RS Investment Trust

N-Q 1 dnq.htm RS INVESTMENT TRUST RS Investment Trust

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: September 30, 2009

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


Item 1.		Schedule of Investments
Item 2.		Controls and Procedures
Item 3.		Exhibits
SIGNATURES
Certifications

Item 1.

Schedule of Investments


		Schedule of Investments — RS Partners Fund


September 30, 2009 (unaudited)		Shares	Value
Common Stocks — 85.3%
Asset Management & Custodian — 3.2%
Affiliated Managers Group, Inc.⁽¹⁾		462,193	$	30,047,167
SEI Investments Co.		1,130,183		22,242,001
				52,289,168
Auto Parts — 2.0%
BorgWarner, Inc.		1,073,286		32,477,634
				32,477,634
Banks: Diversified — 4.1%
Commerce Bancshares, Inc.		565,559		21,061,417
First Horizon National Corp.⁽¹⁾		1,155,178		15,283,004
FirstMerit Corp.		901,058		17,147,134
Western Alliance Bancorp⁽¹⁾		2,120,825		13,382,406
				66,873,961
Banks: Savings, Thrift & Mortgage Lending — 3.7%
First Niagara Financial Group, Inc.		1,798,903		22,180,474
Ocwen Financial Corp.⁽¹⁾		3,442,762		38,972,066
				61,152,540
Casinos & Gambling — 3.2%
Scientific Games Corp., Class A⁽¹⁾		3,322,124		52,589,223
				52,589,223
Coal — 0.9%
Peabody Energy Corp.		388,300		14,452,526
				14,452,526
Communications Technology — 2.9%
Comverse Technology, Inc.⁽¹⁾		5,469,202		47,855,518
				47,855,518
Computer Services Software & Systems — 4.4%
ACI Worldwide, Inc.⁽¹⁾⁽²⁾		3,585,767		54,252,655
Progress Software Corp.⁽¹⁾		800,245		18,125,549
				72,378,204
Consumer Lending — 1.5%
MoneyGram International, Inc.⁽¹⁾⁽²⁾		7,892,352		24,781,985
				24,781,985
Consumer Services: Miscellaneous — 1.9%
Coinstar, Inc.⁽¹⁾		964,724		31,816,598
				31,816,598
Diversified Financial Services — 0.8%
Duff & Phelps Corp., Class A		691,584		13,250,750
				13,250,750
Education Services — 3.9%
Career Education Corp.⁽¹⁾		1,945,966		47,442,651
Corinthian Colleges, Inc.⁽¹⁾		939,400		17,435,264
				64,877,915
Entertainment — 2.6%
Lions Gate Entertainment Corp.⁽¹⁾		4,499,706		27,718,189
Live Nation, Inc.⁽¹⁾		1,817,998		14,889,404
				42,607,593
Financial Data & Systems — 7.9%
Broadridge Financial Solutions, Inc.		1,973,868		39,674,747
Euronet Worldwide, Inc.⁽¹⁾		1,881,168		45,204,467
Jack Henry & Associates, Inc.		1,907,402		44,766,725
				129,645,939
Foods — 4.0%
NBTY, Inc.⁽¹⁾		1,651,078		65,349,667
				65,349,667

	Foreign Currency
Health Care Management Services — 2.7%
Magellan Health Services, Inc.⁽¹⁾		1,429,670		44,405,550
				44,405,550
Insurance: Life — 1.2%
Torchmark Corp.		468,156		20,332,015
				20,332,015
Insurance: Multi-Line — 3.5%
Assurant, Inc.		1,026,945		32,923,857
Genworth MI Canada, Inc.⁽¹⁾⁽³⁾⁽⁵⁾	CAD	1,100,000		24,750,385
				57,674,242
Insurance: Property-Casualty — 6.7%
Alleghany Corp.⁽¹⁾		45,898		11,889,877
Arch Capital Group Ltd.⁽¹⁾		440,176		29,729,487
First American Corp.		1,122,016		36,319,658
XL Capital Ltd., Class A		1,840,565		32,136,265
				110,075,287
Machinery: Specialty — 1.0%
Bucyrus International, Inc.		476,808		16,983,901
				16,983,901
Medical & Dental Instruments & Supplies — 3.9%
Immucor, Inc.⁽¹⁾		1,795,832		31,786,226
The Cooper Cos., Inc.		1,114,831		33,143,926
				64,930,152
Metal Fabricating — 1.8%
The Timken Co.		1,237,040		28,983,847
				28,983,847
Metals & Minerals: Diversified — 2.5%
Compass Minerals International, Inc.		673,735		41,515,551
				41,515,551
Oil Well Equipment & Services — 2.0%
Key Energy Services, Inc.⁽¹⁾		3,822,887		33,259,117
				33,259,117
Oil: Crude Producers — 4.9%
Concho Resources, Inc.⁽¹⁾		909,597		33,036,563
Denbury Resources, Inc.⁽¹⁾		3,111,484		47,076,753
				80,113,316
Real Estate Investment Trusts — 1.9%
Chimera Investment Corp.		5,012,521		19,147,830
Redwood Trust, Inc.		780,684		12,100,602
				31,248,432
Semiconductors & Components — 1.3%
Atmel Corp.⁽¹⁾		5,010,684		20,994,766
				20,994,766
Steel — 1.8%
Allegheny Technologies, Inc.		854,694		29,905,743
				29,905,743
Textiles Apparel & Shoes — 1.5%
Iconix Brand Group, Inc.⁽¹⁾		2,007,569		25,034,385
				25,034,385
Utilities: Miscellaneous — 1.6%
Calpine Corp.⁽¹⁾		2,268,296		26,130,770
				26,130,770
Total Common Stocks (Cost $1,217,143,852)				1,403,986,295

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Partners Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
Depositary Securities — 4.6%
Asset Management & Custodian — 4.6%
AP Alternative Assets, L.P.^(1)(3)(4)		4,831,903	$	25,104,964
KKR Private Equity Investors, L.P.^(1)(3)(4)		5,466,737		51,088,942
				76,193,906
Total Depositary Securities (Cost $178,910,237)				76,193,906

	Principal Amount
Repurchase Agreements — 9.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $162,171,045, due 10/1/2009⁽⁶⁾	$	162,171,000		162,171,000
Total Repurchase Agreements (Cost $162,171,000)				162,171,000
Total Investments — 99.8% (Cost $1,558,225,089)				1,642,351,201
Other Assets, Net — 0.2%				3,166,806
Total Net Assets — 100.0%			$	1,645,518,007

(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 September 30, 2009, the aggregate market value of these securities amounted to $100,944,291, representing 6.1% 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)	Fair valued security.

(6)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	3.500	%	2/15/2018	$	108,310,140
U.S. Treasury Note	3.875	%	5/15/2018		26,547,500
U.S. Treasury Note	4.000	%	8/15/2018		30,559,333

Foreign-Denominated Security

CAD — Canadian Dollar

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	1,379,235,910	$	24,750,385		$	—	$	1,403,986,295
Depositary Securities		—		76,193,906	*		—		76,193,906
Repurchase Agreements		—		162,171,000			—		162,171,000
Total	$	1,379,235,910	$	263,115,291		$	—	$	1,642,351,201

*	Consists of certain foreign securities whose values were determined by a pricing service as a result of movement in the U.S. markets that exceeded a specific threshold. These investments in securities were classified as Level 2 rather than Level 1.

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Value Fund


September 30, 2009 (unaudited)	Foreign Currency	Shares	Value
Common Stocks — 90.4%
Aerospace — 1.9%
Rockwell Collins, Inc.		653,100	$	33,177,480
				33,177,480
Asset Management & Custodian — 3.0%
Invesco Ltd.		1,220,991		27,789,755
State Street Corp.		460,143		24,203,522
				51,993,277
Banks: Diversified — 1.3%
Regions Financial Corp.		3,534,100		21,946,761
				21,946,761
Banks: Savings, Thrift & Mortgage Lending — 1.5%
People’s United Financial, Inc.		1,626,495		25,308,262
				25,308,262
Building Materials — 3.1%
Martin Marietta Materials, Inc.		584,460		53,811,232
				53,811,232
Cable Television Services — 2.7%
Liberty Global, Inc., Series C⁽¹⁾		2,047,579		45,988,624
				45,988,624
Casinos & Gambling — 3.1%
Scientific Games Corp., Class A⁽¹⁾		3,352,505		53,070,154
				53,070,154
Chemical: Diversified — 3.9%
Eastman Chemical Co.		480,875		25,746,048
Praxair, Inc.		493,761		40,335,336
				66,081,384
Coal — 1.9%
Peabody Energy Corp.		878,220		32,687,348
				32,687,348
Commercial Services — 1.4%
Copart, Inc.⁽¹⁾		709,460		23,561,167
				23,561,167
Communications Technology — 3.6%
Comverse Technology, Inc.⁽¹⁾		7,044,126		61,636,103
				61,636,103
Computer Services Software & Systems — 0.5%
Synopsys, Inc.⁽¹⁾		390,059		8,745,123
				8,745,123
Consumer Services: Miscellaneous — 2.3%
eBay, Inc.⁽¹⁾		1,634,338		38,586,720
				38,586,720
Copper — 0.7%
Antofagasta PLC	GBP	916,401		11,113,359
				11,113,359
Diversified Financial Services — 3.5%
Ameriprise Financial, Inc.		1,649,195		59,915,254
				59,915,254
Diversified Retail — 1.9%
Advance Auto Parts, Inc.		842,678		33,100,392
				33,100,392
Education Services — 4.0%
Career Education Corp.⁽¹⁾		2,827,217		68,927,550
				68,927,550
Financial Data & Systems — 2.2%
Fidelity National Information Services, Inc.		1,448,788		36,958,582
				36,958,582
Insurance: Life — 5.5%
Aflac, Inc.		931,139		39,796,881
Principal Financial Group, Inc.		608,000		16,653,120
Prudential Financial, Inc.		749,000		37,382,590
				93,832,591
Insurance: Multi-Line — 5.8%
Aon Corp.		1,141,978		46,467,085
Assurant, Inc.		1,135,326		36,398,551
Genworth Financial, Inc., Class A		1,341,700		16,033,315
				98,898,951
Insurance: Property-Casualty — 6.1%
ACE Ltd.⁽¹⁾		805,840		43,080,207
Fidelity National Financial, Inc., Class A		1,567,080		23,631,566
PartnerRe Ltd.		496,200		38,177,628
				104,889,401
Leisure Time — 1.1%
Interval Leisure Group, Inc.⁽¹⁾		1,549,330		19,335,638
				19,335,638
Machinery: Engines — 2.6%
Cummins, Inc.		1,008,844		45,206,300
				45,206,300
Medical & Dental Instruments & Supplies — 2.9%
Covidien PLC		1,139,860		49,310,344
				49,310,344
Oil: Crude Producers — 6.5%
Canadian Natural Resources Ltd.		229,456		15,417,149
Southwestern Energy Co.⁽¹⁾		1,055,000		45,027,400
Talisman Energy, Inc.	CAD	2,913,482		50,696,464
				111,141,013
Pharmaceuticals — 3.8%
Biovail Corp.		4,229,555		65,262,034
				65,262,034
Real Estate Investment Trusts — 1.7%
Alexandria Real Estate Equities, Inc.		529,539		28,780,445
				28,780,445
Scientific Instruments: Gauges & Meters — 3.9%
Agilent Technologies, Inc.⁽¹⁾		2,380,468		66,248,424
				66,248,424
Semiconductors & Components — 2.2%
Atmel Corp.⁽¹⁾		8,996,929		37,697,133
				37,697,133
Steel — 1.9%
Allegheny Technologies, Inc.		931,381		32,589,021
				32,589,021
Toys — 2.0%
Hasbro, Inc.		1,200,204		33,305,661
				33,305,661
Utilities: Miscellaneous — 1.9%
Calpine Corp.⁽¹⁾		2,856,531		32,907,237
				32,907,237
Total Common Stocks (Cost $1,382,675,125)				1,546,012,965
Depositary Securities — 4.2%
Asset Management & Custodian — 4.2%
AP Alternative Assets, L.P.^(1)(2)(3)		3,687,987		19,161,556

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Value Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
KKR Private Equity Investors, L.P.^(1)(2)(3)		5,657,425	$	52,871,001
				72,032,557
Total Depositary Securities (Cost $160,946,758)				72,032,557

	Principal Amount
Repurchase Agreements — 4.7%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $79,820,022, due 10/1/2009⁽⁴⁾	$	79,820,000		79,820,000
Total Repurchase Agreements (Cost $79,820,000)				79,820,000
Total Investments — 99.3% (Cost $1,623,441,883)				1,697,865,522
Other Assets, Net — 0.7%				11,807,327
Total Net Assets — 100.0%			$	1,709,672,849

(1)	Non-income producing security.

(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 September 30, 2009, the aggregate market value of these securities amounted to $72,032,557, representing 4.2% 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)	Restricted depositary units.

(4)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	3.25	%	5/31/2016	$	25,032,256
U.S. Treasury Note	3.00	%	9/30/2016		56,385,613

Foreign-Denominated Security

CAD — Canadian Dollar

GBP — Great British Pound


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	1,534,899,606	$	11,113,359	*	$	—	$	1,546,012,965
Depositary Securities		—		72,032,557	*		—		72,032,557
Repurchase Agreements		—		79,820,000			—		79,820,000
Total	$	1,534,899,606	$	162,965,916		$	—	$	1,697,865,522

*	Consists of certain foreign securities whose values were determined by a pricing service as a result of movement in the U.S. markets that exceeded a specific threshold. These investments in securities were classified as Level 2 rather than Level 1.

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


	Investments in Securities
Balance as of 12/31/08	$	1,173,349
Change in unrealized appreciation/(depreciation)		2,388,398
Net purchases/(sales)		(3,561,747	)
Net transfers in and/or out of Level 3		—
Balance as of 9/30/09	$	—

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Large Cap Alpha Fund


September 30, 2009 (unaudited)	Shares		Value
Common Stocks — 97.2%
Asset Management & Custodian — 3.7%
Invesco Ltd.		705,206	$	16,050,488
State Street Corp.		249,013		13,098,084
				29,148,572
Banks: Diversified — 2.1%
Bank of America Corp.		1,004,500		16,996,140
				16,996,140
Banks: Savings, Thrift & Mortgage Lending — 1.2%
People’s United Financial, Inc.		600,584		9,345,087
				9,345,087
Beverage: Soft Drinks — 1.5%
The Coca-Cola Co.		222,997		11,974,939
				11,974,939
Building Materials — 2.2%
Martin Marietta Materials, Inc.		190,851		17,571,652
				17,571,652
Cable Television Services — 2.7%
Liberty Global, Inc., Class A⁽¹⁾		360,982		8,147,364
Liberty Global, Inc., Series C⁽¹⁾		610,022		13,701,094
				21,848,458
Chemicals - Diversified — 2.2%
Praxair, Inc.		214,100		17,489,829
				17,489,829
Computer Services Software & Systems — 4.2%
Microsoft Corp.		630,304		16,318,570
Synopsys, Inc.⁽¹⁾		769,002		17,241,025
				33,559,595
Consumer Services: Miscellaneous — 6.0%
eBay, Inc.⁽¹⁾		1,156,375		27,302,014
Western Union Co.		1,101,546		20,841,250
				48,143,264
Diversified Financial Services — 5.5%
JPMorgan Chase & Co.		632,978		27,737,096
The Goldman Sachs Group, Inc.		86,110		15,874,378
				43,611,474
Diversified Manufacturing Operations — 1.1%
Danaher Corp.		123,700		8,327,484
				8,327,484
Diversified Materials & Processing — 2.7%
BHP Billiton Ltd., ADR		319,169		21,068,346
				21,068,346
Diversified Retail — 1.3%
Advance Auto Parts, Inc.		257,410		10,111,065
				10,111,065
Drug & Grocery Store Chains — 2.2%
CVS Caremark Corp.		487,725		17,431,292
				17,431,292
Education Services — 1.2%
Career Education Corp.⁽¹⁾		400,114		9,754,779
				9,754,779
Fertilizers — 0.9%
Potash Corp. of Saskatchewan, Inc.		79,000		7,136,860
				7,136,860
Financial Data & Systems — 3.7%
Fidelity National Information Services, Inc.		1,161,060		29,618,641
				29,618,641
Foods — 1.5%
General Mills, Inc.		190,180		12,243,788
				12,243,788
Gold — 1.1%
Goldcorp, Inc.		225,237		9,092,818
				9,092,818
Insurance: Life — 5.9%
Aflac, Inc.		496,514		21,221,008
Principal Financial Group, Inc.		291,800		7,992,402
Prudential Financial, Inc.		362,600		18,097,366
				47,310,776
Insurance: Multi-Line — 3.4%
Aon Corp.		487,735		19,845,937
Genworth Financial, Inc., Class A		634,400		7,581,080
				27,427,017
Insurance: Property-Casualty — 4.4%
ACE Ltd.⁽¹⁾		339,558		18,152,771
PartnerRe Ltd.		224,413		17,266,336
				35,419,107
Medical & Dental Instruments & Supplies — 3.1%
Covidien PLC		570,467		24,678,402
				24,678,402
Oil Well Equipment & Services — 2.5%
Schlumberger Ltd.		337,176		20,095,690
				20,095,690
Oil: Crude Producers — 11.2%
Canadian Natural Resources Ltd.		167,920		11,282,545
Occidental Petroleum Corp.		369,100		28,937,440
Southwestern Energy Co.⁽¹⁾		362,097		15,454,300
Talisman Energy, Inc.		502,400		8,711,616
XTO Energy, Inc.		601,284		24,845,055
				89,230,956
Personal Care — 1.0%
The Clorox Co.		138,700		8,158,334
				8,158,334
Pharmaceuticals — 8.0%
Abbott Laboratories		171,900		8,503,893
Johnson & Johnson		284,205		17,305,242
Merck & Co., Inc.		389,104		12,307,360
Pfizer, Inc.		1,555,100		25,736,905
				63,853,400
Scientific Instruments: Electrical — 1.2%
Emerson Electric Co.		227,091		9,101,807
				9,101,807
Scientific Instruments: Gauges & Meters — 3.6%
Agilent Technologies, Inc.⁽¹⁾		1,023,335		28,479,413
				28,479,413
Toys — 2.0%
Hasbro, Inc.		564,800		15,673,200
				15,673,200
Utilities - Electrical — 3.9%
FPL Group, Inc.		285,100		15,746,073
Public Service Enterprise Group, Inc.		497,200		15,631,968
				31,378,041
Total Common Stocks (Cost $637,447,290)				775,280,226

	Principal Amount
Repurchase Agreements — 3.8%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $29,950,008, due 10/1/2009⁽²⁾	$	29,950,000		29,950,000
Total Repurchase Agreements (Cost $29,950,000)				29,950,000

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Large Cap Alpha Fund (continued)


Total Investments — 101.0% (Cost $667,397,290)		805,230,226
Other Liabilities, Net — (1.0)%		(7,656,624	)
Total Net Assets — 100.0%	$	797,573,602

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	4.00	%	8/15/2018	$	30,554,034

ADR— American Depositary Receipt.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	775,280,226	$	—	$	—	$	775,280,226
Repurchase Agreements		—		29,950,000		—		29,950,000
Total	$	775,280,226	$	29,950,000	$	—	$	805,230,226

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Investors Fund


September 30, 2009 (unaudited)	Shares		Value
Common Stocks — 89.9%
Banks: Savings, Thrift & Mortgage Lending — 3.7%
Ocwen Financial Corp.⁽¹⁾		45,100	$	510,532
				510,532
Cable Television Services — 3.6%
Liberty Global, Inc., Series C⁽¹⁾		22,532		506,069
				506,069
Casinos & Gambling — 4.9%
Scientific Games Corp., Class A⁽¹⁾		43,581		689,887
				689,887
Chemical: Diversified — 3.0%
Praxair, Inc.		5,100		416,619
				416,619
Communications Technology — 4.7%
Comverse Technology, Inc.⁽¹⁾		75,009		656,329
				656,329
Computer Services Software & Systems — 10.5%
ACI Worldwide, Inc.⁽¹⁾		49,073		742,474
Microsoft Corp.		27,700		717,153
				1,459,627
Drug & Grocery Store Chains — 2.3%
CVS Caremark Corp.		9,100		325,234
				325,234
Education Services — 5.2%
Career Education Corp.⁽¹⁾		29,989		731,132
				731,132
Financial Data & Systems — 1.1%
Fidelity National Information Services, Inc.		6,000		153,060
				153,060
Foods — 3.9%
NBTY, Inc.⁽¹⁾		13,810		546,600
				546,600
Gold — 1.6%
Goldcorp, Inc.		5,381		217,231
				217,231
Insurance: Multi-Line — 4.6%
Aon Corp.		15,800		642,902
				642,902
Insurance: Property-Casualty — 3.8%
ACE Ltd.⁽¹⁾		9,985		533,798
				533,798
Machinery: Engines — 0.5%
Cummins, Inc.		1,562		69,993
				69,993
Medical & Dental Instruments & Supplies — 3.2%
Covidien PLC		10,372		448,693
				448,693
Metals & Minerals: Diversified — 4.8%
Compass Minerals International, Inc.		10,775		663,956
				663,956
Oil: Crude Producers — 13.4%
Denbury Resources, Inc.⁽¹⁾		34,623		523,846
Occidental Petroleum Corp.		9,200		721,280
Southwestern Energy Co.⁽¹⁾		14,700		627,396
				1,872,522
Pharmaceuticals — 3.0%
Pfizer, Inc.		24,900		412,095

Scientific Instruments: Gauges & Meters — 3.6%
Agilent Technologies, Inc.⁽¹⁾		18,039		502,025
				502,025
Steel — 2.2%
Allegheny Technologies, Inc.		8,759		306,477
				306,477
Textiles Apparel & Shoes — 1.8%
Iconix Brand Group, Inc.⁽¹⁾		19,889		248,016
				248,016
Utilities: Miscellaneous — 4.5%
Calpine Corp.⁽¹⁾		55,009		633,704
				633,704
Total Common Stocks (Cost $10,667,286)				12,546,501
Depositary Securities — 7.5%
Asset Management & Custodian — 7.5%
AP Alternative Assets, L.P.^(1)(2)(3)		43,958		228,391
KKR Private Equity Investors, L.P.^(1)(2)(3)		87,446		817,219
				1,045,610
Total Depositary Securities (Cost $2,686,606)				1,045,610

	Principal Amount
Repurchase Agreements — 2.4%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $337,000, due 10/1/2009⁽⁴⁾	$	337,000		337,000
Total Repurchase Agreements (Cost $337,000)				337,000
Total Investments — 99.8% (Cost $13,690,892)				13,929,111
Other Assets, Net — 0.2%				21,841
Total Net Assets — 100.0%			$	13,950,952

(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 September 30, 2009, the aggregate market value of these securities amounted to $1,045,610, representing 7.5% 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.

(4)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Bill	0.00	%	3/25/2010	$	344,690

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Investors Fund (continued)


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	12,546,501	$	—		$	—	$	12,546,501
Depositary Securities		—		1,045,610	*		—		1,045,610
Repurchase Agreements		—		337,000			—		337,000
Total	$	12,546,501	$	1,382,610		$	—	$	13,929,111

*	Consists of certain foreign securities whose values were determined by a pricing service as a result of movement in the U.S. markets that exceeded a specific threshold. These investments in securities were classified as Level 2 rather than Level 1.

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Global Natural Resources Fund


September 30, 2009 (unaudited)	Foreign Currency	Shares	Value
Common Stocks — 95.0%
Building Materials — 3.7%
Martin Marietta Materials, Inc.		412,621	$	37,990,015
				37,990,015
Chemical: Diversified — 4.7%
Eastman Chemical Co.		306,695		16,420,450
Praxair, Inc.		392,655		32,075,987
				48,496,437
Chemicals: Speciality — 2.2%
Israel Chemicals Ltd.	ILS	1,990,306		22,863,840
				22,863,840
Coal — 3.3%
Peabody Energy Corp.		917,303		34,142,018
				34,142,018
Copper — 2.3%
Antofagasta PLC	GBP	1,935,192		23,468,420
				23,468,420
Diversified Materials & Processing — 7.9%
BHP Billiton Ltd., ADR		639,800		42,233,198
Vale S.A., ADR		1,727,800		39,964,014
				82,197,212
Fertilizers — 1.7%
Potash Corp. of Saskatchewan, Inc.		195,500		17,661,470
				17,661,470
Gas Pipeline — 3.1%
EQT Corp.		763,400		32,520,840
				32,520,840
Gold — 8.2%
Agnico-Eagle Mines Ltd.		282,300		19,154,055
Goldcorp, Inc.	CAD	1,092,380		43,852,326
Kinross Gold Corp.	CAD	995,098		21,683,684
				84,690,065
Insurance: Multi-Line — 1.9%
PICO Holdings, Inc.⁽¹⁾		598,278		19,952,571
				19,952,571
Machinery: Specialty — 3.0%
Bucyrus International, Inc.		866,925		30,879,869
				30,879,869
Metals & Minerals: Diversified — 3.0%
Compass Minerals International, Inc.		511,631		31,526,702
				31,526,702
Oil Well Equipment & Services — 7.0%
Key Energy Services, Inc.⁽¹⁾		2,460,094		21,402,818
Schlumberger Ltd.		476,650		28,408,340
Smith International, Inc.		771,885		22,153,099
				71,964,257
Oil: Crude Producers — 35.4%
Canadian Natural Resources Ltd.		481,606		32,359,107
Concho Resources, Inc.⁽¹⁾		885,842		32,173,782
Denbury Resources, Inc.⁽¹⁾		3,095,927		46,841,376
Occidental Petroleum Corp.		694,810		54,473,104
Oil Search Ltd.	AUD	4,866,336		27,549,593
Petrobank Energy & Resources Ltd.⁽¹⁾	CAD	697,600		28,831,831
Southwestern Energy Co.⁽¹⁾		1,088,659		46,463,966
Talisman Energy, Inc.	CAD	3,001,033		52,219,908
XTO Energy, Inc.		1,076,504		44,481,145
				365,393,812
Steel — 1.8%
Allegheny Technologies, Inc.		547,410		19,153,876
				19,153,876
Utilities: Gas Distributors — 2.3%
Questar Corp.		621,700		23,351,052
				23,351,052
Utilities: Miscellaneous — 3.5%
Calpine Corp.⁽¹⁾		3,107,683		35,800,508
				35,800,508
Total Common Stocks (Cost $681,704,625)				982,052,964


	Principal Amount
Repurchase Agreements — 4.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $50,421,014, due 10/1/2009⁽²⁾	$	50,421,000		50,421,000
Total Repurchase Agreements (Cost $50,421,000)				50,421,000
Total Investments — 99.9% (Cost $732,125,625)				1,032,473,964
Other Assets, Net — 0.1%				911,840
Total Net Assets — 100.0%			$	1,033,385,804

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	3.00	%	9/30/2016	$	44,470,900
U.S. Treasury Note	3.50	%	2/15/2018		6,961,478

Foreign-Denominated Security

AUD — Australian Dollar

CAD — Canadian Dollar

GBP — Great British Pound

ILS — Israeli Shekel

ADR— American Depositary Receipt.

See accompanying notes to Schedule of Investments.


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


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	908,171,111	$	73,881,853	*	$	—	$	982,052,964
Repurchase Agreements		—		50,421,000			—		50,421,000
Total	$	908,171,111	$	124,302,853		$	—	$	1,032,473,964

*	Consists of certain foreign securities whose values were determined by a pricing service as a result of movement in the U.S. markets that exceeded a specific threshold. These investments in securities were classified as Level 2 rather than Level 1.

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


	Investments in Securities
Balance as of 12/31/08	$	342,088
Change in unrealized appreciation/(depreciation)		696,334
Net purchases/(sales)		(1,038,422	)
Net transfers in and/or out of Level 3		—
Balance as of 9/30/09	$	—

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Small Cap Growth Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 94.5%
Advertising Agencies — 1.0%
MDC Partners, Inc., Class A⁽¹⁾	448,700	$	3,338,328
			3,338,328
Asset Management & Custodian — 1.3%
Affiliated Managers Group, Inc.⁽¹⁾	67,650		4,397,926
			4,397,926
Auto Parts — 0.6%
Fuel Systems Solutions, Inc.⁽¹⁾	55,480		1,996,725
			1,996,725
Banks: Diversified — 1.0%
PrivateBancorp, Inc.	134,980		3,301,611
			3,301,611
Beverage: Soft Drinks — 1.2%
Peet’s Coffee & Tea, Inc.⁽¹⁾	141,360		3,990,593
			3,990,593
Biotechnology — 6.4%
Halozyme Therapeutics, Inc.⁽¹⁾	418,521		2,975,685
Human Genome Sciences, Inc.⁽¹⁾	183,400		3,451,588
Martek Biosciences Corp.⁽¹⁾	90,270		2,039,199
Myriad Genetics, Inc.⁽¹⁾	85,820		2,351,468
Nektar Therapeutics⁽¹⁾	405,180		3,946,453
Pharmasset, Inc.⁽¹⁾	80,440		1,700,502
Savient Pharmaceuticals, Inc.⁽¹⁾	171,810		2,611,512
Seattle Genetics, Inc.⁽¹⁾	194,170		2,724,205
			21,800,612
Casinos & Gambling — 2.2%
Scientific Games Corp., Class A⁽¹⁾	140,070		2,217,308
WMS Industries, Inc.⁽¹⁾	116,420		5,187,675
			7,404,983
Chemical: Diversified — 0.7%
FMC Corp.	41,770		2,349,563
			2,349,563
Commercial Services — 0.8%
ICF International, Inc.⁽¹⁾	93,809		2,844,289
			2,844,289
Communications Technology — 1.7%
Ciena Corp.⁽¹⁾	209,560		3,411,637
Riverbed Technology, Inc.⁽¹⁾	111,010		2,437,779
			5,849,416
Computer Services Software & Systems — 17.3%
3PAR, Inc.⁽¹⁾	368,590		4,065,548
Akamai Technologies, Inc.⁽¹⁾	218,140		4,292,995
Compellent Technologies, Inc.⁽¹⁾	123,942		2,237,153
comScore, Inc.⁽¹⁾	205,439		3,699,956
Digital River, Inc.⁽¹⁾	165,660		6,679,411
F5 Networks, Inc.⁽¹⁾	131,910		5,227,593
GSI Commerce, Inc.⁽¹⁾	354,081		6,837,304
Informatica Corp.⁽¹⁾	216,210		4,882,022
Internet Brands, Inc., Class A⁽¹⁾	255,599		2,039,680
LogMeIn, Inc.⁽¹⁾	159,470		2,919,896
Omniture, Inc.⁽¹⁾	303,639		6,510,020
PROS Holdings, Inc.⁽¹⁾	381,352		3,210,984
Solarwinds, Inc.⁽¹⁾	167,437		3,688,637
SXC Health Solutions Corp.⁽¹⁾	50,230		2,350,262
			58,641,461
Computer Technology — 0.9%
Isilon Systems, Inc.⁽¹⁾	7,640		46,604
Super Micro Computer, Inc.⁽¹⁾	344,442		2,913,979
			2,960,583
Consumer Electronics — 0.8%
TiVo, Inc.⁽¹⁾	262,310		2,717,532
			2,717,532
Consumer Lending — 1.3%
Portfolio Recovery Associates, Inc.⁽¹⁾	95,010		4,306,803
			4,306,803
Diversified Financial Services — 1.3%
Duff & Phelps Corp., Class A	87,930		1,684,739
FBR Capital Markets Corp.⁽¹⁾	448,929		2,662,149
			4,346,888
Diversified Retail — 5.1%
Hot Topic, Inc.⁽¹⁾	376,180		2,817,588
Lumber Liquidators, Inc.⁽¹⁾	164,580		3,569,740
Netflix, Inc.⁽¹⁾	112,700		5,203,359
Urban Outfitters, Inc.⁽¹⁾	187,310		5,651,143
			17,241,830
Engineering & Contracting Services — 1.0%
Aecom Technology Corp.⁽¹⁾	122,310		3,319,493
			3,319,493
Financial Data & Systems — 2.1%
CyberSource Corp.⁽¹⁾	269,810		4,497,733
MSCI, Inc., Class A⁽¹⁾	88,610		2,624,628
			7,122,361
Health Care: Miscellaneous — 1.6%
MedAssets, Inc.⁽¹⁾	239,540		5,406,418
			5,406,418
Health Care Management Services — 0.9%
Catalyst Health Solutions, Inc.⁽¹⁾	102,779		2,996,008
			2,996,008
Health Care Services — 3.7%
athenahealth, Inc.⁽¹⁾	88,054		3,378,632
IPC The Hospitalist Co., Inc.⁽¹⁾	71,092		2,235,843
Phase Forward, Inc.⁽¹⁾	209,336		2,939,077
RehabCare Group, Inc.⁽¹⁾	183,011		3,969,509
			12,523,061
Insurance: Property-Casualty — 1.3%
Tower Group, Inc.	177,701		4,334,127
			4,334,127
Leisure Time — 2.9%
Ctrip.com International Ltd., ADR⁽¹⁾	102,160		6,005,987
Priceline.com, Inc.⁽¹⁾	23,210		3,848,682
			9,854,669
Machinery: Industrial — 0.8%
Flow International Corp.⁽¹⁾	1,091,822		2,827,819
			2,827,819
Machinery: Specialty — 1.2%
Bucyrus International, Inc.	111,890		3,985,522
			3,985,522
Medical & Dental Instruments & Supplies — 3.7%
Insulet Corp.⁽¹⁾	293,040		3,290,839
Inverness Medical Innovations, Inc.⁽¹⁾	90,180		3,492,671
NuVasive, Inc.⁽¹⁾	53,980		2,254,205
Volcano Corp.⁽¹⁾	210,930		3,547,843
			12,585,558
Metals & Minerals: Diversified — 0.5%
Globe Specialty Metals, Inc.⁽¹⁾	189,710		1,711,184
			1,711,184
Oil Well Equipment & Services — 3.5%
Core Laboratories N.V.	40,449		4,169,887
Dril-Quip, Inc.⁽¹⁾	97,470		4,838,411

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Small Cap Growth Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
Superior Energy Services, Inc.⁽¹⁾		131,480	$	2,960,930
				11,969,228
Oil: Crude Producers — 2.0%
Comstock Resources, Inc.⁽¹⁾		97,640		3,913,411
Concho Resources, Inc.⁽¹⁾		82,450		2,994,584
				6,907,995
Pharmaceuticals — 3.7%
BioMarin Pharmaceutical, Inc.⁽¹⁾		237,140		4,287,491
Mylan, Inc.⁽¹⁾		178,410		2,856,344
United Therapeutics Corp.⁽¹⁾		113,800		5,575,062
				12,718,897
Power Transmission Equipment — 1.6%
Advanced Energy Industries, Inc.⁽¹⁾		161,170		2,295,061
Regal-Beloit Corp.		69,611		3,181,919
				5,476,980
Printing & Copying Services — 1.0%
VistaPrint NV⁽¹⁾		70,770		3,591,577
				3,591,577
Restaurants — 2.7%
BJ’s Restaurants, Inc.⁽¹⁾		209,030		3,133,360
P.F. Chang’s China Bistro, Inc.⁽¹⁾		175,190		5,951,204
				9,084,564
Scientific Instruments: Control & Filter — 0.7%
IDEX Corp.		82,630		2,309,509
				2,309,509
Scientific Instruments: Electrical — 1.1%
GrafTech International Ltd.⁽¹⁾		248,110		3,647,217
				3,647,217
Scientific Instruments: Gauges & Meters — 1.6%
Badger Meter, Inc.		87,630		3,390,405
Itron, Inc.⁽¹⁾		30,800		1,975,512
				5,365,917
Semiconductors & Components — 4.8%
FormFactor, Inc.⁽¹⁾		157,210		3,760,463
Monolithic Power Systems, Inc.⁽¹⁾		84,930		1,991,609
Netlogic Microsystems, Inc.⁽¹⁾		93,280		4,197,600
O2Micro International Ltd., ADR⁽¹⁾		654,986		3,438,676
TriQuint Semiconductor, Inc.⁽¹⁾		368,500		2,844,820
				16,233,168
Shipping — 0.8%
Genco Shipping & Trading Ltd.		127,370		2,646,749
				2,646,749
Steel — 0.9%
Steel Dynamics, Inc.		208,330		3,195,782
				3,195,782
Textiles Apparel & Shoes — 3.3%
Guess?, Inc.		180,900		6,700,536
Lululemon Athletica, Inc.⁽¹⁾		195,160		4,439,890
				11,140,426
Truckers — 0.4%
Landstar System, Inc.		37,731		1,436,042
				1,436,042
Utilities: Telecommunications — 3.1%
Cbeyond, Inc.⁽¹⁾		216,971		3,499,742
j2 Global Communications, Inc.⁽¹⁾		178,602		4,109,632
Neutral Tandem, Inc.⁽¹⁾		134,080		3,051,661
				10,661,035
Total Common Stocks (Cost $253,355,955)				320,540,449
Exchange-Traded Funds — 0.9%
Biotechnology — 0.9%
iShares Nasdaq Biotechnology Index Fund⁽¹⁾		39,960		3,251,146
				3,251,146
Total Exchange-Traded Funds (Cost $2,957,255)				3,251,146

	Warrants
Warrants — 0.0%
Communications Technology — 0.0%
Lantronix, Inc.⁽¹⁾⁽²⁾		14,718		122
				122
Total Warrants (Cost $0)				122

	Principal Amount
Repurchase Agreements — 3.4%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $11,467,003, due 10/1/2009⁽³⁾	$	11,467,000		11,467,000
Total Repurchase Agreements (Cost $11,467,000)				11,467,000
Total Investments — 98.8% (Cost $267,780,210)				335,258,717
Other Assets, Net — 1.2%				3,913,309
Total Net Assets — 100.0%			$	339,172,026

(1)	Non-income producing security.

(2)	Fair valued security.

(3)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	3.50	%	2/15/2018	$	11,699,790

ADR— American Depositary Receipt.

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Small Cap Growth Fund (continued)


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	320,540,449	$	—	$	—	$	320,540,449
Exchange-Traded Funds		3,251,146		—		—		3,251,146
Warrants		—		122		—		122
Repurchase Agreements		—		11,467,000		—		11,467,000
Total	$	323,791,595	$	11,467,122	$	—	$	335,258,717

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Smaller Company Growth Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 99.4%
Advertising Agencies — 1.2%
MDC Partners, Inc., Class A⁽¹⁾	108,740	$	809,026
			809,026
Asset Management & Custodian — 1.4%
Affiliated Managers Group, Inc.⁽¹⁾	13,650		887,387
			887,387
Auto Parts — 0.6%
Fuel Systems Solutions, Inc.⁽¹⁾	11,170		402,008
			402,008
Banks: Diversified — 1.0%
PrivateBancorp, Inc.	27,240		666,290
			666,290
Beverage: Soft Drinks — 1.3%
Peet’s Coffee & Tea, Inc.⁽¹⁾	30,630		864,685
			864,685
Biotechnology — 6.8%
Halozyme Therapeutics, Inc.⁽¹⁾	87,848		624,599
Human Genome Sciences, Inc.⁽¹⁾	37,270		701,422
Martek Biosciences Corp.⁽¹⁾	19,690		444,797
Myriad Genetics, Inc.⁽¹⁾	17,880		489,912
Nektar Therapeutics⁽¹⁾	89,500		871,730
Pharmasset, Inc.⁽¹⁾	17,472		369,358
Savient Pharmaceuticals, Inc.⁽¹⁾	25,330		385,016
Seattle Genetics, Inc.⁽¹⁾	41,100		576,633
			4,463,467
Casinos & Gambling — 2.7%
Scientific Games Corp., Class A⁽¹⁾	41,680		659,794
WMS Industries, Inc.⁽¹⁾	24,550		1,093,948
			1,753,742
Chemical: Diversified — 0.7%
FMC Corp.	8,490		477,563
			477,563
Commercial Services — 1.0%
ICF International, Inc.⁽¹⁾	21,932		664,978
			664,978
Communications Technology — 1.9%
Ciena Corp.⁽¹⁾	43,760		712,413
Riverbed Technology, Inc.⁽¹⁾	23,700		520,452
			1,232,865
Computer Services Software & Systems — 18.5%
3PAR, Inc.⁽¹⁾	62,123		685,217
Akamai Technologies, Inc.⁽¹⁾	47,400		932,832
Compellent Technologies, Inc.⁽¹⁾	25,791		465,527
comScore, Inc.⁽¹⁾	45,482		819,131
Digital River, Inc.⁽¹⁾	25,870		1,043,078
F5 Networks, Inc.⁽¹⁾	27,160		1,076,351
GSI Commerce, Inc.⁽¹⁾	72,870		1,407,120
Informatica Corp.⁽¹⁾	38,590		871,362
Internet Brands, Inc., Class A⁽¹⁾	89,733		716,069
LogMeIn, Inc.⁽¹⁾	33,060		605,329
Omniture, Inc.⁽¹⁾	61,814		1,325,292
PROS Holdings, Inc.⁽¹⁾	116,758		983,102
Solarwinds, Inc.⁽¹⁾	35,290		777,439
SXC Health Solutions Corp.⁽¹⁾	10,400		486,616
			12,194,465
Computer Technology — 1.0%
Isilon Systems, Inc.⁽¹⁾	1,540		9,394
Super Micro Computer, Inc.⁽¹⁾	74,671		631,717
			641,111
Consumer Electronics — 1.0%
TiVo, Inc.⁽¹⁾	60,710		628,956
			628,956
Consumer Lending — 1.4%
Portfolio Recovery Associates, Inc.⁽¹⁾	19,700		893,001
			893,001
Diversified Financial Services — 1.3%
Duff & Phelps Corp., Class A	17,870		342,389
FBR Capital Markets Corp.⁽¹⁾	91,860		544,730
			887,119
Diversified Retail — 3.6%
Hot Topic, Inc.⁽¹⁾	77,750		582,348
Lumber Liquidators, Inc.⁽¹⁾	34,370		745,485
Netflix, Inc.⁽¹⁾	23,320		1,076,684
			2,404,517
Engineering & Contracting Services — 1.0%
Aecom Technology Corp.⁽¹⁾	25,030		679,314
			679,314
Financial Data & Systems — 2.2%
CyberSource Corp.⁽¹⁾	56,448		940,988
MSCI, Inc., Class A⁽¹⁾	18,086		535,707
			1,476,695
Health Care: Miscellaneous — 1.7%
MedAssets, Inc.⁽¹⁾	50,390		1,137,302
			1,137,302
Health Care Management Services — 1.0%
Catalyst Health Solutions, Inc.⁽¹⁾	22,749		663,133
			663,133
Health Care Services — 4.1%
athenahealth, Inc.⁽¹⁾	18,400		706,008
IPC The Hospitalist Co., Inc.⁽¹⁾	14,770		464,517
Phase Forward, Inc.⁽¹⁾	49,850		699,894
RehabCare Group, Inc.⁽¹⁾	38,300		830,727
			2,701,146
Insurance: Property-Casualty — 1.3%
Tower Group, Inc.	35,860		874,625
			874,625
Leisure Time — 3.1%
Ctrip.com International Ltd., ADR⁽¹⁾	21,510		1,264,573
Priceline.com, Inc.⁽¹⁾	4,840		802,569
			2,067,142
Machinery: Industrial — 1.6%
Flow International Corp.⁽¹⁾	407,024		1,054,192
			1,054,192
Machinery: Specialty — 1.2%
Bucyrus International, Inc.	22,742		810,070
			810,070
Medical & Dental Instruments & Supplies — 3.0%
Inverness Medical Innovations, Inc.⁽¹⁾	18,710		724,638
NuVasive, Inc.⁽¹⁾	11,910		497,362
Volcano Corp.⁽¹⁾	46,660		784,821
			2,006,821
Metals & Minerals: Diversified — 0.5%
Globe Specialty Metals, Inc.⁽¹⁾	35,700		322,014
			322,014
Oil Well Equipment & Services — 5.1%
Core Laboratories N.V.	12,100		1,247,389
Dril-Quip, Inc.⁽¹⁾	29,270		1,452,963
Superior Energy Services, Inc.⁽¹⁾	29,000		653,080
			3,353,432

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Shares		Value
Oil: Crude Producers — 2.1%
Comstock Resources, Inc.⁽¹⁾		18,590	$	745,087
Concho Resources, Inc.⁽¹⁾		17,940		651,581
				1,396,668
Pharmaceuticals — 4.2%
BioMarin Pharmaceutical, Inc.⁽¹⁾		49,600		896,768
Mylan, Inc.⁽¹⁾		39,890		638,639
United Therapeutics Corp.⁽¹⁾		25,000		1,224,750
				2,760,157
Power Transmission Equipment — 1.7%
Advanced Energy Industries, Inc.⁽¹⁾		33,260		473,622
Regal-Beloit Corp.		14,476		661,698
				1,135,320
Restaurants — 1.5%
BJ’s Restaurants, Inc.⁽¹⁾		31,040		465,290
P.F. Chang’s China Bistro, Inc.⁽¹⁾		14,920		506,832
				972,122
Scientific Instruments: Control & Filter — 0.8%
IDEX Corp.		17,950		501,703
				501,703
Scientific Instruments: Electrical — 1.1%
GrafTech International Ltd.⁽¹⁾		51,220		752,934
				752,934
Scientific Instruments: Gauges & Meters — 1.7%
Badger Meter, Inc.		19,170		741,687
Itron, Inc.⁽¹⁾		6,350		407,289
				1,148,976
Semiconductors & Components — 4.1%
FormFactor, Inc.⁽¹⁾		34,500		825,240
Monolithic Power Systems, Inc.⁽¹⁾		17,170		402,637
Netlogic Microsystems, Inc.⁽¹⁾		19,590		881,550
TriQuint Semiconductor, Inc.⁽¹⁾		76,500		590,580
				2,700,007
Shipping — 0.9%
Genco Shipping & Trading Ltd.		26,930		559,605
				559,605
Steel — 1.0%
Steel Dynamics, Inc.		44,190		677,875
				677,875
Textiles Apparel & Shoes — 5.1%
FGX International Holdings Ltd.⁽¹⁾		69,110		964,084
Guess?, Inc.		40,370		1,495,305
Lululemon Athletica, Inc.⁽¹⁾		41,180		936,845
				3,396,234
Truckers — 0.4%
Landstar System, Inc.		7,597		289,142
				289,142
Utilities: Telecommunications — 3.6%
Cbeyond, Inc.⁽¹⁾		47,010		758,272
j2 Global Communications, Inc.⁽¹⁾		41,620		957,676
Neutral Tandem, Inc.⁽¹⁾		27,870		634,321
				2,350,269
Total Common Stocks (Cost $50,471,575)				65,658,078
Exchange-Traded Funds — 0.5%
Biotechnology — 0.5%
iShares Nasdaq Biotechnology Index Fund⁽¹⁾		4,100		333,576
Total Exchange-Traded Funds (Cost $298,294)				333,576

	Principal Amount
Repurchase Agreements — 2.0%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $1,303,000, due 10/1/2009⁽²⁾	$	1,303,000		1,303,000
Total Repurchase Agreements (Cost $1,303,000)				1,303,000
Total Investments — 101.9% (Cost $52,072,869)				67,294,654
Other Liabilities, Net — (1.9)%				(1,237,591	)
Total Net Assets — 100.0%			$	66,057,063

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	4.00	%	8/15/2018	$	1,330,049

ADR— American Depositary Receipt.

See accompanying notes to Schedule of Investments.


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


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	65,658,078	$	—	$	—	$	65,658,078
Exchange-Traded Funds		333,576		—		—		333,576
Repurchase Agreements		—		1,303,000		—		1,303,000
Total	$	65,991,654	$	1,303,000	$	—	$	67,294,654

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Select Growth Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 96.2%
Aerospace — 1.2%
TransDigm Group, Inc.⁽¹⁾	14,660	$	730,215
			730,215
Asset Management & Custodian — 2.1%
Affiliated Managers Group, Inc.⁽¹⁾	19,810		1,287,848
			1,287,848
Banks: Diversified — 1.3%
PrivateBancorp, Inc.	33,810		826,993
			826,993
Biotechnology — 4.3%
Alexion Pharmaceuticals, Inc.⁽¹⁾	26,140		1,164,276
Life Technologies Corp.⁽¹⁾	19,070		887,708
Myriad Genetics, Inc.⁽¹⁾	22,290		610,746
			2,662,730
Casinos & Gambling — 2.8%
Scientific Games Corp., Class A⁽¹⁾	35,760		566,081
WMS Industries, Inc.⁽¹⁾	26,510		1,181,285
			1,747,366
Chemical: Diversified — 1.0%
FMC Corp.	10,895		612,844
			612,844
Commercial Services — 1.7%
FTI Consulting, Inc.⁽¹⁾	24,990		1,064,824
			1,064,824
Communications Technology — 0.7%
Riverbed Technology, Inc.⁽¹⁾	20,080		440,957
			440,957
Computer Services Software & Systems — 11.2%
Akamai Technologies, Inc.⁽¹⁾	67,030		1,319,150
Digital River, Inc.⁽¹⁾	39,130		1,577,722
F5 Networks, Inc.⁽¹⁾	38,260		1,516,244
McAfee, Inc.⁽¹⁾	18,920		828,507
Solarwinds, Inc.⁽¹⁾	33,790		744,394
VeriSign, Inc.⁽¹⁾	39,550		936,939
			6,922,956
Consumer Electronics — 1.9%
NetEase.com, Inc., ADR⁽¹⁾	26,250		1,199,100
			1,199,100
Consumer Lending — 1.4%
Portfolio Recovery Associates, Inc.⁽¹⁾	18,920		857,644
			857,644
Diversified Retail — 7.4%
Netflix, Inc.⁽¹⁾	23,770		1,097,461
Ross Stores, Inc.	33,810		1,615,103
Urban Outfitters, Inc.⁽¹⁾	60,740		1,832,526
			4,545,090
Financial Data & Systems — 5.2%
Alliance Data Systems Corp.⁽¹⁾	7,310		446,495
CyberSource Corp.⁽¹⁾	80,995		1,350,187
Global Payments, Inc.	17,050		796,235
MSCI, Inc., Class A⁽¹⁾	21,799		645,686
			3,238,603
Health Care Services — 1.4%
Phase Forward, Inc.⁽¹⁾	62,474		877,135
			877,135
Hotel/Motel — 1.5%
Wynn Resorts Ltd.⁽¹⁾	13,090		927,950
			927,950
Insurance: Property-Casualty — 2.0%
Tower Group, Inc.	50,040		1,220,475
			1,220,475
Leisure Time — 3.4%
Ctrip.com International Ltd., ADR⁽¹⁾	20,570		1,209,310
Priceline.com, Inc.⁽¹⁾	5,480		908,694
			2,118,004
Machinery: Specialty — 1.7%
Bucyrus International, Inc.	28,930		1,030,487
			1,030,487
Medical & Dental Instruments & Supplies — 2.3%
Inverness Medical Innovations, Inc.⁽¹⁾	37,270		1,443,467
			1,443,467
Medical Equipment — 3.2%
IDEXX Laboratories, Inc.⁽¹⁾	11,710		585,500
Illumina, Inc.⁽¹⁾	16,799		713,957
Sirona Dental Systems, Inc.⁽¹⁾	23,590		701,803
			2,001,260
Medical Services — 1.7%
Covance, Inc.⁽¹⁾	19,110		1,034,806
			1,034,806
Oil Well Equipment & Services — 3.7%
Core Laboratories N.V.	11,230		1,157,700
Dril-Quip, Inc.⁽¹⁾	22,870		1,135,267
			2,292,967
Oil: Crude Producers — 2.9%
Concho Resources, Inc.⁽¹⁾	23,130		840,082
Range Resources Corp.	18,970		936,359
			1,776,441
Pharmaceuticals — 5.7%
BioMarin Pharmaceutical, Inc.⁽¹⁾	53,390		965,291
Mylan, Inc.⁽¹⁾	63,540		1,017,275
United Therapeutics Corp.⁽¹⁾	31,060		1,521,630
			3,504,196
Printing And Copying Services — 1.6%
VistaPrint NV⁽¹⁾	19,140		971,355
			971,355
Production Technology Equipment — 1.6%
Lam Research Corp.⁽¹⁾	29,700		1,014,552
			1,014,552
Restaurants — 2.4%
P.F. Chang’s China Bistro, Inc.⁽¹⁾	43,570		1,480,073
			1,480,073
Scientific Instruments: Control & Filter — 1.1%
IDEX Corp.	23,390		653,750
			653,750
Scientific Instruments: Electrical — 1.6%
GrafTech International Ltd.⁽¹⁾	65,250		959,175
			959,175
Scientific Instruments: Gauges & Meters — 0.9%
Itron, Inc.⁽¹⁾	8,920		572,129
			572,129
Securities Brokerage & Services — 1.5%
IntercontinentalExchange, Inc.⁽¹⁾	9,720		944,687
			944,687
Semiconductors & Components — 3.1%
Intersil Corp., Class A	83,230		1,274,251
Silicon Laboratories, Inc.⁽¹⁾	14,440		669,439
			1,943,690

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Select Growth Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
Shipping — 1.0%
Genco Shipping & Trading Ltd.		29,040	$	603,451
				603,451
Steel — 1.4%
Steel Dynamics, Inc.		56,950		873,613
				873,613
Textiles Apparel & Shoes — 4.2%
Guess?, Inc.		43,120		1,597,165
Lululemon Athletica, Inc.⁽¹⁾		44,450		1,011,237
				2,608,402
Truckers — 1.6%
J.B. Hunt Transport Services, Inc.		19,800		636,174
Landstar System, Inc.		8,954		340,789
				976,963
Utilities: Telecommunications — 2.5%
j2 Global Communications, Inc.⁽¹⁾		43,048		990,535
Neutral Tandem, Inc.⁽¹⁾		24,470		556,937
				1,547,472
Total Common Stocks (Cost $46,807,652)				59,513,670

	Principal Amount
Repurchase Agreements — 3.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $2,382,001, due 10/1/2009⁽²⁾	$	2,382,000		2,382,000
Total Repurchase Agreements (Cost $2,382,000)				2,382,000
Total Investments — 100.1% (Cost $49,189,652)				61,895,670
Other Liabilities, Net — (0.1)%				(41,252	)
Total Net Assets — 100.0%			$	61,854,418

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	4.00	%	8/15/2018	$	2,432,241

ADR — American Depositary Receipt.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	59,513,670	$	—	$	—	$	59,513,670
Repurchase Agreements		—		2,382,000		—		2,382,000
Total	$	59,513,670	$	2,382,000	$	—	$	61,895,670

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Mid Cap Growth Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 94.1%
Aerospace — 1.2%
TransDigm Group, Inc.⁽¹⁾	14,872	$	740,774
			740,774
Asset Management & Custodian — 3.1%
Affiliated Managers Group, Inc.⁽¹⁾	19,680		1,279,397
Invesco Ltd.	26,350		599,726
			1,879,123
Biotechnology — 1.8%
Life Technologies Corp.⁽¹⁾	13,300		619,115
Myriad Genetics, Inc.⁽¹⁾	18,700		512,380
			1,131,495
Chemical: Diversified — 2.6%
FMC Corp.	11,055		621,844
Praxair, Inc.	11,800		963,942
			1,585,786
Commercial Services — 1.6%
FTI Consulting, Inc.⁽¹⁾	23,720		1,010,709
			1,010,709
Communications Technology — 3.1%
Brocade Communications Systems, Inc.⁽¹⁾	157,550		1,238,343
Tellabs, Inc.⁽¹⁾	92,080		637,194
			1,875,537
Computer Services Software & Systems — 10.6%
Akamai Technologies, Inc.⁽¹⁾	80,100		1,576,368
F5 Networks, Inc.⁽¹⁾	36,860		1,460,762
GSI Commerce, Inc.⁽¹⁾	40,410		780,317
McAfee, Inc.⁽¹⁾	26,100		1,142,919
Salesforce.com, Inc.⁽¹⁾	12,420		707,070
VeriSign, Inc.⁽¹⁾	35,020		829,624
			6,497,060
Computer Technology — 1.2%
NetApp, Inc.⁽¹⁾	27,530		734,500
			734,500
Consumer Electronics — 2.0%
NetEase.com, Inc., ADR⁽¹⁾	27,030		1,234,730
			1,234,730
Diversified Manufacturing Operations — 1.4%
Danaher Corp.	12,620		849,578
			849,578
Diversified Retail — 8.6%
Advance Auto Parts, Inc.	11,850		465,468
Netflix, Inc.⁽¹⁾	21,370		986,653
Nordstrom, Inc.	17,230		526,204
Ross Stores, Inc.	34,790		1,661,918
Urban Outfitters, Inc.⁽¹⁾	55,050		1,660,859
			5,301,102
Electronic Components — 1.1%
Amphenol Corp., Class A	17,600		663,168
			663,168
Electronic Entertainment — 2.6%
Activision Blizzard, Inc.⁽¹⁾	126,940		1,572,787
			1,572,787
Energy Equipment — 1.0%
SunPower Corp., Class A⁽¹⁾	19,810		592,121
			592,121
Engineering & Contracting Services — 1.2%
Aecom Technology Corp.⁽¹⁾	27,000		732,780
			732,780
Financial Data & Systems — 2.9%
Global Payments, Inc.	18,370		857,879
MasterCard, Inc., Class A	4,675		945,051
			1,802,930
Hotel/Motel — 1.6%
Wynn Resorts Ltd.⁽¹⁾	13,680		969,775
			969,775
Leisure Time — 1.4%
Priceline.com, Inc.⁽¹⁾	5,370		890,453
			890,453
Machinery: Specialty — 1.7%
Bucyrus International, Inc.	29,360		1,045,803
			1,045,803
Medical & Dental Instruments & Supplies — 2.8%
Inverness Medical Innovations, Inc.⁽¹⁾	26,680		1,033,317
St. Jude Medical, Inc.⁽¹⁾	17,930		699,449
			1,732,766
Medical Equipment — 1.6%
IDEXX Laboratories, Inc.⁽¹⁾	8,270		413,500
Sirona Dental Systems, Inc.⁽¹⁾	19,710		586,373
			999,873
Medical Services — 2.2%
Covance, Inc.⁽¹⁾	14,990		811,708
Quest Diagnostics, Inc.	10,420		543,820
			1,355,528
Metal Fabricating — 2.3%
Precision Castparts Corp.	5,690		579,641
Reliance Steel & Aluminum Co.	19,770		841,411
			1,421,052
Oil Well Equipment & Services — 3.7%
Cameron International Corp.⁽¹⁾	25,440		962,141
Core Laboratories N.V.	12,910		1,330,892
			2,293,033
Oil: Crude Producers — 5.2%
Comstock Resources, Inc.⁽¹⁾	18,380		736,671
Range Resources Corp.	20,370		1,005,463
Southwestern Energy Co.⁽¹⁾	33,790		1,442,157
			3,184,291
Pharmaceuticals — 5.3%
Mead Johnson Nutrition Co., Class A	23,760		1,071,813
Mylan, Inc.⁽¹⁾	46,280		740,943
United Therapeutics Corp.⁽¹⁾	21,320		1,044,467
Vertex Pharmaceuticals, Inc.⁽¹⁾	10,560		400,224
			3,257,447
Production Technology Equipment — 1.7%
Lam Research Corp.⁽¹⁾	30,650		1,047,004
			1,047,004
Restaurants — 4.2%
Starbucks Corp.⁽¹⁾	62,600		1,292,690
Yum! Brands, Inc.	38,030		1,283,893
			2,576,583
Scientific Instruments: Control & Filter — 2.2%
Flowserve Corp.	7,480		737,079
IDEX Corp.	21,810		609,590
			1,346,669
Scientific Instruments: Gauges & Meters — 0.9%
Itron, Inc.⁽¹⁾	9,080		582,391
			582,391
Securities Brokerage & Services — 3.5%
CME Group, Inc.	3,320		1,023,191

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Mid Cap Growth Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
IntercontinentalExchange, Inc.⁽¹⁾		11,540	$	1,121,573
				2,144,764
Semiconductors & Components — 2.2%
Avago Technologies Ltd.⁽¹⁾		43,870		748,861
Intersil Corp., Class A		41,110		629,394
				1,378,255
Steel — 1.5%
Steel Dynamics, Inc.		59,500		912,730
				912,730
Textiles Apparel & Shoes — 2.5%
Guess?, Inc.		41,780		1,547,531
				1,547,531
Truckers — 1.6%
J.B. Hunt Transport Services, Inc.		20,290		651,918
Landstar System, Inc.		8,877		337,858
				989,776
Total Common Stocks (Cost $47,057,138)				57,879,904

	Principal Amount
Repurchase Agreements — 5.4%
State Street Bank and Trust Co. Repurchase
Agreement, 0.01% dated 9/30/2009, maturity value of $3,332,001, due 10/1/2009⁽²⁾	$	3,332,000		3,332,000
Total Repurchase Agreements (Cost $3,332,000)				3,332,000
Total Investments — 99.5% (Cost $50,389,138)				61,211,904
Other Assets, Net — 0.5%				300,993
Total Net Assets — 100.0%			$	61,512,897

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	3.00	%	9/30/2016	$	3,403,488

ADR — American Depositary Receipt.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	57,879,904	$	—	$	—	$	57,879,904
Repurchase Agreements		—		3,332,000		—		3,332,000
Total	$	57,879,904	$	3,332,000	$	—	$	61,211,904

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Growth Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 97.4%
Asset Management & Custodian — 1.0%
Invesco Ltd.	45,440	$	1,034,214
			1,034,214
Biotechnology — 2.5%
Genzyme Corp.⁽¹⁾	25,430		1,442,644
Life Technologies Corp.⁽¹⁾	27,680		1,288,504
			2,731,148
Cable Television Services — 1.1%
The DIRECTV Group, Inc.⁽¹⁾	43,680		1,204,694
			1,204,694
Chemicals: Diversified — 2.5%
Ecolab, Inc.	22,750		1,051,733
Praxair, Inc.	20,170		1,647,687
			2,699,420
Commercial Services — 1.9%
Accenture PLC, Class A	54,820		2,043,142
			2,043,142
Communications Technology — 4.6%
Cisco Systems, Inc.⁽¹⁾	128,720		3,030,069
QUALCOMM, Inc.	43,030		1,935,489
			4,965,558
Computer Services Software & Systems — 11.0%
Google, Inc., Class A⁽¹⁾	7,130		3,535,410
McAfee, Inc.⁽¹⁾	26,720		1,170,069
Microsoft Corp.	88,240		2,284,534
Oracle Corp.	81,170		1,691,583
Symantec Corp.⁽¹⁾	96,130		1,583,261
VeriSign, Inc.⁽¹⁾	66,260		1,569,699
			11,834,556
Computer Technology — 13.2%
Apple, Inc.⁽¹⁾	27,650		5,125,480
EMC Corp.⁽¹⁾	132,800		2,262,912
Hewlett-Packard Co.	75,200		3,550,192
International Business Machines Corp.	16,560		1,980,742
NetApp, Inc.⁽¹⁾	45,740		1,220,343
			14,139,669
Diversified Financial Services — 3.1%
JPMorgan Chase & Co.	36,350		1,592,857
The Goldman Sachs Group, Inc.	9,420		1,736,577
			3,329,434
Diversified Manufacturing Operations — 2.9%
Danaher Corp.	27,990		1,884,287
Illinois Tool Works, Inc.	29,570		1,262,935
			3,147,222
Diversified Retail — 6.5%
Amazon.com, Inc.⁽¹⁾	34,690		3,238,658
Target Corp.	57,640		2,690,635
Wal-Mart Stores, Inc.	20,130		988,182
			6,917,475
Electronic Entertainment — 1.5%
Activision Blizzard, Inc.⁽¹⁾	127,460		1,579,229
			1,579,229
Energy Equipment — 0.9%
SunPower Corp., Class A⁽¹⁾	33,870		1,012,374
			1,012,374
Financial Data & Systems — 1.2%
Visa, Inc., Class A	18,490		1,277,844
			1,277,844
Foods — 4.3%
Kellogg Co.	32,830		1,616,221
Sysco Corp.	42,480		1,055,628
Unilever PLC, ADR	65,800		1,887,144
			4,558,993
Health Care Services — 1.6%
Medco Health Solutions, Inc.⁽¹⁾	30,840		1,705,761
			1,705,761
Medical & Dental Instruments & Supplies — 1.1%
St. Jude Medical, Inc.⁽¹⁾	30,230		1,179,272
			1,179,272
Medical Services — 0.9%
Quest Diagnostics, Inc.	18,010		939,942
			939,942
Metal Fabricating — 0.9%
Precision Castparts Corp.	9,730		991,195
			991,195
Offshore Drilling & Other Services — 1.5%
Transocean Ltd.⁽¹⁾	18,780		1,606,254
			1,606,254
Oil Well Equipment & Services — 3.1%
Cameron International Corp.⁽¹⁾	44,790		1,693,958
Schlumberger Ltd.	26,760		1,594,896
			3,288,854
Oil: Crude Producers — 5.6%
Occidental Petroleum Corp.	28,170		2,208,528
Range Resources Corp.	36,570		1,805,095
Southwestern Energy Co.⁽¹⁾	47,330		2,020,045
			6,033,668
Personal Care — 1.6%
Colgate-Palmolive Co.	22,210		1,694,179
			1,694,179
Pharmaceuticals — 5.6%
Abbott Laboratories	45,690		2,260,284
Gilead Sciences, Inc.⁽¹⁾	49,420		2,301,984
Teva Pharmaceutical Industries Ltd., ADR	29,000		1,466,240
			6,028,508
Railroads — 1.7%
CSX Corp.	42,970		1,798,724
			1,798,724
Restaurants — 3.0%
Starbucks Corp.⁽¹⁾	111,290		2,298,139
Yum! Brands, Inc.	27,190		917,934
			3,216,073
Scientific Instruments: Control & Filter — 1.2%
Flowserve Corp.	12,900		1,271,166
			1,271,166
Scientific Instruments: Pollution Control — 1.5%
Republic Services, Inc.	58,800		1,562,316
			1,562,316
Securities Brokerage & Services — 3.1%
CME Group, Inc.	5,360		1,651,898
IntercontinentalExchange, Inc.⁽¹⁾	16,920		1,644,455
			3,296,353
Semiconductors & Components — 1.4%
Avago Technologies Ltd.⁽¹⁾	43,990		750,909
Broadcom Corp., Class A⁽¹⁾	26,310		807,454
			1,558,363
Textiles Apparel & Shoes — 1.1%
NIKE, Inc., Class B	17,720		1,146,484
			1,146,484

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Growth Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
Tobacco — 2.2%
Philip Morris International, Inc.		48,870	$	2,381,924
				2,381,924
Transportation Miscellaneous — 2.1%
United Parcel Service, Inc., Class B		39,560		2,233,953
				2,233,953
Total Common Stocks (Cost $88,958,907)				104,407,961

	Principal Amount
Repurchase Agreements — 3.0%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $3,183,001, due 10/1/2009⁽²⁾	$	3,183,000		3,183,000
Total Repurchase Agreements (Cost $3,183,000)				3,183,000
Total Investments — 100.4% (Cost $92,141,907)				107,590,961
Other Liabilities, Net — (0.4)%				(470,095	)
Total Net Assets — 100.0%			$	107,120,866

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	4.00	%	8/15/2018	$	3,248,287

ADR — American Depositary Receipt.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	104,407,961	$	—	$	—	$	104,407,961
Repurchase Agreements		—		3,183,000		—		3,183,000
Total	$	104,407,961	$	3,183,000	$	—	$	107,590,961

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Technology Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 98.8%
Advertising Agencies — 1.0%
ValueClick, Inc.⁽¹⁾	110,949	$	1,463,417
			1,463,417
Cable Television Services — 0.6%
The DIRECTV Group, Inc.⁽¹⁾	35,290		973,298
			973,298
Communications Technology — 13.6%
Airvana, Inc.⁽¹⁾	157,790		1,068,238
Brocade Communications Systems, Inc.⁽¹⁾	386,490		3,037,812
Ciena Corp.⁽¹⁾	130,480		2,124,215
Cisco Systems, Inc.⁽¹⁾	199,750		4,702,115
Harris Stratex Networks, Inc., Class A⁽¹⁾	217,780		1,524,460
Infinera Corp.⁽¹⁾	124,120		986,754
QUALCOMM, Inc.	75,940		3,415,781
Riverbed Technology, Inc.⁽¹⁾	50,270		1,103,929
ShoreTel, Inc.⁽¹⁾	104,880		819,113
Tellabs, Inc.⁽¹⁾	329,310		2,278,825
			21,061,242
Computer Services Software & Systems — 36.3%
3PAR, Inc.⁽¹⁾	215,740		2,379,612
Akamai Technologies, Inc.⁽¹⁾	86,050		1,693,464
Compellent Technologies, Inc.⁽¹⁾	60,681		1,095,292
comScore, Inc.⁽¹⁾	88,335		1,590,913
Digital River, Inc.⁽¹⁾	95,440		3,848,141
F5 Networks, Inc.⁽¹⁾	126,850		5,027,066
Google, Inc., Class A⁽¹⁾	13,120		6,505,552
GSI Commerce, Inc.⁽¹⁾	190,619		3,680,853
Informatica Corp.⁽¹⁾	96,660		2,182,583
Internet Brands, Inc., Class A⁽¹⁾	269,594		2,151,360
LogMeIn, Inc.⁽¹⁾	72,210		1,322,165
McAfee, Inc.⁽¹⁾	37,250		1,631,178
Microsoft Corp.	240,210		6,219,037
Omniture, Inc.⁽¹⁾	136,237		2,920,921
Oracle Corp.	123,990		2,583,952
PROS Holdings, Inc.⁽¹⁾	240,814		2,027,654
Salesforce.com, Inc.⁽¹⁾	29,810		1,697,083
Solarwinds, Inc.⁽¹⁾	68,360		1,505,971
VeriSign, Inc.⁽¹⁾	61,760		1,463,094
VMware, Inc., Class A⁽¹⁾	58,190		2,337,492
Yahoo! Inc.⁽¹⁾	130,970		2,332,576
			56,195,959
Computer Technology — 9.9%
Apple, Inc.⁽¹⁾	38,320		7,103,379
EMC Corp.⁽¹⁾	75,030		1,278,511
Hewlett-Packard Co.	54,840		2,588,996
Isilon Systems, Inc.⁽¹⁾	234,160		1,428,376
Research In Motion Ltd.⁽¹⁾	21,900		1,479,345
Super Micro Computer, Inc.⁽¹⁾	178,142		1,507,081
			15,385,688
Consumer Electronics — 3.1%
NetEase.com, Inc., ADR⁽¹⁾	34,500		1,575,960
Nintendo Co., Ltd., ADR	17,720		559,420
TiVo, Inc.⁽¹⁾	255,530		2,647,291
			4,782,671
Consumer Lending — 0.4%
Tree.com, Inc.⁽¹⁾	85,177		643,086
			643,086
Diversified Retail — 5.6%
Amazon.com, Inc.⁽¹⁾	53,920		5,033,971
Netflix, Inc.⁽¹⁾	47,700		2,202,309
Shutterfly, Inc.⁽¹⁾	85,700		1,425,191
			8,661,471
Electronic Entertainment — 1.7%
Activision Blizzard, Inc.⁽¹⁾	125,240		1,551,723
THQ, Inc.⁽¹⁾	157,520		1,077,437
			2,629,160
Energy Equipment — 0.9%
SunPower Corp., Class A⁽¹⁾	48,130		1,438,606
			1,438,606
Leisure Time — 3.1%
Ctrip.com International Ltd., ADR⁽¹⁾	45,510		2,675,533
Priceline.com, Inc.⁽¹⁾	12,400		2,056,168
			4,731,701
Power Transmission Equipment — 1.2%
Advanced Energy Industries, Inc.⁽¹⁾	133,910		1,906,878
			1,906,878
Printing & Copying Services — 1.0%
VistaPrint NV⁽¹⁾	31,760		1,611,820
			1,611,820
Production Technology Equipment — 2.5%
Sanmina-SCI Corp.⁽¹⁾	265,578		2,283,971
Teradyne, Inc.⁽¹⁾	174,100		1,610,425
			3,894,396
Semiconductors & Components — 13.5%
Avago Technologies Ltd.⁽¹⁾	60,580		1,034,101
Broadcom Corp., Class A⁽¹⁾	48,550		1,490,000
Entropic Communications, Inc.⁽¹⁾	490,830		1,344,874
FormFactor, Inc.⁽¹⁾	71,240		1,704,061
Hittite Microwave Corp.⁽¹⁾	39,630		1,457,591
Intersil Corp., Class A	154,732		2,368,947
Micron Technology, Inc.⁽¹⁾	239,230		1,961,686
Monolithic Power Systems, Inc.⁽¹⁾	46,790		1,097,226
Netlogic Microsystems, Inc.⁽¹⁾	41,920		1,886,400
O2Micro International Ltd., ADR⁽¹⁾	575,782		3,022,855
ON Semiconductor Corp.⁽¹⁾	181,950		1,501,087
Techwell, Inc.⁽¹⁾	183,450		2,014,281
			20,883,109
Telecommunications Equipment — 1.1%
Ceragon Networks Ltd.⁽¹⁾	198,900		1,682,694
			1,682,694
Utilities: Telecommunications — 3.3%
Cbeyond, Inc.⁽¹⁾	107,910		1,740,588
j2 Global Communications, Inc.⁽¹⁾	67,497		1,553,106
Neutral Tandem, Inc.⁽¹⁾	81,240		1,849,023
			5,142,717
Total Common Stocks (Cost $124,146,842)			153,087,913

	Warrants
Warrants — 0.0%
Communications Technology — 0.0%
Lantronix, Inc.⁽¹⁾⁽²⁾	2,878		24
			24
Total Warrants (Cost $0)			24

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Technology Fund (continued)


September 30, 2009 (unaudited)	Principal Amount		Value
Repurchase Agreements — 0.5%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $733,000, due 10/1/2009⁽³⁾	$	733,000	$	733,000
Total Repurchase Agreements (Cost $733,000)				733,000
Total Investments — 99.3%
(Cost $124,879,842)				153,820,937
Other Assets, Net — 0.7%				1,026,007
Total Net Assets — 100.0%			$	154,846,944

(1)	Non-income producing security.

(2)	Fair valued security.

(3)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	4.00	%	8/15/2018	$	752,458

ADR — American Depositary Receipt.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	153,087,913	$	—	$	—	$	153,087,913
Warrants		—		24		—		24
Repurchase Agreements		—		733,000		—		733,000
Total	$	153,087,913	$	733,024	$	—	$	153,820,937

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Small Cap Equity Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 96.0%
Asset Management & Custodian — 1.3%
Affiliated Managers Group, Inc.⁽¹⁾	21,400	$	1,391,215
			1,391,215
Auto Parts — 0.6%
Fuel Systems Solutions, Inc.⁽¹⁾	17,500		629,825
			629,825
Banks: Diversified — 1.0%
PrivateBancorp, Inc.	42,700		1,044,442
			1,044,442
Beverage: Soft Drinks — 1.0%
Peet’s Coffee & Tea, Inc.⁽¹⁾	37,819		1,067,630
			1,067,630
Biotechnology — 6.6%
Halozyme Therapeutics, Inc.⁽¹⁾	134,486		956,196
Human Genome Sciences, Inc.⁽¹⁾	58,800		1,106,616
Martek Biosciences Corp.⁽¹⁾	28,900		652,851
Myriad Genetics, Inc.⁽¹⁾	27,468		752,623
Nektar Therapeutics⁽¹⁾	132,400		1,289,576
Pharmasset, Inc.⁽¹⁾	25,700		543,298
Savient Pharmaceuticals, Inc.⁽¹⁾	55,000		836,000
Seattle Genetics, Inc.⁽¹⁾	62,300		874,069
			7,011,229
Casinos & Gambling — 2.6%
Scientific Games Corp., Class A⁽¹⁾	44,494		704,340
WMS Industries, Inc.⁽¹⁾	46,687		2,080,373
			2,784,713
Chemical: Diversified — 0.7%
FMC Corp.	13,272		746,550
			746,550
Commercial Services — 2.1%
ICF International, Inc.⁽¹⁾	30,115		913,087
Robert Half International, Inc.	52,100		1,303,542
			2,216,629
Communications Technology — 1.8%
Ciena Corp.⁽¹⁾	67,800		1,103,784
Riverbed Technology, Inc.⁽¹⁾	35,600		781,776
			1,885,560
Computer Services Software & Systems — 16.5%
3PAR, Inc.⁽¹⁾	104,502		1,152,657
Akamai Technologies, Inc.⁽¹⁾	59,301		1,167,043
Compellent Technologies, Inc.⁽¹⁾	39,479		712,596
comScore, Inc.⁽¹⁾	64,117		1,154,747
Digital River, Inc.⁽¹⁾	53,470		2,155,910
F5 Networks, Inc.⁽¹⁾	42,300		1,676,349
GSI Commerce, Inc.⁽¹⁾	114,181		2,204,835
Informatica Corp.⁽¹⁾	77,029		1,739,315
Internet Brands, Inc., Class A⁽¹⁾	81,708		652,030
LogMeIn, Inc.⁽¹⁾	50,800		930,148
Omniture, Inc.⁽¹⁾	97,129		2,082,446
Solarwinds, Inc.⁽¹⁾	54,059		1,190,920
SXC Health Solutions Corp.⁽¹⁾	16,000		748,640
			17,567,636
Computer Technology — 0.0%
Isilon Systems, Inc.⁽¹⁾	2,400		14,640
			14,640
Consumer Electronics — 0.7%
TiVo, Inc.⁽¹⁾	71,644		742,232
			742,232
Consumer Lending — 1.3%
Portfolio Recovery Associates, Inc.⁽¹⁾	30,416		1,378,757
			1,378,757
Diversified Financial Services — 1.3%
Duff & Phelps Corp., Class A	28,000		536,480
FBR Capital Markets Corp.⁽¹⁾	142,680		846,092
			1,382,572
Diversified Retail — 6.2%
Advance Auto Parts, Inc.	26,800		1,052,704
Hot Topic, Inc.⁽¹⁾	121,100		907,039
Lumber Liquidators, Inc.⁽¹⁾	52,658		1,142,152
Netflix, Inc.⁽¹⁾	36,300		1,675,971
Urban Outfitters, Inc.⁽¹⁾	61,228		1,847,249
			6,625,115
Engineering & Contracting Services — 1.0%
Aecom Technology Corp.⁽¹⁾	38,900		1,055,746
			1,055,746
Financial Data & Systems — 2.5%
CyberSource Corp.⁽¹⁾	86,574		1,443,189
MSCI, Inc., Class A⁽¹⁾	41,323		1,223,987
			2,667,176
Health Care Management Services — 0.9%
Catalyst Health Solutions, Inc.⁽¹⁾	33,565		978,420
			978,420
Health Care Services — 3.0%
athenahealth, Inc.⁽¹⁾	28,213		1,082,533
Phase Forward, Inc.⁽¹⁾	57,203		803,130
RehabCare Group, Inc.⁽¹⁾	58,643		1,271,966
			3,157,629
Health Care: Miscellaneous — 1.6%
MedAssets, Inc.⁽¹⁾	76,991		1,737,687
			1,737,687
Insurance: Property-Casualty — 1.3%
Tower Group, Inc.	56,225		1,371,328
			1,371,328
Leisure Time — 2.9%
Ctrip.com International Ltd., ADR⁽¹⁾	32,703		1,922,610
Priceline.com, Inc.⁽¹⁾	7,387		1,224,912
			3,147,522
Machinery: Specialty — 1.2%
Bucyrus International, Inc.	35,600		1,268,072
			1,268,072
Medical & Dental Instruments & Supplies — 3.7%
Insulet Corp.⁽¹⁾	81,908		919,827
Inverness Medical Innovations, Inc.⁽¹⁾	28,700		1,111,551
NuVasive, Inc.⁽¹⁾	17,600		734,976
Volcano Corp.⁽¹⁾	68,770		1,156,711
			3,923,065
Metals & Minerals: Diversified — 0.5%
Globe Specialty Metals, Inc.⁽¹⁾	60,700		547,514
			547,514
Oil Well Equipment & Services — 3.4%
Core Laboratories N.V.	11,069		1,141,103
Dril-Quip, Inc.⁽¹⁾	31,653		1,571,255
Superior Energy Services, Inc.⁽¹⁾	43,038		969,216
			3,681,574
Oil: Crude Producers — 2.5%
Comstock Resources, Inc.⁽¹⁾	26,970		1,080,958
Concho Resources, Inc.⁽¹⁾	44,000		1,598,080
			2,679,038

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Small Cap Equity Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
Pharmaceuticals — 3.7%
BioMarin Pharmaceutical, Inc.⁽¹⁾		76,155	$	1,376,882
Mylan, Inc.⁽¹⁾		48,581		777,782
United Therapeutics Corp.⁽¹⁾		37,176		1,821,252
				3,975,916
Power Transmission Equipment — 2.1%
Advanced Energy Industries, Inc.⁽¹⁾		51,300		730,512
Regal-Beloit Corp.		34,137		1,560,402
				2,290,914
Printing & Copying Services — 1.1%
VistaPrint NV⁽¹⁾		22,606		1,147,254
				1,147,254
Restaurants — 3.8%
BJ’s Restaurants, Inc.⁽¹⁾		57,320		859,227
Chipotle Mexican Grill, Inc., Class B⁽¹⁾		18,700		1,556,214
P.F. Chang’s China Bistro, Inc.⁽¹⁾		48,389		1,643,774
				4,059,215
Scientific Instruments: Control & Filter — 0.7%
IDEX Corp.		26,400		737,880
				737,880
Scientific Instruments: Electrical — 1.1%
GrafTech International Ltd.⁽¹⁾		79,500		1,168,650
				1,168,650
Scientific Instruments: Gauges & Meters — 1.6%
Badger Meter, Inc.		28,100		1,087,189
Itron, Inc.⁽¹⁾		9,800		628,572
				1,715,761
Semiconductors & Components — 4.1%
FormFactor, Inc.⁽¹⁾		50,315		1,203,535
Monolithic Power Systems, Inc.⁽¹⁾		27,459		643,913
Netlogic Microsystems, Inc.⁽¹⁾		29,865		1,343,925
O2Micro International Ltd., ADR⁽¹⁾		52,244		274,281
TriQuint Semiconductor, Inc.⁽¹⁾		118,700		916,364
				4,382,018
Shipping — 0.8%
Genco Shipping & Trading Ltd.		40,900		849,902
				849,902
Steel — 0.9%
Steel Dynamics, Inc.		66,700		1,023,178
				1,023,178
Textiles Apparel & Shoes — 3.4%
Guess?, Inc.		59,400		2,200,176
Lululemon Athletica, Inc.⁽¹⁾		62,600		1,424,150
				3,624,326
Truckers — 1.3%
J.B. Hunt Transport Services, Inc.		28,900		928,557
Landstar System, Inc.		11,929		454,018
				1,382,575
Utilities: Telecommunications — 3.2%
Cbeyond, Inc.⁽¹⁾		70,322		1,134,294
j2 Global Communications, Inc.⁽¹⁾		57,286		1,318,151
Neutral Tandem, Inc.⁽¹⁾		42,600		969,576
				3,422,021
Total Common Stocks (Cost $81,033,916)				102,483,126
Exchange-Traded Funds — 1.0%
Biotechnology — 1.0%
iShares Nasdaq Biotechnology Index Fund⁽¹⁾		12,800		1,041,408
				1,041,408
Total Exchange-Traded Funds (Cost $947,482)				1,041,408

	Principal Amount
Repurchase Agreements — 2.6%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $2,791,001, due 10/1/2009⁽²⁾	$	2,791,000		2,791,000
Total Repurchase Agreements (Cost $2,791,000)				2,791,000
Total Investments — 99.6% (Cost $84,772,398)				106,315,534
Other Assets, Net — 0.4%				378,027
Total Net Assets — 100.0%			$	106,693,561

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	4.00	%	8/15/2018	$	2,850,862

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Small Cap Equity Fund (continued)


	Valuation Inputs						Total
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	102,483,126	$	—	$	—	$	102,483,126
Exchange-Traded Funds		1,041,408		—		—		1,041,408
Repurchase Agreements		—		2,791,000		—		2,791,000
Total	$	103,524,534	$	2,791,000	$	—	$	106,315,534

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS International Growth Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 96.8%
Australia — 6.4%
AMP Ltd.	29,000	$	166,806
Aristocrat Leisure Ltd.	84,163		389,805
Australia & New Zealand Banking Group Ltd.	27,945		601,289
BHP Billiton Ltd.	24,350		810,499
Brambles Ltd.	63,264		450,957
Wesfarmers Ltd.	21,787		509,151
Woolworths Ltd.	17,204		443,938
			3,372,445
Belgium — 2.4%
Groupe Bruxelles Lambert S.A.	13,855		1,279,739
			1,279,739
Denmark — 5.6%
A.P. Moller-Maersk A/S, Class B	57		392,172
Carlsberg A/S, Class B	9,730		704,830
Danisco A/S	7,287		442,273
DSV A/S⁽¹⁾	26,100		465,352
Jyske Bank A/S⁽¹⁾	9,846		410,327
Novozymes A/S, Class B	5,642		530,977
			2,945,931
Finland — 2.2%
Kone Oyj, Class B	15,431		567,233
Sampo Oyj, A Shares	22,573		568,484
			1,135,717
France — 8.3%
Essilor International S.A.	11,570		659,376
L’Oreal S.A.	13,091		1,301,698
Legrand S.A.	19,125		532,024
Neopost S.A.	3,027		271,665
Sanofi-Aventis	9,301		682,572
Total S.A.	15,668		930,981
			4,378,316
Germany — 4.3%
Adidas AG	7,557		399,987
Celesio AG	23,604		650,750
Deutsche Boerse AG	3,800		310,567
Deutsche Post AG	23,601		442,067
SAP AG	9,100		443,172
			2,246,543
Hong Kong — 5.3%
BOC Hong Kong Holdings Ltd.	329,500		722,770
Cheung Kong Holdings Ltd.	48,000		609,441
Esprit Holdings Ltd.	75,200		504,564
Hang Lung Properties Ltd.	65,000		240,289
Hong Kong Exchanges & Clearing Ltd.	22,500		407,901
Li & Fung Ltd.	30,400		124,737
Midland Holdings Ltd.	214,000		179,483
			2,789,185
Ireland — 0.5%
Allied Irish Banks PLC⁽¹⁾	60,617		284,473
			284,473
Italy — 0.7%
Intesa Sanpaolo⁽¹⁾	80,100		354,280
			354,280
Japan — 21.8%
AEON Co. Ltd.	63,800		610,530
Asahi Breweries Ltd.	25,700		470,110
Canon, Inc.	23,400		946,271
Chugai Pharmaceutical Co. Ltd.	9,300		192,392
Hitachi High-Technologies Corp.	16,400		342,927
INPEX Corp.	76		648,538
Japan Petroleum Exploration Co. Ltd.	3,100		158,169
Japan Tobacco, Inc.	343		1,176,895
Kao Corp.	13,000		321,506
Kyocera Corp.	6,600		612,466
Mitsubishi Electric Corp.⁽¹⁾	60,000		454,520
Mitsui & Co. Ltd.	37,000		483,908
Mitsui O.S.K. Lines Ltd.	31,000		183,724
Mitsui Sumitomo Insurance Group Holdings, Inc.	21,000		579,012
Olympus Corp.	18,000		477,246
Rakuten, Inc.	529		352,411
Rohm Co. Ltd.	4,400		307,826
SBI Holdings, Inc.	1,218		240,981
SMC Corp.	3,500		430,457
Sumitomo Realty & Development Co. Ltd.	29,000		530,797
Tokio Marine Holdings, Inc.	31,300		906,590
Tokyo Electron Ltd.	2,800		178,733
Toyota Motor Corp.	5,800		230,669
Trend Micro, Inc.	8,500		317,217
Yamaha Motor Co. Ltd.	24,500		302,139
			11,456,034
Netherlands — 3.2%
ASML Holding N.V.	15,900		467,672
Heineken Holding N.V.	29,290		1,194,764
			1,662,436
Norway — 1.0%
Seadrill Ltd.⁽¹⁾	26,106		545,071
			545,071
People’s Republic of China — 0.3%
China Merchants Bank Co. Ltd., H shares	67,500		150,502
			150,502
Russia — 0.5%
OAO Gazprom, ADR	11,500		267,375
			267,375
Singapore — 1.4%
DBS Group Holdings Ltd.	49,000		461,946
Keppel Corp. Ltd.	48,000		276,009
			737,955
South Korea — 0.7%
Samsung Electronics Co. Ltd.	550		380,437
			380,437
Spain — 0.9%
Corporacion Financiera Alba S.A.	8,298		473,450
			473,450
Sweden — 4.4%
Atlas Copco AB, Class B	79,642		908,223
Investor AB, Class B	21,924		400,185
Svenska Handelsbanken AB, Class A	39,376		1,005,390
			2,313,798
Switzerland — 10.2%
Geberit AG	3,643		559,650
Nestle S.A.	26,543		1,131,081
Roche Holding AG	5,040		814,629
Schindler Holding AG	11,680		800,795
Swiss Life Holding AG⁽¹⁾	1,888		223,361
Swiss Re (Reg S)	10,008		451,775
Swisscom AG	1,477		528,416
UBS AG⁽¹⁾	47,889		876,632
			5,386,339
Taiwan — 1.6%
Hon Hai Precision Industry Co. Ltd., GDR (Reg S)	53,561		439,200
Taiwan Semiconductor Mfg. Co. Ltd., ADR	35,207		385,869
			825,069
United Kingdom — 15.1%
Amec PLC	26,584		320,764
ASOS PLC⁽¹⁾	31,000		173,399

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS International Growth Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
Autonomy Corp. PLC⁽¹⁾		5,329	$	138,735
BG Group PLC		35,027		608,486
Cadbury PLC		19,000		243,830
Cairn Energy PLC⁽¹⁾		9,231		411,153
Capita Group PLC		40,680		469,717
GlaxoSmithKline PLC		38,395		754,434
Hays PLC		132,500		220,225
Imperial Tobacco Group PLC		21,200		612,565
John Wood Group PLC		108,397		526,807
Johnson Matthey PLC		9,462		209,889
Lonmin PLC⁽¹⁾		8,565		229,140
Pearson PLC		11,100		136,771
Reed Elsevier PLC		49,440		370,016
Royal Dutch Shell PLC, Class A		12,100		344,887
SABMiller PLC		9,000		217,045
Smith & Nephew PLC		27,000		241,856
Standard Chartered PLC		20,957		516,454
The Weir Group PLC		27,600		298,838
Vodafone Group PLC		413,434		926,344
				7,971,355
Total Common Stocks (Cost $45,426,058)				50,956,450
Preferred Stocks — 1.4%
Brazil — 1.4%
Itau Unibanco Holding S.A., ADR		9,240		186,186
Petroleo Brasileiro S.A., ADR		13,800		542,478
				728,664
Total Preferred Stocks (Cost $399,000)				728,664

	Principal Amount
Repurchase Agreements — 1.7%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $918,000, due 10/1/2009⁽²⁾	$	918,000		918,000
Total Repurchase Agreements (Cost $918,000)				918,000
Total Investments — 99.9% (Cost $46,743,058)				52,603,114
Other Assets, Net — 0.1%				47,445
Total Net Assets — 100.0%			$	52,650,559

(1)	Non-income producing security.

(2)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Bill	0.00	%	3/25/2010	$	939,154

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.


	Valuation Inputs						Total
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	50,956,450	$	—	$	—	$	50,956,450
Preferred Stocks		728,664		—		—		728,664
Repurchase Agreements		—		918,000		—		918,000
Total	$	51,685,114	$	918,000	$	—	$	52,603,114

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Emerging Markets Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 88.0%
Brazil — 9.2%
B2W Companhia Global do Varejo	241,400	$	6,785,798
BM&F BOVESPA S.A.	762,500		5,621,049
Lojas Renner S.A.	448,200		7,857,921
OGX Petroleo e Gas Participacoes S.A.	32,500		24,857,290
Petroleo Brasileiro S.A., ADR	697,900		32,033,610
Vale S.A., ADR	571,500		13,218,795
			90,374,463
India — 10.7%
ACC Ltd.	319,000		5,439,346
Bharat Heavy Electricals Ltd.	103,200		4,996,099
Cairn Energy PLC⁽¹⁾	224,000		9,977,067
Hero Honda Motors Ltd.	254,500		8,847,849
Housing Development Finance Corp. Ltd.	180,800		10,484,370
Infrastructure Development Finance Co. Ltd.	2,302,500		6,990,544
Jindal Steel & Power Ltd.	1,630,600		19,897,354
Mahindra & Mahindra Ltd.	744,600		13,670,735
Reliance Capital Ltd.	778,094		14,847,758
Reliance Industries Ltd.⁽¹⁾	215,600		9,867,493
			105,018,615
Indonesia — 4.4%
PT Astra International Tbk	3,975,500		13,717,840
PT Bank Mandiri	21,308,000		10,361,883
PT Bank Rakyat Indonesia	14,943,500		11,596,094
PT Telekomunikasi Indonesia	8,833,500		7,905,823
			43,581,640
Mexico — 4.2%
America Movil S.A.B. de C.V., ADR, Series L	369,400		16,190,802
Fomento Economico Mexicano S.A.B. de C.V., ADR	215,700		8,207,385
Grupo Financiero Banorte S.A.B. de C.V.	2,138,346		7,154,753
Wal-Mart de Mexico S.A.B. de C.V.	2,894,722		10,037,267
			41,590,207
People's Republic of China — 19.4%
Baidu, Inc., ADR⁽¹⁾	23,700		9,267,885
Bank of China Ltd., H shares	28,132,000		14,810,041
BYD Co. Ltd., H shares⁽¹⁾	3,702,500		30,503,626
China Construction Bank Corp., H shares	18,810,000		15,047,903
China Taiping Insurance Holdings Co. Ltd.⁽¹⁾	3,727,000		10,002,723
China Life Insurance Co. Ltd., H shares	2,081,000		9,062,361
China Merchants Bank Co. Ltd., H shares	4,615,550		10,291,121
China National Building Material Co. Ltd., H shares	2,430,000		5,706,544
China Petroleum & Chemical Corp., H shares	12,252,000		10,433,894
China Resources Enterprise Ltd.	2,940,000		8,554,396
China Shenhua Energy Co. Ltd., H shares	3,613,000		15,710,621
China Unicom Ltd.	8,108,000		11,445,284
CNPC Hong Kong Ltd.	12,600,000		9,998,645
GOME Electrical Appliances Holdings Ltd.⁽¹⁾	37,025,400		9,889,301
Parkson Retail Group Ltd.	3,472,500		5,143,747
SINA Corp.⁽¹⁾	411,200		15,609,152
			191,477,244
Russia — 2.9%
Mobile TeleSystems, ADR	83,000		4,006,410
Rosneft Oil Co., GDR	1,730,500		13,013,360
Vimpel-Communications, ADR⁽¹⁾	293,300		5,484,710
X5 Retail Group N.V., GDR (Reg S)⁽¹⁾	239,220		5,813,046
			28,317,526
South Africa — 4.8%
AngloGold Ashanti Ltd.	98,500		3,953,375
AngloGold Ashanti Ltd., ADR	103,800		4,230,888
Gold Fields Ltd.	1,156,800		15,630,351
Gold Fields Ltd., ADR	314,600		4,335,188
Massmart Holdings Ltd.	646,901		7,588,514
Naspers Ltd., N shares	336,200		11,487,281
			47,225,597
South Korea — 12.3%
Cheil Industries, Inc.	204,500		8,869,043
GLOVIS Co. Ltd.	80,000		7,570,549
Hyundai Development Co.	215,000		7,809,888
Hyundai Mobis	61,000		8,568,216
KB Financial Group, Inc.⁽¹⁾	228,540		11,734,920
Mirae Asset Securities Co. Ltd.	145,100		8,669,671
NHN Corp.⁽¹⁾	53,600		7,892,722
Samsung Electronics Co. Ltd.	49,500		34,239,338
Samsung Fire & Marine Insurance Co. Ltd.	61,920		12,665,156
Shinsegae Co. Ltd.	25,700		12,978,146
			120,997,649
Taiwan — 10.5%
Advanced Semiconductor Engineering, Inc.	7,222,000		5,941,953
China Life Insurance Co. Ltd.⁽¹⁾	14,764,860		10,517,460
China Steel Corp.	1,706,000		1,586,705
Evergreen Marine Corp.⁽¹⁾	12,670,000		7,291,122
Far Eastern Department Stores Ltd.	9,549,474		9,475,806
Hon Hai Precision Industry Co. Ltd.	5,124,605		20,563,458
MediaTek, Inc.	709,186		11,824,179
Polaris Securities Co. Ltd.⁽¹⁾	9,515,000		5,608,724
SinoPac Financial Holdings Co. Ltd.⁽¹⁾	13,418,000		5,509,444
Taiwan Cement Corp.	3,661,000		4,111,052
Taiwan Semiconductor Manufacturing Co. Ltd.	10,562,534		21,192,094
			103,621,997
Thailand — 1.6%
Bank of Ayudhya Public Co. Ltd.	27,674,600		15,903,990
			15,903,990
Turkey — 3.8%
Turkiye Garanti Bankasi A.S.	5,953,148		22,464,709
Turkiye Is Bankasi	3,851,105		15,051,489
			37,516,198
Vietnam — 0.1%
Vietnam Resource Investments Holdings Ltd.⁽¹⁾⁽²⁾	232,000		1,276,000
			1,276,000
Other African Countries — 1.4%
Kenmare Resources PLC⁽¹⁾	8,894,570		3,909,089
Tullow Oil PLC	530,000		9,554,387
			13,463,476
Other Emerging Markets Countries — 2.7%
Dragon Oil PLC⁽¹⁾	3,477,103		21,171,928
Heritage Oil PLC⁽¹⁾	643,000		5,049,682
			26,221,610
Total Common Stocks (Cost $637,088,109)			866,586,212
Preferred Stocks — 7.9%
Brazil — 6.0%
All America Latina Logistica (Units)	806,200		6,216,241
Banco Bradesco S.A.	790,450		15,727,795
Bradespar S.A.	617,100		11,355,532
Comp. Lorenz S.A.⁽²⁾⁽³⁾	4,700,000		—
Companhia Energetica de Minas Gerais	595,575		9,076,837
Itausa-Investimentos Itau S.A.	2,769,427		16,757,878
			59,134,283
Colombia — 0.7%
BanColombia S.A., ADR (Reg S)	161,900		6,950,367
			6,950,367

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Emerging Markets Fund (continued)


September 30, 2009 (unaudited)	Shares		Value
South Korea — 1.2%
Samsung Electronics Co. Ltd.		27,453	$	11,486,806
				11,486,806
Total Preferred Stocks (Cost $60,691,808)				77,571,456

	Warrants
Warrants — 0.0%
Vietnam — 0.0%
Vietnam Resource Investments Holdings Ltd.⁽¹⁾⁽²⁾		23,200		348
				348
Total Warrants (Cost $0)				348

	Principal Amount
Repurchase Agreements — 2.3%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $22,859,006, due 10/1/2009⁽⁴⁾	$	22,859,000		22,859,000
Total Repurchase Agreements (Cost $22,859,000)				22,859,000
Total Investments — 98.2% (Cost $720,638,917)				967,017,016
Other Assets, Net — 1.8%				17,899,654
Total Net Assets — 100.0%			$	984,916,670

(1)	Non-income producing security.

(2)	Fair valued security.

(3)	The table below presents securities deemed illiquid by the investment adviser.


Security	Shares	Cost		Value		Acquisition Date	% of Fund’s Net Assets
Comp. Lorenz S.A.	4,700,000	$	179,645	$	—	6/27/1997	0.00	%

(4)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Note	0.875	%	1/31/2011	$	23,321,025

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	865,310,212	$	1,276,000	$	—	$	866,586,212
Preferred Stocks		77,571,456		—		—		77,571,456
Warrants		—		348		—		348
Repurchase Agreements		—		22,859,000		—		22,859,000
Total	$	942,881,668	$	24,135,348	$	—	$	967,017,016

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Investment Quality Bond Fund


September 30, 2009 (unaudited)	Principal Amount		Value
Asset Backed Securities — 10.0%
Ameriquest Mortgage Securities, Inc.
2003-5 A6
4.541% due 4/25/2033⁽¹⁾	$	1,074,478	$	803,079
Amresco Residential Securities Mortgage Loan Trust
1997-1 MIF
7.42% due 3/25/2027		10,732		10,702
Bank of America Auto Trust
2009-1A A3
2.67% due 7/15/2013⁽²⁾		1,400,000		1,414,487
BMW Vehicle Lease Trust
2009-1 A3
2.91% due 3/15/2012		1,125,000		1,145,731
Capital One Multi-Asset Execution Trust
2005-A7 A7
4.70% due 6/15/2015		500,000		532,296
2006-A2 A
4.85% due 11/15/2013		650,000		678,618
Capital One Prime Auto Receivables Trust
2006-2 A4
4.94% due 7/15/2012		923,076		944,529
Chase Funding Mortgage Loan Trust
2004-1 1A6
4.266% due 6/25/2015		143,736		128,986
Chase Issuance Trust
2005-A10 A10
4.65% due 12/17/2012		1,710,000		1,777,487
2007-A15 A
4.96% due 9/17/2012		1,029,000		1,069,949
Citibank Credit Card Issuance Trust
2006-A4 A4
5.45% due 5/10/2013		305,000		324,444
CitiFinancial Mortgage Securities, Inc.
2003-3 AF5
4.553% due 8/25/2033⁽¹⁾		372,222		310,922
GE Capital Credit Card Master Note Trust
2009-3 A
2.54% due 9/15/2014		1,700,000		1,699,680
Honda Auto Receivables Owner Trust
2009-3 A3
2.31% due 5/15/2013		1,500,000		1,523,026
Hyundai Auto Receivables Trust
2009-A A4
3.15% due 3/15/2016		400,000		400,139
Nissan Auto Receivables Owner Trust
2008-B A3
4.46% due 4/16/2012		860,000		889,019
PSE&G Transition Funding LLC
2001-1 A6
6.61% due 6/15/2015		745,000		832,736
Residential Asset Mortgage Products, Inc.
2003-RZ4 A5
4.66% due 2/25/2032		74,805		72,215
Vanderbilt Acquisition Loan Trust
2002-1 A3
5.70% due 9/7/2023⁽¹⁾		73,758		73,645
Wachovia Auto Owner Trust
2008-A A3A
4.81% due 9/20/2012		1,250,000		1,294,895
West Penn Funding LLC Transition Bonds
2005-A A1
4.46% due 12/27/2010⁽²⁾		107,856		109,392
Total Asset Backed Securities (Cost $16,044,249)				16,035,977
Collateralized Mortgage Obligations — 9.6%
Banc of America Alternative Loan Trust
2004-1 2A1
6.00% due 2/25/2034		1,349,494		1,153,817
Banc of America Mortgage Securities, Inc.
2004-11 2A1
5.75% due 1/25/2035		1,303,172		1,205,434
Citicorp Mortgage Securities, Inc.
2007-8 1A3
6.00% due 9/25/2037		826,915		682,205
Countrywide Alternative Loan Trust
2004-35T2 A1
6.00% due 2/25/2035		555,801		479,552
2006-19CB A15
6.00% due 8/25/2036		691,872		561,426
Countrywide Home Loans Trust
2002-19 1A1
6.25% due 11/25/2032		447,594		401,102
FHLMC
2663 VQ
5.00% due 6/15/2022		400,000		421,479
1534 Z
5.00% due 6/15/2023		351,931		353,508
3227 PR
5.50% due 9/15/2035⁽³⁾		2,300,000		2,444,801
FNMA
2006-45 AC
5.50% due 6/25/2036		288,585		292,636
2002-52 PB
6.00% due 2/25/2032		926,668		974,047
GNMA
1997-19 PG
6.50% due 12/20/2027⁽³⁾		1,061,467		1,130,976
Mastr Asset Securitization Trust
2003-10 3A7
5.50% due 11/25/2033		854,420		804,966
Residential Asset Mortgage Products, Inc.
2005-SL1 A4
6.00% due 5/25/2032		545,757		521,198
Residential Funding Mortgage Securities Trust
2006-S3 A7
5.50% due 3/25/2036		971,346		669,559
Wells Fargo Mortgage Backed Securities Trust
2003-11 1A3
4.75% due 10/25/2018		711,801		701,189
2006-1 A3
5.00% due 3/25/2021		687,994		631,880
2003-2 A7
5.25% due 2/25/2018		1,350,000		1,228,146
2007-13 A7
6.00% due 9/25/2037		854,819		730,870
Total Collateralized Mortgage Obligations (Cost $16,398,006)				15,388,791
Commercial Mortgage-Backed Securities — 15.0%
Banc of America Commercial Mortgage, Inc.
2003-1 A2
4.648% due 9/11/2036		650,000		665,741
2006-2 A4
5.928% due 5/10/2045⁽¹⁾		927,000		891,163
Bear Stearns Commercial Mortgage Securities
2003-T10 A2
4.74% due 3/13/2040		1,500,000		1,549,790
2006-T24 AM

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
5.568% due 10/12/2041⁽¹⁾	$	802,000	$	606,236
1999-C1 B
6.20% due 2/14/2031		458,981		481,379
Crown Castle Towers LLC
2005-1A AFX
4.643% due 6/15/2035⁽²⁾		1,990,000		1,990,000
CS First Boston Mortgage Securities Corp.
2004-C5 A2
4.183% due 11/15/2037		762,693		760,974
2001-CP4 A4
6.18% due 12/15/2035		1,488,406		1,557,402
2001-CK1 A3
6.38% due 12/18/2035		1,253,183		1,296,726
Four Times Square Trust
2000-4TS A2
7.795% due 4/15/2015⁽²⁾		1,600,000		1,658,634
GE Capital Commercial Mortgage Corp.
2003-C2 A2
4.17% due 7/10/2037		310,760		313,947
GMAC Commercial Mortgage Securities, Inc.
2006 C1 AM
5.29% due 11/10/2045⁽¹⁾		572,000		431,473
Greenwich Capital Commercial Funding Corp.
2003-C2 A4
4.915% due 1/5/2036		1,100,000		1,108,575
J.P. Morgan Chase Commercial Mortgage Securities Corp.
2005-LDP3 A4
4.936% due 8/15/2042⁽¹⁾		1,000,000		923,234
2005-LDP5 A4
5.344% due 12/15/2044⁽¹⁾		720,000		705,527
2001-C1 A3
5.857% due 10/12/2035		1,000,000		1,053,061
2001-CIBC A3
6.26% due 3/15/2033		932,549		962,689
J.P. Morgan Commercial Mortgage Finance Corp.
2000-C9 A2
7.77% due 10/15/2032		5,928		5,925
LB UBS Comm’l. Mortgage Trust
2002-C7 A4
4.96% due 12/15/2031		1,500,000		1,537,492
Merrill Lynch Mortgage Trust
2004-BPC1 A5
4.855% due 10/12/2041⁽¹⁾		1,110,000		1,071,608
Morgan Stanley Capital I
2005-HQ7 AAB
5.354% due 11/14/2042⁽¹⁾		1,500,000		1,563,585
PNC Mortgage Acceptance Corp.
2000-C1 A2
7.61% due 2/15/2010		171,891		173,448
Salomon Brothers Mortgage Securities VII, Inc.
1999-C1 G
7.064% due 5/18/2032⁽¹⁾⁽²⁾		839,000		879,435
Wachovia Bank Commercial Mortgage Trust
2005-C18 A4
4.935% due 4/15/2042		705,000		690,327
2005-C21 APB
5.348% due 10/15/2044⁽¹⁾		1,100,000		1,142,955
Total Commercial Mortgage-Backed Securities (Cost $23,921,209)				24,021,326
Corporate Bonds — 28.1%
Aerospace & Defense — 0.4%
L-3 Communications Corp.
Sr. Nt.
5.20% due 10/15/2019⁽²⁾		125,000		125,312
6.125% due 1/15/2014		250,000		251,875
TRW, Inc.
7.75% due 6/1/2029		150,000		191,425
				568,612
Automotive — 0.1%
DaimlerChrysler NA Holdings
6.50% due 11/15/2013		80,000		86,188
				86,188
Banking — 5.3%
American Express Bank FSB
6.00% due 9/13/2017		250,000		258,612
Bank of America Corp.
4.875% due 9/15/2012		400,000		410,712
Sr. Nt.
7.375% due 5/15/2014		500,000		556,332
Bear Stearns Cos., Inc.
6.40% due 10/2/2017		200,000		217,574
Capital One Bank Co.
5.75% due 9/15/2010		200,000		205,052
Citigroup, Inc.
Sr. Nt.
6.125% due 11/21/2017 - 5/15/2018		850,000		839,819
City National Corp.
5.125% due 2/15/2013		300,000		300,241
Credit Suisse First Boston USA, Inc.
6.50% due 1/15/2012		200,000		216,712
Credit Suisse/New York NY
Sr. Nt.
5.30% due 8/13/2019		300,000		307,604
Deutsche Bank AG London
6.00% due 9/1/2017		300,000		323,752
Goldman Sachs Group, Inc.
5.125% due 1/15/2015		400,000		418,011
5.625% due 1/15/2017		80,000		80,595
6.15% due 4/1/2018		500,000		525,956
HSBC USA, Inc.
4.625% due 4/1/2014		200,000		206,415
JPMorgan Chase & Co.
5.75% due 1/2/2013		200,000		213,461
JPMorgan Chase Bank N.A.
6.00% due 10/1/2017		650,000		683,637
Merrill Lynch & Co.
6.05% due 8/15/2012		250,000		266,622
6.875% due 4/25/2018		400,000		420,679
Morgan Stanley
Sr. Nt.
5.625% due 9/23/2019		350,000		344,155
5.95% due 12/28/2017		550,000		559,979
PNC Bank N.A.
6.875% due 4/1/2018		200,000		213,837
Sovereign Bank, Inc.
5.125% due 3/15/2013		150,000		150,000
USB Realty Corp.
6.091% due 12/22/2049⁽²⁾⁽⁴⁾		250,000		173,750
Wachovia Corp.
5.25% due 8/1/2014		300,000		304,669
Wells Fargo Bank NA
5.75% due 5/16/2016		300,000		308,457
				8,506,633

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Brokerage — 0.2%
Lehman Brothers Holdings Capital Trust VII
5.857% due 11/29/2049⁽⁴⁾⁽⁵⁾	$	200,000	$	20
The Charles Schwab Corp.
Sr. Nt.
4.95% due 6/1/2014		300,000		316,326
				316,346
Building Materials — 0.5%
CRH America, Inc.
6.00% due 9/30/2016		350,000		358,807
Masco Corp.
Sr. Nt.
5.875% due 7/15/2012		400,000		396,425
				755,232
Chemicals — 0.3%
Lubrizol Corp.
Sr. Nt.
8.875% due 2/1/2019		200,000		246,877
Potash Corp. of Saskatchewan, Inc.
Sr. Nt.
3.75% due 9/30/2015		300,000		299,361
				546,238
Construction Machinery — 0.2%
Joy Global, Inc.
6.00% due 11/15/2016		300,000		298,940
				298,940
Consumer Products — 0.4%
Clorox Co.
Sr. Nt.
5.95% due 10/15/2017		350,000		379,945
Whirlpool Corp.
Nt.
8.00% due 5/1/2012		200,000		215,880
				595,825
Diversified Manufacturing — 0.5%
Parker Hannifin Corp.
Sr. Nt.
6.25% due 5/15/2038		100,000		110,897
Roper Industries, Inc.
Sr. Nt.
6.625% due 8/15/2013		100,000		107,710
Siemens Financieringsmat N.V.
6.125% due 8/17/2026⁽²⁾		200,000		221,812
United Technologies Corp.
4.875% due 5/1/2015		300,000		328,113
				768,532
Electric — 1.8%
Alabama Power Co.
5.65% due 3/15/2035		300,000		298,026
Exelon Corp.
4.45% due 6/15/2010		200,000		204,113
Florida Power & Light Co.
4.95% due 6/1/2035		200,000		199,439
Nevada Power Co.
6.65% due 4/1/2036		250,000		272,514
Pacific Gas & Electric Co.
6.05% due 3/1/2034		100,000		111,240
PacifiCorp
5.25% due 6/15/2035		100,000		100,711
Potomac Edison Co.
5.35% due 11/15/2014		300,000		323,282
PPL Electric Utilities Corp.
6.25% due 5/15/2039		500,000		570,627
6.45% due 8/15/2037		250,000		291,634
Public Service Electric Gas Co.
5.125% due 9/1/2012		200,000		213,548
Virginia Electric and Power Co.
Sr. Nt.
8.875% due 11/15/2038		200,000		284,499
				2,869,633
Energy - Independent — 0.9%
Anadarko Petroleum Corp.
6.45% due 9/15/2036		250,000		258,123
Canadian Natural Resources Ltd.
6.25% due 3/15/2038		150,000		159,801
Dolphin Energy Ltd.
Sr. Sec. Nt.
5.888% due 6/15/2019⁽²⁾		750,000		759,375
XTO Energy, Inc.
Sr. Nt.
5.50% due 6/15/2018		225,000		232,196
				1,409,495
Energy - Integrated — 0.9%
BP Capital Markets PLC
5.25% due 11/7/2013		200,000		219,086
Cenovus Energy, Inc.
Sr. Nt.
5.70% due 10/15/2019⁽²⁾		400,000		410,156
Husky Energy, Inc.
Sr. Nt.
5.90% due 6/15/2014		250,000		269,686
Tosco Corp.
8.125% due 2/15/2030		125,000		158,921
Western Oil Sands, Inc.
8.375% due 5/1/2012		350,000		396,276
				1,454,125
Energy - Oilfield Services — 0.3%
Transocean, Inc.
Sr. Nt.
6.00% due 3/15/2018		200,000		213,647
Weatherford International Ltd.
5.15% due 3/15/2013		200,000		210,078
				423,725
Energy - Refining — 0.1%
Valero Energy Corp.
Sr. Nt.
9.375% due 3/15/2019		150,000		174,791
				174,791
Entertainment — 0.4%
Time Warner, Inc.
7.57% due 2/1/2024		350,000		380,449
Viacom, Inc.
6.875% due 4/30/2036		200,000		211,279
				591,728
Food & Beverage — 0.5%
Bacardi Ltd.
Sr. Nt.

7.45% due 4/1/2014⁽²⁾		200,000		225,730
Bottling Group LLC
6.95% due 3/15/2014		300,000		349,636
Diageo Capital PLC
5.50% due 9/30/2016		125,000		134,747
Kraft Foods, Inc.
Sr. Nt.
6.875% due 1/26/2039		125,000		137,405
				847,518

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Health Care — 1.0%
Beckman Coulter, Inc.
Sr. Nt.
7.00% due 6/1/2019	$	250,000	$	286,660
Becton Dickinson and Co.
Sr. Nt.
5.00% due 5/15/2019		500,000		528,101
Express Scripts, Inc.
Sr. Nt.
6.25% due 6/15/2014		300,000		329,684
Fisher Scientific International, Inc.
6.125% due 7/1/2015		200,000		207,750
McKesson Corp.
Sr. Nt.
7.50% due 2/15/2019		200,000		238,818
				1,591,013
Industrial - Other — 0.3%
Princeton University
Sr. Nt.
5.70% due 3/1/2039		400,000		440,240
				440,240
Insurance - Health — 0.1%
UnitedHealth Group, Inc.
6.50% due 6/15/2037		125,000		129,919
				129,919
Insurance - Life — 1.2%
AXA SA
6.463% due 12/31/2049⁽²⁾⁽⁴⁾		200,000		155,000
MetLife, Inc.
6.40% due 12/15/2036		125,000		105,625
Sr. Nt. Series A
6.817% due 8/15/2018		500,000		556,501
Prudential Financial, Inc.
Sr. Nt.
7.375% due 6/15/2019		500,000		558,005
Symetra Financial Corp.
6.125% due 4/1/2016⁽²⁾⁽⁶⁾		300,000		254,347
UnumProvident Finance Co.
Sr. Nt.
6.85% due 11/15/2015⁽²⁾		300,000		299,985
				1,929,463
Insurance - P&C — 1.0%
Ace INA Holdings, Inc.
5.80% due 3/15/2018		200,000		216,090
Allied World Assurance Co. Hldgs. Ltd.
7.50% due 8/1/2016		335,000		350,097
Allstate Life Global Funding Trust Nt.
5.375% due 4/30/2013		300,000		319,320
CNA Financial Corp.
Sr. Nt.
6.00% due 8/15/2011		300,000		301,302
Liberty Mutual Group, Inc.
7.50% due 8/15/2036⁽²⁾		100,000		84,445
The Travelers Cos., Inc.
Sr. Nt.
5.75% due 12/15/2017		300,000		328,842
				1,600,096
Media - Cable — 1.7%
Comcast Corp.
6.45% due 3/15/2037		350,000		370,611
6.50% due 1/15/2017		500,000		548,784
DirecTV Holdings LLC
4.75% due 10/1/2014⁽²⁾		450,000		450,000
Time Warner Cable, Inc.
5.40% due 7/2/2012		400,000		427,408
5.85% due 5/1/2017		850,000		896,195
				2,692,998
Media - NonCable — 0.3%
Discovery Communications LLC
5.625% due 8/15/2019		300,000		307,859
News America Holdings, Inc.
8.00% due 10/17/2016		150,000		173,714
				481,573
Metals & Mining — 1.0%
Allegheny Technologies, Inc.
Sr. Nt.
9.375% due 6/1/2019		500,000		566,085
ArcelorMittal
Sr. Nt.
6.125% due 6/1/2018		300,000		295,547
Freeport-McMoRan Copper & Gold, Inc.
Sr. Nt.
8.375% due 4/1/2017		300,000		319,125
Noranda, Inc.
6.00% due 10/15/2015		200,000		203,326
Steel Dynamics, Inc.
6.75% due 4/1/2015		150,000		143,625
Vale Overseas Ltd.
6.25% due 1/23/2017		100,000		107,059
				1,634,767
Natural Gas - Pipelines — 0.8%
Boardwalk Pipelines LP
5.75% due 9/15/2019		400,000		399,347
Energy Transfer Partners LP
Sr. Nt.
8.50% due 4/15/2014		250,000		288,886
Enterprise Products Operating LLP
4.60% due 8/1/2012		120,000		124,339
8.375% due 8/1/2066⁽¹⁾		100,000		93,500
Magellan Midstream Partners LP
6.55% due 7/15/2019		400,000		444,488
				1,350,560
Non Captive Consumer — 0.2%
Household Finance Corp.
6.375% due 11/27/2012		300,000		322,616
				322,616
Non Captive Diversified — 0.5%
GATX Corp.
Sr. Nt.
4.75% due 10/1/2012		200,000		201,215
General Electric Capital Corp.
Sr. Nt.
5.625% due 5/1/2018		450,000		447,841
6.75% due 3/15/2032		200,000		204,185
				853,241
Pharmaceuticals — 1.1%
Abbott Laboratories
Sr. Nt.
5.125% due 4/1/2019		400,000		423,889
Amgen, Inc.
5.85% due 6/1/2017		100,000		109,986
Astrazeneca PLC
6.45% due 9/15/2037		150,000		176,494
Eli Lilly & Co.
Sr. Nt.
4.20% due 3/6/2014		500,000		530,518
Pfizer, Inc.
Sr. Nt.
6.20% due 3/15/2019		300,000		338,141

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Wyeth
5.95% due 4/1/2037	$	125,000	$	137,655
				1,716,683
Railroads — 0.3%
Canadian National Railway Co.
Sr. Nt.
5.85% due 11/15/2017		200,000		222,345
Norfolk Southern Corp.
6.75% due 2/15/2011		300,000		320,090
				542,435
Real Estate Investment Trusts — 1.1%
ERP Operating LP
5.375% due 8/1/2016		200,000		197,072
Highwoods Realty Ltd.
5.85% due 3/15/2017		150,000		132,110
Liberty Property LP
7.25% due 3/15/2011		200,000		207,815
PPF Funding, Inc.
5.35% due 4/15/2012⁽²⁾⁽⁶⁾		200,000		169,166
Regency Centers LP
6.75% due 1/15/2012		400,000		413,086
Simon Property Group LP
5.25% due 12/1/2016		300,000		295,710
Westfield Group
5.40% due 10/1/2012⁽²⁾		350,000		359,553
				1,774,512
Retailers — 0.8%
CVS Caremark Corp.
5.75% due 6/1/2017		225,000		240,864
Kohl’s Corp.
Sr. Nt.
6.25% due 12/15/2017		350,000		382,532
Macy’s Retail Holdings, Inc.
6.625% due 4/1/2011		350,000		353,618
Target Corp.
Sr. Nt.
7.00% due 1/15/2038		150,000		175,556
Wal-Mart Stores, Inc.
4.50% due 7/1/2015		150,000		161,531
				1,314,101
Supermarkets — 0.2%
New Albertsons, Inc.
Sr. Nt.
7.50% due 2/15/2011		350,000		359,625
				359,625
Technology — 1.5%
Agilent Technologies, Inc.
Sr. Nt.
5.50% due 9/14/2015		500,000		514,318
Cisco Systems, Inc.
5.50% due 2/22/2016		125,000		137,644
Computer Sciences Corp.
Sr. Nt. Series WI
6.50% due 3/15/2018		200,000		220,308
Corning, Inc.
Sr. Nt.
6.625% due 5/15/2019		500,000		546,988
International Business Machines Corp.
5.70% due 9/14/2017		100,000		110,208
Kla-Tencor Corp.
Sr. Nt.
6.90% due 5/1/2018		300,000		313,580
Microsoft Corp.
Sr. Nt.
4.20% due 6/1/2019		250,000		257,395
National Semiconductor Corp.
6.60% due 6/15/2017		250,000		247,065
				2,347,506
Tobacco — 0.1%
Philip Morris International, Inc.
Sr. Nt.
6.875% due 3/17/2014		200,000		228,473
				228,473
Wireless — 0.7%
New Cingular Wireless Services, Inc.
8.125% due 5/1/2012		300,000		342,303
Verizon Wireless Capital LLC
Sr. Nt.
5.55% due 2/1/2014⁽²⁾		300,000		324,204
Vodafone Group PLC
Sr. Nt.
5.45% due 6/10/2019		300,000		312,364
6.15% due 2/27/2037		100,000		106,934
				1,085,805
Wirelines — 1.4%
AT&T, Inc.
6.30% due 1/15/2038		400,000		419,057
Deutsche Telekom International Finance BV
8.75% due 6/15/2030⁽¹⁾		250,000		323,756
France Telecom S.A.
7.75% due 3/1/2011⁽¹⁾		200,000		216,555
8.50% due 3/1/2031⁽¹⁾		115,000		159,008
Qwest Corp.
Sr. Nt.
7.875% due 9/1/2011		400,000		412,500
Telecom Italia Capital
5.25% due 10/1/2015		150,000		155,291
Verizon Communications, Inc.
5.55% due 2/15/2016		225,000		243,630
6.40% due 2/15/2038		350,000		373,977
				2,303,774
Total Corporate Bonds (Cost $42,454,283)				44,912,961
Government Agencies — 2.1%
California State General Obligation
5.25% due 4/1/2014		200,000		207,728
Chicago Illinois Metropolitan Water Reclamation District Greater Chicago General Obligation
Build America Bonds-Taxable Direct Payment
5.72% due 12/1/2038		400,000		433,552
Illinois State Toll Highway Authority Toll Highway Revenue
Build America Bonds-Series A
6.184% due 1/1/2034		400,000		436,532
Korea Electric Power Corp.
Sr. Nt.
5.50% due 7/21/2014⁽²⁾		500,000		523,066
Oregon School Board Association
4.759% due 6/30/2028		200,000		179,318
Pemex Project Funding Master Trust
5.75% due 3/1/2018		175,000		173,031
Petrobras International Finance Co.
5.875% due 3/1/2018		250,000		259,309
Quebec Province
4.60% due 5/26/2015		250,000		267,659

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
RAS Laffan Liquefied Natural Gas Co. Ltd.
Sr. Sec. Nt.
6.75% due 9/30/2019⁽²⁾	$	700,000	$	784,898
Total Government Agencies (Cost $3,069,675)				3,265,093
Hybrid ARMS — 0.9%
FNMA
5.762% due 12/1/2036⁽¹⁾⁽³⁾		708,276		747,152
6.217% due 8/1/2046⁽¹⁾		671,589		713,561
Total Hybrid ARMS (Cost $1,389,950)				1,460,713
Mortgage Pass-Through Securities — 21.9%
FHLMC
5.50% due 9/1/2034 -12/1/2035		2,077,863		2,183,528
7.00% due 9/1/2038		599,277		649,334
FNMA
4.50% due 6/1/2038 -4/1/2039		4,557,914		4,623,271
5.00% due 4/1/2034 -11/1/2036		1,934,821		2,006,805
5.00% due 12/1/2039⁽⁷⁾		12,700,000		13,116,712
5.50% due 4/1/2022⁽³⁾		328,793		348,238
5.50% due 7/1/2037 -10/1/2038		6,612,042		6,928,763
6.00% due 8/1/2021 -7/1/2037		1,927,987		2,045,209
6.50% due 1/1/2013 -8/1/2038		1,943,911		2,078,178
7.00% due 6/1/2012 -6/1/2032		238,226		261,139
7.50% due 5/1/2027 -2/1/2031		184,909		207,083
8.00% due 6/1/2030 -9/1/2030		71,169		80,686
GNMA
6.00% due 12/15/2033		163,603		174,493
6.50% due 4/15/2033		282,566		304,872
Total Mortgage Pass-Through Securities (Cost $33,987,665)				35,008,311
Municipal Bonds — 2.0%
Arizona Water Infrastructure Finance Authority Revenue
Water Quality-Series A
5.00% due 10/1/2027		300,000		337,899
Colorado Housing & Finance Authority
Single Family Mortgage CL I-Series A
FHA Insured
5.50% due 11/1/2029		210,000		221,283
Connecticut State
Series F
5.00% due 12/1/2021		300,000		341,265
Gwinnett County Georgia School District General Obligation
5.00% due 2/1/2036		300,000		325,686
Massachusetts Bay Transportation Authority Revenue
Series A
5.25% due 7/1/2034		600,000		661,332
Massachusetts State Health & Educational Facilities Authority Revenue
Harvard University-Series B
5.00% due 10/1/2038		300,000		326,544
Harvard University-Series A
5.50% due 11/15/2036		340,000		389,504
New York State Dormitory Authority
Columbia University-Series C
5.00% due 7/1/2025		300,000		338,058
New York State Environmental Facilities Corp.
State Clean Water & Drinking Water Revenue
Series D
5.00% due 9/15/2032		300,000		322,989
Total Municipal Bonds (Cost $2,936,553)				3,264,560
U.S. Treasury — 9.6%
U.S. Treasury Bonds
4.25% due 5/15/2039		3,701,000		3,828,799
U.S. Treasury Notes
1.375% due 9/15/2012		4,169,000		4,161,834
2.375% due 9/30/2014		3,278,000		3,286,457
3.00% due 9/30/2016		1,635,000		1,641,514
3.625% due 8/15/2019		2,303,000		2,363,813
Total U.S. Treasury (Cost $15,065,036)				15,282,417
Short-Term Investments — 8.2%
Abbey National North America LLC
0.17% due 10/14/2009⁽³⁾		3,600,000		3,599,779

Nestle Finance International Ltd.
0.13% due 10/14/2009⁽³⁾		3,500,000		3,499,836
NetJets, Inc.
0.18% due 10/14/2009⁽³⁾		2,500,000		2,499,838
Toyota Motor Credit Corp.
0.18% due 10/14/2009⁽³⁾		3,500,000		3,499,773
Total Short-Term Investments (Cost $13,099,226)				13,099,226
Repurchase Agreements — 0.8%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $1,247,000, due 10/1/2009⁽⁸⁾		1,247,000		1,247,000
Total Repurchase Agreements (Cost $1,247,000)				1,247,000
Total Investments — 108.2% (Cost $169,612,852)				172,986,375
Other Liabilities, Net — (8.2)%				(13,057,568	)
Total Net Assets — 100.0%			$	159,928,807

(1)	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at September 30, 2009.

(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 September 30, 2009, the aggregate market value of these securities amounted to $11,372,747, representing 7.1% of net assets of which $10,949,234 have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)	Securities are segregated to cover TBAs.

(4)	Maturity is perpetual. Maturity date presented represents the next call date.

(5)	Non-income producing security. In case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. The following table presents bonds that are in default.

See accompanying notes to Schedule of Investments.


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


Security	Coupon		Maturity Date	Principal Amount		Acquisition Cost		Value
Lehman Brothers Holdings Capital Trust VII	5.857	%	11/29/2049	$	200,000	$	200,312	$	20

(6)	The table below presents securities deemed illiquid by the investment adviser.


Security	Principal Amount		Cost		Value		Acquisition Date	% of Fund’s Net Assets
PPF Funding, Inc.	$	200,000	$	199,964	$	169,166	4/04/2007	0.11	%
Symetra Financial Corp.		300,000		298,671		254,347	3/23/2006	0.16	%

(7)	TBA - To be announced.

(8)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
FHLMC	4.375	%	7/17/2015	$	1,274,400


	Valuation Inputs						Total
Investments in Securities	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	16,035,977	$	—	$	16,035,977
Collateralized Mortgage Obligations		—		15,388,791		—		15,388,791
Commercial Mortgage Backed Securities		—		24,021,326		—		24,021,326
Corporate Bonds		—		44,912,961		—		44,912,961
Government Agencies		—		3,265,093		—		3,265,093
Hybrid ARMS		—		1,460,713		—		1,460,713
Mortgage Pass-Through Securities		—		35,008,311		—		35,008,311
Municipal Bonds		—		3,264,560		—		3,264,560
U.S. Treasury		—		15,282,417		—		15,282,417
Short-Term Investments		—		13,099,226		—		13,099,226
Repurchase Agreements		—		1,247,000		—		1,247,000
Total	$	—	$	172,986,375	$	—	$	172,986,375

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Low Duration Bond Fund


September 30, 2009 (unaudited)	Principal Amount		Value
Asset Backed Securities — 15.7%
American Express Credit Account Master Trust
2009-2 A
1.496% due 3/15/2017	$	750,000	$	763,706
Ameriquest Mortgage Securities, Inc.
2003-5 A6
4.541% due 4/25/2033⁽¹⁾		244,363		182,640
Bank of America Auto Trust
2009-1A A3
2.67% due 7/15/2013⁽²⁾		1,500,000		1,515,522
2009-2A A4
3.03% due 10/15/2016⁽²⁾		1,500,000		1,505,431
BMW Vehicle Lease Trust
2009-1 A3
2.91% due 3/15/2012		1,000,000		1,018,428
Capital One Multi-Asset Execution Trust
2005-A7 A7
4.70% due 6/15/2015		550,000		585,526
2006-A2 A
4.85% due 11/15/2013		200,000		208,805
2008-A5 A5
4.85% due 2/18/2014		800,000		842,018
Capital One Prime Auto Receivables Trust
2006-2 A4
4.94% due 7/15/2012		461,538		472,265
CenterPoint Energy Transition Bond Co. LLC
2008-AA1
4.192% due 2/1/2020		889,956		935,676
2001-1 A4
5.63% due 9/15/2015		526,600		571,820
Chase Funding Mortgage Loan Trust
2004-1 1A6
4.266% due 6/25/2015		361,394		324,308
Chase Issuance Trust
2005-A10 A10
4.65% due 12/17/2012		430,000		446,970
2007-A15 A
4.96% due 9/17/2012		580,000		603,081
Citibank Credit Card Issuance Trust
2006-A4 A4
5.45% due 5/10/2013		738,000		785,048
CitiFinancial Mortgage Securities, Inc.
2003-3 AF5
4.553% due 8/25/2033⁽¹⁾		278,967		233,025
CNH Equipment Trust
2009-B A3
2.97% due 3/15/2013		1,300,000		1,321,376
2007-C A4A
5.42% due 3/17/2014		575,000		598,255
Detroit Edison Securitization Funding LLC
2001-1 A4
6.19% due 3/1/2013		127,275		133,549
GE Capital Credit Card Master Note Trust
2009-3 A
2.54% due 9/15/2014		1,800,000		1,799,661
GE Equipment Midticket LLC
2009-1 A3
2.34% due 6/17/2013		1,100,000		1,100,565
Harley-Davidson Motorcycle Trust
2009-1 A3
3.19% due 11/15/2013		670,000		684,080
Honda Auto Receivables Owner Trust
2009-3 A3
2.31% due 5/15/2013		1,500,000		1,523,026
Hyundai Auto Receivables Trust
2009-A A4
3.15% due 3/15/2016		1,700,000		1,700,589
Mercedes-Benz Auto Receivables Trust
2009-1 A3
1.67% due 1/15/2014		2,000,000		1,999,950
Nissan Auto Lease Trust
2009-B A3
2.07% due 1/15/2015		700,000		701,742
Nissan Auto Receivables Owner Trust
2008-B A3
4.46% due 4/16/2012		400,000		413,497
2007-B A3
5.03% due 5/16/2011		1,480,726		1,503,987
PG&E Energy Recovery Funding LLC
2005-1 A5
4.47% due 12/25/2014		580,000		616,085
PSE&G Transition Funding LLC
2001-1 A5
6.45% due 3/15/2013		428,831		449,147
Public Service New Hampshire Funding LLC
2001-1 A3
6.48% due 5/1/2015		503,396		548,720
Residential Asset Mortgage Products, Inc.
2003-RZ4 A5
4.66% due 2/25/2032		127,169		122,766
2002-RS4 AI5
6.163% due 8/25/2032⁽¹⁾		25,408		9,188
Vanderbilt Acquisition Loan Trust
2002-1 A3
5.70% due 9/7/2023		77,640		77,521
Wachovia Auto Owner Trust
2008-A A3A
4.81% due 9/20/2012		1,875,000		1,942,343
West Penn Funding LLC Transition Bonds
2005-A A1
4.46% due 12/27/2010⁽²⁾		81,595		82,757
Total Asset Backed Securities (Cost $28,070,821)				28,323,073
Collateralized Mortgage Obligations — 0.9%
Countrywide Alternative Loan Trust
2004-35T2 A1
6.00% due 2/25/2035		815,198		703,362
FHLMC
2598 QC
4.50% due 6/15/2027		11,413		11,415
1534 Z
5.00% due 6/15/2023		147,099		147,758
20 H
5.50% due 10/25/2023		72,348		77,545
FNMA
2003-24 PU
3.50% due 11/25/2015		68,128		68,829
2003-63 GU
4.00% due 7/25/2033		26,024		26,738
2005-39 CL
5.00% due 12/25/2021		179,622		186,007
2006-45 AC
5.50% due 6/25/2036		92,632		93,933
2002-52 PB
6.00% due 2/25/2032		293,445		308,448
GNMA
2002-93 NV
4.75% due 2/20/2032		18,367		18,739

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Residential Asset Mortgage Products, Inc.
2005-SL1 A4
6.00% due 5/25/2032	$	90,522	$	86,449
Total Collateralized Mortgage Obligations (Cost $1,677,920)				1,729,223
Commercial Mortgage-Backed Securities — 19.2%
Banc of America Commercial Mortgage, Inc.
2003-2 A3
4.873% due 3/11/2041		1,750,000		1,816,627
2001-PB1 A2
5.787% due 5/11/2035		1,837,554		1,898,452
Bear Stearns Commercial Mortgage Securities
2003-T10 A2
4.74% due 3/13/2040		1,600,000		1,653,109
1999-C1 B
6.20% due 2/14/2031		1,451,698		1,522,542
CDC Commercial Mortgage Trust
2002-FX1 B
5.856% due 5/15/2035		2,000,000		2,099,741
Commercial Mortgage Asset Trust
1999-C1 A3
6.64% due 1/17/2032		103,662		104,114
Commercial Mortgage Pass-Through Certificates
2003-LB1A A1
3.251% due 6/10/2038		728,185		727,360
2004-LB2A A3
4.221% due 3/10/2039		1,396,180		1,410,514
Crown Castle Towers LLC
2005-1A AFX
4.643% due 6/15/2035⁽²⁾		2,220,000		2,220,000
CS First Boston Mortgage Securities Corp.
2002-CP5 A1
4.106% due 12/15/2035		1,070,350		1,088,523
2004-C5 A2
4.183% due 11/15/2037		240,850		240,308
2001-CP4 A4
6.18% due 12/15/2035		893,044		934,441
2001-CK1 A3
6.38% due 12/18/2035		898,835		930,065
First Union-Lehman Brothers Commercial Mortgage Securities, Inc.
1997-C2 D
7.12% due 11/18/2029		580,000		621,295
Four Times Square Trust
2000-4TS A2
7.795% due 4/15/2015⁽²⁾		607,000		629,244
GE Capital Commercial Mortgage Corp.
2003-C2 A2
4.17% due 7/10/2037		736,080		743,629
GMAC Commercial Mortgage Securities, Inc.
2003-C2 A2
5.667% due 5/10/2040⁽¹⁾		860,000		897,061
Greenwich Capital Commercial Funding Corp.
2005-GG3 A2
4.305% due 8/10/2042		267,798		266,232
GS Mortgage Securities Corp. II
2004-GG2 A3
4.602% due 8/10/2038		251,089		250,805
Hilton Hotel Pool Trust
2000-HLTA A1
7.055% due 10/3/2015⁽²⁾		520,461		540,379
J.P. Morgan Chase Commercial Mortgage Securities Corp.
2004-C1 A1
3.053% due 1/15/2038		50,470		50,442
2002-C1 A2
4.914% due 7/12/2037		1,403,904		1,435,070
2001-C1 A3
5.857% due 10/12/2035		345,000		363,306
2001-CIBC A3
6.26% due 3/15/2033		1,165,686		1,203,361
J.P. Morgan Commercial Mortgage Finance Corp.
2000-C9 A2
7.77% due 10/15/2032		1,727		1,726
LB UBS Comm’l. Mortgage Trust
2002-C7 A4
4.96% due 12/15/2031		1,500,000		1,537,492
2002-C1 A4
6.462% due 3/15/2031		1,500,000		1,594,693
Morgan Stanley Capital I
2004-HQ3 A3
4.49% due 1/13/2041		1,600,000		1,626,001
2003-T11 A3
4.85% due 6/13/2041		917,000		936,079
2005-HQ7 AAB
5.354% due 11/14/2042⁽¹⁾		1,253,000		1,306,114
PNC Mortgage Acceptance Corp.
2000-C1 A2
7.61% due 2/15/2010		57,219		57,737
Prudential Securities Secured Financing Corp.
1998-C1 D
7.184% due 1/15/2013⁽¹⁾		205,982		211,665
Salomon Brothers Mortgage Securities VII, Inc.
2002-KEY2 A2
4.467% due 3/18/2036		1,268,957		1,298,804
1999-C1 G
7.064% due 5/18/2032⁽¹⁾⁽²⁾		1,258,000		1,318,629
Wachovia Bank Commercial Mortgage Trust
2005-C21 APB
5.348% due 10/15/2044⁽¹⁾		1,000,000		1,039,050
Total Commercial Mortgage-Backed Securities (Cost $33,991,219)				34,574,610
Corporate Bonds — 38.0%
Aerospace & Defense — 0.8%
L-3 Communications Corp.
Sr. Nt.
7.625% due 6/15/2012		1,250,000		1,267,187
Raytheon Co.
Sr. Nt.
4.85% due 1/15/2011		240,000		250,193
				1,517,380
Automotive — 1.0%
Daimler Finance North America LLC
4.875% due 6/15/2010		500,000		509,702
5.875% due 3/15/2011		500,000		518,859
Ford Motor Credit Co. LLC
Sr. Nt.
8.625% due 11/1/2010		750,000		758,693
				1,787,254
Banking — 5.2%
American Express Travel Related Services Co., Inc.
Sr. Nt.
5.25% due 11/21/2011⁽²⁾		1,000,000		1,032,969

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Citigroup, Inc.
Sr. Nt.
5.10% due 9/29/2011	$	1,000,000	$	1,028,340
Countrywide Home Loans, Inc.
Ser. L
4.00% due 3/22/2011		850,000		863,884
Credit Suisse/New York NY
Sr. Nt.
3.45% due 7/2/2012		950,000		969,490
Merrill Lynch & Co., Inc.
Sr. Nt. Ser. B
4.50% due 11/4/2010		1,000,000		1,018,331
Morgan Stanley
Sr. Nt.
5.05% due 1/21/2011		1,250,000		1,292,994
PNC Funding Corp.
4.50% due 3/10/2010		350,000		353,924
Rabobank Nederland N.V.
Nt.
2.65% due 8/17/2012⁽²⁾		750,000		758,168
Sovereign Bancorp, Inc.
Sr. Nt.
4.80% due 9/1/2010		350,000		360,249
The Goldman Sachs Group, Inc.
Sr. Nt.
3.625% due 8/1/2012		1,000,000		1,026,599
4.50% due 6/15/2010		300,000		307,717
Wachovia Mortgage FSB
Sr. Nt.
4.125% due 12/15/2009		300,000		302,026
				9,314,691
Building Materials — 1.6%
CRH America, Inc.
5.625% due 9/30/2011		950,000		986,939
Lafarge S.A.
Sr. Nt.
6.15% due 7/15/2011		950,000		989,463
Masco Corp.
Sr. Nt.
5.875% due 7/15/2012		850,000		842,403
				2,818,805
Consumer Products — 0.5%
Clorox Co.
Sr. Nt.
4.20% due 1/15/2010		325,000		328,178
Whirlpool Corp.
Nt.
8.00% due 5/1/2012		500,000		539,701
				867,879
Diversified Manufacturing — 0.2%
Textron Financial Corp.
5.125% due 11/1/2010		350,000		350,101
				350,101
Electric — 3.4%
Allegheny Energy Supply Co. LLC
Sr. Nt.
7.80% due 3/15/2011		700,000		741,609
MidAmerican Energy Holdings Co.
Sr. Nt.
3.15% due 7/15/2012		1,250,000		1,265,426
National Rural Utilities Cooperative Finance Corp.
Sr. Sec. Nt.
2.625% due 9/16/2012		1,050,000		1,055,633
NiSource Finance Corp.
Sr. Nt.
7.875% due 11/15/2010		850,000		894,213
Oncor Electric Delivery Co.
Sr. Sec. Nt.
6.375% due 5/1/2012		750,000		814,423
Pacific Gas & Electric Co.
Sr. Nt.
4.20% due 3/1/2011		650,000		672,835
Virginia Electric and Power Co.
Sr. Nt.
4.50% due 12/15/2010		726,000		748,956
				6,193,095
Energy - Independent — 0.6%
Anadarko Finance Co.
Ser. B
6.75% due 5/1/2011		650,000		690,764
XTO Energy, Inc.
5.00% due 8/1/2010		350,000		360,719
				1,051,483
Energy - Integrated — 0.7%
BP Capital Markets PLC
3.125% due 3/10/2012		650,000		671,499
Chevron Corp.
3.45% due 3/3/2012		500,000		520,533
				1,192,032
Entertainment — 0.3%
Time Warner, Inc.
5.50% due 11/15/2011		500,000		531,602
				531,602
Environmental — 0.6%
Allied Waste North America, Inc.
6.375% due 4/15/2011		650,000		678,050
Sr. Sec. Nt.
6.50% due 11/15/2010		350,000		361,375
				1,039,425
Food & Beverage — 1.4%
Anheuser-Busch Cos., Inc.
5.625% due 10/1/2010		375,000		387,917
Diageo Finance BV
3.875% due 4/1/2011		600,000		617,224
Kraft Foods, Inc.
Sr. Nt.
5.625% due 11/1/2011		500,000		531,986
PepsiAmericas, Inc.
5.625% due 5/31/2011		450,000		479,276
SABMiller PLC
6.20% due 7/1/2011⁽²⁾		500,000		533,211
				2,549,614
Health Care — 2.2%
AmerisourceBergen Corp.
5.625% due 9/15/2012		750,000		795,393
CareFusion Corp.
Sr. Nt.
4.125% due 8/1/2012⁽²⁾		1,085,000		1,113,747
Express Scripts, Inc.
Sr. Nt.
5.25% due 6/15/2012		1,200,000		1,273,847
Fresenius Medical Care Capital Trust IV
7.875% due 6/15/2011		850,000		864,875
				4,047,862

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Insurance - Health — 0.2%
UnitedHealth Group, Inc.
Sr. Nt.
5.125% due 11/15/2010	$	350,000	$	361,424
				361,424
Insurance - Life — 1.8%
Lincoln National Corp.
Sr. Nt.
5.65% due 8/27/2012		800,000		829,694
Metropolitan Life Global Funding I
Nt.
2.875% due 9/17/2012⁽²⁾		800,000		796,674
Sr. Sec. Nt.
4.50% due 5/5/2010⁽²⁾		400,000		405,068
Prudential Financial, Inc.
Sr. Nt. Ser. D
5.10% due 12/14/2011		1,200,000		1,248,069
				3,279,505
Insurance - P&C — 0.4%
CNA Financial Corp.
Sr. Nt.
6.00% due 8/15/2011		750,000		753,254
				753,254
Media - Cable — 1.2%
Comcast Corp.
5.45% due 11/15/2010		500,000		519,751
Cox Communications, Inc.
4.625% due 1/15/2010		350,000		353,192
Time Warner Cable, Inc.
5.40% due 7/2/2012		1,200,000		1,282,225
				2,155,168
Media - NonCable — 0.4%
Rainbow National Services LLC
8.75% due 9/1/2012⁽²⁾		800,000		816,000
				816,000
Metals & Mining — 1.8%
BHP Billiton Finance USA Ltd.
5.00% due 12/15/2010		350,000		362,181
Rio Tinto Alcan, Inc.
Sr. Nt.
6.45% due 3/15/2011		900,000		942,105
Steel Dynamics, Inc.
7.375% due 11/1/2012		750,000		757,500
Xstrata Finance Canada Ltd.
5.50% due 11/16/2011⁽²⁾		1,200,000		1,247,946
				3,309,732
Natural Gas - Distributors — 0.2%
ONEOK, Inc.
7.125% due 4/15/2011		290,000		310,613
				310,613
Natural Gas - Pipelines — 2.0%
Energy Transfer Partners LP
Sr. Nt.
5.65% due 8/1/2012		1,000,000		1,054,530
Enterprise Products Operating LLP
4.95% due 6/1/2010		850,000		863,252
Kinder Morgan Energy Partners LP
7.125% due 3/15/2012		550,000		600,696
Plains All American Pipeline LP
4.25% due 9/1/2012		1,000,000		1,028,015
				3,546,493
Non Captive Diversified — 0.7%
GATX Corp.
Sr. Nt.
4.75% due 10/1/2012		1,200,000		1,207,292
				1,207,292
Packaging — 0.6%
Ball Corp.
Note
6.875% due 12/15/2012		1,000,000		1,007,500
				1,007,500
Pharmaceuticals — 1.5%
Eli Lilly & Co.
Sr. Nt.
3.55% due 3/6/2012		650,000		680,686
Merck & Co., Inc.
Sr. Nt.
1.875% due 6/30/2011		700,000		707,756
Pfizer, Inc.
Sr. Nt.
4.45% due 3/15/2012		650,000		690,444
Roche Holdings, Inc.
4.50% due 3/1/2012⁽²⁾		550,000		581,968
				2,660,854
Real Estate Investment Trusts — 3.6%
Camden Property Trust
Sr. Nt.
5.875% due 11/30/2012		750,000		783,374
Liberty Property LP
Sr. Nt.
6.375% due 8/15/2012		1,000,000		1,033,336
ProLogis
Sr. Nt.
5.50% due 4/1/2012		1,000,000		988,097
Regency Centers LP
6.75% due 1/15/2012		1,200,000		1,239,258
7.95% due 1/15/2011		350,000		363,897
Simon Property Group LP
Sr. Nt.
4.875% due 3/18/2010		350,000		353,023
5.00% due 3/1/2012		750,000		773,405
Westfield Capital Corp. Ltd.
4.375% due 11/15/2010⁽²⁾		1,000,000		1,014,669
				6,549,059
Retailers — 1.2%
Macy’s Retail Holdings, Inc.
6.625% due 4/1/2011		1,100,000		1,111,370
The Home Depot, Inc.
Sr. Nt.
5.20% due 3/1/2011		1,000,000		1,038,850
				2,150,220
Supermarkets — 0.9%
New Albertsons, Inc.
Sr. Nt.
7.50% due 2/15/2011		750,000		770,625
Safeway, Inc.
4.95% due 8/16/2010		300,000		309,908
The Kroger Co.
6.80% due 4/1/2011		550,000		589,039
				1,669,572
Technology — 1.4%
Agilent Technologies, Inc.
Sr. Nt.
4.45% due 9/14/2012		1,300,000		1,314,137

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
Hewlett-Packard Co.
Sr. Nt.
4.25% due 2/24/2012	$	500,000	$	528,281
National Semiconductor Corp.
Sr. Nt.
6.15% due 6/15/2012		750,000		782,584
				2,625,002
Wireless — 0.4%
Verizon Wireless Capital LLC
Sr. Nt.
5.25% due 2/1/2012⁽²⁾		600,000		640,696
				640,696
Wirelines — 1.2%
Qwest Corp.
Sr. Nt.
7.875% due 9/1/2011		1,200,000		1,237,500
Telecom Italia Capital S.A.
4.875% due 10/1/2010		950,000		976,516
				2,214,016
Total Corporate Bonds (Cost $67,180,619)				68,517,623
Government Agencies — 5.2%
Bank of America Corp.
2.10% due 4/30/2012		1,000,000		1,014,032
3.125% due 6/15/2012		450,000		468,035
FHLMC
2.50% due 3/23/2012		1,910,000		1,924,923
FNMA
2.00% due 4/1/2011		1,495,000		1,506,471
5.00% due 10/15/2011		760,000		823,265
5.125% due 4/15/2011		1,800,000		1,921,297
General Electric Capital Corp.
2.20% due 6/8/2012		450,000		456,956
PNC Funding Corp.
2.30% due 6/22/2012		450,000		458,079
Ras Laffan Liquefied Natural Gas Co. Ltd.
Sr. Sec. Nt.
4.50% due 9/30/2012⁽²⁾		750,000		776,796
Total Government Agencies (Cost $9,082,895)				9,349,854
Hybrid ARMS — 0.1%
FNMA
6.217% due 8/1/2046⁽¹⁾		235,182		249,880
Total Hybrid ARMS (Cost $237,350)				249,880
Mortgage-Backed Securities — 0.2%
FHLMC
7.00% due 9/1/2038		287,653		311,680
Total Mortgage-Backed Securities (Cost $299,356)				311,680
U.S. Treasury — 18.3%
U.S. Treasury Notes
1.00% due 9/30/2011		23,881,000		23,899,651
1.375% due 9/15/2012		9,062,000		9,046,423
Total U.S. Treasury (Cost $32,912,547)				32,946,074
Repurchase Agreements — 5.1%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 9/30/2009, maturity value of $9,236,003, due 10/1/2009⁽³⁾		9,236,000		9,236,000
Total Repurchase Agreements (Cost $9,236,000)				9,236,000
Total Investments — 102.7% (Cost $182,688,727)				185,238,017
Other Liabilities, Net — (2.7)%				(4,822,063	)
Total Net Assets — 100.0%			$	180,415,954

(1)	Variable rate security. The rate shown is the rate in effect at September 30, 2009.

(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 September 30, 2009, the aggregate market value of these securities amounted to $17,529,874, representing 9.7% 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)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
FHLMC	4.375	%	7/17/2015	$	9,423,000

See accompanying notes to Schedule of Investments.


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


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	28,323,073	$	—	$	28,323,073
Collateralized Mortgage Obligations		—		1,729,223		—		1,729,223
Commercial Mortgage-Backed Securities		—		34,574,610		—		34,574,610
Corporate Bonds		—		68,517,623		—		68,517,623
Government Agencies		—		9,349,854		—		9,349,854
Hybrid ARMS		—		249,880		—		249,880
Mortgage-Backed Securities		—		311,680		—		311,680
U.S. Treasury		—		32,946,074		—		32,946,074
Repurchase Agreements		—		9,236,000		—		9,236,000
Total	$	—	$	185,238,017	$	—	$	185,238,017

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS High Yield Bond Fund


September 30, 2009 (unaudited)	Principal Amount		Value
Corporate Bonds — 96.0%
Aerospace & Defense — 1.7%
BE Aerospace, Inc.
Sr. Nt.
8.50% due 7/1/2018	$	460,000	$	471,500
L-3 Communications Corp.
Sr. Sub. Nt.
5.875% due 1/15/2015		180,000		179,100
6.375% due 10/15/2015		600,000		606,000
Moog, Inc.
Sr. Sub. Nt.
7.25% due 6/15/2018		450,000		432,000
				1,688,600
Airlines — 0.3%
Delta Air Lines, Inc.
Sr. Sec. Nt.
9.50% due 9/15/2014⁽¹⁾		270,000		270,000
				270,000
Automotive — 4.9%
Ford Motor Credit Co. LLC
Sr. Nt.
7.25% due 10/25/2011		2,550,000		2,476,583
7.50% due 8/1/2012		120,000		115,220
8.00% due 12/15/2016		700,000		649,436
8.70% due 10/1/2014		510,000		499,571
9.875% due 8/10/2011		570,000		578,092
Goodyear Tire & Rubber Co.
5.01% due 12/1/2009⁽²⁾		140,000		139,825
Sr. Nt.
8.625% due 12/1/2011		91,000		93,958
10.50% due 5/15/2016		170,000		184,450
Titan International, Inc.
Sr. Nt.
8.00% due 1/15/2012		160,000		154,800
				4,891,935
Banking — 1.1%
Bank of America Corp.
Ser. M
8.125% due 5/15/2018⁽²⁾⁽³⁾		650,000		577,876
Zions Bancorporation
Sr. Nt.
7.75% due 9/23/2014		550,000		492,250
				1,070,126
Brokerage — 0.6%
E*Trade Financial Corp.
Sr. Nt.
12.50% due 11/30/2017⁽⁴⁾		550,000		610,500
				610,500
Building Materials — 2.5%
Masco Corp.
Sr. Nt.
5.875% due 7/15/2012		910,000		901,866
Mohawk Industries, Inc.
Sr. Nt.
6.875% due 1/15/2016		330,000		328,394
Norcraft Cos. L.P.
Sr. Sub. Nt.
9.00% due 11/1/2011		500,000		500,000
Texas Industries, Inc.
7.25% due 7/15/2013		760,000		729,600
				2,459,860
Chemicals — 0.9%
Huntsman International LLC
5.50% due 6/30/2016⁽¹⁾		270,000		229,500
Koppers, Inc.
Sr. Nt.
9.875% due 10/15/2013		398,000		410,935
Olin Corp.
Sr. Nt.
8.875% due 8/15/2019		280,000		292,600
				933,035
Construction Machinery — 1.4%
Terex Corp.
Sr. Sub. Nt.
8.00% due 11/15/2017		290,000		266,075
Sr. Nt.
10.875% due 6/1/2016		500,000		545,000
United Rentals NA, Inc.
Sr. Sub. Nt.
7.75% due 11/15/2013		640,000		576,000
				1,387,075
Consumer Cyclical Services — 1.7%
Corrections Corp. of America
7.75% due 6/1/2017		540,000		557,550
NCO Group, Inc.
Sr. Nt.
5.315% due 11/15/2013⁽²⁾		165,000		122,100
Sr. Sub. Nt.
11.875% due 11/15/2014		180,000		111,600
Service Corp. International
Sr. Nt.
7.625% due 10/1/2018		490,000		493,675
Travelport LLC
Sr. Nt.
4.986% due 9/1/2014⁽²⁾		440,000		369,600
				1,654,525
Consumer Products — 1.0%
Acco Brands Corp.
Sr. Sec. Nt.
10.625% due 3/15/2015⁽¹⁾		410,000		428,450
Elizabeth Arden, Inc.
Sr. Sub. Nt.
7.75% due 1/15/2014		410,000		389,500
Jarden Corp.
Sr. Nt.
8.00% due 5/1/2016		170,000		174,250
				992,200
Diversified Manufacturing — 0.1%
ESCO Corp.
Sr. Nt.
8.625% due 12/15/2013⁽¹⁾		90,000		88,200
				88,200
Electric — 7.6%
CMS Energy Corp.
Sr. Nt.
6.55% due 7/17/2017		530,000		517,378
Dynegy Holdings, Inc.
Sr. Nt.
7.75% due 6/1/2019		460,000		392,150
Edison Mission Energy
Sr. Nt.
7.00% due 5/15/2017		800,000		668,000
Midwest Generation LLC
Ser. B
8.56% due 1/2/2016		442,444		449,081
Mirant Americas Generation LLC
Sr. Nt.
8.30% due 5/1/2011		180,000		183,150
Mirant Mid Atlantic Pass Through Tr.
Ser. A

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
8.625% due 6/30/2012	$	187,626	$	190,909
Ser. B
9.125% due 6/30/2017		429,373		433,667
Mirant North America LLC
7.375% due 12/31/2013		380,000		378,100
North American Energy Alliance LLC
Sr. Sec. Nt.
10.875% due 6/1/2016⁽¹⁾		160,000		164,800
NRG Energy, Inc.
Sr. Nt.
7.375% due 1/15/2017		645,000		624,037
RRI Energy, Inc.
Sr. Nt.
7.625% due 6/15/2014		360,000		353,250
7.875% due 6/15/2017		560,000		546,700
Sierra Pacific Resources
Sr. Nt.
8.625% due 3/15/2014		557,000		573,014
Texas Competitive Electric Holdings Co. LLC
Ser. A
10.25% due 11/1/2015⁽⁵⁾		1,180,000		849,600
Ser. B
10.25% due 11/1/2015⁽⁵⁾		740,000		532,800
The AES Corp.
Sr. Nt.
8.00% due 10/15/2017 -6/1/2020		720,000		719,550
				7,576,186
Energy - Independent — 10.1%
Atlas Energy Operating Co. LLC
10.75% due 2/1/2018⁽¹⁾		210,000		217,875
12.125% due 8/1/2017		280,000		301,700
Berry Petroleum Co.
Sr. Sub. Nt.
8.25% due 11/1/2016		110,000		105,600
Sr. Nt.
10.25% due 6/1/2014		450,000		480,375
Chaparral Energy, Inc.
Sr. Nt.
8.50% due 12/1/2015		865,000		696,325
Chesapeake Energy Corp.
6.875% due 1/15/2016		360,000		341,100
7.50% due 9/15/2013		220,000		218,625
Sr. Nt.
7.625% due 7/15/2013		300,000		298,125
9.50% due 2/15/2015		500,000		526,250
Connacher Oil and Gas Ltd.
Sr. Sec. Nt.
10.25% due 12/15/2015⁽¹⁾		600,000		489,000
11.75% due 7/15/2014⁽¹⁾		300,000		319,500
Continental Resources, Inc.
Sr. Nt.
8.25% due 10/1/2019⁽¹⁾		270,000		277,425
Denbury Resources, Inc.
7.50% due 4/1/2013 -12/15/2015		610,000		606,775
9.75% due 3/1/2016		320,000		340,000
Linn Energy LLC
11.75% due 5/15/2017⁽¹⁾		280,000		301,700
OPTI Canada, Inc.
Sr. Sec. Nt.
7.875% due 12/15/2014		200,000		153,000
8.25% due 12/15/2014		1,135,000		879,625
PetroHawk Energy Corp.
7.875% due 6/1/2015		290,000		285,650
Quicksilver Resources, Inc.
7.125% due 4/1/2016		860,000		746,050
8.25% due 8/1/2015		270,000		263,250
Sr. Nt.
11.75% due 1/1/2016		400,000		441,000
SandRidge Energy, Inc.
8.625% due 4/1/2015⁽⁴⁾		280,000		277,550
Sr. Nt.
9.875% due 5/15/2016⁽¹⁾		250,000		260,625
Stone Energy Corp.
Sr. Sub. Nt.
6.75% due 12/15/2014		550,000		418,000
Venoco, Inc.
Sec. Nt.
8.75% due 12/15/2011		340,000		343,400
Whiting Petroleum Corp.
Sr. Sub. Nt.
7.00% due 2/1/2014		400,000		395,000
				9,983,525
Energy - Oilfield Services — 1.8%
Allis-Chalmers Energy, Inc.
9.00% due 1/15/2014		570,000		464,550
Basic Energy Services, Inc.
Sr. Sec. Nt.
11.625% due 8/1/2014⁽¹⁾		250,000		265,000
Compagnie Generale de Geophysique-Veritas
Sr. Nt.
7.75% due 5/15/2017		85,000		84,362
Complete Production Services, Inc.
Sr. Nt.
8.00% due 12/15/2016		370,000		336,700
Helix Energy Solutions Group, Inc.
Sr. Nt.
9.50% due 1/15/2016⁽¹⁾		360,000		360,000
Stallion Oilfield Services
Sr. Nt.
9.75% due 2/1/2015⁽¹⁾⁽⁶⁾		580,000		266,800
				1,777,412
Energy - Refining — 0.2%
Western Refining, Inc.
Sr. Sec. Nt.
11.25% due 6/15/2017⁽¹⁾		200,000		189,000
				189,000
Entertainment — 0.4%
WMG Acquisition Corp.
Sr. Sec. Nt.
9.50% due 6/15/2016⁽¹⁾		340,000		358,700
				358,700
Food & Beverage — 2.3%
Aramark Corp.
Sr. Nt.
3.983% due 2/1/2015⁽²⁾		135,000		117,113
8.50% due 2/1/2015		855,000		862,481
Constellation Brands, Inc.
Ser. B
7.25% due 5/15/2017		180,000		179,100
8.125% due 1/15/2012		160,000		160,000
Michael Foods, Inc.
Sr. Sub. Nt.
8.00% due 11/15/2013		808,000		820,120
Smithfield Foods, Inc.
Sr. Sec. Nt.
10.00% due 7/15/2014⁽¹⁾		170,000		178,500
				2,317,314
Gaming — 4.2%
Boyd Gaming Corp.
Sr. Sub. Nt.
6.75% due 4/15/2014		200,000		179,000

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
7.125% due 2/1/2016	$	400,000	$	352,000
Harrah’s Operating Co., Inc.
Sr. Sec. Nt.
10.00% due 12/15/2018⁽¹⁾		630,000		500,850
MGM Mirage, Inc.
Sr. Nt.
7.50% due 6/1/2016		340,000		263,500
Sr. Sec. Nt.
10.375% due 5/15/2014⁽¹⁾		140,000		149,450
11.125% due 11/15/2017⁽¹⁾		290,000		316,825
Sr. Nt.
11.375% due 3/1/2018⁽¹⁾		160,000		150,400
Sr. Sec. Nt.
13.00% due 11/15/2013⁽¹⁾		340,000		389,300
Pokagon Gaming Authority
Sr. Nt.
10.375% due 6/15/2014⁽¹⁾		186,000		193,440
Scientific Games Corp.
7.875% due 6/15/2016⁽¹⁾		590,000		582,625
Scientific Games International, Inc.
Nt.
9.25% due 6/15/2019⁽¹⁾		340,000		353,600
Snoqualmie Entertainment Authority
Sr. Nt.
9.125% due 2/1/2015⁽¹⁾		545,000		288,850
Wynn Las Vegas LLC
6.625% due 12/1/2014		500,000		476,250
				4,196,090
Healthcare — 7.1%
Alliance Imaging, Inc.
Sr. Sub. Nt.
7.25% due 12/15/2012		1,060,000		1,022,900
Apria Healthcare Group, Inc.
Sr. Sec. Nt.
12.375% due 11/1/2014⁽¹⁾		140,000		149,450
Bio-Rad Laboratories, Inc.
Sr. Sub. Nt.
7.50% due 8/15/2013		300,000		307,500
8.00% due 9/15/2016⁽¹⁾		425,000		440,937
Community Health Systems, Inc.
8.875% due 7/15/2015		60,000		61,500
DaVita, Inc.
7.25% due 3/15/2015		570,000		564,300
Fresenius Medical Care Capital Tr.
7.875% due 6/15/2011		570,000		579,975
HCA, Inc.
Sr. Nt.
6.75% due 7/15/2013		570,000		545,775
Sr. Sec. Nt.
7.875% due 2/15/2020⁽¹⁾		250,000		250,938
8.50% due 4/15/2019⁽¹⁾		340,000		355,300
Sec. Nt.
9.125% due 11/15/2014		922,000		951,965
9.25% due 11/15/2016		630,000		651,262
Sr. Sec. Nt.
9.875% due 2/15/2017⁽¹⁾		280,000		296,800
Health Management Associates, Inc.
Sr. Nt.
6.125% due 4/15/2016		550,000		511,500
US Oncology, Inc.
Sr. Sec. Nt.
9.125% due 8/15/2017⁽¹⁾		300,000		315,750
				7,005,852
Home Construction — 0.5%
KB Home
6.375% due 8/15/2011		63,000		63,630
9.10% due 9/15/2017		170,000		182,750
The Ryland Group, Inc.
5.375% due 5/15/2012		290,000		290,000
				536,380
Industrial - Other — 0.3%
Belden, Inc.
9.25% due 6/15/2019⁽¹⁾		340,000		353,600
				353,600
Insurance - Life — 0.4%
UnumProvident Finance Co.
Sr. Nt.
6.85% due 11/15/2015⁽¹⁾		400,000		399,980
				399,980
Lodging — 2.4%
Host Hotels & Resorts L.P.
Sr. Nt.
9.00% due 5/15/2017⁽¹⁾		170,000		180,200
Host Marriott L.P.
Sr. Nt. Ser. O
6.375% due 3/15/2015		900,000		852,750
Royal Caribbean Cruises Ltd.
Sr. Nt.
6.875% due 12/1/2013		360,000		335,700
7.00% due 6/15/2013		540,000		514,350
Starwood Hotels & Resorts Worldwide, Inc.
Sr. Nt.
7.875% due 10/15/2014		510,000		534,225
				2,417,225
Media - Cable — 4.6%
Cablevision Systems Corp.
Sr. Nt.
8.00% due 4/15/2012⁽²⁾		510,000		531,675
CSC Holdings, Inc.
Sr. Nt. Ser. B
7.625% due 4/1/2011		400,000		415,000
Sr. Nt.
8.50% due 4/15/2014 -6/15/2015⁽¹⁾		610,000		640,500
8.625% due 2/15/2019⁽¹⁾		160,000		169,200
DISH DBS Corp.
Sr. Nt.
7.875% due 9/1/2019⁽¹⁾		820,000		828,200
EchoStar DBS Corp.
Sr. Nt.
6.625% due 10/1/2014		295,000		286,887
Mediacom LLC
Sr. Nt.
9.125% due 8/15/2019⁽¹⁾		170,000		174,675
Videotron Ltee.
9.125% due 4/15/2018		290,000		313,925
9.125% due 4/15/2018⁽¹⁾		280,000		303,100
Virgin Media Finance PLC
Ser. 1
9.50% due 8/15/2016		840,000		884,100
				4,547,262
Media - Noncable — 8.6%
Block Communications, Inc.
Sr. Nt.
8.25% due 12/15/2015⁽¹⁾		1,120,000		1,064,000
Clear Channel Communications, Inc.
Sr. Nt.
5.75% due 1/15/2013		610,000		317,200
Gannett Co., Inc.
Sr. Nt.
8.75% due 11/15/2014⁽¹⁾		140,000		136,850

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Principal Amount		Value
9.375% due 11/15/2017⁽¹⁾	$	140,000	$	136,150
GeoEye, Inc.
Sr. Sec. Nt.
9.625% due 10/1/2015⁽¹⁾		270,000		273,375
Hughes Network Systems LLC
Sr. Nt.
9.50% due 4/15/2014		100,000		100,500
Inmarsat Finance PLC
Sr. Nt.
7.625% due 6/30/2012		310,000		310,775
Intelsat Corp.
Sr. Nt.
9.25% due 8/15/2014		380,000		389,500
Intelsat Jackson Holdings Ltd.
11.25% due 6/15/2016		290,000		310,300
Intelsat Subsidiary Holding Co. Ltd.
8.50% due 1/15/2013		900,000		911,250
8.875% due 1/15/2015		160,000		162,800
8.875% due 1/15/2015⁽¹⁾		140,000		141,750
Lamar Media Corp.
Sr. Nt.
6.625% due 8/15/2015		500,000		462,900
Nielsen Finance LLC
11.50% due 5/1/2016		560,000		588,000
Quebecor Media, Inc.
Sr. Nt.
7.75% due 3/15/2016		821,000		812,790
Rainbow National Services LLC
8.75% due 9/1/2012⁽¹⁾		930,000		948,600
RH Donnelley, Inc.
11.75% due 5/15/2015⁽¹⁾⁽⁶⁾		705,000		398,325
Sinclair Broadcast Group, Inc.
8.00% due 3/15/2012		830,000		734,550
The Interpublic Group of Cos., Inc.
Sr. Nt.
10.00% due 7/15/2017⁽¹⁾		300,000		324,000
				8,523,615
Metals & Mining — 2.2%
Foundation PA Coal Co. LLC
Sr. Nt.
7.25% due 8/1/2014		320,000		318,000
Freeport-McMoRan Copper & Gold, Inc.
Sr. Nt.
8.25% due 4/1/2015		175,000		186,156
8.375% due 4/1/2017		150,000		159,563
Steel Dynamics, Inc.
7.375% due 11/1/2012		800,000		808,000
Teck Resources Ltd.
Sr. Sec. Nt.
9.75% due 5/15/2014		170,000		187,000
10.25% due 5/15/2016		170,000		192,100
10.75% due 5/15/2019		280,000		325,500
				2,176,319
Natural Gas - Distributors — 1.1%
Ferrellgas Partners L.P.
Sr. Nt.
6.75% due 5/1/2014⁽¹⁾		380,000		361,475
Inergy LP/Inergy Finance Corp.
8.25% due 3/1/2016		600,000		603,000
8.75% due 3/1/2015⁽¹⁾		160,000		164,400
				1,128,875
Natural Gas - Pipelines — 3.1%
Atlas Pipeline Partners L.P.
8.75% due 6/15/2018		760,000		608,000
El Paso Corp.
Sr. Nt.
8.25% due 2/15/2016		160,000		164,000
12.00% due 12/12/2013		640,000		729,600
El Paso Performance-Linked Tr.
Sr. Nt.
7.75% due 7/15/2011⁽¹⁾		200,000		204,305
Kinder Morgan Finance Co. ULC
5.70% due 1/5/2016		400,000		381,000
MarkWest Energy Partners L.P.
6.875% due 11/1/2014⁽¹⁾		170,000		158,950
Sr. Nt. Ser. B
8.50% due 7/15/2016		400,000		396,000
Regency Energy Partners L.P.
Sr. Nt.
9.375% due 6/1/2016⁽¹⁾		340,000		353,600
SemGroup L.P.
Sr. Nt.
8.75% due 11/15/2015⁽¹⁾⁽⁶⁾		715,000		46,475
				3,041,930
Packaging — 1.6%
Ball Corp.
7.125% due 9/1/2016		200,000		204,000
7.375% due 9/1/2019		200,000		203,000
Crown Americas LLC
7.625% due 11/15/2013		180,000		181,800
Sr. Nt.
7.625% due 5/15/2017⁽¹⁾		340,000		343,400
Owens-Brockway Glass Container, Inc.
7.375% due 5/15/2016		340,000		345,100
Silgan Holdings, Inc.
Sr. Nt.
7.25% due 8/15/2016⁽¹⁾		300,000		303,000
				1,580,300
Paper — 2.0%
Graphic Packaging International, Inc.
Sr. Sub. Nt.
9.50% due 8/15/2013		1,022,000		1,052,660
PE Paper Escrow GmbH
Sr. Sec. Nt.
12.00% due 8/1/2014⁽¹⁾		170,000		183,600
Rock-Tenn Co.
9.25% due 3/15/2016		370,000		395,900
Sr. Nt.
9.25% due 3/15/2016⁽¹⁾		340,000		363,800
				1,995,960
Railroads — 1.5%
American Railcar Industries, Inc.
Sr. Nt.
7.50% due 3/1/2014		440,000		409,200
RailAmerica, Inc.
Sr. Sec. Nt.
9.25% due 7/1/2017⁽¹⁾		1,000,000		1,047,500
				1,456,700
Real Estate Investment Trusts — 0.9%
Reckson Operating Partnership L.P.
Sr. Nt.
5.15% due 1/15/2011		900,000		886,878
				886,878
Retailers — 3.4%
Burlington Coat Factory Warehouse Corp.
11.125% due 4/15/2014		650,000		637,000
Duane Reade, Inc.
Sr. Sec. Nt.
11.75% due 8/1/2015⁽¹⁾		140,000		147,000

See accompanying notes to Schedule of Investments.


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


	Principal
September 30, 2009 (unaudited)	Amount		Value
J.C. Penney Corp., Inc.
Sr. Nt.
7.65% due 8/15/2016	$	1,130,000	$	1,149,775
Macy’s Retail Holdings, Inc.
8.875% due 7/15/2015⁽⁵⁾		340,000		354,688
Susser Holdings LLC
10.625% due 12/15/2013		550,000		567,875
The Neiman Marcus Group, Inc.
10.375% due 10/15/2015		650,000		555,750
				3,412,088
Supermarkets — 1.7%
Delhaize America, Inc.
Debt.
9.00% due 4/15/2031		370,000		486,842
Ingles Markets, Inc.
Sr. Nt.
8.875% due 5/15/2017		280,000		287,000
Supervalu, Inc.
Sr. Nt.
7.50% due 11/15/2014		710,000		713,550
The Great Atlantic & Pacific Tea Co., Inc.
Sr. Sec. Nt.
11.375% due 8/1/2015⁽¹⁾		170,000		172,125
				1,659,517
Technology — 6.0%
Anixter, Inc.
10.00% due 3/15/2014		850,000		896,750
Communications & Power Industries, Inc.
Sr. Sub. Nt.
8.00% due 2/1/2012		490,000		487,550
First Data Corp.
9.875% due 9/24/2015		180,000		166,275
Iron Mountain, Inc.
6.625% due 1/1/2016		200,000		193,000
Sr. Sub. Nt.
8.375% due 8/15/2021		340,000		350,200
Jabil Circuit, Inc.
Sr. Nt.
7.75% due 7/15/2016		280,000		284,200
8.25% due 3/15/2018		580,000		588,700
Nortel Networks Ltd.
Sr. Nt.
8.508% due 7/15/2011⁽²⁾⁽⁶⁾		270,000		152,550
10.75% due 7/15/2016⁽⁶⁾		330,000		189,750
Seagate Technology HDD Holdings
6.80% due 10/1/2016		580,000		532,150
Stream Global Services, Inc.
Sr. Sec. Nt.
11.25% due 10/1/2014⁽¹⁾		320,000		308,000
SunGard Data Systems, Inc.
10.625% due 5/15/2015⁽¹⁾		1,210,000		1,282,600
Terremark Worldwide, Inc.
Sr. Sec. Nt.
12.00% due 6/15/2017⁽¹⁾		500,000		545,000
				5,976,725
Transportation Services — 0.8%
Avis Budget Car Rental LLC
Sr. Nt.
2.94% due 5/15/2014⁽²⁾		100,000		78,500
7.625% due 5/15/2014		100,000		90,000
7.75% due 5/15/2016		300,000		261,000
Hertz Corp.
8.875% due 1/1/2014		330,000		333,300
				762,800
Wireless — 3.7%
CC Holdings GS V LLC
Sr. Sec. Nt.
7.75% due 5/1/2017⁽¹⁾		280,000		289,800
Nextel Communications, Inc.
Ser. F
5.95% due 3/15/2014		510,000		451,350
Ser. E
6.875% due 10/31/2013		550,000		510,125
Ser. D
7.375% due 8/1/2015		300,000		269,250
SBA Telecommunications, Inc.
8.00% due 8/15/2016⁽¹⁾		430,000		439,675
8.25% due 8/15/2019⁽¹⁾		280,000		288,400
Sprint Capital Corp.
6.90% due 5/1/2019		885,000		792,075
8.375% due 3/15/2012		210,000		216,825
Sprint Nextel Corp.
Sr. Nt.
8.375% due 8/15/2017		180,000		179,100
Wind Acquisition Finance SA
Sr. Nt.
11.75% due 7/15/2017⁽¹⁾		170,000		191,675
				3,628,275
Wirelines — 1.3%
Frontier Communications Corp.
Sr. Nt.
6.25% due 1/15/2013		580,000		568,400
8.125% due 10/1/2018		540,000		543,375
Qwest Communications International, Inc.
8.00% due 10/1/2015⁽¹⁾		150,000		149,813
				1,261,588
Total Corporate Bonds (Cost $94,192,921)				95,196,152

	Shares
Common Stocks — 0.8%
Banking — 0.8%
Citigroup, Inc.		166,615		806,417
Total Common Stocks (Cost $501,612)				806,417

	Principal Amonunt
Repurchase Agreements — 2.3%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $2,281,001, due 10/1/2009⁽⁷⁾	$	2,281,000		2,281,000
Total Repurchase Agreements (Cost $2,281,000)				2,281,000
Total Investments — 99.1% (Cost $96,975,533)				98,283,569
Other Assets, Net — 0.9%				844,033
Total Net Assets — 100.0%			$	99,127,602

(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 September 30, 2009, the aggregate market value of these securities amounted to $23,216,688, representing 23.4% 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.

(2)	Variable rate security. The rate shown is the rate in effect at September 30, 2009.

(3)	Maturity is perpetual. Maturity date presented represents the next call date.

See accompanying notes to Schedule of Investments.


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

(4)	Payment-in-kind security for which part of the income earned may be paid as additional principal.

(5)	Step-up bond.

(6)	Non-income producing security. In case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. The following table presents bonds that are in default.


Security	Coupon		Maturity Date	Principal Amount		Acquisition Cost		Value
Nortel Networks Ltd. Sr. Nt.	8.508	%	7/15/2011	$	270,000	$	271,678	$	152,550
Nortel Networks Ltd. Sr. Nt.	10.75	%	7/15/2016		330,000		328,300		189,750
RH Donnelley, Inc.	11.75	%	5/15/2015		705,000		646,838		398,325
SemGroup L.P. Sr. Nt.	8.75	%	11/15/2015		715,000		713,425		46,475
Stallion Oilfield Services Sr. Nt.	9.75	%	2/1/2015		580,000		446,600		266,800

(7)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
FHLMC	4.375	%	7/17/2015	$	2,327,400


	Valuation Inputs						Total
Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	95,196,152	$	—	$	95,196,152
Common Stocks		806,417		—		—		806,417
Repurchase Agreements		—		2,281,000		—		2,281,000
Total	$	806,417	$	97,477,152	$	—	$	98,283,569

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Tax-Exempt Fund


September 30, 2009 (unaudited)	Principal Amount		Value
Municipal Bonds — 96.3%
Alabama — 0.1%
Alabama 21st Century Auth. Tobacco Settlement Rev.,
5.75% due 12/1/2019	$	160,000	$	164,014
				164,014
Alaska — 0.9%
Northern Tobacco Securitization Corp. Alaska Tobacco Settlement Rev.
Asset Bkd. Bds. Ser. A
4.625% due 6/1/2023		2,000,000		1,926,300
				1,926,300
Arizona — 3.0%
Arizona St. Transn. Brd. Hwy. Rev.
Ser. B
5.00% due 7/1/2032		1,000,000		1,085,370
AZ Wtr. Infrastructure Fin. Auth. Rev.
Wtr Quality-Ser. A
5.00% due 10/1/2027		1,500,000		1,689,495
Chandler, AZ G.O.
5.00% due 7/1/2021		1,500,000		1,720,350
Mesa AZ Utility Sys. Rev.
FGIC Insured
5.00% due 7/1/2027		575,000		610,380
Phoenix, AZ G.O. Ser. B,
5.375% due 7/1/2012⁽¹⁾		1,000,000		1,080,030
				6,185,625
California — 6.9%
California St. Dept. Wtr. Res. Pwr. Supply Rev.
5.00% due 5/1/2022		1,500,000		1,679,505
California St. Pub. Wrks. Brd. Lease Rev.
Trustees Calif. St. Univ. Ser. D
6.125% due 4/1/2028		1,245,000		1,350,775
Dept. Dev. Svcs. Porterville Ser. C
6.50% due 4/1/2029		1,500,000		1,659,975
California St. Var. Purp. G.O.
5.00% due 9/1/2030		300,000		304,359
6.00% due 4/1/2035		2,000,000		2,200,400
6.50% due 4/1/2033		2,000,000		2,321,240
San Francisco Calif. Bay Area Rapid Tran Dist.
5.00% due 8/1/2023		1,500,000		1,693,215
Univ. of California Revs. Ser. O
5.75% due 5/15/2029		1,000,000		1,167,140
Western Mun. Wtr. Dist. Facs. Auth. Calif. Wtr.
Rev. Ser. B
5.00% due 10/1/2034		1,500,000		1,578,300
				13,954,909
Colorado — 4.3%
Colorado Health Facs. Auth. Rev.
Ref-Adventist Health/Sunbelt Ser. D
5.25% due 11/15/2027 -11/15/2035		3,725,000		3,863,442
Colorado Hsg. & Fin. Auth.
Single Family Mtg. Ser. A,
FHA Insured
5.50% due 11/1/2029		1,500,000		1,584,135
North Metro Fire Rescue Dist. Colorado G.O.,
AMBAC insured
5.00% due 12/1/2027		1,000,000		1,089,550
West Metro Fire Protn. Dist. CO G.O. Ser. A,
MBIA insured
5.25% due 12/1/2026		1,895,000		2,118,478
				8,655,605
Connecticut — 3.2%
Connecticut St.
Revolving Fd. Ser. A
5.00% due 6/1/2026		1,500,000		1,704,000
Connecticut St. G.O. Ser. A
5.00% due 2/15/2029		1,500,000		1,666,830
Connecticut St. Hsg. Fin.
Hsg. Mtg. Fin. Prog. Ser. C-4
5.00% due 11/15/2029		1,500,000		1,506,720
Connecticut St. Spl. Tax Oblig. Rev.
Transn. Infrastructure Ser. A
5.00% due 11/1/2027		1,500,000		1,653,945
				6,531,495
Delaware — 0.7%
Wilmington Delaware G.O. Ser.A
5.00% due 12/1/2028		1,250,000		1,387,463
				1,387,463
Florida — 4.5%
Brevard Cnty. FLA Health Facs. Auth. Health
Care Facs. Rev.
Health First Inc. Proj.
7.00% due 4/1/2039		1,500,000		1,658,760
Florida St.
Dept. Trans. - Right of Way
5.375% due 7/1/2027		1,500,000		1,682,175
Miami-Dade Cnty. FLA Aviation Rev. Ser. A
6.00% due 10/1/2027		1,500,000		1,639,005
Palm Beach Cnty. FLA Wtr. & Swr. Rev.
FPL Reclaimed Wtr. Proj.
5.25% due 10/1/2033		1,500,000		1,650,555
Sarasota Cnty. FLA Pub. Hosp. Dist. Hosp. Rev.
Sarasota Memorial Hosp. Proj. Ser. A
5.50% due 7/1/2034		1,000,000		1,042,800
5.625% due 7/1/2039		1,500,000		1,567,935
				9,241,230
Georgia — 4.0%
Atlanta GA Wtr. & Wastewtr. Rev. Ser. A
6.00% due 11/1/2027, 11/1/2029		3,000,000		3,230,100
Gwinnett Cnty. GA Sch. Dist. G.O.
5.00% due 2/1/2032, 2/1/2036		3,000,000		3,275,955
Metropolitan Atlanta Rapid Tran. Auth. GA Sales
Tax Rev. Ref-Third Indenture-Ser. B,
FSA insured
5.00% due 7/1/2026		1,500,000		1,641,720
				8,147,775
Idaho — 0.9%
Boise St. Univ. Idaho. Revs.
Ref-Gen-Ser. A
5.00% due 4/1/2034		1,750,000		1,872,780
				1,872,780
Illinois — 3.4%
Chicago Illinois Brd. of Ed. G.O.
4.10% due 3/1/2036 ⁽²⁾		3,500,000		3,500,000
Illinois St. G.O.
5.00% due 4/1/2025		1,500,000		1,622,775
Illinois St. Toll Hwy. Auth. Toll Hwy. Rev. Ser. B
5.50% due 1/1/2033		1,500,000		1,715,340
				6,838,115
Iowa — 0.8%
Iowa St. Spl. Oblig.iJobs Prog. Ser. A
5.00% due 6/1/2027		1,500,000		1,660,890
				1,660,890

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Tax-Exempt Fund (continued)


September 30, 2009 (unaudited)	Principal Amount		Value
Kansas — 2.3%
Kansas St. Dept. Transn. Hwy. Rev. Ser. B-2
5.00% due 9/1/2022	$	1,500,000	$	1,721,520
Kansas St. Dev. Fin. Auth.
Lease Rev. Ser. G-1,
MBIA insured
5.125% due 4/1/2022		1,300,000		1,424,930
Kansas St. Dev. Fin. Auth. Hosp. Rev.
Adventist Health
5.50% due 11/15/2029		1,500,000		1,605,600
				4,752,050
Louisiana — 0.8%
Louisiana Loc. Govt. Environmental Facs. &
Cmnty. Dev. Auth.
Jefferson Parish Ser. A
5.25% due 4/1/2022		1,525,000		1,686,970
				1,686,970
Maine — 0.8%
Maine St. Tpk. Auth. Tpk. Rev.
6.00% due 7/1/2034		1,500,000		1,717,755
				1,717,755
Maryland — 2.6%
Baltimore Cnty. MD Met. Dist.
71st Issue
5.00% due 2/1/2022		1,500,000		1,742,205
Maryland St. Dept. Transn. Cons.
5.00% due 2/15/2021		1,500,000		1,740,795
Maryland St. Dept. Transn. Cons. Transn.
5.25% due 12/15/2017		1,500,000		1,823,715
				5,306,715
Massachusetts — 5.9%
Massachusetts Bay Transn. Auth. Rev. Ser. A
5.25% due 7/1/2034		1,500,000		1,654,500
Massachusetts St. College Bldg. Auth. Proj. Rev.
Ser. A,
AMBAC insured
5.00% due 5/1/2026		950,000		1,011,180
Massachusetts St. G.O.
Ser. D,
5.50% due 10/1/2020		2,000,000		2,488,460
Massachusetts St. Health & Ed. Facs. Auth. Rev.
Harvard Univ. Ser. B,
5.00% due 10/1/2038		1,500,000		1,633,800
Harvard Univ. Ser. A
5.50% due 11/15/2036		1,500,000		1,719,645
Massachusetts St. Health & Ed. Facs. Auth. Rev.
Ser. A, M.I.T.
5.00% due 7/1/2038		1,500,000		1,619,625
Massachusetts St. Health & Ed. Facs. Auth. Rev.
Ser. O, M.I.T.
6.00% due 7/1/2036		1,500,000		1,770,240
				11,897,450
Michigan — 0.7%
Michigan Tobacco Settlement Fin. Auth. Tobacco
Settlement Asset Ser. A
6.00% due 6/1/2034		1,500,000		1,349,070
				1,349,070
Minnesota — 1.6%
Minnesota St. G.O.
5.00% due 8/1/2022		1,500,000		1,716,720
Rochester, MN Waste Wtr. Ser. A G.O.,
5.00% due 2/1/2026		1,500,000		1,634,160
				3,350,880
Missouri — 3.4%
Metropolitan St. Louis MO Swr. Dist. Wastewtr
Sys. Rev. Ser. A
5.75% due 5/1/2038		1,500,000		1,735,710
Missouri St. Environmental Impt. & Energy Res.
Auth. Wtr. Poll. Ctl. St.
Revolving Fds. Pgs. Ser. A
5.75% due 1/1/2029		1,500,000		1,764,375
Missouri St. Hwys & Trans Commn St. Rd. Rev.
5.00% due 5/1/2025 (1st Lein)		1,500,000		1,656,045
5.25% due 5/1/2018 (2nd Lein)		1,500,000		1,773,855
				6,929,985
New Jersey — 4.2%
Middlesex Cnty. NJ Impt. Auth. Lease Rev.
Regl. Ed. Svc. Commn.
5.25% due 12/15/2033		1,500,000		1,668,600
New Jersey Economic Dev. Auth. Rev.
Sch. Facs. Constr. Ser. O
5.25% due 3/1/2022		1,500,000		1,620,540
New Jersey Garden St. Preservation Tr. Ser. A ,
FSA insured
5.50% due 11/1/2015		1,500,000		1,791,195
New Jersey St. Ed. Facs. Auth. Rev.
Princeton Univ. Ser. E
5.00% due 7/1/2033		1,500,000		1,640,670
New Jersey St. Transn. Tr. Fd. Auth.
Transn. Sys. Ser. C,
FSA Insured
5.50% due 12/15/2016		1,500,000		1,755,780
				8,476,785
New York — 6.8%
Erie Cnty. NY Indl. Dev. Agy. Sch. Fac. Rev.
City of Buffalo Proj.,
FSA Insured
5.75% due 5/1/2023		1,095,000		1,177,990
Metropolitan Transn. Auth. NY Dedicated Tax Fd.
Ser. B
5.00% due 11/15/2034		1,690,000		1,786,110
New York City Tr. Cultural Res. Rev.
5.00% due 4/1/2031		450,000		485,811
New York NY City Mun. Wtr. Fin. Auth. Wtr. &
Swr. Sys. Rev.
Ser. FF-2
5.50% due 6/15/2040		1,500,000		1,695,990
New York NY G.O. Ser. H-1
5.25% due 3/1/2021		1,500,000		1,740,075
New York NY Ser. D1
5.125% due 12/1/2024		1,500,000		1,660,350
New York St. Dorm. Auth.
Personal Income Tax Rev. Ser. B,
AMBAC insured
5.50% due 3/15/2020		1,500,000		1,850,760
New York St. Dorm. Auth. Rev.
NonStruct. Supp. Debt.
Columbia Univ. Ser. C,
5.00% due 7/1/2029		1,500,000		1,654,515
New York State Thruway Auth. New York
5.25% due 3/15/2027		1,500,000		1,679,550
				13,731,151
North Carolina — 1.7%
University NC Univ. Revs.
5.00% due 12/1/2027		1,500,000		1,670,760

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Tax-Exempt Fund (continued)


September 30, 2009 (unaudited)	Principal Amount		Value
Wake Cnty. NC G.O.
5.00% due 3/1/2018	$	1,500,000	$	1,760,910
				3,431,670
Ohio — 5.8%
Buckeye OH Tobacco Settlement Fing. Auth.
Asset Bkd. Ser. A-1
5.00% due 6/1/2015		2,000,000		2,036,320
Asset Bkd. Ser. A-2
5.375% due 6/1/2024		1,345,000		1,276,244
5.75% due 6/1/2034		1,500,000		1,406,175
Columbus OH Swr. Rev. Ser. A
5.00% due 6/1/2028		1,500,000		1,639,440
Franklin Cnty. OH Cnvtn. Facs. Ref.
Tax & Lease Rev. Antic. Bds.,
AMBAC insured
5.25% due 12/1/2016		1,000,000		1,092,140
Ohio St. Air Quality Dev. Auth. Rev.
Ref-Poll. Ctl. FirstEnergy Generation Corp.
Ser. C
5.625% due 6/1/2018		1,500,000		1,636,620
Ohio St. Hosp. Fac. Rev.
Cleveland Clinic Health Ser. B
5.50% due 1/1/2034		1,500,000		1,551,345
Univ. of Cincinnati, OH Gen. Rcpts.
Ser. A, FGIC insured
5.50% due 6/1/2011		1,050,000		1,127,553
				11,765,837
Oregon — 2.5%
Deschutes & Jefferson Cnty. OR Sch. Dist. G.O.
6.125% due 6/15/2032		1,500,000		1,781,745
Oregon St. Dept. Trans. Hwy. User Tax Rev.
Ser. A
5.00% due 11/15/2028		1,500,000		1,633,605
Sr. Lien-Ser. A
5.00% due 11/15/2033		1,500,000		1,633,650
				5,049,000
Pennsylvania — 0.9%
Pennsylvania St. G.O. Ser. A,
5.00% due 11/1/2017⁽¹⁾		1,500,000		1,796,790
				1,796,790
Puerto Rico — 6.9%
Puerto Rico Comwlth. Govt. Dev. Bk.
Ser. B
Sr. Nts.
5.00% due 12/1/2011		1,500,000		1,582,050
Puerto Rico Comwlth. Hwy. & Transn. Auth.
Transn. Rev. Ser. I
FGIC insured
5.00% due 7/1/2024		1,500,000		1,503,015
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Ser. UU
FSA insured
5.00% due 7/1/2022		1,500,000		1,626,945
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Ser. WW
5.50% due 7/1/2021		1,500,000		1,663,290
Puerto Rico Pub. Bldgs. Auth. Rev. Gtd.
Ref-Govt. Facs. Ser. H
5.25% due 7/1/2013		2,605,000		2,775,549
Ref-Govt. Facs. Ser. P
7.00% due 7/1/2021		1,500,000		1,667,760
Puerto Rico Sales Tax Fing. Corp. Sales Tax
Rev. Ser. A
5.25% due 8/1/2027		1,500,000		1,609,365
6.125% due 8/1/2029		1,500,000		1,600,725
				14,028,699
Rhode Island — 0.9%
Tobacco Settlement Fing. Corp. RI
Asset Bkd. Ser. A
6.00% due 6/1/2023		1,750,000		1,775,935
				1,775,935
South Carolina — 1.7%
South Carolina St. Pub. Svc. Auth. Rev.
Ref. Ser. A,
5.50% due 1/1/2015		1,500,000		1,743,615
South Carolina St. Pub. Svc. Auth. Rev. Ser. B
5.25% due 1/1/2034		1,500,000		1,647,195
				3,390,810
Tennessee — 2.4%
Metropolitan Govt. Nashville & Davidson Cnty.
Tenn Hlth. & Ed. Facs. Brd. Rev.
Vanderbilt Univ. Ser. A
5.00% due 10/1/2034		1,500,000		1,619,955
Vanderbilt Univ. Ser. B
5.50% due 10/1/2034		1,500,000		1,694,325
Tennessee St. Sch. Bd. Auth. Higher Ed. Facs.
Ser. B
5.125% due 5/1/2033		1,500,000		1,624,800
				4,939,080
Texas — 6.7%
Fort Bend Tex. Indpt. Sch. Dist. G.O.
Sch. Bldg.
5.00% due 2/15/2029		1,500,000		1,649,415
North Tex. Mun. Wtr. Dist. Regl. Wastewtr. Rev.
5.00% due 6/1/2028		1,500,000		1,629,330
North Tex. Twy. Auth. Dallas North Twy. Sys. Rev. Ser. C
6.00% due 1/1/2023, 1/1/2025		3,500,000		3,946,235
Round Rock Tex. Indpt. Sch. Dist. G.O.
Sch. Bldg.
5.25% due 8/1/2034		1,500,000		1,642,815
Tarrant Cnty. Tex. Cultural Ed. Facs. Fin. Corp.
Hospital Rev.
Ref-Baylor Health Care Sys. Proj.
6.25% due 11/15/2029		1,500,000		1,628,910
Texas St. Dept. of Hsg. & Cmnty. Affairs
Residential Mtg. Rev. Ser. A
5.10% due 7/1/2029		1,500,000		1,547,610
Texas St. Univ. Sys. Fing. Rev.
5.25% due 3/15/2027		1,500,000		1,672,470
				13,716,785
Virginia — 3.0%
Tobacco Settlement Fin. Corp. VA
Asset Bkd.,
5.50% due 6/1/2012⁽¹⁾		1,500,000		1,690,860
Upper Occoquan Sew. Auth. Regl.
Sew. Rev. Ref., FSA Insured
5.00% due 7/1/2025		1,500,000		1,642,110
Virginia St. Pub. Sch. Auth. Ser. B
5.00% due 8/1/2028		1,500,000		1,667,040
5.25% due 8/1/2033		1,000,000		1,106,190
				6,106,200
Washington — 1.0%
King Cnty. WA Swr. Rev.
5.50% due 1/1/2030		1,815,000		2,027,319
				2,027,319

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Tax-Exempt Fund (continued)


September 30, 2009 (unaudited)	Principal Amount		Value
September 30, 2009 (unaudited)	Principal Amount		Value
Wisconsin — 1.0%
Wisconsin St. Health & Edl. Facs. Auth. Rev.
Aurora Health Care
6.50% due 4/15/2033	$	2,000,000	$	2,060,720
				2,060,720
Total Municipal Bonds (Cost $180,804,601)				195,853,857
Total Investments — 96.3% (Cost $180,804,601)				195,853,857
Other Assets, Net — 3.7%				7,419,615
Total Net Assets — 100.0%			$	203,273,472

(1)	Pre-refunded.

(2)	Variable rate demand note. The rate shown is the rate in effect at September 30, 2009.

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments. Fore more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.


	Valuation Inputs						Total
Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Securities	$	—	$	195,853,857	$	—	$	195,853,857
Total	$	—	$	195,853,857	$	—	$	195,853,857

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Money Market Fund


September 30, 2009 (unaudited)	Principal Amount		Value
September 30, 2009 (unaudited)	Principal Amount		Value
U.S. Government Securities — 2.8%
U.S. Government Agency Securities — 2.8%
FNMA
0% due 10/5/2009 -10/28/2009⁽¹⁾	$	15,000,000	$	14,998,533
				14,998,533
Total U.S. Government Securities (Cost $14,998,533)				14,998,533
Total U.S. Government Securities (Cost $14,998,533)				14,998,533
Commercial Paper — 84.8%
Aerospace & Defense — 2.8%
United Technologies Corp.
0.10% due 10/29/2009⁽²⁾		5,000,000		4,999,611
0.12% due 10/26/2009⁽²⁾		10,000,000		9,999,167
				14,998,778
Airport Development & Maintenance — 3.6%
Los Angeles Department of Airports
0.25% due 12/2/2009		9,445,000		9,440,933
0.55% due 10/1/2009		10,000,000		10,000,000
				19,440,933
Chemicals — 4.7%
E.I. du Pont de Nemours and Co.
0.13% due 10/26/2009⁽²⁾		10,000,000		9,999,097
0.15% due 10/22/2009⁽²⁾		5,000,000		4,999,563
Ecolab, Inc.
0.15% due 10/14/2009⁽²⁾		10,000,000		9,999,458
				24,998,118
Computers — 1.9%
Dell, Inc.
0.17% due 11/20/2009⁽²⁾		10,000,000		9,997,639
				9,997,639
Conglomerates — 1.9%
General Electric Capital Corp.
0.13% due 11/20/2009		5,000,000		4,999,097
0.15% due 12/29/2009		5,000,000		4,998,146
				9,997,243
Diversified Financial Services — 10.4%
CME Group, Inc.
0.15% due 10/14/2009⁽²⁾		10,000,000		9,999,459
Glaxosmithkline Finance PLC
0.15% due 10/1/2009 -10/7/2009⁽²⁾		15,000,000		14,999,875
Goldman Sachs Group, Inc.
0.16% due 10/1/2009		5,291,000		5,291,000
J.P. Morgan Chase & Co.
0.20% due 11/13/2009⁽²⁾		10,000,000		9,997,611
NYSE Euronext, Inc.
0.15% due 11/6/2009⁽²⁾		5,000,000		4,999,250
0.18% due 10/6/2009⁽²⁾		10,000,000		9,999,750
				55,286,945
Diversified Manufacturing — 3.9%
Danaher Corp.
0.14% due 10/28/2009⁽²⁾		11,000,000		10,998,845
Siemens Capital Co., LLC
0.16% due 10/5/2009⁽²⁾		10,000,000		9,999,822
				20,998,667
Education Revenue — 6.2%
Cornell University
0.35% due 10/22/2009		10,000,000		9,997,958
Pres & Fell Harvard
0.20% due 1/19/2010		10,000,000		9,993,889
Yale University
0.23% due 10/14/2009		7,500,000		7,499,377
0.33% due 2/12/2010		3,000,000		2,996,315
0.34% due 1/12/2010		2,500,000		2,497,568
				32,985,107
Electric — 4.7%
Electricite de France
0.19% due 10/22/2009⁽²⁾		10,000,000		9,998,892
FPL Group Capital, Inc.
0.14% due 10/13/2009⁽²⁾		5,000,000		4,999,766
0.16% due 10/13/2009⁽²⁾		10,000,000		9,999,467
				24,998,125
Energy — 2.8%
ConocoPhillips
0.13% due 10/6/2009⁽²⁾		5,000,000		4,999,910
0.14% due 10/5/2009⁽²⁾		10,000,000		9,999,844
				14,999,754
Finance Companies — 1.9%
Private Export Funding Corp.
0.19% due 12/7/2009⁽²⁾		5,000,000		4,998,232
0.28% due 12/2/2009⁽²⁾		5,000,000		4,997,589
				9,995,821
Financial - Banks — 3.8%
BNP Paribas Finance, Inc.
0.13% due 10/14/2009		10,000,000		9,999,531
Societe Generale N.A.
0.18% due 11/2/2009		10,000,000		9,998,400
				19,997,931
Food & Beverage — 11.3%
Campbell Soup Co.
0.15% due 10/1/2009⁽²⁾		10,000,000		10,000,000
0.18% due 11/3/2009⁽²⁾		10,000,000		9,998,350
Nestle Capital Corp.
0.22% due 10/19/2009⁽²⁾		10,000,000		9,998,900
The Coca-Cola Co.
0.14% due 10/23/2009⁽²⁾		5,000,000		4,999,572
0.21% due 10/9/2009⁽²⁾		5,000,000		4,999,767
Unilever Capital Corp.
0.12% due 10/26/2009 -11/2/2009⁽²⁾		20,000,000		19,998,083
				59,994,672
Household Products - Wares — 1.9%
Proctor & Gamble Co.
0.20% due 10/2/2009⁽²⁾		5,000,000		4,999,972
0.24% due 12/18/2009⁽²⁾		5,000,000		4,997,400
				9,997,372
Office - Business Equipment — 1.9%
Pitney Bowes, Inc.
0.13% due 10/8/2009⁽²⁾		10,000,000		9,999,747
				9,999,747
Oil & Gas Services — 1.9%
Total Capital Canada Ltd.
0.25% due 10/14/2009⁽²⁾		10,000,000		9,999,097
				9,999,097
Pharmaceuticals — 7.0%
Abbot Laboratories
0.13% due 10/28/2009⁽²⁾		10,000,000		9,999,025
0.18% due 11/30/2009⁽²⁾		5,218,000		5,216,435
0.19% due 10/6/2009⁽²⁾		5,000,000		4,999,868
Johnson & Johnson
0.22% due 10/8/2009⁽²⁾		2,000,000		1,999,915
Medtronic, Inc.
0.17% due 12/18/2009⁽²⁾		5,000,000		4,998,158

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Money Market Fund (continued)


September 30, 2009 (unaudited)	Principal Amount		Value
September 30, 2009 (unaudited)	Principal Amount		Value
0.20% due 11/30/2009⁽²⁾		5,000,000		4,998,333
0.21% due 11/4/2009⁽²⁾		5,000,000		4,999,008
				37,210,742
Retailers — 2.8%
Wal-Mart Stores, Inc.
0.10% due 11/10/2009⁽²⁾		5,000,000		4,999,445
0.15% due 10/14/2009⁽²⁾		10,000,000		9,999,458
				14,998,903
Software — 1.9%
Microsoft Corp.
0.10% due 11/13/2009⁽²⁾		5,000,000		4,999,403
0.18% due 10/28/2009⁽²⁾		5,000,000		4,999,325
				9,998,728
Transportation — 3.8%
NetJets, Inc.
0.17% due 11/9/2009⁽²⁾		5,000,000		4,999,079
0.19% due 11/3/2009⁽²⁾		5,000,000		4,999,129
United Parcel Service, Inc.
0.12% due 11/2/2009⁽²⁾		10,000,000		9,998,934
				19,997,142
Utilities - Electric & Water — 3.7%
National Rural Utilities Cooperative Finance Corp.
0.25% due 10/15/2009		5,000,000		4,999,514
0.40% due 12/18/2009		5,000,000		4,995,667
Southern Co.
0.16% due 10/22/2009⁽²⁾		10,000,000		9,999,066
				19,994,247
Total Commercial Paper (Cost $450,885,711)				450,885,711
Total Commercial Paper (Cost $450,885,711)				450,885,711
Municipal Securities — 11.3%
California — 1.9%
Univ. of California
Ser. B
0.25% due 12/10/2009		10,000,000		9,995,139
				9,995,139
Connecticut — 3.4%
Connecticut St. Housing Fin. Auth.
Ser. B-4
2.00% due 10/1/2009⁽³⁾		17,935,000		17,935,000
				17,935,000
District Of Columbia — 0.4%
District of Columbia Univ. Rev.
Ref-Georgetown Univ. Ser. C
0.30% due 10/1/2009⁽³⁾		2,000,000		2,000,000
				2,000,000
Iowa — 0.9%
Iowa Fin. Auth. Single Family Mtg. Rev.
Mtg. Bkd. Secs. Prog. Ser. C
0.35% due 10/1/2009⁽³⁾		4,735,000		4,735,000
				4,735,000
New Jersey — 1.9%
New Jersey St.
Tax & Rev. Antic. Nts.
2.50% due 6/24/2010		10,000,000		10,142,260
				10,142,260
New York — 2.8%
New York St. Urban Dev. Corp. Rev.
St. Facs. Ser. A3A
0.45% due 10/1/2009⁽³⁾	$	5,000,000	$	5,000,000
St. Facs. Ser. A3C
0.45% due 10/1/2009⁽³⁾		10,000,000		10,000,000
				15,000,000
Total Municipal Securities (Cost $59,807,399)				59,807,399
Total Municipal Securities (Cost $59,807,399)				59,807,399
Repurchase Agreements — 0.7%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $3,955,001, due 10/1/2009⁽⁴⁾		3,955,000		3,955,000
Total Repurchase Agreements (Cost $3,955,000)				3,955,000
Total Investments — 99.6% (Cost $529,646,643)				529,646,643
Total Investments — 99.6% (Cost $529,646,643)				529,646,643
Other Assets, Net — 0.4%				2,003,967
Total Net Assets — 100.0%			$	531,650,610

(1)	Zero coupon bond.

(2)

Security issued in an exempt transaction without registration under the Securities Act of 1933. At September 30, 2009, the aggregate market value of these securities amounted to $353,178,316, representing 66.4% of the net assets. These securities have been deemed liquid by the investment advisor pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)	Variable rate demand note. The rate shown is the rate in effect at September 30, 2009.

(4)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
U.S. Treasury Bill	0.00	%	3/18/2010	$	4,036,768

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS Money Market Fund (continued)


	Valuation Inputs						Total
Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Securities	$	—	$	14,998,533	$	—	$	14,998,533
Commercial Paper		—		450,885,711		—		450,885,711
Municipal Securities		—		59,807,399		—		59,807,399
Repurchase Agreements		—		3,955,000		—		3,955,000
Total	$	—	$	529,646,643	$	—	$	529,646,643

See accompanying notes to Schedule of Investments.


		Schedule of Investments — RS S&P 500 Index Fund


September 30, 2009 (unaudited)	Shares	Value
Common Stocks — 96.6%
Advertising Agencies — 0.2%
Omnicom Group, Inc.	2,779	$	102,656
The Interpublic Group of Companies, Inc.⁽¹⁾	4,326		32,532
			135,188
Aerospace — 2.2%
General Dynamics Corp.	3,493		225,648
Goodrich Corp.	1,110		60,317
L-3 Communications Holdings, Inc.	1,065		85,541
Lockheed Martin Corp.	2,926		228,462
Northrop Grumman Corp.	2,865		148,264
Raytheon Co.	3,537		169,670
Rockwell Collins, Inc.	1,440		73,152
Textron, Inc.	2,455		46,596
The Boeing Co.	6,590		356,849
United Technologies Corp.	8,537		520,159
			1,914,658
Air Transport — 0.3%
FedEx Corp.	2,834		213,173
Southwest Airlines Co.	6,661		63,946
			277,119
Aluminum — 0.1%
Alcoa, Inc.	8,840		115,981
			115,981
Asset Management & Custodian — 0.9%
Federated Investors, Inc., Class B	748		19,725
Franklin Resources, Inc.	1,358		136,615
Invesco Ltd.	3,778		85,987
Janus Capital Group, Inc.	1,643		23,298
Legg Mason, Inc.	1,477		45,831
Northern Trust Corp.	2,192		127,487
State Street Corp.	4,483		235,806
T. Rowe Price Group, Inc.	2,325		106,252
			781,001
Auto Parts — 0.2%
Johnson Controls, Inc.	5,400		138,024
			138,024
Auto Services — 0.0%
The Goodyear Tire & Rubber Co.⁽¹⁾	2,204		37,534
			37,534
Automobiles — 0.2%
Ford Motor Co.⁽¹⁾	29,202		210,546
			210,546
Banks: Diversified — 4.3%
Bank of America Corp.	78,423		1,326,917
BB&T Corp.	6,184		168,452
Comerica, Inc.	1,348		39,995
Fifth Third Bancorp	7,219		73,128
First Horizon National Corp.⁽¹⁾	1,836		24,287
Huntington Bancshares, Inc.	6,057		28,528
KeyCorp	8,017		52,110
M&T Bank Corp.	736		45,868
Marshall & Ilsley Corp.	3,353		27,059
PNC Financial Services Group, Inc.	4,184		203,301
Regions Financial Corp.	10,789		67,000
SunTrust Banks, Inc.	4,525		102,039
U.S. Bancorp	17,332		378,878
Wells Fargo & Co.	42,346		1,193,310
Zions Bancorporation	1,157		20,791
			3,751,663
Banks: Savings, Thrift & Mortgage Lending — 0.1%
Hudson City Bancorp, Inc.	4,302		56,571
People’s United Financial, Inc.	2,932		45,622
			102,193
Beverage: Brewers & Distillers — 0.2%
Brown-Forman Corp., Class B	1,014	$	48,895
Constellation Brands, Inc., Class A⁽¹⁾	1,836		27,815
Molson Coors Brewing Co., Class B	1,433		69,759
			146,469
Beverage: Soft Drinks — 2.4%
Coca-Cola Enterprises, Inc.	2,839		60,783
Dr. Pepper Snapple Group, Inc.⁽¹⁾	2,312		66,470
Pepsi Bottling Group, Inc.	1,318		48,028
PepsiCo, Inc.	14,125		828,572
The Coca-Cola Co.	21,001		1,127,754
			2,131,607
Biotechnology — 1.7%
Amgen, Inc.⁽¹⁾	9,213		554,899
Baxter International, Inc.	5,466		311,617
Biogen Idec, Inc.⁽¹⁾	2,663		134,535
Celgene Corp.⁽¹⁾	4,162		232,656
Cephalon, Inc.⁽¹⁾	600		34,944
Genzyme Corp.⁽¹⁾	2,463		139,726
Life Technologies Corp.⁽¹⁾	1,603		74,619
Millipore Corp.⁽¹⁾	453		31,859
			1,514,855
Building Materials — 0.1%
Masco Corp.	3,265		42,184
Vulcan Materials Co.	1,140		61,640
			103,824
Cable Television Services — 0.8%
Comcast Corp., Class A	26,019		439,461
Scripps Networks Interactive, Inc., Class A	814		30,077
The DIRECTV Group, Inc.⁽¹⁾	4,125		113,767
Time Warner Cable, Inc.	3,195		137,673
			720,978
Casinos & Gambling — 0.1%
International Game Technology	2,701		58,017
			58,017
Chemical: Diversified — 1.4%
Air Products & Chemicals, Inc.	1,906		147,867
Airgas, Inc.	700		33,859
E.I. du Pont de Nemours & Co.	8,195		263,387
Eastman Chemical Co.	662		35,443
Ecolab, Inc.	2,161		99,903
FMC Corp.	640		36,000
International Flavors & Fragrances, Inc.	662		25,110
Praxair, Inc.	2,785		227,507
Sigma-Aldrich Corp.	1,115		60,188
The Dow Chemical Co.	10,370		270,346
			1,199,610
Coal — 0.2%
CONSOL Energy, Inc.	1,640		73,980
Massey Energy Co.	767		21,392
Peabody Energy Corp.	2,431		90,482
			185,854
Commercial Services — 0.5%
Automatic Data Processing, Inc.	4,570		179,601
Cintas Corp.	1,125		34,099
Convergys Corp.⁽¹⁾	1,132		11,252
Iron Mountain, Inc.⁽¹⁾	1,659		44,229
Monster Worldwide, Inc.⁽¹⁾	1,114		19,472
Paychex, Inc.	2,935		85,262
Robert Half International, Inc.	1,347		33,702
			407,617
Commercial Services: Rental & Leasing — 0.0%
Ryder System, Inc.	513		20,038
			20,038

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Shares	Value
Commercial Vehicles & Parts — 0.1%
PACCAR, Inc.	3,301		124,481
			124,481
Communications Technology — 2.5%
Ciena Corp.⁽¹⁾	800		13,024
Cisco Systems, Inc.⁽¹⁾	52,278		1,230,624
Harris Corp.	1,212		45,571
JDS Uniphase Corp.⁽¹⁾	2,019		14,355
Juniper Networks, Inc.⁽¹⁾	4,767		128,804
QLogic Corp.⁽¹⁾	1,024		17,613
QUALCOMM, Inc.	15,067		677,714
Tellabs, Inc.⁽¹⁾	3,354		23,210
			2,150,915
Computer Services Software & Systems — 5.7%
Adobe Systems, Inc.⁽¹⁾	4,767		157,502
Affiliated Computer Services, Inc., Class A⁽¹⁾	800		43,336
Akamai Technologies, Inc.⁽¹⁾	1,529		30,091
Autodesk, Inc.⁽¹⁾	2,095		49,861
BMC Software, Inc.⁽¹⁾	1,582		59,372
CA, Inc.	3,634		79,912
Citrix Systems, Inc.⁽¹⁾	1,674		65,671
Cognizant Technology Solutions Corp., Class A⁽¹⁾	2,666		103,068
Computer Sciences Corp.⁽¹⁾	1,384		72,951
Compuware Corp.⁽¹⁾	2,083		15,268
Google, Inc., Class A⁽¹⁾	2,181		1,081,449
Intuit, Inc.⁽¹⁾	2,971		84,674
McAfee, Inc.⁽¹⁾	1,442		63,145
Microsoft Corp.	70,269		1,819,264
Novell, Inc.⁽¹⁾	2,927		13,201
Oracle Corp.	35,406		737,861
Red Hat, Inc.⁽¹⁾	1,700		46,988
Salesforce.com, Inc.⁽¹⁾	995		56,645
Symantec Corp.⁽¹⁾	7,409		122,026
Teradata Corp.⁽¹⁾	1,568		43,151
VeriSign, Inc.⁽¹⁾	1,638		38,804
Yahoo! Inc.⁽¹⁾	10,836		192,989
			4,977,229
Computer Technology — 5.5%
Apple, Inc.⁽¹⁾	8,120		1,505,204
Dell, Inc.⁽¹⁾	15,608		238,178
EMC Corp.⁽¹⁾	18,344		312,582
Hewlett-Packard Co.	21,493		1,014,685
International Business Machines Corp.	11,881		1,421,086
NetApp, Inc.⁽¹⁾	3,067		81,828
NVIDIA Corp.⁽¹⁾	4,987		74,955
SanDisk Corp.⁽¹⁾	2,065		44,810
Sun Microsystems, Inc.⁽¹⁾	6,844		62,212
Western Digital Corp.⁽¹⁾	2,040		74,521
			4,830,061
Consumer Electronics — 0.0%
Harman International Industries, Inc.	631		21,378
			21,378
Consumer Lending — 0.0%
SLM Corp.⁽¹⁾	4,253		37,086
			37,086
Consumer Services: Miscellaneous — 0.5%
eBay, Inc.⁽¹⁾	10,185		240,468
H & R Block, Inc.	3,070		56,427
Western Union Co.	6,372		120,558
			417,453
Containers & Packaging — 0.2%
Ball Corp.	870	$	42,804
Bemis Co., Inc.	1,003		25,988
Owens-Illinois, Inc.⁽¹⁾	1,530		56,457
Pactiv Corp.⁽¹⁾	1,193		31,078
Sealed Air Corp.	1,456		28,581
			184,908
Copper — 0.3%
Freeport-McMoran Copper & Gold, Inc., Class B	3,735		256,258
			256,258
Cosmetics — 0.2%
Avon Products, Inc.	3,871		131,459
Estee Lauder Companies, Inc., Class A	1,077		39,935
			171,394
Diversified Financial Services — 4.7%
Ameriprise Financial, Inc.	2,315		84,104
Bank of New York Mellon Corp.	10,909		316,252
Capital One Financial Corp.	4,125		147,386
Citigroup, Inc.	118,240		572,281
JPMorgan Chase & Co.	35,645		1,561,964
Leucadia National Corp.⁽¹⁾	1,730		42,766
Marsh & McLennan Companies, Inc.	4,642		114,797
MBIA, Inc.⁽¹⁾	1,472		11,423
Morgan Stanley	12,323		380,534
The Goldman Sachs Group, Inc.	4,634		854,278
			4,085,785
Diversified Manufacturing Operations — 3.2%
3M Co.	6,331		467,228
Danaher Corp.	2,359		158,808
Dover Corp.	1,669		64,691
Eaton Corp.	1,503		85,055
General Electric Co.	96,320		1,581,574
Honeywell International, Inc.	6,822		253,437
Illinois Tool Works, Inc.	3,500		149,485
ITT Corp.	1,648		85,943
			2,846,221
Diversified Media — 0.6%
News Corp., Class A	20,306		243,469
Time Warner, Inc.	10,750		309,385
			552,854
Diversified Retail — 4.4%
Abercrombie & Fitch Co., Class A	786		25,844
Amazon.com, Inc.⁽¹⁾	3,015		281,480
AutoNation, Inc.⁽¹⁾	861		15,567
AutoZone, Inc.⁽¹⁾	295		43,135
Bed, Bath & Beyond, Inc.⁽¹⁾	2,382		89,420
Best Buy Co., Inc.	3,102		116,387
Big Lots, Inc.⁽¹⁾	695		17,389
Costco Wholesale Corp.	3,951		223,073
Family Dollar Stores, Inc.	1,200		31,680
Fastenal Co.	1,213		46,943
GameStop Corp., Class A⁽¹⁾	1,514		40,076
Genuine Parts Co.	1,469		55,910
J.C. Penney Co., Inc.	2,144		72,360
Kohl’s Corp.⁽¹⁾	2,775		158,314
Limited Brands, Inc.	2,414		41,014
Lowe’s Companies, Inc.	13,404		280,680
Macy’s, Inc.	3,825		69,959
Nordstrom, Inc.	1,497		45,718
O’Reilly Automotive, Inc.⁽¹⁾	1,214		43,874
Office Depot, Inc.⁽¹⁾	2,474		16,378
RadioShack Corp.	1,065		17,647
Sears Holdings Corp.⁽¹⁾	463		30,238
Staples, Inc.	6,564		152,416
Target Corp.	6,817		318,218

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Shares	Value
The Gap, Inc.	4,376	$	93,646
The Home Depot, Inc.	15,456		411,748
The TJX Companies, Inc.	3,851		143,065
Wal-Mart Stores, Inc.	19,668		965,502
			3,847,681
Drug & Grocery Store Chains — 1.2%
CVS Caremark Corp.	13,097		468,087
Safeway, Inc.	3,619		71,367
SUPERVALU, Inc.	1,902		28,644
The Kroger Co.	5,891		121,590
Walgreen Co.	9,003		337,342
Whole Foods Market, Inc.⁽¹⁾	1,258		38,357
			1,065,387
Education Services — 0.1%
Apollo Group, Inc., Class A⁽¹⁾	1,165		85,826
DeVry, Inc.	500		27,660
			113,486
Electronic Components — 0.3%
Amphenol Corp., Class A	1,561		58,819
Corning, Inc.	14,101		215,886
Molex, Inc.	1,188		24,805
			299,510
Electronic Entertainment — 0.1%
Electronic Arts, Inc.⁽¹⁾	2,953		56,255
			56,255
Electronics — 0.0%
FLIR Systems, Inc.⁽¹⁾	1,397		39,074
			39,074
Engineering & Contracting Services — 0.2%
Fluor Corp.	1,642		83,496
Jacobs Engineering Group, Inc.⁽¹⁾	1,134		52,107
Quanta Services, Inc.⁽¹⁾	1,814		40,144
			175,747
Entertainment — 0.7%
The Walt Disney Co.	16,852		462,756
Viacom, Inc., Class B⁽¹⁾	5,505		154,360
			617,116
Fertilizers — 0.5%
CF Industries Holdings, Inc.	434		37,424
Monsanto Co.	4,952		383,285
			420,709
Financial Data & Systems — 1.0%
American Express Co.	10,780		365,442
Discover Financial Services	4,867		78,991
Equifax, Inc.	1,067		31,092
Fidelity National Information Services, Inc.	1,758		44,847
Fiserv, Inc.⁽¹⁾	1,389		66,950
MasterCard, Inc., Class A	871		176,073
Moody’s Corp.	1,791		36,644
The Dun & Bradstreet Corp.	417		31,408
Total System Services, Inc.	1,683		27,113
			858,560
Foods — 1.6%
Campbell Soup Co.	1,733		56,531
ConAgra Foods, Inc.	3,777		81,885
Dean Foods Co.⁽¹⁾	1,666		29,638
General Mills, Inc.	2,955		190,243
H.J. Heinz Co.	2,807		111,578
Hormel Foods Corp.	600		21,312
Kellogg Co.	2,331		114,755
Kraft Foods, Inc., Class A	13,364		351,072
McCormick & Co., Inc.	1,309		44,428
Sara Lee Corp.	6,331		70,527
Sysco Corp.	5,373		133,519
The Hershey Co.	1,542		59,922
The J.M. Smucker Co.	1,086		57,569
Tyson Foods, Inc., Class A	2,693		34,013
			1,356,992
Forest Products — 0.1%
Weyerhaeuser Co.	1,920		70,368
			70,368
Forms And Bulk Printing Services — 0.0%
R.R. Donnelley & Sons Co.	1,867		39,692
			39,692
Fruit & Grain Processing — 0.2%
Archer-Daniels-Midland Co.	5,823		170,148
			170,148
Gas Pipeline — 0.4%
El Paso Corp.	6,219		64,180
EQT Corp.	1,190		50,694
Spectra Energy Corp.	5,851		110,818
Williams Companies, Inc.	5,285		94,443
			320,135
Gold — 0.2%
Newmont Mining Corp.	4,442		195,537
			195,537
Health Care Facilities — 0.1%
DaVita, Inc.⁽¹⁾	900		50,976
Tenet Healthcare Corp.⁽¹⁾	3,952		23,238
			74,214
Health Care Management Services — 0.8%
Aetna, Inc.	3,915		108,954
CIGNA Corp.	2,477		69,579
Coventry Health Care, Inc.⁽¹⁾	1,363		27,205
Humana, Inc.⁽¹⁾	1,549		57,778
UnitedHealth Group, Inc.	10,669		267,152
WellPoint, Inc.⁽¹⁾	4,297		203,506
			734,174
Health Care Services — 0.7%
Express Scripts, Inc.⁽¹⁾	2,495		193,562
IMS Health, Inc.	1,688		25,911
McKesson Corp.	2,407		143,337
Medco Health Solutions, Inc.⁽¹⁾	4,303		237,999
			600,809
Home Building — 0.1%
D.R. Horton, Inc.	2,518		28,730
KB HOME	636		10,564
Lennar Corp., Class A	1,371		19,537
Pulte Homes, Inc.	2,848		31,300
			90,131
Hotel/Motel — 0.2%
Marriott International, Inc., Class A	2,298		63,402
Starwood Hotels & Resorts Worldwide, Inc.	1,700		56,151
Wyndham Worldwide Corp.	1,627		26,552
Wynn Resorts Ltd.⁽¹⁾	628		44,519
			190,624
Household Appliances — 0.1%
Whirlpool Corp.	674		47,153
			47,153
Household Equipment & Products — 0.2%
Black & Decker Corp.	552		25,552
Fortune Brands, Inc.	1,365		58,668
Newell Rubbermaid, Inc.	2,526		39,633
Snap-On, Inc.	511		17,762
The Stanley Works	718		30,651
			172,266

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Shares	Value
Household Furnishings — 0.0%
Leggett & Platt, Inc.	1,433	$	27,800
			27,800
Insurance: Life — 0.7%
AFLAC, Inc.	4,240		181,218
Lincoln National Corp.	2,743		71,071
Principal Financial Group, Inc.	2,894		79,267
Prudential Financial, Inc.	4,198		209,522
Torchmark Corp.	755		32,790
Unum Group	3,017		64,684
			638,552
Insurance: Multi-Line — 0.8%
American International Group, Inc.⁽¹⁾	1,224		53,991
Aon Corp.	2,527		102,824
Assurant, Inc.	1,073		34,400
Genworth Financial, Inc., Class A	4,373		52,257
Loews Corp.	3,302		113,093
MetLife, Inc.	7,423		282,594
The Hartford Financial Services Group, Inc.	3,489		92,459
			731,618
Insurance: Property-Casualty — 0.9%
Cincinnati Financial Corp.	1,372		35,658
The Allstate Corp.	4,866		148,997
The Chubb Corp.	3,175		160,052
The Progressive Corp.⁽¹⁾	6,059		100,458
The Travelers Companies, Inc.	5,168		254,421
XL Capital Ltd., Class A	3,106		54,231
			753,817
Leisure Time — 0.2%
Carnival Corp.	3,975		132,288
Expedia, Inc.⁽¹⁾	1,911		45,768
			178,056
Luxury Items — 0.1%
Tiffany & Co.	1,120		43,154
			43,154
Machinery: Agricultural — 0.2%
Deere & Co.	3,840		164,813
			164,813
Machinery: Construction & Handling — 0.3%
Caterpillar, Inc.	5,636		289,296
			289,296
Machinery: Engines — 0.1%
Cummins, Inc.	1,833		82,137
			82,137
Medical & Dental Instruments & Supplies — 0.9%
Becton, Dickinson and Co.	2,089		145,708
Boston Scientific Corp.⁽¹⁾	13,674		144,808
C.R. Bard, Inc.	944		74,208
DENTSPLY International, Inc.	1,362		47,043
Patterson Companies, Inc.⁽¹⁾	800		21,800
St. Jude Medical, Inc.⁽¹⁾	3,162		123,349
Stryker Corp.	2,563		116,437
Zimmer Holdings, Inc.⁽¹⁾	1,913		102,250
			775,603
Medical Equipment — 0.8%
CareFusion Corp.⁽¹⁾	1,518		33,092
Intuitive Surgical, Inc.⁽¹⁾	349		91,525
Medtronic, Inc.	10,034		369,251
PerkinElmer, Inc.	998		19,202
Thermo Fisher Scientific, Inc.⁽¹⁾	3,706		161,841
Varian Medical Systems, Inc.⁽¹⁾	1,145		48,239
			723,150
Medical Services — 0.2%
Laboratory Corp. of America Holdings⁽¹⁾	900		59,130
Quest Diagnostics, Inc.	1,376		71,813
			130,943
Metal Fabricating — 0.1%
Precision Castparts Corp.	1,274		129,782
			129,782
Metals & Minerals: Diversified — 0.0%
Titanium Metals Corp.	700		6,713
			6,713
Office Supplies & Equipment — 0.2%
Avery Dennison Corp.	1,031		37,126
Lexmark International Group, Inc., Class A⁽¹⁾	768		16,543
Pitney Bowes, Inc.	1,889		46,942
Xerox Corp.	7,890		61,068
			161,679
Offshore Drilling & Other Services — 0.1%
Diamond Offshore Drilling, Inc.	631		60,273
ENSCO International, Inc.	1,273		54,154
			114,427
Oil Well Equipment & Services — 1.7%
Baker Hughes, Inc.	2,813		120,003
BJ Services Co.	2,623		50,965
Cameron International Corp.⁽¹⁾	1,998		75,564
FMC Technologies, Inc.⁽¹⁾	1,100		57,464
Halliburton Co.	8,178		221,787
Nabors Industries Ltd.⁽¹⁾	2,581		53,943
National-Oilwell Varco, Inc.⁽¹⁾	3,795		163,678
Rowan Companies, Inc.	1,040		23,993
Schlumberger Ltd.	10,856		647,018
Smith International, Inc.	2,006		57,572
			1,471,987
Oil: Crude Producers — 2.7%
Anadarko Petroleum Corp.	4,447		278,960
Apache Corp.	3,045		279,622
Cabot Oil & Gas Corp.	900		32,175
Chesapeake Energy Corp.	5,821		165,316
Denbury Resources, Inc.⁽¹⁾	2,229		33,725
Devon Energy Corp.	4,024		270,936
EOG Resources, Inc.	2,287		190,987
Noble Energy, Inc.	1,575		103,887
Occidental Petroleum Corp.	7,351		576,319
Pioneer Natural Resources Co.	1,047		37,996
Range Resources Corp.	1,384		68,314
Southwestern Energy Co.⁽¹⁾	3,129		133,546
XTO Energy, Inc.	5,264		217,509
			2,389,292
Oil: Integrated — 6.2%
Chevron Corp.	18,176		1,280,136
ConocoPhillips	13,445		607,176
Exxon Mobil Corp.	43,547		2,987,760
Hess Corp.	2,645		141,402
Marathon Oil Corp.	6,418		204,734
Murphy Oil Corp.	1,737		99,999
Sunoco, Inc.	1,080		30,726
Tesoro Corp.	1,200		17,976
Valero Energy Corp.	5,118		99,238
			5,469,147
Paints & Coatings — 0.2%
PPG Industries, Inc.	1,500		87,315
The Sherwin-Williams Co.	865		52,038
			139,353
Paper — 0.1%
International Paper Co.	3,926		87,275

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Shares	Value
MeadWestvaco Corp.	1,542	$	34,402
			121,677
Personal Care — 2.5%
Clorox Co.	1,390		81,760
Colgate-Palmolive Co.	4,518		344,633
Kimberly-Clark Corp.	3,669		216,397
The Procter & Gamble Co.	26,450		1,531,984
			2,174,774
Pharmaceuticals — 7.4%
Abbott Laboratories	14,012		693,174
Allergan, Inc.	2,789		158,304
AmerisourceBergen Corp.	2,616		58,546
Bristol-Myers Squibb Co.	17,923		403,626
Cardinal Health, Inc.	3,283		87,984
Eli Lilly & Co.	9,169		302,852
Forest Laboratories, Inc.⁽¹⁾	2,690		79,194
Gilead Sciences, Inc.⁽¹⁾	8,201		382,003
Hospira, Inc.⁽¹⁾	1,470		65,562
Johnson & Johnson	24,970		1,520,423
King Pharmaceuticals, Inc.⁽¹⁾	2,108		22,703
Merck & Co., Inc.	19,115		604,607
Mylan, Inc.⁽¹⁾	2,782		44,540
Pfizer, Inc.	61,166		1,012,297
Schering-Plough Corp.	14,809		418,354
Watson Pharmaceuticals, Inc.⁽¹⁾	978		35,834
Wyeth	12,101		587,867
			6,477,870
Photography — 0.0%
Eastman Kodak Co.	2,430		11,615
			11,615
Producer Durables: Miscellaneous — 0.1%
W.W. Grainger, Inc.	544		48,612
			48,612
Production Technology Equipment — 0.3%
Applied Materials, Inc.	12,112		162,301
KLA-Tencor Corp.	1,529		54,830
Novellus Systems, Inc.⁽¹⁾	777		16,301
Teradyne, Inc.⁽¹⁾	1,656		15,318
			248,750
Publishing — 0.2%
Gannett Co., Inc.	2,149		26,884
Meredith Corp.	290		8,683
The McGraw-Hill Companies, Inc.	2,859		71,875
The New York Times Co., Class A	1,019		8,274
The Washington Post Co., Class B	58		27,149
			142,865
Radio & Tv Broadcasters — 0.1%
CBS Corp., Class B	6,157		74,192
			74,192
Railroads — 0.9%
Burlington Northern Santa Fe Corp.	2,377		189,756
CSX Corp.	3,557		148,896
Norfolk Southern Corp.	3,335		143,772
Union Pacific Corp.	4,574		266,893
			749,317
Real Estate — 0.0%
CB Richard Ellis Group, Inc., Class A⁽¹⁾	2,188		25,687
			25,687
Real Estate Investment Trusts — 1.1%
Apartment Investment & Management Co., Class A	1,061		15,650
AvalonBay Communities, Inc.	730		53,093
Boston Properties, Inc.	1,260		82,593
Equity Residential	2,490		76,443
HCP, Inc.	2,663		76,535
Health Care REIT, Inc.	1,075		44,741
Host Hotels & Resorts, Inc.	5,487		64,582
Kimco Realty Corp.	3,422		44,623
Plum Creek Timber Co., Inc.	1,489		45,623
ProLogis	4,022		47,942
Public Storage, Inc.	1,234		92,846
Simon Property Group, Inc.	2,585		179,477
Ventas, Inc.	1,426		54,901
Vornado Realty Trust	1,422		91,591
			970,640
Recreational Vehicles & Boats — 0.1%
Harley-Davidson, Inc.	2,131		49,013
			49,013
Restaurants — 1.0%
Darden Restaurants, Inc.	1,273		43,448
McDonald’s Corp.	9,810		559,857
Starbucks Corp.⁽¹⁾	6,691		138,169
Yum! Brands, Inc.	4,253		143,581
			885,055
Scientific Instruments: Control & Filter — 0.3%
Flowserve Corp.	500		49,270
Pall Corp.	1,035		33,410
Parker Hannifin Corp.	1,435		74,390
Rockwell Automation, Inc.	1,293		55,082
Waters Corp.⁽¹⁾	909		50,777
			262,929
Scientific Instruments: Electrical — 0.3%
Emerson Electric Co.	6,828		273,666
			273,666
Scientific Instruments: Gauges & Meters — 0.1%
Agilent Technologies, Inc.⁽¹⁾	3,130		87,108
			87,108
Scientific Instruments: Pollution Control — 0.3%
Republic Services, Inc.	2,867		76,176
Stericycle, Inc.⁽¹⁾	872		42,248
Waste Management, Inc.	4,473		133,385
			251,809
Securities Brokerage & Services — 0.6%
CME Group, Inc.	603		185,838
E*TRADE Financial Corp.⁽¹⁾	8,545		14,954
IntercontinentalExchange, Inc.⁽¹⁾	667		64,826
NYSE Euronext	2,361		68,209
The Charles Schwab Corp.	8,640		165,456
The NASDAQ OMX Group, Inc.⁽¹⁾	1,303		27,428
			526,711
Semiconductors & Components — 2.1%
Advanced Micro Devices, Inc.⁽¹⁾	5,145		29,121
Altera Corp.	2,512		51,521
Analog Devices, Inc.	2,660		73,363
Broadcom Corp., Class A⁽¹⁾	3,922		120,366
Intel Corp.	50,745		993,080
Linear Technology Corp.	2,040		56,365
LSI Corp.⁽¹⁾	5,882		32,292
MEMC Electronic Materials, Inc.⁽¹⁾	2,037		33,875
Microchip Technology, Inc.	1,680		44,520
Micron Technology, Inc.⁽¹⁾	7,681		62,984
National Semiconductor Corp.	2,185		31,180
Texas Instruments, Inc.	11,438		270,966
Xilinx, Inc.	2,339		54,780
			1,854,413
Steel — 0.3%
AK Steel Holding Corp.	1,010		19,927
Allegheny Technologies, Inc.	861		30,126

See accompanying notes to Schedule of Investments.


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


September 30, 2009 (unaudited)	Shares	Value
Nucor Corp.	2,861	$	134,496
United States Steel Corp.	1,296		57,504
			242,053
Technology: Miscellaneous — 0.0%
Jabil Circuit, Inc.	1,688		22,636
			22,636
Telecommunications Equipment — 0.4%
American Tower Corp., Class A⁽¹⁾	3,533		128,601
Motorola, Inc.	20,819		178,835
			307,436
Textiles Apparel & Shoes — 0.5%
Coach, Inc.	2,892		95,205
NIKE, Inc., Class B	3,534		228,650
Polo Ralph Lauren Corp.	533		40,838
VF Corp.	814		58,958
			423,651
Tobacco — 1.6%
Altria Group, Inc.	18,740		333,759
Lorillard, Inc.	1,614		119,920
Philip Morris International, Inc.	17,524		854,120
Reynolds American, Inc.	1,527		67,982
			1,375,781
Toys — 0.1%
Hasbro, Inc.	1,178		32,690
Mattel, Inc.	3,225		59,533
			92,223
Transportation Miscellaneous — 0.7%
Expeditors International of Washington, Inc.	1,800		63,270
United Parcel Service, Inc., Class B	9,016		509,134
			572,404
Truckers — 0.1%
C.H. Robinson Worldwide, Inc.	1,562		90,205
			90,205
Utilities: Electrical — 3.2%
Allegheny Energy, Inc.	1,551		41,132
Ameren Corp.	2,120		53,593
American Electric Power, Inc.	4,329		134,156
CMS Energy Corp.	1,914		25,648
Consolidated Edison, Inc.	2,507		102,636
Constellation Energy Group	1,821		58,946
Dominion Resources, Inc.	5,392		186,024
DTE Energy Co.	1,491		52,394
Duke Energy Corp.	11,723		184,520
Dynegy, Inc., Class A⁽¹⁾	4,274		10,899
Edison International	2,903		97,483
Entergy Corp.	1,746		139,435
Exelon Corp.	5,975		296,479
FirstEnergy Corp.	2,767		126,507
FPL Group, Inc.	3,729		205,953
Northeast Utilities	1,500		35,610
Pepco Holdings, Inc.	2,018		30,028
PG&E Corp.	3,385		137,059
Pinnacle West Capital Corp.	856		28,094
PPL Corp.	3,424		103,884
Progress Energy, Inc.	2,777		108,470
Public Service Enterprise Group, Inc.	4,588		144,247
SCANA Corp.	1,000		34,900
Southern Co.	7,205		228,182
TECO Energy, Inc.	1,798		25,316
The AES Corp.⁽¹⁾	6,052		89,691
Wisconsin Energy Corp.	1,225		55,333
Xcel Energy, Inc.	4,180		80,423
			2,817,042
Utilities: Gas Distributors — 0.3%
CenterPoint Energy, Inc.	3,529		43,866
Nicor, Inc.	382		13,977
NiSource, Inc.	2,509		34,850
Questar Corp.	1,582		59,420
Sempra Energy	2,226		110,877
			262,990
Utilities: Miscellaneous — 0.0%
Integrys Energy Group, Inc.	698		25,051
			25,051
Utilities: Telecommunications — 2.9%
AT&T, Inc.	53,458		1,443,901
CenturyTel, Inc.	2,707		90,955
Frontier Communications Corp.	2,871		21,647
MetroPCS Communications, Inc.⁽¹⁾	2,421		22,661
Qwest Communications International, Inc.	13,481		51,363
Sprint Nextel Corp.⁽¹⁾	26,099		103,091
Verizon Communications, Inc.	25,728		778,786
Windstream Corp.	4,007		40,591
			2,552,995
Total Common Stocks (Cost $95,494,892)			84,607,056


	Principal Amount
U.S. Government Securities — 0.5%
U.S. Treasury Bills — 0.2%
United States Treasury Bill
0.265% due 11/19/2009⁽²⁾	$	120,000		119,957
0.33% due 10/1/2009⁽²⁾		65,000		65,000
				184,957
U.S. Treasury Notes — 0.3%
U.S. Treasury Notes
1.00% due 7/31/2011 -8/31/2011⁽²⁾		274,000		274,489
3.125% due 5/15/2019⁽²⁾		10,000		9,840
				284,329
Total U.S. Government Securities (Cost $468,984)				469,286
Repurchase Agreements — 2.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 9/30/2009, maturity value of $2,552,001, due 10/1/2009⁽³⁾		2,552,000		2,552,000
Total Repurchase Agreements (Cost $2,552,000)				2,552,000
Total Investments — 100.0% (Cost $98,515,876)				87,628,342
Other Liabilities, Net — 0.0%				(21,224	)
Total Net Assets — 100.0%			$	87,607,118

(1)	Non-income producing security.

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

(3)	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date	Value
FHLMC	4.375	%	7/17/2015	$	2,608,200

See accompanying notes to Schedule of Investments.


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

The table below presents futures contracts as of September 30, 2009.


Description	Number of Contracts	Expiration	Face Value (000s)		Unrealized Appreciation
Purchased Futures Contracts
S&P 500 Index	55	12/18/2009	$	2,895	$	49,732

ADR— American Depositary Receipt.


	Valuation Inputs
	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	84,607,056	$	—	$	—	$	84,607,056
U.S. Government Securities		—		469,286		—		469,286
Repurchase Agreements		—		2,552,000		—		2,552,000

Other Financial Instruments
Financial Futures Contracts		49,732		—		—		49,732
Total	$	84,656,788	$	3,021,286	$	—	$	87,678,074

See accompanying notes to Schedule of Investments.

Notes to Schedule of Investments

Tax Basis of Investments

The cost of investments (excluding foreign currency related transactions) for federal income tax purposes at September 30, 2009, 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.


Fund	Cost of Investments		Net Unrealized Appreciation/ (Depreciation) on Investments			Gross Unrealized Appreciation		Gross Unrealized Depreciation
RS Partners Fund	$	1,570,370,551	$	71,980,650		$	243,533,174	$	(171,552,524	)
RS Value Fund		1,642,294,772		55,570,750			273,032,961		(217,462,211	)
RS Large Cap Alpha Fund		667,508,629		137,721,597			140,166,994		(2,445,397	)
RS Investors Fund		14,096,442		(167,331	)		1,752,574		(1,919,905	)
RS Global Natural Resources Fund		741,043,148		291,430,816			314,684,363		(23,253,547	)
RS Small Cap Growth Fund		273,195,310		62,063,407			71,600,044		(9,536,637	)
RS Smaller Company Growth Fund		53,066,983		14,227,671			15,669,539		(1,441,868	)
RS Select Growth Fund		50,902,688		10,992,982			11,702,002		(709,020	)
RS Mid Cap Growth Fund		52,945,532		8,266,372			8,743,752		(477,380	)
RS Growth Fund		94,202,015		13,388,946			14,538,068		(1,149,122	)
RS Technology Fund		127,387,714		26,433,223			29,830,646		(3,397,423	)
RS Small Cap Equity Fund		85,139,668		21,175,866			22,095,853		(919,987	)
RS International Growth Fund		46,746,608		5,856,506			10,876,589		(5,020,083	)
RS Emerging Markets Fund		750,648,243		216,368,773			223,654,515		(7,285,742	)
RS Investment Quality Bond Fund		169,636,355		3,350,020			5,929,533		(2,579,513	)
RS Low Duration Bond Fund		182,694,952		2,543,065			2,723,879		(180,814	)
RS High Yield Bond Fund		96,978,885		1,304,684			5,496,415		(4,191,731	)
RS Tax-Exempt Fund		180,804,601		15,049,256			15,063,237		(13,981	)
RS Money Market Fund		529,646,643		—			—		—
RS S&P 500 Index Fund		98,848,437		(11,220,095	)		16,050,140		(27,270,235	)

Restricted and Illiquid 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 and illiquid securities are valued according to the guidelines and procedures adopted by the Trust’s Board of Trustees.

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. A summary of the Funds with transactions in the securities of affiliated issuers for the nine-month period ended September 30, 2009, is listed below:


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	ACI Worldwide, Inc.	3,801,323		516,337	731,893	3,585,767	$	—	$	54,252,655
	AP Alternative Assets, L.P.	4,831,903		—	—	4,831,903		—			*
	Century Aluminum Co.	2,657,823		—	2,657,823	—		—		—
	Coinstar, Inc.	1,444,434		492,900	972,610	964,724		—			*
	Euronet Worldwide, Inc.	2,877,520		234,048	1,230,400	1,881,168		—			*
	Iconix Brand Group, Inc.	3,735,949		—	1,728,380	2,007,569		—			*
	MoneyGram International, Inc.	8,961,217		—	1,068,865	7,892,352		—		24,781,985
	Solutia, Inc.	4,631,696	**	945,730	5,577,426	—				—
	The Cooper Cos., Inc.	2,372,728		902,000	2,159,897	1,114,831		88,472			*

									$	79,034,640

RS Value Fund	Sunrise Senior Living, Inc.	3,712,784		—	3,712,784	—	$	—	$	—

									$	—

RS Global Natural Resources Fund	Century Aluminum Co.	2,644,752		—	2,644,752	—	$	—	$	—

									$	—

*	Issuer was not an affiliated issuer at September 30, 2009.

**	Issuer was not an affiliated issuer at December 31, 2008.

Fair Value Measurements

In accordance with Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), fair value is defined as the price that the Funds 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 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. 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 hierarchy of inputs is summarized in the three broad levels listed below.

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — inputs other than unadjusted quoted prices that are observable either directly or indirectly (including adjusted 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)

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A security’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in, to or out of an investment’s assigned level within the hierarchy.

In determining a security’s placement within the hierarchy, the Trust separates the Funds’ investment portfolios into two categories: investments and financial instruments (e.g. futures).

Investments. Investments whose values are based on quoted market prices in active markets, and are therefore classified within level 1, include active listed equities, and certain fixed income securities. The Trust does not adjust the quoted price for such instruments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities.

Investments classified within level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among other things, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within level 3, the use of the

market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Trust in estimating the value of level 3 investments include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

Financial Instruments. Exchange-traded derivatives, such as futures contracts and exchange traded option contracts, are typically classified within level 1 or level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain derivatives, such as generic forwards, swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within level 2.

Derivative Instruments and Hedging Activities

The Funds adopted FASB Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective January 1, 2009. FAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities.

The following is a summary of the fair valuation of the Funds’ derivative instruments categorized by risk exposure at September 30, 2009. Please see the Funds’ prospectus for information on the Funds’ policy regarding the objectives and strategies for using financial futures contracts.


Derivative Instrument Type	RS S&P 500 Index Fund
Financial Futures Contracts	$	49,732

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.

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 Rule 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 controls and 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.

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: November 20, 2009

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: November 20, 2009


By:		/s/ James E. Klescewski
		James E. Klescewski, Treasurer
		(Principal Financial Officer)

Date: November 20, 2009