equipment — 1.8%

      

Suntech Power Holdings Co., Ltd., ADR(1)(2)

    75,000      3,042,000
        3,042,000

Fertilizers — 1.2%

      

Potash Corp. of Saskatchewan, Inc.

    13,500      2,095,335
        2,095,335

Financial Data Processing Services & Systems — 8.2%

      

Alliance Data Systems Corp.(1)

    170,000      8,076,700

MasterCard, Inc., Class A

    14,000      3,121,860

Western Union Co.

    125,000      2,658,750
        13,857,310

Foods — 1.2%

      

Sara Lee Corp.

    150,000      2,097,000
        2,097,000

Health Care Facilities — 1.4%

      

Pharmaceutical Product Development, Inc.

    55,000      2,304,500
        2,304,500

Health Care Management Services — 1.3%

      

UnitedHealth Group, Inc.

    66,000      2,267,760
        2,267,760

Health Care Services — 2.6%

      

CVS Caremark Corp.

    68,000      2,754,680

Express Scripts, Inc.(1)

    27,000      1,736,640
        4,491,320

Machinery - Oil/Well Equipment & Services — 3.7%

      

Halliburton Co.

    48,000      1,887,840

Nabors Industries, Ltd.(1)

    70,503      2,380,886

Weatherford International Ltd.(1)

    27,000      1,956,690
        6,225,416

Medical & Dental Instruments & Supplies — 2.0%

      

St. Jude Medical, Inc.(1)

    80,000      3,455,200
        3,455,200

Milling - Fruit & Grain Processing — 1.3%

      

Archer-Daniels-Midland Co.

    55,000      2,263,800
        2,263,800

Offshore Drilling — 1.2%

      

Transocean, Inc.

    15,000      2,028,000
        2,028,000

Oil - Crude Producers — 3.4%

      

Anadarko Petroleum Corp.

    32,000      2,016,960

Chesapeake Energy Corp.

    40,000      1,846,000

Quicksilver Resources, Inc.(1)

    54,000      1,972,620
        5,835,580

Radio & TV Broadcasters — 1.5%

      

The DIRECTV Group, Inc.(1)

    100,000      2,479,000
        2,479,000

Restaurants — 1.3%

      

McDonald’s Corp.

    40,000      2,230,800
        2,230,800

Retail — 2.7%

      

Costco Wholesale Corp.

    35,000      2,273,950

Wal-Mart Stores, Inc.

    45,000      2,370,600
        4,644,550

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Growth Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Steel — 1.8%

      

Nucor Corp.

    45,000    $ 3,048,300
        3,048,300

Telecommunications Equipment — 1.5%

      

Nokia Oyj, ADR(2)

    80,000      2,546,400
        2,546,400

Textile - Apparel Manufacturers — 1.2%

      

Coach, Inc.(1)

    70,000      2,110,500
        2,110,500

Tobacco — 1.4%

      

UST, Inc.

    45,000      2,453,400
        2,453,400

Utilities - Cable TV & Radio — 2.0%

      

Comcast Corp., Class A

    173,800      3,361,292
        3,361,292

Utilities - Telecommunications — 2.8%

      

China Mobile Ltd., ADR(2)

    40,000      3,000,400

Millicom International Cellular S.A.(1)

   18,000      1,701,900
        4,702,300

Total Common Stocks
(Cost $151,601,293)

         157,928,551
     Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(3)

    123      4,922

RS Emerging Growth Fund, Class Y(3)

    60      1,977

RS Emerging Markets Fund, Class A(3)

    37      916

RS Equity Dividend Fund, Class Y(3)

    11      95

RS Global Natural Resources Fund, Class Y(3)

    811      30,455

RS Investment Quality Bond Fund, Class A(3)

    10      96

RS Investors Fund, Class Y(3)

    1,000      8,552

RS MidCap Opportunities Fund, Class Y(3)

   412      4,937

RS Money Market Fund, Class A(3)

    11,143      11,143

RS Partners Fund, Class Y(3)

    142      3,993

RS S&P 500 Index Fund, Class A(3)

   10      94

RS Smaller Company Growth Fund, Class Y(3)

    334      5,550

RS Technology Fund, Class Y(3)

    41      571

RS Value Fund, Class Y(3)

    65      1,525

Total Other Investments
(Cost $72,146)

         74,826
     Shares    Value

Short-Term Investments — 2.5%

      

Federated Prime Obligations Fund, Class B(4)

    4,312,213      4,312,213

Total Short-Term Investments
(Cost $4,312,213)

         4,312,213

Total Investments — 95.5%
(Cost $155,985,652)

         162,315,590

Other Assets, Net — 4.5%

         7,590,724

Total Net Assets — 100.0%

       $ 169,906,314

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 157,991,663

Level 2 – Significant Other Observable Inputs

      4,323,927

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 162,315,590

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Technology Fund

 

March 31, 2008 (unaudited)

    Foreign Currency    Shares    Value

Common Stocks — 89.1%

         

Advertising Agencies — 3.7%

         

ValueClick, Inc.(1)

       251,830    $ 4,344,068
           4,344,068

Cable Television Services — 0.7%

         

TiVo, Inc.(1)

       98,840      865,838
           865,838

Chemicals — 0.6%

         

EnerSys(1)

       30,220      722,862
           722,862

Communications Technology — 11.6%

         

Aruba Networks, Inc.(1)

       178,050      927,641

Atheros Communications(1)

       74,660      1,555,914

Brocade Communications Systems, Inc.(1)

      368,680      2,691,364

Cbeyond, Inc.(1)

       48,270      906,993

Corning, Inc.

       101,680      2,444,387

j2 Global Communications, Inc.(1)

       88,730      1,980,454

Research In Motion Ltd.(1)

       28,030      3,145,807
           13,652,560

Computer Services, Software & Systems — 29.1%

         

Absolute Software Corp.(1)

    CAD    101,140      1,255,320

Adobe Systems, Inc.(1)

       37,590      1,337,828

Akamai Technologies, Inc.(1)

       88,200      2,483,712

Citrix Systems, Inc.(1)

       72,560      2,128,185

Concur Technologies, Inc.(1)

       90,910      2,822,756

DemandTec, Inc.(1)

       83,410      850,782

Digital River, Inc.(1)

       129,820      4,020,525

Equinix, Inc.(1)

       24,210      1,609,723

Informatica Corp.(1)

       137,800      2,350,868

Internet Brands, Inc., Class A(1)

       109,687      808,393

Microsoft Corp.

       168,090      4,770,394

MicroStrategy, Inc., Class A(1)

       17,840      1,319,982

Netezza Corp.(1)

       72,300      684,681

Nuance Communications, Inc.(1)

       118,090      2,055,947

PROS Holdings, Inc.(1)

       200,380      2,514,769

Salesforce.com, Inc.(1)

       47,300      2,737,251

VMware, Inc., Class A(1)

       10,430      446,613
           34,197,729

Computer Technology — 1.2%

         

Apple, Inc.(1)

       9,660      1,386,210
           1,386,210

Consumer Electronics — 5.0%

         

Google, Inc., Class A(1)

       10,350      4,558,864

Sohu.com, Inc.(1)

       28,050      1,265,897
           5,824,761

Consumer Products — 4.9%

         

Nintendo Co. Ltd., ADR(2)

       89,380      5,796,293
           5,796,293

Electronics - Semiconductors & Components — 15.1%

         

Broadcom Corp., Class A(1)

       54,910      1,058,116

Cavium Networks, Inc.(1)

       43,620      715,368

Entropic Communications, Inc.(1)

       127,504      495,990

FormFactor, Inc.(1)

       43,570      832,187

IPG Photonics Corp.(1)

       42,880      672,787

Marvell Technology Group Ltd.(1)

       258,360      2,810,957

Mellanox Technologies Ltd.(1)

       45,120      628,522

Netlogic Microsystems, Inc.(1)

       45,720      1,103,681

March 31, 2008 (unaudited)

    Foreign Currency    Shares    Value

O2Micro International Ltd., ADR(1)(2)

      814,850    $ 6,298,790

PLX Technology, Inc.(1)

       184,912      1,233,363

Silicon Laboratories, Inc.(1)

       59,720      1,883,569
           17,733,330

Financial Information Services — 1.3%

         

TheStreet.com, Inc.

       191,430      1,546,755
           1,546,755

Retail — 8.4%

         

Amazon.com, Inc.(1)

       30,340      2,163,242

GSI Commerce, Inc.(1)

       199,259      2,620,256

Priceline.com, Inc.(1)

       24,450      2,955,027

Shutterfly, Inc.(1)

       140,560      2,090,127
           9,828,652

Services - Commercial — 4.0%

         

Ctrip.com International Ltd., ADR(2)

       48,980      2,596,919

eBay, Inc.(1)

       68,640      2,048,218
           4,645,137

Telecommunications Equipment — 2.6%

         

Nokia Oyj, ADR(2)

       96,600      3,074,778
           3,074,778

Wholesale & International Trade — 0.9%

         

Alibaba.com Ltd.(1)(5)

    HKD    475,010      998,524
           998,524

Total Common Stocks
(Cost $100,112,302)

            104,617,497
          Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.1%

         

RS Core Equity Fund, Class Y(3)

       109      4,330

RS Emerging Growth Fund, Class Y(3)

       39      1,282

RS Emerging Markets Fund, Class A(3)

       26      638

RS Equity Dividend Fund, Class Y(3)

       8      70

RS Global Natural Resources Fund, Class Y(3)

       749      28,137

RS Growth Fund, Class Y(3)

       78      964

RS Investment Quality Bond Fund, Class A(3)

       7      71

RS Investors Fund, Class Y(3)

       904      7,731

RS MidCap Opportunities Fund, Class Y(3)

      345      4,127

RS Money Market Fund, Class A(3)

       11,994      11,994

RS Partners Fund, Class Y(3)

       144      4,038

RS S&P 500 Index Fund, Class A(3)

      8      68

RS Smaller Company Growth Fund, Class Y(3)

       308      5,117

RS Value Fund, Class Y(3)

       47      1,103

Total Other Investments
(Cost $67,860)

            69,670
      Shares      Value

Short-Term Investments — 6.8%

         

Federated Prime Obligations Fund, Class B(4)

       5,370,673      5,370,673

SSgA Prime Money Market Fund(4)

       2,572,234      2,572,234

Total Short-Term Investments
(Cost $7,942,907)

            7,942,907

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Technology Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Repurchase Agreements — 2.4%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $2,825,157, due 4/1/2008, collateralized by FHLB, 3.60% due 1/29/2010, with a value of $2,886,488

    $ 2,825,000    $ 2,825,000

Total Repurchase Agreements
(Cost $2,825,000)

         2,825,000

Total Investments — 98.4%
(Cost $110,948,069)

         115,455,074

Other Assets, Net — 1.6%

         1,868,563

Total Net Assets — 100.0%

       $ 117,323,637

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

(5)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $998,524, representing 0.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

Foreign-Denominated Security

Canadian Dollar — CAD

Hong Kong Dollar — HKD

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 103,676,649

Level 2 – Significant Other Observable Inputs

      11,778,425

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 115,455,074

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Partners Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 84.5%

      

Aluminum — 4.8%

      

Century Aluminum Co.(1)

    1,354,913    $ 89,749,437
        89,749,437

Auto Parts - After Market — 1.1%

      

Commercial Vehicle Group, Inc.(1)(2)

    2,047,101      20,286,771
        20,286,771

Banks - Outside New York City — 3.1%

      

Hancock Holding Co.

    757,392      31,825,612

UMB Financial Corp.

    631,856      26,032,467
        57,858,079

Cable Television Services — 2.8%

      

Liberty Global, Inc., Class A(1)

    340,278      11,596,674

Liberty Global, Inc., Series C(1)

    1,259,441      40,906,644
        52,503,318

Casinos & Gambling — 4.0%

      

Scientific Games Corp., Class A(1)

    3,517,545      74,255,375
        74,255,375

Coal — 2.9%

      

Peabody Energy Corp.

    1,078,800      55,018,800
        55,018,800

Computer Services, Software & Systems — 6.3%

      

ACI Worldwide, Inc.(1)(2)

    3,965,332      78,989,413

Quest Software, Inc.(1)

    39,940      522,016

Solera Holdings, Inc.(1)

    1,588,655      38,699,636
        118,211,065

Diversified Financial Services — 1.0%

      

Euronet Worldwide, Inc.(1)

    952,700      18,349,002
        18,349,002

Education Services — 2.3%

      

Career Education Corp.(1)

    71,100      904,392

Corinthian Colleges, Inc.(1)(2)

    5,795,561      41,901,906
        42,806,298

Electronics - Medical Systems — 4.5%

      

Advanced Medical Optics, Inc.(1)

    2,552,869      51,823,241

eResearch Technology, Inc.(1)(2)

    2,624,770      32,599,643
        84,422,884

Electronics - Semiconductors & Components — 1.7%

      

Atmel Corp.(1)

    9,063,389      31,540,594
        31,540,594

Entertainment — 4.2%

      

Lions Gate Entertainment Corp.(1)

    5,726,645      55,834,789

Live Nation, Inc.(1)

    1,923,819      23,335,924
        79,170,713

Financial - Miscellaneous — 0.6%

      

MoneyGram International, Inc.(2)

    6,324,535      11,763,635
        11,763,635

Financial Data Processing Services & Systems — 0.4%

      

Jack Henry & Associates, Inc.

    319,200      7,874,664
        7,874,664

Foods — 1.2%

      

NBTY, Inc.(1)

    772,560      23,138,172
        23,138,172

Insurance - Multi-Line — 1.1%

      

Hanover Insurance Group, Inc.

    513,670      21,132,384
        21,132,384

March 31, 2008 (unaudited)

    Shares    Value

Insurance - Property & Casualty — 2.8%

      

Employers Holdings, Inc.(2)

    2,867,090    $ 53,155,849
        53,155,849

Machinery - Oil/Well Equipment & Services — 4.6%

      

Key Energy Services, Inc.(1)(2)

    6,449,800      86,556,316
        86,556,316

Medical & Dental Instruments & Supplies — 3.4%

      

The Cooper Cos., Inc.

    1,860,013      64,040,247
        64,040,247

Medical Services — 2.4%

      

Magellan Health Services, Inc.(1)

    1,112,506      44,155,363
        44,155,363

Metal Fabricating — 0.1%

      

Mueller Water Products, Inc.

    80,284      656,723

Mueller Water Products, Inc., Class B

    58,299      459,396
        1,116,119

Metals & Minerals - Miscellaneous — 1.9%

      

A.M. Castle & Co.(2)

    1,294,350      34,947,450
        34,947,450

Oil - Crude Producers — 0.6%

      

Berry Petroleum Co., Class A

    221,900      10,316,131
        10,316,131

Real Estate — 3.1%

      

DuPont Fabros Technology, Inc.

    709,240      11,695,368

MI Developments, Inc., Class A

    1,628,800      46,779,136
        58,474,504

Real Estate Investment Trusts — 3.9%

      

BioMed Realty Trust, Inc.

    1,293,026      30,890,391

CapLease, Inc.

    1,363,260      10,592,530

Deerfield Capital Corp.

    607,628      856,755

KKR Financial Holdings LLC

    1,450,000      18,357,000

Meruelo Maddux Properties, Inc.(1)(2)

   4,448,881      11,300,158
        71,996,834

Rental & Leasing Services - Consumer — 2.8%

      

Aaron Rents, Inc.(2)

    2,451,802      52,811,815
        52,811,815

Restaurants — 2.1%

      

Triarc Cos., Inc., Class B(2)

    5,730,822      39,599,980
        39,599,980

Services - Commercial — 4.8%

      

Coinstar, Inc.(1)(2)

    2,464,452      69,349,679

Copart, Inc.(1)

    541,940      21,005,595
        90,355,274

Steel — 4.5%

      

Allegheny Technologies, Inc.

    1,181,400      84,304,704
        84,304,704

Textile - Apparel Manufacturers — 3.5%

      

Carter’s, Inc.(1)(2)

    4,078,790      65,872,458
        65,872,458

Utilities - Electrical — 2.0%

      

NorthWestern Corp.

    1,499,345      36,539,038
        36,539,038

Total Common Stocks
(Cost $1,573,346,743)

         1,582,323,273

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Partners Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Depositary Securities — 5.1%

      

Diversified Financial Services — 2.4%

      

KKR Private Equity Investors, L.P. 144A(3)(4)

      3,641,765    $ 44,975,798
        44,975,798

Investment Management Companies — 2.7%

      

AP Alternative Assets, L.P. 144A(3)(4)

     4,180,500      50,166,000
        50,166,000

Total Depositary Securities
(Cost $170,371,754)

         95,141,798
     Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(5)

      854      34,021

RS Emerging Growth Fund, Class Y(5)

      499      16,466

RS Emerging Markets Fund, Class A(5)

      488      12,146

RS Equity Dividend Fund, Class Y(5)

      121      1,071

RS Global Natural Resources Fund, Class Y(5)

      4,259      160,006

RS Growth Fund, Class Y(5)

      1,454      18,012

RS Investment Quality Bond Fund, Class A(5)

      111      1,088

RS Investors Fund, Class Y(5)

      6,183      52,864

RS MidCap Opportunities Fund, Class Y(5)

     2,252      26,956

RS Money Market Fund, Class A(5)

      49,956      49,956

RS S&P 500 Index Fund, Class A(5)

     116      1,055

RS Smaller Company Growth Fund, Class Y(5)

      1,785      29,656

RS Technology Fund, Class Y(5)

      532      7,424

RS Value Fund, Class Y(5)

      830      19,435

Total Other Investments
(Cost $445,393)

         430,156
     Shares    Value

Short-Term Investments — 6.8%

      

Federated Prime Obligations Fund, Class B(6)

      89,191,084      89,191,084

SSgA Prime Money Market Fund(6)

      38,904,136      38,904,136

Total Short-Term Investments
(Cost $128,095,220)

         128,095,220
     Principal
Amount		    Value

Repurchase Agreements — 3.5%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $65,359,631, due 4/1/2008, collateralized by FMAC, 5.00%, due 1/2/2015, with a value of $66,666,125

    $ 65,356,000      65,356,000

Total Repurchase Agreements
(Cost $65,356,000)

         65,356,000

Total Investments — 99.9%
(Cost $1,937,615,110)

         1,871,346,447

Other Assets, Net — 0.1%

         1,268,422

Total Net Assets — 100.0%

       $ 1,872,614,869

 

(1)

Non income-producing security.

(2)

Affiliated issuer.

(3)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $95,141,798, representing 5.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(4)

Restricted depositary units.

(5)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(6)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 1,677,837,847

Level 2 – Significant Other Observable Inputs

      193,508,600

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 1,871,346,447

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                     2

Table of Contents

Schedule of Investments - RS Value Fund

 

March 31, 2008 (unaudited)

         Shares    Value

Common Stocks — 90.6%

         

Building Materials — 2.2%

         

Martin Marietta Materials, Inc.

       442,100    $ 46,937,757
           46,937,757

Cable Television Services — 2.8%

         

Liberty Global, Inc., Class A(1)

       3,787      129,061

Liberty Global, Inc., Series C(1)

       1,889,579      61,373,526
           61,502,587

Casinos & Gambling — 4.0%

         

Scientific Games Corp., Class A(1)

       4,136,943      87,330,867
           87,330,867

Chemicals — 3.3%

         

Eastman Chemical Co.

       1,158,570      72,352,697
           72,352,697

Coal — 2.5%

         

Peabody Energy Corp.

       1,075,420      54,846,420
           54,846,420

Communications Technology — 3.8%

         

Comverse Technology, Inc.(1)

       5,401,820      83,188,028
           83,188,028

Diversified Financial Services — 1.6%

         

Ameriprise Financial, Inc.

       653,360      33,876,716
           33,876,716

Drugs & Pharmaceuticals — 1.3%

         

Biovail Corp.

       2,637,324      28,087,501
           28,087,501

Education Services — 3.1%

         

Career Education Corp.(1)(9)

       5,388,013      68,535,525
           68,535,525

Electronics - Semiconductors & Components — 6.0%

         

Atmel Corp.(1)

       18,802,856      65,433,939

LSI Corp.(1)

       13,250,109      65,588,040
           131,021,979

Financial - Miscellaneous — 1.7%

         

Fidelity National Financial, Inc., Class A

       2,034,516      37,292,678
           37,292,678

Health Care Facilities — 2.9%

         

Sunrise Senior Living, Inc.(1)(9)

       2,858,405      63,685,263
           63,685,263

Insurance - Multi-Line — 4.7%

         

Aon Corp.

       1,084,466      43,595,533

Assurant, Inc.

       556,725      33,882,284

Genworth Financial, Inc., Class A

       1,060,480      24,009,267
           101,487,084

Investment Management Companies — 2.7%

         

Federated Investors, Inc., Class B

       644,220      25,227,655

Invesco Ltd.

       1,409,000      34,323,240
           59,550,895

Medical Services — 2.2%

         

Magellan Health Services, Inc.(1)

       1,186,257      47,082,540
           47,082,540

Metals & Minerals - Miscellaneous — 0.2%

         

Ivanhoe Nickel & Platinum Ltd.(1)(2)(3)

       698,422      4,539,743
           4,539,743

Oil - Crude Producers — 10.8%

         

Canadian Natural Resources Ltd.

       635,300      43,365,578

March 31, 2008 (unaudited)

    Foreign Currency    Shares    Value

Denbury Resources, Inc.(1)

       1,806,789    $ 51,583,826

Talisman Energy, Inc.

    CAD    4,739,700      84,085,866

XTO Energy, Inc.

       895,610      55,402,434
           234,437,704

Radio & TV Broadcasters — 2.3%

         

Grupo Televisa S.A., ADR(4)

       2,074,200      50,278,608
           50,278,608

Real Estate — 1.9%

         

MI Developments, Inc., Class A

       1,424,620      40,915,086
           40,915,086

Real Estate Investment Trusts — 2.3%

         

Alexandria Real Estate Equities, Inc.

       548,519      50,858,682
           50,858,682

Rental & Leasing Services - Consumer — 2.5%

         

WESCO International, Inc.(1)

       1,479,467      53,985,751
           53,985,751

Retail — 3.6%

         

Advance Auto Parts, Inc.

       2,287,960      77,905,038
           77,905,038

Savings & Loan — 1.9%

         

People’s United Financial, Inc.

       2,374,088      41,095,463
           41,095,463

Services - Commercial — 3.3%

         

Convergys Corp.(1)

       4,741,839      71,412,095
           71,412,095

Steel — 3.6%

         

Allegheny Technologies, Inc.

       1,101,240      78,584,486
           78,584,486

Utilities - Electrical — 8.1%

         

Calpine Corp.(1)

       2,515,483      46,335,197

FirstEnergy Corp.

       953,940      65,459,363

PPL Corp.

       1,431,100      65,716,112
           177,510,672

Utilities - Gas Distributors — 5.3%

         

Questar Corp.

       924,800      52,306,688

Spectra Energy Corp.

       2,752,300      62,614,825
           114,921,513

Total Common Stocks
(Cost $2,048,108,284)

            1,973,223,378
          Shares    Value

Depositary Securities — 4.3%

         

Diversified Financial Services — 2.2%

         

KKR Private Equity Investors, L.P. 144A(5)(6)

       3,929,700      48,531,795
           48,531,795

Investment Management Companies — 2.1%

         

AP Alternative Assets, L.P. 144A(1)(5)(6)

      3,687,987      44,255,844
           44,255,844

Total Depositary Securities
(Cost $166,506,743)

            92,787,639
          Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

         

RS Core Equity Fund, Class Y(7)

       635      25,298

RS Emerging Growth Fund, Class Y(7)

       485      15,975

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Value Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value  

RS Emerging Markets Fund, Class A(7)

    478    $ 11,894  

RS Equity Dividend Fund, Class Y(7)

    141      1,249  

RS Global Natural Resources Fund, Class Y(7)

    2,609      98,032  

RS Growth Fund, Class Y(7)

    1,223      15,154  

RS Investment Quality Bond Fund, Class A(7)

    129      1,268  

RS Investors Fund, Class Y(7)

    4,004      34,238  

RS MidCap Opportunities Fund, Class Y(7)

   1,482      17,739  

RS Money Market Fund, Class A(7)

    20,370      20,370  

RS Partners Fund, Class Y(7)

    522      14,688  

RS S&P 500 Index Fund, Class A(7)

   136      1,231  

RS Smaller Company Growth Fund, Class Y(7)

    1,107      18,383  

RS Technology Fund, Class Y(7)

    474      6,615  

Total Other Investments
(Cost $294,661)

         282,134  
     Shares    Value  

Short-Term Investments — 5.5%

      

Federated Prime Obligations Fund, Class B(8)

    88,311,029      88,311,029  

SSgA Prime Money Market Fund(8)

    30,417,915      30,417,915  

Total Short-Term Investments
(Cost $118,728,944)

         118,728,944  

Total Investments — 100.4%
(Cost $2,333,638,632)

         2,185,022,095  

Other Liabilities, Net — (0.4)%

         (8,394,031 )

Total Net Assets — 100.0%

       $ 2,176,628,064  

 

(1)

Non income-producing security.

(2)

Restricted security.

(3)

Fair valued security.

(4)

ADR — American Depositary Receipt.

(5)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $92,787,639, representing 4.3% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(6)

Restricted depositary units.

(7)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(8)

Money Market Fund registered under the Investment Company Act of 1940.

(9)

Affiliated issuer.

Foreign-Denominated Security

Canadian Dollar — CAD

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 1,977,640,557

Level 2 – Significant Other Observable Inputs

      202,841,795

Level 3 – Significant Unobservable Inputs

      4,539,743

Total

    $ 2,185,022,095

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

 

Valuation Inputs

    Investments in
Securities

Balance as of 12/31/07

    $ 4,539,743

Accrued discounts/premiums

      —  

Realized gain/loss and change in unrealized appreciation/depreciation

      —  

Net purchases/sales

      —  

Net transfers in and/or out of Level 3

      —  

Balance as of 03/31/08

      4,539,743

Net change in unrealized appreciation/depreciation from investments still held as of 03/31/08

    $ —  

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Investors Fund

 

March 31, 2008 (unaudited)

    Foreign Currency    Shares    Value
Common Stocks — 92.0%         
Aluminum — 4.9%         

Century Aluminum Co.(1)

       18,620    $ 1,233,389
           1,233,389
Cable Television Services — 2.5%         

Liberty Global, Inc., Series C(1)

       19,700      639,856
           639,856
Casinos & Gambling — 5.3%         

Scientific Games Corp., Class A(1)

       63,210      1,334,363
           1,334,363
Chemicals — 4.6%         

Eastman Chemical Co.

       18,500      1,155,325
           1,155,325
Coal — 1.4%         

Peabody Energy Corp.

       6,700      341,700
           341,700
Communications Technology — 4.5%         

Comverse Technology, Inc.(1)

       74,000      1,139,600
           1,139,600
Computer Services, Software & Systems — 7.4%         

ACI Worldwide, Inc.(1)

       93,440      1,861,325
           1,861,325
Education Services — 3.8%         

Career Education Corp.(1)

       75,330      958,198
           958,198
Electronics - Medical Systems — 2.9%         

Advanced Medical Optics, Inc.(1)

       35,430      719,229
           719,229
Electronics—Semiconductors & Components — 4.7%         

LSI Corp.(1)

       239,710      1,186,564
           1,186,564
Health Care Facilities — 4.8%         

Sunrise Senior Living, Inc.(1)

       53,700      1,196,436
           1,196,436
Insurance - Property & Casualty — 2.6%         

Employers Holdings, Inc.

       35,160      651,866
           651,866
Investment Management Companies — 4.3%         

Invesco Ltd.

       44,950      1,094,982
           1,094,982
Machinery - Oil/Well Equipment & Services — 5.2%         

Key Energy Services, Inc.(1)

       97,480      1,308,182
           1,308,182
Medical & Dental Instruments & Supplies — 1.2%         

The Cooper Cos., Inc.

       8,900      306,427
           306,427
Oil - Crude Producers — 8.3%         

Denbury Resources, Inc.(1)

       26,400      753,720

Talisman Energy, Inc.

    CAD    74,700      1,325,235
           2,078,955
Retail — 0.6%         

Advance Auto Parts, Inc.

       4,200      143,010
           143,010
Services - Commercial — 7.4%         

Coinstar, Inc.(1)

       24,150      679,581

Convergys Corp.(1)

       79,100      1,191,246
           1,870,827

March 31, 2008 (unaudited)

         Shares    Value
Steel — 4.9%         

Allegheny Technologies, Inc.

       17,250    $ 1,230,960
           1,230,960
Textile - Apparel Manufacturers — 5.0%         

Carter’s, Inc.(1)

       78,590      1,269,228
           1,269,228
Utilities - Electrical — 2.8%         

FirstEnergy Corp.

       10,300      706,786
           706,786
Utilities - Gas Distributors — 2.9%         

Spectra Energy Corp.

       32,150      731,412
           731,412

Total Common Stocks
(Cost $24,047,458)

            23,158,620
          Shares    Value
Depositary Securities — 6.0%         
Diversified Financial Services — 4.3%         

KKR Private Equity Investors, L.P. 144A(2)(3)

       87,000      1,074,450
           1,074,450
Investment Management Companies — 1.7%         

AP Alternative Assets, L.P. 144A(1)(2)(3)

      36,700      440,400
           440,400

Total Depositary Securities
(Cost $2,832,482)

            1,514,850
          Shares    Value
Other Investments - For Trustee Deferred Compensation Plan — 0.0%         

RS Core Equity Fund, Class Y(4)

       13      517

RS Emerging Growth Fund, Class Y(4)

       10      333

RS Emerging Markets Fund, Class A(4)

       10      257

RS Equity Dividend Fund, Class Y(4)

       2      16

RS Global Natural Resources Fund, Class Y(4)

       44      1,659

RS Growth Fund, Class Y(4)

       35      437

RS Investment Quality Bond Fund, Class A(4)

       2      16

RS MidCap Opportunities Fund, Class Y(4)

      35      417

RS Money Market Fund, Class A(4)

       63      63

RS Partners Fund, Class Y(4)

       5      139

RS S&P 500 Index Fund, Class A(4)

      2      15

RS Smaller Company Growth Fund, Class Y(4)

       19      313

RS Technology Fund, Class Y(4)

       12      169

RS Value Fund, Class Y(4)

       18      411

Total Other Investments
(Cost $4,989)

            4,762

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Investors Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value
Short-Term Investments — 1.4%      

Federated Prime Obligations Fund, Class B(5)

    349,575    $ 349,575

Total Short-Term Investments
(Cost $349,575)

         349,575

Total Investments — 99.4%
(Cost $27,234,504)

         25,027,807

Other Assets, Net — 0.6%

         147,059

Total Net Assets — 100.0%

       $ 25,174,866

 

(1) Non income-producing security.
(2) Restricted depositary units.
(3) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $1,514,850, representing 6.0% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.
(4) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.
(5) Money Market Fund registered under the Investment Company Act of 1940.

Foreign-Denominated Security

Canadian Dollar — CAD

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 23,352,765

Level 2 – Significant Other Observable Inputs

      1,675,042

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 25,027,807

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                2

Table of Contents

Schedule of Investments - RS Global Natural Resources Fund

 

March 31, 2008 (unaudited)

  

Foreign Currency

    Shares    Value
Common Stocks — 88.4%        
Aluminum — 4.9%        

Century Aluminum Co.(1)

      1,530,473    $ 101,378,531
          101,378,531
Building Materials — 2.2%        

Martin Marietta Materials, Inc.

      428,800      45,525,696
          45,525,696
Chemicals — 3.3%        

Eastman Chemical Co.

      1,071,600      66,921,420
          66,921,420
Coal — 4.5%        

Arch Coal, Inc.

      396,160      17,232,960

Foundation Coal Holdings, Inc.

      382,630      19,257,768

Peabody Energy Corp.

      1,100,703      56,135,853
          92,626,581
Energy - Miscellaneous — 1.2%        

Alon USA Energy, Inc.

      1,599,487      24,328,197
          24,328,197
Gold — 5.9%        

Goldcorp, Inc.

   CAD    1,539,180      59,815,763

Kinross Gold Corp.

   CAD    2,800,321      62,474,890
          122,290,653
Insurance - Multi-Line — 0.5%        

PICO Holdings, Inc.(1)

      318,778      9,636,659
          9,636,659
Machinery - Oil/Well Equipment & Services — 7.6%        

Key Energy Services, Inc.(1)

      5,311,830      71,284,759

Noble Corp.

      1,158,300      57,532,761

Schlumberger Ltd.

      317,400      27,613,800
          156,431,320
Metal Fabricating — 0.0%        

Mueller Water Products, Inc.

      56,000      458,080

Mueller Water Products, Inc., Class B

      41,800      329,384
          787,464
Metals & Minerals—Miscellaneous — 9.1%        

A.M. Castle & Co.

      864,040      23,329,080

BHP Billiton Ltd., ADR(2)

      896,800      59,054,280

Companhia Vale do Rio Doce, ADR(2)

      2,992,800      103,670,592

Ivanhoe Nickel & Platinum Ltd.(1) (3)(4)

      203,624      1,323,556
          187,377,508
Oil - Crude Producers — 22.2%        

Berry Petroleum Co., Class A

      237,785      11,054,625

Canadian Natural Resources Ltd.

      776,030      52,971,808

Denbury Resources, Inc.(1)

      2,221,800      63,432,390

EOG Resources, Inc.

      270,750      32,490,000

Newfield Exploration Co.(1)

      1,195,930      63,204,900

Southwestern Energy Co.(1)

      1,289,800      43,453,362

Talisman Energy, Inc.

   CAD    5,625,200      99,795,306

XTO Energy, Inc.

      1,479,008      91,491,435
          457,893,826
Oil - Integrated Domestic — 2.4%        

Occidental Petroleum Corp.

      667,410      48,834,390
          48,834,390

March 31, 2008 (unaudited)

  

Foreign Currency

    Shares    Value
Oil - Integrated International — 1.7%        

Petrobank Energy & Resources Ltd.(1)

   CAD    781,600    $ 35,560,154
          35,560,154
Rental & Leasing Services - Consumer — 1.1%        

WESCO International, Inc.(1)

      641,780      23,418,552
          23,418,552
Steel — 4.8%        

Allegheny Technologies, Inc.

      1,377,740      98,315,526
          98,315,526
Utilities - Electrical — 12.2%        

Calpine Corp.(1)

      3,043,413      56,059,667

Duke Energy Corp.

      3,122,050      55,728,593

FirstEnergy Corp.

      932,300      63,974,426

NorthWestern Corp.

      631,300      15,384,781

PPL Corp.

      1,314,100      60,343,472
          251,490,939
Utilities - Gas Distributors — 4.8%        

Questar Corp.

      802,200      45,372,432

Spectra Energy Corp.

      2,383,400      54,222,350
          99,594,782

Total Common Stocks
(Cost $1,323,570,430)

           1,822,412,198
         Shares    Value
Other Investments - For Trustee Deferred Compensation Plan — 0.0%        

RS Core Equity Fund, Class Y(5)

      542      21,602

RS Emerging Growth Fund, Class Y(5)

      408      13,439

RS Emerging Markets Fund, Class A(5)

      375      9,329

RS Equity Dividend Fund, Class Y(5)

      128      1,135

RS Growth Fund, Class Y(5)

      1,080      13,380

RS Investment Quality Bond Fund, Class A(5)

      117      1,150

RS Investors Fund, Class Y(5)

      3,630      31,039

RS MidCap Opportunities Fund, Class Y(5)

     1,312      15,702

RS Money Market Fund, Class A(5)

      17,611      17,611

RS Partners Fund, Class Y(5)

      432      12,146

RS S&P 500 Index Fund, Class A(5)

     123      1,120

RS Smaller Company Growth Fund, Class Y(5)

      975      16,194

RS Technology Fund, Class Y(5)

      406      5,671

RS Value Fund, Class Y(5)

      670      15,698

Total Other Investments
(Cost $194,578)

           175,216
         Shares    Value
Short-Term Investments — 6.4%        

Federated Prime Obligations Fund, Class B(6)

      89,576,292      89,576,292

SSgA Prime Money Market Fund(6)

      42,721,856      42,721,856

Total Short-Term Investments
(Cost $132,298,148)

           132,298,148

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Global Natural Resources Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value  
Repurchase Agreements — 5.8%  

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $119,325,629, due 4/1/2008, collateralized by FHLB, 3.60%, due 1/29/2010, with a value of $121,706,000

    $119,319,000    $ 119,319,000  

Total Repurchase Agreements
(Cost $119,319,000)

      119,319,000  

Total Investments — 100.6%
(Cost $1,575,382,156)

      2,074,204,562  

Other Liabilities, Net — (0.6)%

      (12,352,161 )

Total Net Assets — 100.0%

    $ 2,061,852,401  

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Fair valued security.

(4)

Restricted security.

(5)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(6)

Money Market Fund registered under the Investment Company Act of 1940.

Foreign-Denominated Security

Canadian Dollar — CAD

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 1,563,594,463

Level 2 – Significant Other Observable Inputs

      509,286,543

Level 3 – Significant Unobservable Inputs

      1,323,556

Total

    $ 2,074,204,562

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

 

Valuation Inputs

    Investments
in Securities

Balance as of 12/31/07

    $ 1,323,556

Accrued discounts/premiums

      —  

Realized gain/loss and change in unrealized appreciation/depreciation

      —  

Net purchases/sales

      —  

Net transfers in and/or out of Level 3

      —  

Balance as of 03/31/08

      1,323,556

Net change in unrealized appreciation/depreciation from investments still held as of 03/31/08

    $ —  

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                2

Table of Contents

Schedule of Investments - RS Large Cap Value Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 97.9%

      

Air Freight & Logistics — 1.7%

      

FedEx Corp.

    13,700    $ 1,269,579
        1,269,579

Airlines — 0.9%

      

Southwest Airlines Co.

    57,100      708,040
        708,040

Auto Components — 4.0%

      

BorgWarner, Inc.

    31,200      1,342,536

Johnson Controls, Inc.

    50,200      1,696,760
        3,039,296

Automobiles — 0.5%

      

Harley-Davidson, Inc.

    10,900      408,750
        408,750

Beverages — 0.6%

      

Constellation Brands, Inc., Class A(1)

   26,900      475,323
        475,323

Biotechnology — 0.5%

      

Cephalon, Inc.(1)

    6,400      412,160
        412,160

Building Products — 1.4%

      

Masco Corp.

    53,700      1,064,871
        1,064,871

Capital Markets — 6.4%

      

Bank of New York Mellon Corp.

    34,875      1,455,334

Morgan Stanley

    51,900      2,371,830

Northern Trust Corp.

    15,100      1,003,697
        4,830,861

Commercial Banks — 7.8%

      

City National Corp.

    6,900      341,274

Fifth Third Bancorp

    57,900      1,211,268

SunTrust Banks, Inc.

    22,300      1,229,622

Wells Fargo & Co.

    107,100      3,116,610
        5,898,774

Consumer Finance — 1.3%

      

Discover Financial Services

    58,300      954,371
        954,371

Diversified Financial Services — 7.6%

      

Bank of America Corp.

    27,056      1,025,693

Citigroup, Inc.

    129,600      2,776,032

JPMorgan Chase & Co.

    46,000      1,975,700
        5,777,425

Diversified Telecommunication Services — 2.7%

      

AT&T, Inc.

    53,500      2,049,050
        2,049,050

Electric Utilities — 6.6%

      

American Electric Power, Inc.

    36,600      1,523,658

Exelon Corp.

    22,700      1,844,829

Northeast Utilities

    37,400      917,796

Pepco Holdings, Inc.

    29,100      719,352
        5,005,635

Energy Equipment & Services — 3.8%

      

ENSCO International, Inc.

    14,200      889,204

Halliburton Co.

    49,800      1,958,634
        2,847,838

Health Care Providers & Services — 2.2%

      

Medco Health Solutions, Inc.(1)

    32,600      1,427,554

UnitedHealth Group, Inc.

    7,200      247,392
        1,674,946

March 31, 2008 (unaudited)

    Shares    Value

Hotels, Restaurants & Leisure — 1.8%

      

Carnival Corp.

    33,600    $ 1,360,128
        1,360,128

Household Durables — 1.3%

      

Fortune Brands, Inc.

    14,600      1,014,700
        1,014,700

Industrial Conglomerates — 5.8%

      

General Electric Co.

    119,500      4,422,695
        4,422,695

Insurance — 5.5%

      

AFLAC, Inc.

    19,100      1,240,545

Principal Financial Group, Inc.

    26,000      1,448,720

The Hartford Financial Services Group, Inc.

    19,900      1,507,823
        4,197,088

Machinery — 3.8%

      

Illinois Tool Works, Inc.

    35,000      1,688,050

PACCAR, Inc.

    26,950      1,212,750
        2,900,800

Media — 5.6%

      

Comcast Corp., Class A(1)

    84,700      1,638,098

News Corp., Class A

    44,200      828,750

Omnicom Group, Inc.

    19,800      874,764

R.H. Donnelley Corp.(1)

    17,300      87,538

The Interpublic Group of Companies, Inc.(1)

    91,700      771,197
        4,200,347

Multi-Utilities — 1.7%

      

NiSource, Inc.

    27,700      477,548

Sempra Energy

    15,700      836,496
        1,314,044

Oil, Gas & Consumable Fuels — 10.0%

      

Chevron Corp.

    36,000      3,072,960

Exxon Mobil Corp.

    25,000      2,114,500

Marathon Oil Corp.

    21,900      998,640

Peabody Energy Corp.

    26,700      1,361,700
        7,547,800

Pharmaceuticals — 7.5%

      

Johnson & Johnson

    27,500      1,783,925

Merck & Co., Inc.

    39,400      1,495,230

Wyeth

    57,000      2,380,320
        5,659,475

Road & Rail — 2.6%

      

Burlington Northern Santa Fe Corp.

    21,200      1,955,064
        1,955,064

Software — 1.9%

      

Symantec Corp.(1)

    85,000      1,412,700
        1,412,700

Thrifts & Mortgage Finance — 0.8%

      

Freddie Mac

    23,300      589,956
        589,956

Wireless Telecommunication Services — 1.6%

      

Sprint Nextel Corp.

    176,542      1,181,066
        1,181,066

Total Common Stocks
(Cost $68,546,941)

         74,172,782

Exchange-Traded Funds — 1.0%

      

S&P Depositary Receipts Trust, Series I

    5,600      739,032

Total Exchange-Traded Funds
(Cost $715,435)

         739,032

See accompanying notes to Schedule of Investments.

 

1                Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Large Cap Value Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value  

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(2)

      16    $ 628  

RS Emerging Growth Fund, Class Y(2)

      16      527  

RS Emerging Markets Fund, Class A(2)

      17      424  

RS Equity Dividend Fund, Class Y(2)

      5      42  

RS Global Natural Resources Fund, Class Y(2)

      42      1,574  

RS Growth Fund, Class Y(2)

      32      397  

RS Investment Quality Bond Fund, Class A(2)

      4      43  

RS Investors Fund, Class Y(2)

      67      570  

RS MidCap Opportunities Fund, Class Y(2)

     26      311  

RS Partners Fund, Class Y(2)

      10      296  

RS S&P 500 Index Fund, Class A(2)

     5      42  

RS Smaller Company Growth Fund, Class Y(2)

      18      303  

RS Technology Fund, Class Y(2)

      14      195  

RS Value Fund, Class Y(2)

      26      607  

Total Other Investments
(Cost $6,509)

         5,959  
     Principal
Amount		    Value  

Repurchase Agreements — 1.2%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $944,052, due 4/1/2008, collateralized by FHLMC, 3.625%, due 9/15/2008, with a value of $967,200

    $ 944,000      944,000  

Total Repurchase Agreements
(Cost $944,000)

         944,000  

Total Investments — 100.1%
(Cost $70,212,885)

         75,861,773  

Other Liabilities, Net — (0.1)%

         (98,529 )

Total Net Assets — 100.0%

       $ 75,763,244  

 

(1) Non income-producing security.
(2) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 74,917,578

Level 2 – Significant Other Observable Inputs

      944,195

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 75,861,773

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Small Cap Core Equity Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 99.0%

      

Aerospace & Defense — 4.1%

      

AAR Corp.(1)

    94,500    $ 2,577,015

Ceradyne, Inc.(1)

    34,400      1,099,424

Ladish Co., Inc.(1)

    50,200      1,807,200
        5,483,639

Biotechnology — 4.1%

      

Achillion Pharmaceuticals, Inc.(1)

    52,100      230,803

AspenBio Pharma, Inc.(1)

    174,000      1,005,720

Human Genome Sciences, Inc.(1)

    110,300      649,667

Omrix Biopharmaceuticals, Inc.(1)

    60,900      852,600

Savient Pharmaceuticals, Inc.(1)

    136,800      2,736,000
        5,474,790

Capital Markets — 1.5%

      

Apollo Investment Corp.

    126,755      2,006,532
        2,006,532

Chemicals — 2.0%

      

Cytec Industries, Inc.

    50,200      2,703,270
        2,703,270

Commercial Banks — 4.1%

      

East West Bancorp, Inc.

    54,300      963,825

Hancock Holding Co.

    32,400      1,361,448

IBERIABANK Corp.

    34,200      1,513,350

PrivateBancorp, Inc.

    55,000      1,730,850
        5,569,473

Commercial Services & Supplies — 0.7%

      

Waste Connections, Inc.(1)

    31,200      959,088
        959,088

Communications Equipment — 2.4%

      

Blue Coat Systems, Inc.(1)

    64,800      1,428,192

Foundry Networks, Inc.(1)

    160,500      1,858,590
        3,286,782

Computers & Peripherals — 0.5%

      

3PAR, Inc.(1)

    91,637      619,466
        619,466

Construction & Engineering — 1.7%

      

Aecom Technology Corp.(1)

    89,800      2,335,698
        2,335,698

Diversified Consumer Services — 1.5%

      

Capella Education Co.(1)

    36,500      1,992,900
        1,992,900

Diversified Telecommunication Services — 1.5%

      

PAETEC Holding Corp.(1)

    311,770      2,076,388
        2,076,388

Electric Utilities — 1.0%

      

Cleco Corp.

    61,500      1,364,070
        1,364,070

Electrical Equipment — 1.8%

      

Regal-Beloit Corp.

    65,300      2,391,939
        2,391,939

Electronic Equipment & Instruments — 0.4%

      

Universal Display Corp.(1)

    40,800      584,256
        584,256

Food Products — 4.6%

      

B&G Foods, Inc., Class A

    215,720      2,372,920

Flowers Foods, Inc.

    27,700      685,575

Ralcorp Holdings, Inc.(1)

    43,400      2,523,710

March 31, 2008 (unaudited)

    Shares    Value

Zhongpin, Inc.(1)

    55,800    $ 542,934
        6,125,139

Health Care Equipment & Supplies — 5.1%

      

Immucor, Inc.(1)

    66,600      1,421,244

Micrus Endovascular Corp.(1)

    118,300      1,462,188

NuVasive, Inc.(1)

    69,000      2,381,190

Volcano Corp.(1)

    127,170      1,589,625
        6,854,247

Health Care Providers & Services — 7.6%

      

Brookdale Senior Living, Inc.

    70,300      1,680,170

HMS Holdings Corp.(1)

    37,300      1,064,915

Pediatrix Medical Group, Inc.(1)

    40,600      2,736,440

Psychiatric Solutions, Inc.(1)

    138,600      4,701,312
        10,182,837

Hotels, Restaurants & Leisure — 3.5%

      

Jack in the Box, Inc.(1)

    118,100      3,173,347

Papa John’s International, Inc.(1)

   64,500      1,561,545
        4,734,892

Information Technology Services — 4.5%

      

CACI International, Inc., Class A(1)

    60,000      2,733,000

NeuStar, Inc., Class A(1)

    124,000      3,283,520
        6,016,520

Insurance — 4.8%

      

AmTrust Financial Services, Inc.

    209,100      3,389,511

Hanover Insurance Group, Inc.

    73,900      3,040,246
        6,429,757

Internet Software & Services — 1.1%

      

TheStreet.com, Inc.

    183,600      1,483,488
        1,483,488

Leisure Equipment & Products — 1.1%

      

WMS Industries, Inc.(1)

    40,300      1,449,591
        1,449,591

Life Sciences Tools & Services — 1.0%

      

Sequenom, Inc.(1)

    202,500      1,316,250
        1,316,250

Machinery — 4.3%

      

EnPro Industries, Inc.(1)

    105,900      3,303,021

Gardner Denver, Inc.(1)

    65,600      2,433,760
        5,736,781

Metals & Mining — 0.9%

      

Century Aluminum Co.(1)

    18,000      1,192,320
        1,192,320

Oil, Gas & Consumable Fuels — 10.0%

      

GeoMet, Inc.(1)

    171,700      1,143,522

GMX Resources, Inc.(1)

    88,199      3,080,791

Holly Corp.

    60,600      2,630,646

SemGroup Energy Partners, L.P.

    92,190      2,327,798

Targa Resources Partners, L.P.

    107,390      2,496,817

Teekay LNG Partners, L.P.

    60,200      1,728,944
        13,408,518

Pharmaceuticals — 0.4%

      

Biodel, Inc.(1)

    44,725      485,266
        485,266

Real Estate Investment Trusts — 9.0%

      

CapLease, Inc.

    188,140      1,461,848

Chimera Investment Corp.

    116,807      1,436,726

Digital Realty Trust, Inc.

    107,640      3,821,220

See accompanying notes to Schedule of Investments.

 

1                Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Small Cap Core Equity Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Gramercy Capital Corp.

    118,300    $ 2,476,019

Healthcare Realty Trust, Inc.

    108,000      2,824,200
        12,020,013

Semiconductors & Semiconductor Equipment — 4.2%

      

Atheros Communications(1)

    56,000      1,167,040

Cavium Networks, Inc.(1)

    51,800      849,520

Netlogic Microsystems, Inc.(1)

    85,500      2,063,970

Silicon Motion Technology Corp., ADR(1) (2)

    113,300      1,599,796
        5,680,326

Software — 7.4%

      

Blackboard, Inc.(1)

    51,700      1,723,161

FactSet Research Systems, Inc.

    63,500      3,420,745

Informatica Corp.(1)

    78,200      1,334,092

SuccessFactors, Inc.(1)

    83,250      812,520

Take-Two Interactive Software, Inc.(1)

   104,800      2,674,496
        9,965,014

Textiles, Apparel & Luxury Goods — 1.6%

      

Phillips-Van Heusen Corp.

    26,400      1,001,088

Quiksilver, Inc.(1)

    118,400      1,161,504
        2,162,592

Trading Companies & Distributors — 0.6%

      

Babcock & Brown Air Ltd., ADR(2)

   49,100      797,875
        797,875

Total Common Stocks
(Cost $142,501,463)

         132,889,717
     Shares    Value

Other Investments—For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(3)

    29      1,171

RS Emerging Growth Fund, Class Y(3)

    30      978

RS Emerging Markets Fund, Class A(3)

    32      797

RS Equity Dividend Fund, Class Y(3)

    9      77

RS Global Natural Resources Fund, Class Y(3)

    78      2,944

RS Growth Fund, Class Y(3)

    60      743

RS Investment Quality Bond Fund, Class A(3)

    8      78

RS Investors Fund, Class Y(3)

    124      1,062

RS MidCap Opportunities Fund, Class Y(3)

   49      585

RS Partners Fund, Class Y(3)

    20      558

RS S&P 500 Index Fund, Class A(3)

   8      76

RS Smaller Company Growth Fund, Class Y(3)

    34      566

RS Technology Fund, Class Y(3)

    26      366

RS Value Fund, Class Y(3)

    48      1,128

Total Other Investments
(Cost $12,178)

         11,129
     Shares    Value

Short-Term Investments — 0.8%

      

Federated Prime Obligations Fund, Class B(4)

    1,063,005      1,063,005

Total Short-Term Investments
(Cost $1,063,005)

         1,063,005

Total Investments — 99.8%
(Cost $143,576,646)

         133,963,851

Other Assets, Net — 0.2%

         239,312

Total Net Assets — 100.0%

       $ 134,203,163

 

(1) Non income-producing security.
(2) ADR — American Depositary Receipt.
(3) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.
(4) Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 132,900,481

Level 2 – Significant Other Observable Inputs

      1,063,370

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 133,963,851

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                     2

Table of Contents

Schedule of Investments - RS Core Equity Fund

 

March 31, 2008 (unaudited)

    Shares    Value
Common Stocks — 98.0%      
Aerospace & Defense — 4.4%      

General Dynamics Corp.

    168,900    $ 14,081,193

The Boeing Co.

    301,100      22,392,807
        36,474,000
Airlines — 0.7%      

AMR Corp.(1)

    615,590      5,552,622
        5,552,622
Biotechnology — 5.1%      

Celgene Corp.(1)

    332,100      20,354,409

Cephalon, Inc.(1)

    179,600      11,566,240

Gilead Sciences, Inc.(1)

    204,100      10,517,273
        42,437,922
Capital Markets — 2.3%      

The Goldman Sachs Group, Inc.

    113,900      18,837,921
        18,837,921
Commercial Services & Supplies — 3.1%      

Waste Management, Inc.

    771,700      25,898,252
        25,898,252
Communications Equipment — 5.1%      

Nokia Oyj, ADR(2)

    754,400      24,012,552

QUALCOMM, Inc.

    448,300      18,380,300
        42,392,852
Computers & Peripherals — 2.0%      

Apple, Inc.(1)

    51,100      7,332,850

EMC Corp.(1)

    642,300      9,210,582
        16,543,432
Construction & Engineering — 1.8%      

KBR, Inc.

    553,600      15,351,328
        15,351,328
Consumer Finance — 0.7%      

SLM Corp.(1)

    385,600      5,918,960
        5,918,960
Diversified Financial Services — 3.5%      

Interactive Brokers Group, Inc., Class A(1)

    435,880      11,189,039

JPMorgan Chase & Co.

    409,500      17,588,025
        28,777,064
Diversified Telecommunication Services — 2.4%      

AT&T, Inc.

    529,897      20,295,055
        20,295,055
Electronic Equipment & Instruments — 0.5%      

Tyco Electronics Ltd.

    112,575      3,863,574
        3,863,574
Energy Equipment & Services — 4.6%      

Halliburton Co.

    970,300      38,161,899
        38,161,899
Food Products — 4.5%      

Campbell Soup Co.

    567,900      19,280,205

General Mills, Inc.

    308,200      18,455,016
        37,735,221
Health Care Equipment & Supplies — 2.5%      

Covidien Ltd.

    200,675      8,879,869

Medtronic, Inc.

    239,200      11,570,104
        20,449,973
Health Care Providers & Services — 3.6%      

Cardinal Health, Inc.

    217,000      11,394,670

DaVita, Inc.(1)

    190,200      9,083,952

March 31, 2008 (unaudited)

    Shares    Value

Medco Health Solutions, Inc.(1)

    207,700    $ 9,095,183
        29,573,805
Hotels, Restaurants & Leisure — 2.8%      

McDonald’s Corp.

    414,400      23,111,088
        23,111,088
Household Durables — 1.9%      

Newell Rubbermaid, Inc.

    699,500      15,997,565
        15,997,565
Independent Power Producers & Energy Traders — 2.8%      

The AES Corp.(1)

    1,380,600      23,014,602
        23,014,602
Industrial Conglomerates — 2.2%      

Tyco International Ltd.

    415,400      18,298,370
        18,298,370
Information Technology Services — 4.9%      

Fidelity National Information Services, Inc.

    199,017      7,590,508

MasterCard, Inc., Class A

    124,000      27,650,760

Visa, Inc. Class A(1)

    7,904      492,894

Western Union Co.

    245,800      5,228,166
        40,962,328
Insurance — 6.7%      

Aon Corp.

    506,500      20,361,300

The Chubb Corp.

    415,900      20,578,732

W. R. Berkley Corp.

    540,200      14,958,138
        55,898,170
Internet Software & Services — 1.3%      

eBay, Inc.(1)

    234,000      6,982,560

Google, Inc., Class A(1)

    9,400      4,140,418
        11,122,978
Machinery — 1.5%      

Illinois Tool Works, Inc.

    258,000      12,443,340
        12,443,340
Media — 2.2%      

Grupo Televisa S.A., ADR(2)

    506,000      12,265,440

The McGraw-Hill Companies, Inc.

    154,800      5,719,860
        17,985,300
Oil, Gas & Consumable Fuels — 7.1%      

Chevron Corp.

    159,000      13,572,240

Devon Energy Corp.

    53,200      5,550,356

Enterprise Products Partners, L.P.

    868,610      25,797,717

Kinder Morgan Energy Partners, L.P.

    260,200      14,230,338
        59,150,651
Pharmaceuticals — 4.6%      

Abbott Laboratories

    515,400      28,424,310

Pfizer, Inc.

    477,500      9,994,075
        38,418,385
Software — 1.5%      

Nintendo Co. Ltd., ADR(2)

    187,300      12,146,405
        12,146,405
Specialty Retail — 1.4%      

The Home Depot, Inc.

    408,200      11,417,354
        11,417,354
Thrifts & Mortgage Finance — 4.6%      

Freddie Mac

    393,700      9,968,484

People’s United Financial, Inc.

    1,613,100      27,922,761
        37,891,245

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Core Equity Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value  
Tobacco — 3.1%      

Altria Group, Inc.

    355,200    $ 7,885,440  

Philip Morris International, Inc.(1)

    355,200      17,966,016  
        25,851,456  
Wireless Telecommunication Services — 2.6%      

America Movil SAB de C.V., ADR, Series L(2)

    342,000      21,781,980  
        21,781,980  

Total Common Stocks
(Cost $771,808,433)

         813,755,097  
     Shares    Value  
Other Investments - For Trustee Deferred Compensation Plan — 0.0%      

RS Emerging Growth Fund, Class Y(3)

    155      5,117  

RS Emerging Markets Fund, Class A(3)

    162      4,021  

RS Equity Dividend Fund, Class Y(3)

    51      453  

RS Global Natural Resources Fund, Class Y(3)

    393      14,767  

RS Growth Fund, Class Y(3)

    290      3,597  

RS Investment Quality Bond Fund, Class A(3)

    47      459  

RS Investors Fund, Class Y(3)

    601      5,137  

RS MidCap Opportunities Fund, Class Y(3)

   231      2,765  

RS Partners Fund, Class Y(3)

    104      2,933  

RS S&P 500 Index Fund, Class A(3)

   49      447  

RS Smaller Company Growth Fund, Class Y(3)

    172      2,854  

RS Technology Fund, Class Y(3)

    130      1,821  

RS Value Fund, Class Y(3)

    249      5,835  

Total Other Investments
(Cost $56,621)

         50,206  
     Shares    Value  
Short-Term Investments — 3.4%      

Federated Prime Obligations Fund, Class B(4)

    28,418,754      28,418,754  

Total Short-Term Investments
(Cost $28,418,754)

         28,418,754  

Total Investments — 101.4%
(Cost $800,283,808)

         842,224,057  
Other Liabilities, Net — (1.4)%         (11,495,708 )
Total Net Assets — 100.0%       $ 830,728,349  

 

(1)

Non income-producing security.

(2)

ADR — American Depositary Receipt.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

(4)

Money Market Fund registered under the Investment Company Act of 1940.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 813,805,303

Level 2 – Significant Other Observable Inputs

      28,418,754

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 842,224,057

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                2

Table of Contents

Schedule of Investments - RS Equity Dividend Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 98.0%

      

Aerospace & Defense — 3.1%

      

The Boeing Co.

      4,040    $ 300,455
        300,455

Auto Components — 1.6%

      

Johnson Controls, Inc.

      4,460      150,748
        150,748

Capital Markets — 2.3%

      

Bank of New York Mellon Corp.

      5,220      217,831
        217,831

Commercial Banks — 4.2%

      

Comerica, Inc.

      2,360      82,789

PNC Financial Services Group, Inc.

      1,260      82,618

TCF Financial Corp.

      7,830      140,314

The Colonial BancGroup, Inc.

      9,800      94,374
        400,095

Communications Equipment — 4.5%

      

Nokia Oyj, ADR(1)

      7,170      228,221

QUALCOMM, Inc.

      4,960      203,360
        431,581

Diversified Financial Services — 1.8%

      

JPMorgan Chase & Co.

      4,000      171,800
        171,800

Diversified Telecommunication Services — 4.4%

      

AT&T, Inc.

      11,050      423,215
        423,215

Electric Utilities — 4.0%

      

Cleco Corp.

      10,750      238,435

Pepco Holdings, Inc.

      5,790      143,129
        381,564

Electrical Equipment — 1.5%

      

Cooper Industries Ltd., Class A

      3,450      138,518
        138,518

Energy Equipment & Services — 3.5%

      

Halliburton Co.

      8,510      334,698
        334,698

Food & Staples Retailing — 2.3%

      

Sysco Corp.

      4,160      120,723

The Kroger Co.

      3,740      94,996
        215,719

Food Products — 3.5%

      

B&G Foods, Inc., Class A

      14,180      155,980

General Mills, Inc.

      1,260      75,449

Unilever PLC, ADR(1)

      3,020      101,834
        333,263

Health Care Equipment & Supplies — 1.4%

      

Medtronic, Inc.

      2,850      137,855
        137,855

Health Care Providers & Services — 6.8%

      

Brookdale Senior Living, Inc.

      14,180      338,902

Cardinal Health, Inc.

      5,960      312,960
        651,862

Household Durables — 1.9%

      

Newell Rubbermaid, Inc.

      8,100      185,247
        185,247

Insurance — 7.4%

      

ACE Ltd.

      3,070      169,034

Lincoln National Corp.

      5,550      288,600

Prudential Financial, Inc.

      2,030      158,847

March 31, 2008 (unaudited)

    Shares    Value

The Chubb Corp.

      1,820    $ 90,054
        706,535

Multi-Utilities — 3.0%

      

OGE Energy Corp.

      4,440      138,395

PG&E Corp.

      3,910      143,966
        282,361

Oil, Gas & Consumable Fuels — 20.2%

      

Enterprise Products Partners, L.P.

      15,110      448,767

Hiland Holdings GP, L.P.

      7,210      166,551

Hiland Partners, L.P.

      4,530      206,070

Holly Corp.

      5,990      260,026

Kinder Morgan Energy Partners, L.P.

      780      42,658

Plains All American Pipeline, L.P.

      3,000      142,620

SemGroup Energy Partners, L.P.

      6,770      170,942

Targa Resources Partners, L.P.

      17,140      398,505

Teekay LNG Partners, L.P.

      3,150      90,468
        1,926,607

Pharmaceuticals — 3.4%

      

Abbott Laboratories

      5,920      326,488
        326,488

Real Estate Investment Trusts — 4.9%

      

Annaly Capital Management, Inc.

      6,390      97,895

CapLease, Inc.

      13,420      104,273

Digital Realty Trust, Inc.

      3,620      128,510

Healthcare Realty Trust, Inc.

      5,290      138,334
        469,012

Software — 2.7%

      

Microsoft Corp.

      5,480      155,522

Nintendo Co. Ltd., ADR(1)

      1,500      97,275
        252,797

Specialty Retail — 0.9%

      

The Home Depot, Inc.

      3,220      90,063
        90,063

Thrifts & Mortgage Finance — 2.9%

      

People’s United Financial, Inc.

      15,780      273,152
        273,152

Trading Companies & Distributors — 2.5%

      

Babcock & Brown Air Ltd., ADR(1)

     14,780      240,175
        240,175

Wireless Telecommunication Services — 3.3%

      

America Movil SAB de C.V., ADR, Series L(1)

      4,870      310,170
        310,170

Total Common Stocks
(Cost $9,952,955)

         9,351,811
     Principal
Amount		    Value

Convertible Bond — 0.5%

      

Biotechnology — 0.5%

      

Gilead Sciences, Inc. Convt.
0.625% due 5/1/2013

    $ 35,000      51,494
        51,494

Total Convertible Bond
(Cost $38,150)

         51,494

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Equity Dividend Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Short-Term Investments — 0.4%

      

Federated Prime Obligations Fund, Class B(2)

    40,246    $ 40,246

Total Short-Term Investments
(Cost $40,246)

         40,246
     Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(3)

    1      33

RS Emerging Growth Fund, Class Y(3)

    1      35

RS Emerging Markets Fund, Class A(3)

    1      24

RS Global Natural Resources Fund, Class Y(3)

    2      90

RS Growth Fund, Class Y(3)

    1      13

RS Investment Quality Bond Fund, Class A(3)

    1      5

RS Investors Fund, Class Y(3)

    2      17

RS MidCap Opportunities Fund, Class Y(3)

   1      8

RS Partners Fund, Class Y(3)

    1      25

RS S&P 500 Index Fund, Class A(3)

   1      5

RS Smaller Company Growth Fund, Class Y(3)

    1      16

RS Technology Fund, Class Y(3)

    1      9

RS Value Fund, Class Y(3)

    2      38

Total Other Investments
(Cost $330)

         318

Total Investments — 98.9%
(Cost $10,031,681)

         9,443,869

Other Assets, Net — 1.1%

         101,703

Total Net Assets — 100.0%

       $ 9,545,572

 

(1)

ADR — American Depositary Receipt.

(2)

Money Market Fund registered under the Investment Company Act of 1940.

(3)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 9,352,120

Level 2 – Significant Other Observable Inputs

      91,749

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 9,443,869

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS S&P 500 Index Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 97.7%

      

Aerospace & Defense — 2.8%

      

General Dynamics Corp.

    5,150    $ 429,355

Goodrich Corp.

    1,543      88,738

Honeywell International, Inc.

    9,524      537,344

L-3 Communications Holdings, Inc.

    1,600      174,944

Lockheed Martin Corp.

    4,304      427,387

Northrop Grumman Corp.

    4,340      337,695

Precision Castparts Corp.

    1,700      173,536

Raytheon Co.

    5,329      344,307

Rockwell Collins, Inc.

    1,845      105,442

The Boeing Co.

    9,888      735,371

United Technologies Corp.

    12,610      867,820
        4,221,939

Air Freight & Logistics — 1.0%

      

C.H. Robinson Worldwide, Inc.

    2,300      125,120

Expeditors International of Washington, Inc.

    2,700      121,986

FedEx Corp.

    3,650      338,246

United Parcel Service, Inc., Class B

    13,315      972,261
        1,557,613

Airlines — 0.1%

      

Southwest Airlines Co.

    9,932      123,157
        123,157

Auto Components — 0.2%

      

Johnson Controls, Inc.

    7,374      249,241

The Goodyear Tire & Rubber Co.(1)

    2,865      73,917
        323,158

Automobiles — 0.3%

      

Ford Motor Co.(1)

    28,459      162,785

General Motors Corp.

    7,379      140,570

Harley-Davidson, Inc.

    2,738      102,675
        406,030

Beverages — 2.5%

      

Anheuser-Busch Cos., Inc.

    9,391      445,603

Brown-Forman Corp., Class B

    690      45,692

Coca-Cola Enterprises, Inc.

    2,564      62,049

Constellation Brands, Inc., Class A(1)

   3,100      54,777

Molson Coors Brewing Co., Class B

    1,050      55,198

Pepsi Bottling Group, Inc.

    1,859      63,039

PepsiCo, Inc.

    20,565      1,484,793

The Coca-Cola Co.

    25,332      1,541,959
        3,753,110

Biotechnology — 1.3%

      

Amgen, Inc.(1)

    13,858      578,987

Biogen Idec, Inc.(1)

    3,622      223,441

Celgene Corp.(1)

    5,000      306,450

Genzyme Corp.(1)

    3,479      259,325

Gilead Sciences, Inc.(1)

    11,900      613,207
        1,981,410

Building Products — 0.1%

      

Masco Corp.

    3,583      71,051

Trane, Inc.

    2,386      109,517
        180,568

Capital Markets — 2.5%

      

American Capital Strategies Ltd.

    2,400      81,984

Ameriprise Financial, Inc.

    2,830      146,735

Bear Stearns Companies, Inc.

    1,389      14,570

E*TRADE Financial Corp.(1)

    5,500      21,230

Federated Investors, Inc., Class B

    1,100      43,076

Franklin Resources, Inc.

    2,001      194,077

Janus Capital Group, Inc.

    1,884      43,841

March 31, 2008 (unaudited)

    Shares    Value

Legg Mason, Inc.

    1,600    $ 89,568

Lehman Brothers Holdings, Inc.

    6,498      244,585

Merrill Lynch & Co., Inc.

    10,954      446,266

Morgan Stanley

    13,508      617,315

Northern Trust Corp.

    2,595      172,490

State Street Corp.

    4,614      364,506

T. Rowe Price Group, Inc.

    3,456      172,800

The Charles Schwab Corp.

    11,589      218,221

The Goldman Sachs Group, Inc.

    5,066      837,866
        3,709,130

Chemicals — 2.0%

      

Air Products & Chemicals, Inc.

    2,481      228,252

Ashland, Inc.

    966      45,692

E.I. du Pont de Nemours & Co.

    11,409      533,485

Eastman Chemical Co.

    1,083      67,633

Ecolab, Inc.

    2,453      106,534

Hercules, Inc.

    1,497      27,380

International Flavors & Fragrances, Inc.

    1,377      60,657

Monsanto Co.

    6,972      777,378

PPG Industries, Inc.

    2,174      131,549

Praxair, Inc.

    3,832      322,769

Rohm and Haas Co.

    1,534      82,959

Sigma-Aldrich Corp.

    1,686      100,570

The Dow Chemical Co.

    12,365      455,650
        2,940,508

Commercial Banks — 3.2%

      

Bank of New York Mellon Corp.

    14,376      599,911

BB&T Corp.

    6,963      223,234

Comerica, Inc.

    1,548      54,304

Fifth Third Bancorp

    6,746      141,126

First Horizon National Corp.

    1,245      17,442

Huntington Bancshares, Inc.

    4,500      48,375

KeyCorp

    4,965      108,982

M&T Bank Corp.

    800      64,384

Marshall & Ilsley Corp.

    3,714      86,165

National City Corp.

    8,365      83,232

PNC Financial Services Group, Inc.

    4,177      273,886

Regions Financial Corp.

    8,267      163,273

SunTrust Banks, Inc.

    4,376      241,293

Toronto-Dominion Bank

    1,118      68,610

U.S. Bancorp

    22,104      715,285

Wachovia Corp.

    25,057      676,539

Wells Fargo & Co.

    42,874      1,247,633

Zions Bancorporation

    1,438      65,501
        4,879,175

Commercial Services & Supplies — 0.5%

      

Allied Waste Industries, Inc.(1)

    4,995      53,996

Avery Dennison Corp.

    1,581      77,864

Cintas Corp.

    1,525      43,524

Equifax, Inc.

    1,552      53,513

Monster Worldwide, Inc.(1)

    1,707      41,326

Pitney Bowes, Inc.

    2,834      99,247

R.R. Donnelley & Sons Co.

    2,723      82,534

Robert Half International, Inc.

    1,847      47,542

Waste Management, Inc.

    5,874      197,131
        696,677

Communications Equipment — 2.5%

      

Ciena Corp.(1)

    900      27,747

Cisco Systems, Inc.(1)

    77,042      1,855,942

Corning, Inc.

    19,997      480,728

JDS Uniphase Corp.(1)

    2,954      39,554

Juniper Networks, Inc.(1)

    6,800      170,000

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS S&P 500 Index Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Motorola, Inc.

    28,425    $ 264,352

QUALCOMM, Inc.

    20,904      857,064

Tellabs, Inc.(1)

    5,897      32,139
        3,727,526

Computers & Peripherals — 4.3%

      

Apple, Inc.(1)

    11,069      1,588,402

Dell, Inc.(1)

    28,526      568,238

EMC Corp.(1)

    26,268      376,683

Hewlett-Packard Co.

    32,798      1,497,557

International Business Machines Corp.

    17,581      2,024,276

Lexmark International Group, Inc., Class A(1)

    1,223      37,571

NetApp, Inc.(1)

    4,802      96,280

QLogic Corp.(1)

    1,398      21,459

SanDisk Corp.(1)

    3,000      67,710

Sun Microsystems, Inc.(1)

    10,208      158,530

Teradata Corp.(1)

    2,058      45,399
        6,482,105

Construction & Engineering — 0.2%

      

Fluor Corp.

    1,150      162,334

Jacobs Engineering Group, Inc.(1)

    1,500      110,385
        272,719

Construction Materials — 0.1%

      

Vulcan Materials Co.

    1,239      82,270
        82,270

Consumer Finance — 0.7%

      

American Express Co.

    14,851      649,286

Capital One Financial Corp.

    4,978      245,017

Discover Financial Services

    5,804      95,012

SLM Corp.(1)

    5,901      90,580
        1,079,895

Containers & Packaging — 0.1%

      

Ball Corp.

    1,226      56,322

Bemis Co., Inc.

    1,504      38,247

Pactiv Corp.(1)

    1,461      38,293

Sealed Air Corp.

    2,362      59,641
        192,503

Distributors — 0.1%

      

Genuine Parts Co.

    2,486      99,987
        99,987

Diversified Consumer Services — 0.1%

      

Apollo Group, Inc., Class A(1)

    1,845      79,704

H & R Block, Inc.

    3,608      74,902
        154,606

Diversified Financial Services — 4.1%

      

Bank of America Corp.

    56,401      2,138,162

CIT Group, Inc.

    2,500      29,625

Citigroup, Inc.

    63,362      1,357,214

CME Group, Inc.

    700      328,370

IntercontinentalExchange, Inc.(1)

    900      117,450

JPMorgan Chase & Co.

    42,753      1,836,241

Leucadia National Corp.

    2,200      99,484

Moody’s Corp.

    3,018      105,117

NYSE Euronext

    3,400      209,814
        6,221,477

Diversified Telecommunication Services — 3.1%

      

AT&T, Inc.

    77,302      2,960,667

CenturyTel, Inc.

    1,392      46,270

Citizens Communications Co.

    3,419      35,865

Embarq Corp.

    1,790      71,779

Qwest Communications International, Inc.

    19,123      86,627

Verizon Communications, Inc.

    36,885      1,344,458

March 31, 2008 (unaudited)

    Shares    Value

Windstream Corp.

    6,011    $ 71,832
        4,617,498

Electric Utilities — 2.6%

      

Allegheny Energy, Inc.

    2,153      108,727

Ameren Corp.

    2,971      130,843

American Electric Power, Inc.

    5,384      224,136

CenterPoint Energy, Inc.

    4,248      60,619

CMS Energy Corp.

    2,596      35,150

Consolidated Edison, Inc.

    3,075      122,078

Dominion Resources, Inc.

    6,940      283,430

DTE Energy Co.

    2,078      80,813

Duke Energy Corp.

    15,080      269,178

Edison International

    3,648      178,825

Entergy Corp.

    2,618      285,571

Exelon Corp.

    8,504      691,120

FirstEnergy Corp.

    3,649      250,394

FPL Group, Inc.

    5,314      333,400

Pepco Holdings, Inc.

    2,500      61,800

Pinnacle West Capital Corp.

    1,212      42,517

PPL Corp.

    4,884      224,273

Progress Energy, Inc.

    3,269      136,317

Southern Co.

    9,246      329,250

TECO Energy, Inc.

    2,624      41,853

Xcel Energy, Inc.

    4,201      83,810
        3,974,104

Electrical Equipment — 0.5%

      

Cooper Industries Ltd., Class A

    2,218      89,053

Emerson Electric Co.

    9,928      510,895

Rockwell Automation, Inc.

    2,045      117,424
        717,372

Electronic Equipment & Instruments — 0.3%

      

Agilent Technologies, Inc.(1)

    4,582      136,681

Jabil Circuit, Inc.

    2,226      21,058

Molex, Inc.

    1,802      41,734

Tyco Electronics Ltd.

    6,752      231,729
        431,202

Energy Equipment & Services — 2.7%

      

Baker Hughes, Inc.

    4,064      278,384

BJ Services Co.

    3,434      97,903

Cameron International Corp.(1)

    2,800      116,592

ENSCO International, Inc.

    1,900      118,978

Halliburton Co.

    11,280      443,642

Nabors Industries, Inc.(1)

    3,684      124,409

National-Oilwell Varco, Inc.(1)

    4,500      262,710

Noble Corp.

    3,516      174,640

Rowan Companies, Inc.

    1,317      54,234

Schlumberger Ltd.

    15,206      1,322,922

Smith International, Inc.

    2,700      173,421

Transocean, Inc.

    4,078      551,346

Weatherford International Ltd.(1)

    4,300      311,621
        4,030,802

Food & Staples Retailing — 2.6%

      

Costco Wholesale Corp.

    5,459      354,671

CVS Caremark Corp.

    18,789      761,142

Safeway, Inc.

    6,030      176,981

SUPERVALU, Inc.

    2,959      88,711

Sysco Corp.

    7,231      209,844

The Kroger Co.

    8,800      223,520

Wal-Mart Stores, Inc.

    29,852      1,572,603

Walgreen Co.

    12,572      478,867

Whole Foods Market, Inc.

    1,800      59,346
        3,925,685

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS S&P 500 Index Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Food Products — 1.6%

      

Archer-Daniels-Midland Co.

    7,968    $ 327,963

Campbell Soup Co.

    2,769      94,008

ConAgra Foods, Inc.

    5,128      122,816

Dean Foods Co.

    1,700      34,153

General Mills, Inc.

    4,546      272,214

H.J. Heinz Co.

    3,523      165,475

Kellogg Co.

    3,544      186,273

Kraft Foods, Inc., Class A

    19,906      617,285

McCormick & Co., Inc.

    1,968      72,757

Sara Lee Corp.

    10,169      142,163

The Hershey Co.

    1,820      68,559

Tyson Foods, Inc., Class A

    3,000      47,850

Wm. Wrigley Jr. Co.

    2,912      182,990
        2,334,506

Gas Utilities — 0.1%

      

Integrys Energy Group, Inc.

    434      20,242

Nicor, Inc.

    674      22,586

Questar Corp.

    2,400      135,744
        178,572

Health Care Equipment & Supplies — 1.8%

      

Baxter International, Inc.

    7,970      460,825

Becton, Dickinson and Co.

    2,989      256,606

Boston Scientific Corp.(1)

    16,418      211,300

C.R. Bard, Inc.

    1,242      119,729

Covidien Ltd.

    6,352      281,076

Hospira, Inc.(1)

    1,980      84,685

Medtronic, Inc.

    14,480      700,397

St. Jude Medical, Inc.(1)

    4,134      178,547

Stryker Corp.

    2,894      188,255

Varian Medical Systems, Inc.(1)

    1,400      65,576

Zimmer Holdings, Inc.(1)

    3,013      234,592
        2,781,588

Health Care Providers & Services — 1.8%

      

Aetna, Inc.

    6,244      262,810

AmerisourceBergen Corp.

    2,108      86,386

Cardinal Health, Inc.

    4,558      239,341

CIGNA Corp.

    3,763      152,665

Coventry Health Care, Inc.(1)

    1,800      72,630

Express Scripts, Inc.(1)

    3,160      203,251

Humana, Inc.(1)

    1,889      84,741

Laboratory Corp. of America Holdings(1)

   1,500      110,520

McKesson Corp.

    3,885      203,457

Medco Health Solutions, Inc.(1)

    6,622      289,977

Patterson Companies, Inc.(1)

    1,800      65,340

Quest Diagnostics, Inc.

    2,076      93,980

Tenet Healthcare Corp.(1)

    6,941      39,286

UnitedHealth Group, Inc.

    16,540      568,314

WellPoint, Inc.(1)

    7,012      309,440
        2,782,138

Health Care Technology — 0.0%

      

IMS Health, Inc.

    2,417      50,781
        50,781

Hotels, Restaurants & Leisure — 1.4%

      

Carnival Corp.

    6,014      243,447

Darden Restaurants, Inc.

    1,675      54,521

International Game Technology

    4,056      163,092

Marriott International, Inc., Class A

    4,086      140,395

McDonald’s Corp.

    15,021      837,721

Starbucks Corp.(1)

    9,596      167,930

Starwood Hotels & Resorts Worldwide, Inc.

    2,541      131,497

Wendy’s International, Inc.

    823      18,979

Wyndham Worldwide Corp.

    2,652      54,843

March 31, 2008 (unaudited)

    Shares    Value

Yum! Brands, Inc.

    6,468    $ 240,674
        2,053,099

Household Durables — 0.5%

      

Black & Decker Corp.

    827      54,665

Centex Corp.

    1,384      33,507

D.R. Horton, Inc.

    4,100      64,575

Fortune Brands, Inc.

    1,919      133,370

Harman International Industries, Inc.

    900      39,186

KB HOME

    1,236      30,566

Leggett & Platt, Inc.

    2,782      42,426

Lennar Corp., Class A

    2,100      39,501

Newell Rubbermaid, Inc.

    3,827      87,523

Pulte Homes, Inc.

    2,692      39,169

Snap-On, Inc.

    811      41,239

The Stanley Works

    1,228      58,477

Whirlpool Corp.

    1,060      91,987
        756,191

Household Products — 2.5%

      

Clorox Co.

    1,690      95,722

Colgate-Palmolive Co.

    6,548      510,155

Kimberly-Clark Corp.

    5,404      348,828

The Procter & Gamble Co.

    39,501      2,767,835
        3,722,540

Independent Power Producers & Energy Traders — 0.3%

      

Constellation Energy Group

    2,335      206,111

Dynegy, Inc., Class A(1)

    4,647      36,665

The AES Corp.(1)

    8,032      133,893
        376,669

Industrial Conglomerates — 3.9%

      

3M Co.

    8,994      711,875

General Electric Co.

    128,466      4,754,527

Textron, Inc.

    3,312      183,551

Tyco International Ltd.

    6,252      275,400
        5,925,353

Information Technology Services — 0.8%

      

Affiliated Computer Services, Inc., Class A(1)

    1,400      70,154

Automatic Data Processing, Inc.

    6,779      287,362

Cognizant Technology Solutions Corp., Class A(1)

    4,000      115,320

Computer Sciences Corp.(1)

    2,251      91,818

Convergys Corp.(1)

    1,682      25,331

Electronic Data Systems Corp.

    4,904      81,652

Fidelity National Information Services, Inc.

    2,300      87,722

Fiserv, Inc.(1)

    1,689      81,224

Paychex, Inc.

    4,310      147,660

Total System Services, Inc.

    2,383      56,382

Unisys Corp.(1)

    4,516      20,006

Western Union Co.

    9,505      202,171
        1,266,802

Insurance — 4.0%

      

ACE Ltd.

    4,286      235,987

AFLAC, Inc.

    5,959      387,037

Ambac Financial Group, Inc.

    1,504      8,648

American International Group, Inc.

    32,206      1,392,910

Aon Corp.

    3,849      154,730

Assurant, Inc.

    1,100      66,946

Cincinnati Financial Corp.

    2,077      79,009

Genworth Financial, Inc., Class A

    6,100      138,104

Lincoln National Corp.

    3,365      174,980

Loews Corp.

    5,753      231,386

Marsh & McLennan Companies, Inc.

    6,735      163,997

MBIA, Inc.

    1,715      20,957

MetLife, Inc.

    9,597      578,315

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS S&P 500 Index Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Principal Financial Group, Inc.

    3,216    $ 179,196

Prudential Financial, Inc.

    5,727      448,138

SAFECO Corp.

    1,223      53,665

The Allstate Corp.

    7,358      353,626

The Chubb Corp.

    4,778      236,415

The Hartford Financial Services Group, Inc.

    4,061      307,702

The Progressive Corp.

    9,044      145,337

The Travelers Companies, Inc.

    8,267      395,576

Torchmark Corp.

    931      55,962

Unum Group

    4,975      109,500

XL Capital Ltd., Class A

    2,213      65,394
        5,983,517

Internet & Catalog Retail — 0.2%

      

Amazon.com, Inc.(1)

    3,900      278,070

IAC/InterActiveCorp(1)

    2,200      45,672
        323,742

Internet Software & Services — 1.6%

      

Akamai Technologies, Inc.(1)

    2,200      61,952

eBay, Inc.(1)

    14,412      430,054

Expedia, Inc.(1)

    2,600      56,914

Google, Inc., Class A(1)

    2,900      1,277,363

VeriSign, Inc.(1)

    2,700      89,748

Yahoo! Inc.(1)

    16,901      488,946
        2,404,977

Leisure Equipment & Products — 0.2%

      

Brunswick Corp.

    1,223      19,531

Eastman Kodak Co.

    4,324      76,405

Hasbro, Inc.

    1,726      48,156

Mattel, Inc.

    4,317      85,908
        230,000

Life Sciences Tools & Services — 0.4%

      

Applera Corp. - Applied Biosystems Group

    2,019      66,344

Millipore Corp.(1)

    653      44,019

PerkinElmer, Inc.

    2,010      48,743

Thermo Fisher Scientific, Inc.(1)

    5,468      310,801

Waters Corp.(1)

    1,345      74,916
        544,823

Machinery — 1.9%

      

Caterpillar, Inc.

    7,876      616,612

Cummins, Inc.

    2,684      125,665

Danaher Corp.

    3,276      249,074

Deere & Co.

    5,660      455,290

Dover Corp.

    2,411      100,732

Eaton Corp.

    1,854      147,708

Illinois Tool Works, Inc.

    5,342      257,645

Ingersoll-Rand Co. Ltd., Class A

    3,306      147,382

ITT Corp.

    2,512      130,147

PACCAR, Inc.

    4,550      204,750

Pall Corp.

    1,735      60,846

Parker Hannifin Corp.

    2,123      147,060

Terex Corp.(1)

    1,400      87,500

The Manitowoc Co., Inc.

    1,600      65,280
        2,795,691

Media — 2.8%

      

CBS Corp., Class B

    8,895      196,402

Clear Channel Communications, Inc.

    5,560      162,463

Comcast Corp., Class A(1)

    39,091      756,020

E.W. Scripps Co., Class A

    1,400      58,814

Gannett Co., Inc.

    2,765      80,323

Meredith Corp.

    690      26,393

News Corp., Class A

    29,400      551,250

Omnicom Group, Inc.

    4,198      185,468

March 31, 2008 (unaudited)

    Shares    Value

The DIRECTV Group, Inc.(1)

    8,800    $ 218,152

The Interpublic Group of Companies, Inc.(1)

    5,651      47,525

The McGraw-Hill Companies, Inc.

    4,432      163,762

The New York Times Co., Class A

    2,319      43,783

The Walt Disney Co.

    24,496      768,684

The Washington Post Co., Class B

    75      49,612

Time Warner, Inc.

    45,918      643,770

Viacom, Inc., Class B(1)

    7,695      304,876
        4,257,297

Metals & Mining — 1.1%

      

Alcoa, Inc.

    10,896      392,910

Allegheny Technologies, Inc.

    1,448      103,329

Freeport-McMoran Copper & Gold, Inc., Class B

    4,835      465,223

Newmont Mining Corp.

    5,819      263,601

Nucor Corp.

    3,170      214,736

Titanium Metals Corp.

    1,200      18,060

United States Steel Corp.

    1,492      189,290
        1,647,149

Multi-Utilities — 0.5%

      

NiSource, Inc.

    4,276      73,718

PG&E Corp.

    4,544      167,310

Public Service Enterprise Group, Inc.

    6,500      261,235

Sempra Energy

    3,327      177,263
        679,526

Multiline Retail — 0.8%

      

Big Lots, Inc.(1)

    1,561      34,810

Dillards, Inc., Class A

    1,201      20,669

Family Dollar Stores, Inc.

    1,700      33,150

J.C. Penney Co., Inc.

    3,029      114,224

Kohl’s Corp.(1)

    3,680      157,835

Macy’s, Inc.

    5,936      136,884

Nordstrom, Inc.

    2,174      70,872

Sears Holdings Corp.(1)

    863      88,104

Target Corp.

    10,445      529,353
        1,185,901

Office Electronics — 0.1%

      

Xerox Corp.

    11,648      174,371
        174,371

Oil, Gas & Consumable Fuels — 10.3%

      

Anadarko Petroleum Corp.

    6,052      381,457

Apache Corp.

    4,112      496,812

Chesapeake Energy Corp.

    5,100      235,365

Chevron Corp.

    26,834      2,290,550

ConocoPhillips

    20,327      1,549,121

CONSOL Energy, Inc.

    2,300      159,137

Devon Energy Corp.

    5,642      588,630

El Paso Corp.

    9,052      150,625

EOG Resources, Inc.

    3,148      377,760

Exxon Mobil Corp.

    69,380      5,868,160

Hess Corp.

    3,616      318,859

Marathon Oil Corp.

    9,168      418,061

Murphy Oil Corp.

    2,400      197,136

Noble Energy, Inc.

    2,300      167,440

Occidental Petroleum Corp.

    10,442      764,041

Peabody Energy Corp.

    3,300      168,300

Range Resources Corp.

    2,000      126,900

Spectra Energy Corp.

    8,140      185,185

Sunoco, Inc.

    1,438      75,452

Tesoro Corp.

    1,900      57,000

Valero Energy Corp.

    7,000      343,770

Williams Companies, Inc.

    7,907      260,773

XTO Energy, Inc.

    6,157      380,872
        15,561,406

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    4

Table of Contents

Schedule of Investments - RS S&P 500 Index Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Paper & Forest Products — 0.2%

      

International Paper Co.

    4,847    $ 131,838

MeadWestvaco Corp.

    2,831      77,060

Weyerhaeuser Co.

    2,511      163,316
        372,214

Personal Products — 0.2%

      

Avon Products, Inc.

    5,746      227,197

Estee Lauder Companies, Inc., Class A

    1,500      68,775
        295,972

Pharmaceuticals — 6.0%

      

Abbott Laboratories

    19,916      1,098,367

Allergan, Inc.

    3,770      212,590

Barr Pharmaceuticals, Inc.(1)

    1,600      77,296

Bristol-Myers Squibb Co.

    25,523      543,640

Eli Lilly & Co.

    12,427      641,109

Forest Laboratories, Inc.(1)

    3,793      151,758

Johnson & Johnson

    36,570      2,372,296

King Pharmaceuticals, Inc.(1)

    3,608      31,390

Merck & Co., Inc.

    27,762      1,053,568

Mylan Laboratories, Inc.

    2,400      27,840

Pfizer, Inc.

    87,192      1,824,929

Schering-Plough Corp.

    20,381      293,690

Watson Pharmaceuticals, Inc.(1)

    840      24,629

Wyeth

    17,040      711,590
        9,064,692

Real Estate Investment Trusts — 1.1%

      

Apartment Investment & Management Co., Class A

    1,079      38,639

AvalonBay Communities, Inc.

    1,100      106,172

Boston Properties, Inc.

    1,500      138,105

Developers Diversified Realty Corp.

    1,700      71,196

Equity Residential

    3,360      139,406

General Growth Properties, Inc.

    3,300      125,961

Host Hotels & Resorts, Inc.

    5,800      92,336

Kimco Realty Corp.

    3,100      121,427

Plum Creek Timber Co., Inc.

    2,159      87,871

ProLogis

    3,178      187,057

Public Storage, Inc.

    1,600      141,792

Simon Property Group, Inc.

    2,960      275,014

Vornado Realty Trust

    1,800      155,178
        1,680,154

Real Estate Management & Development — 0.0%

      

CB Richard Ellis Group, Inc., Class A(1)

   2,600      56,264
        56,264

Road & Rail — 0.9%

      

Burlington Northern Santa Fe Corp.

    3,863      356,246

CSX Corp.

    5,474      306,927

Norfolk Southern Corp.

    5,060      274,859

Ryder System, Inc.

    810      49,337

Union Pacific Corp.

    3,200      401,216
        1,388,585

Semiconductors & Semiconductor Equipment — 2.4%

      

Advanced Micro Devices, Inc.(1)

    7,469      43,992

Altera Corp.

    4,786      88,206

Analog Devices, Inc.

    3,168      93,519

Applied Materials, Inc.

    17,699      345,307

Broadcom Corp., Class A(1)

    6,292      121,247

Intel Corp.

    74,314      1,573,971

KLA-Tencor Corp.

    2,341      86,851

Linear Technology Corp.

    2,850      87,467

LSI Corp.(1)

    8,583      42,486

MEMC Electronic Materials, Inc.(1)

    3,000      212,700

Microchip Technology, Inc.

    2,300      75,279

March 31, 2008 (unaudited)

    Shares    Value

Micron Technology, Inc.(1)

    9,730    $ 58,088

National Semiconductor Corp.

    3,036      55,620

Novellus Systems, Inc.(1)

    1,477      31,091

NVIDIA Corp.(1)

    7,180      142,092

Teradyne, Inc.(1)

    2,493      30,963

Texas Instruments, Inc.

    17,780      502,641

Xilinx, Inc.

    3,539      84,051
        3,675,571

Software — 3.4%

      

Adobe Systems, Inc.(1)

    7,500      266,925

Autodesk, Inc.(1)

    3,050      96,014

BMC Software, Inc.(1)

    2,299      74,764

CA, Inc.

    5,248      118,080

Citrix Systems, Inc.(1)

    2,659      77,988

Compuware Corp.(1)

    2,772      20,347

Electronic Arts, Inc.(1)

    3,546      177,016

Intuit, Inc.(1)

    4,384      118,412

Microsoft Corp.

    102,276      2,902,593

Novell, Inc.(1)

    6,727      42,313

Oracle Corp.(1)

    50,299      983,848

Symantec Corp.(1)

    11,131      184,997
        5,063,297

Specialty Retail — 1.6%

      

Abercrombie & Fitch Co., Class A

    1,200      87,768

AutoNation, Inc.(1)

    1,589      23,787

AutoZone, Inc.(1)

    433      49,288

Bed, Bath & Beyond, Inc.(1)

    3,734      110,153

Best Buy Co., Inc.

    4,134      171,396

Circuit City Stores, Inc.

    1,629      6,483

GameStop Corp., Class A(1)

    2,100      108,591

Limited Brands, Inc.

    4,455      76,180

Lowe’s Companies, Inc.

    18,506      424,528

Office Depot, Inc.(1)

    3,930      43,426

OfficeMax, Inc.

    954      18,260

RadioShack Corp.

    1,965      31,931

Staples, Inc.

    9,279      205,159

The Gap, Inc.

    6,090      119,851

The Home Depot, Inc.

    21,367      597,635

The Sherwin-Williams Co.

    1,265      64,566

Tiffany & Co.

    1,683      70,417

TJX Companies, Inc.

    5,469      180,860
        2,390,279

Textiles, Apparel & Luxury Goods — 0.4%

      

Coach, Inc.(1)

    4,800      144,720

Jones Apparel Group, Inc.

    1,639      21,995

Liz Claiborne, Inc.

    1,164      21,127

NIKE, Inc., Class B

    5,012      340,816

Polo Ralph Lauren Corp.

    900      52,461

VF Corp.

    1,073      83,168
        664,287

Thrifts & Mortgage Finance — 0.6%

      

Countrywide Financial Corp.

    7,754      42,647

Federal National Mortgage Association

    12,054      317,261

Freddie Mac

    8,895      225,221

Hudson City Bancorp, Inc.

    7,200      127,296

MGIC Investment Corp.

    1,232      12,973

Sovereign Bancorp, Inc.

    5,355      49,909

Washington Mutual, Inc.

    11,764      121,169
        896,476

Tobacco — 1.5%

      

Altria Group, Inc.

    26,865      596,403

Philip Morris International, Inc.(1)

    26,865      1,358,832

See accompanying notes to Schedule of Investments.

 

5   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS S&P 500 Index Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Reynolds American, Inc.

      2,190    $ 129,276

UST, Inc.

      1,962      106,968
        2,191,479

Trading Companies & Distributors — 0.0%

      

W.W. Grainger, Inc.

      944      72,112
        72,112

Wireless Telecommunication Services — 0.3%

      

American Tower Corp., Class A(1)

      5,200      203,892

Sprint Nextel Corp.

      36,919      246,988
        450,880

Total Common Stocks
(Cost $133,616,982)

         147,061,127
     Principal
Amount		    Value

U.S. Government Securities — 0.1%

      

U.S. Treasury Bills — 0.1%

      

United States Treasury Bill

      

2.157% due 5/15/2008(2)

    $ 60,000      59,839

1.345% due 6/5/2008(2)

      30,000      29,927

1.84% due 5/29/2008(2)

      25,000      24,926

2.193% due 5/22/2008(2)

      20,000      19,938

3.143% due 4/3/2008(2)

      20,000      19,996

3.18% due 4/10/2008(2)

      20,000      19,984
        174,610

Total U.S. Government Securities
(Cost $174,610)

         174,610
     Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(3)

      30    $ 1,201

RS Emerging Growth Fund, Class Y(3)

      31      1,021

RS Emerging Markets Fund, Class A(3)

      33      813

RS Equity Dividend Fund, Class Y(3)

      10      85

RS Global Natural Resources Fund, Class Y(3)

      80      3,008

RS Growth Fund, Class Y(3)

      60      749

RS Investment Quality Bond Fund, Class A(3)

      9      86

RS Investors Fund, Class Y(3)

      126      1,075

RS MidCap Opportunities Fund, Class Y(3)

     49      584

RS Partners Fund, Class Y(3)

      20      576

RS Smaller Company Growth Fund, Class Y(3)

      35      580

RS Technology Fund, Class Y(3)

      27      372

RS Value Fund, Class Y(3)

      50      1,171

Total Other Investments
(Cost $12,478)

         11,321
     Principal
Amount		    Value

Repurchase Agreements — 2.2%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $3,336,185, due 4/1/2008, collateralized by FHLMC, 3.625%, due 9/15/2008, with a value of $3,405,350

    $ 3,336,000      3,336,000

Total Repurchase Agreements
(Cost $3,336,000)

         3,336,000

Total Investments — 100.0%
(Cost $137,140,070)

         150,583,058

Other Assets, Net — 0.0%

         63,128

Total Net Assets — 100.0%

       $ 150,646,186

 

(1) Non income-producing security.
(2) Security is segregated as collateral to cover margin requirements on open futures contracts.
(3) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

 

Description

    Number of
Contracts		    Expiration    Face Value
(Thousands)		    Unrealized
Depreciation

Purchased Futures Contracts — 2.2%

            

S&P 500 INDEX

    10    6/2008    $3,310    $(35,375)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities		    Other
Financial
Instruments*		  

Level 1 – Quoted Prices

    $ 150,583,058    $ (35,375 )

Level 2 – Significant Other Observable Inputs

      —        —    

Level 3 – Significant Unobservable Inputs

      —        —    

Total

    $ 150,583,058    $ (35,375 )

 

* Other financial instruments include futures, forwards and swap contracts.

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                     6

Table of Contents

Schedule of Investments - RS Asset Allocation Fund

 

March 31, 2008 (unaudited)

    Shares    Value
Common Stocks — 2.7%      
Aerospace & Defense — 0.1%      

Honeywell International, Inc.

    536    $ 30,241

Lockheed Martin Corp.

    246      24,428

Northrop Grumman Corp.

    112      8,715

Raytheon Co.

    424      27,395

The Boeing Co.

    244      18,146

United Technologies Corp.

    436      30,005
        138,930
Air Freight & Logistics — 0.0%      

United Parcel Service, Inc., Class B

    419      30,595
        30,595
Automobiles — 0.0%      

Ford Motor Co.(1)

    535      3,060

General Motors Corp.

    338      6,439

Harley-Davidson, Inc.

    319      11,963
        21,462
Beverages — 0.1%      

Anheuser-Busch Cos., Inc.

    338      16,038

PepsiCo, Inc.

    367      26,497

The Coca-Cola Co.

    195      11,870
        54,405
Biotechnology — 0.0%      

Amgen, Inc.(1)

    342      14,289

Biogen Idec, Inc.(1)

    117      7,218
        21,507
Building Products — 0.0%      

Masco Corp.

    508      10,074
        10,074
Capital Markets — 0.1%      

Ameriprise Financial, Inc.

    194      10,059

Bank of New York Mellon Corp.

    683      28,502

Lehman Brothers Holdings, Inc.

    160      6,022

Merrill Lynch & Co., Inc.

    210      8,555

Morgan Stanley

    252      11,517

State Street Corp.

    57      4,503

The Charles Schwab Corp.

    48      904

The Goldman Sachs Group, Inc.

    100      16,539
        86,601
Chemicals — 0.1%      

E.I. du Pont de Nemours and Co.

    335      15,664

Monsanto Co.

    200      22,300

Rohm and Haas Co.

    170      9,194

The Dow Chemical Co.

    267      9,839
        56,997
Commercial Banks — 0.1%      

BB&T Corp.

    172      5,514

Fifth Third Bancorp

    117      2,448

KeyCorp

    310      6,805

U.S. Bancorp

    712      23,040

Wachovia Corp.

    492      13,284

Wells Fargo & Co.

    1,100      32,010
        83,101
Commercial Services & Supplies — 0.0%      

Cintas Corp.

    307      8,762

Waste Management, Inc.

    479      16,075
        24,837
Communications Equipment — 0.1%      

Cisco Systems, Inc.(1)

    2,325      56,009

Corning, Inc.

    582      13,991

Motorola, Inc.

    675      6,278

March 31, 2008 (unaudited)

    Shares    Value

QUALCOMM, Inc.

    568    $ 23,288
        99,566
Computers & Peripherals — 0.1%      

Dell, Inc.(1)

    776      15,458

EMC Corp.(1)

    886      12,705

Hewlett-Packard Co.

    815      37,213

International Business Machines Corp.

    100      11,514

Sun Microsystems, Inc.(1)

    1,029      15,980
        92,870
Consumer Finance — 0.1%      

American Express Co.

    972      42,496

Capital One Financial Corp.

    146      7,186

Discover Financial Services

    126      2,062

SLM Corp.(1)

    165      2,533
        54,277
Diversified Financial Services — 0.1%      

Bank of America Corp.

    1,320      50,041

Citigroup, Inc.

    1,073      22,984

JPMorgan Chase & Co.

    466      20,015
        93,040
Diversified Telecommunication Services — 0.1%      

AT&T, Inc.

    1,948      74,608

Embarq Corp.

    85      3,409

Verizon Communications, Inc.

    1,071      39,038

Windstream Corp.

    376      4,493
        121,548
Electric Utilities — 0.1%      

Duke Energy Corp.

    404      7,211

Exelon Corp.

    250      20,317

FPL Group, Inc.

    128      8,031

Progress Energy, Inc.

    195      8,132

Southern Co.

    100      3,561
        47,252
Electrical Equipment — 0.0%      

Cooper Industries Ltd., Class A

    200      8,030
        8,030
Electronic Equipment & Instruments — 0.0%      

Tyco Electronics Ltd.

    81      2,780
        2,780
Energy Equipment & Services — 0.0%      

Baker Hughes, Inc.

    105      7,193

Schlumberger Ltd.

    362      31,494
        38,687
Food & Staples Retailing — 0.0%      

Safeway, Inc.

    299      8,776

SUPERVALU, Inc.

    152      4,557

The Kroger Co.

    409      10,388

Wal-Mart Stores, Inc.

    200      10,536
        34,257
Food Products — 0.1%      

Archer-Daniels-Midland Co.

    294      12,101

Campbell Soup Co.

    321      10,898

ConAgra Foods, Inc.

    162      3,880

General Mills, Inc.

    128      7,665

H.J. Heinz Co.

    224      10,521

Kellogg Co.

    212      11,143

Kraft Foods, Inc., Class A

    426      13,210

The Hershey Co.

    234      8,815

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Asset Allocation Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Wm. Wrigley Jr. Co.

    61    $ 3,833
        82,066

Health Care Equipment & Supplies — 0.1%

      

Baxter International, Inc.

    328      18,965

Becton, Dickinson and Co.

    22      1,888

Boston Scientific Corp.(1)

    632      8,134

C.R. Bard, Inc.

    272      26,221

Covidien Ltd.

    81      3,584

Medtronic, Inc.

    256      12,383

St. Jude Medical, Inc.(1)

    184      7,947

Stryker Corp.

    100      6,505

Zimmer Holdings, Inc.(1)

    84      6,540
        92,167

Health Care Providers & Services — 0.0%

      

AmerisourceBergen Corp.

    96      3,934

CIGNA Corp.

    138      5,599

McKesson Corp.

    78      4,085

Tenet Healthcare Corp.(1)

    1,512      8,558

WellPoint, Inc.(1)

    258      11,385
        33,561

Hotels, Restaurants & Leisure — 0.0%

      

Carnival Corp.

    90      3,643

McDonald’s Corp.

    551      30,730

Starbucks Corp.(1)

    386      6,755

Wyndham Worldwide Corp.

    159      3,288
        44,416

Household Products — 0.1%

      

Kimberly-Clark Corp.

    55      3,550

The Procter & Gamble Co.

    974      68,248
        71,798

Independent Power Producers & Energy Traders — 0.0%

      

The AES Corp.(1)

    1,368      22,805
        22,805

Industrial Conglomerates — 0.1%

      

3M Co.

    236      18,679

General Electric Co.

    703      26,018

Tyco International Ltd.

    81      3,568
        48,265

Information Technology Services — 0.0%

      

Automatic Data Processing, Inc.

    242      10,259

Electronic Data Systems Corp.

    625      10,406

Paychex, Inc.

    257      8,805

Western Union Co.

    116      2,467
        31,937

Insurance — 0.1%

      

AFLAC, Inc.

    153      9,937

American International Group, Inc.

    615      26,599

Loews Corp.

    258      10,377

Marsh & McLennan Companies, Inc.

    164      3,993

MetLife, Inc.

    100      6,026

The Allstate Corp.

    208      9,996

The Chubb Corp.

    362      17,912

The Progressive Corp.

    512      8,228

The Travelers Cos., Inc.

    387      18,518
        111,586

Internet Software & Services — 0.0%

      

Yahoo! Inc.(1)

    384      11,109
        11,109

March 31, 2008 (unaudited)

    Shares    Value

Leisure Equipment & Products — 0.0%

      

Eastman Kodak Co.

    49    $ 866

Mattel, Inc.

    448      8,915
        9,781

Machinery — 0.0%

      

Caterpillar, Inc.

    252      19,729

Deere & Co.

    200      16,088
        35,817

Media — 0.1%

      

CBS Corp., Class B

    374      8,258

Clear Channel Communications, Inc.

    1,046      30,564

Comcast Corp., Class A(1)

    925      17,890

Gannett Co., Inc.

    29      842

The New York Times Co., Class A

    495      9,346

The Walt Disney Co.

    967      30,344

Time Warner, Inc.

    1,112      15,590

Viacom, Inc., Class B(1)

    374      14,818
        127,652

Metals & Mining — 0.0%

      

Alcoa, Inc.

    264      9,520
        9,520

Multi-Utilities — 0.0%

      

Public Service Enterprise Group, Inc.

    164      6,591
        6,591

Multiline Retail — 0.0%

      

Kohl’s Corp.(1)

    202      8,664

Target Corp.

    281      14,241
        22,905

Oil, Gas & Consumable Fuels — 0.3%

      

Anadarko Petroleum Corp.

    412      25,968

Chevron Corp.

    774      66,069

ConocoPhillips

    578      44,049

El Paso Corp.

    236      3,927

Exxon Mobil Corp.

    1,900      160,702

Spectra Energy Corp.

    202      4,596
        305,311

Personal Products — 0.0%

      

Avon Products, Inc.

    100      3,954
        3,954

Pharmaceuticals — 0.2%

      

Allergan, Inc.

    232      13,082

Bristol-Myers Squibb Co.

    962      20,491

Eli Lilly & Co.

    449      23,164

Johnson & Johnson

    672      43,593

King Pharmaceuticals, Inc.(1)

    279      2,427

Pfizer, Inc.

    1,915      40,081

Schering-Plough Corp.

    475      6,845
        149,683

Real Estate Investment Trusts — 0.0%

      

Plum Creek Timber Co., Inc.

    483      19,658

Simon Property Group, Inc.

    172      15,981
        35,639

Road & Rail — 0.0%

      

Burlington Northern Santa Fe Corp.

    152      14,017

Union Pacific Corp.

    100      12,538
        26,555

Semiconductors & Semiconductor Equipment — 0.1%

      

Analog Devices, Inc.

    54      1,594

Applied Materials, Inc.

    548      10,691

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments - RS Asset Allocation Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value  

Broadcom Corp., Class A(1)

      432    $ 8,325  

Intel Corp.

      1,330      28,169  

KLA-Tencor Corp.

      448      16,621  

Linear Technology Corp.

      249      7,642  

Micron Technology, Inc.(1)

      702      4,191  

Texas Instruments, Inc.

      1,003      28,355  
        105,588  
Software — 0.1%      

Adobe Systems, Inc.(1)

      204      7,260  

CA, Inc.

      490      11,025  

Microsoft Corp.

      2,445      69,389  

Symantec Corp.(1)

      379      6,299  
        93,973  
Specialty Retail — 0.1%      

Bed, Bath & Beyond, Inc.(1)

      316      9,322  

Best Buy Co., Inc.

      100      4,146  

Lowe’s Companies, Inc.

      630      14,452  

Staples, Inc.

      648      14,327  

The Gap, Inc.

      247      4,861  
        47,108  
Textiles, Apparel & Luxury Goods — 0.1%      

NIKE, Inc., Class B

      710      48,280  
        48,280  
Thrifts & Mortgage Finance — 0.0%      

Federal National Mortgage Association

      350      9,212  

Washington Mutual, Inc.

      345      3,554  
        12,766  
Tobacco — 0.1%      

Altria Group, Inc.

      616      13,675  

Philip Morris International, Inc.(1)

      616      31,157  

UST, Inc.

      209      11,395  
        56,227  
Wireless Telecommunication Services — 0.0%      

Sprint Nextel Corp.

      410      2,743  
        2,743  

Total Common Stocks
(Cost $2,670,598)

         2,770,619  
     Shares    Value  
Mutual Funds — 90.8%      
Funds — 90.8%      

RS S&P 500 Index Fund, Class A(2)(3)

     10,169,720      92,239,358  
        92,239,358  

Total Mutual Funds
(Cost $88,804,845)

         92,239,358  
     Principal
Amount		    Value  
U.S. Government Securities — 0.4%      
U.S. Treasury Bills — 0.4%      

United States Treasury Bill

      

0.40% due 6/19/2008 (4)

    $ 300,000      299,737  

0.954% due 6/19/2008 (4)

      90,000      89,812  

1.236% due 6/26/2008 (4)

      30,000      29,911  
        419,460  

Total U.S. Government Securities
(Cost $419,460)

         419,460  

March 31, 2008 (unaudited)

    Shares    Value  
Other Investments - For Trustee Deferred Compensation Plan — 0.0%      

RS Core Equity Fund, Class Y(5)

      21    $ 825  

RS Emerging Growth Fund, Class Y(5)

      21      698  

RS Emerging Markets Fund, Class A(5)

      22      557  

RS Equity Dividend Fund, Class Y(5)

      6      57  

RS Global Natural Resources Fund, Class Y(5)

      55      2,067  

RS Growth Fund, Class Y(5)

      42      518  

RS Investment Quality Bond Fund, Class A(5)

      6      58  

RS Investors Fund, Class Y(5)

      87      744  

RS MidCap Opportunities Fund, Class Y(5)

     34      405  

RS Partners Fund, Class Y(5)

      14      392  

RS S&P 500 Index Fund, Class A(5)

     6      57  

RS Smaller Company Growth Fund, Class Y(5)

      24      398  

RS Technology Fund, Class Y(5)

      18      257  

RS Value Fund, Class Y(5)

      34      802  

Total Other Investments
(Cost $8,635)

         7,835  
     Principal
Amount		    Value  
Repurchase Agreements — 6.2%      

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $6,291,350, due 4/1/2008, collateralized by FHLB, 3.60%, due 1/29/2010, with a value of $6,417,775

    $ 6,291,000      6,291,000  

Total Repurchase Agreements
(Cost $6,291,000)

         6,291,000  

Total Investments — 100.1%
(Cost $98,194,538)

         101,728,272  
Other Liabilities, Net — (0.1)%         (136,396 )
Total Net Assets — 100.0%       $ 101,591,876  

 

(1)

Non income-producing security.

(2)

The RS S&P 500 Index Fund schedule of investments is included herein.

(3)

Affiliated issuer.

(4)

Security is segregated as collateral to cover margin requirements on open futures contracts.

(5)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

 

Description

    Number of
Contracts		    Expiration    Face Value
(Thousands)		    Unrealized
Depreciation		  
Purchased Futures Contracts            

S&P 500 INDEX

    19    6/2008    $ 6,289    $ (6,070 )

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities		    Other
Financial
Instruments*		  

Level 1 – Quoted Prices

    $ 101,728,272    $ (6,070 )

Level 2 – Significant Other Observable Inputs

      —        —    

Level 3 – Significant Unobservable Inputs

      —        —    

Total

    $ 101,728,272    $ (6,070 )

 

* Other financial instruments include futures, forwards and swap contracts.

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Investment Quality Bond Fund

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Asset Backed Securities — 4.1%

      

Ameriquest Mortgage Securities, Inc.
2003-5 A6
4.541% due 4/25/2033 (1)

    $ 1,285,751    $ 1,207,934

Amresco Residential Securities Mortgage Loan Trust
1997-1 MIF
7.42% due 3/25/2027

      23,308      23,253

Carmax Auto Owner Trust
2005-1 A4
4.35% due 3/15/2010

      1,048,200      1,051,971

Chase Funding Mortgage Loan Trust
2004-1 1A6
4.266% due 6/25/2015

      161,596      148,916

CitiFinancial Mortgage Securities, Inc.
2003-3 AF5
4.553% due 8/25/2033 (1)

      444,171      429,828

Countrywide Asset-Backed Certificates Trust
2004-S1 A2
3.872% due 3/25/2020 (1)

      63,257      60,631

GE Capital Credit Card Master Note Trust, Class A
2006-1 A
5.08% due 9/15/2012

      615,000      629,700

Nissan Auto Receivables Owner Trust
2008-A A3
3.89% due 8/15/2011

      670,000      671,146

Residential Asset Mortgage Products, Inc.

      

    2003-RZ4 A5

      

    4.66% due 2/25/2032

      254,585      245,205

    2003-RS7 AI4

      

    5.09% due 2/25/2031 (1)

      265,618      266,099

Vanderbilt Acquisition Loan Trust
2002-1 A3
5.70% due 9/7/2023 (1)

      510,700      508,386

Total Asset Backed Securities

(Cost $5,342,244)

         5,243,069

Collateralized Mortgage Obligations — 20.2%

      

Banc of America Alternative Loan Trust
2004-1 2A1
6.00% due 2/25/2034

      1,691,014      1,596,951

Banc of America Funding Corp.
2006-3 5A5
5.50% due 3/25/2036

      969,822      917,350

Banc of America Mortgage Securities, Inc.
2004-F 2A6
4.145% due 7/25/2034 (1)

      330,000      323,754

Citicorp Mortgage Securities, Inc.
2007-8 1A3
6.00% due 9/25/2037

      1,136,049      1,118,299

Countrywide Alternative Loan Trust

      

    2004-35T2 A1

      

    6.00% due 2/25/2035

      863,755      828,632

    2006-19CB A15

      

    6.00% due 8/25/2036

      984,803      990,256

Countrywide Home Loans Trust
2002-19 1A1
6.25% due 11/25/2032

      722,182      722,145

FHLMC

      

    2663 VQ

      

    5.00% due 6/15/2022

    $ 400,000    $ 391,586

    1534 Z

      

    5.00% due 6/15/2023

      477,384      483,247

    2500 TD

      

    5.50% due 2/15/2016

      29,247      29,270

    3227 PR

      

    5.50% due 9/15/2035

      2,300,000      2,332,701

FNMA

      

    2006-45 AC

      

    5.50% due 6/25/2036

      479,691      488,816

    2002-52 PB

      

    6.00% due 2/25/2032

      1,500,000      1,532,692

GNMA
1997-19 PG
6.50% due 12/20/2027

      1,380,226      1,468,097

J.P. Morgan Mortgage Trust
2005-S2
2A15 6.00% due 9/25/2035

      2,107,868      2,001,157

Mastr Asset Securitization Trust
2003-10
3A7 5.50% due 11/25/2033

      918,000      859,625

Prime Mortgage Trust
2006-1
1A1 5.50% due 6/25/2036

      1,120,781      1,086,457

Residential Asset Mortgage Products, Inc.
2005-SL1 A4
6.00% due 5/25/2032

      976,357      999,546

Residential Funding Mortgage Securities Trust
2006-S3 A7
5.50% due 3/25/2036

      1,401,394      1,319,102

Wells Fargo Mortgage Backed Securities Trust

      

    2003-11 1A3

      

    4.75% due 10/25/2018

      1,500,000      1,501,803

    2005-5 1A1

      

    5.00% due 5/25/2020

      1,614,500      1,573,634

    2006-1 A3

      

    5.00% due 3/25/2021

      1,007,643      979,618

    2003-2 A7

      

    5.25% due 2/25/2018

      1,350,000      1,255,706

    2007-13 A7

      

    6.00% due 9/25/2037

      1,101,154      1,089,454

Total Collateralized Mortgage Obligations

(Cost $26,307,933)

         25,889,898

Commercial Mortgage Backed Securities — 7.4%

      

Bear Stearns Commercial Mortgage Securities
2006-T24 AM
5.568% due 10/12/2041 (1)

      750,000      683,507

Chase Commercial Mortgage Securities Corp.
1998-2 A2
6.39% due 11/18/2030

      248,492      249,021

Crown Castle Towers LLC
2005-1A AFX
4.643% due 6/15/2035 (2)

      1,500,000      1,471,770

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Investment Quality Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Four Times Square Trust
2000-4TS A2
7.795% due 4/15/2015 (2)

    $ 1,560,000    $ 1,711,046

GMAC Commercial Mortgage Securities, Inc.
2006 C1 AM
5.29% due 11/10/2045 (1)

      572,000      518,969

J.P. Morgan Chase Commercial Mortgage Securities Corp.

      

    2005-LDP3 A4

      

    4.936% due 8/15/2042 (1)

      1,000,000      976,843

    2005-LDP5 A4

      

    5.179% due 12/15/2044 (1)

      720,000      717,809

    2001-C1 A3

      

    5.857% due 10/12/2035

      1,000,000      1,016,743

J.P. Morgan Commercial Mortgage Finance Corp.
2000-C9 A2
7.77% due 10/15/2032

      1,040,894      1,073,469

Merrill Lynch Mortgage Trust
2004-BPC1 A5
4.855% due 10/12/2041 (1)

      1,110,000      1,093,892

Total Commercial Mortgage Backed Securities

(Cost $9,531,678)

         9,513,069

Corporate Bonds — 18.3%

      

Aerospace & Defense — 0.3%

      

General Dynamics Corp.
4.50% due 8/15/2010

      200,000      205,874

L-3 Communications Corp.
6.125% due 1/15/2014

      250,000      243,750
        449,624

Automotive — 0.4%

      

DaimlerChrysler NA Holdings

      

    4.05% due 6/4/2008

      200,000      200,074

    6.50% due 11/15/2013

      80,000      84,327

TRW, Inc.
7.75% due 6/1/2029

      150,000      181,825
        466,226

Building Materials — 0.3%

      

    CRH America, Inc.
6.00% due 9/30/2016

      350,000      333,023
        333,023

Computers — 0.2%

      

Computer Sciences Corp.
6.50% due 3/15/2018 (2)

      200,000      203,198
        203,198

Diversified Manufacturing — 0.5%

      

Siemens Financieringsmat N.V.
6.125% due 8/17/2026 (2)

      200,000      195,291

United Technologies Corp.

      

    4.375% due 5/1/2010

      100,000      102,510

    4.875% due 5/1/2015

      300,000      305,299
        603,100

Electric — 0.4%

      

Nevada Power Co.
6.65% due 4/1/2036

      150,000      141,270

PacifiCorp 5.25% due 6/15/2035

    $ 100,000    $ 88,257

PPL Electric Utilities Corp.
6.45% due 8/15/2037

      250,000      240,969
        470,496

Electronics — 0.1%

      

Koninklijke Philips Electronics NV
6.875% due 3/11/2038

      150,000      160,001
        160,001

Energy — 0.7%

      

Anadarko Petroleum Corp.
6.45% due 9/15/2036

      125,000      127,294

Canadian Natural Resources Ltd.
6.25% due 3/15/2038

      150,000      143,874

RAS Laffan Liquefied Natural Gas Co., Ltd.
3.437% due 9/15/2009 (2)

      176,400      177,450

Western Oil Sands, Inc.
8.375% due 5/1/2012

      350,000      393,205
        841,823

Energy-Refining — 0.1%

      

Tosco Corp.
8.125% due 2/15/2030

      125,000      157,282
        157,282

Entertainment — 0.4%

      

Time Warner, Inc.
7.57% due 2/1/2024

      350,000      359,294

Viacom, Inc.
6.875% due 4/30/2036

      200,000      192,591
        551,885

Finance Companies — 1.2%

      

Capital One Bank Co.
5.75% due 9/15/2010

      200,000      194,298

CIT Group, Inc.
4.00% due 5/8/2008

      200,000      196,373

General Electric Capital Corp.
6.75% due 3/15/2032

      200,000      213,622

GMAC LLC
5.125% due 5/9/2008

      400,000      397,653

Household Finance Corp.
6.375% due 11/27/2012

      400,000      405,130

SLM Corp.
4.00% due 1/15/2009

      200,000      180,085
        1,587,161

Financial — 1.3%

      

Bear Stearns Cos., Inc.
6.40% due 10/2/2017

      100,000      98,740

Goldman Sachs Group, Inc.

      

    5.125% due 1/15/2015

      400,000      388,837

    5.625% due 1/15/2017

      80,000      76,746

    6.15% due 4/1/2018

      200,000      199,703

Lehman Brothers Holdings Capital Trust VII
5.857% due 11/29/2049 (3)

      200,000      126,500

Lehman Brothers Holdings, Inc.
6.50% due 7/19/2017

      205,000      194,677

Merrill Lynch & Co.
6.05% due 8/15/2012

      250,000      253,910

Morgan Stanley

      

    4.00% due 1/15/2010

      150,000      148,204

    5.95% due 12/28/2017

      200,000      193,291
        1,680,608

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments – RS Investment Quality Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Financial – Banks — 3.3%

      

American Express Bank FSB
6.00% due 9/13/2017

    $ 250,000    $ 243,719

Bank of America Corp.
4.875% due 9/15/2012

      400,000      405,824

Citigroup, Inc.
4.625% due 8/3/2010

      400,000      399,757

City National Corp.
5.125% due 2/15/2013

      300,000      295,290

Credit Suisse First Boston USA, Inc.
6.50% due 1/15/2012

      200,000      212,593

Deutsche Bank AG London
6.00% due 9/1/2017

      200,000      208,224

HSBC USA, Inc.
4.625% due 4/1/2014

      200,000      192,941

J.P. Morgan Chase Capital XXII
6.45% due 2/2/2037

      100,000      86,281

JPMorgan Chase & Co.
5.75% due 1/2/2013

      200,000      208,934

JPMorgan Chase Bank N.A.
6.00% due 10/1/2017

      500,000      521,111

PNC Bank N.A.
6.875% due 4/1/2018

      200,000      203,393

Sovereign Bank, Inc.
5.125% due 3/15/2013

      150,000      136,247

Wachovia Capital Trust III
5.80% due 3/15/2042 (3)

      300,000      213,750

Wachovia Corp.

      

    5.25% due 8/1/2014

      200,000      197,547

    5.75% due 6/15/2017

      200,000      194,120

Washington Mutual Bank, FA
5.65% due 8/15/2014

      150,000      123,750

Wells Fargo Bank NA
5.75% due 5/16/2016

      300,000      309,268
        4,152,749

Food & Beverage — 0.4%

      

Diageo Capital PLC
5.50% due 9/30/2016

      125,000      126,350

Kellogg Co.
2.875% due 6/1/2008

      300,000      299,674

Tesco PLC 6.15%
due 11/15/2037 (2)

      100,000      96,909
        522,933

Health Care — 0.2%

      

Fisher Scientific International, Inc.
6.125% due 7/1/2015

      200,000      199,187
        199,187

Home Construction — 0.1%

      

Ryland Group, Inc.
5.375% due 6/1/2008

      100,000      99,981
        99,981

Insurance — 1.1%

      

Ace INA Holdings, Inc.
5.80% due 3/15/2018

      200,000      199,709

Allied World Assurance Co. Hldgs., Ltd.
7.50% due 8/1/2016

      100,000      102,593

AXA
SA 6.463% due 12/31/2049 (2) (3)

      200,000      160,523

Liberty Mutual Group, Inc.
7.50% due 8/15/2036 (2)

      100,000      94,731

MetLife, Inc.
6.40% due 12/15/2036

      250,000      198,660

Symetra Financial Corp.
6.125% due 4/1/2016 (2)

      300,000      280,135

UnitedHealth Group, Inc.
6.50% due 6/15/2037

      125,000      114,370

UnumProvident Finance Co.
Sr. Nt. 6.85% due 11/15/2015 (2)

      300,000      302,976
        1,453,697

Iron-Steel — 0.2%

      

Nucor Corp.
5.75% due 12/1/2017

      300,000      310,540
        310,540

Media – Cable — 0.5%

      

Comcast Cable Communications, Inc.
6.875% due 6/15/2009

      250,000      258,153

Comcast Corp.

      

    6.45% due 3/15/2037

      150,000      141,351

    6.50% due 1/15/2017

      100,000      102,132

Time Warner Cable, Inc.
5.85% due 5/1/2017 (2)

      200,000      191,442
        693,078

Media – NonCable — 0.1%

      

News America Holdings, Inc.
8.00% due 10/17/2016

      150,000      172,197
        172,197

Metals & Mining — 0.3%

      

Noranda, Inc.
6.00% due 10/15/2015

      200,000      197,497

Steel Dynamics, Inc.
6.75% due 4/1/2015 (2)

      150,000      147,000

Vale Overseas Ltd.
6.25% due 1/23/2017

      100,000      99,588
        444,085

Natural Gas-Pipelines — 0.1%

      

Enterprise Products Operating LP
8.375% due 8/1/2066 (1)

      100,000      97,336
        97,336

Oil & Gas — 0.3%

      

Pemex Project Funding Master Trust
5.75% due 3/1/2018 (2)

      175,000      178,567

Petrobras International Finance Co.
5.875% due 3/1/2018

      250,000      240,636
        419,203

Oil & Gas Services — 0.2%

      

Weatherford International Ltd.
5.15% due 3/15/2013

      200,000      200,174
        200,174

Paper & Forest Products — 0.1%

      

Weyerhaeuser Co. 6.75% due 3/15/2012

      75,000      78,857
        78,857

Pharmaceuticals — 0.4%

      

Amgen, Inc.
5.85% due 6/1/2017

      100,000      99,921

Astrazeneca PLC
6.45% due 9/15/2037

      150,000      160,947

Genentech, Inc.
4.75% due 7/15/2015

      150,000      150,683

Wyeth
5.95% due 4/1/2037

      125,000      122,132
        533,683

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Investment Quality Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Railroads — 0.3%

      

Norfolk Southern Corp.
6.75% due 2/15/2011

    $ 300,000    $ 322,921
     322,921   

Real Estate Investment Trusts — 1.1%

      

ERP Operating LP
5.375% due 8/1/2016

      200,000      177,563

Highwoods Realty Ltd.
5.85% due 3/15/2017

      150,000      128,130

Liberty Property LP
7.25% due 3/15/2011

      200,000      210,388

PPF Funding, Inc.
5.35% due 4/15/2012 (2)

      200,000      195,658

Regency Centers LP
6.75% due 1/15/2012

      100,000      101,757

Simon Property Group LP
5.25% due 12/1/2016

      200,000      181,646

USB Realty Corp.
6.091% due 12/22/2049 (2) (3)

      250,000      162,500

Westfield Group
5.40% due 10/1/2012 (2)

      250,000      243,228
     1,400,870   

Retailers — 0.2%

      

CVS Caremark Corp.
5.75% due 6/1/2017

      125,000      126,945

Wal-Mart Stores, Inc.
4.50% due 7/1/2015

      150,000      149,099
     276,044   

Technology — 0.4%

      

Cisco Systems, Inc.
5.50% due 2/22/2016

      125,000      129,326

International Business Machines Corp.
5.70% due 9/14/2017

      100,000      104,756

National Semiconductor Corp.
6.60% due 6/15/2017

      250,000      247,765
     481,847   

Utilities-Electric — 1.0%

      

Alabama Power Co.
5.65% due 3/15/2035

      300,000      270,101

Exelon Corp.
4.45% due 6/15/2010

      200,000      202,052

Florida Power & Light Co.
4.95% due 6/1/2035

      200,000      173,860

Pacific Gas & Electric Co.
6.05% due 3/1/2034

      100,000      98,033

Potomac Edison Co.
5.35% due 11/15/2014

      300,000      302,808

Public Service Electric Gas Co.
5.125% due 9/1/2012

      200,000      206,818
     1,253,672   

Utilities-Electric & Water — 0.4%

      

Public Service Co. of New Mexico
4.40% due 9/15/2008

      500,000      498,954
     498,954   

Wireless Communications — 0.5%

      

New Cingular Wireless Services, Inc.
8.125% due 5/1/2012

      400,000      447,637

Sprint Capital Corp.
6.90% due 5/1/2019

      200,000      157,500

Vodafone Group PLC
6.15% due 2/27/2037

      100,000      93,209
        698,346

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Wireline Communications — 1.2%

      

AT&T, Inc.
6.30% due 1/15/2038

    $ 150,000    $ 145,039

Deutsche Telekom International Finance BV
8.25% due 6/15/2030 (1)

      250,000      299,896

France Telecom S.A.

      

     7.75% due 3/1/2011 (1)

      325,000      352,411

     8.50% due 3/1/2031 (1)

      115,000      142,473

Telecom Italia Capital
5.25% due 10/1/2015

      150,000      136,276

Verizon Communications, Inc.

      

     5.55% due 2/15/2016

      225,000      223,852

     6.40% due 2/15/2038

      250,000      243,393
     1,543,340   

Total Corporate Bonds

(Cost $23,887,489)

         23,358,121
      Principal
Amount		    Value

Mortgage Pass-Through Securities — 20.9%

      

FHLMC

      

     5.50% due 9/1/2034 -12/1/2036

      5,374,221      5,436,120

FNMA

      

     5.00% due 4/1/2034 -5/1/2037

      3,980,433      3,946,229

     5.00% 30 yr TBA

      1,250,000      1,237,110

     5.50% 30 yr TBA

      5,000,000      5,046,875

     5.50% due 4/1/2022 -7/1/2037

      2,559,802      2,592,063

     5.767% due 12/1/2036 (1)

      898,013      913,199

     6.00% due 8/1/2021

      597,097      615,161

     6.19% due 8/1/2046 (1)

      809,592      831,911

     6.50% due 1/1/2013 -11/1/2037

      3,678,782      3,816,039

     7.00% due 2/1/2009 -6/1/2032

      311,831      330,558

     7.50% due 5/1/2027 -2/1/2031

      244,189      264,168

     8.00% due 6/1/2030 -9/1/2030

      86,562      93,815

GNMA

      

     5.50% 30 yr TBA

      925,000      942,922

     6.00% due 12/15/2033

      221,917      229,839

     6.50% due 4/15/2033

      389,537      406,924

Total Mortgage Pass-Through Securities

(Cost $26,295,708)

         26,702,933
      Principal
Amount		    Value

Municipal Bonds — 0.5%

      

Connecticut State
Series F
5.00% due 12/1/2021

      300,000      317,928

New York State Dormitory Authority
Columbia University-Series C
5.00% due 7/1/2025

      300,000      309,618

Total Municipal Bonds

(Cost $624,669)

         627,546
      Principal
Amount		    Value

Sovereign Debt Securities — 0.6%

      

Pemex Project Funding Master Trust
7.875% due 2/1/2009

      350,000      362,488

Quebec Province
4.60% due 5/26/2015

      250,000      262,245

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    4

Table of Contents

Schedule of Investments – RS Investment Quality Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value  

United Mexican States
4.625% due 10/8/2008

    $ 100,000    $ 100,700  

Total Sovereign Debt Securities

(Cost $700,173)

         725,433  
      Principal
Amount		    Value  

Taxable Municipal Securities — 0.2%

      

Oregon — 0.2%

      

Oregon School Board Association
4.759% due 6/30/2028

      200,000      184,320  
        184,320  

Total Taxable Municipal Securities (Cost $200,000)

         184,320  
      Principal
Amount		    Value  

U.S. Government Securities — 23.1%

      

U.S. Government Agency Securities — 5.6%

      

FHLB
5.125% due 7/17/2018

      2,590,000      2,593,263  

FHLMC
5.00% due 7/2/2018

      1,418,000      1,418,417  

FNMA

      

     4.375% due 7/17/2013

      1,850,000      1,940,979  

     4.625% due 10/15/2013

      1,150,000      1,219,275  
        7,171,934  

U.S. Treasury Bonds — 2.5%

      

U.S. Treasury Bonds

      

     5.00% due 5/15/2037

      1,880,000      2,103,103  

     7.25% due 8/15/2022

      360,000      481,078  

     8.00% due 11/15/2021

      200,000      282,094  

     8.125% due 8/15/2019

      225,000      313,436  
        3,179,711  

U.S. Treasury Notes — 15.0%

      

U.S. Treasury Notes

      

     2.75% due 2/28/2013

      4,119,000      4,175,636  

     2.875% due 1/31/2013

      1,995,000      2,033,498  

     3.50% due 2/15/2018

      109,000      109,630  

     3.625% due 12/31/2012

      4,010,000      4,225,225  

     3.875% due 10/31/2012

      3,030,000      3,221,033  

     4.25% due 9/30/2012 -11/15/2017

      4,179,000      4,478,734  

     4.50% due 5/15/2017

      415,000      450,988  

     4.75% due 8/15/2017

      510,000      564,267  
        19,259,011  

Total U.S. Government Securities

(Cost $28,334,321)

         29,610,656  
      Shares    Value  

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y (4)

      20      805  

RS Emerging Growth Fund, Class Y (4)

      22      714  

RS Emerging Markets Fund, Class A (4)

      22      548  

RS Equity Dividend Fund, Class Y (4)

      8      67  

RS Global Natural Resources Fund, Class Y (4)

      53      2,004  

RS Growth Fund, Class Y (4)

      39      479  

March 31, 2008 (unaudited)

    Shares    Value  

RS Investors Fund, Class Y (4)

      80    $ 685  

RS MidCap Opportunities Fund, Class Y (4)

      30      363  

RS Partners Fund, Class Y (4)

      14      405  

RS S&P 500 Index Fund, Class A (4)

      7      67  

RS Smaller Company Growth Fund, Class Y (4)

      23      389  

RS Technology Fund, Class Y (4)

      18      246  

RS Value Fund, Class Y (4)

      35      809  

Total Other Investments

(Cost $8,228)

         7,581  
      Principal
Amount		    Value  

Short-Term Investments — 0.7%

      

Toyota Motor Credit
2.45% due 4/21/2008

    $ 950,000      948,707  

Total Short-Term Investments

(Cost $948,707)

         948,707  
      Principal
Amount		    Value  

Repurchase Agreements — 9.6%

      

State Street Bank and Trust Co. Repurchase
Agreement, 2.0% dated 3/31/2008, maturity
value of $12,304,684, due 4/1/2008,
collateralized by FHLMC, 5.5%, due
3/19/2017, with a value of $12,550,651.

      12,304,000      12,304,000  

Total Repurchase Agreements

(Cost $12,304,000)

         12,304,000  

Total Investments — 105.6%

(Cost $134,485,150)

         135,115,333  

Other Liabilities, Net — (5.6)%

         (7,187,231 )

Total Net Assets — 100.0%

       $ 127,928,102  

 

(1) Variable rate demand note. The rate shown is the rate in effect at March 31, 2008.
(2) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $5,812,424, representing 4.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.
(3) Maturity is perpetual. Maturity date presented represents the next call date.
(4) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 29,980,936

Level 2 – Significant Other Observable Inputs

      105,134,397

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 135,115,333

See accompanying notes to Schedule of Investments.

 

5   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Low Duration Bond Fund

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Asset Backed Securities — 18.5%

      

American Express Credit Account Master Trust
2004-3 A
4.35% due 12/15/2011

    $ 360,000    $ 364,441

Ameriquest Mortgage Securities, Inc.
2003-5 A
6 4.541% due 4/25/2033 (1)

      292,412      274,714

Bank One Issuance Trust
2003-A7 A7
3.35% due 3/15/2011

      340,000      340,314

Capital Auto Receivables Asset Trust
2006-SN1A A3
5.31% due 10/20/2009 (2)

      520,000      523,098

Carmax Auto Owner Trust
2005-1 A4 4.
35% due 3/15/2010

      323,416      324,580

Chase Funding Mortgage Loan Trust
2004-1 1A6
4.266% due 6/25/2015

      406,299      374,416

Chase Issuance Trust
2007-A15 A
4.96% due 9/17/2012

      580,000      597,669

Chase Manhattan Auto Owner Trust
2005-A A3
3.87% due 6/15/2009

      123,067      123,289

Citibank Credit Card Master Trust I
1999-2 A
5.875% due 3/10/2011

      550,000      563,417

CitiFinancial Mortgage Securities, Inc.
2003-3 AF5
4.553% due 8/25/2033 (1)

      332,890      322,141

Countrywide Asset-Backed Certificates Trust
2004-S1 A2
3.872% due 3/25/2020 (1)

      87,469      83,838

Detroit Edison Securitization Funding LLC
2001-1 A4
6.19% due 3/1/2013

      240,000      251,457

Ford Credit Auto Owner Trust
2005-B A
4 4.38% due 1/15/2010

      388,564      388,932

GE Capital Credit Card Master Note Trust
2006-1 A
5.08% due 9/15/2012

      370,000      378,844

Nissan Auto Receivables Owner Trust
2008-A A3
3.89% due 8/15/2011

      380,000      380,650

Peco Energy Transition Trust
2000-A A
4 7.65% due 3/1/2010

      365,000      385,175

PSE&G Transition Funding LLC
2001-1 A5
6.45% due 3/15/2013

      500,000      531,350

Residential Asset Mortgage Products, Inc.

      

     2003-RZ4 A5

      

     4.66% due 2/25/2032

      432,795      416,848

     2002-RS4 AI5

      

     6.163% due 8/25/2032 (1)

      40,840      35,343

World Omni Auto Receivables Trust

     2005-A A4

     3.82% due 011/12/2011

      530,612      531,833

Total Asset Backed Securities

(Cost $7,165,688)

         7,192,349

Collateralized Mortgage Obligations — 8.4%

      

Banc of America Mortgage Securities, Inc.
2004-F 2A6
4.145% due 7/25/2034 (1)

      360,000      353,186

Countrywide Alternative Loan Trust
2004-35T2 A1
6.00% due 2/25/2035

      282,818      271,317

FHLMC

      

     2598 QC

      

     4.50% due 6/15/2027

      273,580      274,084

     1534 Z

      

     5.00% due 6/15/2023

      199,536      201,987

     2500 TD

      

     5.50% due 2/15/2016

      30,330      30,354

     20 H

      

     5.50% due 10/25/2023

      91,027      94,275

     1650 J

      

     6.50% due 6/15/2023

      176,431      178,350

FNMA

      

     2003-24 PU

      

     3.50% due 11/25/2015

      182,919      181,982

     2003-63 GU

      

     4.00% due 7/25/2033

      128,937      129,163

     2005-39 CL

      

     5.00% due 12/25/2021

      340,000      347,132

     2003-13 ME

      

     5.00% due 2/25/2026

      139,509      139,758

     2006-45 AC

      

     5.50% due 6/25/2036

      153,975      156,904

     2002-52 PB

      

     6.00% due 2/25/2032

      475,000      485,352

GNMA

     2002-93 NV

     4.75% due 2/20/2032

      37,784      37,812

J.P. Morgan Mortgage Trust

     2005-S2 2A15

     6.00% due 9/25/2035

      179,559      170,469

Residential Asset Mortgage Products, Inc.

     2005-SL1 A4

     6.00% due 5/25/2032

      161,944      165,790

Wells Fargo Mortgage-Backed Securities Trust

     2005-14 2A1

     5.50% due 12/25/2035

      56,650      55,199

Total Collateralized Mortgage Obligations

(Cost $3,270,876)

         3,273,114

 

     Principal
Amount		    Value

Commercial Mortgage Backed Securities — 11.2%

      

Chase Commercial Mortgage Securities Corp.
1998-2 A2
6.39% due 11/18/2030

    509,205    510,289

Commercial Mortgage Asset Trust
1999-C1 A3
6.64% due 1/17/2032

    368,823    372,699

Crown Castle Towers LLC
2005-1A AFX
4.643% due 6/15/2035 (2)

    250,000    245,295

Four Times Square Trust
2000-4TS A2
7.795% due 4/15/2015 (2)

    490,000    537,444

See accompanying notes to Schedule of Investments.

  •  

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Low Duration Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

GMAC Commercial Mortgage Securities, Inc.
1999-C2 A2
6.945% due 9/15/2033

    $ 275,061    $ 278,899

Greenwich Capital Commercial Funding Corp.
2005-GG3 A2
4.305% due 8/10/2042

      336,000      331,466

GS Mortgage Securities Corp. II
2004-GG2 A3
4.602% due 8/10/2038

      380,000      377,450

J.P. Morgan Chase Commercial Mortgage Securities Corp.
2004-C1 A1
3.053% due 1/15/2038

      324,333      318,097

     2001-C1 A3

     5.857% due 10/12/2035

      345,000      350,776

J.P. Morgan Commercial Mortgage Finance Corp.
2000-C9 A2
7.77% due 10/15/2032

      303,266      312,757

LB UBS Commercial Mortgage Trust
2003-C1 A2
3.323% due 3/15/2027

      19,796      19,621

Morgan Stanley Capital I
1999-RM1 E
6.990% due 12/15/2031 (1)

      690,000      696,976

Total Commercial Mortgage Backed Securities

(Cost $4,391,632)

         4,351,769

Corporate Bonds — 18.9%

      

Diversified Financial Services — 0.8%

      

Citigroup, Inc.
4.25% due 7/29/2009

      300,000      299,574
        299,574

Electric — 2.6%

      

Alabama Power Co.
5.375% due 10/1/2008

      350,000      352,578

Entergy Gulf States, Inc.
3.60% due 6/1/2008

      350,000      349,121

Pacific Gas & Electric
3.60% due 3/1/2009

      300,000      299,258
        1,000,957

Energy — 1.6%

      

Anadarko Petroleum Corp.
3.25% due 5/1/2008

      500,000      499,882

RAS Laffan Liquefied Natural Gas Co., Ltd.
3.437% due 9/15/2009 (2)

      132,300      133,087
        632,969

Finance Companies — 3.4%

      

CIT Group, Inc.
4.00% due 5/8/2008

      200,000      196,373

General Electric Capital Corp.
3.50% due 2/2/2009

      350,000      351,135

Popular NA, Inc.
3.875% due 10/1/2008

      300,000      298,917

SLM Corp.
4.00% due 1/15/2009

      150,000      135,064

Textron Financial Corp.
5.125% due 11/1/2010

      350,000      364,033
        1,345,522

Financial — 0.8%

      

Morgan Stanley
3.875% due 1/15/2009

    $ 300,000    $ 299,884
        299,884

Food & Beverage — 0.9%

      

Pepsi Bottling Holdings, Inc.
5.625% due 2/17/2009 (2)

      350,000      357,084
        357,084

Home Construction — 0.3%

      

Ryland Group, Inc.
5.375% due 6/1/2008

      100,000      99,981
        99,981

Insurance — 0.5%

      

Unum Group
5.859% due 5/15/2009

      200,000      205,944
        205,944

Media—Cable — 2.6%

      

Comcast Corp.

      

     5.45% due 11/15/2010

      350,000      360,665

     7.625% due 4/15/2008

      300,000      300,351

Cox Communications, Inc.
4.625% due 1/15/2010

      350,000      350,168
        1,011,184

Natural Gas-Distributors — 0.8%

      

ONEOK, Inc.
7.125% due 4/15/2011

      290,000      309,930
        309,930

Paper & Forest Products — 1.5%

      

International Paper Co.
3.80% due 4/1/2008

      300,000      300,000

Packaging Corp. of America
4.375% due 8/1/2008

      300,000      300,189
        600,189

Retailers — 1.7%

      

CVS Caremark Corp.
4.00% due 9/15/2009

      350,000      350,153

Federated Department Stores, Inc.
6.625% due 9/1/2008

      305,000      306,417
        656,570

Utilities-Electric & Water — 0.6%

      

Public Service Co. of New Mexico
4.40% due 9/15/2008

      250,000      249,477
        249,477

Wireline Communications — 0.8%

      

Telecom Italia Capital
4.00% due 11/15/2008

      300,000      297,246
        297,246

Total Corporate Bonds

(Cost $7,315,044)

         7,366,511

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments – RS Low Duration Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Mortgage Pass-Through Security — 0.7%

      

FNMA
6.19% due 8/1/2046 (1)

    $ 283,509    $ 291,324

Total Mortgage Pass-Through Security

(Cost $286,229)

         291,324

Sovereign Debt Security — 0.8%

      

United Mexican States
4.625% due 10/8/2008

      300,000      302,100

Total Sovereign Debt Security

(Cost $298,995)

         302,100

U.S. Government Securities — 40.3%

      

U.S. Government Agency Securities — 20.4%

      

FHLMC

      

     4.00% due 12/15/2009

      1,380,000      1,419,624

     5.00% due 6/11/2009

      1,350,000      1,393,207

FNMA

      

     3.875% due 2/15/2010

      920,000      947,193

     5.00% due 10/15/2011 -2/16/2012

      1,210,000      1,299,011

     5.125% due 7/13/2009 -4/15/2011

      2,700,000      2,852,269
        7,911,304

U.S. Treasury Notes — 19.9%

      

U.S. Treasury Notes

      

     2.00% due 2/28/2010

      1,620,000      1,631,264

     2.125% due 1/31/2010

      1,220,000      1,230,390

     3.25% due 12/31/2009

      390,000      400,755

     3.375% due 11/30/2012

      515,000      536,526

     3.50% due 2/15/2010

      310,000      320,826

     3.625% due 12/31/2012

      115,000      121,172

     4.00% due 8/31/2009

      65,000      67,224

     4.50% due 5/15/2010

      535,000      567,685

     4.625% due 7/31/2012

      608,000      664,620

     4.75% due 5/31/2012

      255,000      279,703

     4.875% due 5/31/2011

      1,050,000      1,145,976

     5.00% due 2/15/2011

      720,000      785,475
        7,751,616

Total U.S. Government Securities

(Cost $15,125,146)

         15,662,920

 

March 31, 2008 (unaudited)

    Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y (3)

    6    $ 252

RS Emerging Growth Fund, Class Y (3)

    7      222

RS Emerging Markets Fund, Class A (3)

    7      171

RS Equity Dividend Fund, Class Y (3)

    2      21

RS Global Natural Resources Fund, Class Y (3)

    17      627

RS Growth Fund, Class Y (3)

    12      150

RS Investment Quality Bond Fund, Class A (3)

    2      21

RS Investors Fund, Class Y (3)

    25      215

RS MidCap Opportunities Fund, Class Y (3)

    10      114

RS Partners Fund, Class Y (3)

    5      127

RS S&P 500 Index Fund, Class A (3)

    2      20

RS Smaller Company Growth Fund, Class Y (3)

    7      122

RS Technology Fund, Class Y (3)

    6      77

RS Value Fund, Class Y (3)

    11      252

Total Other Investments

(Cost $2,596)

         2,391

 

     Principal
Amount		    Value

Repurchase Agreements — 1.2%

      

State Street Bank and Trust Co. Repurchase Agreement, 2.00%, dated 3/31/2008, maturity value of $447,025, due 4/1/2008, collateralized by FHLMC, 3.63%, due 9/15/2008, with a value of $458,413.

    $ 447,000      447,000

Total Repurchase Agreements

(Cost $447,000)

         447,000

Total Investments — 100.0%

(Cost $38,303,206)

         38,889,478

Other Liabilities, Net — 0.0%

         13,841

Total Net Assets — 100.0%

       $ 38,903,319

 

(1) Variable rate demand note. The rate shown is the rate in effect at March 31, 2008.
(2) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $1,796,008, representing 4.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.
(3) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 15,967,334

Level 2 – Significant Other Observable Inputs

      22,922,144

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 38,889,478

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments&& – RS High Yield Bond Fund

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Corporate Bonds—86.8%

         

Advertising—0.6%

         

Lamar Media Corp.

         

Sr. Nt.

6.625% due 8/15/2015

    Ba3/BB-    $ 500,000    $ 440,000
           440,000

Aerospace & Defense—1.7%

         

Communications & Power

Industries, Inc.

Sr. Sub. Nt.

8.00% due 2/1/2012

    B3/B-      490,000      480,200

DRS Technologies, Inc.

Sr. Sub. Nt.

7.625% due 2/1/2018

    B3/B      520,000      520,000

L-3 Communications Corp.

         

Sr. Sub. Nt.

         

5.875% due 1/15/2015

    Ba3/BB+      180,000      172,350

6.375% due 10/15/2015

    Ba3/BB+      200,000      195,500
           1,368,050

Auto Parts & Equipment—0.2%

         

Tenneco, Inc.

Sr. Nt. 8.125%

due 11/15/2015 (1)

    B2/B+      180,000      178,650
           178,650

Automotive—7.4%

         

American Axle &

Manufacturing, Inc.

Sr. Nt.

7.875% due 3/1/2017

    Ba3/BB      150,000      127,125

Ford Motor Credit Co.

         

Nt.

         

6.75% due 8/15/2008

    B1/B      800,000      788,719

Sr. Nt.

         

7.25% due 10/25/2011

    NR/NR      1,400,000      1,149,994

8.00% due 12/15/2016

    B1/B      700,000      547,963

9.75% due 9/15/2010

    B1/B      538,000      479,236

9.875% due 8/10/2011

    B1/B      570,000      508,299

General Motors Corp.

         

Nt.

         

6.375% due 5/1/2008

    Caa1/B-      1,000,000      990,000

Sr. Deb.

         

8.375% due 7/15/2033

    Caa1/B-      880,000      620,400

Goodyear Tire & Rubber Co.

         

Sr. Nt.

         

8.625% due 12/1/2011

    Ba3/BB-      91,000      95,436

8.663% due 12/1/2009 (2)

    Ba3/BB-      140,000      139,125

TRW Automotive, Inc.

7.25% due 3/15/2017 (1)

    Ba3/BB      437,000      397,670
           5,843,967

Building Materials—0.6%

         

Norcraft Cos. L.P.

Sr. Sub. Nt.

9.00% due 11/1/2011

    B1/B+      500,000      503,750
           503,750

Chemicals—1.8%

         

Koppers, Inc.

Sr. Nt. 9.875% due 10/15/2013

    B2/B+      398,000      417,900

Momentive Performance Materials, Inc.

Sr. Nt.

9.75% due 12/1/2014 (2)

    B3/B      620,000    $ 556,450

Nalco Co.

Sr. Sub. Nt.

8.875% due 11/15/2013

    B3/B-      410,000      421,275
           1,395,625

Construction Machinery—1.4%

         

Ashtead Capital, Inc.

Nt.

9.00% due 8/15/2016 (1)

    B1/B      300,000      243,000

Ashtead Holdings PLC

Sr. Nt.

8.625% due 8/1/2015 (1)

    B1/B      200,000      160,000

Titan International, Inc.

Sr. Nt.

8.00% due 1/15/2012

    Caa1/B-      160,000      156,800

United Rentals NA, Inc.

Sr. Sub. Nt.

7.75% due 11/15/2013

    B3/B      640,000      521,600
           1,081,400

Consumer Products — 0.5%

         

Elizabeth Arden, Inc.

Sr. Sub. Nt.

7.75% due 1/15/2014

    B1/B+      410,000      389,500
           389,500

Diversified Financial Services—1.9%

         

GMAC LLC

Sr. Nt.

6.875% due 9/15/2011

    B1/B+      720,000      551,062

Rainbow National Services LLC

8.75% due 9/1/2012 (1)

    B1/BB      930,000      950,925
           1,501,987

Diversified Manufacturing—0.1%

         

ESCO Corp.

Sr. Nt.

8.625% due 12/15/2013 (1)

    B2/B      90,000      87,300
           87,300

Electric—4.7%

         

Dynegy Holdings, Inc.

Sr. Nt.

7.75% due 6/1/2019

    B2/B      450,000      420,750

Edison Mission Energy

Sr. Nt.

7.00% due 5/15/2017

    B1/BB-      350,000      348,250

NRG Energy, Inc.

Sr. Nt.

7.375% due 1/15/2017

    B1/B      645,000      627,262

Reliant Energy, Inc.

Sr. Nt.

7.625% due 6/15/2014

    B3/B      360,000      357,300

7.875% due 6/15/2017

    B3/B      180,000      179,100

Sierra Pacific Resources

Sr. Nt.

8.625% due 3/15/2014

    Ba3/BB-      557,000      584,884

Texas Competitive Electric Holdings Co. LLC

         

10.25% due 11/1/2015 (1)

    B3/CCC      1,260,000      1,255,275
           3,772,821

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS High Yield Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Electrical Components & Equipment—0.2%

         

Belden, Inc.

Sr. Sub. Nt.

7.00% due 3/15/2017

    Ba1/BB-    $ 175,000    $ 168,875
           168,875

Energy—8.6%

         

Allis-Chalmers Energy, Inc.

Sr Nt.

9.00% due 1/15/2014

    B2/B      250,000      227,500

Basic Energy Services, Inc.

Sr. Nt.

7.125% due 4/15/2016

    B1/BB-      200,000      190,500

Chaparral Energy, Inc.

Sr. Nt.

8.50% due 12/1/2015

    Caa1/CCC+      865,000      752,550

Chesapeake Energy Corp.

Sr. Nt.

7.625% due 7/15/2013

    Ba3/BB      300,000      307,500

Cimarex Energy Co.

Sr. Nt.

7.125% due 5/1/2017

    B1/BB-      285,000      282,862

Compagnie Generale de

Geophysique-Veritas

Sr. Nt.

7.75% due 5/15/2017

    Ba3/BB      85,000      86,275

Complete Production

Services, Inc.

Sr. Nt.

8.00% due 12/15/2016

    B2/BB-      180,000      172,800

El Paso Corp.

Sr. Nt.

7.00% due 6/15/2017

    Ba3/BB-      540,000      555,395

Encore Acquisition Co.

Sr. Sub. Nt.

7.25% due 12/1/2017

    B1/B      600,000      573,000

Hilcorp Energy I L.P.

Sr. Nt.

7.75% due 11/1/2015 (1)

    B3/B+      165,000      154,688

9.00% due 6/1/2016 (1)

    B3/B+      200,000      201,500

Mariner Energy, Inc.

Sr. Nt.

8.00% due 5/15/2017

    B3/B      285,000      272,175

OPTI Canada, Inc.

Sr. Sec. Nt.

7.875% due 12/15/2014

    B1/BB+      200,000      195,500

8.25% due 12/15/2014

    B1/BB+      615,000      608,850

Peabody Energy Corp.

6.875% due 3/15/2013

    Ba1/BB      540,000      548,100

Pride International, Inc.

Sr. Nt.

7.375% due 7/15/2014

    Ba2/BB+      219,000      227,760

Southwestern Energy Co.

Sr. Nt.

7.50% due 2/1/2018 (1)

    Ba2/BB+      720,000      745,200

Western Oil Sands, Inc.

8.375% due 5/1/2012

    Baa1/BBB+      298,000      334,786

Whiting Petroleum Corp.

Sr. Sub. Nt.

7.00% due 2/1/2014

    B1/B      400,000      396,000
           6,832,941

Energy-Refining—0.4%

         

Petroplus Finance Ltd.

Sr. Nt.

6.75% due 5/1/2014 (1)

    B1/BB-    $ 90,000    $ 82,125

7.00% due 5/1/2017 (1)

    B1/BB-      265,000      236,513
           318,638

Environmental—0.4%

         

Allied Waste NA, Inc.

Sr. Nt.

7.875% due 4/15/2013

    B1/BB      335,000      344,631
           344,631

Financial—Banks—0.7%

         

CIT Group, Inc.

4.00% due 5/8/2008

    A3/A-      580,000      569,481
           569,481

Food & Beverage—3.3%

         

Aramark Corp. Sr. Nt.

8.50% due 2/1/2015

    B3/B      855,000      857,137

ASG Consolidated LLC

Sr. Disc. Nt.

0.00/11.50% due 11/1/2011 (3)

    B3/B+      550,000      495,000

Constellation Brands, Inc.

Sr. Nt.

7.25% due 5/15/2017

    Ba3/BB-      360,000      349,200

Michael Foods, Inc.

Sr. Sub. Nt.

8.00% due 11/15/2013

    B3/B-      808,000      787,800
           2,608,275

Gaming—5.2%

         

Boyd Gaming Corp.

Sr. Sub. Nt.

6.75% due 4/15/2014

    B1/BB      600,000      492,000

7.125% due 2/1/2016

    B1/BB      400,000      322,000

Buffalo Thunder Development

Authority

Sr. Sec. Nt.

9.375% due 12/15/2014 (1)

    B2/B      140,000      105,000

MGM Mirage, Inc.

Sr. Nt.

7.50% due 6/1/2016

    Ba2/BB      1,230,000      1,107,000

Pokagon Gaming Authority

Sr. Nt.

10.375% due 6/15/2014 (1)

    B3/B      186,000      196,230

Seminole Hard Rock

Entertainment, Inc.

Sr. Sec. Nt.

5.30% due 3/15/2014 (1)(2)

    B1/BB      85,000      67,363

Seneca Gaming Corp.

Sr. Nt.

7.25% due 5/1/2012

    Ba2/BB      705,000      664,462

Shingle Springs Tribal Gaming

Authority

Sr. Nt.

9.375% due 6/15/2015 (1)

    B3/B      350,000      309,750

See accompanying notes to Schedule of Investments.

 

2   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS High Yield Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Snoqualmie Entertainment Authority

Nt.

9.125% due 2/1/2015 (1)

    B3/B    $ 985,000    $ 842,175
           4,105,980

Health Care — 8.4%

         

Alliance Imaging, Inc.

         

Sr. Sub. Nt.

7.25% due 12/15/2012

    B3/B-      1,060,000      996,400

Community Health Systems, Inc.

8.875% due 7/15/2015

    B3/B      930,000      933,487

DaVita, Inc.

7.25% due 3/15/2015

    B2/B      570,000      555,750

Fresenius Medical Care

Capital Tr.

7.875% due 6/15/2011

    B1/BB      570,000      591,375

HCA, Inc.

Sr. Nt.

6.75% due 7/15/2013

    Caa1/B-      570,000      504,450

Sec. Nt.

9.125% due 11/15/2014

    B2/BB-      1,422,000      1,464,660

9.25% due 11/15/2016

    B2/BB-      1,130,000      1,172,375

Health Management Associates,

Inc.

Sr. Nt.

6.125% due 4/15/2016

    NR/BB-      550,000      464,750
           6,683,247

Home Construction — 0.5%

         

Meritage Homes Corp.

Sr. Nt.

6.25% due 3/15/2015

    B1/BB-      350,000      262,500

7.00% due 5/1/2014

    B1/BB-      180,000      136,350
           398,850

Industrial-Other — 0.2%

         

Baldor Electric Co.

Sr. Nt.

8.625% due 2/15/2017

    B3/B      160,000      158,400
           158,400

Insurance — 0.5%

         

UnumProvident Finance Co.

Sr. Nt.

6.85% due 11/15/2015 (1)

    Ba1/BB+      400,000      403,968
           403,968

Iron-Steel — 1.0%

         

Steel Dynamics, Inc.

Sr. Nt.

7.375% due 11/1/2012 (1)

    Ba2/BB+      800,000      808,000
           808,000

Lodging — 1.6%

         

Harrah’s Operating Co., Inc.

10.75% due 2/1/2016 (1)

    B3/B+      540,000      454,950

Host Marriott L.P.

Sr. Nt. Ser. O

6.375% due 3/15/2015

    Ba1/BB      900,000      837,000
           1,291,950

Media - Cable — 4.7%

         

Cablevision Systems Corp.

Sr. Nt.

8.00% due 4/15/2012 (2)

    B2/B+      910,000      884,975

Charter Communications Holdings

II LLC

Sr. Nt.

10.25% due 9/15/2010

    Caa2/CCC    $ 1,140,000    $ 1,037,400

Charter Communications Operating LLC

Sr. Sec. Nt.

8.00% due 4/30/2012 (1)

   B3/B-      372,000      341,310

10.875% due 9/15/2014 (1)

    B3/B-      140,000      137,900

CSC Holdings, Inc.

Sr. Nt. Ser. B

7.625% due 4/1/2011

    B1/BB      400,000      395,500

Mediacom LLC

Sr. Nt.

9.50% due 1/15/2013

    B3/B-      400,000      368,000

Sinclair Television Group, Inc.

8.00% due 3/15/2012

    Ba3/BB-      540,000      545,400

Virgin Media Finance PLC

Sr. Nt.

9.125% due 8/15/2016

    B2/B-      50,000      44,750
           3,755,235

Media - NonCable — 5.8%

         

Block Communications, Inc.

Sr. Nt.

8.25% due 12/15/2015 (1)

    B1/B      1,120,000      1,052,800

Bonten Media Acquisition

Co.

Sr. Sub. Nt.

9.00% due 6/1/2015 (1)(4)

    Caa1/CCC+      285,000      219,450

DirecTV Holdings LLC

Sr. Nt.

6.375% due 6/15/2015

    Ba3/BB-      388,000      361,810

8.375% due 3/15/2013

    Ba3/BB-      635,000      643,731

EchoStar DBS Corp.

Sr. Nt.

6.375% due 10/1/2011

    Ba3/BB-      365,000      350,400

6.625% due 10/1/2014

    Ba3/BB-      295,000      268,450

Hughes Network Systems

LLC

Sr. Nt.

9.50% due 4/15/2014

    B1/B-      100,000      99,500

Idearc, Inc.

Sr. Nt.

8.00% due 11/15/2016

    B2/BB-      540,000      349,650

Mediacom Broadband LLC

Sr. Nt.

8.50% due 10/15/2015

    B3/B-      150,000      126,000

Quebecor Media, Inc.

Sr. Nt.

7.75% due 3/15/2016 (1)

    B2/B      540,000      492,750

R.H. Donnelley Corp.

Sr. Disc. Nt. Ser.

A-1 6.875% due 1/15/2013

    B3/B      140,000      85,400

Sr. Disc. Nt. Ser. A-2

6.875% due 1/15/2013

    B3/B      440,000      268,400

Sr. Nt. Ser.

A-4 8.875% due 10/15/2017 (1)

    B3/B      455,000      284,375
           4,602,716

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS High Yield Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Metals & Mining — 0.9%

         

Freeport-McMoRan Copper & Gold, Inc.

Sr. Nt.

8.25% due 4/1/2015

    Ba2/BB    $ 175,000    $ 184,625

8.375% due 4/1/2017

    Ba2/BB      535,000      567,769
           752,394

Natural Gas-Distributors — 1.0%

         

Amerigas Partners L.P.

Sr. Nt.

7.125% due 5/20/2016

    B1/NR      600,000      588,000

7.25% due 5/20/2015

    B1/NR      245,000      241,325
           829,325

Natural Gas-Pipelines — 1.9%

         

El Paso Performance-Linked

Tr.

Nt.

7.75% due 7/15/2011 (1)

    Ba3/BB      200,000      204,488

MarkWest Energy Partners L.P.

Sr. Nt. Ser. B

8.50% due 7/15/2016

   B2/B      600,000      604,500

SemGroup L.P.

Sr. Nt.

8.75% due 11/15/2015 (1)

    B1/NR      760,000      695,400
           1,504,388

Noncaptive Consumer — 2.5%

         

ACE Cash Express, Inc.

Sr. Nt.

10.25% due 10/1/2014 (1)(5)

    Caa1/B-      575,000      468,625

Residential Capital LLC

3.49% due 6/9/2008 (2)

    B2/B      1,130,000      892,700

8.125% due 11/21/2008 (2)

    B2/B      560,000      386,400

8.50% due 6/1/2012 (2)

    B2/B      560,000      274,400
           2,022,125

Oil & Gas — 0.7%

         

Chesapeake Energy Corp.

6.875% due 1/15/2016

    Ba3/BB      360,000      356,400

Key Energy Services, Inc.

Sr. Nt.

8.375% due 12/1/2014 (1)

    B1/B+      180,000      179,550
           535,950

Packaging — 1.3%

         

Crown Americas LLC

Sr. Nt.

7.625% due 11/15/2013

    B1/B      180,000      183,600

7.75% due 11/15/2015

    B1/B      800,000      822,000
           1,005,600

Paper & Forest Products — 3.5%

         

Abitibi-Consol of Canada

Sr. Sec. Nt.

13.75% due 4/1/2011 (1)

    B1/B+      290,000      296,525

Caraustar Inds., Inc.

Nt.

7.375% due 6/1/2009

    Caa2/B-      1,170,000      795,600

Catalyst Paper Corp.

Sr. Nt. Ser. D

8.625% due 6/15/2011

    B2/B-      135,000      112,388

Graphic Packaging

International, Inc.

Sr. Sub. Nt.

9.50% due 8/15/2013

    B3/B-    $ 1,022,000    $ 981,120

Rock-Tenn Co.

Sr. Nt.

8.20% due 8/15/2011

    Ba3/BB      360,000      369,000

9.25% due 3/15/2016 (1)

    Ba3/BB-      180,000      186,300
           2,740,933

Retailers — 0.4%

         

Autonation, Inc.

Sr. Nt.

6.258% due 4/15/2013 (2)

    Ba2/BB+      50,000      41,000

7.00% due 4/15/2014

    Ba2/BB+      100,000      88,750

Rent-A-Center

Sr. Sub. Nt. Ser. B

7.50% due 5/1/2010

    B2/B+      200,000      185,000
           314,750

Services — 1.1%

         

NCO Group, Inc.

Sr. Nt.

7.94% due 11/15/2013 (2)

    B3/B-      330,000      267,300

Sr. Sub. Nt.

         

11.875% due 11/15/2014

    Caa1/B-      180,000      138,600

Travelport LLC

Sr. Nt.

7.701% due 9/1/2014 (2)

    B3/B      600,000      486,000
           891,900

Supermarkets — 0.6%

         

Delhaize America, Inc.

Debt.

9.00% due 4/15/2031

    Baa3/BBB-      370,000      445,298
           445,298

Technology — 3.4%

         

Amkor Technologies, Inc.

Sr. Nt.

7.75% due 5/15/2013

    B1/B+      890,000      812,125

Freescale Semiconductor, Inc.

Sr. Nt.

6.675% due 12/15/2014 (2)

   B2/B-      180,000      124,200

8.875% due 12/15/2014

    B2/B-      360,000      281,700

9.125% due 12/15/2014 (4)

    B2/B-      355,000      259,150

Iron Mountain, Inc.

Sr. Sub. Nt.

8.625% due 4/1/2013

    B2/B+      700,000      707,000

Nortel Networks Ltd.

8.508% due 7/15/2011 (2)

    B3/B-      380,000      325,850

10.75% due 7/15/2016

    B3/B-      200,000      182,750
           2,692,775

Telecommunications — 0.5%

         

American Tower Corp.

Sr. Nt.

7.00% due 10/15/2017 (1)

    Ba1/BB+      360,000      360,000
           360,000

See accompanying notes to Schedule of Investments.

 

4   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS High Yield Bond Fund (continued)

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Tobacco — 0.8%

         

Reynolds American, Inc.
Sr. Sec. Nt. 7.25% due 6/1/2013

    Ba1/BBB    $ 600,000    $ 635,497
           635,497

Transportation — 1.6%

         

American Railcar Industries, Inc.
Sr. Nt.
7.50% due 3/1/2014

    B1/BB-      440,000      387,200

Avis Budget Car Rental LLC

         

    Sr. Nt.

         

    5.565% due 5/15/2014 (2)

    Ba3/BB-      100,000      78,500

    7.625% due 5/15/2014

    Ba3/BB-      100,000      86,250

    7.75% due 5/15/2016

    Ba3/BB-      300,000      244,500

Hertz Corp.
10.50% due 1/1/2016

    B2/B      540,000      505,575
           1,302,025

Wireless Communications — 1.7%

         

Inmarsat Finance PLC
Sr. Nt. 7.625% due 6/30/2012

    Ba3/BB      310,000      309,225

Intelsat Bermuda, Ltd.
Sr. Nt. 9.25% due 6/15/2016

    B3/BB-      100,000      100,750

Intelsat Corp.
Sr. Nt.
9.00% due 6/15/2016

    B3/BB-      500,000      503,750

iPCS, Inc.
Sr. Sec.
Nt. 6.489% due 5/1/2014 (2)(4)

    Caa1/CCC      570,000      438,900
           1,352,625

Wireline Communications — 2.5%

         

Nordic Telephone Co.

Holdings
Sr. Nt.
8.875% due 5/1/2016 (1)

    B2/B      200,000      194,000

Qwest Corp.

         

    Sr. Nt.

         

    7.625% due 6/15/2015

    Ba1/BBB-      500,000      487,500

    7.875% due 9/1/2011

    Ba1/BBB-      885,000      882,788

Windstream Corp.

         

    Sr. Nt.

         

    7.00% due 3/15/2019

    Ba3/BB      140,000      121,800

    8.625% due 8/1/2016

    Ba3/BB      300,000      294,750
           1,980,838

Total Corporate Bonds

(Cost $73,683,352)

            68,980,660

Preferred Stocks — 0.3%

         

Thrift & Mortgage Finance — 0.3%

         

IndyMac Bank FSB(1)

         44,000      215,877

Total Preferred Stocks (Cost $1,100,000)

            215,877

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Indexed Securities — 2.7%

         

Dow Jones Credit Default Index Series HY-9-TR 1 8.75% due 12/29/2012 (1)

    B3/NR    $ 2,240,000    $ 2,130,800

Total Indexed Securities (Cost $2,242,460)

            2,130,800
          Shares    Value

Other Investments—For Trustee Deferred Compensation Plan — 0.0%

         

RS Core Equity Fund, Class Y (6)

         14      570

RS Emerging Growth Fund, Class Y (6)

         15      493

RS Emerging Markets Fund, Class A (6)

         16      387

RS Equity Dividend Fund, Class Y (6)

         5      44

RS Global Natural Resources Fund, Class Y (6)

         38      1,424

RS Growth Fund, Class Y (6)

         28      349

RS Investment Quality Bond Fund, Class A (6)

         4      44

RS Investors Fund, Class Y (6)

         58      499

RS MidCap Opportunities Fund, Class Y (6)

         22      269

RS Partners Fund, Class Y (6)

         10      280

RS S&P 500 Index Fund, Class A (6)

         5      43

RS Smaller Company Growth Fund, Class Y (6)

         17      275

RS Technology Fund, Class Y (6)

         13      176

RS Value Fund, Class Y (6)

         24      563

Total Other Investments (Cost $5,952)

            5,416
          Principal
Amount		    Value

Repurchase Agreements — 8.3%

         

State Street Bank and Trust Co. Repurchase Agreement, 2.00% dated 3/31/2008, maturity value of $6,623,368 due 4/1/2008, collateralized by FHLMC, 3.63%, due 9/15/2008, with a value of $6,760,325

       $ 6,623,000      6,623,000

Total Repurchase Agreements

(Cost $6,623,000)

            6,623,000

Total Investments — 98.1%

(Cost $83,654,764)

            77,955,753

Other Assets, Net — 1.9%

            1,497,150

Total Net Assets — 100.0%

          $ 79,452,903

 

(1) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $15,340,432, representing 19.3% of net assets, of which $14,871,807 have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.
(2) Variable rate demand note. The rate shown is the rate in effect at March 31, 2008.
(3) Step-up bond.
(4) Payment-in-kind security for which part of the income earned may be paid as additional principal.
(5) Security deemed illiquid by the investment adviser.
(6) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

 

5   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments–RS High Yield Bond Fund (continued)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 5,416

Level 2 – Significant Other Observable Inputs

      77,950,337

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 77,955,753

See accompanying notes to Shedule of Investments.

 

6   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments—RS Tax-Exempt Fund

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Municipal Bonds — 96.6%

         

Alabama — 1.1%

         

Alabama 21st Century Auth. Tobacco Settlement Rev.,

         

     5.25% due 12/1/2009

    Baa1/A-    $ 1,000,000    $ 1,021,780

     5.75% due 12/1/2019

    Baa1/A-      160,000      165,184
           1,186,964

Alaska — 1.3%

         

Northern Tobacco Securitization Corp.
AK Asset Bkd.
5.80% due 6/1/2010 (1)

    Aaa/AAA      1,300,000      1,385,696
   1,385,696      

Arizona — 3.8%

         

Mesa AZ Utility Sys. Rev.,
FGIC insured
5.00% due 7/1/2027

    A1/A+      1,500,000      1,500,885

Phoenix, AZ G.O. Ser. B,
5.375% due 7/1/2012 (1)

    Aa1/AAA      1,000,000      1,096,700

Salt River Proj., AZ Agric.
Impt. & Pwr. Dist. Rev. Ser. A,
5.00% due 1/1/2028

    Aa1/AA      1,500,000      1,519,110
           4,116,695

California — 5.5%

         

California St.
5.50% due 3/1/2027

    A1/A+      2,000,000      2,096,440

California St. Dept. Wtr. Res. Pwr.
Supply Rev.
5.00% due 5/1/2022

    Aa3/A      1,500,000      1,551,570

Golden St. Tobacco Securitization
Corp. CA Tobacco Settlement
Ser. 2003 A-1,
5.00% due 6/1/2012 (1)

    Aaa/AAA      750,000      803,985

San Francisco Calif. Bay Area
Rapid Tran Dist.
5.00% due 8/1/2023

    Aa1/AAA      1,500,000      1,571,670
           6,023,665

Colorado — 4.7%

         

Colorado Springs Colo. Rev. Var-
Colorado College Proj.
SPA-JP
1.40% due 6/1/2029 (2)

    Aa3/AA-      2,200,000      2,200,000

North Metro Fire Rescue Dist.
Colorado G.O.,
AMBAC insured
5.00% due 12/1/2027

    Aaa/AAA      1,000,000      1,020,370

West Metro Fire Protn. Dist. CO
G.O. Ser. A,
MBIA insured
5.25% due 12/1/2026

    Aaa/NR      1,895,000      1,968,336
           5,188,706

Connecticut — 2.0%

         

Connecticut St. Health & Edl.
Facs. Auth. Rev.
Var-Yale Univ. Ser. V-1,
1.15% due 7/1/2036 (2)

    Aaa/AAA      200,000      200,000

Connecticut St. Ser. D,
Series-2007
5.00% due 12/1/2026

    Aa3/AA      1,500,000      1,525,200

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Connecticut St. Spl. Tax Oblig.
Rev. Transn. Infrastructure-Ser. A,
AMBAC insured
5.00% due 8/1/2027

    Aaa/AAA    $ 500,000    $ 511,570
           2,236,770

Florida — 4.4%

         

Florida St. Brd. of Ed.
Series-2005
5.00% due 6/1/2019

    Aa1/AAA      1,500,000      1,594,890

Florida St. Dept. Trans. – Right of Way
5.375% due 7/1/2027

    Aa1/AAA      1,500,000      1,555,515

Florida St. Brd. of Ed. Lottery Rev.
Ser. C, FGIC insured
5.25% due 7/1/2010 (1)

    Aaa/AAA      1,500,000      1,610,790
           4,761,195

Georgia — 1.4%

         

Metropolitan Atlanta Rapid Tran.
Auth. GA Sales Tax Rev. Ref-
Third Indenture-Ser. B,
FSA insured
5.00% due 7/1/2026

    Aaa/AAA      1,500,000      1,534,455
           1,534,455

Kansas — 1.2%

         

Kansas St. Dev. Fin. Auth. Lease Rev.
Ser. G-1, MBIA insured
5.125% due 4/1/2022

    Aaa/AAA      1,300,000      1,364,545
   1,364,545      

Kentucky — 4.5%

         

Kentucky Asset / Liability Commn.
Agy. Fd. Rev. Proj. Nts. Fed.
Hwy. Tr. First Ser.,
5.25% due 9/1/2018

    Aaa/AAA      1,750,000      1,919,085

Kentucky St. Ppty. & Bldgs. Comm. Rev.

         

     Ref. Proj. No. 87,

         

     FGIC insured

         

     5.00% due 3/1/2012

    Aa3/A+      1,500,000      1,605,885

     Proj. No. 85,

         

     FSA insured

         

     5.00% due 8/1/2015 (1)

    Aaa/AAA      1,250,000      1,389,837
   4,914,807      

Maryland — 6.1%

         

Baltimore Cnty. MD Met. Dist-71st Issue
5.00% due 2/1/2022

    Aaa/AAA      1,500,000      1,593,240

Maryland St. Dept. Transn. Cons.
5.00% due 2/15/2021

    Aa2/AAA      1,500,000      1,591,065

Maryland St. Dept. Transn. Cons. Transn.
5.25% due 12/15/2017

    Aa2/AAA      1,500,000      1,686,660

Maryland St. Economic Dev.
Corp. Student Hsg. Rev. Univ. MD
College Park Proj.,
6.50% due 6/1/2013 (1)

    Aaa/NR      1,500,000      1,753,905
           6,624,870

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments — RS Tax — Exempt Fund (continued)

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Massachusetts — 3.0%

         

Massachusetts St. College Bldg.
Auth. Proj. Rev. Ser A,
AMBAC insured
5.00% due 5/1/2026

    Aaa/AAA    $ 1,200,000    $ 1,209,468

Massachusetts St. G.O.
Ser. D,
5.50% due 10/1/2020

    Aa2/AA      1,000,000      1,122,270

Massachusetts St. Wtr. Resources
Auth. Rev. Ser. A,
MBIA insured
5.00% due 8/1/2029

    Aaa/AAA      1,000,000      1,003,700
           3,335,438

Minnesota — 1.4%

         

Rochester, MN WasteWtr. Ser. A
G.O.,
5.00% due 2/1/2026

    Aaa/AAA      1,500,000      1,533,840
   1,533,840      

Missouri — 5.4%

         

Camdenton, MO Reorganized
Sch. Dist. Ref. & Impt. G.O.,
FSA insured 5.25% due 3/1/2024

    Aaa/AAA      1,000,000      1,052,580

Missouri St. Hwys & Trans
Commn St. Rd. Rev.
5.00% due 5/1/2025

    Aa1/AAA      1,500,000      1,541,070

Missouri St. Hwys & Trans
Commn St. Rd. Rev.
5.25% due 5/1/2018

    Aa2/AAA      1,500,000      1,664,415

MissouriI St. Brd. Pub. Bldgs. St.
Office Bldg. Spl. Oblig.
5.50% due 5/1/2016

    Aa1/AA+      1,500,000      1,588,575
           5,846,640

Nebraska — 0.4%

         

Lancaster Cnty. NE Sch. Dist.
G.O.
Lincoln Pub. Sch.,
5.00% due 1/15/2031

    Aa1/AAA      480,000      483,523
           483,523

Nevada — 1.4%

         

Clark Cnty. Nev. Sch. Dist. Ltd.
Tax-Bldg-Ser. C,
5.00% due 6/15/2027

    Aa2/AA      1,500,000      1,517,145
           1,517,145

New Hampshire — 2.2%

         

New Hampshire Health & Ed. Facs.
Auth. Rev.
Var – Dartmouth College-Ser A
1.45% due 6/1/2031(2)

    Aaa/AAA      1,000,000      1,000,000

New Hampshire St. Hsg. Fin. Auth.
Rev. AMT Mtg. Acquisition Ser.
E,
5.00% due 7/1/2030

    Aa2/NR      1,490,000      1,366,017
           2,366,017

New Jersey — 4.7%

         

New Jersey St. Ed. Facs.
Auth. Rev. Princeton Univ.

         

    Ser. D,

         

    5.00% due 7/1/2014 (1)

    Aaa/AAA      1,500,000      1,659,705

Ser. E, 5.00% due 7/1/2033

    Aaa/AAA    $ 1,500,000    $ 1,516,485

Tobacco Settlement Fin. Corp. NJ
Asset Bkd. Rev.
5.50% due 6/1/2012 (1)

    Aaa/AAA      1,735,000      1,907,702
           5,083,892

New York — 12.5%

         

Metropolitan Trans. Auth. NY Rev.
Ser. B, 5.00% due 11/15/2020

    A2/A      1,000,000      1,045,520

New York NY
Sub. Ser. E5, 1.27% due 8/1/2019 (2)

    Aaa/AAA      2,000,000      2,000,000

New York NY
Adj-Subser E5 1.27% due 8/1/2017 (2)

    Aaa/AAA      1,200,000      1,200,000

New York NY
Ser. D1 5.125% due 12/1/2024

    Aa3/AA      1,500,000      1,540,740

New York NY
Ser. E 5.00% due 8/1/2015

    Aa3/AA      1,500,000      1,615,110

New York St. Dorm. Auth. Rev.
NonStruct. Supp. Debt.

         

    Columbia Univ. Ser. C,

         

    5.00% due 7/1/2029

    Aaa/AAA      1,500,000      1,522,080

Personal Income Tax Rev. Ser. B,

         

    5.50% due 3/15/2020

    Aaa/AAA      1,500,000      1,698,315

New York State Thruway Auth.
New York 5.25% due 3/15/2027

    NR/AAA      1,500,000      1,555,380

Triborough Brdg. & Tunl. Auth.
NY Revs.
5.00% due 11/15/2033

    Aa2/AA-      1,500,000      1,501,095
           13,678,240

North Carolina — 3.2%

         

University NC. Univ. Revs.
5.00% due 12/1/2027

    Aa1/AA+      1,500,000      1,529,850

Wilmington, NC Wtr. & Swr. Sys. Rev. Ref., FSA insured 5.00% due 6/1/2030

    Aaa/AAA      1,975,000      1,996,192
           3,526,042

Ohio — 2.0%

         

Franklin Cnty. OH Cnvtn. Facs.
Ref. Tax & Lease Rev. Antic.
Bds.,
AMBAC insured 5.25% due 12/1/2016

    Aaa/AAA      1,000,000      1,075,060

Univ. of Cincinnati, OH
Gen. Rcpts. Ser. A,
FGIC insured 5.50% due 6/1/2011

    A2/A+      1,050,000      1,135,817
           2,210,877

Oregon — 1.4%

         

Oregon St. Dept. Trans. Hwy.
User Tax Rev. Ser. A,
5.00% due 11/15/2031

    Aa2/AAA      1,500,000      1,509,315
           1,509,315

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments—RS Tax-Exempt Fund (continued)

 

March 31, 2008 (unaudited)

    Rating
Moody’s/
S&P		    Principal
Amount		    Value

Pennsylvania — 4.2%

         

Pennsylvania St.
Series-2004
FSA insured
5.375% due 7/1/2017

    Aaa/AAA    $ 2,000,000    $ 2,265,160

Pennsylvania St. Higher Edl.
Facs. Auth. Rev.,
MBIA insured
5.00% due 6/15/2032

    Aaa/NR      650,000      649,045

Philadelphia, PA Sch. Dist. G.O.
Ser. B, FGIC insured
5.625% due 8/1/2012 (1)

    A1/A+      1,500,000      1,662,480
           4,576,685

Puerto Rico — 2.9%

         

Puerto Rico Comwlth. Govt. Dev.
Bank
Ser. B,
5.00% due 12/1/2012

    Baa3/BBB      1,500,000      1,578,765

Puerto Rico Comwlth.
Infrastructure Fing. Auth. Spl.
Tax Rev.
Ser. C,
AMBAC insured
5.50% due 7/1/2025

    Aaa/AAA      1,500,000      1,564,635
           3,143,400

South Carolina — 4.3%

         

Charleston Cnty. SC Sales Tax
5.25% due 11/1/2017

    Aa1/AAA      1,500,000      1,683,450

Charleston, SC Wtrwks. & Swr.
Rev.,
5.25% due 1/1/2018

    Aa2/AA      1,250,000      1,314,363

South Carolina St. Pub. Svc. Auth.
Rev. Ref. Ser. A,
5.50% due 1/1/2015

    Aa2/AA-      1,500,000      1,673,025
   4,670,838      

Tennessee — 1.4%

         

Tennessee St. Sch. Bd. Auth.
Series-2008
5.00% due 5/1/2022

    Aa2/AA      1,500,000      1,565,760
           1,565,760

Texas — 5.4%

         

Alliance Arpt. Auth., Inc. Tex. Spl.
Facs. Rev. AMT
4.85% due 4/1/2021

    Baa2/BBB      1,250,000      1,094,237

Austin Tex.
5.00% due 9/1/2018

    Aa1/AAA      1,500,000      1,628,880

Texas St.
Series-2007
5.00% due 8/1/2019

    Aa1/AA      1,500,000      1,606,095

University Tex. Univ. Revs. Ref-
Fing Sys-Ser. D,
5.00% due 8/15/2021

    Aaa/AAA      1,500,000      1,578,915
           5,908,127

Utah — 1.4%

         

Utah Tran. Auth. Sales Tax Rev.
Ser. A,
1.40% due 6/15/2036 (2)

    Aaa/AAA      1,500,000      1,500,000
           1,500,000

Virginia — 2.2%

         

Tobacco Settlement Fin. Corp. VA
Asset Bkd.,
5.50% due 6/1/2015 (1)

    Aaa/AAA    $ 1,500,000    $ 1,655,130

Virginia St. Hsg. Dev. Auth. Amt-Ser. A-Subser A-3 5.05% due 7/1/2026

    Aaa/AAA      750,000      713,738
           2,368,868

Washington — 1.2%

         

Snohomish Cnty., WA G.O. Ltd. Tax, MBIA insured 5.375% due 12/1/2019

    Aaa/AAA      1,250,000      1,311,400
           1,311,400

Total Municipal Bonds

(Cost $105,570,313)

            105,474,415

 

     Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

          

RS Core Equity Fund, Class Y(3)

    18      726

RS Emerging Growth Fund, Class Y(3)

    19      637

RS Emerging Markets Fund, Class A(3)

    20      493

RS Equity Dividend Fund, Class Y(3)

    7      59

RS Global Natural Resources Fund, Class Y(3)

    48      1,810

RS Growth Fund, Class Y(3)

    35      437

RS Investment Quality Bond Fund, Class A(3)

    6      59

RS Investors Fund, Class Y(3)

    70      597

RS MidCap Opportunities Fund, Class Y(3)

    28      333

RS Partners Fund, Class Y(3)

    13      362

RS S&P 500 Index Fund, Class A(3)

    6      58

RS Smaller Company Growth Fund, Class Y(3)

    21      350

RS Technology Fund, Class Y(3)

    16      223

RS Value Fund, Class Y(3)

    31      724

Total Other Investments

(Cost $7,459)

         6,868

Total Investments — 96.6%

(Cost $105,577,772)

         105,481,283

Other Assets, Net — 3.4%

         3,660,918

Total Net Assets — 100.0%

       $ 109,142,201

 

(1) Pre-refunded.
(2) Variable rate demand note. The rate shown is the rate in effect at March 31, 2008.
(3) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 6,868

Level 2 – Significant Other Observable Inputs

      105,474,415

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 105,481,283

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Money Market Fund

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Corporate Bonds — 6.0%

      

Capital Markets — 1.5%

      

J.P. Morgan Chase & Co.
3.625% due 5/1/2008

    $ 3,000,000    $ 2,995,785

Morgan Stanley Group, Inc.
3.625% due 4/1/2008

      5,000,000      5,000,000
        7,995,785

Computers — 1.0%

      

International Business Machines Corp.
3.079% due 9/2/2008 (1) (2)

      5,000,000      4,997,264
        4,997,264

Conglomerates — 0.6%

      

General Electric Capital Corp.
3.05% due 4/11/2008 (1)

      3,000,000      3,000,053
        3,000,053

Diversified Financial Services — 2.9%

      

Goldman Sachs Group, Inc.
3.095% due 11/14/2008 (1)

      3,124,000      3,111,660

JPMorgan Chase & Co.
6.00% due 2/15/2009

      1,845,000      1,894,796

Lehman Brothers, Inc.
6.50% due 4/15/2008

      5,000,000      5,001,850

MBNA Corp.
3.525% due 5/5/2008 (1)

      5,000,000      5,001,707
        15,010,013

Total Corporate Bonds

(Cost $31,003,115)

         31,003,115
      Principal
Amount		    Value

Certificates of Deposit — 0.9%

      

Societe Generale New York
2.653% due 6/30/2008 (1)

      4,700,000      4,699,753

Total Certificates of Deposit

(Cost $4,699,753)

         4,699,753
      Principal
Amount		    Value

U.S. Government Securities — 8.4%

      

U.S. Government Agency Securities — 8.4%

      

FHLB:

      

     3.625% due 1/23/2009

      10,000,000      10,011,847

     4.25% due 6/18/2008

      10,000,000      10,000,000

     4.30% due 6/3/2008

      5,000,000      5,000,000

FHLMC
3.55% due 1/22/2009

      10,000,000      10,000,000

FNMA
3.375% due 12/15/2008

      8,000,000      8,051,263
        43,063,110

Total U.S. Government Securities

(Cost $43,063,110)

         43,063,110
      Principal
Amount		    Value

Commercial Paper — 84.4%

      

Agricultural — 3.9%

      

Archer Daniels Midland Co.
4.05% due 4/8/2008

      10,000,000      9,992,125

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Cargill, Inc.
3.00% due 4/28/2008

      10,000,000      9,977,500
     19,969,625   

Automotive — 1.9%

      

BMW U.S. Capital LLC
2.20% due 4/28/2008

      10,000,000      9,983,500
     9,983,500   

Chemicals — 3.9%

      

E.I. du Pont de Nemours and Co.
2.60% due 4/3/2008

      10,000,000      9,998,555

Praxair, Inc.
2.20% due 4/4/2008

      10,000,000      9,998,167
     19,996,722   

Computers — 3.1%

      

International Business Machines Corp.:

      

     2.17% due 6/2/2008

      5,900,000      5,877,950

     2.19% due 5/1/2008

      10,000,000      9,981,750
     15,859,700   

Consumer Products — 1.0%

      

Colgate-Palmolive Co.
2.20% due 4/4/2008

      5,000,000      4,999,083
     4,999,083   

Diversified Financial Services — 7.7%

      

American General Finance
3.05% due 4/3/2008

      10,000,000      9,998,305

Genworth Financial, Inc.
2.60% due 4/10/2008

      5,000,000      4,996,750

Goldman Sachs Group, Inc.
2.90% due 5/19/2008

      5,000,000      4,980,667

J.P. Morgan Chase & Co.
2.49% due 5/27/2008

      10,000,000      9,961,267

Lehman Brothers Holdings, Inc.
2.99% due 5/14/2008

      10,000,000      9,964,286
     39,901,275   

Diversified Manufacturing — 7.8%

      

Danaher Corp.:

      

     2.25% due 4/25/2008

      10,000,000      9,985,000

     2.30% due 4/1/2008

      10,000,000      10,000,000

Parker-Hannifin Corp.
2.60% due 4/2/2008

      10,000,000      9,999,278

Siemens Capital Co. LLC
2.40% due 5/8/2008

      10,000,000      9,975,333
     39,959,611   

Energy — 3.9%

      

ConocoPhillips
2.30% due 4/1/2008

      10,000,000      10,000,000

FPL Fuels, Inc.
2.72% due 4/11/2008

      10,000,000      9,992,445
     19,992,445   

Finance Companies — 1.9%

      

Private Export Funding Corp.
2.75% due 6/20/2008

      10,000,000      9,938,889
     9,938,889   

Financial—Banks — 11.6%

      

Bank of America Corp.:

      

     2.68% due 6/9/2008

      5,000,000      4,974,317

     4.64% due 5/14/2008

      10,000,000      9,944,578

Deutsche Bank Financial LCC
3.00% due 4/30/2008

      10,000,000      9,975,833

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Money Market Fund (continued)

 

March 31, 2008 (unaudited)

    Principal
Amount		    Value

Dexia Delaware LLC
2.99% due 4/7/2008

    $ 10,000,000    $ 9,995,017

Dresdner U.S. Finance, Inc.
2.97% due 4/23/2008

      10,000,000      9,981,850

John Deere Bank S.A.
2.30% due 5/9/2008

      10,000,000      9,975,722

Societe Generale N.A.
3.13% due 4/1/2008

      5,000,000      5,000,000
        59,847,317

Food & Beverage — 5.8%

      

Nestle Capital Corp.
2.72% due 5/22/2008 (2)

      10,000,000      9,961,467

Pepsico, Inc.
2.70% due 4/17/2008

      10,000,000      9,988,000

The Coca-Cola Co.
2.10% due 6/2/2008

      10,000,000      9,963,833
        29,913,300

Household Products/Wares — 1.9%

      

Proctor & Gamble Co.
2.10% due 5/9/2008

      10,000,000      9,977,833
        9,977,833

Metal Fabricate-Hardware — 3.9%

      

Nucor Corp.:

      

     2.80% due 5/29/2008

      10,000,000      9,954,889

     2.85% due 5/22/2008

      10,000,000      9,959,625
        19,914,514

Optical Supplies/Personal Products — 1.9%

      

Alcon Capital Corp.
2.77% due 4/7/2008

      10,000,000      9,995,384
        9,995,384

Personal Products — 3.5%

      

Estee Lauder Cos., Inc.
2.16% due 6/16/2008

      8,000,000      7,963,520

L’Oreal U.S.A., Inc.
2.20% due 5/5/2008

      10,000,000      9,979,222
        17,942,742

Pharmaceuticals — 7.7%

      

Abbot Laboratories
2.08% due 4/11/2008

      10,000,000      9,994,222

Astrazeneca PLC:

      

     3.10% due 5/15/2008

      10,000,000      9,962,111

     4.20% due 4/7/2008

      10,000,000      9,993,000

Pfizer, Inc.
2.65% due 7/7/2008

      10,000,000      9,928,597
        39,877,930

Telecommunications — 3.9%

      

AT&T, Inc.:

      

     2.57% due 4/10/2008

      10,000,000      9,993,575

     2.60% due 4/11/2008

      10,000,000      9,992,778
        19,986,353

Transportation — 1.9%

      

NetJets, Inc.
2.25% due 4/1/2008

      10,000,000      10,000,000
        10,000,000

Utilities – Electric & Water — 5.3%

      

National Rural Utilities Cooperative Finance Corp.:

      

     2.25% due 4/16/2008

      2,100,000      2,098,031

     2.32% due 4/28/2008

      10,000,000      9,982,600

Southern Co.

      

     2.25% due 4/8/2008 -5/2/2008

      15,320,000      15,305,318
        27,385,949

Wireless Communications — 1.9%

      

Verizon Communications, Inc.
2.62% due 5/23/2008

      10,000,000      9,962,156
        9,962,156

Total Commercial Paper

(Cost $435,404,328)

         435,404,328
      Shares    Value

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y (3)

      79      3,345

RS Emerging Growth Fund, Class Y (3)

      85      3,473

RS Emerging Markets Fund, Class A (3)

      86      2,389

RS Equity Dividend Fund, Class Y (3)

      31      287

RS Global Natural Resources Fund, Class Y (3)

      207      7,841

RS Growth Fund, Class Y (3)

      149      2,153

RS Investment Quality Bond Fund, Class A (3)

      28      274

RS Investors Fund, Class Y (3)

      309      2,967

RS MidCap Opportunities Fund, Class Y (3)

      116      1,653

RS Partners Fund, Class Y (3)

      57      1,766

RS S&P 500 Index Fund, Class A (3)

      30      296

RS Smaller Company Growth Fund, Class Y (3)

      91      1,875

RS Technology Fund, Class Y (3)

      69      959

RS Value Fund, Class Y (3)

      136      3,557

Total Other Investments

(Cost $31,912)

         32,835
      Principal
Amount		    Value

Repurchase Agreements — 0.3%

      

State Street Bank and Trust Co. Repurchase
Agreement, 2.00% dated 3/31/2008, maturity
value of $1,478,082 due 4/1/2008,
collateralized by FHLB, 3.60%, due 1/29/2010,
with a value of $1,511,250

    $ 1,478,000      1,478,000

Total Repurchase Agreements

(Cost $1,478,000)

         1,478,000

Total Investments — 100.0%

(Cost $515,680,218)

         515,681,141

Other Assets, Net — 0.0%

         245,579

Total Net Assets — 100.0%

       $ 515,926,720

 

(1) Floating rate note. The rate shown is the rate in effect at March 31, 2008.
(2) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $14,958,731, representing 2.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.
(3) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments – RS Money Market Fund (continued)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities

Level 1 – Quoted Prices

    $ 32,835

Level 2 – Significant Other Observable Inputs

      515,648,306

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 515,681,141

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS International Growth Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 97.5%

      

Australia — 5.4%

      

Beverages — 0.4%

      

Fosters Group Ltd.

    63,800    $ 299,045

Commercial Banks — 1.2%

      

Australia & NZ Banking Group Ltd.

    24,304      504,322

Westpac Banking Corp.

    19,400      423,410
        927,732

Commercial Services & Supplies — 0.4%

      

Brambles Ltd.

    30,600      279,694

Construction Materials — 0.2%

      

James Hardie Industries N.V.

    24,000      137,423

Food & Staples Retailing — 0.4%

      

Woolworths Ltd.

    11,806      314,014

Insurance — 0.3%

      

AMP Ltd.

    29,000      208,735

Metals & Mining — 2.0%

      

BHP Billiton Ltd.

    36,806      1,209,482

Rio Tinto Ltd.

    2,496      280,390
        1,489,872

Oil, Gas & Consumable Fuels — 0.5%

      

Woodside Petroleum Ltd.

    8,400      417,437
        4,073,952

Belgium — 1.7%

      

Diversified Financial Services — 1.7%

      

Groupe Bruxelles Lambert S.A.

    10,603      1,292,778
        1,292,778

Denmark — 2.4%

      

Chemicals — 1.5%

      

Novozymes AS, Class B

    11,980      1,126,997

Marine — 0.9%

      

A.P. Moeller-Maersk AS, Class B

    57      639,546
        1,766,543

Finland — 3.4%

      

Construction & Engineering — 3.4%

      

Kone Oyj, Class B

    61,800      2,538,955
        2,538,955

France — 12.2%

      

Communications Equipment — 0.8%

      

Neopost S.A.

    5,569      624,196

Diversified Financial Services — 1.7%

      

Eurazeo

    9,992      1,278,465

Electrical Equipment — 1.1%

      

Alstom

    3,818      827,073

Food & Staples Retailing — 1.7%

      

Carrefour S.A.

    16,498      1,273,007

Health Care Equipment & Supplies — 2.9%

      

Essilor International S.A.

    32,580      2,129,247

Machinery — 0.6%

      

Vallourec

    1,859      450,885

Multi-Utilities — 1.2%

      

Electricite de France

    10,300      895,962

Personal Products — 2.2%

      

L’Oreal S.A.

    13,091      1,662,088
        9,140,923

Germany — 5.0%

      

Air Freight & Logistics — 1.0%

      

Deutsche Post AG

    23,601      720,789

Diversified Financial Services — 1.5%

      

Deutsche Boerse AG

    7,142      1,151,052

Health Care Providers & Services — 2.5%

      

Celesio AG

    38,427      1,902,843
        3,774,684

Hong Kong — 2.1%

      

Commercial Banks — 0.4%

      

BOC Hong Kong Holdings Ltd.

    117,000    $ 284,894

Distributors — 0.2%

      

Li & Fung Ltd.

    48,400      180,354

Diversified Financial Services — 0.3%

      

Hong Kong Exchanges & Clearing Ltd.

    13,000      225,849

Real Estate Management & Development — 1.2%

      

Cheung Kong Holdings Ltd.

    35,000      503,890

Hang Lung Properties Ltd.

    98,000      351,894
        855,784
        1,546,881

Italy — 1.4%

      

Commercial Banks — 1.4%

      

UniCredito Italiano SpA

    152,590      1,022,386
        1,022,386

Japan — 16.3%

      

Automobiles — 1.1%

      

Nissan Motor Co. Ltd.

    94,100      788,915

Beverages — 1.1%

      

Asahi Breweries Ltd.

    41,300      852,821

Construction & Engineering — 0.4%

      

Chiyoda Corp.

    34,000      311,000

Electrical Equipment — 0.7%

      

Mitsubishi Electric Corp.

    60,000      523,965

Electronic Equipment & Instruments — 2.3%

      

Hirose Electric Co. Ltd.

    5,500      622,155

Keyence Corp.

    2,200      511,909

Kyocera Corp.

    6,600      559,449
        1,693,513

Insurance — 1.9%

      

Millea Holdings, Inc.

    18,600      692,083

Mitsui Sumitomo Insurance Co.(1)

    70,000      711,322
        1,403,405

Internet Software & Services — 0.6%

      

Rakuten, Inc.

    783      471,527

Machinery — 1.4%

      

Komatsu Ltd.

    22,900      644,769

SMC Corp.

    3,500      371,826
        1,016,595

Marine — 0.5%

      

Mitsui O.S.K. Lines Ltd.

    31,000      379,257

Office Electronics — 1.8%

      

Canon, Inc.

    28,900      1,347,994

Paper & Forest Products — 0.4%

      

Nippon Paper Group, Inc.

    140      335,517

Real Estate Management & Development — 0.3%

      

Sumitomo Realty & Development Co. Ltd.

    12,000      213,787

Specialty Retail — 0.7%

      

Yamada Denki Co. Ltd.

    6,020      524,867

Tobacco — 0.9%

      

Japan Tobacco, Inc.

    131      655,327

Trading Companies & Distributors — 2.2%

      

Hitachi High-Technologies Corp.

    16,400      274,028

Mitsui & Co. Ltd.

    67,000      1,374,881
        1,648,909
        12,167,399

Netherlands — 1.0%

      

Metals & Mining — 1.0%

      

ArcelorMittal

    9,150      749,435
        749,435

See accompanying notes to Schedule of Investments.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS International Growth Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Norway — 5.0%

      

Energy Equipment & Services — 1.5%

      

Aker Kvaerner ASA(2)

    47,042    $ 1,077,535

Oil, Gas & Consumable Fuels — 3.5%

      

Seadrill Ltd.

    97,537      2,627,441
        3,704,976

People’s Republic of China — 0.4%

      

Energy Equipment & Services — 0.4%

      

China Shenhua Energy Co. Ltd., H shares

    71,500      289,086
        289,086

Russia — 1.6%

      

Metals & Mining — 0.5%

      

MMC Norilsk Nickel, ADR(3)

    12,400      349,060

Oil, Gas & Consumable Fuels — 0.6%

      

OAO Gazprom, ADR(3)

    8,400      428,055

Wireless Telecommunication Services — 0.5%

      

Mobile TeleSystems, ADR(3)

    5,300      402,005
        1,179,120

Singapore — 0.5%

      

Industrial Conglomerates — 0.5%

      

Keppel Corp. Ltd.

    48,000      349,419
        349,419

Spain — 1.1%

      

Diversified Financial Services — 1.1%

      

Corp. Financiera Alba S.A.

    12,300      810,315
        810,315

Sweden — 8.2%

      

Commercial Banks — 1.5%

      

Svenska Handelsbanken AB, Class A

    39,376      1,147,523

Diversified Financial Services — 0.7%

      

Investor AB, Class B(2)

    21,924      493,820

Health Care Equipment & Supplies — 1.8%

      

Getinge AB, Class B

    51,430      1,335,917

Machinery — 4.2%

      

Atlas Copco AB, Class B

    148,900      2,339,657

Sandvik AB

    45,997      800,203
        3,139,860
        6,117,120

Switzerland — 9.1%

      

Building Products — 1.2%

      

Geberit AG

    6,100      909,184

Computers & Peripherals — 0.7%

      

Logitech International S.A.(2)

    19,727      500,520

Consumer Finance — 1.2%

      

Partners Group

    6,061      880,302

Food Products — 2.1%

      

Nestle S.A.

    3,150      1,574,503

Health Care Equipment & Supplies — 1.0%

      

Straumann Holding AG

    2,600      743,194

Machinery — 1.3%

      

Schindler Holding AG

    13,280      994,875

Pharmaceuticals — 0.6%

      

Basilea Pharmaceutica(2)

    2,880      419,207

Textiles, Apparel & Luxury Goods — 1.0%

      

Compagnie Financiere Richemont AG, Class A

    13,600      763,541
        6,785,326

Taiwan — 1.2%

      

Electronic Equipment & Instruments — 0.7%

      

Hon Hai Precision Industry Co. Ltd., GDR(4)

    47,500      534,375

Semiconductors & Semiconductor Equipment — 0.5%

      

Taiwan Semiconductor Mfg. Co. Ltd., ADR(3)

    38,837    $ 398,856
   933,231   

United Kingdom — 19.5%

      

Commercial Banks — 3.1%

      

Royal Bank of Scotland

    169,492      1,135,458

Standard Chartered PLC

    34,000      1,162,652
        2,298,110

Commercial Services & Supplies — 1.4%

      

Capita Group PLC

    42,580      573,713

Hays PLC

    212,000      481,194
        1,054,907

Construction & Engineering — 1.2%

      

Amec PLC

    34,984      502,477

The Weir Group PLC

    27,600      416,889
        919,366

Containers & Packaging — 0.7%

      

Rexam PLC

    60,000      508,118

Health Care Equipment & Supplies — 0.6%

      

Smith & Nephew PLC

    34,000      450,239

Media — 0.9%

      

Reed Elsevier PLC

    51,940      661,528

Metals & Mining — 2.1%

      

Johnson Matthey PLC

    13,262      528,243

Xstrata PLC

    15,000      1,050,617
        1,578,860

Oil, Gas & Consumable Fuels — 4.9%

      

BG Group PLC

    59,000      1,367,110

Cairn Energy PLC(2)

    14,069      790,263

John Wood Group PLC

    126,097      1,013,494

Royal Dutch Shell PLC, Class A

    13,500      464,831
        3,635,698

Pharmaceuticals — 1.3%

      

GlaxoSmithKline PLC

    47,902      1,013,233

Tobacco — 0.9%

      

Imperial Tobacco Group PLC

    14,000      644,682

Trading Companies & Distributors — 0.5%

      

Wolseley PLC

    35,000      368,651

Wireless Telecommunication Services — 1.9%

      

Vodafone Group PLC

    477,600      1,419,629
        14,553,021

Total Common Stocks

(Cost $55,433,984)

         72,795,550

Preferred Stocks — 1.9%

      

Brazil — 1.9%

      

Commercial Banks — 0.8%

      

Banco Itau Holdings Financeira S.A., ADR(3)

    26,200      596,312

Oil, Gas & Consumable Fuels — 1.1%

      

Petroleo Brasileiro S.A., ADR(3)

    9,900      838,431
        1,434,743

Total Preferred Stocks

(Cost $480,868)

         1,434,743

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(5)

    13      536

RS Emerging Growth Fund, Class Y(5)

    14      464

RS Emerging Markets Fund, Class A(5)

    15      365

See accompanying notes to Schedule of Investments.

 

www.RSinvestments.com                    2

Table of Contents

Schedule of Investments – RS International Growth Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

RS Equity Dividend Fund, Class Y (5)

    5    $ 41

RS Global Natural Resources Fund, Class Y (5)

    36      1,341

RS Growth Fund, Class Y (5)

    26      327

RS Investment Quality Bond Fund, Class A (5)

    4      42

RS Investors Fund, Class Y (5)

    55      467

RS MidCap Opportunities Fund, Class Y (5)

    21      252

RS Partners Fund, Class Y (5)

    9      266

RS S&P 500 Index Fund, Class A (5)

    4      40

RS Smaller Company Growth Fund, Class Y( )

    16      259

RS Technology Fund, Class Y (5)

    12      165

RS Value Fund, Class Y (5)

    23      529

Total Other Investments

(Cost $5,601)

         5,094

Total Investments — 99.4%

(Cost $55,920,453)

         74,235,387

Other Assets, Net — 0.6%

         433,694

Total Net Assets — 100.0%

       $ 74,669,081

 

(1) Fair valued security.
(2) Non income-producing security.
(3) ADR — American Depositary Receipt.
(4) GDR — Global Depositary Receipt.
(5) Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

At March 31, 2008, the Fund had entered into the following forward currency exchange contracts:

 

Forward Currency

Contracts to Sell

    Value    Aggregate
Face Value		    Settlement
Date		    Unrealized
(Depreciation)		  

GBP

    $ 9,301,294    $ 9,164,448    4/10/2008    $ (136,848 )

Legend:

GBP-Pound Sterling

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

    Investments in
Securities		    Other Financial
Instruments*		  

Level 1 – Quoted Prices

    $ 5,162,089    $ (136,848 )

Level 2 – Significant Other Observable Inputs

      69,073,298      —    

Level 3 – Significant Unobservable Inputs

      —        —    

Total

    $ 74,235,387    $ (136,848 )

 

*Other financial instruments include futures, forwards and swap contracts.

See accompanying notes to Schedule of Investments.

 

3   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments - RS Emerging Markets Fund

 

March 31, 2008 (unaudited)

    Shares    Value

Common Stocks — 85.7%

      

Argentina — 1.6%

      

Metals & Mining — 1.6%

      

Ternium S.A., ADR (1)

    215,000    $ 7,714,200
        7,714,200

Bolivia — 0.4%

      

Metals & Mining — 0.4%

      

Apex Silver Mines Ltd. (2)

    156,326      1,894,671
        1,894,671

Brazil — 3.4%

      

Metals & Mining — 2.6%

      

Companhia Siderurgica Nacional S.A., ADR (1)

    121,100      4,358,389

Companhia Vale do Rio Doce, ADR (1)

    235,900      8,171,576
        12,529,965

Textiles, Apparel & Luxury Goods — 0.8%

      

Lojas Renner S.A.

    206,300      3,891,565
        16,421,530

Canada — 0.3%

      

Metals & Mining — 0.3%

      

First Quantum Minerals Ltd.

    19,356      1,569,675
        1,569,675

Egypt — 0.5%

      

Diversified Financial Services — 0.5%

      

Egyptian Financial Group-Hermes Holding

    217,300      2,238,914
        2,238,914

Hong Kong — 3.2%

      

Commercial Banks — 1.4%

      

Standard Chartered PLC

    197,200      6,743,381

Diversified Telecommunication Services — 1.8%

      

Hutchison Telecommunications International Ltd.

    5,940,000      8,479,503
        15,222,884

India — 3.5%

      

Commercial Banks — 0.9%

      

ICICI Bank Ltd., ADR(1)

    104,100      3,975,579

Oil, Gas & Consumable Fuels — 2.6%

      

Reliance Industries Ltd., GDR (2)(3)(4)

    110,200      12,633,625
        16,609,204

Indonesia — 3.8%

      

Commercial Banks — 1.9%

      

PT Bank Mandiri

    13,527,000      4,668,918

PT Bank Rakyat Indonesia

    6,709,500      4,631,678
        9,300,596

Construction & Engineering — 0.2%

      

PT Bakrie and Brothers Tbk (2)

    16,459,750      919,364

Diversified Telecommunication Services — 1.7%

      

PT Indosat Tbk

    5,831,500      4,505,374

PT Telekomunikasi Indonesia

    3,416,000      3,603,437
        8,108,811
        18,328,771

Malaysia — 1.4%

      

Commercial Banks — 0.2%

      

Public Bank Berhad

    369,100      1,262,319

Food Products — 0.3%

      

IOI Corp. Berhad

    591,085      1,318,243

Industrial Conglomerates — 0.9%

      

Sime Darby Berhad

    1,489,068      4,352,911
        6,933,473

Mexico — 4.3%

      

Commercial Banks — 0.8%

      

Grupo Financiero Banorte S.A.B. de C.V.

    941,600      4,095,432

Food & Staples Retailing — 1.2%

      

Wal-Mart de Mexico SAB de C.V.

    1,328,622    $ 5,617,720

Wireless Telecommunication Services — 2.3%

      

America Movil SAB de C.V., ADR, Series L (1)

    133,700      8,515,353

America Movil SAB de C.V., Series L

    828,950      2,643,543
        11,158,896
        20,872,048

People’s Republic of China — 14.3%

      

Building Products — 0.9%

      

China National Building Material Co. Ltd., H shares

    1,718,000      4,113,551

Electric Utilities — 0.5%

      

China Power International Development Ltd (2)

    7,203,000      2,332,514

Electronic Equipment & Instruments — 0.6%

      

Kingboard Chemical Holdings Ltd.

    835,500      2,977,255

Energy Equipment & Services — 1.1%

      

China Shenhua Energy Co. Ltd., H shares

    1,285,500      5,197,483

Insurance — 0.7%

      

China Insurance International Holdings Co. Ltd (2)

    1,563,000      3,581,841

Internet Software & Services — 0.4%

      

SINA Corp. (2)

    51,000      1,797,750

Leisure Equipment & Products — 0.9%

      

Li Ning Co. Ltd.

    1,581,500      4,491,687

Metals & Mining — 1.2%

      

Aluminum Corp. of China Ltd., H shares

    1,264,000      2,049,038

Angang Steel Co. Ltd., H shares (2)

    1,629,240      3,765,624
        5,814,662

Oil, Gas & Consumable Fuels — 2.5%

      

CNOOC Ltd.

    5,847,000      8,598,826

PetroChina Co. Ltd., H shares

    2,830,000      3,532,388
        12,131,214

Real Estate — 0.6%

      

C C Land Holdings Ltd.

    1,649,000      1,602,923

Shimao Property Holdings Ltd.

    632,500      1,150,591
        2,753,514

Real Estate Management & Development — 0.8%

      

China Overseas Land & Investment Ltd.

    1,566,000      2,894,032

Country Garden Holdings Co.

    911,000      789,339
        3,683,371

Specialty Retail — 1.2%

      

GOME Electrical Appliances Holdings Ltd.

    2,553,000      5,895,432

Transportation Infrastructure — 0.4%

      

Jiangsu Expressway Co. Ltd.

    2,270,000      2,056,593

Wireless Telecommunication Services — 2.5%

      

China Mobile Ltd.

    384,500      5,777,001

China Unicom Ltd.

    3,018,000      6,412,209
        12,189,210
        69,016,077

Poland — 1.1%

      

Diversified Financial Services — 1.1%

      

International Personal Finance

    1,173,900      5,311,343
        5,311,343

Russia — 10.2%

      

Commercial Banks — 0.1%

      

Sberbank, GDR(3)

    1,300      445,599

Food & Staples Retailing — 0.5%

      

X5 Retail Group N.V., GDR (2)(3)

    87,400      2,588,750

Metals & Mining — 4.4%

      

Evraz Group SA, GDR (3)

    59,100      5,100,330

Norilsk Nickel ADR (1)

    330,500      9,303,575

The accompanying notes are an integral part of these financial statements.

 

1   

Call 1.800.766.FUND

Table of Contents

Schedule of Investments – RS Emerging Markets Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Severstal, GDR (3)

    291,500    $
 		 6,587,900
20,991,805

Oil, Gas & Consumable Fuels — 4.1%

      

Gazprom, ADR (1)

    48,200      2,458,200

Gazprom, ADR (1) (Reg S) (1)

    264,450      13,476,093

Imperial Energy Corp. PLC (2)

    154,754     
 		 4,008,888
19,943,181

Pharmaceuticals — 0.3%

      

Pharmstandard, GDR (3)(4)(5)

    71,775      1,683,124

Wireless Telecommunication Services — 0.8%

      

Vimpel-Communications, ADR(1)

    121,900     
 		 3,643,591
49,296,050

South Africa — 5.5%

      

Commercial Banks — 0.6%

      

FirstRand Ltd.

    1,382,027      2,730,542

Construction Materials — 1.0%

      

Pretoria Portland Cement Co. Ltd.

    948,400      4,685,014

Food & Staples Retailing — 0.3%

      

Massmart Holdings Ltd.

    201,711      1,668,978

Industrial Conglomerates — 0.9%

      

Barloworld Ltd.

    312,100      4,155,018

Media — 0.9%

      

Naspers Ltd., N shares

    251,700      4,393,061

Metals & Mining — 1.8%

      

Impala Platinum Holdings Ltd.

    126,500      4,890,804

International Ferro Metals Ltd.(2)

    1,344,176     
 
 		 3,761,109
8,651,913
26,284,526

South Korea — 14.3%

      

Commercial Banks — 0.8%

      

Daegu Bank

    261,500      3,524,349

Industrial Bank of Korea

    25,430     
 		 376,834
3,901,183

Construction & Engineering — 0.9%

      

Hyundai Development Co.

    60,370      4,150,872

Diversified Financial Services — 0.7%

      

Hana Financial Group, Inc.

    81,800      3,352,738

Food & Staples Retailing — 1.9%

      

ORION Corp.

    13,200      2,270,423

Shinsegae Co. Ltd.

    10,600     
 		 6,694,559
8,964,982

Insurance — 2.3%

      

Hyundai Marine & Fire Insurance Co. Ltd.(2)

    182,200      3,862,661

Samsung Fire & Marine Insurance Co. Ltd.(2)

    36,100     
 		 7,484,143
11,346,804

Internet Software & Services — 0.5%

      

NHN Corp.(2)

    11,500      2,700,506

Marine — 1.1%

      

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

    68,900      2,646,129

Samsung Heavy Industries Co. Ltd.

    79,000     
 		 2,535,532
5,181,661

Pharmaceuticals — 1.0%

      

Yuhan Corp.

    24,868      4,677,333

Semiconductors & Semiconductor Equipment — 0.8%

      

Hynix Semiconductor, Inc.(2)

    136,600      3,851,874

Textiles, Apparel & Luxury Goods — 1.8%

      

Cheil Industries, Inc.

    183,000      8,919,792

Trading Companies & Distributors — 2.5%

      

Samsung C&T Corp.

    169,660     
 		 11,930,924
68,978,669

Taiwan — 12.0%

      

Chemicals — 1.2%

      

Taiwan Fertilizer Co. Ltd.

    1,283,000    $ 5,662,151

Commercial Banks — 0.2%

      

Far Eastern International Bank(2)

    2,734,000      1,083,990

Computers & Peripherals — 0.6%

      

High Tech Computer Corp.

    130,000      2,936,627

Electronic Equipment & Instruments — 2.3%

      

Hon Hai Precision Industry Co. Ltd.

    1,907,396      10,981,256

Insurance — 0.9%

      

China Life Insurance Co. Ltd.(2)

    5,441,000      4,285,930

Marine — 1.9%

      

Evergreen Marine Corp.

    4,896,000      4,852,467

Yang Ming Marine Transport

    5,235,426     
 		 4,134,763
8,987,230

Multiline Retail — 1.6%

      

Far Eastern Department Stores Ltd.

    4,670,294      7,779,112

Semiconductors & Semiconductor Equipment — 3.3%

      

Greatek Electronics, Inc.

    2,985,760      4,048,380

Taiwan Semiconductor Manufacturing Co. Ltd.

    5,794,423     
 
 		 11,991,414
16,039,794
57,756,090

Thailand — 0.7%

      

Commercial Banks — 0.7%

      

Bangkok Bank Public Co. Ltd.

    827,400     
 		 3,563,218
3,563,218

Turkey — 1.1%

      

Commercial Banks — 1.1%

      

Turkiye Garanti Bankasi A.S.

    734,374      3,320,445

Turkiye Is Bankasi

    495,500     
 
 		 1,843,613
5,164,058
5,164,058

Vietnam — 0.3%

      

Metals & Mining — 0.3%

      

Vietnam Resource Investments Holdings Ltd.(5)

    178,000     
 		 1,513,000
1,513,000

Other African Countries — 2.1%

      

Metals & Mining — 2.1%

      

Gem Diamonds Ltd.(2)

    211,800      3,708,450

Katanga Mining Ltd.(2)

    194,137      2,950,496

Kenmare Resources PLC(2)

    3,633,970     
 
 		 3,246,497
9,905,443
9,905,443

Other Emerging Markets Countries — 1.7%

      

Oil, Gas & Consumable Fuels — 1.7%

      

Dragon Oil PLC(2)

    900,503     
 		 8,055,362
8,055,362

Total Common Stocks

(Cost $343,611,603)

         412,649,206

 

     Shares    Value

Preferred Stocks — 8.9%

      

Brazil — 8.1%

      

Commercial Banks — 2.5%

      

Banco Bradesco S.A.

    171,157    4,760,051

Itausa-Investimentos Itau S.A.

    1,277,306    7,497,721
      12,257,772

Food & Staples Retailing — 0.0%

      

Comp. Lorenz S.A.(5)(6)

    4,700,000    —  

The accompanying notes are an integral part of these financial statements.

 

www.RSInvestments                    2

Table of Contents

Schedule of Investments – RS Emerging Markets Fund (continued)

 

March 31, 2008 (unaudited)

    Shares    Value

Oil, Gas & Consumable Fuels — 5.1%

      

Petroleo Brasileiro S.A., ADR(1)

    240,000    $ 24,506,400

Road & Rail — 0.5%

      

All America Latina Logistica

    222,800      2,247,427
        39,011,599

Colombia — 0.8%

      

Commercial Banks — 0.8%

      

BanColombia S.A., ADR(1)

    115,500      4,095,630
        4,095,630

Total Preferred Stocks (Cost $25,252,205)

         43,107,229

Rights — 0.0%

      

Indonesia — 0.0%

      

PT Bakrie and Brothers Tbk(2)(5)

    97,935,512      150,524
        150,524

Total Rights (Cost $0)

         150,524

Other Investments - For Trustee Deferred Compensation Plan — 0.0%

      

RS Core Equity Fund, Class Y(7)

    59      2,341

RS Emerging Growth Fund, Class Y(7)

    67      2,212

RS Equity Dividend Fund, Class Y(7)

    29      252

RS Global Natural Resources Fund, Class Y(7)

    158      5,948

RS Growth Fund, Class Y(7)

    104      1,283

RS Investment Quality Bond Fund, Class A(7)

    26      256

RS Investors Fund, Class Y(7)

    211      1,802

RS MidCap Opportunities Fund, Class Y(7)

    76      911

RS Partners Fund, Class Y(7)

    49      1,378

RS S&P 500 Index Fund, Class A(7)

    27      249

RS Smaller Company Growth Fund, Class Y(7)

    70      1,168

RS Technology Fund, Class Y(7)

    51      718

RS Value Fund, Class Y(7)

    115      2,698

Total Other Investments (Cost $22,965)

         21,216
     Principal
Amount		    Value

Repurchase Agreements — 3.4%

      

State Street Bank and Trust Co. Repurchase Agreement, 0.15% dated 3/31/2008, maturity value of $16,210,068, due 4/1/2008, collateralized by $14,285,000 in U.S. Treasury Bond, 5.25%, due 11/15/2028, with a value of $16,534,888 $

    16,210,000      16,210,000

Total Repurchase Agreements

(Cost $16,210,000)

         16,210,000

Total Investments — 98.0%

(Cost $385,096,773)

         472,138,175

Other Assets, Net — 2.0%

         9,425,463

Total Net Assets — 100.0%

       $ 481,563,638

 

(1)

ADR — American Depositary Receipt.

(2)

Non income-producing security.

(3)

GDR — Global Depositary Receipt.

(4)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2008, the aggregate market value of these securities amounted to $14,316,749, representing 2.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(5)

Fair valued security.

(6)

Security deemed illiquid by the investment adviser.

(7)

Investments in designated RS Mutual Funds under a deferred compensation plan adopted for disinterested Trustees.

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

      Investments in
Securities

Level 1 – Quoted Prices

    $ 143,627,992

Level 2 – Significant Other Observable Inputs

      328,510,183

Level 3 – Significant Unobservable Inputs

      —  

Total

    $ 472,138,175

The accompanying notes are an integral part of these financial statements.

 

3   

Call 1.800.766.FUND

Table of Contents

Notes to Schedule of Investments

Tax Basis of Investments

The cost of investments for federal income tax purposes at March 31, 2008, for each Fund is listed in the chart below. The net unrealized appreciation/(depreciation) on investments, which consists of gross unrealized appreciation and depreciation, is also disclosed in the chart below.

Tax Basis of Investments

 

Fund

    Cost of
Investments		    Net Unrealized
Appreciation/
(Depreciation)
on Investments		     Gross
Unrealized
Appreciation		    Gross
Unrealized
Depreciation		  

RS Emerging Growth Fund

    448,214,117    3,059,417     44,177,947    (41,118,530 )

RS Growth Fund

    159,180,811    3,134,779     8,366,381    (5,231,602 )

RS Technology Fund

    113,158,762    2,296,312     12,455,574    (10,159,262 )

RS MidCap Opportunities Fund

    246,237,446    (7,494,604 )   15,339,532    (22,834,136 )

RS Select Growth Fund

    99,273,323    743,877     11,064,539    (10,320,662 )

RS Smaller Company Growth Fund

    191,660,923    2,427,536     21,755,633    (19,328,097 )

RS Value Fund

    2,339,713,605    (154,691,510 )   193,893,166    (348,584,676 )

RS Partners Fund

    1,962,789,431    (91,442,984 )   222,403,967    (313,846,951 )

RS Investors Fund

    28,354,884    (3,327,077 )   1,576,710    (4,903,787 )

RS Global Natural Resources Fund

    1,575,384,393    498,820,169     544,682,763    (45,862,594 )

RS Large Cap Value Fund

    70,620,035    5,241,738     11,729,878    (6,488,140 )

RS Core Equity Fund

    798,337,331    43,886,726     108,200,192    (64,313,466 )

RS Small Cap Core Equity Fund

    143,332,385    (9,368,534 )   7,423,238    (16,791,772 )

RS Equity Dividend Fund

    10,065,459    (621,590 )   177,255    (798,845 )

RS S&P 500 Index Fund

    137,264,442    13,318,616     40,923,350    (27,604,734 )

RS Asset Allocation Fund

    98,194,053    3,534,219     4,147,576    (613,357 )

RS Investment Quality Bond Fund

    134,525,928    589,405     2,327,747    (1,738,342 )

RS Low Duration Bond Fund

    38,307,550    581,928     759,200    (177,272 )

RS High Yield Bond Fund

    83,658,151    (5,702,398 )   403,886    (6,106,284 )

RS Tax-Exempt Fund

    105,577,874    (96,591 )   1,507,913    (1,604,504 )

RS Money Market Fund

    515,680,879    262     870    (608 )

RS International Growth Fund

    57,413,306    16,822,081     20,955,855    (4,133,774 )

RS Emerging Markets Fund

    386,870,295    85,267,880     106,624,964    (21,357,084 )

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 issuer 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 the table below for restricted securities held at March 31, 2008.

Restricted Securities

 

Fund

   

Security

    Shares    Cost    Value    Acquisition Date    % of Fund's
Net Assets		  

RS Value Fund

    Ivanhoe Nickel & Platinum Ltd.    698,422    $ 2,837,501    $ 4,539,743    4/25/97 -5/7/98    0.21 %

RS Global Natural Resources Fund

    Ivanhoe Nickel & Platinum Ltd.    203,624      784,997      1,323,556    4/25/97 -5/7/98    0.06 %

Affiliated Issuers

If a Fund owns 5% or more of the outstanding voting shares of an issuer, the Fund’s investment represents an investment in an affiliated person 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 March 31, 2008 is listed below:

Affiliated Issuers

 

Fund

   

Issuer

    Number of Shares
Held at Beginning
of Period		    Gross
Additions		    Gross
Reductions		    Number of Shares
Held at End of
Period		    Income    Value  

RS Partners Fund

    Aaron Rents, Inc.    2,451,802    —      —      2,451,802    $ 39,229    $ 52,811,815  
   ACI Worldwide, Inc.    2,912,918    1,052,414    —      3,965,332      —        78,989,413  
   A.M. Castle & Co.    1,294,350    —      —      1,294,350      77,661      34,947,450  
   Carter's, Inc.    3,903,440    599,640    424,290    4,078,790      —        65,872,458  
   Coinstar, Inc.    2,464,452    —      —      2,464,452      —        69,349,679  
   Commerical Vehicle Group, Inc.    2,047,101    —      —      2,047,101      —        20,286,771  
   Corinthian Colleges, Inc.    2,856,769    2,938,792    —      5,795,561      —        41,901,906  
   Employers Holdings, Inc.    2,867,090    —      —      2,867,090      172,025      53,155,849  
   eResearch Technology, Inc.    3,235,047    —      610,277    2,624,770      —        32,599,643  
   Key Energy Services, Inc.    6,449,800    *—      —      6,449,800      —        86,556,316  
   Meruelo Maddux Properties, Inc.    4,448,881    —      —      4,448,881      —        11,300,158  
   MoneyGram International, Inc.    —      *6,324,535    —      6,324,535      —        11,763,635  
   Quadra Realty Trust, Inc.    1,472,935    —      1,472,935    —        —        * *
   Triarc Cos., Inc., Class B    6,003,100    —      272,278    5,730,822      1,382,129      39,599,980  
                    1,671,044      599,135,073  

RS Value Fund

    Career Education Corp.    2,845,338    *2,542,675    —      5,388,013      —        68,535,525  
   Sunrise Senior Living, Inc.    1,670,632    *1,187,773    —      2,858,405      —        63,685,263  
                    —        132,220,788  

RS Global Natural Resources Fund

    Anderson Energy Ltd.    4,613,000    —      4,613,000    —        —        * *

RS Asset Allocation Fund

    RS S&P 500 Index Fund, Class A    10,724,043    —      554,323    10,169,720      —        - 92,239,358  
                  $ —      $ 92,239,358  

 

* Issuer was not an affiliated issuer at January 1, 2008.
** Issuer was not an affiliated issuer at March 31, 2008.

Fair Value Measurements

The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

64   

XXXXXXXXXX

Table of Contents
  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)
  • Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

New Accounting Pronouncement

In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about Funds’ derivative and hedging activities. The Trust is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.

For information about the Funds’ policy regarding valuation of investments and other significant accounting policies please see the Funds’ 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.

Table of Contents

Item 2. Controls and Procedures.

(a) The registrant’s principal executive 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 were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter that has 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.

Table of Contents

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:  

/s/ Terry R. Otton

  Terry R. Otton, President
  (Principal Executive Officer)

Date: May 30, 2008

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:  

/s/ Terry R. Otton

  Terry R. Otton, President
  (Principal Executive Officer)

Date: May 30, 2008

 

By:  

/s/ James E. Klescewski

  James E. Klescewski, Treasurer
  (Principal Financial Officer)

Date: May 30, 2008

 

 EX-99.CERT 2 dex99cert.htm CERTIFICATIONS Certifications

Certifications

I, Terry R. Otton, President of RS Investment Trust, 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 in 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: May 30, 2008

 

By:  

/s/ Terry R. Otton

  Terry R. Otton, President
  (Principal Executive Officer)

 

Certifications

I, James E. Klescewski, Treasurer of RS Investment Trust, 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 in 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: May 30, 2008

 

By:  

/s/ James E. Klescewski

  James E. Klescewski, Treasurer
  (Principal Financial Officer)
 -----END PRIVACY-ENHANCED MESSAGE-----