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)

Matthew H. Scanlan

c/o RS Investments

388 Market Street

San Francisco, CA 94111

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 766-3863

Date of fiscal year end: December 31

Date of reporting period: March 31, 2013

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

Certifications

Item 1. Schedule of Investments

Schedule of Investments — RS Partners Fund

March 31, 2013 (unaudited)	Foreign Currency		Shares		Value
Common Stocks — 92.3%
Advertising Agencies — 3.7%
Aimia, Inc.		CAD		1,711,920	$	25,952,225
ValueClick, Inc.(1)				1,475,771		43,609,033
						69,561,258
Air Transport — 1.7%
Bristow Group, Inc.				501,090		33,041,875
						33,041,875
Auto Parts — 1.5%
Dana Holding Corp.				1,616,289		28,818,433
						28,818,433
Banks: Diversified — 6.4%
Associated Banc-Corp.				2,846,311		43,235,464
EverBank Financial Corp.				497,600		7,663,040
First Horizon National Corp.				5,588,005		59,679,893
FirstMerit Corp.				699,700		11,566,041
						122,144,438
Banks: Savings, Thrift & Mortgage Lending — 1.1%
First Niagara Financial Group, Inc.				2,387,900		21,156,794
						21,156,794
Computer Services, Software & Systems — 10.2%
Acxiom Corp.(1)				3,404,898		69,459,919
AOL, Inc.(1)				1,560,908		60,079,349
DST Systems, Inc.				893,476		63,678,035
						193,217,303
Consumer Electronics — 1.8%
Harman International Industries, Inc.				775,321		34,602,576
						34,602,576
Consumer Lending — 1.9%
MoneyGram International, Inc.(1)				2,025,405		36,659,831
						36,659,831
Containers & Packaging — 1.0%
Sealed Air Corp.				772,800		18,632,208
						18,632,208
Cosmetics — 1.0%
Elizabeth Arden, Inc.(1)				482,128		19,405,652
						19,405,652
Diversified Financial Services — 1.1%
LPL Financial Holdings, Inc.				652,900		21,049,496
						21,049,496
Diversified Manufacturing Operations — 1.3%
ITT Corp.				868,800		24,699,984
						24,699,984
Diversified Materials & Processing — 1.6%
CLARCOR, Inc.				562,070		29,441,227
						29,441,227
Electronic Entertainment — 0.9%
Dolby Laboratories, Inc., Class A				528,840		17,747,870
						17,747,870
Financial Data & Systems — 2.9%
Euronet Worldwide, Inc.(1)				2,092,861		55,125,959
						55,125,959
Foods — 1.7%
Hillshire Brands Co.				931,160		32,730,274
						32,730,274
Health Care Facilities — 1.4%
VCA Antech, Inc.(1)				1,091,199		25,632,265
						25,632,265
Health Care Management Services — 2.2%
Health Net, Inc.(1)				348,800		9,982,656
Magellan Health Services, Inc.(1)				662,844		31,531,489
						41,514,145
Health Care Services — 1.6%
Allscripts Healthcare Solutions, Inc.(1)				2,196,932		29,856,306
						29,856,306
Household Equipment & Products — 1.2%
Tupperware Brands Corp.				290,273		23,726,915
						23,726,915
Insurance: Life — 5.9%
StanCorp Financial Group, Inc.				1,391,323		59,492,971
Torchmark Corp.				866,376		51,809,285
						111,302,256
Insurance: Multi-Line — 1.4%
eHealth, Inc.(1)(2)				1,433,925		25,638,579
						25,638,579
Insurance: Property-Casualty — 1.4%
Endurance Specialty Holdings Ltd.				430,500		20,582,205
First American Financial Corp.				248,700		6,359,259
						26,941,464
Medical Services — 1.0%
Covance, Inc.(1)				264,600		19,665,072
						19,665,072
Metals & Minerals: Diversified — 3.3%
Compass Minerals International, Inc.				804,255		63,455,719
						63,455,719
Office Supplies & Equipment — 4.7%
Avery Dennison Corp.				1,129,184		48,633,955
Electronics for Imaging, Inc.(1)				1,641,583		41,630,545
						90,264,500
Oil: Crude Producers — 8.7%
Bonavista Energy Corp.		CAD		1,544,600		22,716,271
Denbury Resources, Inc.(1)				1,100,129		20,517,406
Laredo Petroleum Holdings, Inc.(1)				1,964,026		35,922,035
Peyto Exploration & Development Corp.		CAD		2,567,575		68,091,225
Rosetta Resources, Inc.(1)				373,392		17,765,991
						165,012,928

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Partners Fund

March 31, 2013 (unaudited)	Shares		Value
Precious Metals & Minerals — 1.8%
Horsehead Holding Corp.(1)		1,935,400	$	21,057,152
New Gold, Inc.(1)		1,492,893		13,585,326
				34,642,478
Real Estate — 0.4%
Jones Lang LaSalle, Inc.		78,979		7,851,302
				7,851,302
Scientific Instruments: Pollution Control — 2.5%
Waste Connections, Inc.		1,311,686		47,194,462
				47,194,462
Securities Brokerage & Services — 1.9%
CBOE Holdings, Inc.		261,651		9,665,388
Interactive Brokers Group, Inc., Class A		1,804,400		26,903,604
				36,568,992
Semiconductors & Components — 3.9%
Integrated Device Technology, Inc.(1)(2)		9,902,825		73,974,103
				73,974,103
Shipping — 2.3%
Huntington Ingalls Industries, Inc.		810,457		43,221,672
				43,221,672
Utilities: Gas Distributors — 3.3%
Questar Corp.		2,584,800		62,888,184
				62,888,184
Utilities: Miscellaneous — 3.6%
Calpine Corp.(1)		3,322,067		68,434,580
				68,434,580
Total Common Stocks (Cost $1,308,646,197)				1,755,821,100
	Principal Amount		Value
Repurchase Agreements — 8.0%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $152,201,169, due 4/1/2013(3)	$	152,201,000		152,201,000
Total Repurchase Agreements (Cost $152,201,000)				152,201,000
Total Investments — 100.3% (Cost $1,460,847,197)				1,908,022,100
Other Liabilities, Net — (0.3)%				(6,587,721	)
Total Net Assets — 100.0%			$	1,901,434,379
(1)    Non-income producing security.
(2)    Affiliated issuer.
(3)    The table below presents collateral for repurchase agreements.

Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		4.50	%		8/15/2039	$	26,357,366
U.S. Treasury Bond		2.75	%		8/15/2042		1,692,350
U.S. Treasury Note		3.625	%		8/15/2019		109,831,749
U.S. Treasury Note		2.125	%		2/29/2016		17,366,250
Legend: Foreign-Denominated Security
CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Partners Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	1,755,821,100	$	—	$	—	$	1,755,821,100
Repurchase Agreements		—		152,201,000		—		152,201,000
Total	$	1,755,821,100	$	152,201,000	$	—	$	1,908,022,100

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Value Fund

March 31, 2013 (unaudited)		Shares		Value
Common Stocks — 92.6%
Advertising Agencies — 2.7%
The Interpublic Group of Companies, Inc.			2,467,015	$	32,145,205
					32,145,205
Auto Parts — 2.0%
TRW Automotive Holdings Corp.(1)			431,163		23,713,966
					23,713,966
Back Office Support, HR and Consulting — 3.6%
Iron Mountain, Inc.			1,191,272		43,255,086
					43,255,086
Banks: Diversified — 5.6%
Comerica, Inc.			523,100		18,805,445
First Horizon National Corp.			1,164,105		12,432,642
KeyCorp			3,017,270		30,052,009
Zions Bancorporation			246,700		6,165,033
					67,455,129
Biotechnology — 0.0%
Charles River Laboratories International, Inc.(1)			10,500		464,835
					464,835
Building Materials — 3.1%
Martin Marietta Materials, Inc.			285,964		29,174,047
Owens Corning(1)			211,200		8,327,616
					37,501,663
Chemicals: Diversified — 2.0%
FMC Corp.			429,001		24,465,927
					24,465,927
Chemicals: Specialty — 2.9%
International Flavors & Fragrances, Inc.			448,843		34,412,793
					34,412,793
Computer Services, Software & Systems — 6.8%
AOL, Inc.(1)			433,408		16,681,874
Symantec Corp.(1)			1,558,200		38,456,376
Yahoo! Inc.(1)			1,140,300		26,831,259
					81,969,509
Containers & Packaging — 3.0%
Crown Holdings, Inc.(1)			861,259		35,836,987
					35,836,987
Diversified Financial Services — 2.2%
Ameriprise Financial, Inc.			354,742		26,126,748
					26,126,748
Diversified Retail — 5.9%
Dollar Tree, Inc.(1)			344,200		16,669,606
Family Dollar Stores, Inc.			311,903		18,417,872
Liberty Interactive Corp., Class A(1)			1,690,370		36,140,111
					71,227,589
Drug & Grocery Store Chains — 2.0%
GNC Holdings, Inc., Class A			607,270	$	23,853,566
					23,853,566
Electronic Entertainment — 3.1%
Activision Blizzard, Inc.			2,052,712		29,908,014
Dolby Laboratories, Inc., Class A			198,670		6,667,365
					36,575,379
Fertilizers — 0.8%
The Mosaic Co.			149,363		8,903,528
					8,903,528
Financial Data & Systems — 3.6%
Fidelity National Information Services, Inc.			315,232		12,489,492
Global Payments, Inc.			608,191		30,202,765
					42,692,257
Insurance: Multi-Line — 3.1%
Willis Group Holdings PLC			945,377		37,332,938
					37,332,938
Insurance: Property-Casualty — 4.6%
Fidelity National Financial, Inc., Class A			366,300		9,241,749
RenaissanceRe Holdings Ltd.			203,043		18,677,926
XL Group PLC			911,661		27,623,328
					55,543,003
Machinery: Engines — 1.0%
Cummins, Inc.			105,500		12,217,955
					12,217,955
Medical Services — 1.1%
Covance, Inc.(1)			172,527		12,822,207
					12,822,207
Oil: Crude Producers — 11.6%
ARC Resources Ltd.	CAD		980,290		25,900,461
Concho Resources, Inc.(1)			374,464		36,484,028
Denbury Resources, Inc.(1)			1,515,098		28,256,578
Southwestern Energy Co.(1)			1,300,486		48,456,108
					139,097,175
Pharmaceuticals — 3.3%
Warner Chilcott PLC, Class A			2,493,684		33,789,418
Zoetis, Inc.(1)			181,110		6,049,074
					39,838,492
Real Estate — 1.5%
CBRE Group, Inc. Class A(1)			729,283		18,414,396
					18,414,396
Scientific Instruments: Control & Filter — 1.9%
Pall Corp.			131,690		9,003,645
Parker Hannifin Corp.			146,497		13,416,195
					22,419,840
Scientific Instruments: Pollution Control — 1.5%
Waste Connections, Inc.			508,649		18,301,191
					18,301,191

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Value Fund

March 31, 2013 (unaudited)	Shares		Value
Securities Brokerage & Services — 0.7%
TD Ameritrade Holding Corp.		379,400	$	7,823,228
				7,823,228
Specialty Retail — 0.8%
Sally Beauty Holdings, Inc.(1)		334,100		9,815,858
				9,815,858
Telecommunications Equipment — 2.1%
Motorola Solutions, Inc.		392,400		25,125,372
				25,125,372
Textiles, Apparel & Shoes — 2.3%
Hanesbrands, Inc.(1)		602,500		27,449,900
				27,449,900
Utilities: Gas Distributors — 3.1%
Questar Corp.		1,529,432		37,211,080
				37,211,080
Utilities: Miscellaneous — 4.7%
Calpine Corp.(1)		2,762,822		56,914,133
				56,914,133
Total Common Stocks (Cost $870,942,382)				1,110,926,935
	Principal Amount		Value
Repurchase Agreements — 8.1%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $ 97,813,109, due 4/1/2013(2)	$	97,813,000		97,813,000
Total Repurchase Agreements (Cost $97,813,000)				97,813,000
Total Investments — 100.7% (Cost $968,755,382)				1,208,739,935
Other Liabilities, Net — (0.7)%				(8,385,985	)
Total Net Assets — 100.0%			$	1,200,353,950
(1)    Non-income producing security.
(2)    The table below presents collateral for repurchase agreements.

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		3.125	%		5/15/2019	$	25,830,706
U.S. Treasury Note		3.625	%		8/15/2019		73,940,199
Legend: Foreign-Denominated Security
CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Value Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	1,110,926,935	$	—	$	—	$	1,110,926,935
Repurchase Agreements		—		97,813,000		—		97,813,000
Total	$	1,110,926,935	$	97,813,000	$	—	$	1,208,739,935

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Large Cap Alpha Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 93.8%
Advertising Agencies — 1.2%
The Interpublic Group of Companies, Inc.		662,300	$	8,629,769
				8,629,769
Aerospace — 2.9%
Lockheed Martin Corp.		225,272		21,743,253
				21,743,253
Asset Management & Custodian — 2.9%
Franklin Resources, Inc.		54,800		8,264,388
State Street Corp.		226,113		13,361,017
				21,625,405
Banks: Diversified — 6.4%
Comerica, Inc.		215,727		7,755,386
Fifth Third Bancorp		442,000		7,209,020
KeyCorp		1,722,000		17,151,120
PNC Financial Services Group, Inc.		119,200		7,926,800
Wells Fargo & Co.		201,800		7,464,582
				47,506,908
Building Materials — 1.4%
Martin Marietta Materials, Inc.		104,853		10,697,103
				10,697,103
Chemicals: Specialty — 2.8%
Praxair, Inc.		188,692		21,046,706
				21,046,706
Computer Services, Software & Systems — 6.9%
Symantec Corp.(1)		820,700		20,254,876
Yahoo! Inc.(1)		1,322,100		31,109,013
				51,363,889
Diversified Manufacturing Operations — 0.7%
Honeywell International, Inc.		72,353		5,451,799
				5,451,799
Diversified Media — 2.9%
News Corp., Class A		715,375		21,833,245
				21,833,245
Diversified Retail — 4.1%
Dollar General Corp.(1)		292,600		14,799,708
Liberty Interactive Corp., Class A(1)		723,021		15,458,189
				30,257,897
Drug & Grocery Store Chains — 2.3%
CVS Caremark Corp.		304,125		16,723,834
				16,723,834
Electronic Entertainment — 2.5%
Activision Blizzard, Inc.		1,271,588		18,527,037
				18,527,037
Fertilizers — 3.2%
The Mosaic Co.		398,218		23,737,775
				23,737,775
Financial Data & Systems — 5.1%
Fidelity National Information Services, Inc.		193,450		7,664,489
Thomson Reuters Corp.		922,051		29,948,216
				37,612,705
Foods — 5.3%
Kellogg Co.		241,900		15,585,617
Mondelez International, Inc., Class A		781,900		23,933,959
				39,519,576
Health Care Management Services — 3.0%
UnitedHealth Group, Inc.		393,822		22,530,557
				22,530,557
Insurance: Life — 4.4%
Aflac, Inc.		222,800		11,590,056
Prudential Financial, Inc.		363,000		21,413,370
				33,003,426
Insurance: Property-Casualty — 3.1%
The Allstate Corp.		474,200		23,268,994
				23,268,994
Machinery: Engines — 0.9%
Cummins, Inc.		58,900		6,821,209
				6,821,209
Oil Well Equipment & Services — 1.1%
Schlumberger Ltd.		109,305		8,185,851
				8,185,851
Oil: Crude Producers — 11.1%
Concho Resources, Inc.(1)		230,149		22,423,417
Occidental Petroleum Corp.		384,980		30,170,883
Southwestern Energy Co.(1)		802,270		29,892,580
				82,486,880
Pharmaceuticals — 9.8%
Merck & Co., Inc.		656,704		29,046,018
Pfizer, Inc.		901,000		26,002,860
Warner Chilcott PLC, Class A		1,306,557		17,703,847
				72,752,725
Precious Metals & Minerals — 2.6%
Goldcorp, Inc.		572,873		19,265,719
				19,265,719
Scientific Instruments: Control & Filter — 1.6%
Parker Hannifin Corp.		132,900		12,170,982
				12,170,982
Securities Brokerage & Services — 2.7%
CME Group, Inc.		140,251		8,610,009
The Charles Schwab Corp.		658,800		11,654,172
				20,264,181
Telecommunications Equipment — 2.9%
Motorola Solutions, Inc.		331,800		21,245,154
				21,245,154
Total Common Stocks (Cost $585,651,580)				698,272,579

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Large Cap Alpha Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Repurchase Agreements — 6.0%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $44,569,050, due 4/1/2013(2)	$	44,569,000	$	44,569,000
Total Repurchase Agreements (Cost $44,569,000)				44,569,000
Total Investments — 99.8% (Cost $630,220,580)				742,841,579
Other Assets, Net — 0.2%				1,581,890
Total Net Assets — 100.0%			$	744,423,469
(1)    Non-income producing security.
(2)    The table below presents collateral for repurchase agreements.

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		3.125	%		5/15/2019	$	45,461,360

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Large Cap Alpha Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	698,272,579	$	—	$	—	$	698,272,579
Repurchase Agreements		—		44,569,000		—		44,569,000
Total	$	698,272,579	$	44,569,000	$	—	$	742,841,579

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investors Fund

March 31, 2013 (unaudited)		Shares		Value
Common Stocks — 97.2%
Back Office Support, HR and Consulting — 3.0%
Iron Mountain, Inc.			15,600	$	566,436
					566,436
Banks: Diversified — 4.9%
Comerica, Inc.			10,200		366,690
KeyCorp			55,500		552,780
					919,470
Building Materials — 2.9%
Martin Marietta Materials, Inc.			5,328		543,562
					543,562
Chemicals: Specialty — 2.9%
Praxair, Inc.			4,879		544,204
					544,204
Computer Services, Software & Systems — 5.5%
Acxiom Corp.(1)			27,500		561,000
DST Systems, Inc.			6,600		470,382
					1,031,382
Consumer Electronics — 2.9%
Harman International Industries, Inc.			12,400		553,412
					553,412
Cosmetics — 3.1%
Elizabeth Arden, Inc.(1)			14,300		575,575
					575,575
Diversified Financial Services — 2.9%
Ameriprise Financial, Inc.			7,500		552,375
					552,375
Diversified Retail — 2.9%
Liberty Interactive Corp., Class A(1)			25,600		547,328
					547,328
Financial Data & Systems — 11.9%
Euronet Worldwide, Inc.(1)			28,700		755,958
Global Payments, Inc.			11,400		566,124
Thomson Reuters Corp.			28,400		922,432
					2,244,514
Health Care Management Services — 2.0%
UnitedHealth Group, Inc.			6,600		377,586
					377,586
Insurance: Multi-Line — 6.9%
eHealth, Inc.(1)			40,900		731,292
Willis Group Holdings PLC			14,213		561,271
					1,292,563
Metals & Minerals: Diversified — 3.3%
Compass Minerals International, Inc.			7,794		614,947
					614,947
Office Supplies & Equipment — 3.4%
Electronics for Imaging, Inc.(1)			25,300		641,608
					641,608
Oil: Crude Producers — 12.7%
Concho Resources, Inc.(1)			5,663		551,746
Denbury Resources, Inc.(1)			29,245		545,419
Peyto Exploration & Development Corp.	CAD		20,800		551,609
Southwestern Energy Co.(1)			19,631		731,451
					2,380,225
Pharmaceuticals — 10.4%
Merck & Co., Inc.			12,700		561,721
Pfizer, Inc.			19,600		565,656
Warner Chilcott PLC, Class A			61,500		833,325
					1,960,702
Securities Brokerage & Services — 3.0%
Interactive Brokers Group, Inc., Class A			37,400		557,634
					557,634
Semiconductors & Components — 5.1%
Integrated Device Technology, Inc.(1)			127,321		951,088
					951,088
Shipping — 3.0%
Huntington Ingalls Industries, Inc.			10,500		559,965
					559,965
Utilities: Miscellaneous — 4.5%
Calpine Corp.(1)			40,983		844,250
					844,250
Total Common Stocks (Cost $15,277,960)					18,258,826
		Principal Amount		Value
Repurchase Agreements — 1.5%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $278,000, due 4/1/2013(2)		$	278,000		278,000
Total Repurchase Agreements (Cost $278,000)					278,000
Total Investments — 98.7% (Cost $15,555,960)					18,536,826
Other Assets, Net — 1.3%					243,314
Total Net Assets — 100.0%				$	18,780,140
(1)    Non-income producing security.
(2)    The table below presents collateral for repurchase agreements.

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	283,831
Legend:
Foreign-Denominated Security
CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investors Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	18,258,826	$	—	$	—	$	18,258,826
Repurchase Agreements		—		278,000		—		278,000
Total	$	18,258,826	$	278,000	$	—	$	18,536,826

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Natural Resources Fund

March 31, 2013 (unaudited)	Foreign Currency		Shares		Value
Common Stocks — 94.0%
Building Materials — 3.5%
Martin Marietta Materials, Inc.				1,606,889	$	163,934,816
						163,934,816
Chemicals: Diversified — 1.8%
FMC Corp.				1,504,886		85,823,649
						85,823,649
Coal — 0.1%
New Hope Corp. Ltd.		AUD		1,717,725		7,108,429
						7,108,429
Copper — 7.3%
Antofagasta PLC		GBP		9,515,996		142,490,738
Taseko Mines Ltd.(1)(2)				23,960,835		66,371,513
Turquoise Hill Resources Ltd.(1)				21,418,695		136,222,900
						345,085,151
Diversified Materials & Processing — 1.7%
Mineral Resources Ltd.		AUD		7,058,295		78,217,474
						78,217,474
Fertilizers — 4.1%
The Mosaic Co.				3,268,199		194,817,342
						194,817,342
Gas Pipeline — 3.2%
EQT Corp.				2,214,818		150,053,920
						150,053,920
Metals & Minerals: Diversified — 11.2%
Compass Minerals International, Inc.(2)				1,995,266		157,426,487
First Quantum Minerals Ltd.		CAD		6,914,800		131,509,510
HudBay Minerals, Inc.				4,989,981		47,903,818
Iluka Resources Ltd.		AUD		19,805,472		193,654,785
						530,494,600
Oil: Crude Producers — 51.4%
ARC Resources Ltd.		CAD		5,240,887		138,470,647
Bonavista Energy Corp.		CAD		3,862,000		56,798,031
Cabot Oil & Gas Corp.				2,178,302		147,274,998
Concho Resources, Inc.(1)				2,053,713		200,093,258
Denbury Resources, Inc.(1)				10,565,951		197,054,986
EOG Resources, Inc.				348,200		44,593,974
Kosmos Energy Ltd.(1)				5,442,198		61,496,837
Laredo Petroleum Holdings, Inc.(1)				4,953,743		90,603,960
Occidental Petroleum Corp.				2,377,914		186,357,120
Oil Search Ltd.		AUD		23,750,942		184,308,206
Ophir Energy PLC(1)(3)		GBP		2,027,520		14,346,186
Ophir Energy PLC(1)(3)(4)(5)		GBP		6,431,579		43,232,712
Ophir Energy PLC(1)		GBP		10,640,328		75,288,088
Painted Pony Petroleum Ltd.(1)(2)(3)(4)		CAD		2,681,890		26,902,061
Painted Pony Petroleum Ltd.(1)(2)(4)		CAD		1,885,800		18,916,476
Peyto Exploration & Development Corp.(2)		CAD		8,307,360		220,308,390
QEP Resources, Inc.				1,372,274		43,693,204
Range Resources Corp.				1,876,461		152,068,400
Rosetta Resources, Inc.(1)				1,933,982		92,018,864
Salamander Energy PLC(1)(2)(3)		GBP		9,275,641		29,236,592
Salamander Energy PLC(1)(2)		GBP		14,270,218		44,979,376
Southwestern Energy Co.(1)				6,214,984		231,570,304
Tullow Oil PLC		GBP		6,617,224		123,859,374
						2,423,472,044
Precious Metals & Minerals — 4.7%
Goldcorp, Inc.				5,087,288		171,085,495
New Gold, Inc.(1)				5,634,009		51,269,482
						222,354,977
Real Estate — 0.7%
PICO Holdings, Inc.(1)(2)				1,556,353		34,551,037
						34,551,037
Utilities: Miscellaneous — 4.3%
Calpine Corp.(1)				9,743,845		200,723,207
						200,723,207
Total Common Stocks (Cost $3,831,486,622)						4,436,636,646
			Principal Amount		Value
Repurchase Agreements — 5.5%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $259,345,288, due 4/1/2013(6)			$	259,345,000		259,345,000
Total Repurchase Agreements (Cost $259,345,000)						259,345,000
Total Investments — 99.5% (Cost $4,090,831,622)						4,695,981,646
Other Assets, Net — 0.5%						22,983,306
Total Net Assets — 100.0%					$	4,718,964,952

(1) Non-income producing security.

(2) Affiliated issuer.

(3) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $113,717,551, representing 2.4% of net assets. Except as disclosed in Note 5 below, these securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(4) Fair valued security.

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

Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Ophir Energy PLC		974,600	$	6,779,211	$	6,551,206		3/8/2013		0.14	%
Ophir Energy PLC		5,456,979		22,784,673		36,681,506		3/25/2013		0.78	%

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		3.125	%		5/15/2019	$	2,453,832
U.S. Treasury Note		2.625	%		4/30/2018		127,532,533
U.S. Treasury Note		1.50	%		8/31/2018		134,550,000

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Natural Resources Fund

Legend:

Foreign-Denominated Security

AUD — Australian Dollar

CAD — Canadian Dollar

GBP — Great British Pound

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Natural Resources Fund

The following is a summary of the inputs used as of March 31, 2013 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
Other	$	3,473,012,625	$	920,391,309	*	$	—	$	4,393,403,934
Ophir Energy PLC		—		—			43,232,712		43,232,712
Repurchase Agreements		—		259,345,000			—		259,345,000
Total	$	3,473,012,625	$	1,179,736,309		$	43,232,712	$	4,695,981,646

* Consists of certain foreign securities whose values were determined by a pricing service using pricing models. 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:

	Investment in Securities
Balance as of 12/31/2012	$	—
Change in unrealized appreciation/depreciation		13,668,828
Net realized gain/loss		—
Purchases		29,563,884
Sales		—
Transfers into/out of Level 3		—
Balance as of 3/31/2013	$	43,232,712

The following table summarizes the valuation techniques used and unobservable inputs developed by the Valuation Committee to determine the fair value of Level 3 investments:

	Fair Value at 3/31/13		Valuation Technique		Unobservable Input			Range of Unobservable inputs
Ophir Energy PLC	$	43,232,712		Exchange close price		Exchange close price with discount	*	$	6.72/sh

* Foreign security whose value was determined by a pricing service using pricing models; in addition, the 3/28/2013 exchange close price was adjusted to reflect restrictions on disposition.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 96.9%
Aerospace — 3.1%
HEICO Corp., Class A		284,380	$	9,757,078
Teledyne Technologies, Inc.(1)		150,000		11,766,000
				21,523,078
Asset Management & Custodian — 1.0%
Financial Engines, Inc.		155,733		5,640,649
WisdomTree Investments, Inc.(1)		114,309		1,188,814
				6,829,463
Auto Parts — 1.2%
Dorman Products, Inc.		214,900		7,996,429
				7,996,429
Back Office Support, HR and Consulting — 1.5%
Huron Consulting Group, Inc.(1)		191,590		7,724,909
WageWorks, Inc.(1)		106,030		2,653,931
				10,378,840
Banks: Diversified — 1.3%
Signature Bank(1)		110,049		8,667,459
				8,667,459
Biotechnology — 6.8%
Aegerion Pharmaceuticals, Inc.(1)		160,944		6,492,481
Amicus Therapeutics, Inc.(1)		1,349,117		4,276,701
Cubist Pharmaceuticals, Inc.(1)		152,500		7,140,050
Exact Sciences Corp.(1)		452,520		4,434,696
Hyperion Therapeutics, Inc.(1)		38,700		999,234
KYTHERA Biopharmaceuticals, Inc.(1)		185,510		4,519,024
NPS Pharmaceuticals, Inc.(1)		612,347		6,239,816
Orexigen Therapeutics, Inc.(1)		754,600		4,716,250
Seattle Genetics, Inc.(1)		207,150		7,355,896
				46,174,148
Building Materials — 1.1%
Trex Co., Inc.(1)		156,500		7,696,670
				7,696,670
Building: Roofing, Wallboard & Plumbing — 1.5%
Beacon Roofing Supply, Inc.(1)		263,090		10,171,059
				10,171,059
Casinos & Gambling — 0.2%
Multimedia Games Holding Co., Inc.(1)		80,413		1,678,219
				1,678,219
Chemicals: Specialty — 0.6%
Quaker Chemical Corp.		66,800		3,942,536
				3,942,536
Communications Technology — 0.9%
Aruba Networks, Inc.(1)		242,700		6,004,398
				6,004,398
Computer Services, Software & Systems — 13.7%
Aspen Technology, Inc.(1)		298,145		9,627,102
BroadSoft, Inc.(1)		237,270		6,280,537
ExactTarget, Inc.(1)		386,972		9,004,838
Fortinet, Inc.(1)		507,550		12,018,784
Infoblox, Inc.(1)		520,179		11,287,884
InterXion Holding N.V.(1)		274,030		6,637,007
Proofpoint, Inc.(1)		362,210		6,106,861
Sourcefire, Inc.(1)		141,800		8,398,814
SPS Commerce, Inc.(1)		204,090		8,708,520
Tangoe, Inc.(1)		410,820		5,090,060
Ultimate Software Group, Inc.(1)		98,586		10,268,718
				93,429,125
Consumer Lending — 1.3%
Portfolio Recovery Associates, Inc.(1)		70,052		8,891,000
				8,891,000
Cosmetics — 1.6%
Elizabeth Arden, Inc.(1)		278,950		11,227,737
				11,227,737
Diversified Materials & Processing — 1.7%
Hexcel Corp.(1)		403,708		11,711,569
				11,711,569
Drug & Grocery Store Chains — 0.8%
Natural Grocers by Vitamin Cottage, Inc.(1)		257,667		5,810,391
				5,810,391
Education Services — 1.9%
Bright Horizons Family Solutions, Inc.(1)		87,600		2,960,004
Grand Canyon Education, Inc.(1)		382,157		9,702,966
				12,662,970
Electronic Components — 1.3%
InvenSense, Inc.(1)		822,945		8,789,053
				8,789,053
Electronic Technology — 1.0%
Imax Corp.(1)		248,000		6,629,040
				6,629,040
Financial Data & Systems — 2.3%
Heartland Payment Systems, Inc.		285,376		9,408,847
WEX, Inc.(1)		77,880		6,113,580
				15,522,427
Foods — 3.1%
Annie’s, Inc.(1)		163,660		6,261,632
The Hain Celestial Group, Inc.(1)		151,870		9,276,219
WhiteWave Foods Co., Class A(1)		312,870		5,340,691
				20,878,542
Health Care Services — 4.3%
Acadia Healthcare Co., Inc.(1)		238,960		7,023,035
AMN Healthcare Services, Inc.(1)		389,717		6,169,220
ICON PLC(1)		230,900		7,455,761
Team Health Holdings, Inc.(1)		230,308		8,378,605
				29,026,621
Insurance: Property-Casualty — 2.4%
AmTrust Financial Services, Inc.		465,749		16,138,203
				16,138,203
Luxury Items — 0.7%
Movado Group, Inc.		141,276		4,735,572
				4,735,572

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Machinery: Industrial — 3.6%
Altra Holdings, Inc.		291,400	$	7,931,908
DXP Enterprises, Inc.(1)		134,600		10,054,620
Middleby Corp.(1)		43,100		6,557,665
				24,544,193
Medical & Dental Instruments & Supplies — 2.2%
Conceptus, Inc.(1)		404,540		9,769,641
Globus Medical, Inc., Class A(1)		377,760		5,545,517
				15,315,158
Medical Equipment — 3.4%
Bruker Corp.(1)		331,200		6,325,920
Cyberonics, Inc.(1)		185,135		8,666,169
Dexcom, Inc.(1)		481,932		8,057,903
				23,049,992
Metal Fabricating — 1.1%
RBC Bearings, Inc.(1)		154,656		7,819,407
				7,819,407
Office Supplies & Equipment — 1.5%
Steelcase, Inc., Class A		680,700		10,026,711
				10,026,711
Offshore Drilling & Other Services — 1.3%
Atwood Oceanics, Inc.(1)		169,680		8,914,987
				8,914,987
Oil Well Equipment & Services — 2.6%
Dril-Quip, Inc.(1)		96,300		8,394,471
Geospace Technologies Corp.(1)		61,118		6,595,855
RigNet, Inc.(1)		113,527		2,831,363
				17,821,689
Oil: Crude Producers — 3.8%
Bonanza Creek Energy, Inc.(1)		103,770		4,012,786
Kodiak Oil & Gas Corp.(1)		743,526		6,758,651
Oasis Petroleum, Inc.(1)		121,960		4,643,017
Rosetta Resources, Inc.(1)		217,793		10,362,591
				25,777,045
Pharmaceuticals — 4.6%
Infinity Pharmaceuticals, Inc.(1)		87,000		4,216,890
Jazz Pharmaceuticals PLC(1)		206,330		11,535,910
The Medicines Co.(1)		236,009		7,887,421
Pacira Pharmaceuticals, Inc.(1)		268,467		7,747,958
				31,388,179
Production Technology Equipment — 1.3%
FEI Co.		133,840		8,639,372
				8,639,372
Recreational Vehicles & Boats — 0.7%
Drew Industries, Inc.		139,900		5,079,769
				5,079,769
Scientific Instruments: Electrical — 1.2%
AZZ, Inc.		164,800		7,943,360
				7,943,360
Scientific Instruments: Pollution Control — 0.5%
Team, Inc.(1)		91,100		3,741,477
				3,741,477
Securities Brokerage & Services — 0.8%
MarketAxess Holdings, Inc.		152,493		5,687,989
				5,687,989
Semiconductors & Components — 1.5%
Microsemi Corp.(1)		451,806		10,468,345
				10,468,345
Specialty Retail — 7.1%
Cabela’s, Inc.(1)		197,980		12,033,224
DSW, Inc., Class A		164,340		10,484,892
Francesca’s Holdings Corp.(1)		297,800		8,534,948
Tile Shop Holdings, Inc.(1)		412,517		8,666,982
Vitamin Shoppe, Inc.(1)		172,056		8,404,936
				48,124,982
Textiles, Apparel & Shoes — 1.3%
Tumi Holdings, Inc.(1)		413,100		8,650,314
				8,650,314
Truckers — 3.1%
Old Dominion Freight Line, Inc.(1)		255,436		9,757,655
Roadrunner Transportation Systems, Inc.(1)		495,116		11,387,668
				21,145,323
Total Common Stocks (Cost $511,909,901)				660,652,841
	Principal Amount		Value
Repurchase Agreements — 2.6%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $17,726,020, due 4/1/2013(2)	$	17,726,000		17,726,000
Total Repurchase Agreements (Cost $17,726,000)				17,726,000
Total Investments — 99.5% (Cost $529,635,901)				678,378,841
Other Assets, Net — 0.5%				3,379,132
Total Net Assets — 100.0%			$	681,757,973

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	18,082,637
Legend:
ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Growth Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	660,652,841	$	—	$	—	$	660,652,841
Repurchase Agreements		—		17,726,000		—		17,726,000
Total	$	660,652,841	$	17,726,000	$	—	$	678,378,841

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Select Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 95.3%
Aerospace — 4.7%
HEICO Corp., Class A		307,231	$	10,541,096
Teledyne Technologies, Inc.(1)		171,900		13,483,836
				24,024,932
Asset Management & Custodian — 0.2%
WisdomTree Investments, Inc.(1)		123,300		1,282,320
				1,282,320
Auto Parts — 1.6%
Dorman Products, Inc.		225,800		8,402,018
				8,402,018
Back Office Support, HR and Consulting — 2.0%
Huron Consulting Group, Inc.(1)		202,760		8,175,283
WageWorks, Inc.(1)		79,300		1,984,879
				10,160,162
Banks: Diversified — 1.1%
SVB Financial Group(1)		79,900		5,668,106
				5,668,106
Biotechnology — 1.5%
Cubist Pharmaceuticals, Inc.(1)		168,500		7,889,170
				7,889,170
Building Materials — 1.7%
Trex Co., Inc.(1)		178,456		8,776,466
				8,776,466
Building: Roofing, Wallboard & Plumbing — 2.2%
Beacon Roofing Supply, Inc.(1)		299,990		11,597,613
				11,597,613
Casinos & Gambling — 0.2%
Multimedia Games Holding Co., Inc.(1)		54,050		1,128,024
				1,128,024
Chemicals: Specialty — 0.8%
Quaker Chemical Corp.		72,400		4,273,048
				4,273,048
Communications Technology — 1.4%
Aruba Networks, Inc.(1)		283,100		7,003,894
				7,003,894
Computer Services, Software & Systems — 8.8%
Aspen Technology, Inc.(1)		321,440		10,379,298
Fortinet, Inc.(1)		470,967		11,152,498
InterXion Holding N.V.(1)		264,236		6,399,796
Sourcefire, Inc.(1)		125,400		7,427,442
Ultimate Software Group, Inc.(1)		98,798		10,290,800
				45,649,834
Consumer Lending — 2.2%
Portfolio Recovery Associates, Inc.(1)		88,876		11,280,142
				11,280,142
Cosmetics — 2.1%
Elizabeth Arden, Inc.(1)		270,800		10,899,700
				10,899,700
Diversified Materials & Processing — 2.5%
Hexcel Corp.(1)		437,411		12,689,293
				12,689,293
Education Services — 2.2%
Bright Horizons Family Solutions, Inc.(1)		63,100		2,132,149
Grand Canyon Education, Inc.(1)		371,335		9,428,196
				11,560,345
Electronic Components — 2.0%
InvenSense, Inc.(1)		962,000		10,274,160
				10,274,160
Electronic Technology — 1.4%
Imax Corp.(1)		279,900		7,481,727
				7,481,727
Financial Data & Systems — 3.8%
Heartland Payment Systems, Inc.		386,745		12,750,983
WEX, Inc.(1)		87,879		6,898,501
				19,649,484
Foods — 2.5%
Annie’s, Inc.(1)		153,000		5,853,780
The Hain Celestial Group, Inc.(1)		115,763		7,070,804
				12,924,584
Health Care Facilities — 2.2%
Brookdale Senior Living, Inc.(1)		398,990		11,123,841
				11,123,841
Insurance: Property-Casualty — 3.4%
AmTrust Financial Services, Inc.		511,790		17,733,524
				17,733,524
Luxury Items — 1.0%
Movado Group, Inc.		159,800		5,356,496
				5,356,496
Machinery: Industrial — 1.4%
Middleby Corp.(1)		46,140		7,020,201
				7,020,201
Medical & Dental Instruments & Supplies — 1.2%
Globus Medical, Inc., Class A(1)		421,600		6,189,088
				6,189,088
Medical Equipment — 5.0%
Bruker Corp.(1)		409,800		7,827,180
Cyberonics, Inc.(1)		167,899		7,859,352
Hologic, Inc.(1)		437,290		9,882,754
				25,569,286
Metal Fabricating — 1.7%
RBC Bearings, Inc.(1)		170,752		8,633,221
				8,633,221
Offshore Drilling & Other Services — 2.0%
Atwood Oceanics, Inc.(1)		196,800		10,339,872
				10,339,872
Oil Well Equipment & Services — 3.3%
Dril-Quip, Inc.(1)		108,900		9,492,813

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Select Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Geospace Technologies Corp.(1)		70,000	$	7,554,400
				17,047,213
Oil: Crude Producers — 2.4%
Rosetta Resources, Inc.(1)		258,030		12,277,067
				12,277,067
Pharmaceuticals — 6.5%
BioMarin Pharmaceutical, Inc.(1)		200,640		12,491,847
Jazz Pharmaceuticals PLC(1)		235,000		13,138,850
The Medicines Co.(1)		240,689		8,043,826
				33,674,523
Production Technology Equipment — 1.4%
FEI Co.		111,900		7,223,145
				7,223,145
Scientific Instruments: Electrical — 1.6%
AZZ, Inc.		167,400		8,068,680
				8,068,680
Scientific Instruments: Pollution Control — 0.8%
Team, Inc.(1)		102,400		4,205,568
				4,205,568
Securities Brokerage & Services — 1.2%
MarketAxess Holdings, Inc.		167,284		6,239,693
				6,239,693
Semiconductors & Components — 2.7%
Microsemi Corp.(1)		601,419		13,934,878
				13,934,878
Specialty Retail — 8.7%
Cabela’s, Inc.(1)		196,780		11,960,289
DSW, Inc., Class A		165,608		10,565,790
Francesca’s Holdings Corp.(1)		320,400		9,182,664
Tile Shop Holdings, Inc.(1)		258,820		5,437,808
Vitamin Shoppe, Inc.(1)		158,127		7,724,504
				44,871,055
Textiles, Apparel & Shoes — 1.7%
Tumi Holdings, Inc.(1)		408,750		8,559,225
				8,559,225
Truckers — 2.2%
Old Dominion Freight Line, Inc.(1)		290,920		11,113,144
				11,113,144
Total Common Stocks (Cost $426,581,394)				491,794,742
	Principal Amount		Value
Repurchase Agreements — 2.8%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $14,250,016, due 4/1/2013(2)	$	14,250,000		14,250,000
Total Repurchase Agreements (Cost $14,250,000)				14,250,000

Total Investments — 98.1% (Cost $440,831,394)		506,044,742
Other Assets, Net — 1.9%		9,711,403
Total Net Assets — 100.0%	$	515,756,145

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	14,537,326

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Select Growth Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	491,794,742	$	—	$	—	$	491,794,742
Repurchase Agreements		—		14,250,000		—		14,250,000
Total	$	491,794,742	$	14,250,000	$	—	$	506,044,742

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Mid Cap Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 96.0%
Aerospace — 4.2%
B/E Aerospace, Inc.(1)		21,400	$	1,290,206
Teledyne Technologies, Inc.(1)		21,900		1,717,836
				3,008,042
Asset Management & Custodian — 1.7%
Affiliated Managers Group, Inc.(1)		8,110		1,245,453
				1,245,453
Auto Parts — 2.1%
LKQ Corp.(1)		67,940		1,478,375
				1,478,375
Back Office Support, HR and Consulting — 2.1%
Verisk Analytics, Inc., Class A(1)		24,180		1,490,214
				1,490,214
Banks: Diversified — 1.1%
SVB Financial Group(1)		10,900		773,246
				773,246
Beverage: Soft Drinks — 1.4%
Green Mountain Coffee Roasters, Inc.(1)		18,000		1,021,680
				1,021,680
Biotechnology — 2.4%
Onyx Pharmaceuticals, Inc.(1)		19,800		1,759,428
				1,759,428
Building: Roofing, Wallboard & Plumbing — 2.6%
Beacon Roofing Supply, Inc.(1)		49,200		1,902,072
				1,902,072
Chemicals: Diversified — 3.1%
Ecolab, Inc.		17,620		1,412,772
FMC Corp.		14,170		808,115
				2,220,887
Communications Technology — 1.2%
Aruba Networks, Inc.(1)		34,000		841,160
				841,160
Computer Services, Software & Systems — 9.3%
Akamai Technologies, Inc.(1)		28,300		998,707
Citrix Systems, Inc.(1)		19,080		1,376,813
Equinix, Inc.(1)		5,050		1,092,365
Fortinet, Inc.(1)		36,875		873,200
Intuit, Inc.		20,680		1,357,642
LinkedIn Corp., Class A(1)		5,600		985,936
				6,684,663
Computer Technology — 1.5%
Western Digital Corp.		21,600		1,086,048
				1,086,048
Consumer Lending — 2.0%
FleetCor Technologies, Inc.(1)		19,000		1,456,730
				1,456,730
Cosmetics — 1.5%
The Estee Lauder Companies, Inc., Class A		16,600		1,062,898
				1,062,898
Diversified Materials & Processing — 2.3%
Hexcel Corp.(1)		57,630		1,671,846
				1,671,846
Diversified Retail — 1.3%
Nordstrom, Inc.		17,160		947,747
				947,747
Drug & Grocery Store Chains — 1.6%
Whole Foods Market, Inc.		13,640		1,183,270
				1,183,270
Electronic Technology — 1.4%
Imax Corp.(1)		37,500		1,002,375
				1,002,375
Entertainment — 2.0%
Discovery Communications, Inc., Class C(1)		20,900		1,453,386
				1,453,386
Financial Data & Systems — 3.4%
Alliance Data Systems Corp.(1)		9,000		1,457,010
WEX, Inc.(1)		12,390		972,615
				2,429,625
Foods — 0.8%
WhiteWave Foods Co., Class A(1)		33,800		576,966
				576,966
Health Care Facilities — 1.7%
Brookdale Senior Living, Inc.(1)		44,230		1,233,132
				1,233,132
Health Care Services — 1.7%
Cerner Corp.(1)		13,060		1,237,435
				1,237,435
Hotel/Motel — 3.2%
Wyndham Worldwide Corp.		16,700		1,076,816
Wynn Resorts Ltd.		9,700		1,214,052
				2,290,868
Insurance: Property-Casualty — 2.7%
AmTrust Financial Services, Inc.		56,300		1,950,795
				1,950,795
Machinery: Industrial — 1.5%
Middleby Corp.(1)		7,020		1,068,093
				1,068,093
Medical Equipment — 2.1%
Hologic, Inc.(1)		66,190		1,495,894
				1,495,894
Offshore Drilling & Other Services — 2.0%
Atwood Oceanics, Inc.(1)		27,610		1,450,630
				1,450,630
Oil Well Equipment & Services — 2.5%
Core Laboratories N.V.		6,200		855,104

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Mid Cap Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Oil States International, Inc.(1)		11,460	$	934,792
				1,789,896
Oil: Crude Producers — 2.2%
Cabot Oil & Gas Corp.		8,750		591,587
Concho Resources, Inc.(1)		10,290		1,002,555
				1,594,142
Personal Care — 2.0%
Church & Dwight Co., Inc.		21,700		1,402,471
				1,402,471
Pharmaceuticals — 4.2%
BioMarin Pharmaceutical, Inc.(1)		20,300		1,263,878
Jazz Pharmaceuticals PLC(1)		31,030		1,734,887
				2,998,765
Scientific Instruments: Control & Filter — 2.1%
Flowserve Corp.		9,100		1,526,161
				1,526,161
Scientific Instruments: Electrical — 2.3%
AMETEK, Inc.		37,595		1,630,119
				1,630,119
Semiconductors & Components — 4.6%
Avago Technologies Ltd.		48,800		1,752,896
Microsemi Corp.(1)		67,500		1,563,975
				3,316,871
Specialty Retail — 8.3%
Cabela’s, Inc.(1)		27,800		1,689,684
CarMax, Inc.(1)		26,600		1,109,220
DSW, Inc., Class A		23,000		1,467,400
Tractor Supply Co.		10,310		1,073,580
Ulta Salon, Cosmetics & Fragrance, Inc.		7,900		641,243
				5,981,127
Textiles, Apparel & Shoes — 1.8%
Michael Kors Holdings Ltd.(1)		23,280		1,322,071
				1,322,071
Truckers — 2.1%
Old Dominion Freight Line, Inc.(1)		39,655		1,514,821
				1,514,821
Total Common Stocks (Cost $52,480,603)				69,099,402
	Principal Amount		Value
Repurchase Agreements — 4.0%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $2,890,003 due 4/1/2013(2)	$	2,890,000		2,890,000
Total Repurchase Agreements (Cost $2,890,000)				2,890,000
Total Investments — 100.0% (Cost $55,370,603)				71,989,402
Other Assets, Net — 0.0%				26,019
Total Net Assets — 100.0%			$	72,015,421

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	2,951,846

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Mid Cap Growth Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	69,099,402	$	—	$	—	$	69,099,402
Repurchase Agreements		—		2,890,000		—		2,890,000
Total	$	69,099,402	$	2,890,000	$	—	$	71,989,402

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 97.8%
Aerospace — 1.8%
B/E Aerospace, Inc.(1)		61,600	$	3,713,864
				3,713,864
Asset Management & Custodian — 2.0%
Affiliated Managers Group, Inc.(1)		26,750		4,107,997
				4,107,997
Auto Parts — 2.3%
LKQ Corp.(1)		219,700		4,780,672
				4,780,672
Back Office Support, HR and Consulting — 2.1%
Verisk Analytics, Inc., Class A(1)		69,979		4,312,806
				4,312,806
Beverage: Soft Drinks — 1.4%
Green Mountain Coffee Roasters, Inc.(1)		51,600		2,928,816
				2,928,816
Biotechnology — 5.6%
Biogen Idec, Inc.(1)		29,390		5,669,625
Celgene Corp.(1)		50,400		5,841,864
				11,511,489
Chemicals: Diversified — 3.4%
Ecolab, Inc.		61,487		4,930,028
FMC Corp.		35,966		2,051,141
				6,981,169
Communications Technology — 4.2%
QUALCOMM, Inc.		131,482		8,802,720
				8,802,720
Computer Services, Software & Systems — 13.3%
Autodesk, Inc.(1)		99,330		4,096,369
Citrix Systems, Inc.(1)		30,110		2,172,738
Equinix, Inc.(1)		12,950		2,801,214
Facebook, Inc., Class A(1)		130,700		3,343,306
Google, Inc., Class A(1)		8,510		6,757,195
Intuit, Inc.		30,130		1,978,035
LinkedIn Corp., Class A(1)		13,000		2,288,780
Salesforce.com, Inc.(1)		23,120		4,134,550
				27,572,187
Computer Technology — 4.6%
Apple, Inc.		14,346		6,349,970
Western Digital Corp.		62,000		3,117,360
				9,467,330
Consumer Lending — 2.0%
FleetCor Technologies, Inc.(1)		54,500		4,178,515
				4,178,515
Consumer Services: Miscellaneous — 2.9%
eBay, Inc.(1)		109,650		5,945,223
				5,945,223
Cosmetics — 1.8%
The Estee Lauder Companies, Inc., Class A		60,000		3,841,800
				3,841,800
Diversified Manufacturing Operations — 2.9%
Danaher Corp.		95,611		5,942,224
				5,942,224
Diversified Retail — 5.1%
Amazon.com, Inc.(1)		18,610		4,959,379
Costco Wholesale Corp.		39,298		4,169,911
Nordstrom, Inc.		27,275		1,506,398
				10,635,688
Drug & Grocery Store Chains — 3.3%
Walgreen Co.		52,000		2,479,360
Whole Foods Market, Inc.		49,590		4,301,932
				6,781,292
Entertainment — 3.2%
Discovery Communications, Inc., Class C(1)		93,995		6,536,412
				6,536,412
Financial Data & Systems — 3.6%
Alliance Data Systems Corp.(1)		25,820		4,180,000
MasterCard, Inc., Class A		6,130		3,317,127
				7,497,127
Foods — 3.0%
Mondelez International, Inc., Class A		203,530		6,230,053
				6,230,053
Health Care Management Services — 0.7%
UnitedHealth Group, Inc.		27,230		1,557,828
				1,557,828
Health Care Services — 1.8%
Cerner Corp.(1)		16,663		1,578,819
Express Scripts Holding Co.(1)		36,053		2,078,456
				3,657,275
Hotel/Motel — 1.7%
Wynn Resorts Ltd.		27,900		3,491,964
				3,491,964
Oil Well Equipment & Services — 2.5%
Core Laboratories N.V.		17,600		2,427,392
Oil States International, Inc.(1)		32,840		2,678,759
				5,106,151
Oil: Crude Producers — 2.7%
Concho Resources, Inc.(1)		29,598		2,883,733
EOG Resources, Inc.		21,900		2,804,733
				5,688,466
Personal Care — 1.3%
Church & Dwight Co., Inc.		40,300		2,604,589
				2,604,589
Pharmaceuticals — 6.2%
BioMarin Pharmaceutical, Inc.(1)		38,400		2,390,784
Gilead Sciences, Inc.(1)		215,380		10,538,543
				12,929,327
Restaurants — 2.2%
Starbucks Corp.		80,800		4,602,368
				4,602,368

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Scientific Instruments: Control & Filter — 3.6%
Flowserve Corp.		29,000	$	4,863,590
Pall Corp.		36,580		2,500,975
				7,364,565
Scientific Instruments: Electrical — 2.2%
AMETEK, Inc.		106,094		4,600,236
				4,600,236
Semiconductors & Components — 2.3%
Avago Technologies Ltd.		130,700		4,694,744
				4,694,744
Specialty Retail — 2.1%
CarMax, Inc.(1)		42,200		1,759,740
The Home Depot, Inc.		37,990		2,650,942
				4,410,682
Total Common Stocks (Cost $156,482,851)				202,475,579
	Principal Amount		Value
Repurchase Agreements — 2.7%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $5,667,006, due 4/1/2013(2)	$	5,667,000		5,667,000
Total Repurchase Agreements (Cost $5,667,000)				5,667,000
Total Investments — 100.5% (Cost $162,149,851)				208,142,579
Other Liabilities, Net — (0.5)%				(1,091,030	)
Total Net Assets — 100.0%			$	207,051,549

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S.Treasury Note		1.375	%		11/30/2015	$	5,784,999

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Growth Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	202,475,579	$	—	$	—	$	202,475,579
Repurchase Agreements		—		5,667,000		—		5,667,000
Total	$	202,475,579	$	5,667,000	$	—	$	208,142,579

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Technology Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 99.7%
Communications Technology — 6.8%
Aruba Networks, Inc.(1)		143,000	$	3,537,820
Finisar Corp.(1)		72,600		957,594
Procera Networks, Inc.(1)		141,400		1,681,246
QUALCOMM, Inc.		73,560		4,924,842
				11,101,502
Computer Services, Software & Systems — 59.4%
Akamai Technologies, Inc.(1)		68,000		2,399,720
Aspen Technology, Inc.(1)		84,040		2,713,651
BroadSoft, Inc.(1)		121,344		3,211,976
Citrix Systems, Inc.(1)		67,420		4,865,027
Concur Technologies, Inc.(1)		28,800		1,977,408
Equinix, Inc.(1)		13,610		2,943,979
ExactTarget, Inc.(1)		148,210		3,448,847
Facebook, Inc., Class A(1)		137,300		3,512,134
Fortinet, Inc.(1)		185,973		4,403,841
Google, Inc., Class A(1)		10,100		8,019,703
Infoblox, Inc.(1)		231,120		5,015,304
Informatica Corp.(1)		74,700		2,574,909
Intuit, Inc.		49,570		3,254,270
LinkedIn Corp., Class A(1)		18,200		3,204,292
Microsoft Corp.		178,260		5,100,018
NetSuite, Inc.(1)		49,400		3,954,964
Proofpoint, Inc.(1)		132,410		2,232,433
QLIK Technologies, Inc.(1)		80,300		2,074,149
Red Hat, Inc.(1)		55,800		2,821,248
Salesforce.com, Inc.(1)		30,700		5,490,081
SAP AG, ADR		36,000		2,899,440
SolarWinds, Inc.(1)		43,700		2,582,670
Sourcefire, Inc.(1)		43,300		2,564,659
Splunk, Inc.(1)		63,500		2,541,905
SPS Commerce, Inc.(1)		66,300		2,829,021
Symantec Corp.(1)		180,400		4,452,272
Tangoe, Inc.(1)		156,210		1,935,442
Ultimate Software Group, Inc.(1)		18,470		1,923,835
VMware, Inc., Class A(1)		36,400		2,871,232
				97,818,430
Computer Technology — 6.0%
Apple, Inc.		11,460		5,072,540
Fusion-io, Inc.(1)		97,600		1,597,712
Stratasys Ltd.(1)		25,400		1,885,188
Synaptics, Inc.(1)		33,500		1,363,115
				9,918,555
Consumer Services: Miscellaneous — 3.3%
eBay, Inc.(1)		100,490		5,448,568
				5,448,568
Diversified Retail — 3.1%
Amazon.com, Inc.(1)		18,810		5,012,677
				5,012,677
Electronic Components — 2.5%
InvenSense, Inc.(1)		385,800		4,120,344
				4,120,344
Electronic Technology — 0.8%
Imax Corp.(1)		51,500		1,376,595
				1,376,595
Radio & TV Broadcasters — 1.3%
Pandora Media, Inc.(1)		146,800		2,078,688
				2,078,688
Semiconductors & Components — 14.0%
Avago Technologies Ltd.		118,600		4,260,112
Broadcom Corp., Class A		70,880		2,457,410
Intermolecular, Inc.(1)		182,350		1,859,970
LSI Corp.(1)		351,300		2,381,814
Mellanox Technologies Ltd.(1)		48,600		2,697,786
Microsemi Corp.(1)		222,000		5,143,740
O2Micro International Ltd., ADR(1)		242,312		756,013
RDA Microelectronics, Inc., ADR		171,600		1,587,300
Rubicon Technology, Inc.(1)		293,922		1,939,885
				23,084,030
Technology: Miscellaneous — 0.9%
Fabrinet(1)		102,800		1,501,908
				1,501,908
Telecommunications Equipment — 1.6%
Alcatel-Lucent, ADR(1)		924,000		1,228,920
Meru Networks, Inc.(1)		209,000		1,410,750
				2,639,670
Total Common Stocks (Cost $128,105,128)				164,100,967
	Principal Amount		Value
Repurchase Agreements — 1.4%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $2,321,003, due 4/1/2013(2)	$	2,321,000		2,321,000
Total Repurchase Agreements (Cost $2,321,000)				2,321,000
Total Investments — 101.1% (Cost $130,426,128)				166,421,967
Other Liabilities, Net — (1.1)%				(1,811,994	)
Total Net Assets — 100.0%			$	164,609,973

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		3.125	%		5/15/2019	$	2,368,432

Legend:

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Technology Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	164,100,967	$	—	$	—	$	164,100,967
Repurchase Agreements		—		2,321,000		—		2,321,000
Total	$	164,100,967	$	2,321,000	$	—	$	166,421,967

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Equity Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 97.7%
Aerospace — 3.1%
HEICO Corp., Class A		42,808	$	1,468,742
Teledyne Technologies, Inc.(1)		22,500		1,764,900
				3,233,642
Asset Management & Custodian — 1.0%
Financial Engines, Inc.		23,649		856,567
WisdomTree Investments, Inc.(1)		17,500		182,000
				1,038,567
Auto Parts — 1.2%
Dorman Products, Inc.		32,300		1,201,883
				1,201,883
Back Office Support, HR and Consulting — 2.9%
Huron Consulting Group, Inc.(1)		28,800		1,161,216
Robert Half International, Inc.		37,216		1,396,716
WageWorks, Inc.(1)		16,100		402,983
				2,960,915
Banks: Diversified — 1.3%
Signature Bank(1)		16,501		1,299,619
				1,299,619
Biotechnology — 6.7%
Aegerion Pharmaceuticals, Inc.(1)		24,499		988,290
Amicus Therapeutics, Inc.(1)		203,200		644,144
Cubist Pharmaceuticals, Inc.(1)		22,900		1,072,178
Exact Sciences Corp.(1)		68,100		667,380
Hyperion Therapeutics, Inc.(1)		5,800		149,756
KYTHERA Biopharmaceuticals, Inc.(1)		27,900		679,644
NPS Pharmaceuticals, Inc.(1)		92,142		938,927
Orexigen Therapeutics, Inc.(1)		113,500		709,375
Seattle Genetics, Inc.(1)		31,100		1,104,361
				6,954,055
Building Materials — 1.1%
Trex Co., Inc.(1)		23,826		1,171,763
				1,171,763
Building: Roofing, Wallboard & Plumbing — 1.5%
Beacon Roofing Supply, Inc.(1)		39,600		1,530,936
				1,530,936
Casinos & Gambling — 0.2%
Multimedia Games Holding Co., Inc.(1)		12,365		258,058
				258,058
Chemicals: Specialty — 0.6%
Quaker Chemical Corp.		10,300		607,906
				607,906
Communications Technology — 0.9%
Aruba Networks, Inc.(1)		36,800		910,432
				910,432
Computer Services, Software & Systems — 13.6%
Aspen Technology, Inc.(1)		44,869		1,448,820
BroadSoft, Inc.(1)		36,150		956,891
ExactTarget, Inc.(1)		58,200		1,354,314
Fortinet, Inc.(1)		76,258		1,805,789
Infoblox, Inc.(1)		78,500		1,703,450
InterXion Holding N.V.(1)		41,900		1,014,818
Proofpoint, Inc.(1)		54,400		917,184
Sourcefire, Inc.(1)		21,700		1,285,291
SPS Commerce, Inc.(1)		30,700		1,309,969
Tangoe, Inc.(1)		61,800		765,702
Ultimate Software Group, Inc.(1)		14,858		1,547,609
				14,109,837
Consumer Lending — 1.3%
Portfolio Recovery Associates, Inc.(1)		10,420		1,322,506
				1,322,506
Cosmetics — 1.6%
Elizabeth Arden, Inc.(1)		41,900		1,686,475
				1,686,475
Diversified Materials & Processing — 1.7%
Hexcel Corp.(1)		60,710		1,761,197
				1,761,197
Drug & Grocery Store Chains — 0.8%
Natural Grocers by Vitamin Cottage, Inc.(1)		39,110		881,930
				881,930
Education Services — 1.8%
Bright Horizons Family Solutions, Inc.(1)		13,200		446,028
Grand Canyon Education, Inc.(1)		57,380		1,456,878
				1,902,906
Electronic Components — 1.3%
InvenSense, Inc.(1)		125,800		1,343,544
				1,343,544
Electronic Technology — 1.0%
Imax Corp.(1)		37,200		994,356
				994,356
Financial Data & Systems — 2.3%
Heartland Payment Systems, Inc.		43,399		1,430,865
WEX, Inc.(1)		11,861		931,089
				2,361,954
Foods — 3.0%
Annie’s, Inc.(1)		24,900		952,674
The Hain Celestial Group, Inc.(1)		22,850		1,395,678
WhiteWave Foods Co., Class A(1)		47,000		802,290
				3,150,642
Health Care Services — 4.3%
Acadia Healthcare Co., Inc.(1)		36,000		1,058,040
AMN Healthcare Services, Inc.(1)		59,916		948,470
ICON PLC(1)		34,700		1,120,463
Team Health Holdings, Inc.(1)		35,018		1,273,955
				4,400,928
Insurance: Property-Casualty — 2.3%
AmTrust Financial Services, Inc.		70,149		2,430,663
				2,430,663
Luxury Items — 0.7%
Movado Group, Inc.		21,300		713,976
				713,976

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Equity Fund

March 31, 2013 (unaudited)	Shares		Value
Machinery: Industrial — 3.6%
Altra Holdings, Inc.		43,900	$	1,194,958
DXP Enterprises, Inc.(1)		20,400		1,523,880
Middleby Corp.(1)		6,400		973,760
				3,692,598
Medical & Dental Instruments & Supplies — 2.2%
Conceptus, Inc.(1)		61,500		1,485,225
Globus Medical, Inc., Class A(1)		56,700		832,356
				2,317,581
Medical Equipment — 3.4%
Bruker Corp.(1)		50,200		958,820
Cyberonics, Inc.(1)		27,821		1,302,301
Dexcom, Inc.(1)		72,377		1,210,143
				3,471,264
Metal Fabricating — 1.1%
RBC Bearings, Inc.(1)		23,246		1,175,318
				1,175,318
Office Supplies & Equipment — 1.5%
Steelcase, Inc., Class A		102,300		1,506,879
				1,506,879
Offshore Drilling & Other Services — 1.3%
Atwood Oceanics, Inc.(1)		25,800		1,355,532
				1,355,532
Oil Well Equipment & Services — 2.6%
Dril-Quip, Inc.(1)		14,700		1,281,399
Geospace Technologies Corp.(1)		9,134		985,741
RigNet, Inc.(1)		17,399		433,931
				2,701,071
Oil: Crude Producers — 3.8%
Bonanza Creek Energy, Inc.(1)		15,700		607,119
Kodiak Oil & Gas Corp.(1)		111,750		1,015,807
Oasis Petroleum, Inc.(1)		18,600		708,102
Rosetta Resources, Inc.(1)		33,260		1,582,511
				3,913,539
Pharmaceuticals — 4.6%
Infinity Pharmaceuticals, Inc.(1)		13,300		644,651
Jazz Pharmaceuticals PLC(1)		31,010		1,733,769
The Medicines Co.(1)		35,974		1,202,251
Pacira Pharmaceuticals, Inc.(1)		40,900		1,180,374
				4,761,045
Production Technology Equipment — 1.3%
FEI Co.		20,100		1,297,455
				1,297,455
Recreational Vehicles & Boats — 0.7%
Drew Industries, Inc.		21,100		766,141
				766,141
Scientific Instruments: Electrical — 1.2%
AZZ, Inc.		24,800		1,195,360
				1,195,360
Scientific Instruments: Pollution Control — 0.5%
Team, Inc.(1)		13,900		570,873
				570,873
Securities Brokerage & Services — 0.8%
MarketAxess Holdings, Inc.		23,082		860,959
				860,959
Semiconductors & Components — 1.5%
Microsemi Corp.(1)		67,856		1,572,224
				1,572,224
Specialty Retail — 7.0%
Cabela’s, Inc.(1)		29,700		1,805,166
DSW, Inc., Class A		24,900		1,588,620
Francesca’s Holdings Corp.(1)		44,800		1,283,968
Tile Shop Holdings, Inc.(1)		61,900		1,300,519
Vitamin Shoppe, Inc.(1)		25,883		1,264,385
				7,242,658
Textiles, Apparel & Shoes — 1.3%
Tumi Holdings, Inc.(1)		62,300		1,304,562
				1,304,562
Truckers — 3.1%
Old Dominion Freight Line, Inc.(1)		38,423		1,467,759
Roadrunner Transportation Systems, Inc.(1)		74,400		1,711,200
				3,178,959
Total Common Stocks (Cost $80,140,542)				101,112,708
	Principal Amount		Value
Repurchase Agreements — 1.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $1,939,002, due 4/1/2013(2)	$	1,939,000		1,939,000
Total Repurchase Agreements (Cost $1,939,000)				1,939,000
Total Investments — 99.6% (Cost $82,079,542)				103,051,708
Other Assets, Net — 0.4%				428,661
Total Net Assets — 100.0%			$	103,480,369

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	1,981,659

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Equity Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	101,112,708	$	—	$	—	$	101,112,708
Repurchase Agreements		—		1,939,000		—		1,939,000
Total	$	101,112,708	$	1,939,000	$	—	$	103,051,708

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS International Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 97.3%
Australia — 5.1%
Brambles Ltd.		1,495,474	$	13,259,565
Cochlear Ltd.		64,517		4,583,266
Fortescue Metals Group Ltd.		2,992,196		12,387,811
James Hardie Industries PLC		535,215		5,614,535
Woodside Petroleum Ltd.		268,963		10,081,032
				45,926,209
Brazil — 1.6%
BM&F BOVESPA S.A.		1,056,500		7,131,342
MercadoLibre, Inc.		69,600		6,720,576
				13,851,918
Chile — 0.5%
Sociedad Quimica y Minera de Chile S.A., ADR		83,000		4,602,350
				4,602,350
Denmark — 3.8%
Novo Nordisk A/S, Class B		144,662		23,316,924
Novozymes A/S, B Shares		304,585		10,342,594
				33,659,518
France — 7.8%
Essilor International S.A.		135,960		15,129,124
L’Oreal S.A.		178,507		28,320,746
PPR		120,376		26,474,033
				69,923,903
Germany — 3.1%
Adidas AG		53,811		5,593,616
Aixtron SE		326,807		4,776,195
HeidelbergCement AG		95,261		6,868,982
SMA Solar Technology AG		93,147		2,228,811
Volkswagen AG		43,517		8,207,500
				27,675,104
Hong Kong — 3.0%
AIA Group Ltd.		2,548,600		11,172,541
AIA Group Ltd.(1)		1,755,200		7,694,437
Hong Kong Exchanges & Clearing Ltd.		491,600		8,406,722
				27,273,700
India — 0.6%
Housing Development Finance Corp. Ltd.		325,600		4,938,387
				4,938,387
Italy — 3.6%
Fiat SpA(2)		3,082,632		16,466,915
UniCredit SpA(2)		3,654,878		15,688,350
				32,155,265
Japan — 8.0%
Gree, Inc.		693,200		8,732,339
Kyocera Corp.		53,600		4,917,931
Rakuten, Inc.		2,154,100		22,030,324
Sanrio Co. Ltd.		128,700		5,716,114
SMC Corp.		80,500		15,632,113
Softbank Corp.		262,300		12,084,621
Yamada Denki Co. Ltd.		60,430		2,772,563
				71,886,005
Luxembourg — 0.0%
Reinet Investments SCA(2)		3,406		65,797
				65,797
Norway — 0.9%
Schibsted ASA		177,774		7,955,245
				7,955,245
People’s Republic of China — 8.0%
Baidu, Inc., ADR(2)		375,700		32,948,890
CNOOC Ltd.		2,221,000		4,265,045
New Oriental Education & Technology Group, ADR		214,900		3,868,200
Tencent Holdings Ltd.		857,000		27,410,800
Youku Tudou, Inc., ADR(2)		205,153		3,440,416
				71,933,351
Peru — 1.3%
Credicorp Ltd.		68,987		11,455,291
				11,455,291
Portugal — 0.9%
Jeronimo Martins, SGPS, S.A.		433,424		8,440,052
				8,440,052
Russia — 0.4%
Mail.ru Group Ltd., GDR		142,738		3,958,860
				3,958,860
Singapore — 0.7%
Singapore Exchange Ltd.		1,039,000		6,472,609
				6,472,609
South Africa — 0.2%
Impala Platinum Holdings Ltd.		137,000		2,022,269
				2,022,269
South Korea — 3.4%
Celltrion, Inc.		115,509		5,552,238
NHN Corp.		44,180		10,680,565
Samsung Electronics Co. Ltd.		10,602		14,450,839
				30,683,642
Spain — 5.8%
Banco Santander S.A.		2,090,227		14,160,525
Distribuidora Internacional de Alimentacion S.A.		704,266		4,887,881
Industria de Diseno Textil S.A.		245,161		32,670,261
				51,718,667
Sweden — 9.6%
Alfa Laval AB		495,289		11,433,816
Atlas Copco AB, Class B		1,372,969		34,785,932
Elekta AB, Class B		417,892		6,339,005
Sandvik AB		818,645		12,628,197
Svenska Handelsbanken AB, Class A		482,097		20,619,840
				85,806,790
Switzerland — 8.7%
ABB Ltd. (Reg S)(2)		518,826		11,778,199
Compagnie Financiere Richemont S.A., Class A		307,449		24,205,970
Geberit AG(2)		50,335		12,411,305
Syngenta AG (Reg S)		57,203		23,937,057
The Swatch Group AG		9,351		5,451,616
				77,784,147
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		346,107		5,949,579
				5,949,579

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS International Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Turkey — 1.4%
BIM Birlesik Magazalar A.S.		91,419	$	4,455,951
Turkiye Garanti Bankasi A.S.		1,517,893		8,060,341
				12,516,292
United Kingdom — 18.2%
Aggreko PLC		159,082		4,317,551
ARM Holdings PLC		1,941,000		27,349,188
BG Group PLC		400,227		6,887,122
BHP Billiton PLC		430,100		12,525,243
British American Tobacco PLC		291,841		15,649,245
Meggitt PLC		1,961,378		14,675,453
Prudential PLC		1,925,497		31,273,012
Rolls-Royce Holdings PLC(2)		1,576,583		27,128,461
Standard Chartered PLC		915,582		23,774,103
				163,579,378
Total Common Stocks (Cost $767,531,898)				872,234,328
	Shares		Value
Preferred Stocks — 2.0%
Brazil — 0.9%
Itau Unibanco Holding S.A., ADR		452,040		8,046,312
				8,046,312
Germany — 1.1%
Porsche Automobil Holding SE		133,322		9,768,034
				9,768,034
Total Preferred Stocks (Cost $16,027,226)				17,814,346
	Principal Amount		Value
Repurchase Agreements — 0.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $8,712,010, due 4/1/2013(3)	$	8,712,000		8,712,000
Total Repurchase Agreements (Cost $8,712,000)				8,712,000
Total Investments — 100.2% (Cost $792,271,124)				898,760,674
Other Liabilities, Net — (0.2)%				(2,111,832	)
Total Net Assets — 100.0%			$	896,648,842

(1) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $7,694,437, representing 0.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(2) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		0.25	%		8/31/2014	$	8,891,202

Legend:

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS International Growth Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	76,116,644	$	796,117,684	*	$	—	$	872,234,328
Preferred Stocks		8,046,312		9,768,034	*		—		17,814,346
Repurchase Agreements		—		8,712,000			—		8,712,000
Total	$	84,162,956	$	814,597,718		$	—	$	898,760,674

* Consists of certain foreign securities whose values were determined by a pricing service using pricing models. These investments in securities were classified as Level 2 rather than Level 1.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Emerging Markets Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 92.8%
Brazil — 9.1%
Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR		130,386	$	6,946,966
Companhia de Bebidas das Americas., ADR		80,727		3,417,174
Cosan S.A. Industria e Comercio		424,224		9,518,405
Duratex S.A.		343,900		2,774,005
Even Construtora e Incorporadora S.A.		786,533		3,814,437
Grendene S.A.		349,571		3,717,571
Grupo BTG Pactual		437,430		7,340,468
Kroton Educacional S.A.		169,235		2,173,276
Mahle-Metal Leve S.A. Industria e Comercio		275,571		3,818,378
Marisa Lojas S.A.		174,719		2,602,520
Minerva S.A.(1)		540,654		3,504,920
Petroleo Brasileiro S.A., ADR		573,855		9,508,777
Sao Martinho S.A.		235,108		3,310,069
				62,446,966
Chile — 0.7%
Sociedad Quimica y Minera de Chile S.A., ADR		83,646		4,638,171
				4,638,171
Hong Kong — 2.8%
AAC Technologies Holdings, Inc.		1,181,000		5,694,229
Melco International Development Ltd.		2,368,000		4,124,998
NagaCorp Ltd.		5,228,000		4,425,671
Xinyi Glass Holdings Ltd.		6,707,342		4,761,686
				19,006,584
India — 7.2%
DLF Ltd.		862,475		3,771,525
HCL Technologies Ltd.		770,809		11,361,705
ICICI Bank Ltd., ADR		171,940		7,376,226
Indiabulls Financial Services Ltd.(2)(3)		640,959		3,199,589
Infosys Ltd.		113,445		6,044,106
Infrastructure Development Finance Co. Ltd.		1,296,669		3,439,271
Oil & Natural Gas Corp. Ltd.		882,770		5,083,846
Sterlite Industries India Ltd., ADR		305,455		2,132,076
Union Bank of India Ltd.		666,990		2,693,059
Wockhardt Ltd.(1)		118,688		4,346,143
				49,447,546
Indonesia — 4.6%
PT Bank Negara Indonesia (Persero) Tbk		12,922,500		6,732,037
PT Indofood Sukses Makmur Tbk		6,627,000		5,087,726
PT Perusahaan Gas Negara (Persero) Tbk		10,857,000		6,662,630
PT Semen Indonesia (Persero) Tbk		1,654,500		3,022,221
PT Telekomunikasi Indonesia (Persero) Tbk		9,180,500		10,419,501
				31,924,115
Liberia — 0.6%
African Petroleum Corp. Ltd.(1)		16,611,907		4,323,874
				4,323,874
Malaysia — 1.4%
Tenaga Nasional Bhd		2,397,900		5,577,160
UMW Holdings Bhd		961,600		4,161,292
				9,738,452
Mexico — 6.9%
Alfa S.A.B. de C.V., Class A		1,713,065		4,180,220
Alsea S.A.B. de C.V.(1)		1,692,108		4,862,013
America Movil S.A.B. de C.V., ADR, Series L		153,600		3,219,456
Arca Continental S.A.B. de C.V.		446,705		3,345,373
Cemex S.A.B. de C.V.(1)		5,580,914		6,777,642
Empresas ICA S.A.B. de C.V.(1)		1,021,174		3,407,096
Fomento Economico Mexicano S.A.B. de C.V., ADR		33,381		3,788,744
Grupo Aeroportuario del Sureste, S.A.B. de C.V., ADR		36,531		4,992,692
Grupo Financiero Banorte S.A.B. de C.V., Class O		872,047		6,990,384
Grupo Mexico S.A.B. de C.V., Series B		1,380,091		5,557,706
				47,121,326
People’s Republic of China — 17.4%
Agricultural Bank of China Ltd., H shares		10,294,057		4,953,862
China CITIC Bank Corp. Ltd., H shares		16,057,000		9,681,404
China Construction Bank Corp., H shares		22,667,000		18,580,568
China Liansu Group Holdings Ltd.		4,258,000		2,423,509
China Mobile Ltd.		331,098		3,509,616
China National Building Material Co. Ltd., H shares		2,682,223		3,395,166
China Petroleum & Chemical Corp., H shares		6,940,000		8,138,575
China Unicom Ltd.		4,036,000		5,418,111
CNOOC Ltd.		2,850,935		5,474,726
COSCO Pacific Ltd.		2,854,571		4,148,000
Great Wall Motor Co. Ltd., H shares		1,166,500		3,977,570
Haitong Securities Co. Ltd., H shares(1)		2,934,000		4,043,336
Honghua Group Ltd.		10,562,000		4,922,308
Huaneng Power International Inc., H Shares		5,698,381		6,053,467
Kingsoft Corp. Ltd.		3,541,000		3,261,599
PICC Property & Casualty Co. Ltd., H shares		4,821,575		6,208,983
Shanghai Industrial Holdings Ltd.		1,553,000		4,875,413
Shimao Property Holdings Ltd.		2,532,665		4,896,278
Sinopec Shanghai Petrochemical Co. Ltd., H Shares		10,460,000		4,610,333
Spreadtrum Communications, Inc., ADR		264,799		5,431,028
Sunny Optical Technology Group Co. Ltd.		4,839,000		5,596,735
				119,600,587
Philippines — 0.8%
Alliance Global Group, Inc.		11,108,000		5,759,175
				5,759,175
Poland — 0.5%
KGHM Polska Miedz S.A.		66,882		3,241,407
				3,241,407
Russia — 5.0%
Gazprom OAO, ADR		548,434		4,661,689
Lukoil OAO, ADR		145,373		9,376,559
Mobile TeleSystems, ADR		265,188		5,499,999
Phosagro OAO, GDR, (Reg S)		198,474		2,798,483
Rosneft Oil Co., GDR, (Reg S)		625,874		4,775,419
Sberbank of Russia, ADR		540,665		6,955,716
				34,067,865
Singapore — 0.7%
Thai Beverage PCL		9,458,318		4,657,731
				4,657,731
South Africa — 4.3%
Imperial Holdings Ltd.		197,262		4,513,730
Mondi PLC		608,289		8,283,797
Nedbank Group Ltd.		393,495		8,152,627
Sasol Ltd.		192,168		8,509,834
				29,459,988
South Korea — 14.6%
Celltrion, Inc.		15,411		740,769
Hana Tour Service, Inc.		87,278		5,454,450
Hanmi Pharm Co. Ltd.(1)		37,437		5,410,189

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Emerging Markets Fund

March 31, 2013 (unaudited)	Shares		Value
Hyundai Engineering & Construction Co. Ltd.		118,012	$	7,080,588
Hyundai Motor Co.		60,600		12,249,973
KB Financial Group, Inc		206,545		6,899,887
Korea Electric Power Corp.(1)		312,390		8,528,277
LG Chem Ltd.		16,776		4,024,747
POSCO, ADR		78,771		5,806,210
Samsung Electronics Co. Ltd.		29,223		39,831,810
Sung Kwang Bend Co. Ltd.		190,614		3,924,586
				99,951,486
Taiwan — 8.7%
Chipbond Technology Corp.		1,930,000		4,382,720
Eclat Textile Co. Ltd.		926,000		4,067,115
Elan Microelectronics Corp.		1,800,000		3,983,522
Huaku Development Co. Ltd.		1,411,000		3,538,194
ILI Technology Corp.		1,451,000		4,638,170
Mega Financial Holding Co. Ltd.		8,641,000		7,016,015
SinoPac Financial Holdings Co. Ltd.		19,104,000		9,119,854
Taiwan Semiconductor Manufacturing Co. Ltd.		6,842,000		22,915,603
				59,661,193
Thailand — 3.7%
Advanced Info Service PCL		911,000		7,359,945
Krung Thai Bank PCL		6,673,799		5,671,806
PTT Global Chemical PCL		2,510,928		5,980,928
Sansiri PCL		41,433,200		6,752,491
				25,765,170
Turkey — 3.8%
Dogus Otomotiv Servis ve Ticaret A.S.		557,178		3,498,760
Koza Anadolu Metal Madencilik Isletmeleri A.S.(1)		841,967		2,413,521
Turk Hava Yollari Anonim Ortakligi(1)		1,116,943		4,570,453
Turkcell Iletisim Hizmetleri A.S.(1)		533,234		3,573,620
Turkiye Vakiflar Bankasi T.A.O., Class D		2,632,444		8,446,710
Ulker Biskuvi Sanayi A.S.		447,993		3,379,818
				25,882,882
Total Common Stocks (Cost $610,709,047)				636,694,518
	Shares		Value
Exchange-Traded Funds — 0.9%
United States — 0.9% iShares MSCI Emerging Markets Index		143,501		6,138,973
				6,138,973
Total Exchange-Traded Funds (Cost $6,082,031)				6,138,973
	Shares		Value
Preferred Stocks — 5.8%
Brazil — 5.8%
Banco Bradesco S.A.		629,643		10,637,640
Comp. Lorenz S.A.(1)(2)(3)		4,700,000		—
Companhia Energetica de Minas Gerais		161,478		1,887,473
Itau Unibanco Holding S.A.		691,097		12,308,589
Klabin S.A.		306,188		2,113,731
Marcopolo S.A.		422,164		2,997,923
Vale S.A.		582,120		9,575,489
				39,520,845
Total Preferred Stocks (Cost $36,715,105)				39,520,845
Total Investments — 99.5% (Cost $653,506,183)				682,354,336
Other Assets, Net — 0.5%				3,563,837
Total Net Assets — 100.0%			$	685,918,173

(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
Indiabulls Financial Services Ltd.		640,959	$	3,106,593	$	3,199,589		3/8/2013		0.47	%
Comp. Lorenz S.A.		4,700,000		179,645		—		6/27/1997		0.00	%

Legend:

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Emerging Markets Fund

The following is a summary of the inputs used as of March 31, 2013 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
Other	$	180,681,627	$	452,813,302	*	$	—	$	633,494,929
Indiabulls Financial Services Ltd.		—		—			3,199,589		3,199,589
Exchange-Traded Funds		6,138,973		—			—		6,138,973
Preferred Stocks		39,520,845		—			—		39,520,845
Total	$	226,341,445	$	452,813,302		$	3,199,589	$	682,354,336

* Consists of certain foreign securities whose values were determined by a pricing service using pricing models. 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:

	Investment in Securities
Balance as of 12/31/2012	$	—
Change in unrealized appreciation/depreciation		—
Net realized gain/loss		—
Purchases		—
Sales		—
Transfers into/out of Level 3		3,199,589
Balance as of 3/31/2013	$	3,199,589

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 97.8%
Australia — 1.5%
Brambles Ltd.		41,614	$	368,969
Cochlear Ltd.		1,682		119,489
				488,458
Brazil — 2.1%
Arcos Dorados Holdings, Inc., Class A		13,189		174,095
BM&F BOVESPA S.A.		48,900		330,073
OdontoPrev S.A.		33,400		152,889
				657,057
Canada — 0.7%
Ritchie Bros. Auctioneers, Inc.		9,775		212,118
				212,118
Denmark — 1.6%
Carlsberg A/S, Class B		3,853		375,645
Jyske Bank A/S(1)		4,390		149,821
				525,466
Germany — 0.7%
Deutsche Boerse AG		3,785		229,609
				229,609
Greece — 1.7%
Coca-Cola Hellenic Bottling Co. S.A.(1)		20,677		554,364
				554,364
Indonesia — 0.4%
PT Bank Negara Indonesia (Persero) Tbk		239,500		124,769
				124,769
Ireland — 2.1%
CRH PLC		5,186		114,769
Ryanair Holdings PLC, ADR		13,018		543,892
				658,661
Japan — 4.7%
INPEX Corp.		66		355,461
NAMCO BANDAI Holdings, Inc.		15,200		268,880
Olympus Corp.(1)		8,500		201,696
Rohm Co. Ltd.		4,300		149,093
Tokyo Electron Ltd.		3,800		162,124
Yamaha Motor Co. Ltd.		26,900		364,261
				1,501,515
Mexico — 0.8%
America Movil S.A.B. de C.V., ADR, Series L		11,700		245,232
				245,232
Netherlands — 0.6%
QIAGEN N.V.(1)		8,700		183,396
				183,396
Norway — 1.1%
Norsk Hydro ASA		33,606		146,312
Schibsted ASA		4,338		194,122
				340,434
People’s Republic of China — 4.9%
Baidu, Inc., ADR(1)		2,900		254,330
China Mobile Ltd.		24,000		254,399
China Resources Enterprise Ltd.		82,000		243,657
Mindray Medical International Ltd., ADR		11,936		476,724
Shandong Weigao Group Medical Polymer Co. Ltd., H shares		172,000		156,067
Tsingtao Brewery Co. Ltd., H shares		26,000		165,060
				1,550,237
Russia — 0.5%
Sberbank of Russia, ADR		11,312		145,530
				145,530
Singapore — 1.1%
Jardine Matheson Holdings Ltd.		5,200		339,069
				339,069
South Africa — 2.9%
Clicks Group Ltd.		47,607		300,623
Naspers Ltd., N shares		9,734		606,487
				907,110
South Korea — 1.6%
Samsung Electronics Co. Ltd., GDR (Reg S)		750		505,146
				505,146
Sweden — 6.3%
Atlas Copco AB, Class B		18,481		468,240
Investor AB, Class B		11,261		325,742
Svenska Handelsbanken AB, Class A		21,612		924,370
Volvo AB, B shares		20,190		294,770
				2,013,122
Switzerland — 7.8%
Compagnie Financiere Richemont S.A., Class A		8,711		685,831
Nestle S.A. (Reg S)		9,148		662,083
Roche Holding AG		2,872		669,529
Schindler Holding AG		3,217		471,854
				2,489,297
Taiwan — 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		26,600		457,254
				457,254
Turkey — 1.4%
BIM Birlesik Magazalar A.S., GDR(2)		5,281		257,556
Turkiye Garanti Bankasi A.S., ADR(3)		38,147		200,662
				458,218
Turkmenistan — 0.5%
Dragon Oil PLC		17,596		173,635
				173,635
United Kingdom — 9.9%
Aggreko PLC		4,843		131,441
British American Tobacco PLC		6,078		325,918
Bunzl PLC		15,313		302,255
Hays PLC		109,834		161,646
Prudential PLC		55,622		903,386
Rolls-Royce Holdings PLC(1)		30,493		524,697
Vodafone Group PLC		96,000		272,417
Wolseley PLC		10,434		520,355
				3,142,115
United States — 41.5%
Altera Corp.		5,995		212,643
Amazon.com, Inc.(1)		2,466		657,164
Bed, Bath & Beyond, Inc.(1)		3,260		210,009
CarMax, Inc.(1)		9,257		386,017

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Growth Fund

March 31, 2013 (unaudited)	Shares		Value
Deere & Co.		2,804	$	241,088
Dolby Laboratories, Inc., Class A		4,895		164,276
eBay, Inc.(1)		12,248		664,087
EOG Resources, Inc.		2,849		364,871
Express Scripts Holding Co.(1)		1,366		78,750
Facebook, Inc., Class A(1)		5,192		132,811
Fairfax Financial Holdings Ltd.		1,034		404,439
First Republic Bank		7,908		305,407
FLIR Systems, Inc.		14,279		371,397
Google, Inc., Class A(1)		598		474,830
Harley-Davidson, Inc.		6,817		363,346
Illumina, Inc.(1)		2,956		159,624
Intuitive Surgical, Inc.(1)		225		110,518
Life Technologies Corp.(1)		6,034		389,977
Markel Corp.(1)		895		450,632
MasterCard, Inc., Class A		975		527,602
Mohawk Industries, Inc.(1)		3,106		351,351
Moody’s Corp.		8,379		446,768
National Oilwell Varco, Inc.		3,070		217,202
New York Community Bancorp, Inc.		25,950		372,382
Omnicom Group, Inc.		11,604		683,476
PepsiCo, Inc.		5,272		417,068
Philip Morris International, Inc.		3,023		280,262
Praxair, Inc.		2,385		266,023
Royal Caribbean Cruises Ltd.		10,462		347,548
Seattle Genetics, Inc.(1)		6,100		216,611
TD Ameritrade Holding Corp.		5,131		105,801
Teradata Corp.(1)		1,735		101,515
Teradyne, Inc.(1)		10,350		167,877
Tesla Motors, Inc.(1)		4,153		157,357
The Progressive Corp.		7,354		185,836
The Walt Disney Co.		6,868		390,102
TripAdvisor, Inc.(1)		4,515		237,128
Ultra Petroleum Corp.(1)		12,493		251,109
Visa, Inc., Class A		1,953		331,698
Waters Corp.(1)		3,787		355,637
Weight Watchers International, Inc.		2,551		107,423
WellPoint, Inc.		3,543		234,653
Xilinx, Inc.		7,656		292,230
				13,186,545
Total Common Stocks (Cost $26,407,542)				31,088,357
	Shares		Value
Preferred Stocks — 0.6%
Brazil — 0.6%
Petroleo Brasileiro S.A., ADR		9,900		179,685
				179,685
Total Preferred Stocks (Cost $275,112)				179,685
	Principal Amount		Value
Repurchase Agreements — 0.5%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $164,000, due 4/1/2013(4)	$	164,000		164,000
Total Repurchase Agreements (Cost $164,000)				164,000
Total Investments — 98.9% (Cost $26,846,654)				31,432,042
Other Assets, Net — 1.1%				349,868
Total Net Assets — 100.0%			$	31,781,910

(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 March 31, 2013, the aggregate market value of these securities amounted to $257,556, representing 0.8% 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) Fair valued security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	170,299

Legend:

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Growth Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	16,216,548	$	14,871,809	*	$	—	$	31,088,357
Preferred Stocks		179,685		—			—		179,685
Repurchase Agreements		—		164,000			—		164,000
Total	$	16,396,233	$	15,035,809		$	—	$	31,432,042

* Includes certain foreign securities whose values were determined by a pricing service using pricing models. These investments in securities with a value of $14,671,147 were classified as Level 2 rather than Level 1.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Greater China Fund

March 31, 2013 (unaudited)	Shares		Value
Common Stocks — 98.1%
Hong Kong — 24.3%
AAC Technologies Holdings, Inc.		43,500	$	209,737
AIA Group Ltd.		110,600		484,848
BOC Hong Kong (Holdings) Ltd.		114,000		382,024
Cheung Kong (Holdings) Ltd.		40,000		592,570
CLP Holdings Ltd.		13,500		118,346
Galaxy Entertainment Group Ltd.(1)		94,000		394,179
Guodian Technology & Environment Group Corp. Ltd., H shares(1)		321,439		100,966
Hong Kong Exchanges & Clearing Ltd.		6,700		114,575
Hutchison Telecommunications Hong Kong Holdings Ltd.		264,000		130,756
Hutchison Whampoa Ltd.		45,000		470,773
Jardine Matheson Holdings Ltd.		4,400		286,905
K Wah International Holdings Ltd.		243,000		136,874
Kerry Properties Ltd.		47,500		212,054
Man Wah Holdings Ltd.		168,400		161,272
Melco International Development Ltd.		121,000		210,779
NagaCorp Ltd.		284,000		240,415
New World Development Co. Ltd.		201,000		342,129
SJM Holdings Ltd.		83,000		207,989
Sun Hung Kai Properties Ltd.		13,000		175,093
Techtronic Industries Co.		76,500		187,803
Wheelock & Co. Ltd.		72,000		386,759
Xinyi Glass Holdings Ltd.		221,000		156,893
				5,703,739
People’s Republic of China — 51.3%
Agricultural Bank of China Ltd., H shares		669,000		321,946
AviChina Industry & Technology Co. Ltd., H shares		344,000		170,835
Bank of China Ltd., H shares		660,000		307,073
BBMG Corp., H shares		241,000		196,834
Brilliance China Automotive Holdings Ltd.(1)		142,000		167,702
China CITIC Bank Corp. Ltd., H shares		452,000		272,529
China Communications Services Corp. Ltd., H shares		362,000		234,844
China Construction Bank Corp., H shares		1,434,000		1,175,477
China Liansu Group Holdings Ltd.		228,000		129,770
China Life Insurance Co. Ltd., H shares		41,000		106,969
China Minsheng Banking Corp. Ltd., H shares		188,500		241,866
China Mobile Ltd.		64,000		678,396
China National Building Material Co. Ltd., H shares		158,000		199,997
China Oilfield Services Ltd., H shares		162,000		340,068
China Overseas Land & Investment Ltd.		120,000		332,657
China Pacific Insurance (Group) Co. Ltd., H shares		86,800		286,681
China Petroleum & Chemical Corp., H shares		478,000		560,553
China Wireless Technologies Ltd.		528,000		173,488
CNOOC Ltd.		190,000		364,862
COSCO Pacific Ltd.		104,000		151,123
ENN Energy Holdings Ltd.		68,000		374,851
Great Wall Motor Co. Ltd., H shares		92,500		315,410
Haitong Securities Co. Ltd., H shares(1)		174,400		240,340
Harbin Electric Co. Ltd., H shares		154,000		125,645
Honghua Group Ltd.		556,000		259,118
Huaneng Power International Inc., H shares		286,000		303,822
Industrial & Commercial Bank of China Ltd., H shares		685,000		481,758
Kingsoft Corp. Ltd.		182,000		167,639
Lenovo Group Ltd.		280,000		278,910
PetroChina Co. Ltd., H shares		196,000		258,613
PICC Property & Casualty Co. Ltd., H shares		218,000		280,730
Prince Frog International Holdings Ltd.		542,000		279,217
Shanghai Industrial Holdings Ltd.		69,000		216,615
Shimao Property Holdings Ltd.		127,500		246,490
Sino Biopharmaceutical Ltd.		424,000		296,607
Spreadtrum Communications, Inc., ADR		8,000		164,080
Sunac China Holdings Ltd.		164,000		116,451
Sunny Optical Technology Group Co. Ltd.		257,000		297,243
TCC International Holdings Ltd.		428,000		115,060
TCL Multimedia Technology Holdings Ltd.		244,000		190,632
Tencent Holdings Ltd.		10,100		323,044
Tianneng Power International Ltd.		178,000		119,559
Uni-President China Holdings Ltd.		149,000		171,857
				12,037,361
Taiwan — 22.5%
Asustek Computer, Inc.		19,000		227,029
Chailease Holding Co. Ltd.		91,000		253,570
Chipbond Technology Corp.		113,000		256,605
Delta Electronics, Inc.		76,000		318,770
Hon Hai Precision Industry Co. Ltd.		44,000		122,453
Huaku Development Co. Ltd.		81,000		203,114
Largan Precision Co. Ltd.		11,000		288,243
Mega Financial Holding Co. Ltd.		431,000		349,948
Merida Industry Co. Ltd.		45,000		271,731
Nan Ya Plastics Corp.		167,000		295,177
Novatek Microelectronics Corp.		68,000		298,220
SinoPac Financial Holdings Co. Ltd.		628,000		299,794
Taiwan Cement Corp.		229,000		282,623
Taiwan Semiconductor Manufacturing Co. Ltd.		465,000		1,557,403
Yulon Motor Co. Ltd.		132,000		236,038
				5,260,718
Total Common Stocks (Cost $22,526,985)				23,001,818
	Principal Amount		Value
Repurchase Agreements — 1.3%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $318,000, due 4/1/2013(2)	$	318,000		318,000
Total Repurchase Agreements (Cost $318,000)				318,000
Total Investments — 99.4% (Cost $22,844,985)				23,319,818
Other Assets, Net — 0.6%				133,823
Total Net Assets — 100.0%			$	23,453,641

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.375	%		11/30/2015	$	325,116

Legend:

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Greater China Fund

The following is a summary of the inputs used as of March 31, 2013 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	$	164,080	$	22,837,738	*	$	—	$	23,001,818
Repurchase Agreements		—		318,000			—		318,000
Total	$	164,080	$	23,155,738		$	—	$	23,319,818

* Consists of certain foreign securities whose values were determined by a pricing service using pricing models. These investments in securities were classified as Level 2 rather than Level 1.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Asset Backed Securities — 6.5%
Ally Master Owner Trust 2012-1 A2 1.44% due 2/15/2017	$	2,000,000	$	2,022,138
2010-3 A 2.88% due 4/15/2015(1)		1,464,000		1,465,523
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.541% due 4/25/2033(2)		460,254		459,150
Avis Budget Rental Car Funding AESOP LLC 2012-1A A 2.054% due 8/20/2016(1)		870,000		889,622
Chase Funding Mortgage Loan Trust 2004-1 1A6 4.266% due 6/25/2015		44,339		44,915
CitiFinancial Mortgage Securities, Inc. 2003-3 AF5 5.053% due 8/25/2033(2)		174,917		173,614
Dominos Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042(1)(3)		1,871,500		2,100,268
GE Capital Credit Card Master Note Trust 2012-6 A 1.36% due 8/17/2020		1,750,000		1,764,765
Hyundai Auto Receivables Trust 2012-A A4 0.95% due 12/15/2016(3)		800,000		805,791
Miramax LLC 2011-1A A 6.25% due 10/20/2021(1)(3)		1,518,114		1,597,688
Volkswagen Auto Lease Trust 2012-A A3 0.87% due 7/20/2015(3)		2,000,000		2,008,676
Total Asset Backed Securities (Cost $12,992,194)				13,332,150
	Principal Amount		Value
Collateralized Mortgage Obligations — 12.6%
Banc of America Alternative Loan Trust 2004-1 2A1 6.00% due 2/25/2034		845,046		877,814
Banc of America Funding Corp. 2004-2 1CB1 5.75% due 9/20/2034		1,174,405		1,238,447
Cendant Mortgage Corp. 2003-4 1A1 4.85% due 5/25/2033		55,353		55,637
Countrywide Alternative Loan Trust 2004-35T2 A1 6.00% due 2/25/2035		101,652		103,284
2006-19CB A15 6.00% due 8/25/2036		354,667		294,136
Countrywide Home Loans Trust 2003-50 A1 5.00% due 11/25/2018		427,410		439,502
2003-J7 2A12 5.00% due 8/25/2033		505,902		524,116
2004-5 2A9 5.25% due 5/25/2034		682,090		699,370
2003-11 A31 5.50% due 5/25/2033		597,493		623,112
2002-19 1A1 6.25% due 11/25/2032		224,335		227,059
FHLMC 2663 VQ 5.00% due 6/15/2022		400,000		413,881
1534 Z 5.00% due 6/15/2023		173,347		173,748
3227 PR 5.50% due 9/15/2035(3)		2,300,000		2,453,760
FNMA 2012-139 NZ 3.00% due 12/25/2042		1,465,452		1,443,338
2013-13 UZ 4.00% due 3/25/2043		1,744,700		1,746,596
2002-77 QG 5.50% due 12/25/2032		880,510		1,009,368
GNMA 1997-19 PG 6.50% due 12/20/2027(3)		584,374		667,059
GSR Mortgage Loan Trust 2004-10F 6A1 5.00% due 9/25/2034		84,641		88,346
J.P. Morgan Mortgage Trust 2005-A3 11A2 4.386% due 6/25/2035(2)		1,016,000		1,026,147
2004-S2 1A3 4.75% due 11/25/2019		452,222		456,152
Master Adjustable Rate Mortgages Trust 2004-13 3A7 2.63% due 11/21/2034(2)		1,103,851		1,148,876
Master Asset Securitization Trust 2003-5 2A1 5.00% due 6/25/2018		188,258		196,464
2003-7 4A33 5.25% due 9/25/2033(3)		906,151		939,471
2003-10 3A7 5.50% due 11/25/2033		314,897		332,196
Merrill Lynch Mortgage Investors, Inc. 2005-A2 A2 2.528% due 2/25/2035(2)		408,519		414,360
Prime Mortgage Trust 2004-2 A3 5.25% due 11/25/2019		131,610		137,266
2003-3 A9 5.50% due 1/25/2034		771,429		784,929
Residential Asset Mortgage Products, Inc. 2005-SL1 A4 6.00% due 5/25/2032		144,878		148,058
Residential Funding Mortgage Securities I 2005-S1 2A1 4.75% due 2/25/2020		279,860		287,774
2005-S3 A1 4.75% due 3/25/2020		617,334		637,254
2006-S3 A7 5.50% due 3/25/2036		411,721		387,227
Structured Adjustable Rate Mortgage Loan Trust 2004-5 3A1 2.786% due 5/25/2034(2)		1,008,627		1,020,493
Structured Asset Securities Corp. 2004-21XS 2A6A 4.74% due 12/25/2034(2)		303,795		307,643
2005-1 4A1 5.00% due 2/25/2020		287,429		293,644
2004-20 7A1 5.25% due 11/25/2034		1,094,198		1,127,159
Wells Fargo Mortgage Backed Securities Trust 2005-AR12 2A6 2.642% due 6/25/2035(2)(3)		966,904		970,385
2005-2 2A1 4.75% due 4/25/2020(3)		300,166		309,851
2004-2 A1 5.00% due 2/25/2019		206,504		210,874

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
2006-1 A3 5.00% due 3/25/2021	$	402,411	$	412,923
2006-7 1A1 5.25% due 6/25/2021		122,427		124,602
2003-17 1A14 5.25% due 1/25/2034		492,097		506,276
2004-6 A4 5.50% due 6/25/2034		234,220		246,781
2007-13 A7 6.00% due 9/25/2037		379,156		364,530
Total Collateralized Mortgage Obligations (Cost $25,396,639)				25,869,908
	Principal Amount		Value
Senior Secured Loans — 2.2%
Food And Beverage — 0.4%
HJ Heinz Co. Term Loan B1 3.25% due 3/27/2019(2)		750,000		753,000
				753,000
Healthcare — 0.5%
Fresenius Medical Care Holdings, Inc. Term Loan A 2.284% due 10/26/2017(2)		800,000		799,752
IMS Health, Inc. Term Loan B1 4.50% due 8/25/2017(2)		240,945		243,294
				1,043,046
Independent Energy — 0.2%
Plains Exploration & Production 7 year Term Loan 4.00% due 11/30/2019(2)		400,000		400,400
				400,400
Pharmaceuticals — 0.9%
Grifols, Inc. New Term Loan B 4.25% due 6/1/2017(2)		489,452		493,789
RPI Finance Trust New Term Loan Tranche 1 3.25% due 11/9/2016(2)		1,468,672		1,478,468
				1,972,257
Refining — 0.2%
Tesoro Corp. Term Loan B 2.46% due 1/30/2016(2)		400,000		404,500
				404,500
Total Senior Secured Loans (Cost $4,545,113)				4,573,203
	Principal Amount		Value
Commercial Mortgage-Backed Securities — 17.9%
American Tower Trust I 13 2A 3.07% due 3/15/2048(1)(3)		1,000,000		1,006,311
Banc of America Commercial Mortgage, Inc. 2005-6 A4 5.188% due 9/10/2047(2)(3)		1,600,000		1,756,658
2006-2 A4 5.728% due 5/10/2045(2)		927,000		1,044,094
Bear Stearns Commercial Mortgage Securities 2005-PW10 A4 5.405% due 12/11/2040(2)		1,300,000		1,431,364
2005-PW10 AM 5.449% due 12/11/2040(2)(3)		810,000		891,391
CGRBS Commercial Mortgage Trust 2013-VN05 A 3.19% due 3/13/2023		1,000,000		1,033,600
Chase Commercial Mortgage Securities Corp. 1998-1 F 6.56% due 5/18/2030(1)(2)		189,548		190,936
Citigroup Commercial Mortgage Trust 2006-C5 A4 5.431% due 10/15/2049(3)		1,351,000		1,522,636
Commercial Mortgage Trust 2012-CR4 AM 3.251% due 10/15/2045		800,000		812,572
Crown Castle Towers LLC Sr. Sec. Nt. 6.113% due 1/15/2040(1)(3)		1,500,000		1,835,095
CS First Boston Mortgage Securities Corp. 2005-C5 AM 5.10% due 8/15/2038(2)		335,000		362,709
DBUBS Mortgage Trust 2011-LC3A A2 3.642% due 8/10/2044(3)		2,100,000		2,268,882
Fairway Outdoor Funding LLC 2012-1A A2 4.212% due 10/15/2042(1)		1,485,542		1,561,899
GE Capital Commercial Mortgage Corp. 2003-C2 A4 5.145% due 7/10/2037		274,653		276,061
GMAC Commercial Mortgage Securities, Inc. 2006-C1 AM 5.29% due 11/10/2045(2)		572,000		619,224
Greenwich Capital Commercial Funding Corp. 2004-GG1 A7 5.317% due 6/10/2036(2)		1,021,921		1,050,578
GS Mortgage Securities Corp. II 2012-GCJ7 A4 3.377% due 5/10/2045(3)		2,100,000		2,230,049
2012-ALOH A 3.551% due 4/10/2034(1)		1,500,000		1,577,273
J.P. Morgan Chase Commercial Mortgage Securities Corp. 2012-HSBC A 3.093% due 7/5/2032(1)		1,150,000		1,179,837
2011-PLSD A2 3.364% due 11/13/2044(1)		1,550,000		1,654,205
2004-C3 A5 4.878% due 1/15/2042		1,600,000		1,691,960
2005-LDP3 A4 4.936% due 8/15/2042(2)		1,000,000		1,080,617
2005-LDP5 A4 5.201% due 12/15/2044(2)		1,290,000		1,413,951
Morgan Stanley Capital I 2005-HQ7 AAB 5.187% due 11/14/2042(2)(3)		555,384		555,384
2005-IQ10 A4A 5.23% due 9/15/2042(2)(3)		1,795,088		1,936,366
NCUA Guaranteed Notes 2010-C1 A2 2.90% due 10/29/2020		560,000		596,797

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Queens Center Mortgage Trust 2013-QCA A 3.275% due 1/11/2037(1)	$	1,150,000	$	1,152,300
SBA Tower Trust 4.254% due 4/15/2040(1)(3)		1,660,000		1,756,506
VNO Mortgage Trust 2012-6AVE A 2.996% due 11/15/2030(1)		575,000		578,864
2012-6AVE B 3.298% due 11/15/2030(1)		575,000		577,130
Wachovia Bank Commercial Mortgage Trust 2004-C10 A4 4.748% due 2/15/2041		471,962		483,460
2005-C18 A4 4.935% due 4/15/2042		705,000		753,585
Total Commercial Mortgage-Backed Securities (Cost $35,461,803)				36,882,294
	Principal Amount		Value
Corporate Bonds — 31.1%
Aerospace & Defense — 0.3%
Northrop Grumman Space 7.75% due 6/1/2029		150,000		207,029
Textron, Inc. Sr. Nt. 6.20% due 3/15/2015		400,000		435,701
				642,730
Automotive — 0.9%
BorgWarner, Inc. Sr. Nt. 4.625% due 9/15/2020		500,000		550,055
Ford Motor Credit Co. LLC Sr. Nt. 4.25% due 9/20/2022		250,000		258,487
8.00% due 6/1/2014		650,000		699,250
RCI Banque SA Sr. Nt. 4.60% due 4/12/2016(1)		350,000		367,069
				1,874,861
Banking — 6.3%
Ally Financial, Inc. 4.50% due 2/11/2014		350,000		357,438
Bank of America Corp. Sr. Nt. 5.70% due 1/24/2022		600,000		702,805
7.375% due 5/15/2014		150,000		160,527
Citigroup, Inc. Sr. Nt. 4.50% due 1/14/2022		400,000		444,725
6.125% due 11/21/2017		350,000		413,830
Credit Suisse/New York NY Sr. Nt. 5.30% due 8/13/2019		350,000		412,589
Discover Bank Sub. Nt. 7.00% due 4/15/2020		400,000		497,927
Fifth Third Capital Trust IV 6.50% due 4/15/2067(2)		350,000		350,875
Huntington BancShares, Inc. Sub. Nt. 7.00% due 12/15/2020		400,000		499,606
Intesa Sanpaolo SpA 3.875% due 1/16/2018		600,000		580,170
Lloyds TSB Bank PLC 5.80% due 1/13/2020(1)		350,000		412,051
Morgan Stanley Sr. Nt. 3.75% due 2/25/2023		300,000		303,236
5.95% due 12/28/2017(3)		1,325,000		1,534,016
Northern Trust Corp. Sr. Nt. 3.375% due 8/23/2021		400,000		426,988
Rabobank Nederland 3.95% due 11/9/2022		400,000		402,736
Regions Financial Corp. Sr. Nt. 4.875% due 4/26/2013		500,000		500,750
Royal Bank of Scotland Group PLC Sub. Nt. 6.125% due 12/15/2022		400,000		413,719
Skandinaviska Enskilda Banken AB Sr. Nt. 1.75% due 3/19/2018(1)		750,000		749,624
Standard Chartered PLC Sub. Nt. 3.95% due 1/11/2023(1)		600,000		597,563
The Bank of New York Mellon Corp. Sr. Nt. 3.55% due 9/23/2021		500,000		541,126
The Goldman Sachs Group, Inc. Sub. Nt. 5.625% due 1/15/2017		680,000		761,320
Sr. Nt. 5.75% due 1/24/2022		500,000		581,362
UBS AG Stamford CT Sr. Nt. 4.875% due 8/4/2020		400,000		463,332
USB Realty Corp. Jr. Sub. Nt. 1.451% due 1/15/2017(1)(2)(4)		250,000		216,563
Wells Fargo Bank N.A. Sub. Nt. 5.75% due 5/16/2016		550,000		626,679
				12,951,557
Brokerage — 0.9%
BlackRock, Inc. Sr. Nt. 4.25% due 5/24/2021		625,000		702,703
KKR Group Finance Co. 6.375% due 9/29/2020(1)		400,000		477,247
Raymond James Financial Sr. Nt. 4.25% due 4/15/2016		300,000		319,840
The Charles Schwab Corp. Sr. Nt. 3.225% due 9/1/2022		300,000		310,002
				1,809,792
Building Materials — 0.4%
CRH America, Inc. 6.00% due 9/30/2016		350,000		398,207
Owens Corning, Inc. 4.20% due 12/15/2022		500,000		511,373
				909,580

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Chemicals — 1.2%
Cabot Corp. Sr. Nt. 3.70% due 7/15/2022	$	500,000	$	507,491
Celanese US Holdings LLC 5.875% due 6/15/2021		200,000		218,000
Ecolab, Inc. Sr. Nt. 5.50% due 12/8/2041		400,000		459,801
FMC Corp. Sr. Nt. 5.20% due 12/15/2019		100,000		115,523
Lubrizol Corp. 8.875% due 2/1/2019		200,000		276,939
LyondellBasell Industries NV Sr. Nt. 5.00% due 4/15/2019		500,000		565,000
NewMarket Corp. 4.10% due 12/15/2022(1)		400,000		406,102
				2,548,856
Construction Machinery — 0.2%
Joy Global, Inc. 6.00% due 11/15/2016		300,000		345,582
				345,582
Diversified Manufacturing — 0.6%
ABB Finance USA, Inc. 2.875% due 5/8/2022		500,000		507,454
Siemens Financieringsmat N.V. 6.125% due 8/17/2026(1)		200,000		261,210
United Technologies Corp. Sr. Nt. 4.50% due 6/1/2042		400,000		426,347
				1,195,011
Electric — 1.3%
Alabama Power Co. Sr. Nt. 5.65% due 3/15/2035		300,000		323,846
Duquesne Light Holdings, Inc. Sr. Nt. 5.50% due 8/15/2015		300,000		325,627
Florida Power & Light Co. 4.95% due 6/1/2035		200,000		229,987
Nevada Power Co. 6.65% due 4/1/2036		250,000		333,928
PPL Electric Utilities Corp. 6.25% due 5/15/2039		400,000		538,634
Union Electric Co. Sr. Sec. Nt. 3.90% due 9/15/2042		500,000		493,090
Virginia Electric and Power Co. Sr. Nt. 8.875% due 11/15/2038		200,000		336,237
				2,581,349
Energy—Integrated — 0.4%
BP Capital Markets PLC 4.50% due 10/1/2020		475,000		542,732
Suncor Energy, Inc. Sr. Nt. 6.50% due 6/15/2038		300,000		381,851
				924,583
Entertainment — 0.4%
Time Warner, Inc. 4.00% due 1/15/2022		400,000		430,382
7.57% due 2/1/2024		350,000		469,582
				899,964
Food And Beverage — 0.7%
Anheuser-Busch InBev Worldwide, Inc. 3.75% due 7/15/2042		400,000		374,941
Mead Johnson Nutrition Co. Sr. Nt. 4.90% due 11/1/2019		300,000		340,979
Mondelez International, Inc. Sr. Nt. 6.50% due 2/9/2040		125,000		162,322
Pernod-Ricard S.A. Sr. Nt. 5.75% due 4/7/2021(1)		500,000		594,175
				1,472,417
Gaming — 0.1%
Seminole Tribe of Florida Sr. Sec. Nt. 5.798% due 10/1/2013(1)		105,000		107,100
				107,100
Government Related — 1.4%
Abu Dhabi National Energy Co. Sr. Nt. 3.625% due 1/12/2023(1)		400,000		403,000
Dolphin Energy Ltd. Sr. Sec. Nt. 5.888% due 6/15/2019(1)		567,225		643,800
Korea Electric Power Corp. Sr. Nt. 5.50% due 7/21/2014(1)		250,000		264,102
Petrobras International Finance Co. 5.875% due 3/1/2018		800,000		898,257
RAS Laffan Liquefied Natural Gas Co. Ltd. Sr. Sec. Nt. 6.75% due 9/30/2019(1)		550,000		684,750
				2,893,909
Health Insurance — 0.2%
UnitedHealth Group, Inc. Sr. Nt. 6.50% due 6/15/2037		125,000		161,181
WellPoint, Inc. Sr. Nt. 4.35% due 8/15/2020		150,000		166,864
				328,045
Healthcare — 0.4%
Bio-Rad Laboratories, Inc. Sr. Nt. 4.875% due 12/15/2020		200,000		211,094
Fresenius Medical Care US Finance, Inc. 6.875% due 7/15/2017		300,000		343,500
McKesson Corp. Sr. Nt. 7.50% due 2/15/2019		200,000		261,828
				816,422
Home Construction — 0.3%
Toll Brothers Finance Corp. 5.875% due 2/15/2022		500,000		559,065
				559,065

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Independent Energy — 1.0%
Canadian Natural Resources Ltd. Sr. Nt. 6.25% due 3/15/2038	$	150,000	$	181,930
Hess Corp. Sr. Nt. 5.60% due 2/15/2041		500,000		536,938
Talisman Energy, Inc. Sr. Nt. 5.50% due 5/15/2042		800,000		832,064
Whiting Petroleum Corp. 6.50% due 10/1/2018		400,000		430,000
				1,980,932
Industrial - Other — 0.3%
URS Corp. 5.25% due 4/1/2022(1)		500,000		524,973
				524,973
Insurance - Life — 1.1%
American International Group, Inc. Sr. Nt. 5.85% due 1/16/2018		250,000		292,654
MetLife, Inc. Jr. Sub. Nt. 6.40% due 12/15/2066		125,000		136,719
New York Life Insurance Co. Sub. Nt. 6.75% due 11/15/2039(1)		300,000		402,375
Prudential Financial, Inc. Sr. Nt. 7.375% due 6/15/2019		300,000		385,189
Symetra Financial Corp. Sr. Nt. 6.125% due 4/1/2016(1)		300,000		332,525
Teachers Insurance & Annuity Association of America Sub. Nt. 6.85% due 12/16/2039(1)		300,000		400,315
UnumProvident Finance Co. 6.85% due 11/15/2015(1)		300,000		338,167
				2,287,944
Insurance P&C — 0.8%
Allied World Assurance Co. Ltd. 7.50% due 8/1/2016		335,000		398,385
Berkshire Hathaway Finance Corp. 5.75% due 1/15/2040		400,000		475,939
Markel Corp. Sr. Nt. 3.625% due 3/30/2023		500,000		501,897
ZFS Finance USA Trust II Jr. Sub. Nt. 6.45% due 12/15/2065(1)(2)		300,000		323,250
				1,699,471
Media Cable — 0.6%
Comcast Corp. 6.45% due 3/15/2037		250,000		317,132
Time Warner Cable, Inc. 5.85% due 5/1/2017		550,000		638,721
Virgin Media Secured Finance PLC Sr. Sec. Nt. 6.50% due 1/15/2018		300,000		319,500
				1,275,353
Media Noncable — 0.4%
Scholastic Corp. Sr. Nt. 5.00% due 4/15/2013		300,000		300,378
The Interpublic Group of Companies, Inc. Sr. Nt. 4.00% due 3/15/2022		500,000		503,400
				803,778
Metals And Mining — 1.1%
Allegheny Technologies, Inc. Sr. Nt. 9.375% due 6/1/2019		400,000		514,949
ArcelorMittal Sr. Nt. 6.00% due 3/1/2021		400,000		420,544
Freeport-McMoRan Copper & Gold, Inc. Sr. Nt. 3.55% due 3/1/2022		450,000		447,304
Steel Dynamics, Inc. 6.75% due 4/1/2015		500,000		502,000
Vale Overseas Ltd. 6.25% due 1/23/2017		300,000		342,283
				2,227,080
Non Captive Consumer — 0.4%
SLM Corp. Sr. Nt. 6.25% due 1/25/2016		300,000		327,743
7.25% due 1/25/2022		400,000		447,000
				774,743
Non Captive Diversified — 1.1%
CIT Group, Inc. Sr. Nt. 4.75% due 2/15/2015(1)		800,000		838,000
General Electric Capital Corp. Sr. Nt. 5.625% due 5/1/2018		450,000		532,561
6.75% due 3/15/2032		200,000		254,579
International Lease Finance Corp. Sr. Nt. 4.625% due 4/15/2021		700,000		698,250
				2,323,390
Oil Field Services — 0.2%
Transocean, Inc. 6.00% due 3/15/2018		200,000		226,521
Weatherford Bermuda 6.50% due 8/1/2036		250,000		268,517
				495,038
Packaging — 0.7%
Ball Corp. 5.00% due 3/15/2022(3)		900,000		936,000
Silgan Holdings, Inc. Sr. Nt. 5.00% due 4/1/2020		500,000		513,750
				1,449,750
Paper — 0.6%
Georgia-Pacific LLC 5.40% due 11/1/2020(1)		250,000		295,803
Rock Tenn Co. 4.90% due 3/1/2022		800,000		865,402
				1,161,205

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Pharmaceuticals — 1.4%
AbbVie, Inc. Sr. Nt. 2.90% due 11/6/2022(1)	$	400,000	$	400,360
Celgene Corp. Sr. Nt. 3.25% due 8/15/2022		500,000		505,679
Gilead Sciences, Inc. Sr. Nt. 4.40% due 12/1/2021		600,000		675,376
Hospira, Inc. Sr. Nt. 6.05% due 3/30/2017		200,000		227,588
Merck & Co., Inc. Sr. Nt. 3.60% due 9/15/2042		250,000		236,931
Pfizer, Inc. Sr. Nt. 6.20% due 3/15/2019		300,000		376,569
Teva Pharmaceutical Finance IV BV 3.65% due 11/10/2021		400,000		425,680
				2,848,183
Pipelines — 1.2%
Boardwalk Pipelines LLC 5.75% due 9/15/2019		400,000		462,923
El Paso Pipeline Partners Operating Co. LLC 5.00% due 10/1/2021		400,000		448,473
Energy Transfer Partners LP Sr. Nt 5.15% due 2/1/2043		500,000		492,457
Sr. Nt. 8.50% due 4/15/2014		250,000		269,101
Enterprise Products Operating LLC 8.375% due 8/1/2066(2)		400,000		460,000
Williams Partners LP Sr. Nt. 5.25% due 3/15/2020		350,000		398,854
				2,531,808
Railroads — 0.2%
CSX Corp. Sr. Nt. 4.75% due 5/30/2042		400,000		415,334
				415,334
Refining — 0.5%
Motiva Enterprises LLC Nt. 5.75% due 1/15/2020(1)		300,000		360,170
Phillips 66 4.30% due 4/1/2022		400,000		439,105
Valero Energy Corp. 9.375% due 3/15/2019		150,000		204,642
				1,003,917
REITs — 1.1%
CommonWealth REIT Sr. Nt. 5.875% due 9/15/2020		300,000		328,659
DDR Corp. Sr. Nt. 4.75% due 4/15/2018		1,000,000		1,105,537
ProLogis LP 6.875% due 3/15/2020		400,000		490,878
Simon Property Group LP Sr. Nt. 4.125% due 12/1/2021		400,000		442,347
				2,367,421
Retailers — 0.2%
Target Corp. Sr. Nt. 4.00% due 7/1/2042		400,000		389,210
				389,210
Supermarkets — 0.2%
Delhaize Group SA 5.70% due 10/1/2040		400,000		390,242
				390,242
Transportation Services — 0.2%
Sydney Airport Finance Co. Pty Ltd. Sr. Sec. Nt. 3.90% due 3/22/2023(1)		400,000		406,315
				406,315
Utility — 0.2%
American Water Capital Corp. Sr. Nt. 4.30% due 12/1/2042		400,000		409,395
				409,395
Wireless — 0.5%
America Movil S.A.B. de C.V. 5.00% due 10/16/2019		500,000		567,037
American Tower Corp. Sr. Nt. 4.625% due 4/1/2015		400,000		426,543
Vodafone Group PLC Sr. Nt. 6.15% due 2/27/2037		100,000		118,588
				1,112,168
Wirelines — 1.1%
AT&T, Inc. Sr. Nt. 6.30% due 1/15/2038		300,000		359,863
Deutsche Telekom International Finance BV 8.75% due 6/15/2030		250,000		354,005
France Telecom S.A. Sr. Nt. 8.50% due 3/1/2031		115,000		161,739
Qwest Communications International, Inc. 7.125% due 4/1/2018		500,000		520,000
Telecom Italia Capital 5.25% due 10/1/2015		150,000		158,253
Telecom Italia Capital SA 5.25% due 11/15/2013		300,000		306,253
Verizon Communications, Inc. Sr. Nt. 6.40% due 2/15/2038		350,000		420,969
				2,281,082
Total Corporate Bonds (Cost $58,467,236)				64,019,555

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

	Principal Amount		Value
Hybrid ARMS — 0.1%
FNMA
2.691% due 12/1/2036(2)(3)	$	175,269	$	187,299
2.815% due 8/1/2046(2)		75,339		80,589
Total Hybrid ARMS (Cost $252,070)				267,888
	Principal Amount		Value
Mortgage Pass-Through Securities — 24.0%
FHLMC 4.00% due 12/1/2040		3,476,404		3,695,164
5.50% due 6/1/2038		249,446		270,162
7.00% due 9/1/2038		59,453		68,613
FNMA 3.00% due 12/1/2043(5)		20,310,000		20,947,860
3.50% due 6/1/2042		3,544,507		3,745,215
3.50% due 12/1/2043(5)		1,115,000		1,177,370
4.00% due 9/1/2040(3)		2,964,504		3,160,405
4.00% due 12/1/2043(5)		6,700,000		7,142,828
4.50% due 12/1/2043(5)		2,700,000		2,908,828
5.00% due 12/1/2034 - 12/1/2039		3,973,462		4,312,475
5.50% due 4/1/2022 - 1/1/2038(3)		1,450,017		1,581,978
6.00% due 8/1/2021		139,652		152,771
6.50% due 7/1/2014		5,513		5,598
7.00% due 9/1/2014 - 6/1/2032		98,891		115,061
7.50% due 12/1/2029 - 2/1/2031		98,300		115,942
8.00% due 6/1/2030 - 9/1/2030		42,792		51,300
GNMA 6.00% due 12/15/2033		70,171		79,795
Total Mortgage Pass-Through Securities (Cost $48,811,562)				49,531,365
	Principal Amount		Value
Municipal Bonds — 1.9%
Arizona Wtr. Infrastructure Fin. Auth. Rev. Wtr. Quality Ser. A 5.00% due 10/1/2027		300,000		348,474
Chicago Illinois Metropolitan Wtr. Reclamation Dist. Greater Chicago G.O. Build America Bonds Taxable Direct Payment 5.72% due 12/1/2038		400,000		513,224
Illinois St. G.O. 4.511% due 3/1/2015		300,000		317,361
Illinois St. Toll Hwy. Auth. Toll Hwy. Rev. Build America Bonds Ser. A 6.184% due 1/1/2034		300,000		380,265
Massachusetts Bay Transn. Auth. Rev. Ser. A 5.25% due 7/1/2034		600,000		694,668
Massachusetts St. Health & Ed. Facs. Auth. Rev. Harvard Univ. Ser. A 5.50% due 11/15/2036		340,000		405,708
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Rev. Build America Bonds Ser. EE 6.011% due 6/15/2042		300,000		401,472
Oregon Sch. Brd. Association 4.759% due 6/30/2028		200,000		234,646
San Diego Cnty. California Wtr. Auth. Fing. Agcy. Wtr. Rev. Build America Bonds Ser. B 6.138% due 5/1/2049		400,000		530,948
Total Municipal Bonds (Cost $3,198,628)				3,826,766
	Principal Amount		Value
U.S. Government Securities — 1.8%
U.S. Treasury Bonds 2.75% due 11/15/2042		1,900,000		1,761,063
3.00% due 5/15/2042		1,830,000		1,791,683
3.125% due 11/15/2041		228,000		229,354
Total U.S. Government Securities (Cost $3,861,177)				3,782,100
	Principal Amount		Value
Short-Term Investments — 2.9%
Electricite de France 0.17% due 4/11/2013(3)		2,000,000		1,999,906
Johnson & Johnson 0.05% due 4/11/2013(3)		2,000,000		1,999,972
Nestle Capital Corp. 0.03% due 4/11/2013(3)		2,000,000		1,999,983
Total Short-Term Investments (Cost $5,999,861)				5,999,861
	Principal Amount		Value
Repurchase Agreements — 15.3%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $31,612,035, due 4/1/2013(6)		31,612,000		31,612,000
Total Repurchase Agreements (Cost $31,612,000)				31,612,000
Total Investments — 116.3% (Cost $230,598,283)				239,697,090
Other Liabilities, Net — (16.3)%				(33,643,205	)
Total Net Assets — 100.0%			$	206,053,885

(1) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $29,930,066, representing 14.5% 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.

(2) Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2013.

(3) Securities are segregated to cover to be announced securities, TBA.

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

(5) TBA—To be announced.

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

Security	Coupon			Maturity Date		Value
FNMA		2.17	%		11/7/2022	$	32,246,400

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond Fund

The following is a summary of the inputs used as of March 31, 2013 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
Asset Backed Securities	$	—	$	13,332,150	$	—	$	13,332,150
Collateralized Mortgage Obligations		—		25,869,908		—		25,869,908
Senior Secured Loans		—		4,573,203		—		4,573,203
Commercial Mortgage-Backed Securities		—		36,882,294		—		36,882,294
Corporate Bonds		—		64,019,555		—		64,019,555
Hybrid ARMS		—		267,888		—		267,888
Mortgage Pass-Through Securities		—		49,531,365		—		49,531,365
Municipal Bonds		—		3,826,766		—		3,826,766
U.S. Government Securities		—		3,782,100		—		3,782,100
Short-Term Investments		—		5,999,861		—		5,999,861
Repurchase Agreements		—		31,612,000		—		31,612,000
Total	$	—	$	239,697,090	$	—	$	239,697,090

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Asset Backed Securities — 15.7%
Ally Auto Receivables Trust 2012-SN1 A4 0.70% due 12/21/2015	$	6,300,000	$	6,305,305
2012-5 A4 0.85% due 1/16/2018		7,165,000		7,169,471
2010-4 A3 0.91% due 11/17/2014		907,943		908,938
2010-3 A3 1.11% due 10/15/2014		1,146,724		1,148,174
Ally Master Owner Trust 2012-1 A2 1.44% due 2/15/2017		3,900,000		3,943,169
2011-1 A2 2.15% due 1/15/2016		7,825,000		7,923,024
2010-3 A 2.88% due 4/15/2015(1)		3,200,000		3,203,328
American Express Credit Account Master Trust 2012-2 A 0.68% due 3/15/2018(2)		14,500,000		14,546,516
AmeriCredit Automobile Receivables Trust 2010-3 A3 1.14% due 4/8/2015		1,236,908		1,238,512
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.541% due 4/25/2033(3)		104,673		104,422
Avis Budget Rental Car Funding AESOP LLC 2012-1A A 2.054% due 8/20/2016(1)		12,275,000		12,551,850
Bank of America Auto Trust 2010-1A A4 2.18% due 2/15/2017(1)		604,000		605,771
BMW Vehicle Lease Trust 2013-1 A4 0.66% due 6/20/2016		4,500,000		4,496,323
BMW Vehicle Owner Trust 2011-A A3 0.76% due 8/25/2015		6,360,521		6,377,065
Capital Auto Receivables Asset Trust 2013-1 A3 0.79% due 6/20/2017		6,300,000		6,308,631
CenterPoint Energy Transition Bond Co. LLC 2001-1 A4 5.63% due 9/15/2015		99,745		102,187
Chase Funding Mortgage Loan Trust 2004-1 1A6 4.266% due 6/25/2015		111,479		112,929
Chase Issuance Trust 2013-A1 A1 1.30% due 2/18/2020		12,000,000		12,054,636
Citibank Credit Card Issuance Trust 2003-A10 A10 4.75% due 12/10/2015		4,500,000		4,637,079
2004-A8 A8 4.90% due 12/12/2016		2,698,000		2,899,595
CitiFinancial Mortgage Securities, Inc. 2003-3 AF5 5.053% due 8/25/2033(3)		131,094		130,117
CNH Equipment Trust 2012-D A3 0.65% due 4/16/2018		8,500,000		8,493,123
2011-B A3 0.91% due 8/15/2016		5,000,000		5,018,450
2009-C A4 3.00% due 8/17/2015(2)		3,487,129		3,491,533
Dryrock Issuance Trust 2012-2 A 0.64% due 8/15/2018		6,200,000		6,186,999
Enterprise Fleet Financing LLC 2012-2 A2 0.72% due 4/20/2018(1)		7,100,000		7,101,257
Ford Credit Auto Lease Trust 2011-B A3 1.05% due 10/15/2014		13,000,000		13,034,827
Ford Credit Floorplan Master Owner Trust 2012-5 A 1.49% due 9/15/2019		9,600,000		9,624,403
2010-3 A2 1.903% due 2/15/2017(1)(3)		6,015,000		6,180,485
GE Capital Credit Card Master Note Trust 2012-1 A 1.03% due 1/15/2018		5,000,000		5,045,880
2012-6 A 1.36% due 8/17/2020		16,805,000		16,946,784
GE Equipment Transportation LLC 2012-1 A3 0.99% due 11/23/2015		6,500,000		6,529,919
Harley-Davidson Motorcycle Trust 2012-1 A3 0.68% due 4/15/2017		6,500,000		6,516,497
Hertz Vehicle Financing LLC 2009-2A A2 5.29% due 3/25/2016(1)		8,200,000		8,853,130
Honda Auto Receivables Owner Trust 2010-3 A4 0.94% due 12/21/2016		6,310,000		6,323,611
Huntington Auto Trust 2011-1A A3 1.01% due 1/15/2016(1)		8,665,480		8,701,381
Hyundai Auto Receivables Trust 2012-A A4 0.95% due 12/15/2016		5,000,000		5,036,195
Mercedes-Benz Auto Lease Trust 2011-B A3 1.07% due 8/15/2014(1)		7,000,000		7,017,857
Mercedes-Benz Master Owner Trust 2012-AA A 0.79% due 11/15/2017(1)		11,600,000		11,602,250
Miramax LLC 2011-1A A 6.25% due 10/20/2021(1)		11,202,214		11,789,390
Nissan Auto Receivables Owner Trust 2013-A A3 0.50% due 5/15/2017		2,560,000		2,558,766
Public Service New Hampshire Funding LLC 2001-1 A3 6.48% due 5/1/2015		171,942		172,874
Residential Asset Mortgage Products, Inc. 2002-RS4 AI5 6.163% due 8/25/2032(3)		25,408		18,461
Toyota Auto Receivables Owner Trust 2010-C A4 1.09% due 12/15/2014		3,400,000		3,413,926
USAA Auto Owner Trust 2010-1 A4 2.14% due 9/15/2015		1,054,118		1,057,995
Volkswagen Auto Lease Trust 2012-A A3 0.87% due 7/20/2015		8,200,000		8,235,572
Wheels SPV LLC 2012-1 A2 1.19% due 3/20/2021(1)		6,932,061		6,971,068

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
World Omni Auto Receivables Trust 2010-A A4 2.21% due 5/15/2015	$	2,420,566	$	2,439,131
Total Asset Backed Securities (Cost $273,949,400)				275,128,806
	Principal Amount		Value
Collateralized Mortgage Obligations — 18.2%
Banc of America Funding Corp. 2005-D A1 2.631% due 5/25/2035(3)		5,771,852		5,904,270
2004-2 1CB1 5.75% due 9/20/2034		2,143,888		2,260,798
Banc of America Mortgage Securities, Inc. 2003-J 2A2 3.187% due 11/25/2033(3)		2,133,422		2,134,406
Cendant Mortgage Corp. 2003-4 1A1 4.85% due 5/25/2033		174,658		175,554
Chase Mortgage Finance Corp. 2007-A1 2A1 2.989% due 2/25/2037(3)		3,308,759		3,367,013
Countrywide Alternative Loan Trust 2004-35T2 A1 6.00% due 2/25/2035		149,094		151,487
Countrywide Home Loans Mortgage Pass-Through Trust 2003-50 A1 5.00% due 11/25/2018		4,846,193		4,983,302
2003-11 A31 5.50% due 5/25/2033		2,631,839		2,744,687
CS First Boston Mortgage Securities Corp. 2004-AR5 3A1 2.764% due 6/25/2034(3)		6,473,216		6,374,350
2003-23 2A8 4.50% due 10/25/2018		710,619		735,462
2003-8 2A1 5.00% due 4/25/2018		598,297		613,065
2004-5 5A1 5.00% due 8/25/2019		1,108,312		1,133,240
2003-11 1A31 5.50% due 6/25/2033		1,196,013		1,230,796
FHLMC 4149 ZG 3.00% due 1/15/2033		8,372,723		8,309,065
4105 WA 3.00% due 2/15/2041		9,220,087		9,311,328
4068 HA 3.00% due 10/15/2041		12,816,367		12,503,634
4181 ZP 3.00% due 3/15/2043		20,500,000		20,465,150
4098 UZ 4.00% due 8/15/2042		7,266,322		7,312,438
1534 Z 5.00% due 6/15/2023		72,455		72,623
20 H 5.50% due 10/25/2023		38,241		42,422
First Horizon Mortgage Pass-Through Trust 2004-4 2A3 4.50% due 7/25/2019		621,838		634,924
FNMA 2013-20 CK 2.50% due 3/25/2043		14,813,315		15,047,306
2012-113 WA 3.00% due 3/25/2042		4,470,578		4,505,697
2012-139 NZ 3.00% due 12/25/2042		14,837,698		14,613,798
2013-27 UA 3.00% due 12/25/2042		13,800,000		13,965,089
2013-31 NQ 3.00% due 4/25/2043		11,861,000		11,812,370
2012-113 ZU 3.50% due 10/25/2042		9,927,255		10,003,858
2003-63 GU 4.00% due 7/25/2033		632		639
2013-13 UZ 4.00% due 3/25/2043		14,401,525		14,417,176
2013-45 KZ 4.00% due 4/1/2043		12,815,000		12,831,659
GSR Mortgage Loan Trust 2004-15F 5A1 5.50% due 1/25/2020		1,938,587		1,999,825
J.P. Morgan Mortgage Trust 2006-A2 5A1 2.90% due 11/25/2033(3)		4,151,964		4,248,086
2004-S2 1A3 4.75% due 11/25/2019		818,646		825,761
2005-A1 6T1 4.863% due 2/25/2035(3)		1,115,410		1,128,735
2005-A1 3A1 4.867% due 2/25/2035(3)		3,642,718		3,719,058
2004-S1 1A7 5.00% due 9/25/2034		1,445,440		1,491,621
Master Adjustable Rate Mortgages Trust 2004-13 3A7 2.63% due 11/21/2034(3)		9,271,951		9,650,145
2004-13 2A1 2.671% due 4/21/2034(3)		4,568,030		4,738,860
Master Asset Securitization Trust 2003-2 2A10 4.50% due 3/25/2018		1,322,431		1,345,717
2003-9 5A2 4.75% due 10/25/2018		6,273,337		6,426,086
2003-5 2A1 5.00% due 6/25/2018		435,658		454,649
Merrill Lynch Mortgage Investors, Inc. 2005-A2 A2 2.528% due 2/25/2035(3)		13,317,414		13,507,826
Morgan Stanley Mortgage Loan Trust 2004-7AR 2A1 2.646% due 9/25/2034(3)		8,649,500		8,689,729
2004-1 1A9 4.50% due 11/25/2018		976,022		993,981
Prime Mortgage Trust 2004-2 A2 4.75% due 11/25/2019		768,680		798,886
2004-2 A3 5.25% due 11/25/2019		461,905		481,755
2003-3 A9 5.50% due 1/25/2034		1,608,015		1,636,155
Residential Asset Mortgage Products, Inc. 2005-SL1 A4 6.00% due 5/25/2032		24,030		24,558
Residential Asset Securitization Trust 2003-A2 A1 4.25% due 5/25/2033(2)		1,679,509		1,655,127
Residential Funding Mortgage Securities I, Inc. 2004-S9 2A1 4.75% due 12/25/2019		1,522,928		1,557,247
2005-S1 2A1 4.75% due 2/25/2020		895,409		920,730
2005-S3 A1 4.75% due 3/25/2020		2,247,618		2,320,144

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust 2004-6 4A1 2.715% due 6/25/2034(3)	$	9,534,457	$	9,839,417
Structured Asset Securities Corp. 2004-21XS 2A6A 4.74% due 12/25/2034(3)		1,575,448		1,595,404
2005-1 4A1 5.00% due 2/25/2020		1,163,968		1,189,134
2003-29 2A1 5.25% due 9/25/2023		2,544,157		2,584,841
2004-3 3A1 5.50% due 3/25/2019		1,596,947		1,644,444
Wells Fargo Mortgage Backed Securities Trust 2004-M A7 2.615% due 8/25/2034(3)		6,594,903		6,803,520
2004-Z 2A2 2.624% due 12/25/2034(3)		3,396,399		3,444,295
2005-AR10 2A6 2.636% due 6/25/2035(3)		7,881,335		8,036,069
2005-AR12 2A5 2.642% due 6/25/2035(3)		6,448,411		6,525,534
2005-AR12 2A6 2.642% due 6/25/2035(3)		7,185,642		7,211,510
2003-J 2A1 4.423% due 10/25/2033(3)		893,654		901,926
2003-J 1A9 4.56% due 10/25/2033(3)		3,059,718		3,060,107
2003-N 2A1 4.722% due 12/25/2033(3)		2,383,368		2,403,774
2003-15 1A1 4.75% due 12/25/2018		263,054		270,770
2005-1 1A1 4.75% due 1/25/2020		653,498		687,026
2005-2 2A1 4.75% due 4/25/2020		441,421		455,664
2004-O A1 4.94% due 8/25/2034(3)		4,751,965		4,889,672
2004-2 A1 5.00% due 2/25/2019		823,125		840,545
2006-7 1A1 5.25% due 6/25/2021		387,399		394,281
2003-9 1A4 5.25% due 8/25/2033		1,030,947		1,050,177
Total Collateralized Mortgage Obligations (Cost $317,711,550)				320,100,397
	Principal Amount		Value
Senior Secured Loans — 4.7%
Automotive — 0.3%
Allison Transmission, Inc. Term Loan B3 4.25% due 8/23/2019(3)		4,466,306		4,526,468
				4,526,468
Consumer Products — 0.3%
Bombardier Recreational Products, Inc. New Term Loan B 5.00% due 1/22/2019(3)		4,500,000		4,544,190
				4,544,190
Gaming — 0.2%
Pinnacle Entertainment, Inc. Series A Incremental Term Loan 4.00% due 3/19/2019(3)		4,455,000		4,477,275
				4,477,275
Healthcare — 1.3%
DaVita, Inc. Term Loan B2 4.00% due 11/1/2019(3)		4,488,750		4,530,136
Fresenius Medical Care Holdings, Inc. Term Loan A 2.284% due 10/26/2017(3)		9,500,000		9,497,055
Hologic, Inc. Term Loan B 4.50% due 8/1/2019(3)		4,477,500		4,533,469
IMS Health, Inc. Term Loan B1 3.75% due 8/25/2017(3)		4,429,607		4,472,796
				23,033,456
Independent Energy — 0.3%
Plains Exploration & Production 7 year Term Loan 4.00% due 11/30/2019(3)		4,500,000		4,504,500
				4,504,500
Media Noncable — 0.2%
Tribune Co. Exit Term Loan 4.00% due 12/31/2019(3)		3,491,250		3,519,180
				3,519,180
Pharmaceuticals — 1.0%
Grifols, Inc. New Term Loan B 4.25% due 6/1/2017(3)		4,688,550		4,730,091
RP Select Finance Trust Term Loan A 2.284% due 8/9/2016(3)		12,330,530		12,299,703
				17,029,794
Real Estate Investment Trusts — 0.1%
LNR Property Corp. Term Loan B 4.75% due 4/29/2016(3)		2,475,000		2,475,767
				2,475,767
Refining — 0.4%
Citgo Petroleum Corp. Term Loan C 9.00% due 6/23/2017(3)		2,127,679		2,170,232
Tesoro Corp. Term Loan B 2.46% due 1/30/2016(3)		4,500,000		4,550,625
				6,720,857
Retailers — 0.4%
Lord & Taylor Holdings LLC Term Loan B 5.75% due 1/11/2019(3)		3,233,294		3,257,544
The Neiman Marcus Group, Inc. Extended Term Loan 4.00% due 5/16/2018(3)		4,500,000		4,536,000
				7,793,544

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Wireless — 0.2%
Crown Castle International Corp. Term Loan B 4.00% due 1/31/2019(3)	$	4,443,750	$	4,490,054
				4,490,054
Total Senior Secured Loans (Cost $82,420,367)				83,115,085
	Principal Amount		Value
Commercial Mortgage-Backed Securities — 19.4%
American Tower Trust I 13 1A 1.551% due 3/15/2043(1)		7,000,000		7,027,223
Banc of America Commercial Mortgage, Inc. 2005-5 A4 5.115% due 10/10/2045(2)(3)		14,429,000		15,795,773
2005-6 A4 5.188% due 9/10/2047(3)		10,540,000		11,571,982
Bear Stearns Commercial Mortgage Securities 2004-PWR3 A4 4.715% due 2/11/2041		2,635,507		2,681,937
2003-PWR2 A4 5.186% due 5/11/2039(3)		3,050,416		3,080,954
2005-PW10 A4 5.405% due 12/11/2040(3)		14,110,000		15,535,801
Chase Commercial Mortgage Securities Corp. 1998-1 F 6.56% due 5/18/2030(1)(3)		244,795		246,587
Citigroup Commercial Mortgage Trust 2004-C1 A4 5.365% due 4/15/2040(3)		7,225,000		7,494,427
2006-C5 A4 5.431% due 10/15/2049		13,115,000		14,781,182
Citigroup/Deutsche Bank Commercial Mortgage Trust 2005-CD1 A4 5.218% due 7/15/2044(3)		9,710,000		10,617,603
2006-CD3 A5 5.617% due 10/15/2048		10,500,000		11,840,199
Commercial Mortgage Asset Trust 1999-C1 B 7.23% due 1/17/2032(3)		3,265,000		3,283,382
Commercial Mortgage Pass-Through Certificates 2005-LP5 A4 4.982% due 5/10/2043(3)		4,810,000		5,163,607
Credit Suisse Commercial Mortgage Trust 2006-C3 A3 5.805% due 6/15/2038(3)		13,050,000		14,605,129
Crown Castle Towers LLC Sr. Sec. Nt. 3.214% due 8/15/2015(1)		3,650,000		3,808,038
4.523% due 1/15/2015(1)		2,750,000		2,921,372
CS First Boston Mortgage Securities Corp. 2004-C2 A2 5.416% due 5/15/2036(3)		10,768,000		11,141,456
1997-C2 F 7.46% due 1/17/2035(3)		824,745		832,989
First Union-Lehman Brothers-Bank of America 1998-C2 E 6.778% due 11/18/2035		587,823		587,642
GE Capital Commercial Mortgage Corp. 2004-C1 A3 4.596% due 11/10/2038		5,267,953		5,357,956
2004-C1 B 4.692% due 11/10/2038(3)		2,315,000		2,361,272
2003-C2 A4 5.145% due 7/10/2037		2,035,885		2,046,329
GMAC Commercial Mortgage Securities, Inc. 2003-C2 A2 5.45% due 5/10/2040(3)		1,898,098		1,912,465
Greenwich Capital Commercial Funding Corp. 2005-GG3 A3 4.569% due 8/10/2042		1,135,338		1,134,429
2004-GG1 A7 5.317% due 6/10/2036(3)		7,494,410		7,704,569
J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C3 A5 4.878% due 1/15/2042		6,325,000		6,688,529
2005-LDP1 A4 5.038% due 3/15/2046(3)		5,420,000		5,764,511
2005-LDP5 A4 5.201% due 12/15/2044(3)		5,085,000		5,573,597
2003-CB6 A2 5.255% due 7/12/2037(3)		2,142,834		2,155,256
2007-CB18 A4 5.44% due 6/12/2047		13,250,000		15,029,873
LB UBS Commercial Mortgage Trust 2003-C7 A4 4.931% due 9/15/2035(3)		3,476,108		3,494,239
2003-C8 A4 5.124% due 11/15/2032(3)		2,526,406		2,552,781
2006-C1 A4 5.156% due 2/15/2031		3,920,000		4,314,058
Merrill Lynch Mortgage Trust 2004-BPC1 A5 4.855% due 10/12/2041(3)		6,300,000		6,631,065
2003-KEY1 A4 5.236% due 11/12/2035(3)		4,057,645		4,117,354
2005-LC1 A4 5.291% due 1/12/2044(3)		2,942,906		3,230,858
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A2 1.689% due 12/15/2048		8,500,000		8,619,519
Morgan Stanley Capital I 2004-HQ3 A4 4.80% due 1/13/2041		8,381,299		8,587,068
2005-HQ5 A4 5.168% due 1/14/2042		4,725,000		4,991,906
2005-HQ7 AAB 5.187% due 11/14/2042(3)		463,931		463,931
2005-IQ10 A4A 5.23% due 9/15/2042(3)		12,520,735		13,506,155
2006-HQ8 A4 5.421% due 3/12/2044(3)		9,500,000		10,462,293
Motel 6 Trust 2012-MTL6 A2 1.948% due 10/5/2025(1)		16,600,000		16,637,201
Nomura Asset Securities Corp. 1998-D6 B1 6.00% due 3/15/2030(1)		3,317,000		3,322,801
SBA Tower Trust 2.933% due 12/15/2042(1)(2)		13,000,000		13,576,030
TIAA CMBS Trust 2001-C1A H 5.77% due 6/19/2033(1)		4,000,000		4,101,840
Wachovia Bank Commercial Mortgage Trust 2004-C10 A4 4.748% due 2/15/2041		1,589,193		1,627,907

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
2005-C18 A4 4.935% due 4/15/2042	$	4,500,000	$	4,810,118
2004-C11 A5 5.215% due 1/15/2041(3)		4,237,000		4,405,281
2005-C21 A4 5.241% due 10/15/2044(3)		4,990,382		5,445,869
2006-C29 A4 5.308% due 11/15/2048		15,270,000		17,235,615
Total Commercial Mortgage-Backed Securities (Cost $344,437,896)				340,879,958
	Principal Amount		Value
Corporate Bonds — 34.9%
Aerospace & Defense — 0.4%
Bombardier, Inc. Sr. Nt. 4.25% due 1/15/2016(1)		1,750,000		1,815,625
Textron, Inc. Sr. Nt. 6.20% due 3/15/2015		4,600,000		5,010,559
				6,826,184
Automotive — 1.1%
Banque PSA Finance Sr. Nt. 3.375% due 4/4/2014(1)		3,000,000		3,019,308
Daimler Finance North America LLC 1.875% due 9/15/2014(1)		4,000,000		4,058,604
Ford Motor Credit Co. LLC Sr. Nt. 2.75% due 5/15/2015		3,500,000		3,572,674
7.00% due 10/1/2013		1,500,000		1,544,590
RCI Banque S.A. Sr. Nt. 3.40% due 4/11/2014(1)		3,000,000		3,039,780
Volkswagen International Finance NV 1.625% due 3/22/2015(1)		4,500,000		4,556,565
				19,791,521
Banking — 8.9%
Abbey National Treasury Services PLC 2.875% due 4/25/2014		3,500,000		3,561,240
Ally Financial, Inc. 3.125% due 1/15/2016		2,000,000		2,025,000
4.50% due 2/11/2014		4,500,000		4,595,625
Amsouth Bank Sub. Nt. 5.20% due 4/1/2015		3,000,000		3,196,680
Bank of America Corp. Sr. Nt. 4.50% due 4/1/2015		4,000,000		4,238,492
Barclays Bank PLC Sub. Nt. 6.05% due 12/4/2017(1)		4,500,000		5,015,767
Capital One Financial Corp. Sr. Nt. 1.00% due 11/6/2015		2,500,000		2,490,700
2.125% due 7/15/2014		4,000,000		4,062,564
Citigroup, Inc. Sr. Nt. 1.25% due 1/15/2016		4,500,000		4,494,577
5.50% due 4/11/2013		4,000,000		4,004,664
Sub. Nt. 5.00% due 9/15/2014		1,500,000		1,575,045
Credit Suisse/New York NY Sr. Nt. 5.00% due 5/15/2013		2,650,000		2,665,434
Fifth Third Capital Trust IV 6.50% due 4/15/2037(3)		4,500,000		4,511,250
HSBC USA, Inc. Sr. Nt. 1.625% due 1/16/2018		4,500,000		4,495,810
ING Bank N.V. Sr. Nt. 2.375% due 6/9/2014(1)		4,400,000		4,479,020
Intesa Sanpaolo SpA Sr. Nt. 3.125% due 1/15/2016		9,000,000		8,797,887
JPMorgan Chase & Co. Sr. Nt. 2.05% due 1/24/2014		4,000,000		4,053,584
Lloyds TSB Bank PLC 4.20% due 3/28/2017		4,250,000		4,664,035
Macquarie Bank Ltd. Sr. Nt. 3.45% due 7/27/2015(1)		2,750,000		2,865,462
Morgan Stanley Sr. Nt. 1.75% due 2/25/2016		1,700,000		1,713,238
2.875% due 1/24/2014		3,750,000		3,811,560
National Bank of Canada 1.50% due 6/26/2015		3,500,000		3,552,798
Regions Financial Corp. Sr. Nt. 4.875% due 4/26/2013		2,000,000		2,003,000
Royal Bank of Canada Sr. Nt. 1.45% due 10/30/2014		4,500,000		4,567,261
Royal Bank of Scotland Group PLC Sr. Nt. 2.55% due 9/18/2015		4,500,000		4,625,050
Royal Bank of Scotland PLC 3.25% due 1/11/2014		4,500,000		4,577,400
Societe Generale SA 2.75% due 10/12/2017		4,500,000		4,608,963
Standard Chartered PLC Sr. Nt. 3.85% due 4/27/2015(1)		4,500,000		4,751,550
Sumitomo Mitsui Banking Corp. Sr. Nt. 1.35% due 7/18/2015		4,500,000		4,549,297
1.90% due 1/12/2015(1)		4,500,000		4,577,760
SunTrust Banks, Inc. Sr. Nt. 3.60% due 4/15/2016		4,600,000		4,925,887
The Bank of New York Mellon Corp. Sr. Nt. 1.20% due 2/20/2015		2,700,000		2,730,564
The Goldman Sachs Group, Inc. Sr. Nt. 3.30% due 5/3/2015		2,750,000		2,866,947
5.15% due 1/15/2014		2,500,000		2,587,545
Toronto-Dominion Bank Sr. Nt. 1.375% due 7/14/2014		4,000,000		4,042,248
U.S. Bancorp Jr. Sub. Nt. 3.442% due 2/1/2016		5,000,000		5,321,640
Sr. Nt. 2.875% due 11/20/2014		3,500,000		3,636,790

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
UBS AG Stamford CT Sr. Nt. 2.25% due 8/12/2013	$	4,000,000	$	4,018,880
Union Bank N.A. Sr. Nt. 2.125% due 12/16/2013		4,500,000		4,545,621
Wells Fargo Bank N.A. Sub. Nt. 5.75% due 5/16/2016		800,000		911,533
Westpac Banking Corp. Sr. Nt. 2.10% due 8/2/2013		2,500,000		2,515,190
				157,233,558
Brokerage — 1.1%
E*Trade Financial Corp. Sr. Nt. 6.75% due 6/1/2016(2)		5,000,000		5,387,500
Jefferies Group, Inc. Sr. Nt. 3.875% due 11/9/2015		6,000,000		6,270,000
Nomura Holdings, Inc. Sr. Nt. 2.00% due 9/13/2016		7,000,000		6,982,829
				18,640,329
Building Materials — 0.3%
Martin Marietta Materials, Inc. Sr. Nt. 6.60% due 4/15/2018		4,500,000		5,107,500
				5,107,500
Chemicals — 1.0%
Airgas, Inc. Sr. Nt. 2.85% due 10/1/2013		4,325,000		4,371,978
Ashland, Inc. Sr. Nt. 3.00% due 3/15/2016(1)		2,700,000		2,740,500
Ecolab, Inc. Sr. Nt. 2.375% due 12/8/2014		5,600,000		5,752,040
Yara International ASA Sr. Nt. 5.25% due 12/15/2014(1)		4,500,000		4,802,067
				17,666,585
Construction Machinery — 0.2%
Case New Holland, Inc. 7.75% due 9/1/2013		2,000,000		2,048,000
CNH Capital LLC 3.875% due 11/1/2015		1,250,000		1,281,250
				3,329,250
Consumer Cyclical Services — 0.2%
ADT Corp. Sr. Nt. 2.25% due 7/15/2017(1)		4,500,000		4,517,334
				4,517,334
Diversified Manufacturing — 0.8%
Danaher Corp. Sr. Nt. 1.30% due 6/23/2014		1,800,000		1,818,713
Eaton Corp. 0.95% due 11/2/2015(1)		2,600,000		2,612,199
Pentair Finance SA 1.35% due 12/1/2015(1)		1,750,000		1,752,455
1.875% due 9/15/2017(1)		3,750,000		3,749,985
Roper Industries, Inc. Sr. Nt. 1.85% due 11/15/2017		4,500,000		4,536,819
				14,470,171
Electric — 1.4%
Calpine Construction Finance Co. LP Sr. Sec. Nt. 8.00% due 6/1/2016(1)		4,500,000		4,719,375
CMS Energy Corp. Sr. Nt. 6.55% due 7/17/2017		3,500,000		4,182,322
DPL, Inc. Sr. Nt. 6.50% due 10/15/2016		1,800,000		1,899,000
FirstEnergy Corp. Sr. Nt. 2.75% due 3/15/2018		2,400,000		2,427,175
GenOn Energy, Inc. Sr. Nt. 7.875% due 6/15/2017		2,750,000		3,066,250
Great Plains Energy, Inc. Sr. Nt. 2.75% due 8/15/2013		800,000		804,894
PPL Energy Supply LLC Sr. Nt. Ser. A 5.70% due 10/15/2035		3,195,000		3,485,243
The AES Corp. Sr. Nt. 7.75% due 3/1/2014		4,500,000		4,736,250
				25,320,509
Energy - Integrated — 0.3%
Husky Energy, Inc. Sr. Nt. 5.90% due 6/15/2014		4,600,000		4,875,775
				4,875,775
Entertainment — 0.2%
Time Warner, Inc. 3.15% due 7/15/2015		3,000,000		3,159,456
				3,159,456
Food And Beverage — 1.3%
ConAgra Foods, Inc. Sr. Nt. 1.30% due 1/25/2016		2,500,000		2,519,758
General Mills, Inc. Sr. Nt. 1.55% due 5/16/2014		2,750,000		2,782,312
Mondelez International, Inc. Sr. Nt. 2.625% due 5/8/2013		4,500,000		4,508,712
Pernod-Ricard SA Sr. Nt. 2.95% due 1/15/2017(1)		5,000,000		5,251,475
SABMiller Holdings, Inc. 1.85% due 1/15/2015(1)		5,000,000		5,080,610
Wm. Wrigley Jr. Co. Sr. Sec. Nt. 3.05% due 6/28/2013(1)		2,000,000		2,009,162
				22,152,029

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Gaming — 0.0%
Seminole Tribe of Florida Sr. Sec. Nt. 5.798% due 10/1/2013(1)	$	649,000	$	661,980
				661,980
Government Related — 0.5%
Abu Dhabi National Energy Co. Sr. Nt. 2.50% due 1/12/2018(1)		4,500,000		4,524,750
Petrobras International Finance Co. 2.875% due 2/6/2015(2)		5,000,000		5,103,815
				9,628,565
Health Insurance — 0.1%
WellPoint, Inc. Sr. Nt. 1.25% due 9/10/2015		1,000,000		1,008,268
				1,008,268
Healthcare — 0.6%
Covidien International Finance SA 1.35% due 5/29/2015		4,500,000		4,564,786
McKesson Corp. Sr. Nt. 0.95% due 12/4/2015		1,750,000		1,754,790
Owens & Minor, Inc. 6.35% due 4/15/2016		4,100,000		4,487,368
				10,806,944
Home Construction — 0.5%
DR Horton, Inc. 3.625% due 2/15/2018		4,500,000		4,539,375
MDC Holdings, Inc. 5.375% due 7/1/2015		3,500,000		3,780,690
				8,320,065
Independent Energy — 1.1%
Anadarko Petroleum Corp. Sr. Nt. 5.95% due 9/15/2016		5,000,000		5,755,535
Chesapeake Energy Corp. 7.625% due 7/15/2013		4,750,000		4,839,063
Petrohawk Energy Corp. 7.875% due 6/1/2015		4,600,000		4,758,525
Woodside Finance Ltd. 5.00% due 11/15/2013(1)		4,500,000		4,613,247
				19,966,370
Industrial - Other — 0.3%
URS Corp. Sr. Nt. 4.10% due 4/1/2017(1)		4,500,000		4,676,526
				4,676,526
Insurance - Life — 1.8%
Aegon N.V. Sr. Nt. 4.75% due 6/1/2013		4,000,000		4,026,684
American International Group, Inc. Sr. Nt. 3.65% due 1/15/2014		4,500,000		4,604,935
Assurant, Inc. Sr. Nt. 2.50% due 3/15/2018		4,500,000		4,467,861
5.625% due 2/15/2014		3,000,000		3,119,919
Hartford Financial Services Group, Inc. Sr. Nt. 4.625% due 7/15/2013		3,500,000		3,540,355
Lincoln National Corp. Sr. Nt. 4.30% due 6/15/2015		2,965,000		3,174,925
Metropolitan Life Global Funding I Sr. Sec. Nt. 2.00% due 1/9/2015(1)		3,000,000		3,073,902
5.125% due 4/10/2013(1)		2,000,000		2,001,882
Prudential Financial, Inc. Sr. Nt. 4.75% due 9/17/2015		3,000,000		3,268,383
				31,278,846
Insurance P&C — 0.5%
Aspen Insurance Holdings Ltd. Sr. Nt. 6.00% due 8/15/2014		2,525,000		2,664,082
Axis Capital Holdings Ltd. Sr. Nt. 5.75% due 12/1/2014		1,700,000		1,810,922
Willis Group Holdings PLC 4.125% due 3/15/2016		4,500,000		4,781,353
				9,256,357
Lodging — 0.2%
Royal Caribbean Cruises Ltd. Sr. Nt. 7.00% due 6/15/2013		3,000,000		3,030,000
				3,030,000
Media Cable — 0.6%
Cox Communications, Inc. Sr. Nt. 4.625% due 6/1/2013		2,200,000		2,215,024
DISH DBS Corp. 6.625% due 10/1/2014		3,500,000		3,723,125
NBCUniversal Media LLC Sr. Nt. 2.10% due 4/1/2014		4,000,000		4,055,400
				9,993,549
Media Noncable — 0.8%
News America, Inc. 5.30% due 12/15/2014		4,500,000		4,842,302
RR Donnelley & Sons Co. Sr. Nt. 5.50% due 5/15/2015		3,000,000		3,183,750
Scholastic Corp. Sr. Nt. 5.00% due 4/15/2013		1,500,000		1,501,890
The Interpublic Group of Companies, Inc. Sr. Nt. 6.25% due 11/15/2014		4,500,000		4,826,250
				14,354,192
Metals And Mining — 1.5%
Anglo American Capital PLC 2.15% due 9/27/2013(1)		4,200,000		4,223,100
ArcelorMittal Sr. Nt. 4.25% due 2/25/2015		2,000,000		2,067,500
5.375% due 6/1/2013		4,000,000		4,025,200
BHP Billiton Finance USA Ltd. 1.125% due 11/21/2014		2,700,000		2,729,800

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
FMG Resources August 2006 Pty. Ltd. 7.00% due 11/1/2015(1)	$	3,500,000	$	3,666,250
Freeport-McMoRan Copper & Gold, Inc. Sr. Nt. 1.40% due 2/13/2015		2,700,000		2,719,556
Teck Resources Ltd. 2.50% due 2/1/2018		1,850,000		1,867,209
Xstrata Finance Canada Ltd. 1.80% due 10/23/2015(1)		750,000		758,523
2.85% due 11/10/2014(1)		3,500,000		3,587,115
				25,644,253
Non Captive Consumer — 0.6%
HSBC Finance Corp. Sr. Nt. 4.75% due 7/15/2013		4,000,000		4,047,944
SLM Corp. Sr. Nt. 5.00% due 4/15/2015		2,000,000		2,110,000
Sr. Nt. Ser. A 5.00% due 10/1/2013		3,750,000		3,815,625
				9,973,569
Non Captive Diversified — 0.3%
CIT Group, Inc. Sr. Nt. 4.75% due 2/15/2015(1)		5,000,000		5,237,500
				5,237,500
Oil Field Services — 0.3%
Weatherford International, Inc. 6.35% due 6/15/2017		4,000,000		4,586,976
				4,586,976
Paper — 0.3%
Graphic Packaging International, Inc. 9.50% due 6/15/2017		4,500,000		4,781,250
				4,781,250
Pharmaceuticals — 1.3%
AbbVie, Inc. 1.20% due 11/6/2015(1)		6,500,000		6,550,498
Amgen, Inc. Sr. Nt. 1.875% due 11/15/2014		4,500,000		4,588,789
Gilead Sciences, Inc. Sr. Nt. 2.40% due 12/1/2014		5,000,000		5,137,930
Hospira, Inc. Sr. Nt. 6.05% due 3/30/2017		2,250,000		2,560,363
Zoetis, Inc. Sr. Nt. 1.15% due 2/1/2016(1)		3,400,000		3,409,058
				22,246,638
Pipelines — 1.2%
Enterprise Products Operating LLC 1.25% due 8/13/2015		2,700,000		2,719,745
8.375% due 8/1/2066(3)		1,800,000		2,070,000
Midcontinent Express Pipeline LLC Sr. Nt. 5.45% due 9/15/2014(1)		4,500,000		4,681,539
ONEOK Partners LP 2.00% due 10/1/2017		2,750,000		2,778,993
Rockies Express Pipeline LLC Sr. Nt. 3.90% due 4/15/2015(1)		4,700,000		4,735,250
Williams Partners LP Sr. Nt. 3.80% due 2/15/2015		4,500,000		4,738,757
				21,724,284
Refining — 0.1%
Phillips 66 1.95% due 3/5/2015		2,700,000		2,759,314
				2,759,314
REITs — 2.1%
BioMed Realty LP 3.85% due 4/15/2016		1,700,000		1,804,803
HCP, Inc. Sr. Nt. 5.65% due 12/15/2013		4,200,000		4,344,992
ProLogis LP 5.625% due 11/15/2015		3,600,000		3,950,730
Realty Income Corp. Sr. Nt. 5.375% due 9/15/2017		2,400,000		2,770,320
Simon Property Group LP Sr. Nt. 1.50% due 2/1/2018(1)		2,500,000		2,491,278
Tanger Properties LP Sr. Nt. 6.15% due 11/15/2015		4,500,000		5,091,260
Ventas Realty LP 2.00% due 2/15/2018		4,500,000		4,525,502
Washington Real Estate Investment Trust Sr. Nt. 5.25% due 1/15/2014		6,998,000		7,196,092
WEA Finance LLC 5.75% due 9/2/2015(1)		4,600,000		5,108,571
				37,283,548
Retailers — 0.2%
Home Depot, Inc. Sr. Nt. 5.25% due 12/16/2013		3,500,000		3,620,862
				3,620,862
Supermarkets — 0.1%
TESCO PLC Sr. Nt. 2.00% due 12/5/2014(1)		1,800,000		1,833,262
				1,833,262
Technology — 1.4%
Agilent Technologies, Inc. Sr. Nt. 2.50% due 7/15/2013		2,300,000		2,313,220
Avnet, Inc. Sr. Nt. 6.00% due 9/1/2015		3,650,000		3,969,755
Broadcom Corp. Sr. Nt. 1.50% due 11/1/2013		1,200,000		1,206,941
Hewlett-Packard Co. Sr. Nt. 2.35% due 3/15/2015		4,000,000		4,080,908
Lexmark International, Inc. Sr. Nt. 5.90% due 6/1/2013		2,500,000		2,520,955

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Maxim Integrated Products, Inc. Sr. Nt. 3.45% due 6/14/2013	$	2,000,000	$	2,011,370
Pitney Bowes, Inc. Sr. Nt. 3.875% due 6/15/2013		4,000,000		4,021,132
Xerox Corp. Sr. Nt. 5.65% due 5/15/2013		4,000,000		4,022,072
				24,146,353
Transportation Services — 0.4%
ERAC USA Finance LLC 2.25% due 1/10/2014(1)		1,000,000		1,011,745
Heathrow Funding Ltd. Sr. Sec. Nt. 2.50% due 6/25/2015(1)		3,846,000		3,960,188
Ryder System, Inc. Sr. Nt. 3.60% due 3/1/2016		2,500,000		2,619,490
				7,591,423
Wireless — 0.3%
America Movil SAB de C.V. 3.625% due 3/30/2015		4,500,000		4,717,400
				4,717,400
Wirelines — 0.6%
British Telecommunications PLC Sr. Nt. 2.00% due 6/22/2015		2,700,000		2,762,340
Telecom Italia Capital SA 5.25% due 11/15/2013		3,000,000		3,062,529
Telefonica Emisiones SAU 2.582% due 4/26/2013		4,550,000		4,554,482
				10,379,351
Total Corporate Bonds (Cost $602,722,138)				612,597,846
	Principal Amount		Value
Hybrid ARMS — 0.0%
FNMA 2.815% due 8/1/2046(3)		26,383		28,221
Total Hybrid ARMS (Cost $26,611)				28,221
	Principal Amount		Value
Mortgage-Backed Securities — 0.0%
FHLMC 7.00% due 9/1/2038		28,537		32,934
Total Mortgage-Backed Securities (Cost $29,600)				32,934
	Principal Amount		Value
U.S. Agencies — 0.8%
Federal Home Loan Mortgage Corp. 2.00% due 8/25/2016		13,000,000		13,643,864
Total U.S. Agencies (Cost $13,355,648)				13,643,864
	Principal Amount		Value
U.S. Government Securities — 3.2%
U.S. Treasury Notes 0.25% due 3/31/2015 - 9/15/2015		54,000,000		53,991,242
0.375% due 11/15/2015		3,000,000		3,004,686
Total U.S. Government Securities (Cost $56,981,376)				56,995,928
	Principal Amount		Value
Municipal Bonds — 0.5%
Illinois St. G.O. 4.511% due 3/1/2015		4,400,000		4,654,628
Puerto Rico Comwlth. Govt. Dev. Bk. Sr. Nt. Ser. A 3.448% due 2/1/2015		4,500,000		4,440,105
Total Municipal Bonds (Cost $9,059,201)				9,094,733
	Principal Amount		Value
Short Term & Cash Equivalent — 0.5%
ERP Operating LP Sr. Nt. 5.20% due 4/1/2013		5,500,000		5,500,000
UnitedHealth Group, Inc. Sr. Nt. 4.875% due 4/1/2013		3,000,000		3,000,000
Total Short Term & Cash Equivalent (Cost $8,500,000)				8,500,000
	Principal Amount		Value
Repurchase Agreements — 5.4%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $94,306,105, due 4/1/2013(4)		94,306,000		94,306,000
Total Repurchase Agreements (Cost $94,306,000)				94,306,000
Total Investments — 103.3% (Cost $1,803,499,787)				1,814,423,772
Other Liabilities, Net — (3.3)%				(57,268,021	)
Total Net Assets — 100.0%			$	1,757,155,751

(1) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $282,439,626, representing 16.1% 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.

(2) Securities are segregated for anticipated collateral requirements.

(3) Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2013.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.125	%		5/31/2015	$	96,192,225

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond Fund

The following is a summary of the inputs used as of March 31, 2013 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
Asset Backed Securities	$	—	$	275,128,806	$	—	$	275,128,806
Collateralized Mortgage Obligations		—		320,100,397		—		320,100,397
Senior Secured Loans		—		83,115,085		—		83,115,085
Commercial Mortgage-Backed Securities		—		340,879,958		—		340,879,958
Corporate Bonds		—		612,597,846		—		612,597,846
Hybrid ARMS		—		28,221		—		28,221
Mortgage-Backed Securities		—		32,934		—		32,934
U.S. Agencies		—		13,643,864		—		13,643,864
U.S. Government Securities		—		56,995,928		—		56,995,928
Municipal Bonds		—		9,094,733		—		9,094,733
Short Term & Cash Equivalent		—		8,500,000		—		8,500,000
Repurchase Agreements		—		94,306,000		—		94,306,000
Total	$	—	$	1,814,423,772	$	—	$	1,814,423,772

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Corporate Bonds — 91.6%
Aerospace & Defense — 0.3%
Moog, Inc. Sr. Sub. Nt. 7.25% due 6/15/2018	$	450,000	$	470,250
				470,250
Automotive — 4.2%
American Axle & Manufacturing, Inc.
6.25% due 3/15/2021		400,000		410,000
6.625% due 10/15/2022		400,000		414,000
7.75% due 11/15/2019		730,000		806,650
General Motors Financial Co., Inc. 6.75% due 6/1/2018		830,000		939,975
Lear Corp. 4.75% due 1/15/2023(1)		450,000		438,750
Schaeffler Finance BV
Sr. Sec. Nt.
7.75% due 2/15/2017(1)		370,000		416,713
8.50% due 2/15/2019(1)		750,000		853,125
The Goodyear Tire & Rubber Co. 7.00% due 5/15/2022		750,000		790,312
Titan International, Inc. Sr. Sec. Nt. 7.875% due 10/1/2017(1)		670,000		721,087
				5,790,612
Banking — 2.0%
Ally Financial, Inc. 8.00% due 11/1/2031		500,000		632,500
Citigroup, Inc. Jr. Sub. Nt. 5.95% due 1/30/2023(2)(3)		1,000,000		1,037,500
Royal Bank of Scotland Group PLC
Jr. Sub. Nt.
7.648% due 9/30/2031(2)(3)		300,000		312,000
9.118% due 8/19/2013(3)		700,000		701,750
				2,683,750
Brokerage — 0.9%
E*Trade Financial Corp.
Sr. Nt.
6.00% due 11/15/2017		700,000		732,375
6.375% due 11/15/2019		500,000		528,750
				1,261,125
Building Materials — 1.1%
Norcraft Cos. L.P. Sec. Nt. 10.50% due 12/15/2015		680,000		712,300
Nortek, Inc. 8.50% due 4/15/2021(1)		670,000		742,025
				1,454,325
Chemicals — 1.1%
Hexion US Finance Corp. Sr. Sec. Nt. 6.625% due 4/15/2020(1)		675,000		676,688
US Coatings Acquisition, Inc. 7.375% due 5/1/2021(1)		750,000		789,375
				1,466,063
Construction Machinery — 2.1%
Ashtead Capital, Inc. Sec. Nt. 6.50% due 7/15/2022(1)		390,000		423,638
Terex Corp. 6.00% due 5/15/2021		600,000		631,500
The Manitowoc Co., Inc. 5.875% due 10/15/2022		1,000,000		1,050,000
United Rentals North America, Inc.
6.125% due 6/15/2023		400,000		428,000
7.625% due 4/15/2022		350,000		391,125
				2,924,263
Consumer Cyclical Services — 0.9%
Corrections Corp. of America Sr. Nt. 4.625% due 5/1/2023(1)		500,000		511,875
Live Nation Entertainment, Inc. 7.00% due 9/1/2020(1)		400,000		430,000
The Geo Group, Inc. 6.625% due 2/15/2021		300,000		329,625
				1,271,500
Consumer Products — 1.1%
NBTY, Inc. 9.00% due 10/1/2018		900,000		1,005,750
Party City Holdings, Inc. Sr. Nt. 8.875% due 8/1/2020(1)		500,000		548,750
				1,554,500
Diversified Manufacturing — 0.5%
BC Mountain LLC 7.00% due 2/1/2021(1)		670,000		710,200
				710,200
Electric — 3.1%
Calpine Corp. Sr. Sec. Nt. 7.50% due 2/15/2021(1)		270,000		296,325
7.875% due 7/31/2020(1)		540,000		591,300
Covanta Holding Corp. Sr. Nt. 6.375% due 10/1/2022		670,000		729,235
Genon Americas Generation LLC Sr. Nt. 8.50% due 10/1/2021		380,000		445,550
NRG Energy, Inc. 6.625% due 3/15/2023(1)		330,000		349,800
8.50% due 6/15/2019		600,000		658,500
The AES Corp. Sr. Nt. 7.375% due 7/1/2021		630,000		730,800
8.00% due 6/1/2020		360,000		426,600
				4,228,110
Entertainment — 1.0%
NAI Entertainment Holdings LLC Sr. Sec. Nt. 8.25% due 12/15/2017(1)		405,000		439,425
WMG Acquisition Corp. Sr. Sec. Nt. 6.00% due 1/15/2021(1)		940,000		984,650
				1,424,075

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Food And Beverage — 1.0%
Michael Foods, Inc. 9.75% due 7/15/2018	$	1,250,000	$	1,390,625
				1,390,625
Gaming — 2.6%
Caesar’s Entertainment Operating Co., Inc. 5.625% due 6/1/2015		600,000		552,000
MGM Resorts International 6.625% due 12/15/2021		1,000,000		1,048,750
Pinnacle Entertainment, Inc. 8.75% due 5/15/2020		450,000		494,438
Scientific Games International, Inc. 6.25% due 9/1/2020		700,000		712,250
9.25% due 6/15/2019		620,000		682,775
				3,490,213
Government Related — 0.8%
Citgo Petroleum Corp. Sr. Sec. Nt. 11.50% due 7/1/2017(1)		945,000		1,083,206
				1,083,206
Healthcare — 4.9%
Amsurg Corp. 5.625% due 11/30/2020(1)		800,000		842,000
CDRT Holding Corp. Sr. Nt. 9.25% due 10/1/2017(1)(4)		1,000,000		1,037,500
DaVita HealthCare Partners, Inc. 5.75% due 8/15/2022		400,000		415,500
6.625% due 11/1/2020		600,000		649,875
HCA, Inc. Sr. Sec. Nt. 7.875% due 2/15/2020		250,000		276,250
8.50% due 4/15/2019		340,000		375,275
INC Research LLC Sr. Nt. 11.50% due 7/15/2019(1)		630,000		675,675
Teleflex, Inc. 6.875% due 6/1/2019		330,000		357,225
Tenet Healthcare Corp. Sr. Sec. Nt. 4.50% due 4/1/2021(1)		670,000		656,600
Universal Hospital Services, Inc. Sec. Nt. 7.625% due 8/15/2020(1)		550,000		591,250
Vanguard Health Holding Co. II LLC 8.00% due 2/1/2018		800,000		851,000
				6,728,150
Home Construction — 2.5%
Meritage Homes Corp. Sr. Nt. 4.50% due 3/1/2018(1)		670,000		668,325
7.15% due 4/15/2020		850,000		947,750
Taylor Morrison Communities, Inc. 7.75% due 4/15/2020(1)		1,100,000		1,179,750
Weekley Homes LLC Sr. Nt. 6.00% due 2/1/2023(1)		670,000		690,100
				3,485,925
Independent Energy — 10.7%
Alta Mesa Holdings 9.625% due 10/15/2018		870,000		917,850
BreitBurn Energy Partners L.P. 7.875% due 4/15/2022		260,000		278,200
Chesapeake Energy Corp. 5.75% due 3/15/2023		1,000,000		1,013,750
9.50% due 2/15/2015		500,000		565,000
Clayton Williams Energy, Inc. 7.75% due 4/1/2019		630,000		633,937
Continental Resources, Inc. 8.25% due 10/1/2019		270,000		300,375
Eagle Rock Energy Partners L.P. 8.375% due 6/1/2019		780,000		822,900
Energy XXI Gulf Coast, Inc. 9.25% due 12/15/2017		310,000		350,300
EV Energy Partners L.P. 8.00% due 4/15/2019		680,000		717,400
Halcon Resources Corp. 8.875% due 5/15/2021(1)		750,000		808,125
9.75% due 7/15/2020(1)		670,000		740,350
Harvest Operations Corp. 6.875% due 10/1/2017		700,000		782,250
Kodiak Oil & Gas Corp. 8.125% due 12/1/2019		640,000		723,200
Laredo Petroleum, Inc. 7.375% due 5/1/2022		250,000		273,750
Legacy Reserves L.P. 8.00% due 12/1/2020(1)		670,000		693,450
Linn Energy LLC 6.25% due 11/1/2019(1)		600,000		613,500
6.50% due 5/15/2019		260,000		272,025
Oasis Petroleum, Inc. 6.50% due 11/1/2021		1,000,000		1,090,000
OGX Austria GmbH 8.375% due 4/1/2022(1)		670,000		505,850
Plains Exploration & Production Co. 6.625% due 5/1/2021		550,000		605,000
Samson Investment Co. Sr. Nt. 9.75% due 2/15/2020(1)		530,000		563,125
SandRidge Energy, Inc. 7.50% due 3/15/2021		910,000		946,400
Vanguard Natural Resources LLC 7.875% due 4/1/2020		410,000		439,725
				14,656,462
Industrial - Other — 0.3%
General Cable Corp. 5.75% due 10/1/2022(1)		450,000		459,000
				459,000
Insurance - Life — 0.5%
CNO Financial Group, Inc. Sr. Sec. Nt. 6.375% due 10/1/2020(1)		700,000		744,625
				744,625
Insurance P&C — 1.0%
A-S Co-Issuer Subsidiary, Inc. Sr. Nt. 7.875% due 12/15/2020(1)		750,000		770,625
Onex USI Aquisition Corp. Sr. Nt. 7.75% due 1/15/2021(1)		600,000		601,500
				1,372,125
Lodging — 1.0%
NCL Corp. Ltd. 5.00% due 2/15/2018(1)		670,000		682,563

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Royal Caribbean Cruises Ltd. Sr. Nt. 5.25% due 11/15/2022	$	670,000	$	678,375
				1,360,938
Media Cable — 4.2%
Block Communications, Inc. Sr. Nt. 7.25% due 2/1/2020(1)		1,500,000		1,631,250
Cablevision Systems Corp. Sr. Nt. 5.875% due 9/15/2022		540,000		533,925
CCO Holdings LLC 6.625% due 1/31/2022		300,000		321,750
7.375% due 6/1/2020		240,000		266,100
7.875% due 4/30/2018		700,000		744,625
CSC Holdings LLC Sr. Nt. 6.75% due 11/15/2021		900,000		1,009,125
Lynx I Corp. Sr. Sec. Nt. 5.375% due 4/15/2021(1)		670,000		696,800
Mediacom LLC Sr. Nt. 9.125% due 8/15/2019		450,000		502,312
				5,705,887
Media Noncable — 6.9%
DigitalGlobe, Inc. 5.25% due 2/1/2021(1)		670,000		665,813
Hughes Satellite Systems Corp. Sr. Sec. Nt. 6.50% due 6/15/2019		560,000		614,600
7.625% due 6/15/2021		800,000		915,000
Intelsat Jackson Holdings S.A. 7.25% due 4/1/2019 - 10/15/2020		970,000		1,063,912
7.50% due 4/1/2021		690,000		767,625
Intelsat Luxembourg S.A. 8.125% due 6/1/2023(1)		600,000		609,750
11.50% due 2/4/2017		700,000		743,400
MDC Partners, Inc. 6.75% due 4/1/2020(1)		670,000		676,700
Sinclair Television Group, Inc. Sr. Nt. 6.125% due 10/1/2022(1)		330,000		345,675
Telesat LLC Sr. Nt. 6.00% due 5/15/2017(1)		940,000		982,300
Univision Communications, Inc. Sr. Sec. Nt. 6.75% due 9/15/2022(1)		900,000		972,000
6.875% due 5/15/2019(1)		560,000		599,200
7.875% due 11/1/2020(1)		480,000		528,000
				9,483,975
Metals And Mining — 1.5%
FMG Resources August 2006 Pty. Ltd. 7.00% due 11/1/2015(1)		750,000		785,625
Penn Virginia Resource Partners L.P. 8.25% due 4/15/2018		500,000		530,000
Steel Dynamics, Inc. 6.125% due 8/15/2019(1)		670,000		723,600
				2,039,225
Non Captive Diversified — 3.2%
AerCap Aviation Solutions BV 6.375% due 5/30/2017		800,000		859,000
Aircastle Ltd. Sr. Nt. 6.25% due 12/1/2019		500,000		546,250
CIT Group, Inc. Sr. Nt. 5.00% due 5/15/2017		670,000		718,575
5.25% due 3/15/2018		550,000		594,000
5.50% due 2/15/2019(1)		450,000		493,875
International Lease Finance Corp. Sr. Nt. 4.625% due 4/15/2021		300,000		299,250
8.625% due 9/15/2015		750,000		853,125
				4,364,075
Oil Field Services — 2.2%
Exterran Partners L.P. 6.00% due 4/1/2021(1)		1,050,000		1,046,063
Offshore Group Investment Ltd. Sr. Sec. Nt. 7.125% due 4/1/2023(1)		500,000		511,250
SESI LLC 7.125% due 12/15/2021		800,000		895,000
Stallion Oilfield Holdings Ltd. Sr. Sec. Nt. 10.50% due 2/15/2015		463,000		488,465
				2,940,778
Packaging — 2.6%
Ardagh Packaging Finance PLC Sr. Nt. 7.00% due 11/15/2020(1)		750,000		770,625
Reynolds Group Issuer, Inc. Sr. Sec. Nt. 5.75% due 10/15/2020		1,000,000		1,018,750
9.00% due 4/15/2019		670,000		708,525
Sealed Air Corp. 8.125% due 9/15/2019(1)		900,000		1,018,125
				3,516,025
Paper — 0.7%
Longview Fibre Paper & Packaging, Inc. Sr. Sec. Nt. 8.00% due 6/1/2016(1)		870,000		911,325
				911,325
Pharmaceuticals — 1.9%
Catalent Pharma Solutions, Inc. 7.875% due 10/15/2018(1)		540,000		547,425
Grifols, Inc. 8.25% due 2/1/2018		500,000		550,000
Jaguar Holding Co. II Sr. Nt. 9.50% due 12/1/2019(1)		700,000		803,250
Sky Growth Acquisition Corp. 7.375% due 10/15/2020(1)		670,000		708,525
				2,609,200
Pipelines — 4.1%
Atlas Pipeline Partners L.P. 5.875% due 8/1/2023(1)		800,000		796,000
Copano Energy LLC 7.125% due 4/1/2021		1,000,000		1,155,000
Crosstex Energy L.P. 7.125% due 6/1/2022(1)		400,000		424,000
Inergy Midstream L.P. 6.00% due 12/15/2020(1)		670,000		696,800

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Fund

March 31, 2013 (unaudited)	Principal Amount		Value
MarkWest Energy Partners L.P. 6.50% due 8/15/2021	$	390,000	$	421,200
Martin Midstream Partners L.P. Sr. Nt. 7.25% due 2/15/2021(1)		400,000		404,000
8.875% due 4/1/2018		400,000		430,000
Regency Energy Partners L.P. 6.50% due 7/15/2021		650,000		715,000
Targa Resources Partners L.P. 6.875% due 2/1/2021		500,000		547,500
				5,589,500
Refining — 1.2%
Calumet Specialty Products Partners L.P. 9.375% due 5/1/2019		870,000		974,400
Northern Tier Energy LLC Sr. Sec. Nt. 7.125% due 11/15/2020(1)		670,000		710,200
				1,684,600
REITs — 1.4%
DuPont Fabros Technology L.P. 8.50% due 12/15/2017		530,000		569,750
Sabra Health Care L.P. 8.125% due 11/1/2018		1,280,000		1,390,400
				1,960,150
Retailers — 4.3%
99 Cents Only Stores 11.00% due 12/15/2019		1,000,000		1,147,500
Burlington Coat Factory Warehouse Corp. 10.00% due 2/15/2019		1,100,000		1,221,000
Burlington Holdings LLC Sr. Nt. 9.00% due 2/15/2018(1)(4)		670,000		680,050
CDR DB Sub, Inc. Sr. Nt. 7.75% due 10/15/2020(1)		1,000,000		1,027,500
The Pantry, Inc. 8.375% due 8/1/2020(1)		500,000		536,250
YCC Holdings LLC Sr. Nt. 10.25% due 2/15/2016(4)		1,190,000		1,227,187
				5,839,487
Supermarkets — 1.0%
Tops Holding Corp. Sr. Sec. Nt. 8.875% due 12/15/2017(1)		1,200,000		1,317,000
				1,317,000
Technology — 4.9%
Avaya, Inc. 10.50% due 3/1/2021(1)		730,000		695,325
CDW LLC 8.50% due 4/1/2019		1,000,000		1,116,250
Equinix, Inc. Sr. Nt. 4.875% due 4/1/2020		350,000		352,625
5.375% due 4/1/2023		350,000		354,375
First Data Corp. Sec. Nt. 8.75% due 1/15/2022(1)(4)		1,013,000		1,071,247
12.625% due 1/15/2021		400,000		433,500
Infor U.S., Inc. 11.50% due 7/15/2018		580,000		681,500
NXP BV 5.75% due 2/15/2021(1)		400,000		415,000
Sr. Nt.
5.75% due 3/15/2023(1)		830,000		846,600
SunGard Data Systems, Inc. 6.625% due 11/1/2019(1)		670,000		691,775
				6,658,197
Transportation Services — 1.0%
Avis Budget Car Rental LLC 9.75% due 3/15/2020		450,000		531,005
Hertz Corp. 7.50% due 10/15/2018		700,000		772,625
				1,303,630
Utility — 0.4%
Niska Gas Storage US LLC 8.875% due 3/15/2018		560,000		583,800
				583,800
Wireless — 4.7%
Crown Castle International Corp. Sr. Nt. 5.25% due 1/15/2023		740,000		752,950
Digicel Group Ltd. Sr. Nt. 8.25% due 9/30/2020(1)		500,000		530,000
Digicel Ltd. Sr. Nt. 8.25% due 9/1/2017(1)		540,000		571,050
MetroPCS Wireless, Inc. 6.25% due 4/1/2021(1)		360,000		366,300
6.625% due 4/1/2023(1)		650,000		663,000
7.875% due 9/1/2018		500,000		546,250
Sprint Nextel Corp. Sr. Nt. 6.00% due 12/1/2016 - 11/15/2022		1,700,000		1,787,000
7.00% due 3/1/2020(1)		200,000		233,000
9.00% due 11/15/2018(1)		525,000		649,031
Trilogy International Partners LLC Sr. Sec. Nt. 10.25% due 8/15/2016(1)		270,000		264,600
				6,363,181
Wirelines — 1.8%
CenturyLink, Inc. Sr. Nt. 5.625% due 4/1/2020		670,000		685,075
Frontier Communications Corp. Sr. Nt. 8.125% due 10/1/2018		540,000		615,600
8.25% due 4/15/2017		280,000		327,600
Windstream Corp. 6.375% due 8/1/2023(1)		450,000		446,625
7.875% due 11/1/2017		330,000		377,025
				2,451,925
Total Corporate Bonds (Cost $117,975,927)				125,332,002

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Senior Secured Loans — 5.4%
Food And Beverage — 0.7%
HJ Heinz Co. Term Loan B2 3.50% due 3/27/2020(2)	$	1,000,000	$	1,008,470
				1,008,470
Gaming — 1.0%
Harrah’s Prop Co. Mezzanine Term Loan 3.70% due 2/13/2014(2)		1,400,000		1,318,184
				1,318,184
Healthcare — 0.7%
Kindred Healthcare, Inc. Term Loan 5.25% due 6/1/2018(2)		992,424		998,011
				998,011
Independent Energy — 0.8%
Chesapeake Energy Corp. Unsecured Term Loan 5.75% due 12/1/2017(2)		1,000,000		1,029,880
				1,029,880
Packaging — 0.7%
Exopack LLC Term Loan 6.50% due 5/31/2017(2)		982,500		992,325
				992,325
Retailers — 1.5%
The Neiman Marcus Group, Inc. Extended Term Loan 4.00% due 5/16/2018(2)		2,000,000		2,016,000
				2,016,000
Total Senior Secured Loans (Cost $7,358,846)				7,362,870
	Shares		Value
Preferred Stocks — 0.7%
Banking — 0.7%
Regions Financial Corp.		40,000		1,021,200
				1,021,200
Total Preferred Stocks (Cost $1,000,000)				1,021,200
	Principal Amount		Value
Repurchase Agreements — 2.4%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $3,255,004, due 4/1/2013(5)	$	3,255,000		3,255,000
Total Repurchase Agreements (Cost $3,255,000)				3,255,000
Total Investments — 100.1% (Cost $129,589,773)				136,971,072
Other Liabilities, Net — (0.1)%				(132,971	)
Total Net Assets — 100.0%			$	136,838,101

(1) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $54,593,374, representing 39.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(2) Variable rate security. The rate shown is the rate in effect at March 31, 2013.

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

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

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

Security	Coupon			Maturity Date		Value
FNMA		2.17	%		11/7/2022	$	3,324,784

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Fund

The following is a summary of the inputs used as of March 31, 2013 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						Total
Investments in Securities	Level 1		Level 2		Level 3
Corporate Bonds	$	—	$	125,332,002	$	—	$	125,332,002
Senior Secured Loans		—		7,362,870		—		7,362,870
Preferred Stocks		1,021,200		—		—		1,021,200
Repurchase Agreements		—		3,255,000		—		3,255,000
Total	$	1,021,200	$	135,949,872	$	—	$	136,971,072

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Municipal Bonds — 98.8%
Arizona — 1.5%
Arizona St. Transn. Brd. Hwy. Rev. Ser. B 5.00% due 7/1/2032	$	1,000,000	$	1,143,270
Arizona Wtr. Infrastructure Fin. Auth. Rev. Wtr. Quality-Ser. A 5.00% due 10/1/2027		1,500,000		1,742,370
Chandler, AZ G.O. 5.00% due 7/1/2021		1,500,000		1,770,435
Phoenix AZ Civic Impt. Corp. Arpt. Rev. AMT-Ref-Senior Lien 5.00% due 7/1/2019		2,205,000		2,642,979
				7,299,054
California — 8.6%
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. Wtr. Sys. Ser. AG 5.00% due 12/1/2028		1,500,000		1,770,075
California St. Dept. Veterans Affairs Home Pur. Rev. AMT-Ser. A 5.00% due 12/1/2032		1,495,000		1,562,469
California St. Dept. Wtr. Res. Pwr. Supply Rev. 5.00% due 5/1/2022		1,500,000		1,762,965
California St. Pub. Wrks. Brd. Lease Rev. Judicial Council Projs. Ser. A 4.00% due 3/1/2022		3,975,000		4,445,243
Dept. Gen. Svcs. Bldgs. 8 & 9 Ser. A
6.125% due 4/1/2028		1,000,000		1,218,670
Trustees Calif. St. Univ. Ser. D
6.125% due 4/1/2028		1,245,000		1,493,266
Var. Cap. Projs. Sub. Ser. I-1
6.125% due 11/1/2029		1,875,000		2,315,606
Dept. Dev. Svcs. Porterville Ser. C
6.50% due 4/1/2029		1,500,000		1,854,675
California St. Var. Purp. G.O.
6.00% due 3/1/2033 - 11/1/2035		5,000,000		6,048,550
6.50% due 4/1/2033		2,000,000		2,461,560
Golden St. Tobacco Securitization Corp. CA Tobacco Settlement Rev. Enhanced Asset Bkd. Ser. A AMBAC Insured 5.00% due 6/1/2021		1,500,000		1,510,020
Los Angeles CA Dept. of Arpts. Rev. AMT-Senior-Intl. Private Activity-Ser. A 5.00% due 5/15/2029		3,000,000		3,411,270
Sr-Los Angeles Intl. Arpt. Ser. A
5.00% due 5/15/2035		3,000,000		3,367,530
San Francisco City & Cnty. Arpt. Commn. Intl. Rev. Ref-AMT-Second-Ser. C 5.00% due 5/1/2025		1,500,000		1,723,035
Ser. G
5.25% due 5/1/2025		2,000,000		2,396,760
San Francisco City & Cnty. CA Pub. Utilities Commn. Wtr. Rev. Wtr. Sys. Impt. Proj. Sub. Ser. A 5.00% due 11/1/2029		2,000,000		2,325,140
Univ. of California Revs. Ser. O 5.75% due 5/15/2029		1,000,000		1,202,100
				40,868,934
Colorado — 2.4%
Colorado Health Facs. Auth. Rev. Ref-Adventist Health/Sunbelt Ser. D 5.25% due 11/15/2035(1)		1,825,000		2,021,479
Colorado Hsg. & Fin. Auth. Single Family Mtg. Ser. A FHA Insured 5.50% due 11/1/2029		1,085,000		1,105,268
Colorado St. Health Facs. Auth. Rev. Catholic Health-Ser. A 5.25% due 2/1/2031		2,000,000		2,268,060
Regl. Transn. Dist. CO Sales Tax Rev. Fastracks Proj. Ser. A 5.00% due 11/1/2023		5,000,000		6,173,850
				11,568,657
Connecticut — 4.9%
Connecticut St. G.O. Ser. B 5.00% due 4/15/2029		3,000,000		3,515,700
Ser. C
5.75% due 11/1/2019		1,500,000		1,859,820
Ser. D
0.89% due 9/15/2018(1)		3,000,000		3,045,690
5.00% due 11/1/2030		2,000,000		2,333,420
Ser. E
5.00% due 9/15/2032		1,000,000		1,165,290
Sifma Index Ser. A
0.87% due 3/1/2021(1)		1,500,000		1,498,905
0.97% due 3/1/2022(1)		2,000,000		1,998,380
Connecticut St. Revolving Gen. Rev. Revolving Fd. Ser. A 5.00% due 1/1/2024 - 3/1/2030		4,060,000		4,881,085
Connecticut St. Spl. Tax Oblig. Rev. Transn. Infrastructure Ser. A 5.00% due 11/1/2027		1,500,000		1,706,640
Univ. of Connecticut Ser. A 5.00% due 2/15/2031		1,000,000		1,149,770
				23,154,700
Delaware — 0.3%
Wilmington Delaware G.O.
Ser. A
5.00% due 12/1/2018(2)		1,195,000		1,458,163
5.00% due 12/1/2028		55,000		62,870
				1,521,033
District Of Columbia — 2.0%
District of Columbia Income Tax Sec. Rev. Ser. A 5.00% due 12/1/2036		2,000,000		2,278,480
District of Columbia Metropolitian Arpts. Auth. Arpt. Sys. Rev. AMT-Ser. A 5.00% due 10/1/2030		3,000,000		3,397,110
Metropolitan Washington DC Arpt. Auth. Sys. Rev. Ser. A 5.00% due 10/1/2026		2,000,000		2,313,160
AMT-Ser.C
5.00% due 10/1/2028		1,500,000		1,693,485
				9,682,235
Florida — 5.5%
Brevard Cnty. FLA Health Facs. Auth. Health Care Facs. Rev. Health First Inc. Proj.
5.00% due 4/1/2018		2,830,000		3,084,191
7.00% due 4/1/2039		1,500,000		1,841,715

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Broward Cnty. FLA Arpt. Sys. Rev. Ser. Q-1 5.00% due 10/1/2023	$	2,085,000	$	2,495,849
Broward Cnty. FLA Wtr. & Swr. Utility Rev. Ser. A 5.00% due 10/1/2037		2,000,000		2,312,260
Florida St. G.O. Brd. of Ed. Ser. A 5.00% due 1/1/2022		2,000,000		2,357,400
Dept. Trans. Right of Way
5.375% due 7/1/2027		1,500,000		1,742,760
Miami-Dade Cnty. FLA Aviation Rev. AMT-Ref-Ser. A 5.00% due 10/1/2030		4,000,000		4,430,000
Ser. A
6.00% due 10/1/2027		1,500,000		1,792,065
Miami-Dade Cnty. FLA Health Facs. Auth. Hosp. Rev. Ref- Miami Childrens Hosp. Ser. A 6.125% due 8/1/2042		500,000		574,750
Palm Beach Cnty. FLA Solid Waste Auth. Ref. 5.00% due 10/1/2031		2,000,000		2,297,980
Palm Beach Cnty. FLA Wtr. & Swr. Rev. FPL Reclaimed Wtr. Proj. 5.25% due 10/1/2033		1,500,000		1,723,560
Sarasota Cnty. FLA Pub. Hosp. Dist. Hosp. Rev. Sarasota Memorial Hosp. Proj. Ser. A 5.625% due 7/1/2039		1,500,000		1,624,800
				26,277,330
Georgia — 2.1%
Atlanta GA Arpt. Rev. Ref-Gen-Ser. C 5.25% due 1/1/2030		1,000,000		1,149,940
Atlanta GA Wtr. & Wastewtr. Rev. Ser. A 6.00% due 11/1/2027 - 11/1/2029		3,000,000		3,705,930
Gwinnett Cnty. GA Sch. Dist. G.O. 5.00% due 2/1/2018(2)		1,760,000		2,097,392
5.00% due 2/1/2032 - 2/1/2036		2,740,000		3,104,246
				10,057,508
Guam — 0.2%
Guam Govt. Business Privilege Tax Rev. Ser. A 5.00% due 1/1/2027		1,000,000		1,124,130
				1,124,130
Hawaii — 0.6%
Hawaii St. G.O. Ref-Ser. DZ 5.00% due 12/1/2031		2,500,000		2,924,500
				2,924,500
Illinois — 5.8%
Chicago IL Brd. of Ed. G.O. Ser. A 5.50% due 12/1/2039		2,000,000		2,258,260
Chicago IL O’Hare Intl. Arpt. Rev. AMT-Ref-Passenger Fac. Charge-Ser. B 5.00% due 1/1/2023		1,500,000		1,731,675
Ref-AMT-Gen-Senior Lien-Ser. B
5.00% due 1/1/2024		2,500,000		2,863,325
Chicago IL Sales Tax Rev. Ser. A 5.25% due 1/1/2038		3,000,000		3,394,800
Cook Cnty. IL G.O. Ref-Ser. C 5.00% due 11/15/2019		1,000,000		1,209,150
Illinois St. G.O. 5.00% due 3/1/2017 - 1/1/2019		6,350,000		7,194,763
Ref.
5.00% due 1/1/2024 - 8/1/2025		4,500,000		4,936,610
Illinois St. Toll Hwy. Auth. Toll Hwy. Rev. Ref. Ser. A-1 5.25% due 1/1/2030		2,000,000		2,283,320
Ser. B
5.50% due 1/1/2033		1,500,000		1,704,405
				27,576,308
Indiana — 0.5%
Indiana Fin. Auth. Health Sys. Rev. Sisters of St. Francis Health 5.00% due 11/1/2025		2,000,000		2,216,980
				2,216,980
Iowa — 0.5%
Iowa St. Student Loan Liquidity Corp. AMT-Sr. Ser. A-1 5.00% due 12/1/2021		2,000,000		2,264,800
				2,264,800
Kansas — 0.7%
Kansas St. Dept. Transn. Hwy. Rev. Ser. B-2 5.00% due 9/1/2022		1,500,000		1,784,745
Kansas St. Dev. Fin. Auth. Hosp. Rev. Adventist Health 5.50% due 11/15/2029		1,500,000		1,730,295
				3,515,040
Louisiana — 1.0%
Louisiana Loc. Govt. Environmental Facs. & Cmnty. Dev. Auth. Jefferson Parish Ser. A 5.25% due 4/1/2022		1,525,000		1,740,711
Louisiana St. G.O. Ser. A 5.00% due 9/1/2025		1,500,000		1,811,955
St. John The Baptist Parish LA Rev. Marathon Oil Corp.-Ser. A 5.125% due 6/1/2037		1,000,000		1,059,980
				4,612,646
Maine — 0.4%
Maine St. Tpk. Auth. Rev. 6.00% due 7/1/2034		1,500,000		1,777,890
				1,777,890
Maryland — 1.7%
Anne Arundel Cnty. MD G.O. Cons. Gen. Impt. 5.00% due 4/1/2028		1,500,000		1,805,145
Baltimore Cnty. MD G.O. Met. Dist. 71st Issue 5.00% due 2/1/2022		1,500,000		1,764,255
Maryland St. Dept. Transn. Cons. Transn. 5.25% due 12/15/2017		1,500,000		1,812,675
Prince Georges Cnty. MD G.O. Cons. Pub. Impt. Ser. A 5.00% due 9/15/2029		2,285,000		2,708,113
				8,090,188

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Massachusetts — 5.4%
Massachusetts Bay Transn. Auth. Rev. Ser. A 5.25% due 7/1/2034	$	1,500,000	$	1,736,670
Massachusetts St. College Bldg. Auth. Ser. A 5.00% due 5/1/2028		2,000,000		2,350,500
Ser. B
5.00% due 5/1/2030		1,500,000		1,780,350
Massachusetts St. Dept. Transn. Met Hwy. Sys. Rev. Ser. B 5.00% due 1/1/2027		2,000,000		2,259,440
Massachusetts St. Health & Ed. Facs. Auth. Rev. Ser. A, M.I.T.		1,500,000		1,693,290
5.00% due 7/1/2038
Harvard Univ. Ser. B
5.00% due 10/1/2038		1,500,000		1,703,565
Harvard Univ. Ser. A
5.50% due 11/15/2036		1,500,000		1,789,890
Ser. O, M.I.T.
6.00% due 7/1/2036		1,500,000		1,842,570
Massachusetts St. Sch. Bldg. Auth. Sales Tax Rev. Ref-Senior-Ser. B 5.00% due 8/15/2020		2,000,000		2,483,280
Ref-Senior-Ser. A
5.00% due 8/15/2030		2,500,000		2,934,550
Massachusetts St. Wtr. Poll. Abatement Tr. Ref. 5.00% due 8/1/2028		1,500,000		1,748,715
Massachusetts St. Wtr. Res. Auth. Ref-Gen-Ser. B 5.00% due 8/1/2031		2,000,000		2,318,300
Ser. A
5.00% due 8/1/2037		1,000,000		1,151,090
				25,792,210
Michigan — 2.8%
Michigan Mun. Bd. Auth. Dept. of Treasury Rev. St. Clean Wtr. Revolving Fd. 5.00% due 10/1/2019		2,000,000		2,363,300
Michigan St. Hsg. Dev. Auth. Rental Hsg. Rev. Ser. B 5.00% due 10/1/2018		1,820,000		2,000,217
Wayne Cnty. MI Arpt. Auth. Rev. AMT-Ref-Detroit Met Arpt. Ser. D 5.00% due 12/1/2019		2,000,000		2,343,800
Detroit Met Arpt. Ser. A
5.00% due 12/1/2019		1,000,000		1,200,700
Arpt. Rev. Ref-Ser. B
5.00% due 12/1/2020		2,595,000		3,137,173
AMT-Arpt. Rev. Ref. Ser. A
5.00% due 12/1/2022		2,000,000		2,314,580
				13,359,770
Minnesota — 1.8%
Minnesota St. G.O. Hwy. & Var. Purp. 5.00% due 8/1/2022		1,500,000		1,747,935
Ref-St. Var. Purp. Ser. D
5.00% due 8/1/2022		1,500,000		1,835,025
Var. Purp. Ser. D
5.00% due 8/1/2024		2,000,000		2,414,600
Minnesota St. Pub. Safety Radio 5.00% due 6/1/2024		2,000,000		2,357,540
				8,355,100
Mississippi — 0.4%
Warren Cnty. MS Gulf Opportunity Zone Intl. Paper Ser. A 6.50% due 9/1/2032		1,500,000		1,720,020
				1,720,020
Missouri — 1.5%
Metropolitan St. Louis MO Swr. Dist. Wastewtr. Sys. Rev. Ser. A 5.75% due 5/1/2038		1,500,000		1,729,365
Missouri St. Environmental Impt. & Energy Res. Auth. Wtr. Poll. St. Revolving Fds. Pgs. Ser. A 5.75% due 1/1/2029		1,500,000		1,790,295
Missouri St. Hwys & Trans Commn. St. Rd. Rev. (1st Lein) 5.00% due 5/1/2025		1,500,000		1,685,775
(2nd Lein)
5.25% due 5/1/2018		1,500,000		1,776,555
				6,981,990
Nevada — 1.0%
Clark Cnty. NV G.O. Ref-Transn-Ser. A 5.00% due 12/1/2029		2,000,000		2,241,080
Clark Cnty. NV Wtr. Reclamation Dist. G.O. Ser. A 5.25% due 7/1/2038		2,000,000		2,336,220
				4,577,300
New Jersey — 7.6%
Essex Cnty. NJ Impt. Auth. Proj. Rev. AMBAC Insured 5.00% due 12/15/2023		2,000,000		2,315,500
Middlesex Cnty. NJ Impt. Auth. Lease Rev. Regl. Ed. Svc. Commn. 5.25% due 12/15/2033		1,500,000		1,755,165
New Jersey Economic Dev. Auth. Rev. Sch. Facs. Constr. Ser. O 5.25% due 3/1/2015(2)		1,500,000		1,639,875
New Jersey Environmental Infrastructure Tr. AMT-Ser. B 5.00% due 9/1/2028		1,355,000		1,555,106
New Jersey Garden St. Preservation Tr. Ser. A FSA Insured 5.50% due 11/1/2015		1,500,000		1,694,745
New Jersey St. Economic Dev. Auth. Rev. Ref-Sch. Facs. Constr. Sifma Ser. I 1.37% due 9/1/2025(1)		5,000,000		4,997,350
New Jersey St. Ed. Facs. Auth. Rev. Princeton Univ. Ser. E 5.00% due 7/1/2033		1,500,000		1,710,420
New Jersey St. Trans. Trust Fund Auth. Rev. Trans. Sys. Ser. A 5.50% due 6/15/2041		3,000,000		3,447,390
New Jersey St. Transn. Tr. Fd. Auth. Transn. Sys. Ser. D 5.00% due 6/15/2020		2,000,000		2,162,220
Transn. Sys. Ser. C
FSA Insured
5.50% due 12/15/2016		1,500,000		1,751,715
Transn. Sys. Ser. B
5.50% due 6/15/2031		4,500,000		5,276,520

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

March 31, 2013 (unaudited)	Principal Amount		Value
New Jersey St. Turnpike Auth. Ser. B
5.00% due 1/1/2021
Ser. A	$	2,000,000	$	2,430,020
5.00% due 1/1/2032(3)		2,650,000		2,974,864
New Jersey St. Var. Purp. G.O. 5.00% due 6/1/2021		2,000,000		2,406,520
				36,117,410
New York — 9.7%
Metropolitan Transn. Auth. NY Dedicated Tax Fd. Subser. B-2 5.00% due 11/15/2031		2,000,000		2,300,040
Ser. B
5.00% due 11/15/2034		1,500,000		1,678,785
Metropolitan Transn. Auth. NY Rev. Ser. D 5.00% due 11/15/2024		2,500,000		2,928,850
Ref-Ser. D
5.00% due 11/15/2030		1,000,000		1,142,620
New York City NY Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Ref-Ser. AA 5.00% due 6/15/2034		2,000,000		2,280,980
New York NY G.O. Subser. J-4 0.67% due 8/1/2025(1)		3,000,000		3,000,000
Ser. H-1
5.25% due 3/1/2021		1,500,000		1,815,135
Subser. B-1
5.25% due 9/1/2025		2,000,000		2,363,260
New York St. Dorm. Auth. Lease Rev. Mental Health Svcs. Facs. Ser. A 5.00% due 8/15/2021		2,000,000		2,427,360
New York St. Dorm. Auth. Rev. NonStruct. Supp. Debt. Columbia Univ. Ser. C 5.00% due 7/1/2029		1,500,000		1,688,715
New York St. Dorm. Auth. Revs. St. Supp. Debt. Third Gen. Res. St. Univ. Edl. Facs. Ser. A 5.00% due 5/15/2026		1,000,000		1,181,200
New York St. Dorm. Auth. St. Personal Income Tax Rev. Ser. E 5.00% due 8/15/2027		2,000,000		2,334,220
New York St. Environmental Facs. Corp. St. Clean Wtr. & Drinking Revolving Fds. NYC Muni. Wtr. Fin. Auth. Projs-2nd Res-Ser. D 5.00% due 6/15/2024 - 6/15/2027		3,000,000		3,626,220
New York St. Liberty Dev. Corp. Liberty Rev. Ref-7 World Trade Ctr. Class 1 5.00% due 9/15/2029 - 9/15/2040		4,925,000		5,658,643
New York St. Thruway Auth. NY 5.25% due 3/15/2027		1,500,000		1,737,750
New York St.Thruway Auth. Second Gen. Hwy. & Bridge Tr. Fd. Ser. A-1 5.00% due 4/1/2028		1,500,000		1,730,265
Port Authority of NY & NJ Consol-Ser. 169 5.00% due 10/15/2024		2,000,000		2,340,180
Consol-Ser. 172
5.00% due 10/1/2030		3,000,000		3,404,100
Triborough NY Bridge & Tunl. Auth. Revs. Ref-Gen-Ser. B 5.00% due 11/15/2024		2,000,000		2,484,740
				46,123,063
North Carolina — 2.0%
Charlotte NC Wtr. & Swr. Sys. Rev. Ser. B 5.00% due 7/1/2033		1,750,000		2,076,428
Raleigh NC Combined Enterprise Sys. Rev. Ser. A 5.00% due 3/1/2026		1,600,000		1,788,544
University NC Univ. Revs. 5.00% due 12/1/2027		1,500,000		1,742,820
Wake Cnty. NC G.O. 5.00% due 3/1/2017(2)		1,500,000		1,754,745
Pub. Impt. Ser. A
5.00% due 4/1/2018		2,000,000		2,400,680
				9,763,217
Ohio — 1.5%
Buckeye OH Tobacco Settlement Fing. Auth. Asset Bkd. Ser. A-1 5.00% due 6/1/2015		2,000,000		2,157,600
Columbus OH Swr. Rev. Ser. A 5.00% due 6/1/2028		1,500,000		1,710,045
Lucas Cnty. OH Hosp. Rev. Ref-Promedica Healthcare-Ser. D 5.25% due 11/15/2028		1,550,000		1,751,438
Ohio St. Hosp. Fac. Rev. Cleveland Clinic Health Ser. B 5.50% due 1/1/2034		1,500,000		1,683,825
				7,302,908
Oklahoma — 0.4%
Oklahoma St. Wtr. Res. Brd. Revolving Fd. Rev. Master Tr. 5.00% due 4/1/2029		1,635,000		1,909,778
				1,909,778
Oregon — 1.4%
Deschutes & Jefferson Cnty. OR Sch. Dist. G.O. 6.125% due 6/15/2018(2)		1,500,000		1,896,390
Oregon St. Dept. Administrative Svcs. Lottery Rev. Ser. A 5.25% due 4/1/2030		1,480,000		1,761,452
Oregon St. Dept. Trans. Hwy. User Tax Rev. Sr. Lien-Ser. A 5.00% due 11/15/2033		1,500,000		1,689,675
Oregon St. G.O. St. Brd. Ed. Ser. D 5.00% due 8/1/2025		1,000,000		1,187,020
				6,534,537
Pennsylvania — 1.2%
Franklin Cnty. PA Ind. Dev. Auth. Rev. Chambersburg Hosp. Proj. 5.30% due 7/1/2030		1,000,000		1,102,140
Pennsylvania St. Tpk. Commn. Oil Franchise Tax Rev. Rmk. Ser. C of 2003 Tpk. 5.00% due 12/1/2032		2,125,000		2,344,683
Pennsylvania St. Tpk. Commn. Tpk. Rev. Sub-Spl-Motor License Fd. Enhanced Ser. A 6.00% due 12/1/2036		1,000,000		1,207,730
St. Mary Hosp. Auth. PA Health Sys. Rev. Catholic Health East Ser. A 5.00% due 11/15/2018		1,000,000		1,181,920
				5,836,473

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Puerto Rico — 3.8%
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Ser. ZZ 5.25% due 7/1/2025	$	2,000,000	$	2,027,480
Ser. WW
5.50% due 7/1/2021		1,500,000		1,592,280
Ser. XX
5.75% due 7/1/2036		2,000,000		2,041,320
Puerto Rico Pub. Bldgs. Auth. Rev. Gtd. Ref-Govt. Facs. Ser. H 5.25% due 7/1/2013		500,000		504,155
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Ser. C 5.00% due 8/1/2022		2,000,000		2,342,560
Ser. A
5.00% due 8/1/2024		2,000,000		2,151,220
5.25% due 8/1/2027		1,500,000		1,608,150
First Sub-Ser. A
5.50% due 8/1/2037		4,000,000		4,125,840
Ser. A Pre-refunded-First Sub
6.125% due 2/1/2014(2)		40,000		41,973
Ser. A Unrefunded-First Sub
6.125% due 8/1/2029		1,460,000		1,503,026
				17,938,004
Rhode Island — 0.8%
Rhode Island St. & Providence Plantations G.O. Cons. Cap. Dev. Lien-Ser. A 5.50% due 8/1/2031		1,500,000		1,778,100
Tobacco Settlement Fing. Corp. RI Asset Bkd. Ser. A 6.00% due 6/1/2023		880,000		881,522
6.125% due 6/1/2032		1,015,000		1,031,900
				3,691,522
South Carolina — 3.1%
Charleston Cnty. SC G.O. Cap. Impt. Transn. Sales Tax 5.00% due 11/1/2022		2,000,000		2,524,700
Greenville SC Hosp. Sys. Brd. Hosp. Facs. Rev. Ref. 5.00% due 5/1/2031		3,000,000		3,271,710
South Carolina St. Pub. Svc. Auth. Rev. Obgs-Ser. D 5.00% due 12/1/2030		3,000,000		3,443,700
Ref-Santee Cooper Proj. Ser. C
5.00% due 12/1/2036		2,000,000		2,227,140
Ser. B
5.25% due 1/1/2034		1,500,000		1,716,810
Ref. Ser. A
5.50% due 1/1/2015		1,500,000		1,632,285
				14,816,345
Tennessee — 1.7%
Johnson City Health & Edl. Facs. Brd. Hosp. Rev. Mountain Sts. Health Alliance 5.625% due 7/1/2030		1,500,000		1,741,875
Metropolitan Govt. Nashville & Davidson Cnty. Tenn Health & Ed. Facs. Brd. Rev. Vanderbilt Univ. Ser. A 5.00% due 10/1/2034		1,250,000		1,416,225
Vanderbilt Univ. Ser. B
5.50% due 10/1/2034		1,500,000		1,763,295
Tennessee St. G.O. Ser. C 5.00% due 5/1/2018(2)		1,425,000		1,719,861
Tennessee St. Sch. Bd. Auth. Higher Ed. Facs. Ser. B 5.125% due 5/1/2033		1,500,000		1,698,885
				8,340,141
Texas — 8.8%
Allen, Tex. Indpt. Sch. Dist. G.O. Ref. 5.00% due 2/15/2036		1,580,000		1,803,475
Austin, Tex. Elec. Utility Sys. Rev. Ser. A 5.00% due 11/15/2026		2,000,000		2,349,300
Bexar Cnty. Tex. G.O. Certificates Oblig. 5.00% due 6/15/2030		1,500,000		1,690,215
Canadian River Tex. Mun. Wtr. Auth. Sub Lien-Conjunctive Use Groundwater Supply Proj. 5.00% due 2/15/2026		2,000,000		2,328,620
Dallas-Fort Worth Tex. Intl. Arpt. Rev. Ref-JT-Ser. B 5.00% due 11/1/2023		2,500,000		2,908,350
Harris Cnty. Tex. Flood Ctl. Dist. Ref-Contract Tax Ser. A 5.00% due 10/1/2034		2,000,000		2,269,560
Harris Cnty. Tex. G.O. Ser. B 5.00% due 10/1/2024		1,500,000		1,785,300
Ref-Rd-Ser. A
5.25% due 10/1/2031		1,500,000		1,778,610
Montgomery Cnty. Tex. G.O. 5.125% due 3/1/2031		1,500,000		1,720,410
North Tex. Mun. Wtr. Dist. Regl. Wastewtr. Rev. 5.00% due 6/1/2028		1,500,000		1,731,525
North Tex. Twy. Auth. Dallas North Twy. Sys. Rev. Ser. C 6.00% due 1/1/2023 - 1/1/2025		4,250,000		5,003,235
North Tex. Twy. Auth. Rev. Ref-1st Tier Ser. A 5.00% due 1/1/2029		2,500,000		2,830,575
Spl. Projs. Sys. Ser. A
5.00% due 9/1/2031		2,000,000		2,295,360
Spl. Projs. Sys. Ser. D
5.00% due 9/1/2031		2,000,000		2,295,360
Sr. Projs. Sys. Ser. A
5.50% due 9/1/2036		1,500,000		1,768,350
Round Rock Tex. Indpt. Sch. Dist. G.O. Sch. Bldg. 5.25% due 8/1/2034		1,500,000		1,745,160
Tex. Private Activity Bd. Surface Transn. Corp. Sr. Lien 6.875% due 12/31/2039		3,130,000		3,707,892
Texas St. Univ. Sys. Fing. Rev. 5.25% due 3/15/2027		1,500,000		1,716,915
				41,728,212
Utah — 0.2%
Metropolitan Wtr. Dist. of UT Salt Lake & Sandy Wtr. Rev. Ref. Ser. A 5.00% due 7/1/2037		1,000,000		1,135,300
				1,135,300
Virginia — 2.3%
Fairfax Cnty. VA Indl. Dev. Auth. Rev. Health Care Inova Ser. C 5.00% due 5/15/2025		500,000		574,455
Health Care Inova
5.00% due 5/15/2037		1,810,000		2,048,974

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Tobacco Settlement Fin. Corp. VA Asset Bkd. 5.50% due 6/1/2026(2)	$	1,340,000	$	1,426,899
Virginia St. Pub. Sch. Auth. Sch. Fing. Ser. B 5.00% due 8/1/2028		1,500,000		1,720,590
5.25% due 8/1/2033		1,000,000		1,158,510
Virginia St. Pub. Sch. Auth. Spl. Oblg. Montgomery Cnty. Sch. Fing. 5.00% due 1/15/2026		2,000,000		2,368,660
Virginia St. Res. Auth. Infrastructure Rev. Pooled Fing. Prog. Ser. B 5.00% due 11/1/2030		1,375,000		1,631,878
				10,929,966
Washington — 2.1%
Clark Cnty. WA Pub. Utility Dist. No. 001 Generating Sys. Rev. 5.00% due 1/1/2024		2,000,000		2,303,120
King Cnty. WA Swr. Rev. 5.50% due 1/1/2030		1,815,000		2,110,046
Port of Seattle WA Rev. AMT-Ref-Ser. B 5.00% due 9/1/2024		1,500,000		1,753,095
Tobacco Settlement Auth. WA Tobacco Settlement Rev. Asset Bkd. 6.50% due 6/1/2026		1,400,000		1,448,874
Washington St. G.O. Motor Vehicle Tax-Senior 520 Corridor Prog. Toll-Ser. C 5.00% due 6/1/2033		2,000,000		2,309,480
				9,924,615
Wisconsin — 0.6%
Wisconsin St. Health & Edl. Facs. Auth. Rev. Aurora Health Care Ser. A 5.00% due 7/15/2028		1,000,000		1,097,200
Aurora Health Care
6.50% due 4/15/2033		2,000,000		2,005,480
				3,102,680
Total Municipal Bonds (Cost $437,230,378)				470,512,494
Total Investments — 98.8% (Cost $437,230,378)				470,512,494
Other Assets, Net — 1.2%				5,915,407
Total Net Assets — 100.0%			$	476,427,901

(1) Variable rate security. The rate shown is the rate in effect at March 31, 2013.

(2) Pre-refunded.

(3) When-issued security.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Tax-Exempt Fund

The following is a summary of the inputs used as of March 31, 2013 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
Municipal Bonds	$	—	$	470,512,494	$	—	$	470,512,494
Total	$	—	$	470,512,494	$	—	$	470,512,494

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Income Municipal Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Municipal Bonds — 97.4%
Alabama — 0.7%
Selma AL Indl. Dev. Brd. Rev. Gulf Oppty. Zone Intl. Paper Co. Ser. A 5.80% due 5/1/2034	$	1,500,000	$	1,681,635
				1,681,635
Arizona — 0.9%
Tempe AZ Indl. Dev. Auth. Rev. Ref- Friendship Vlg. Ser. A 6.25% due 12/1/2042		2,000,000		2,179,700
				2,179,700
California — 9.6%
California Hlth. Facs. Fing. Auth. Rev. Episcopal Home Ser. B 6.00% due 2/1/2020(1)		1,500,000		1,959,150
California St. Hsg. Fin. Agy. Rev. AMT-Home Mtge. Ser. K 5.50% due 2/1/2042		1,235,000		1,278,694
California St. Muni. Fin. Auth. Rev. Emerson College 5.75% due 1/1/2033		1,300,000		1,548,859
California St. Pub. Wrks. Brd. Lease Rev.
Var. Cap. Projs. Ser. A
5.00% due 4/1/2034		1,500,000		1,631,280
Var. Cap. Projs. Sub. Ser. I-1
6.125% due 11/1/2029		1,500,000		1,852,485
6.625% due 11/1/2034		685,000		743,691
California St. Var. Purp. G.O. 6.00% due 11/1/2039		1,500,000		1,794,465
Foothill Eastern Trans. Corridor Agy. CA. Toll Road Rev. Ref-Convertible Cap. Apprec. 5.875% due 1/15/2026		2,000,000		2,054,780
Port of Oakland CA Rev. Ref-AMT-Ser. O 5.125% due 5/1/2031		1,250,000		1,369,700
San Diego Calif. Redev. Agy. Tax Allocation Rev.
City Heights Redev. Ser. A
5.625% due 9/1/2040		1,000,000		1,016,590
Naval Training Ctr. Ser. A
5.75% due 9/1/2040		1,000,000		1,056,060
San Ysidro Redev. Ser. A
5.75% due 9/1/2040		1,000,000		1,056,060
San Francisco Calif. City & Cnty. Arpt. Commn. Intl. Arpt. Rev. Ref. AMT- Second Ser. F 5.00% due 5/1/2030		1,540,000		1,700,129
San Jose CA. Arpt. Rev. AMT-Ser. A-1 5.75% due 3/1/2034		2,000,000		2,243,920
Tulare Calif. Redev. Agy. Tax Allocation Merged Tulare Redev. Ser. A 6.125% due 8/1/2035		1,970,000		2,050,475
				23,356,338
Colorado — 4.3%
Colorado E-470 Pub. Hwy. Auth. Rev. Ser. C 5.375% due 9/1/2026		1,000,000		1,116,600
Colorado Regl. Trans. Dist. Private Activity Rev. Denver Trans. Partners 6.00% due 1/15/2034		3,425,000		3,952,039
Regl. Transn. Dist. CO Private Activity Rev. Denver Trans. Partners 6.00% due 1/15/2026 - 1/15/2041		4,670,000		5,382,373
				10,451,012
Delaware — 0.7%
Delaware St. Muni. Elec. Corp. Rev. 5.00% due 7/1/2037		1,500,000		1,637,385
				1,637,385
District Of Columbia — 3.8%
District of Columbia Metropolitian Arpts. Auth. Arpt. Sys. Rev. Ser. A 5.00% due 10/1/2028		2,500,000		2,852,750
AMT-Ser. A
5.00% due 10/1/2030		2,000,000		2,264,740
District of Columbia Rev. Utd. Negro College Fund 6.875% due 7/1/2040		2,000,000		2,404,380
District of Columbia Tobacco Settlement Fing. Corp. Asset Bkd. Bds. 6.50% due 5/15/2033		1,500,000		1,779,015
				9,300,885
Florida — 9.4%
Brevard Cnty. FLA Hlth. Facs. Auth. Hlth. Care Facs. Rev. Hlth. First Inc. Proj. 7.00% due 4/1/2039		1,500,000		1,841,715
Broward Cnty. FLA Arpt. Sys. Rev. AMT-Ser. Q-2 5.00% due 10/1/2037		2,750,000		2,981,302
Greater Orlando FLA Aviation Auth. Arpt. Facs. Rev. Ref-Jetblue Airways Corp. Proj. 5.00% due 11/15/2036(2)		1,500,000		1,540,695
Highlands Cnty. FLA Hlth. Facs. Auth. Rev. Adventist Hlth./Sunbelt Ser. B 6.00% due 11/15/2037		1,600,000		1,866,224
Miami-Dade Cnty. FLA Aviation Rev. AMT-Ser. A 5.00% due 10/1/2031		1,000,000		1,103,280
Miami-Dade Cnty. FLA Hlth. Facs. Auth. Hosp. Rev.
Ref- Miami Childrens Hosp.
5.875% due 8/1/2042		975,000		1,107,776
Ref- Miami Childrens Hosp. Ser. A
6.125% due 8/1/2042		3,395,000		3,902,552
Village Cmnty. Dev. Dist. No. 10 FLA Spl. Assessment Rev. 5.00% due 5/1/2032		2,000,000		2,032,460
Village Cmnty. Dev. Dist. No. 8 FLA Spl. Assessment Rev.
Ref-Phase II
6.125% due 5/1/2039		2,270,000		2,662,528
Ref-Phase III
6.125% due 5/1/2040		3,340,000		3,915,282
				22,953,814
Georgia — 1.3%
Atlanta GA Wtr. & Wastewtr. Rev. Ser. A 6.25% due 11/1/2039		1,250,000		1,525,038

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Income Municipal Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
De Kalb Cnty. GA Wtr. & Swr. Rev. Ser. A 5.25% due 10/1/2030	$	1,500,000	$	1,756,320
				3,281,358
Illinois — 8.6%
Chicago IL Brd. of Ed. G.O. Ser. A 5.50% due 12/1/2039		1,500,000		1,693,695
Chicago IL O’Hare Intl. Arpt. Rev.
AMT-Gen-Sr. Lien-Ser. B
5.00% due 1/1/2030		2,000,000		2,189,500
AMT-Ref. Passenger Facs. Charge-Ser. B
5.00% due 1/1/2030		2,000,000		2,189,500
Gen-Third Lien-Ser. A
5.75% due 1/1/2039		1,500,000		1,727,130
Chicago IL Proj. G.O. Ser. A 5.00% due 1/1/2034		1,500,000		1,638,600
Chicago IL Wtr. Rev. Ref. 5.00% due 11/1/2029		1,490,000		1,703,100
Illinois Fin. Auth. Rev.
Temps-50-Park Place Elmhurst Ser. D-3
6.25% due 8/15/2015		1,145,000		1,147,599
Ref-Roosevelt Univ. Proj.
6.25% due 4/1/2029		2,600,000		2,947,568
6.50% due 4/1/2044		755,000		852,810
Temps-75-Admiral at Lake-D-1
7.00% due 5/15/2018		1,000,000		1,004,390
Illinois St. G.O.
Ref.
5.00% due 1/1/2024		1,500,000		1,635,930
Ser. A
5.00% due 9/1/2031		2,000,000		2,174,400
				20,904,222
Indiana — 1.7%
Indiana Hlth. & Edl. Fac. Fing. Auth. Hosp. Rev. Cmnty. Fndtn. Northwest Indiana 5.50% due 3/1/2037		1,900,000		2,060,854
Indiana St. Fin. Auth. Rev. Cmnty. Fndtn. Northwest Indiana 5.00% due 3/1/2030		2,000,000		2,187,840
				4,248,694
Iowa — 0.5%
Iowa St. Student Loan Liquidity Corp. AMT-Sr. Ser. A-1 5.00% due 12/1/2021		1,000,000		1,132,400
				1,132,400
Kentucky — 2.2%
Kentucky St. Economic Dev. Fin. Auth.
Owensboro Med. Hlth Sys. Ser. A
6.00% due 6/1/2030		2,000,000		2,330,700
Ref-Owensboro Medical Hlth. Ser. B
6.375% due 3/1/2040		2,500,000		2,963,825
				5,294,525
Louisiana — 1.2%
Louisiana Pub. Facs. Auth. Rev. Ochsner Clinic Fndtn. Proj. 6.50% due 5/15/2037		1,500,000		1,811,955
St. John The Baptist Parish LA Rev. Marathon Oil Corp. Ser. A 5.125% due 6/1/2037		1,000,000		1,059,980
				2,871,935
Maryland — 0.7%
Gaithersburg MD Economic Dev. Rev. Ref-Asbury MD Oblig. Ser. B 6.00% due 1/1/2023		1,500,000		1,701,285
				1,701,285
Massachusetts — 2.0%
Massachusetts Dev. Fin. Agy. Sr. Living Fac. Rev.
Ser. B-1
7.25% due 6/1/2016(3)		1,100,000		520,949
Groves-Lincoln Ser. A
7.50% due 6/1/2029(3)		1,000,000		469,440
Massachusetts Edl. Fing. Auth. Ed. Loan Rev. Ser. J 5.625% due 7/1/2028 - 7/1/2033		3,500,000		3,826,440
				4,816,829
Michigan — 3.2%
Detroit MI Wtr. Sply. Sys. Rev. Sr. Lien Ser. A 5.25% due 7/1/2041		2,000,000		2,149,260
Michigan St. Hsg. Dev. Auth. Single Fam. Homeownership AMT-Ser. C 5.50% due 12/1/2028		1,130,000		1,208,433
Wayne Cnty. MI Arpt. Auth. Rev.
AMT-Arpt. Rev. Ref. Ser. A
5.00% due 12/1/2022		1,500,000		1,735,935
Detroit Met Wayne Cnty. Arpt.
NATL-RE Insured
5.00% due 12/1/2034		1,500,000		1,568,685
AMT-Detroit Met Arpt.Ser. B
5.00% due 12/1/2037		1,000,000		1,063,760
				7,726,073
New Jersey — 6.3%
New Jersey Economic Dev. Auth. Rev. Ref. 5.00% due 6/15/2026		5,000,000		5,665,250
MSU Student Hsg. Proj. Provident Group Montclair LLC 5.875% due 6/1/2042		2,000,000		2,255,260
New Jersey St. Higher Ed. Assistance Auth. Student Loan Rev. Ser. 1 5.75% due 12/1/2028		1,500,000		1,688,130
New Jersey St. Trans. Trust Fund Auth. Rev.
Transn. Ser. AA
5.00% due 6/15/2029		2,000,000		2,254,260
Transn. Ser. A
5.25% due 6/15/2030		2,000,000		2,326,460
Transn. Ser. B
5.25% due 6/15/2036		1,060,000		1,209,842
				15,399,202
New Mexico — 1.6%
Farmington NM Poll. Ctrl. Rev.
Ref-AMT-Pub. Svc. N Mex San Juan Ser. D
5.90% due 6/1/2040		2,000,000		2,227,880
Ref- Pub. Svc. N Mex Ser. F
6.25% due 6/1/2040		1,600,000		1,753,280
				3,981,160

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Income Municipal Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
New York — 4.7%
Albany NY Cap. Res. Corp. Rev. St. Peter’s Hosp. 6.25% due 11/15/2038	$	1,500,000	$	1,803,645
Hempstead Town NY Loc. Dev. Corp. Rev. Molloy College Proj. 5.75% due 7/1/2039		1,500,000		1,697,625
Metropolitan Transn. Auth. NY Rev.
Ser. D
5.00% due 11/15/2027		1,500,000		1,714,020
Ref-Ser. D
5.00% due 11/15/2030		2,000,000		2,285,240
New York St. Thruway. Auth. Gen. Rev. Ser. I 5.00% due 1/1/2037		2,000,000		2,224,200
Port Auth. of New York & New Jersey Spl. Oblig. Rev. JFK Intl. Air Terminal LLC 6.00% due 12/1/2036		1,500,000		1,771,005
				11,495,735
Ohio — 1.6%
Bowling Green OH Student Hsg. Rev. CFP I LLC St. Univ. Proj. 6.00% due 6/1/2045		1,500,000		1,656,615
Ohio St. Environmental Facs. Rev.
Ford Motor Co. Proj.
5.95% due 9/1/2029		760,000		760,570
6.15% due 6/1/2030		1,500,000		1,501,230
				3,918,415
Oklahoma — 1.4%
Oklahoma Dev. Fin. Auth. CCRC Rev. Ref-Inverness Vlg. Cmnty. 6.00% due 1/1/2032		1,625,000		1,744,779
Tulsa Cnty. OKLA Indl. Auth. Sr. Living Cmnty. Rev. Montereau Inc. Proj. Ser. A 7.25% due 11/1/2040		1,500,000		1,686,675
				3,431,454
Pennsylvania — 5.5%
Allegheny Cnty. PA Arpt. Auth. Rev. Pittsburgh Intl. Arpt. Ser. A-1 5.00% due 1/1/2028		1,000,000		1,098,660
Cumberland Cnty. PA Mun. Auth. Rev.
Ref-Asbury PA Oblig. Group
5.25% due 1/1/2032		1,350,000		1,405,579
Asbury PA Oblig. Group
6.00% due 1/1/2030		1,250,000		1,365,525
Diakon Lutheran
6.125% due 1/1/2029		1,500,000		1,677,540
Dauphin Cnty. PA Gen. Auth. Hlth. Sys. Rev.
Pinnacle Hlth. Sys. Proj.
5.00% due 6/1/2042		1,500,000		1,593,915
Pinnacle Hlth. Sys. Proj. Ser. A
6.00% due 6/1/2036		1,500,000		1,675,305
Pennsylvania St. Tpk. Commn. Tpk. Rev.
Sub. Ser. B
5.25% due 6/1/2039		1,500,000		1,633,860
Sub. Ser. A
5.625% due 12/1/2031		1,500,000		1,756,455
6.50% due 12/1/2036		1,000,000		1,200,010
				13,406,849
Puerto Rico — 5.3%
Puerto Rico Comwlth. G.O.
Ref-Pub. Impt. Ser. E
5.625% due 7/1/2033		2,000,000		1,981,920
Ref-Pub. Impt. Ser. B
5.875% due 7/1/2036		1,000,000		1,009,140
6.50% due 7/1/2037		1,500,000		1,570,155
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Ser. XX 5.75% due 7/1/2036		1,500,000		1,530,990
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.
1st Sub-Ser. A
5.50% due 8/1/2037		2,500,000		2,578,650
1st Sub-Ser. C
6.00% due 8/1/2039		2,040,000		2,196,101
1st Sub-Ser. A
6.375% due 8/1/2039		2,000,000		2,198,580
				13,065,536
Rhode Island — 1.0%
Rhode Island St. & Providence Plantations G.O. Cons. Cap. Dev. Lien-Ser. A 5.50% due 8/1/2031		1,500,000		1,778,100
Tobacco Settlement Fing. Corp. RI Asset Bkd. Ser. A 6.125% due 6/1/2032		600,000		609,990
				2,388,090
South Carolina — 2.1%
Charleston Cnty. SC G.O. Cap. Impt. Plan 5.00% due 11/1/2022		1,340,000		1,691,549
Richland Cnty. SC Environmental Impt. Rev. Intl. Paper 6.10% due 4/1/2023		1,780,000		1,802,339
South Carolina Jobs-Economic Dev. Auth. Student Hsg. Rev. Coastal Hsg. Fndtn. Ser. A 6.00% due 4/1/2030		1,500,000		1,739,955
				5,233,843
Tennessee — 1.5%
Johnson City Hlth. & Edl. Facs. Brd. Hosp. Rev. Mountain Sts. Hlth. Alliance 5.625% due 7/1/2030		1,500,000		1,741,875
Memphis-Shelby Cnty. TN Arpt. Auth. Arpt. Rev. Ser. B 5.00% due 7/1/2025		1,665,000		1,872,892
				3,614,767
Texas — 10.4%
Brazos River Tex. Harbor Navigation Dist. Rev. Dow Chemical Co. Proj. Ser. A-3 5.125% due 5/15/2033		2,000,000		2,130,320
Central Tex. Regl. Mobility Auth. Rev. Sr. Lien 6.00% due 1/1/2041		1,500,000		1,740,225
Dallas-Fort Worth Tex. Intl. Arpt. Fac. Impro. Corp. Rev. Ser. B 5.00% due 11/1/2032		3,000,000		3,345,780
Harris Cnty. Tex. G.O. Ref-Rd-Ser. A 5.25% due 10/1/2031		1,500,000		1,778,610
Lower Colorado River Tex. Auth. Ref-LCRA Transmission Svcs. Corp. Ser. A 5.00% due 5/15/2029		1,690,000		1,880,328

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Income Municipal Bond Fund

March 31, 2013 (unaudited)	Principal Amount		Value
North Tex. Twy. Auth. Rev.
1st Tier Ref. Ser. D
5.00% due 1/1/2038	$	1,000,000	$	1,100,230
Toll 2nd Tier Ref. Ser. F
5.75% due 1/1/2033		2,000,000		2,218,080
Tarrant Cnty. Tex. Cultural Ed. Facs. Fin. Corp. Ret. Fac. CC Young Memorial Home Ser. B-1 7.25% due 2/15/2016		1,368,000		1,370,886
Tex. Private Activity Bd. Surface Transn. Corp.
Sr. Lien-NTE Mobility
6.875% due 12/31/2039		1,500,000		1,776,945
Sr. Lien-LBJ Infrastructure
7.00% due 6/30/2040		3,110,000		3,745,560
Sr. Lien-NTE Mobility
7.50% due 12/31/2031		1,500,000		1,853,505
Sr. Lien-LBJ Infrastructure
7.50% due 6/30/2033		2,000,000		2,490,300
				25,430,769
Virginia — 2.3%
Virginia Small Business Fin. Auth. Rev.
Sr. Lien-Elizabeth River Crossings Opco LLC Proj.
5.50% due 1/1/2042		1,500,000		1,611,135
6.00% due 1/1/2037		3,500,000		3,998,470
				5,609,605
Washington — 1.6%
Tobacco Settlement Auth. WA Tobacco Settlement Rev. Asset Bkd. 6.625% due 6/1/2032		1,905,000		1,944,586
Washington St. Hlth. Care Fac. Auth. Rev. Providence Hlth. & Svc. Ser. A 5.00% due 10/1/2033		1,750,000		1,984,692
				3,929,278
Wisconsin — 1.3%
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. AMT-Ser. B 5.75% due 11/1/2025		1,640,000		1,818,432
Wisconsin St. Hlth. & Edl. Facs. Auth. Rev. Aurora Hlth. Care 6.40% due 4/15/2033		1,500,000		1,504,005
				3,322,437
Total Municipal Bonds (Cost $221,659,779)				237,765,230
Total Investments — 97.4% (Cost $221,659,779)				237,765,230
Other Assets, Net — 2.6%				6,332,779
Total Net Assets — 100.0%			$	244,098,009

(1) Pre-refunded.

(2) When-issued security.

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

Security	Principal Amount		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Massachusetts Dev. Fin. Agy. Sr. Living Fac. Rev. Ser. B-1 7.25% due 6/1/2016	$	1,100,000	$	1,098,351	$	520,949		11/23/2009 - 8/25/2011		0.21	%
Groves-Lincoln Ser. A 7.50% due 6/1/2029		1,000,000		971,816		469,440		11/23/2009		0.19	%

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Income Municipal Bond Fund

The following is a summary of the inputs used as of March 31, 2013 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
Municipal Bonds	$	—	$	236,774,841	$	990,389	$	237,765,230
Total	$	—	$	236,774,841	$	990,389	$	237,765,230

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

	Investment in Securities
Balance as of 12/31/2012	$	1,009,931
Change in unrealized appreciation/depreciation		(19,542	)
Net realized gain/loss		—
Purchases		—
Sales		—
Transfers into/out of Level 3		—
Balance as of 3/31/2013	$	990,389

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Senior Secured Loans — 84.6%
Aerospace & Defense — 0.6%
Sequa Corp. New Term Loan B 5.25% due 6/19/2017(1)	$	13,804,047	$	14,020,909
				14,020,909
Airlines — 0.8%
Delta Air Lines, Inc. Refi Term Loan 4.25% due 4/20/2017(1)		19,353,471		19,600,228
				19,600,228
Automotive — 5.1%
Allison Transmission, Inc.
Term Loan B2
3.21% due 8/7/2017(1)		2,493,750		2,513,151
Term Loan B3
4.25% due 8/23/2019(1)		22,337,750		22,638,640
Navistar International Corp. Term Loan B 5.75% due 7/16/2014(1)		19,950,000		20,144,513
Schaeffler AG USD Term Loan C 4.25% due 1/27/2017(1)		26,000,000		26,281,580
The Goodyear Tire & Rubber Co. New 2nd Lien Term Loan 4.75% due 4/30/2019(1)		25,000,000		25,197,750
TI Group Automotive Systems LLC
Term Loan
5.50% due 3/14/2018(1)		10,927,475		10,982,112
Term Loan B
5.50% due 3/14/2018(1)		12,000,000		12,090,000
				119,847,746
Building Materials — 2.1%
CPG International, Inc. Term Loan 5.75% due 9/18/2019(1)		13,930,000		14,051,887
Nortek, Inc. Term Loan 5.25% due 4/26/2017(1)		3,453,186		3,476,944
QS0001 Corp.
1st Lien Term Loan
5.00% due 11/9/2018(1)		14,463,750		14,656,552
2nd Lien Term Loan
9.25% due 5/1/2020(1)		2,000,000		2,052,500
Summit Materials Companies I LLC Refi Term Loan B 5.00% due 1/30/2019(1)		14,867,148		14,960,068
				49,197,951
Chemicals — 2.3%
AI Chem & Cy S.C.A. Term Loan B1 4.50% due 8/30/2019(1)		10,000,000		10,112,500
Ascend Performance Materials LLC Term Loan B 6.75% due 4/10/2018(1)		14,850,000		15,128,438
Nexeo Solutions LLC Term Loan B 5.00% due 9/8/2017(1)		8,295,089		8,289,946
U.S. Coatings Acquisition, Inc. Term Loan 4.75% due 2/3/2020(1)		20,000,000		20,258,400
				53,789,284
Construction Machinery — 0.8%
Generac Power Systems, Inc. New Term Loan B 6.25% due 5/30/2018(1)		18,122,222		18,492,278
				18,492,278
Consumer Cyclical Services — 1.6%
Brock Holdings III, Inc.
New Term Loan B
6.00% - 6.75% due 3/16/2017(1)		10,274,525		10,377,271
New 2nd Lien Term Loan
10.00% due 3/16/2018(1)		2,500,000		2,521,875
Monitronics International, Inc. New Term Loan B 4.25% due 3/23/2018(1)		12,902,534		13,079,944
ON Assignment, Inc. Term Loan B 5.00% due 5/15/2019(1)		12,065,240		12,190,718
				38,169,808
Consumer Products — 2.5%
Bombardier Recreational Products, Inc. New Term Loan B 5.00% due 1/22/2019(1)		25,000,000		25,245,500
Party City Holdings, Inc. Refi Term Loan B 4.25% due 7/29/2019(1)		17,922,581		18,043,021
The Sun Products Corp. New Term Loan 5.50% due 3/18/2020(1)		15,500,000		15,635,625
				58,924,146
Diversified Manufacturing — 1.2%
Colfax Corp. New Term Loan B 3.25% due 1/11/2019(1)		7,481,250		7,516,337
Silver II US Holdings LLC Term Loan 4.00% due 12/5/2019(1)		19,950,000		20,095,835
				27,612,172
Electric — 2.4%
Calpine Corp.
Term Loan B1
4.00% due 4/2/2018(1)		10,755,290		10,880,804
Term Loan B3
4.00% due 10/9/2019(1)		21,417,437		21,685,155
LSP Madison Funding LLC Term Loan 5.50% due 6/28/2019(1)		12,329,676		12,472,207
Star West Generation LLC New Term Loan B 5.00% due 3/13/2020(1)		11,500,000		11,634,205
				56,672,371
Entertainment — 1.2%
Live Nation Entertainment, Inc. Term Loan B 4.50% due 11/7/2016(1)		7,818,017		7,868,834

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

March 31, 2013 (unaudited)	Principal Amount		Value
WMG Acquisition Corp. Term Loan 5.25% due 11/1/2018(1)	$	20,737,500	$	21,035,705
				28,904,539
Environmental — 0.8%
ADS Waste Holdings, Inc. New Term Loan B 4.25% due 10/9/2019(1)		19,950,000		20,153,689
				20,153,689
Food And Beverage — 4.8%
AdvancePierre Foods, Inc.
Term Loan
5.75% due 7/10/2017(1)		13,466,250		13,637,945
2nd Lien Term Loan
9.50% due 10/10/2017(1)		2,000,000		2,055,000
Del Monte Foods Co. Term Loan 4.00% due 3/8/2018(1)		38,180,130		38,496,261
HJ Heinz Co.
Term Loan B1
3.25% due 3/27/2019(1)		15,250,000		15,311,000
Term Loan B2
3.50% due 3/27/2020(1)		18,500,000		18,656,695
Hostess Brands, Inc. Term Loan 6.75% due 3/6/2020(1)		24,000,000		24,540,000
				112,696,901
Gaming — 2.8%
Boyd Gaming Corp.
Term Loan
3.676% due 12/17/2015(1)		4,323,718		4,341,013
Incremental Term Loan
6.00% due 12/17/2015(1)		4,687,500		4,740,234
Caesars Entertainment Operating Co. Extended Term Loan B6 5.454% due 1/26/2018(1)		1,916,132		1,773,495
MGM Resorts International Term Loan B 4.25% due 12/20/2019(1)		9,975,000		10,129,613
Peninsula Gaming LLC Term Loan 5.75% due 11/20/2017(1)		15,960,000		16,219,350
Pinnacle Entertainment, Inc. Series A Incremental Term Loan 4.00% due 3/19/2019(1)		2,970,000		2,984,850
Station Casinos, Inc. New Term Loan B 5.00% due 2/13/2020(1)		25,000,000		25,270,750
				65,459,305
Healthcare — 9.1%
Community Health Systems, Inc. Extended Term Loan 3.784% - 3.787% due 1/25/2017(1)		9,673,367		9,766,812
Convatec, Inc. Term Loan 5.00% due 12/22/2016(1)		11,702,213		11,868,970
DaVita, Inc. Term Loan B2 4.00% due 11/1/2019(1)		19,950,000		20,133,939
Immucor, Inc. Refi Term Loan B2 5.00% due 8/17/2018(1)		23,010,880		23,284,249
Inc Research, Inc. Refi Term Loan B 6.00% due 7/12/2018(1)		8,865,000		8,942,569
Kindred Healthcare, Inc.
Add on Term Loan B
5.25% due 6/1/2018(1)		4,987,500		5,015,580
Term Loan
5.25% due 6/1/2018(1)		16,688,720		16,782,677
Kinetic Concepts, Inc. Term Loan C1 5.50% due 5/4/2018(1)		7,832,794		7,964,306
National Mentor Holdings, Inc.
New Term Loan B
6.50% due 2/9/2017(1)		15,006,576		15,181,702
Refi Term Loan B
6.50% due 2/9/2017(1)		5,000,000		5,058,350
Onex Carestream Finance LP Term Loan B 5.00% due 2/25/2017(1)		13,658,070		13,699,591
Pharmaceutical Product Development, Inc. New Term Loan B 4.25% due 12/5/2018(1)		997,500		1,008,303
Radnet Management, Inc. Term Loan B 5.50% due 9/30/2018(1)		9,980,000		10,098,562
Select Medical Corp.
Incremental Term Loan B
5.50% - 6.00% due 6/1/2018(1)		6,947,500		6,978,972
New Term Loan B
5.50% - 6.00% due 6/1/2018(1)		10,303,938		10,350,615
Sheridan Holdings, Inc.
Term Loan
4.50% due 6/29/2018(1)		15,960,000		16,069,805
New 2nd Lien Term Loan
9.00% due 7/1/2019(1)		2,500,000		2,541,675
Skilled Healthcare Group, Inc. Term Loan B 6.75% due 4/8/2016(1)		8,721,077		8,772,880
United Surgical Partners International, Inc.
Extended Term Loan
6.75% due 4/19/2017(1)		6,268,452		6,273,654
Incremental Term Loan
7.25% due 4/3/2019(1)		8,430,137		8,469,675
Vanguard Health Holding Co. II LLC Refi Term Loan B 3.75% due 1/29/2016(1)		8,258,115		8,354,488
				216,617,374
Independent Energy — 2.7%
Chesapeake Energy Corp. New Unsecured Term Loan 5.75% due 12/1/2017(1)		30,000,000		30,896,400
Samson Investment Co. 2nd Lien Term Loan 6.00% due 9/25/2018(1)		13,000,000		13,146,250
Sheridan Production Partners I LLC
Term Loan B2
5.00% due 9/14/2019(1)		17,184,652		17,320,754
Term Loan B2 I-A
5.00% due 9/25/2019(1)		2,277,107		2,295,142
Term Loan B2 I-M
5.00% due 9/25/2019(1)		1,390,870		1,401,886
				65,060,432

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Insurance - Life — 0.8%
CNO Financial Group, Inc. Term Loan B2 5.00% due 9/20/2018(1)	$	18,721,300	$	18,912,444
				18,912,444
Insurance P&C — 2.8%
Alliant Holdings I, Inc. New Term Loan B 5.00% due 12/20/2019(1)		17,000,000		17,198,390
Asurion LLC New Term Loan B1 4.50% due 5/24/2019(1)		14,706,484		14,851,784
Compass Investors, Inc. Term Loan 5.25% due 12/27/2019(1)		19,950,000		20,149,500
Cunningham Lindsey U.S., Inc. 1st Lien Term Loan 5.00% due 12/10/2019(1)		12,967,500		13,186,391
				65,386,065
Media Cable — 3.5%
Atlantic Broadband Finance LLC New Term Loan B 4.50% due 11/29/2019(1)		8,464,981		8,575,026
Charter Communications Operating LLC Term Loan D 4.00% due 5/15/2019(1)		19,832,393		19,988,276
Virgin Media Investment Holdings Ltd. USD Term Loan B 3.50% due 2/17/2020(1)		25,000,000		24,879,750
Yankee Cable Acquisition LLC Term Loan B 5.25% due 8/26/2016(1)		30,000,000		30,412,500
				83,855,552
Media Noncable — 6.6%
Cumulus Media, Inc. 1st Lien Term Loan 4.50% due 9/17/2018(1)		19,639,974		19,881,349
EMI Music Publishing Ltd. Term Loan B 4.25% due 6/29/2018(1)		14,925,000		15,070,519
Getty Images, Inc. Term Loan B 4.75% due 10/18/2019(1)		20,448,750		20,714,584
Gray Television, Inc. New Term Loan B 4.75% due 10/15/2019(1)		19,459,460		19,670,205
Intelsat Jackson Holdings Ltd. Term Loan 3.205% due 2/3/2014(1)		8,000,000		7,988,000
Nine Entertainment Group Ltd. Term Loan B 3.50% due 1/17/2020(1)		4,000,000		4,005,000
Telesat LLC Term Loan B 5.50% due 3/28/2019(1)		22,346,212		22,532,356
Tribune Co. Exit Term Loan 4.00% due 12/31/2019(1)		21,945,000		22,120,560
Univision Communications, Inc. Converted Extended Term Loan 4.75% due 3/2/2020(1)		23,791,262		23,906,412
				155,888,985
Metals And Mining — 3.1%
Arch Coal, Inc. Term Loan B 5.75% due 5/16/2018(1)		29,812,427		30,300,754
Fairmount Minerals Ltd. New Term Loan B 5.25% due 3/15/2017(1)		10,971,828		11,033,599
FMG America Finance, Inc. Term Loan 5.25% due 10/18/2017(1)		24,875,000		25,157,083
Tube City IMS Corp. Term Loan 4.75% due 3/20/2019(1)		7,413,455		7,487,590
				73,979,026
Non Captive Diversified — 1.4%
Fly Funding II S.a.r.l. Term Loan B 5.75% due 8/8/2018(1)		19,993,671		20,243,592
Flying Fortress, Inc. 1st Lien Term Loan 5.00% due 6/30/2017(1)		12,000,000		12,084,960
				32,328,552
Oil Field Services — 0.9%
EMG Utica LLC Term Loan 4.75% due 3/31/2020(1)		3,000,000		3,011,250
Saxon Energy Services, Inc. Term Loan B 5.50% due 1/22/2019(1)		19,075,000		19,154,543
				22,165,793
Packaging — 2.3%
Berry Plastics Holding Corp. Term Loan D 3.50% due 2/4/2020(1)		15,000,000		14,959,050
Exopack LLC Term Loan 6.50% due 5/31/2017(1)		14,737,500		14,884,875
Reynolds Group Holdings, Inc. New Dollar Term Loan 4.75% due 9/28/2018(1)		23,404,944		23,729,102
				53,573,027
Pharmaceuticals — 1.9%
Grifols, Inc. New Term Loan B 4.25% due 6/1/2017(1)		22,261,254		22,458,489
Patheon, Inc. Term Loan 7.25% due 12/6/2018(1)		15,960,000		16,199,400
RPI Finance Trust Incremental Tranche 2 4.00% due 11/9/2018(1)		6,921,857		6,982,422
				45,640,311
Pipelines — 0.9%
Gibson Energy ULC New Term Loan B 4.75% due 6/15/2018(1)		9,229,453		9,352,482
NGPL PipeCo LLC Term Loan B 6.75% due 9/15/2017(1)		12,535,714		12,697,675
				22,050,157

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts — 0.5%
Capital Automotive L.P. Term Loan B 5.25% due 3/10/2017(1)	$	5,072,265	$	5,083,373
LNR Property Corp. Term Loan B 4.75% due 4/29/2016(1)		7,837,500		7,839,930
				12,923,303
Refining — 0.4%
Citgo Petroleum Corp.
Term Loan B
8.00% due 6/24/2015(1)		1,455,357		1,466,272
Term Loan C
9.00% due 6/23/2017(1)		6,829,945		6,966,544
				8,432,816
Restaurants — 1.4%
Dunkin’ Brands, Inc. Term Loan B3 3.75% due 2/14/2020(1)		15,924,379		16,094,451
Wendy’s International, Inc. Term Loan B 4.75% due 5/15/2019(1)		16,915,000		17,077,046
				33,171,497
Retailers — 5.3%
99 Cents Only Stores Term Loan 5.25% due 1/11/2019(1)		12,852,675		13,004,208
Bass Pro Group LLC New Term Loan 4.00% - 5.25% due 11/20/2019(1)		11,970,000		12,079,645
BJ’s Wholesale Club, Inc.
Replacement Term Loan
4.25% due 9/26/2019(1)		17,456,250		17,605,326
2nd Lien Term Loan
9.75% due 3/26/2020(1)		8,000,000		8,263,360
David’s Bridal, Inc. New Term Loan B 5.00% due 10/11/2019(1)		16,000,000		16,191,840
Lord & Taylor Holdings LLC Term Loan B 5.75% due 1/11/2019(1)		14,370,196		14,477,973
National Vision, Inc. Term Loan B 7.00% due 8/2/2018(1)		6,912,500		6,964,344
Petco Animal Supplies, Inc. New Term Loan 4.00% due 11/24/2017(1)		14,224,126		14,400,221
The Neiman Marcus Group, Inc. Extended Term Loan 4.00% due 5/16/2018(1)		23,000,000		23,184,000
				126,170,917
Supermarkets — 0.8%
Albertson’s LLC Term Loan 5.75% due 3/21/2016(1)		19,000,000		19,308,750
				19,308,750
Technology — 7.5%
Avaya, Inc. Term Loan B5 8.00% due 3/30/2018(1)		18,959,619		19,066,362
CDW LLC Extended Term Loan 4.00% due 7/14/2017(1)		9,910,635		9,947,800
First Data Corp.
2018 Add-on Term Loan
5.204% due 9/24/2018(1)		17,000,000		17,111,010
Extended 2017 US Term Loan
5.25% due 3/24/2017(1)		10,000,000		10,067,500
Freescale Semiconductor, Inc. Term Loan B4 5.00% due 3/2/2020(1)		25,000,000		25,054,750
IG Investment Holdings LLC
1st Lien Term Loan
6.00% due 10/31/2019(1)		11,970,000		11,999,925
2nd Lien Term Loan
10.25% due 10/30/2020(1)		5,000,000		4,962,500
InfoGroup, Inc. New Term Loan 5.75% due 5/25/2018(1)		8,063,829		7,317,925
Infor (US), Inc. Term Loan B2 5.25% due 4/5/2018(1)		12,907,638		13,104,479
Interactive Data Corp. New Term Loan B 3.75% due 2/11/2018(1)		9,649,299		9,751,871
RP Crown Parent LLC
1st Lien Term Loan
6.75% due 12/21/2018(1)		17,955,000		18,291,656
2nd Lien Term Loan
11.25% due 12/20/2019(1)		2,000,000		2,089,160
STG-Fairway Acquisitions Term Loan B 6.25% due 2/28/2019(1)		12,500,000		12,476,625
SumTotal Systems LLC 1st Lien Term Loan 6.25% due 11/16/2018(1)		15,000,000		14,990,700
SunGard Data Systems, Inc. Term Loan D 4.50% due 1/31/2020(1)		2,000,000		2,023,340
				178,255,603
Textile — 0.2%
Springs Windows Fashions LLC 2nd Lien Term Loan 11.25% due 11/30/2017(1)		5,000,000		5,033,350
				5,033,350
Wireless — 2.3%
Cricket Communications, Inc. Term Loan C 4.75% due 2/21/2020(1)		30,000,000		30,157,500
Crown Castle International Corp. Term Loan B 4.00% due 1/31/2019(1)		24,737,374		24,995,137
				55,152,637
Wirelines — 1.2%
Integra Telecom, Inc. Refi Term Loan 6.00% due 2/15/2019(1)		10,000,000		10,126,600

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Level 3 Financing, Inc. 2019 Term Loan B 5.25% due 8/1/2019(1)	$	18,000,000	$	18,229,500
				28,356,100
Total Senior Secured Loans (Cost $1,980,374,561)				2,005,804,018
	Principal Amount		Value
Corporate Bonds — 12.2%
Automotive — 0.3%
The Goodyear Tire & Rubber Co. 6.50% due 3/1/2021		7,000,000		7,218,750
				7,218,750
Banking — 0.7%
Ally Financial, Inc. 4.625% due 6/26/2015		15,000,000		15,694,410
				15,694,410
Building Materials — 0.3%
Norcraft Cos. L.P. Sec. Nt. 10.50% due 12/15/2015		6,000,000		6,285,000
Nortek, Inc. 8.50% due 4/15/2021(2)		1,000,000		1,107,500
				7,392,500
Chemicals — 0.2%
US Coatings Acquisition, Inc. 7.375% due 5/1/2021(2)		5,000,000		5,262,500
				5,262,500
Consumer Cyclical Services — 0.3%
Monitronics International, Inc. 9.125% due 4/1/2020		6,000,000		6,345,000
				6,345,000
Consumer Products — 0.4%
Party City Holdings, Inc. Sr. Nt. 8.875% due 8/1/2020(2)		8,250,000		9,054,375
				9,054,375
Gaming — 1.0%
Caesars Entertainment Operating Co., Inc. Sr. Sec. Nt. 8.50% due 2/15/2020		3,000,000		2,962,500
MGM Resorts International 6.75% due 10/1/2020(2)		10,000,000		10,600,000
Pinnacle Entertainment, Inc. 7.75% due 4/1/2022		7,000,000		7,516,250
Scientific Games International, Inc. 6.25% due 9/1/2020		3,500,000		3,561,250
				24,640,000
Healthcare — 1.7%
CDRT Holding Corp. Sr. Nt. 9.25% due 10/1/2017(2)(3)		5,000,000		5,187,500
ConvaTec Healthcare E S.A. 10.50% due 12/15/2018(2)		11,600,000		12,905,000
Universal Hospital Services, Inc.
Sec. Nt.
7.625% due 8/15/2020		8,000,000		8,610,000
7.625% due 8/15/2020(2)		2,750,000		2,956,250
Vanguard Health Holding Co. II LLC 8.00% due 2/1/2018		10,000,000		10,637,500
				40,296,250
Independent Energy — 1.3%
Alta Mesa Holdings 9.625% due 10/15/2018		10,330,000		10,898,150
Clayton Williams Energy, Inc. 7.75% due 4/1/2019		6,000,000		6,037,500
Samson Investment Co. Sr. Nt. 9.75% due 2/15/2020(2)		5,000,000		5,312,500
SandRidge Energy, Inc. 8.125% due 10/15/2022		7,000,000		7,472,500
				29,720,650
Insurance P&C — 0.2%
A-S Co-Issuer Subsidiary, Inc. Sr. Nt. 7.875% due 12/15/2020(2)		5,000,000		5,137,500
				5,137,500
Media Noncable — 0.8%
Intelsat Luxembourg S.A.
8.125% due 6/1/2023(2)		1,500,000		1,524,375
11.25% due 2/4/2017		10,000,000		10,650,000
RR Donnelley & Sons Co. Sr. Nt. 8.25% due 3/15/2019		6,000,000		6,480,000
				18,654,375
Metals And Mining — 0.3%
FMG Resources August 2006 Pty Ltd. Sr. Nt. 6.875% due 4/1/2022(2)		6,000,000		6,285,000
				6,285,000
Oil Field Services — 0.5%
Exterran Partners L.P. 6.00% due 4/1/2021(2)		11,250,000		11,207,812
				11,207,812
Packaging — 0.4%
Reynolds Group Issuer, Inc.
Sr. Sec. Nt.
5.75% due 10/15/2020		5,000,000		5,093,750
8.50% due 5/15/2018		4,250,000		4,467,813
				9,561,563
Paper — 0.3%
Longview Fibre Paper & Packaging, Inc. Sr. Sec. Nt. 8.00% due 6/1/2016(2)		7,075,000		7,411,063
				7,411,063
Real Estate Investment Trusts — 0.2%
Sabra Health Care L.P. 8.125% due 11/1/2018		5,000,000		5,431,250
				5,431,250

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Retailers — 0.3%
99 Cents Only Stores 11.00% due 12/15/2019	$	5,625,000	$	6,454,688
				6,454,688
Supermarkets — 0.5%
Tops Holding Corp. Sr. Sec. Nt. 8.875% due 12/15/2017(2)		10,000,000		10,975,000
				10,975,000
Technology — 0.8%
Avaya, Inc. 10.50% due 3/1/2021(2)		7,457,000		7,102,792
First Data Corp. Sr. Sec. Nt. 6.75% due 11/1/2020(2)		2,000,000		2,085,000
Igloo Holdings Corp. Sr. Nt. 8.25% due 12/15/2017(2)(3)		8,000,000		8,260,000
Infor U.S., Inc. 11.50% due 7/15/2018		2,000,000		2,350,000
				19,797,792
Transportation Services — 0.7%
Avis Budget Car Rental LLC 8.25% due 1/15/2019		9,250,000		10,255,937
Navios Maritime Holdings, Inc. 8.125% due 2/15/2019		8,000,000		7,240,000
				17,495,937
Wireless — 1.0%
Digicel Group Ltd. Sr. Nt. 8.25% due 9/30/2020(2)		7,500,000		7,950,000
MetroPCS Wireless, Inc.
6.25% due 4/1/2021(2)		4,000,000		4,070,000
6.625% due 4/1/2023(2)		12,500,000		12,750,000
				24,770,000
Total Corporate Bonds (Cost $278,540,265)				288,806,415
	Principal Amount		Value
Repurchase Agreements — 11.2%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $266,425,296, due 4/1/2013(4)		266,425,000		266,425,000
Total Repurchase Agreements (Cost $266,425,000)				266,425,000
Total Investments — 108.0% (Cost $2,525,339,826)				2,561,035,433
Other Liabilities, Net — (8.0)%				(190,092,864	)
Total Net Assets — 100.0%			$	2,370,942,569

(1) Variable rate security. The rate shown is the rate in effect at March 31, 2013.

(2) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $137,144,167, representing 5.8% 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) Payment-in-kind security for which part of the income earned may be paid as additional principal.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		4.00	%		2/15/2014	$	271,757,563

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Floating Rate Fund

The following is a summary of the inputs used as of March 31, 2013 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
Senior Secured Loans	$	—	$	2,005,804,018	$	—	$	2,005,804,018
Corporate Bonds		—		288,806,415		—		288,806,415
Repurchase Agreements		—		266,425,000		—		266,425,000
Total	$	—	$	2,561,035,433	$	—	$	2,561,035,433

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Asset Backed Securities — 1.6%
Dominos Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042(1)(2)	$	985,000	$	1,105,404
Miramax LLC 2011-1A A 6.25% due 10/20/2021(1)(2)		593,779		624,902
Total Asset Backed Securities (Cost $1,595,485)				1,730,306
	Principal Amount		Value
Collateralized Mortgage Obligations — 12.0%
Banc of America Funding Corp. 2004-2 1CB1 5.75% due 9/20/2034		276,824		291,920
Banc of America Mortgage Securities, Inc. 2003-J 2A2 3.187% due 11/25/2033(3)		359,808		359,974
Chase Mortgage Finance Corp.
2007-A1 9A1
2.962% due 2/25/2037(3)		203,702		206,997
2007-A1 2A1
2.989% due 2/25/2037(2)(3)		227,551		231,557
2005-S1 1A10
5.50% due 5/25/2035		108,712		111,392
Citigroup Mortgage Loan Trust, Inc. 2007-10 1A1A 5.715% due 4/25/2037(3)		68,020		68,397
Countrywide Home Loans Mortgage Pass- Through Trust
2003-50 A1
5.00% due 11/25/2018(2)		190,834		196,233
2003-11 A31
5.50% due 5/25/2033(2)		146,788		153,082
Countrywide Home Loans Trust 2004-5 2A9 5.25% due 5/25/2034		508,628		521,513
CS First Boston Mortgage Securities Corp. 2003-8 2A1 5.00% due 4/25/2018(2)		98,852		101,292
First Horizon Mortgage Pass-Through Trust
2004-7 1A3
5.50% due 1/25/2035		307,000		302,214
2005-6 1A1
5.50% due 11/25/2035		128,209		128,797
FNMA 2013-13 UZ 4.00% due 3/25/2043		969,277		970,331
GSR Mortgage Loan Trust
2005-6F 1A1
5.00% due 7/25/2035		28,101		28,198
2004-15F 5A1
5.50% due 1/25/2020		200,815		207,159
J.P. Morgan Mortgage Trust
2004-S2 1A3
4.75% due 11/25/2019(2)		160,035		161,426
2005-A1 6T1
4.863% due 2/25/2035(2)(3)		196,850		199,201
2005-A1 3A1
4.867% due 2/25/2035(2)(3)		375,351		383,217
Master Adjustable Rate Mortgages Trust 2004-13 2A1 2.671% due 4/21/2034(3)		313,473		325,196
Master Asset Securitization Trust 2003-5 2A1 5.00% due 6/25/2018		118,454		123,618
Merrill Lynch Mortgage Investors, Inc. 2005-A2 A2 2.528% due 2/25/2035		584,019		592,370
Morgan Stanley Mortgage Loan Trust 2004-1 1A9 4.50% due 11/25/2018(2)		81,245		82,740
Prime Mortgage Trust 2004-2 A2 4.75% due 11/25/2019		130,473		135,600
RAAC Series 2005-SP1 1A5 5.00% due 9/25/2034		461,104		466,762
Residential Funding Mortgage Securities I, Inc.
2004-S9 2A1
4.75% due 12/25/2019		151,481		154,894
2005-S1 2A1
4.75% due 2/25/2020		101,441		104,310
2005-S3 A1
4.75% due 3/25/2020		126,898		130,993
2005-S1 1A6
5.50% due 2/25/2035		391,644		397,229
Structured Adjustable Rate Mortgage Loan Trust 2004-5 3A1 2.786% due 5/25/2034(3)		470,441		475,976
Structured Asset Securities Corp.
2004-21XS 2A6A
4.74% due 12/25/2034(3)		144,522		146,352
2003-29 1A1
4.75% due 9/25/2018		276,058		283,149
2004-20 7A1
5.25% due 11/25/2034		288,230		296,912
Wells Fargo Mortgage Backed Securities Trust
2004-R 2A1
2.615% due 9/25/2034(3)		441,777		448,779
2004-EE 2A1
2.624% due 12/25/2034(3)		511,733		527,814
2005-AR10 2A6
2.636% due 6/25/2035(3)		332,258		338,782
2005-AR12 2A5
2.642% due 6/25/2035(3)		361,593		365,918
2005-AR3 2A1
2.682% due 3/25/2035(3)		572,763		579,442
2004-W A9
2.696% due 11/25/2034(3)		393,285		406,625
2005-AR4 2A2
2.728% due 4/25/2035(3)		549,169		558,177
2005-2 2A1
4.75% due 4/25/2020		225,036		232,297
2004-O A1
4.94% due 8/25/2034(3)		505,781		520,438
2006-1 A3
5.00% due 3/25/2021		280,536		287,864
2006-7 1A1
5.25% due 6/25/2021		72,039		73,318
2003-17 1A14
5.25% due 1/25/2034(2)		225,197		231,686
2005-6 A4
5.50% due 8/25/2035		245,428		253,998
Total Collateralized Mortgage Obligations (Cost $12,939,049)				13,164,139

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

March 31, 2013 (unaudited)			Principal Amount		Value
Commercial Mortgage-Backed Securities — 9.1%
American Tower Trust I 13 2A 3.07% due 3/15/2048(1)(2)			$	500,000	$	503,156
Citigroup Commercial Mortgage Trust
2006-C5 A4
5.431% due 10/15/2049(2)				605,000		681,862
2006-C5 AM
5.462% due 10/15/2049				420,000		474,079
Commercial Mortgage Trust 2013-LC6 AM 3.282% due 1/10/2046				500,000		508,912
Fairway Outdoor Funding LLC 2012-1A A2 4.212% due 10/15/2042(1)				495,180		520,633
First Union-Lehman Brothers-Bank of America 1998-C2 E 6.778% due 11/18/2035(2)				73,185		73,163
GE Capital Commercial Mortgage Corp. 2004-C1 B 4.692% due 11/10/2038(3)				300,000		305,996
Greenwich Capital Commercial Funding Corp. 2004-GG1 A7 5.317% due 6/10/2036(2)(3)				339,993		349,527
GS Mortgage Securities Corp. II 2012-ALOH A 3.551% due 4/10/2034(1)				500,000		525,757
J.P. Morgan Chase Commercial Mortgage Securities Corp.
2011-PLSD A2
3.364% due 11/13/2044(1)(2)				450,000		480,253
2005-LDP2 AM
4.78% due 7/15/2042(2)				425,000		454,574
2005-LDP5 AM
5.243% due 12/15/2044(2)(3)				726,000		803,454
2006-CB14 A4
5.481% due 12/12/2044(2)(3)				400,000		440,546
LB UBS Commercial Mortgage Trust
2006-C1 AM
5.217% due 2/15/2031(2)(3)				600,000		662,285
2006-C6 AM
5.413% due 9/15/2039				450,000		507,238
Morgan Stanley Capital I 2006-HQ9 AM 5.773% due 7/12/2044(3)				500,000		564,942
SBA Tower Trust
2.933% due 12/15/2042(1)				500,000		522,155
4.254% due 4/15/2040(1)(2)				500,000		529,068
UBS-Barclays Commercial Mortgage Trust 2013-C5 2013-C5 AS 3.347% due 3/10/2046(1)				500,000		509,257
Wachovia Bank Commercial Mortgage Trust 2006-C29 A4 5.308% due 11/15/2048				500,000		564,362
Total Commercial Mortgage-Backed Securities (Cost $9,698,996)						9,981,219
March 31, 2013 (unaudited)	Foreign Currency(6)		Principal Amount		Value
Corporate Bonds — 42.5%
Automotive — 0.6%
General Motors Financial Co., Inc. 6.75% due 6/1/2018			$	250,000	$	283,125
Schaeffler Finance BV Sr. Sec. Nt. 8.50% due 2/15/2019(1)				300,000		341,250
						624,375
Banking — 9.1%
Bank of America Corp. Sr. Nt. 5.875% due 1/5/2021				1,500,000		1,771,425
Citigroup, Inc.
Sr. Nt.
4.50% due 1/14/2022(2)				1,250,000		1,389,766
4.75% due 5/31/2017(2)		DKK		2,000,000		376,772
First Horizon National Corp. Sr. Nt. 5.375% due 12/15/2015(2)			$	500,000		543,903
HSBC Holdings PLC Sr. Nt. 5.10% due 4/5/2021				500,000		577,735
JPMorgan Chase & Co. Sr. Nt. 6.00% due 1/15/2018(2)				500,000		594,176
Lloyds TSB Bank PLC 6.375% due 1/21/2021				250,000		307,600
Morgan Stanley Sr. Nt. 5.50% due 7/28/2021(2)				950,000		1,089,088
Rabobank Nederland
Sr. Nt.
4.00% due 1/27/2015(2)		NOK		3,000,000		528,631
6.50% due 1/15/2015(2)		AUD		500,000		542,931
Royal Bank of Scotland Group PLC Sub. Nt. 6.125% due 12/15/2022			$	500,000		517,149
The Goldman Sachs Group, Inc.
Sr. Nt.
5.75% due 1/24/2022(2)				500,000		581,362
5.95% due 1/18/2018(2)				500,000		582,951
Westpac Banking Corp. Sr. Nt. 7.25% due 11/18/2016(2)		AUD		500,000		577,233
						9,980,722
Building Materials — 0.2%
Norcraft Cos. L.P. Sec. Nt. 10.50% due 12/15/2015			$	250,000		261,875
						261,875
Chemicals — 1.1%
Ecolab, Inc. Sr. Nt. 5.50% due 12/8/2041				500,000		574,752
FMC Corp. Sr. Nt. 5.20% due 12/15/2019(2)				250,000		288,807
LyondellBasell Industries NV Sr. Nt. 5.00% due 4/15/2019				300,000		339,000
						1,202,559
Construction Machinery — 0.6%
Ashtead Capital, Inc. Sec. Nt. 6.50% due 7/15/2022(1)				300,000		325,875

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

March 31, 2013 (unaudited)	Foreign Currency(6)		Principal Amount		Value
United Rentals North America, Inc. 7.625% due 4/15/2022			$	300,000	$	335,250
						661,125
Consumer Cyclical Services — 0.2%
Corrections Corp. of America Sr. Nt. 4.625% due 5/1/2023(1)				250,000		255,938
						255,938
Diversified Manufacturing — 1.4%
ABB Finance USA, Inc. 2.875% due 5/8/2022				500,000		507,453
United Technologies Corp. Sr. Nt. 3.10% due 6/1/2022(2)				1,000,000		1,048,081
						1,555,534
Electric — 0.6%
Calpine Corp. Sr. Sec. Nt. 7.50% due 2/15/2021(1)				225,000		246,938
The AES Corp. Sr. Nt. 7.375% due 7/1/2021				300,000		348,000
						594,938
Energy - Integrated — 0.3%
Suncor Energy, Inc. Sr. Nt. 6.10% due 6/1/2018(2)				250,000		302,406
						302,406
Entertainment — 0.8%
Time Warner, Inc. 4.00% due 1/15/2022				500,000		537,978
WMG Acquisition Corp. Sr. Sec. Nt. 6.00% due 1/15/2021(1)				300,000		314,250
						852,228
Food And Beverage — 1.5%
Kraft Foods Group, Inc. Sr. Nt. 3.50% due 6/6/2022				1,000,000		1,045,621
Michael Foods, Inc. 9.75% due 7/15/2018(2)				500,000		556,250
						1,601,871
Gaming — 0.8%
MGM Resorts International 6.625% due 12/15/2021				300,000		314,625
Pinnacle Entertainment, Inc. 8.75% due 5/15/2020				200,000		219,750
Wynn Las Vegas LLC 5.375% due 3/15/2022				280,000		293,650
						828,025
Government Related — 2.0%
European Bank for Reconstruction & Development Sr. Nt. 4.00% due 5/11/2017		NOK		3,000,000		546,002
European Investment Bank Sr. Nt. 4.25% due 5/19/2017(2)		NOK		3,000,000		549,423
Kreditanstalt fuer Wiederaufbau 6.00% due 3/28/2017(2)		AUD		500,000		565,416
Petrobras International Finance Co. 5.875% due 3/1/2018(2)				500,000		561,410
						2,222,251
Healthcare — 0.5%
Vanguard Health Holding Co. II LLC 8.00% due 2/1/2018				500,000		531,875
						531,875
Home Construction — 0.3%
Taylor Morrison Communities, Inc. 7.75% due 4/15/2020(1)				300,000		321,750
						321,750
Independent Energy — 2.4%
Alta Mesa Holdings 9.625% due 10/15/2018				250,000		263,750
Anadarko Petroleum Corp. Sr. Nt. 6.95% due 6/15/2019				250,000		314,744
Clayton Williams Energy, Inc. 7.75% due 4/1/2019				250,000		251,562
Eagle Rock Energy Partners L.P. 8.375% due 6/1/2019				300,000		316,500
EV Energy Partners L.P. 8.00% due 4/15/2019				130,000		137,150
Harvest Operations Corp. 6.875% due 10/1/2017				300,000		335,250
Kodiak Oil & Gas Corp. 8.125% due 12/1/2019				500,000		565,000
Linn Energy LLC 7.75% due 2/1/2021				250,000		268,125
Plains Exploration & Production Co. 6.625% due 5/1/2021				200,000		220,000
						2,672,081
Insurance - Life — 1.0%
MetLife, Inc. Sr. Nt. 4.75% due 2/8/2021(2)				500,000		572,070
Prudential Financial, Inc. Sr. Nt. Ser. D 5.70% due 12/14/2036(2)				500,000		572,525
						1,144,595
Insurance P&C — 0.9%
ACE INA Holdings, Inc. 5.70% due 2/15/2017(2)				300,000		350,172

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

March 31, 2013 (unaudited)	Foreign Currency(6)		Principal Amount		Value
CNA Financial Corp. Sr. Nt. 7.35% due 11/15/2019(2)			$	500,000	$	632,889
						983,061
Media Cable — 3.5%
Cablevision Systems Corp. Sr. Nt. 5.875% due 9/15/2022				300,000		296,625
CCO Holdings LLC 7.875% due 4/30/2018				250,000		265,938
Comcast Corp. 6.50% due 11/15/2035(2)				500,000		636,791
CSC Holdings LLC Sr. Nt. 6.75% due 11/15/2021				300,000		336,375
DIRECTV Holdings LLC 3.80% due 3/15/2022				250,000		255,543
NBCUniversal Enterprise, Inc. 1.974% due 4/15/2019(1)				1,500,000		1,504,150
Time Warner Cable, Inc. 6.55% due 5/1/2037(2)				500,000		576,935
						3,872,357
Media Noncable — 2.3%
Discovery Communications LLC 5.625% due 8/15/2019(2)				250,000		296,439
Hughes Satellite Systems Corp. Sr. Sec. Nt. 6.50% due 6/15/2019				250,000		274,375
Intelsat Jackson Holdings S.A.
7.25% due 10/15/2020				450,000		494,437
7.50% due 4/1/2021				250,000		278,125
News America, Inc. 5.65% due 8/15/2020				250,000		298,610
Telesat LLC Sr. Nt. 6.00% due 5/15/2017(1)				300,000		313,500
Univision Communications, Inc. Sr. Sec. Nt. 7.875% due 11/1/2020(1)				500,000		550,000
						2,505,486
Metals And Mining — 0.4%
FMG Resources August 2006 Pty. Ltd. 7.00% due 11/1/2015(1)				300,000		314,250
Penn Virginia Resource Partners L.P. 8.25% due 4/15/2018				150,000		159,000
						473,250
Non Captive Diversified — 2.5%
AerCap Aviation Solutions BV 6.375% due 5/30/2017				300,000		322,125
Aircastle Ltd. Sr. Nt. 6.25% due 12/1/2019				500,000		546,250
CIT Group, Inc. Sr. Nt. 5.25% due 3/15/2018				280,000		302,400
General Electric Capital Corp.
Sr. Nt.
4.526% due 2/1/2021(2)		SEK		3,000,000		486,073
Sr. Nt. Ser. A
6.50% due 9/28/2015		NZD		600,000		532,777
International Lease Finance Corp.
Sr. Nt.
8.625% due 9/15/2015				250,000		284,375
8.75% due 3/15/2017				200,000		235,250
						2,709,250
Oil Field Services — 0.2%
Offshore Group Investment Ltd. Sr. Sec. Nt. 7.125% due 4/1/2023(1)				250,000		255,625
						255,625
Packaging — 0.5%
Reynolds Group Issuer, Inc. Sr. Sec. Nt. 7.875% due 8/15/2019				500,000		551,250
						551,250
Paper — 0.2%
Longview Fibre Paper & Packaging, Inc. Sr. Sec. Nt. 8.00% due 6/1/2016(1)				250,000		261,875
						261,875
Pharmaceuticals — 0.5%
Gilead Sciences, Inc. Sr. Nt. 4.40% due 12/1/2021(2)				500,000		562,814
						562,814
Pipelines — 1.5%
Access Midstream Partners L.P. 4.875% due 5/15/2023				250,000		246,875
Energy Transfer Partners L.P. Sr. Nt. 3.60% due 2/1/2023				250,000		248,780
Inergy Midstream L.P. 6.00% due 12/15/2020(1)				400,000		416,000
Magellan Midstream Partners L.P. Sr. Nt. 4.25% due 2/1/2021				250,000		276,258
MarkWest Energy Partners L.P. 6.50% due 8/15/2021				163,000		176,040
Regency Energy Partners L.P. 6.50% due 7/15/2021				250,000		275,000
						1,638,953
Refining — 0.5%
Calumet Specialty Products Partners L.P. 9.375% due 5/1/2019				250,000		280,000
Phillips 66 4.30% due 4/1/2022				250,000		274,441
						554,441
REITs — 1.0%
DuPont Fabros Technology L.P. 8.50% due 12/15/2017				250,000		268,750
Sabra Health Care L.P. 8.125% due 11/1/2018				250,000		271,563
WCI Finance LLC 5.70% due 10/1/2016(1)				500,000		571,710
						1,112,023

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

March 31, 2013 (unaudited)			Principal Amount		Value
Technology — 1.6%
Avaya, Inc. 10.50% due 3/1/2021(1)			$	250,000	$	238,125
CDW LLC 8.50% due 4/1/2019				250,000		279,063
Equinix, Inc.
Sr. Nt.
4.875% due 4/1/2020				250,000		251,875
5.375% due 4/1/2023				250,000		253,125
Hewlett-Packard Co. Sr. Nt. 4.375% due 9/15/2021				500,000		509,762
Sanmina Corp. 7.00% due 5/15/2019(1)				250,000		261,250
						1,793,200
Wireless — 1.7%
America Movil SAB de C.V. 5.625% due 11/15/2017(2)				500,000		581,097
Crown Castle International Corp. Sr. Nt. 5.25% due 1/15/2023				300,000		305,250
MetroPCS Wireless, Inc.
6.25% due 4/1/2021(1)				250,000		254,375
6.625% due 4/1/2023(1)				250,000		255,000
Sprint Nextel Corp. 9.00% due 11/15/2018(1)				400,000		494,500
						1,890,222
Wirelines — 1.8%
Frontier Communications Corp. Sr. Nt. 8.25% due 4/15/2017				250,000		292,500
Qwest Corp. Sr. Nt. 6.75% due 12/1/2021				500,000		575,697
Telecom Italia Capital S.A. 4.95% due 9/30/2014				500,000		517,856
Verizon Communications, Inc. Sr. Nt. 6.00% due 4/1/2041				500,000		581,602
						1,967,655
Total Corporate Bonds (Cost $43,635,983)						46,745,610
			Principal Amount		Value
Mortgage Pass-Through Securities — 11.1%
FNMA
3.00% due 12/1/2043(4)				7,950,000		8,199,680
3.50% due 6/1/2042(2)				1,344,994		1,421,154
3.50% due 12/1/2043(4)				1,500,000		1,583,906
4.00% due 11/1/2040(2)				613,313		654,156
5.00% due 4/1/2039(2)				351,169		381,113
Total Mortgage Pass-Through Securities (Cost $12,166,148)						12,240,009
			Principal Amount		Value
Municipal Bonds — 1.5%
Chicago IL O’Hare Intl. Arpt. Rev. Ref-AMT-Gen-Senior Lien-Ser. B 5.00% due 1/1/2024				1,000,000		1,145,330
Puerto Rico Comwlth. G.O. Ref. Pub. Impt. Ser. C 6.00% due 7/1/2039				500,000		508,000
Total Municipal Bonds (Cost $1,626,972)						1,653,330
March 31, 2013 (unaudited)	Foreign Currency(6)		Principal Amount		Value
Non-U.S. Government Securities — 1.8%
Mexican Bonos 7.25% due 12/15/2016(2)		MXN		17,500,000	$	1,545,627
Poland Government Bond 5.25% due 10/25/2017(2)		PLN		1,400,000		463,715
Total Non-U.S. Government Securities (Cost $1,948,012)						2,009,342
			Principal Amount		Value
Senior Secured Loans — 14.0%
Automotive — 0.9%
Navistar International Corp. Term Loan B 5.75% due 7/16/2014(3)				997,500		1,007,226
						1,007,226
Consumer Products — 0.9%
Party City Holdings, Inc. Refi Term Loan B 4.25% due 7/29/2019(3)				995,006		1,001,693
						1,001,693
Electric — 2.1%
Calpine Corp. Term Loan B3 4.00% due 10/9/2019(3)				995,000		1,007,438
LSP Madison Funding LLC Term Loan 5.50% due 6/28/2019(3)				316,667		320,327
Star West Generation LLC New Term Loan B 5.00% due 3/13/2020(3)				1,000,000		1,011,670
						2,339,435
Food And Beverage — 1.3%
Del Monte Foods Co. Term Loan 4.00% due 3/8/2018(3)				956,362		964,281
HJ Heinz Co. Term Loan B2 3.50% due 3/27/2020(3)				500,000		504,235
						1,468,516
Healthcare — 3.2%
Immucor, Inc. Refi Term Loan B2 5.00% due 8/17/2018(3)				985,069		996,771
Kindred Healthcare, Inc. Term Loan 5.25% due 6/1/2018(3)				992,424		998,012
Select Medical Corp. New Term Loan B 5.50% due 6/1/2018(3)				992,424		996,920

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Sheridan Holdings, Inc. Term Loan 4.50% due 6/29/2018(3)	$	498,750	$	502,181
				3,493,884
Metals And Mining — 0.9%
Arch Coal, Inc. Term Loan B 5.75% due 5/16/2018(3)		992,502		1,008,759
				1,008,759
Packaging — 0.9%
Exopack LLC Term Loan 6.50% due 5/31/2017(3)		982,500		992,325
				992,325
Pharmaceuticals — 0.7%
Grifols, Inc. New Term Loan B 4.25% due 6/1/2017(3)		734,178		740,683
				740,683
Pipelines — 0.9%
Gibson Energy ULC New Term Loan B 4.75% due 6/15/2018(3)		973,518		986,495
				986,495
Refining — 0.3%
Citgo Petroleum Corp. Term Loan B 8.00% due 6/24/2015(3)		291,071		293,254
				293,254
Restaurants — 0.5%
Dunkin’ Brands, Inc. Term Loan B3 3.75% due 2/14/2020(3)		484,844		490,022
				490,022
Retailers — 0.9%
Bass Pro Group LLC New Term Loan 4.00% due 11/20/2019(3)		997,500		1,006,637
				1,006,637
Wireless — 0.5%
Cricket Communications, Inc. Term Loan C 4.75% due 2/21/2020(3)		500,000		502,625
				502,625
Total Senior Secured Loans (Cost $15,070,354)				15,331,554
	Principal Amount		Value
U.S. Government Securities — 3.0%
U.S. Treasury Notes
1.375% due 1/31/2020		1,900,000		1,921,672
2.75% due 8/15/2042		1,510,000		1,400,996
Total U.S. Government Securities (Cost $3,367,823)				3,322,668
	Principal Amount		Value
Short-Term Investments — 1.4%
Electricite de France 0.17% due 4/11/2013		500,000		499,976
Johnson & Johnson 0.05% due 4/11/2013		500,000		499,993
Nestle Capital Corp. 0.03% due 4/11/2013		500,000		499,996
Total Short-Term Investments (Cost $1,499,965)				1,499,965
	Number of Contracts		Value
Purchased Options — 0.1%
30 YR US Treasury Note, strike @ $139, expiring 5/24/2013		25		144,922
Total Purchased Options (Cost $114,579)				144,922
	Principal Amount		Value
Repurchase Agreements — 13.5%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $14,855,017, due 4/1/2013(5)		14,855,000		14,855,000
Total Repurchase Agreements (Cost $14,855,000)				14,855,000
Total Investments — 111.6% (Cost $118,518,366)				122,678,064
Other Liabilities, Net — (11.6)%				(12,710,197	)
Total Net Assets — 100.0%			$	109,967,867

(1) Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At March 31, 2013, the aggregate market value of these securities amounted to $12,816,946, representing 11.7% 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.

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

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

At March 31, 2013, the Fund entered into the following forward currency exchange contracts:

Forward Currency Contracts to Buy	Counterparty	Value		Aggregate Face Value		Settlement Date		Unrealized Depreciation
AUD	JP Morgan Chase Bank	$	517,576	$	517,856		6/19/2013	$	(280	)
SEK	Barclays Bank PLC		306,412		307,392		6/19/2013		(980	)
Total								$	(1,260	)
Forward Currency Contracts to Sell	Counterparty	Value		Aggregate Face Value		Settlement Date		Unrealized Appreciation/ Depreciation
AUD	JP Morgan Chase Bank	$	2,070,304	$	2,030,306		6/19/2013	$	(39,998	)
DKK	JP Morgan Chase Bank		344,234	$	350,869		6/19/2013		6,635
NZD	Barclays Bank PLC		499,458		492,492		6/19/2013		(6,966	)
PLN	Barclays Bank PLC		427,271		435,406		6/19/2013		8,135
SEK	Barclays Bank PLC		735,389		749,848		6/19/2013		14,459
Total								$	(17,735	)

Legend:

AUD — Australian Dollar

DKK — Danish Krone

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand dollar

PLN — Polish Zloty

SEK — Swedish Krona

(3) Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2013.

(4) TBA - To be announced.

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

Security	Coupon			Maturity Date		Value
FNMA		2.26	%		10/17/2022	$	15,156,137

(6) See currency legend above.

At March 31, 2013, the Fund had entered into the following open option contract:

Number of Contracts	Put Written Options	Expiration Date		Premiums Received		Current Value			Unrealized Depreciation
25	30 YR US Treasury Note, strike @ $137		May 2013	$	10,031	$	(3,906	)	$	6,125

Transactions in options written for the three months ended March 31, 2013:

	Contracts			Premiums
Options outstanding, December 31, 2012		50		$	30,218
Options written		25			10,031
Options terminated in closing transactions		(50	)		(30,218	)
Options expired		—			—
Options outstanding, March 31, 2013		25		$	10,031

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Strategic Income Fund

The following is a summary of the inputs used as of March 31, 2013 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
Asset Backed Securities	$	—		$	1,730,306		$	—	$	1,730,306
Collateralized Mortgage Obligations		—			13,164,139			—		13,164,139
Commercial Mortgage-Backed Securities		—			9,981,219			—		9,981,219
Corporate Bonds		—			46,745,610			—		46,745,610
Mortgage Pass-Through Securities		—			12,240,009			—		12,240,009
Municipal Bonds		—			1,653,330			—		1,653,330
Non-U.S. Government Securities		—			2,009,342			—		2,009,342
Senior Secured Loans		—			15,331,554			—		15,331,554
U.S. Government Securities		—			3,322,668			—		3,322,668
Short-Term Investments		—			1,499,965			—		1,499,965
Purchased Options		144,922			—			—		144,922
Repurchase Agreements		—			14,855,000			—		14,855,000
Other Financial Instruments:
Forward Currency Contracts		—			(18,995	)		—		(18,995	)
Written Put Options		(3,906	)		—			—		(3,906	)
Total	$	141,016		$	122,514,147		$	—	$	122,655,163

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Money Market Fund

March 31, 2013 (unaudited)	Principal Amount		Value
Commercial Paper — 48.4%
Aerospace & Defense — 1.1%
Rockwell Collins, Inc. 0.12% due 4/12/2013(1)	$	5,000,000	$	4,999,817
				4,999,817
Chemicals — 3.4%
Praxair, Inc.
0.06% due 4/9/2013		5,000,000		4,999,933
0.08% due 4/2/2013		10,000,000		9,999,978
				14,999,911
Consumer Products — 2.2%
Kimberly-Clark Worldwide, Inc. 0.10% due 4/17/2013(1)		10,000,000		9,999,556
				9,999,556
Diversified Manufacturing — 2.2%
Danaher Corp. 0.12% due 4/16/2013(1)		10,000,000		9,999,500
				9,999,500
Electric — 1.1%
Emerson Electric Co. 0.12% due 4/18/2013(1)		5,000,000		4,999,717
				4,999,717
Electrical Equipment — 2.3%
Dover Corp. 0.11% due 4/3/2013(1)		10,000,000		9,999,939
				9,999,939
Food And Beverage — 3.4%
Nestle Finance International Ltd. 0.02% due 4/4/2013		10,000,000		9,999,983
Pepsico, Inc. 0.10% due 4/8/2013(1)		5,000,000		4,999,903
				14,999,886
Household Products - Wares — 1.1%
Proctor & Gamble Co. 0.12% due 4/26/2013(1)		5,000,000		4,999,583
				4,999,583
Insurance - Life — 2.3%
The Travelers Companies, Inc. 0.07% due 4/1/2013		10,000,000		10,000,000
				10,000,000
Internet — 2.3%
Google, Inc. 0.09% due 4/4/2013(1)		10,000,000		9,999,925
				9,999,925
Machinery — 1.1%
Parker Hannifin Corp. 0.12% due 4/11/2013(1)		5,000,000		4,999,833
				4,999,833
Oil & Gas Services — 1.1%
Baker Hughes, Inc. 0.14% due 4/23/2013(1)		5,000,000		4,999,572
				4,999,572
Oil - Integrated — 3.4%
Chevron Corp.
0.08% due 4/4/2013(1)		5,000,000		4,999,967
0.09% due 4/2/2013		5,000,000		4,999,987
0.09% due 4/3/2013(1)		5,000,000		4,999,975
				14,999,929
Pharmaceuticals — 18.0%
Abbot Laboratories 0.11% due 4/18/2013(1)		10,000,000		9,999,481
Astrazeneca PLC 0.10% due 4/2/2013(1)		10,000,000		9,999,972
Bristol-Myers Squibb Co. 0.11% due 4/8/2013(1)		10,000,000		9,999,786
Johnson & Johnson 0.06% due 4/19/2013(1)		10,000,000		9,999,700
Merck & Co., Inc.
0.08% due 4/5/2013(1)		10,000,000		9,999,911
0.11% due 4/15/2013(1)		5,000,000		4,999,786
Pfizer, Inc. 0.08% due 4/18/2013(1)		10,000,000		9,999,622
Roche Holdings, Inc.
0.09% due 4/23/2013(1)		5,000,000		4,999,725
0.11% due 4/30/2013(1)		10,000,000		9,999,114
				79,997,097
Transportation — 3.4%
United Parcel Service, Inc.
0.03% due 4/3/2013(1)		5,000,000		4,999,992
0.05% due 4/15/2013(1)		10,000,000		9,999,805
				14,999,797
Total Commercial Paper (Cost $214,994,062)				214,994,062
	Principal Amount		Value
Municipal Securities — 4.5%
Connecticut — 3.8%
Connecticut St. Housing Fin. Auth. Ser. B-4 0.23% due 4/4/2013(2)(3)		16,990,000		16,990,000
				16,990,000
Iowa — 0.7%
Iowa Fin. Auth. Single Family Mtg. Rev. Mtg. Bkd. Secs. Prog. Ser. C 0.15% due 4/4/2013(2)(4)		2,870,000		2,870,000
				2,870,000
Total Municipal Securities (Cost $19,860,000)				19,860,000
	Principal Amount		Value
U.S. Government Securities — 25.9%
U.S. Treasury Bills
0.031% due 4/11/2013		10,000,000		9,999,914
0.035% due 4/11/2013		10,000,000		9,999,903
0.05% due 4/18/2013		10,000,000		9,999,764
0.051% due 4/25/2013		10,000,000		9,999,660
0.055% due 4/11/2013 - 4/18/2013		20,000,000		19,999,587
0.071% due 4/25/2013		10,000,000		9,999,527
0.075% due 4/18/2013		10,000,000		9,999,646

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Money Market Fund

March 31, 2013 (unaudited)	Principal Amount		Value
0.08% due 7/5/2013	$	10,000,000	$	9,997,889
0.135% due 4/4/2013		5,000,000		4,999,944
0.138% due 4/4/2013		5,000,000		4,999,942
0.145% due 5/2/2013 - 6/27/2013		15,000,000		14,996,999
Total U.S. Government Securities (Cost $114,992,775)				114,992,775
	Principal Amount		Value
Repurchase Agreements — 21.4%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/28/2013, maturity value of $95,068,106, due 4/1/2013(5)		95,068,000		95,068,000
Total Repurchase Agreements (Cost $95,068,000)				95,068,000
Total Investments — 100.2% (Cost $444,914,837)				444,914,837
Other Liabilities, Net — (0.2)%				(830,710	)
Total Net Assets — 100.0%			$	444,084,127

(1) Security issued in an exempt transaction without registration under the Securities Act of 1933. At March 31, 2013, the aggregate market value of these securities amounted to $174,994,181, representing 39.4% of the 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 demand note. The rate shown is the rate in effect at March 31, 2013.

(3) Issue supported by a standby purchase agreement with Helabe Landesbank Hessen-Thuringen.

(4) Issue supported by a standby purchase agreement with Federal Home Loan Bank.

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

Security	Coupon			Maturity Date		Value
FHLMC		1.96	%		11/7/2022	$	96,970,806

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Money Market Fund

The following is a summary of the inputs used as of March 31, 2013 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
Commercial Paper	$	—	$	214,994,062	$	—	$	214,994,062
Municipal Securities		—		19,860,000		—		19,860,000
U.S. Government Securities		—		114,992,775		—		114,992,775
Repurchase Agreements		—		95,068,000		—		95,068,000
Total	$	—	$	444,914,837	$	—	$	444,914,837

See accompanying notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

Tax Basis of Investments

The cost of investments (excluding foreign currency related transactions) for federal income tax purposes at March 31, 2013, for each Fund is listed in the chart below. The net unrealized appreciation on investments, which consists of gross unrealized appreciation and depreciation, is also disclosed in the chart below:

Tax Basis of Investments

Fund	Cost of Investments		Net Unrealized Appreciation on Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation
RS Partners Fund	$	1,461,452,857	$	446,569,243	$	450,425,554	$	(3,856,311	)
RS Value Fund		968,802,990		239,936,945		257,087,141		(17,150,196	)
RS Large Cap Alpha Fund		630,465,465		112,376,114		126,168,569		(13,792,455	)
RS Investors Fund		15,835,993		2,700,833		2,771,910		(71,077	)
RS Global Natural Resources Fund		4,102,755,690		593,225,956		720,350,601		(127,124,645	)
RS Small Cap Growth Fund		531,885,353		146,493,488		153,327,527		(6,834,039	)
RS Select Growth Fund		442,753,709		63,291,033		66,871,715		(3,580,682	)
RS Mid Cap Growth Fund		55,558,218		16,431,184		16,473,244		(42,060	)
RS Growth Fund		162,636,513		45,506,066		45,589,234		(83,168	)
RS Technology Fund		131,388,288		35,033,679		38,313,904		(3,280,225	)
RS Small Cap Equity Fund		82,646,595		20,405,113		21,436,311		(1,031,198	)
RS International Growth Fund		794,226,883		104,533,791		145,430,595		(40,896,804	)
RS Emerging Markets Fund		672,986,876		9,367,460		38,906,949		(29,539,489	)
RS Global Growth Fund		26,972,195		4,459,847		5,583,277		(1,123,430	)
RS Greater China Fund		22,894,506		425,312		1,224,696		(799,384	)
RS Investment Quality Bond Fund		230,648,598		9,048,492		9,596,093		(547,601	)
RS Low Duration Bond Fund		1,803,504,046		10,919,726		17,530,820		(6,611,094	)
RS High Yield Fund		129,589,773		7,381,299		7,698,002		(316,703	)
RS Tax-Exempt Fund		437,230,378		33,282,116		34,083,251		(801,135	)
RS High Income Municipal Bond Fund		221,659,779		16,105,451		17,656,723		(1,551,272	)
RS Floating Rate Fund		2,525,432,336		35,603,097		37,473,704		(1,870,607	)
RS Strategic Income Fund		118,558,777		4,119,287		4,259,054		(139,767	)
RS Money Market Fund		444,914,838		—		—		—

Restricted and Illiquid Securities

A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933 (except pursuant to an applicable exemption). If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to a Fund. Restricted and illiquid securities are valued according to the guidelines and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Funds’ Schedule of Investments.

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 1940 Act. A summary of the Funds with transactions in the securities of affiliated issuers for the three months ended March 31, 2013, 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 at End of Period
RS Partners Fund	eHealth, Inc.		1,301,925			138,000		6,000		1,433,925	$	—	$	25,638,579
	Integrated Device Technology, Inc.		9,325,234			1,069,709		492,118		9,902,825		—		73,974,103
													$	99,612,682
RS Global Natural Resources Fund	Compass Minerals International, Inc.		2,046,197			23,900		74,831		1,995,266	$	1,087,638	$	157,426,487
	Painted Pony Petroleum Ltd.		2,961,890	*		1,605,800		—		4,567,690		—		45,818,537
	Peyto Exploration & Development Corp.		8,291,460			261,300		245,400		8,307,360		1,278,820		220,308,390
	PICO Holdings, Inc.		1,556,353			—		—		1,556,353		—		34,551,037
	Salamander Energy PLC		23,545,859			—		—		23,545,859		—		74,215,968
	Taseko Mines Ltd.		23,960,835			—		—		23,960,835		—		66,371,513
													$	598,691,932

* Issuer was not an affiliated issuer at beginning of period.

Fair Value Measurements

In accordance with Financial Accounting Standards Board (“FASB”) Codification Topic 820 (“ASC Topic 820”), fair value is defined as the price that the Funds would receive upon selling an investment in an “arm’s length” transaction to a willing buyer in the principal or most advantageous market for the investment. ASC Topic 820 established a hierarchy for 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 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 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 into or out of an investment’s assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the three months ended March 31, 2013, RS Global Natural Resources Fund, RS Emerging Markets Fund and RS High Income Municipal Bond Fund held securities classified as Level 3.

The Funds’ policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. Transfers between Levels 1 and 2 related to certain exchange-traded foreign securities whose prices may have been affected by events occurring after the close of trading on the exchange and, as a result, whose values were determined by a pricing service using pricing models in accordance with methods approved by the Funds’ Board of Trustees. Transfers into and out of each level of the fair value hierarchy for the three months ended March 31, 2013 were as follows:

	Transfers into Level 1		Transfers (out) of Level 1			Transfers into Level 2		Transfers (out) of Level 2			Transfers into Level 3		Transfers (out) of Level 3
RS International Growth Fund
Common Stocks	$	—	$	(6,404,801	)	$	6,404,801	$	—		$	—	$	—
RS Emerging Markets Fund
Common Stocks		—		—			—		(3,199,589	)		3,199,589		—
RS Global Growth Fund
Common Stocks		—		(173,635	)		173,635		—			—		—

In determining a security’s placement within the hierarchy, the Trust separates the Funds’ investment portfolios into two categories: investments and derivatives (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.

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, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Funds’ Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, 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.

Derivatives 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 following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure at March 31, 2013.

Fund	Derivative Instrument Type	Value
RS Strategic Income Fund	Forward Foreign Currency Contracts	$	(18,995	)
	Written Option Contracts		(3,906	)

RS Strategic Income Fund used forward foreign currency forward contracts to hedge against movements in foreign currency exchange rates. The Fund also wrote US Treasury put options to manage interest rate and yield curve exposure and generate income.

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 website 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/ Matthew H. Scanlan
	Matthew H. Scanlan, President (Principal Executive Officer)
Date:	May 22, 2013

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/ Matthew H. Scanlan
	Matthew H. Scanlan, President (Principal Executive Officer)
Date:	May 22, 2013

By:	/s/ Glen M. Wong
	Glen M. Wong, Treasurer (Principal Financial Officer)
Date:	May 22, 2013