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Quarterly Holdings in Excel - RS Investments_3_

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					Schedule of Investments - RS Diversified Growth Fund
March 31, 2004 (unaudited)
Holdings                                  Symbol       Cusip         Shares    Price           Value

COMMON STOCK U.S.
24/7 Real Media, Inc.                     tfsm         901314203   1,916,700    7.25   $   13,896,075
AK Steel Holding Corp.                    aks          001547108     825,000    5.87        4,842,750
Able Laboratories, Inc.                   abrx         00371n407     440,000   19.53        8,593,200
Access Pharmaceuticals, Inc.              akc          00431m209     391,000    6.42        2,510,220
Activision, Inc.                          atvi         004930202     846,145   15.82       13,386,014
Aeropostale, Inc.                         aro          007865108     224,680   36.26        8,146,897
Alamosa Holdings, Inc.                    apcs         011589108   1,133,570    5.84        6,620,049
Alexion Pharmaceuticals, Inc.             alxn         015351109     342,300   23.76        8,133,048
Altiris, Inc.                             atrs         02148M100     355,760   27.94        9,939,934
Apria Healthcare Group, Inc.              ahg          037933108     330,400   29.94        9,892,176
Aspen Technology, Inc.                    azpn         045327103   1,159,900    8.17        9,476,383
Axcelis Technologies, Inc.                acls         054540109     953,260   11.12       10,600,251
Axonyx, Inc.                              axyx         05461r101     632,730    6.53        4,131,727
Bell Microproducts, Inc.                  belm         078137106     817,500    7.20        5,886,000
Bio-Rad Laboratories, Inc.,               bio          090572207      70,000   56.37        3,945,900
Boston Private Financial Holdings, Inc.   bpfh         101119105      73,900   28.00        2,069,200
Bradley Pharmaceuticals, Inc.             bdy          104576103     322,170   25.18        8,112,241
CONSOL Energy, Inc.                       cnx          20854p109     315,000   26.80        8,442,000
California Micro Devices Corp.            camd         130439102      55,000   13.30          731,500
Cathay General Bancorp                    caty         149150104     129,810   65.82        8,544,094
Champion Enterprises, Inc.                chb          158496109     944,290   10.60       10,009,474
Charlotte Russe Holding, Inc.             chic         161048103     569,540   18.30       10,422,582
Commercial Metals Co.                     cmc          201723103     289,490   31.84        9,217,362
Corillian Corp.                           cori         218725109   2,217,600    4.95       10,977,120
Corvis Corp.                              corv         221009103   4,782,350    1.92        9,182,112
Credence Systems Corp.                    cmos         225302108   1,140,760   11.88       13,552,229
DRS Technologies, Inc.                    drs          23330X100     279,580   27.98        7,822,648
Discovery Laboratories, Inc.              dsco         254668106     683,800   12.19        8,335,522
Ditech Communications Corp.               ditc         25500M103     564,944   16.67        9,417,616
Durect Corp.                              drrx         266605104   3,125,190    3.40       10,625,646
EPIX Medical, Inc.                        epix         26881q101     408,245   20.75        8,471,084
Electroglas, Inc.                         egls         285324109     800,000    4.43        3,543,200
Equinix, Inc.                             eqix         29444u502     259,600   36.21        9,400,376
Evergreen Resources, Inc.                 evg          299900308     217,820   34.35        7,482,117
Friedman, Billings, Ramsey Group          fbr          358434108     465,000   26.99       12,550,350
Gasco Energy, Inc.                        gase         367220100     178,200    1.94          345,708
General Cable Corp.                       bgc          369300108     665,200    7.38        4,909,176
GrafTech International Ltd.               gti          384313102     721,390   14.95       10,784,780
Gray Television, Inc.                     gtn          389375106     747,840   14.62       10,933,421
HEI, Inc.                                 heii         404160103     937,570    3.22        3,018,975
Hanover Compressor Co.                    hc           410768105     843,400   12.09       10,196,706
HomeStore, Inc.                           homs         437852106   1,539,500    4.23        6,512,085
Impax Laboratories, Inc.                  ipxl         45256B101     451,500   22.37       10,100,055
Inet Technologies, Inc.                   inti         45662v105     769,230   12.41        9,546,144
Infinity Property & Casualty Corp.        ipcc         45665q103     300,000   31.43        9,429,000
InfoSpace, Inc.                           insp         45678t201     187,500   38.87        7,288,125
Integrated Alarm Services Group Inc.      iasg         45890m109   1,071,500    9.51       10,189,965
Inter Parfums, Inc.                       ipar         458334109     402,720   22.99        9,258,533
John B. Sanfilippo & Son, Inc.            jbss         800422107     235,070   36.70        8,627,069
K2, Inc.                                  kto          482732104     399,490   16.03        6,403,825
Kindred Healthcare, Inc.                  kind         494580103     216,850   50.30       10,907,555
Kulicke and Soffa Industries              klic         501242101     797,660   11.72        9,348,575
Landstar System, Inc.                     lstr         515098101     314,950   40.94       12,894,053
Ligand Pharmaceuticals, Inc.              lgnd         53220k207     612,250   20.10       12,306,225
MDU Communications International, Inc.    mdtv         582828109   1,514,762    3.00        4,544,286
Macromedia, Inc.                          macr         556100105     515,000   20.07       10,336,050
Manugistics Group, Inc.                   manu         565011103     849,800    6.85        5,821,130
Marimba, Inc.                             mrba         56781Q109   1,225,300    5.89        7,217,017
Multimedia Games, Inc.                    mgam         625453105     422,100   24.74       10,442,754
NMS Communications Corp.                  nmss         629248105   1,050,000    7.16        7,518,000
                                                   1
Schedule of Investments - RS Diversified Growth Fund
March 31, 2004 (unaudited)
Holdings                                          Symbol       Cusip          Shares   Price        Value
Nabi Biopharmaceuticals                           nabi         629519109     612,850   15.55    9,529,817
National Instruments Corp.                        nati         636518102     245,000   31.46    7,707,700
Netopia, Inc.                                     ntpa         64114k104     634,520   12.26    7,779,215
Nextel Partners, Inc.                             nxtp         65333F107     646,650   12.66    8,186,589
Noven Pharmaceuticals, Inc.                       novn         670009109     343,640   21.47    7,377,951
O2Micro International Ltd.                        oiim         g6797e106     345,000   17.23    5,944,350
ON Semiconductor Corp.                            onnn         682189105     931,000    7.54    7,019,740
Omnicell, Inc.                                    omcl         68213n109     518,130   19.81   10,264,155
Orbimage, Inc.                                    orbm         68555Y101     370,480   19.00    7,039,120
Orbital Sciences Corp.                            orb          685564106     490,000   12.53    6,139,700
Oregon Steel Mills, Inc.                          os           686079104     736,700    7.56    5,569,452
Oscient Pharmaceuticals Corp.                     gene         68812r105     827,087    5.63    4,656,500
PC Mall, Inc.                                     mall         69323k100     643,070   18.34   11,793,904
PLATO Learning, Inc.                              tutr         72764y100     786,050   10.09    7,931,244
PRAECIS Pharmaceuticals, Inc.                     prcs         739421105     630,000    5.91    3,723,300
Palm Harbor Homes, Inc.                           phhm         696639103     299,890   20.96    6,285,694
PalmOne, Inc.                                     plmo         69713P107     486,395   21.36   10,389,397
Patterson-UTI Energy, Inc.                        pten         703481101     246,500   35.41    8,728,565
PetroQuest Energy, Inc.                           pque         716748108   1,403,100    3.57    5,009,067
Pharmaceutical Product Development, Inc.          ppdi         717124101     405,850   29.79   12,090,271
Pinnacle Airlines Corp.                           pncl         723443107     549,560   13.30    7,309,148
Pixelworks, Inc.                                  pxlw         72581m107     548,520   17.13    9,396,148
Presstek, Inc.                                    prst         741113104     588,120   10.88    6,398,746
Pride International, Inc.                         pde          74153q102     363,200   17.06    6,196,192
Provide Commerce, Inc.                            prvd         74373W103     459,400   22.75   10,451,350
Quanex Corp.                                      nx           747620102     148,310   42.49    6,301,692
Quicksilver Resources, Inc.                       kwk          74837R104     154,950   38.76    6,005,862
Quidel Corp.                                      qdel         74838J101   1,001,630    6.59    6,600,742
RC2 Corp.                                         rcrc         749388104     451,370   27.50   12,412,675
Raindance Communications, Inc.                    rndc         75086X106   2,957,850    2.85    8,429,872
RealNetworks, Inc.                                rnwk         75605l104   1,768,600    6.00   10,611,600
Redwood Trust, Inc.                               rwt          758075402     136,230   62.17    8,469,419
Rudolph Technologies, Inc.                        rtec         781270103     371,520   18.73    6,958,570
SafeNet, Inc.                                     sfnt         78645R107     205,000   37.54    7,695,700
Saxon Capital, Inc.                               saxn         80556p302     336,700   28.41    9,565,647
Schnitzer Steel Industries, Inc.                  schn         806882106     296,220   32.06    9,496,813
Scientific Games Corp.                            sgms         80874P109     690,400   18.72   12,924,288
Secure Computing Corp.                            scur         813705100     355,600   16.35    5,814,060
Silicon Storage Technology, Inc.                  ssti         827057100     587,500   12.94    7,602,250
SimpleTech, Inc.                                  stec         828823104     894,000    4.75    4,246,500
Simpson Manufacturing Co.                         ssd          829073105     229,850   48.95   11,251,157
Skyworks Solutions, Inc.                          swks         83088m102   1,117,800   11.66   13,033,548
Sonic Solutions                                   snic         835460106     523,500   18.96    9,925,560
Southwestern Energy Co.                           swn          845467109     297,560   24.12    7,177,147
Stamps.com, Inc.                                  stmpd        852857200     976,200    5.99    5,847,438
Steel Dynamics, Inc.                              stld         858119100     356,250   24.78    8,827,875
Superior Energy Services, Inc.                    spn          868157108     831,480   10.08    8,381,318
SupportSoft, Inc.                                 sprt         868587106   1,052,070   11.01   11,583,291
Synaptics, Inc.                                   syna         87157D109     313,800   17.54    5,504,052
Telecommunications Systems, Inc.                  tsys         87929j103     923,400    7.20    6,648,480
The Bon-Ton Stores, Inc.                          bont         09776j101     795,000   15.42   12,258,900
The Meridian Resource Corp.                       tmr          58977q109     995,070    6.02    5,990,321
The Nautilus Group, Inc.                          nls          63910b102     513,300   15.75    8,084,475
Thor Industries, Inc.                             tho          885160101     335,000   26.86    8,998,100
Tom Brown, Inc.                                   tbi          115660201     275,940   37.60   10,375,344
TriPath Imaging, Inc.                             tpth         896942109     785,000    9.16    7,190,600
Trident Microsystems, Inc.                        trid         895919108     320,000   15.95    5,104,000
United Online, Inc.                               untd         911268100     599,745   16.66    9,991,752
ValueClick, Inc.                                  vclk         92046n102     800,000   10.80    8,640,000
Varian Semiconductor Equipment Associates, Inc.   vsea         922207105     329,680   42.00   13,846,560
ViaSat, Inc.                                      vsat         92552v100     263,690   24.88    6,560,607
Washington Group International, Inc.              wgii         938862208     286,600   36.61   10,492,426
                                                           2
Schedule of Investments - RS Diversified Growth Fund
March 31, 2004 (unaudited)
Holdings                                                   Symbol            Cusip                      Shares                   Price              Value
WebEx Communications, Inc.                                 webx              94767l109                 240,000                   29.73          7,135,200
Westport Resources Corp.                                   wrc               961418100                 218,250                   32.99          7,200,067
Wild Oats Markets, Inc.                                    oats              96808b107                 602,600                   11.83          7,128,758
XM Satellite Radio Holdings, Inc.                          xmsr              983759101                 322,300                   28.00          9,024,400
TOTAL COMMON STOCK U.S.                                                                                                                      1,040,042,693

COMMON STOCK CANADA
BakBone Software, Inc.                                     bkb.cn            2370228                2,542,950                     2.69   $      6,849,567
TOTAL COMMON STOCK CANADA                                                                                                                       6,849,567

AMERICAN DEPOSITORY RECEIPTS
Flamel Technologies S.A., ADR                              flml              338488109                 344,950                   25.92   $      8,941,449
Webzen, Inc., ADR                                          wzen              94846M102                 727,810                    9.35          6,805,023
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                                                                             15,746,472

NONMARKETABLE SECURITIES
Molecular Diagnostics, Inc.                                                  60851r104              4,469,920                     0.16   $        697,308
Startec Global Communications Corp.                                          85569E103                275,000                      -                  -
TOTAL NONMARKETABLE SECURITIES                                                                                                                    697,308

CASH/OTHER ASSETS AND LIABILITIES                                                                                                        $     20,468,271
                                                                             ----------     ------------         -------------
TOTAL PORTFOLIO                                                                                                                          $ 1,083,804,311

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in smaller companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in
those sectors or industries. Investments in technology companies may be highly volatile.

PFPC Distributors, Inc., distributor




                                                                         3
Schedule of Investments - RS Emerging Growth Fund
March 31, 2004 (unaudited)
Holdings                                  Symbol       Cusip         Shares    Price           Value

COMMON STOCK U.S.
1-800-FLOWERS.COM, Inc.                   flws         68243q106      50,750    9.57   $      485,677
Abaxis, Inc.                              abax         002567105     573,800   20.25       11,619,450
Able Laboratories, Inc.                   abrx         00371n407     633,500   19.53       12,372,255
Accredited Home Lenders Holding Co.       lend         00437P107     319,300   39.40       12,580,420
Alexion Pharmaceuticals, Inc.             alxn         015351109     838,550   23.76       19,923,948
Align Technology, Inc.                    algn         016255101     554,850   19.01       10,547,698
Alliance Gaming Corp.                     agi          01859p609     770,300   32.13       24,749,739
Altiris, Inc.                             atrs         02148M100     810,200   27.94       22,636,988
Alvarion Ltd.                             alvr         m0861t100     497,000   12.69        6,306,930
American Healthways, Inc.                 amhc         02649v104     410,500   24.42       10,024,410
Ameritrade Holding Corp.                  amtd         03074k100   1,573,100   15.40       24,225,740
Andrew Corp.                              andw         034425108     294,800   17.50        5,159,000
Angiotech Pharmaceuticals, Inc.           anpi         034918102     528,400   24.41       12,898,244
Anteon International Corp.                ant          03674e108     453,100   28.89       13,090,059
Applied Films Corp.                       afco         038197109     146,200   27.90        4,078,980
Artisan Components, Inc.                  arti         042923102     167,200   22.29        3,726,888
Ask Jeeves, Inc.                          askj         045174109     672,100   35.73       24,014,133
AtheroGenics, Inc.                        agix         047439104     655,350   22.87       14,987,854
Atrix Laboratories, Inc.                  atrx         04962L101     468,200   25.50       11,939,100
AudioCodes Ltd.                           audc         M15342104     490,500   11.60        5,689,800
August Technology Corp.                   augt         05106u105     797,950   15.00       11,969,250
Autobytel, Inc.                           abtl         05275n106   1,277,400   13.20       16,861,680
Bebe Stores, Inc.                         bebe         075571109     382,500   33.54       12,829,050
Boston Private Financial Holdings, Inc.   bpfh         101119105     695,250   28.00       19,467,000
Bright Horizons Family Solutions          bfam         109195107     113,700   47.16        5,362,092
CNET Networks, Inc.                       cnet         12613R104   1,733,000   10.33       17,901,890
CapitalSource, Inc.                       cse          14055x102     255,600   22.45        5,738,220
Carrier Access Corp.                      cacs         144460102      40,850   12.20          498,370
Ceradyne, Inc.                            crdn         156710105     307,200   36.15       11,105,280
Charles River Laboratories, Inc.          crl          159864107     238,200   42.85       10,206,870
CheckFree Corp.                           ckfr         162813109     376,700   29.46       11,097,582
Chordiant Software, Inc.                  chrd         170404107     938,800    5.24        4,919,312
Citigroup, Inc.                           c            172967101      50,000   51.70        2,585,000
Closure Medical Corp.                     clsr         189093107     442,300   27.50       12,163,250
CoStar Group, Inc.                        csgp         22160n109     277,700   36.89       10,244,353
Cognizant Technology Solutions            ctsh         192446102     281,400   45.25       12,733,350
Cost Plus, Inc.                           cpwm         221485105     310,500   41.75       12,963,375
Credence Systems Corp.                    cmos         225302108     384,000   11.88        4,561,920
Deckers Outdoor Corp.                     deck         243537107     408,200   25.95       10,592,790
Dendrite International, Inc.              drte         248239105     965,800   16.00       15,452,800
Digene Corp.                              dige         253752109     213,200   34.36        7,325,552
Discovery Laboratories, Inc.              dsco         254668106   1,142,500   12.19       13,927,075
Ditech Communications Corp.               ditc         25500M103     819,100   16.67       13,654,397
EPIX Medical, Inc.                        epix         26881q101     403,000   20.75        8,362,250
ESS Technology, Inc.                      esst         269151106     589,300   14.66        8,639,138
Electro Scientific Industries, Inc.       esio         285229100     140,100   23.54        3,297,954
Emulex Corp.                              elx          292475209     500,800   21.29       10,662,032
Equinix, Inc.                             eqix         29444u502      60,700   36.21        2,198,008
Exar Corp.                                exar         300645108     479,300   18.50        8,867,050
F5 Networks, Inc.                         ffiv         315616102      63,600   33.85        2,152,860
First Cash Financial Services, Inc.       fcfs         31942d107     230,500   33.63        7,751,715
FormFactor, Inc.                          form         346375108     699,350   20.93       14,637,395
Forward Air Corp.                         fwrd         349853101     314,900   32.87       10,350,763
Guess?, Inc.                              ges          401617105     761,200   18.03       13,724,436
INAMED Corp.                              imdc         453235103     177,800   53.28        9,473,184
Impax Laboratories, Inc.                  ipxl         45256B101     554,700   22.37       12,408,639
Infinity Property & Casualty Corp.        ipcc         45665q103     239,500   31.43        7,527,485
InfoSpace, Inc.                           insp         45678t201     777,100   38.87       30,205,877
Informatica Corp.                         infa         45666Q102   1,146,900    8.59        9,851,871
Inspire Pharmaceuticals, Inc.             isph         457733103     840,500   12.88       10,825,640
                                                   4
Schedule of Investments - RS Emerging Growth Fund
March 31, 2004 (unaudited)
Holdings                                   Symbol       Cusip          Shares   Price        Value
Instinet Group, Inc.                       ingp         457750107     447,400    7.05    3,154,170
Integrated Silicon Solution, Inc.          issi         45812P107     488,600   17.74    8,667,764
Intelligroup, Inc.                         itig         45816a106     146,400    7.32    1,071,648
Intuitive Surgical, Inc.                   isrg         46120e602     527,000   17.00    8,959,000
Inveresk Research Group, Inc.              irgi         461238107     283,700   28.42    8,062,754
Ixia                                       xxia         45071r109     678,027   10.82    7,336,252
JetBlue Airways Corporation                jblu         477143101     100,000   25.29    2,529,000
K2, Inc.                                   kto          482732104     721,000   16.03   11,557,630
Kenneth Cole Productions, Inc.             kcp          193294105     282,800   34.10    9,643,480
Legg Mason, Inc.                           lm           524901105     124,900   92.78   11,588,222
M-Systems Flash Disk Pioneers, Ltd.        flsh         M7061C100     898,500   20.38   18,311,430
MPS Group, Inc.                            mps          553409103   1,289,200   11.12   14,335,904
Macromedia, Inc.                           macr         556100105     301,300   20.07    6,047,091
Magma Design Automation, Inc.              lava         559181102     965,400   20.91   20,186,514
MapInfo Corp.                              maps         565105103     186,600   12.76    2,381,016
Martek Biosciences Corp.                   matk         572901106     170,850   57.00    9,738,450
Mentor Graphics Corp.                      ment         587200106     731,700   17.82   13,038,894
Merge Technologies, Inc.                   mrge         589981109     340,800   14.63    4,985,904
Merrill Lynch & Co., Inc.                  mer          590188108     100,000   59.56    5,956,000
MicroStrategy, Inc.                        mstr         594972408     265,150   53.30   14,132,495
Micromuse, Inc.                            musee        595094103     803,900    7.80    6,270,420
Mindspeed Technologies, Inc.               mspd         602682106   1,232,800    6.53    8,050,184
Multimedia Games, Inc.                     mgam         625453105     240,900   24.74    5,959,866
Myogen, Inc.                               myog         62856e104     122,700   10.95    1,343,565
Nabi Biopharmaceuticals                    nabi         629519109     827,550   15.55   12,868,402
Navigant Consulting, Inc.                  nci          63935n107   1,135,900   20.23   22,979,257
Netflix, Inc.                              nflx         64110L106     379,800   34.12   12,958,776
New Century Financial Corp.                ncen         64352d101     244,600   48.56   11,877,776
Northfield Laboratories, Inc.              nfld         666135108     105,000   16.13    1,693,650
Nuance Communications, Inc.                nuan         669967101     438,200    6.55    2,870,210
Nuvelo, Inc.                               nuvo         67072M301     760,000   12.56    9,545,600
O2Micro International Ltd.                 oiim         g6797e106     953,403   17.23   16,427,134
OmniVision Technologies, Inc.              ovti         682128103     541,400   27.31   14,785,634
Omnicell, Inc.                             omcl         68213n109     461,300   19.81    9,138,353
Onyx Pharmaceuticals, Inc.                 onxx         683399109     322,300   40.46   13,040,258
Open Solutions, Inc.                       open         68371p102     259,900   22.08    5,738,592
Orbitz, Inc.                               orbz         68556Y100     376,400   23.81    8,962,084
Oxford Industries, Inc.                    oxm          691497309     367,800   46.19   16,988,682
Pacific Sunwear of California, Inc.        psun         694873100     739,900   24.54   18,157,146
PalmOne, Inc.                              plmo         69713P107     644,700   21.36   13,770,792
Patterson-UTI Energy, Inc.                 pten         703481101     334,500   35.41   11,844,645
Peet's Coffee & Tea, Inc.                  peet         705560100     283,900   21.30    6,047,070
Penn National Gaming, Inc.                 penn         707569109     451,500   28.77   12,989,655
Penwest Pharmaceuticals Co.                ppco         709754105     867,200   14.61   12,669,792
Pharmaceutical Product Development, Inc.   ppdi         717124101     286,200   29.79    8,525,898
Photon Dynamics, Inc.                      phtn         719364101     247,500   32.63    8,075,925
Pinnacle Airlines Corp.                    pncl         723443107     663,800   13.30    8,828,540
Power Integrations, Inc.                   powi         739276103     175,100   29.33    5,135,683
Priceline.com, Inc.                        pcln         741503403     532,500   26.96   14,356,200
PrivateBancorp, Inc.                       pvtb         742962103     169,250   51.58    8,729,915
ProAssurance Corp.                         pra          74267c106     159,900   35.00    5,596,500
Quest Software, Inc.                       qsft         74834T103     757,000   16.35   12,376,950
RARE Hospitality International, Inc.       rare         753820109     407,750   27.75   11,315,062
Red Hat, Inc.                              rhat         756577102     754,400   22.86   17,245,584
Regeneration Technologies, Inc.            rtix         75886n100     754,400   11.35    8,562,440
Research In Motion, Ltd.                   rimm         760975102     227,000   93.31   21,181,370
Retek, Inc.                                retk         76128q109     452,100    7.56    3,417,876
Rigel Pharmaceuticals, Inc.                rigl         766559603      28,300   22.13      626,279
Rudolph Technologies, Inc.                 rtec         781270103     219,000   18.73    4,101,870
Salix Pharmaceuticals, Ltd.                slxp         795435106     707,900   29.02   20,543,258
Saxon Capital, Inc.                        saxn         80556p302     198,486   28.41    5,638,987
Schnitzer Steel Industries, Inc.           schn         806882106     209,100   32.06    6,703,746
                                                    5
Schedule of Investments - RS Emerging Growth Fund
March 31, 2004 (unaudited)
Holdings                                                   Symbol            Cusip                    Shares             Price              Value
Scientific Games Corp.                                     sgms              80874P109               400,800             18.72          7,502,976
Sierra Wireless, Inc.                                      swir              826516106               320,500             36.49         11,695,045
Sigmatel, Inc.                                             sgtl              82661w107               557,050             22.45         12,505,772
Signature Bank                                             sbny              82669G104                 7,050             20.90            147,345
Silicon Valley Bancshares                                  sivb              827064106               294,300             32.44          9,547,092
Sonic Solutions                                            snic              835460106               203,500             18.96          3,858,360
Sonus Networks, Inc.                                       sonse             835916107               437,300              3.71          1,622,383
Station Casinos, Inc.                                      stn               857689103               318,500             44.17         14,068,145
Steel Dynamics, Inc.                                       stld              858119100               195,400             24.78          4,842,012
Sunrise Senior Living, Inc.                                srz               86768k106               388,000             35.85         13,909,800
Symbion, Inc.                                              smbi              871507109               293,950             18.16          5,338,132
Syntel, Inc.                                               synt              87162h103                40,300             27.54          1,109,862
Telik, Inc.                                                telk              87959m109               205,200             26.84          5,507,568
Tessera Technologies, Inc.                                 tsra              88164L100               457,000             18.30          8,363,100
The Medicines Co.                                          mdco              584688105               492,200             32.21         15,853,762
The Sports Authority, Inc.                                 tsa               84917U109               423,300             40.08         16,965,864
Tractor Supply Co.                                         tsco              892356106               219,000             38.72          8,479,680
Trident Microsystems, Inc.                                 trid              895919108               303,000             15.95          4,832,850
UCBH Holdings, Inc.                                        ucbh              90262t308               230,800             40.04          9,241,232
Ultralife Batteries, Inc.                                  ulbi              903899102               270,800             21.33          5,776,164
Ultratech, Inc.                                            utek              904034105               719,100             23.31         16,762,221
United Auto Group, Inc.                                    uag               909440109               206,100             27.36          5,638,896
United Online, Inc.                                        untd              911268100               793,050             16.66         13,212,213
United Surgical Partners International, Inc.               uspi              913016309               355,600             33.94         12,069,064
Urban Outfitters, Inc.                                     urbn              917047102               386,600             48.06         18,579,996
ValueClick, Inc.                                           vclk              92046n102             1,808,900             10.80         19,536,120
Ventana Medical Systems, Inc                               vmsi              92276h106                92,000             40.96          3,768,320
Virage Logic Corp.                                         virl              92763r104             1,017,500              9.25          9,409,840
WebEx Communications, Inc.                                 webx              94767l109               937,900             29.73         27,883,767
Wintrust Financial Corp.                                   wtfc              97650W108               154,700             48.63          7,523,061
World Acceptance Corp.                                     wrld              981419104               121,900             19.51          2,378,269
Wright Medical Group, Inc.                                 wmgi              98235t107               171,700             30.70          5,271,190
Yahoo! Inc.                                                yhoo              984332106               311,500             48.59         15,135,785
eCollege.com, Inc.                                         eclg              27887e100               228,900             20.88          4,779,432
eResearch Technology, Inc.                                 eres              29481V108               591,450             28.05         16,590,172
eSPEED, Inc.                                               espd              296643109               319,900             20.96          6,705,104
TOTAL COMMON STOCK U.S.                                                                                                              1,622,187,910

AMERICAN DEPOSITORY RECEIPTS
Bookham Technology PLC, ADR                                bkhm              09856q108             2,255,000              2.18   $       4,915,900
Flamel Technologies S.A., ADR                              flml              338488109                88,300             25.92           2,288,824
Linktone Ltd., ADR                                         lton              535925101                16,150             12.09             195,253
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                                                                       7,399,978

CASH/OTHER ASSETS AND LIABILITIES                                                                                                $     21,271,146
TOTAL PORTFOLIO                                                                                                                  $ 1,650,859,034

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in smaller companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in
those sectors or industries. Investments in technology companies may be highly volatile.

PFPC Distributors, Inc., distributor




                                                                         6
Schedule of Investments - RS Growth Fund
March 31, 2004 (unaudited)
Holdings                                   Symbol       Cusip       Shares    Price          Value

COMMON STOCK U.S.
ALLETE, Inc.                               ale          018522102    65,350   35.09   $   2,293,131
Adobe Systems, Inc.                        adbe         00724f101    60,030   39.43       2,366,983
Agilent Technologies, Inc.                 a            00846u101    81,750   31.63       2,585,752
Alcan, Inc.                                al           013716105    55,000   44.79       2,463,450
Alcoa, Inc.                                aa           013817101    77,000   34.69       2,671,130
Allergan, Inc.                             agn          018490102    26,400   84.16       2,221,824
Allied Waste Industries, Inc.              aw           019589308   250,000   13.31       3,327,500
Ameritrade Holding Corp.                   amtd         03074k100   126,230   15.40       1,943,942
Amphenol Corp.                             aph          032095101    79,000   29.70       2,346,300
Apache Corp.                               apa          037411105    45,000   43.17       1,942,650
Applied Materials, Inc.                    amat         038222105   135,000   21.38       2,886,300
Assurant, Inc.                             aiz          04621X108   142,750   25.15       3,590,162
Avaya, Inc.                                av           053499109   142,600   15.88       2,264,488
Best Buy Co., Inc.                         bby          086516101    48,000   51.72       2,482,560
Biogen Idec, Inc.                          biib         09062x103    49,200   55.60       2,735,520
Biomet, Inc.                               bmet         090613100    83,250   38.36       3,193,470
Boston Scientific Corp.                    bsx          101137107    98,000   42.38       4,153,240
Broadcom Corp.                             brcm         111320107    43,500   39.17       1,703,895
Caremark Rx, Inc.                          cmx          141705103    61,050   33.25       2,029,912
Cephalon, Inc.                             ceph         156708109    50,450   57.31       2,891,289
Cisco Systems, Inc.                        csco         17275R102    97,500   23.52       2,293,200
Citigroup, Inc.                            c            172967101    44,000   51.70       2,274,800
Cognizant Technology Solutions             ctsh         192446102    47,250   45.25       2,138,062
Comverse Technology, Inc.                  cmvt         205862402   202,150   18.14       3,667,001
Corning, Inc.                              glw          219350105   200,000   11.18       2,236,000
Cypress Semiconductor Corp.                cy           232806109    90,140   20.47       1,845,166
Dollar General Corp.                       dg           256669102   111,850   19.20       2,147,520
EMC Corp.                                  emc          268648102   150,000   13.61       2,041,500
Edwards Lifesciences Corp.                 ew           28176e108    70,000   31.95       2,236,500
Electronic Arts, Inc.                      erts         285512109    60,500   53.96       3,264,580
EnCana Corp.                               eca          292505104    41,100   43.12       1,772,232
Express Scripts, Inc.                      esrx         302182100    29,150   74.59       2,174,298
Foot Locker, Inc.                          fl           344849104   106,300   25.80       2,742,540
Ford Motor Co.                             f            345370860   125,000   13.57       1,696,250
Friedman, Billings, Ramsey Group           fbr          358434108   169,450   26.99       4,573,455
General Growth Properties, Inc.            ggp          370021107    62,400   35.15       2,193,360
Guidant Corp.                              gdt          401698105    32,550   63.37       2,062,693
Harman International Industries, Inc.      har          413086109    26,500   79.60       2,109,400
Inco Ltd.                                  n            453258402    47,240   34.63       1,635,921
International Game Technology              igt          459902102    73,600   44.96       3,309,056
J.P. Morgan Chase & Co.                    jpm          46625h100    63,000   41.95       2,642,850
LSI Logic Corp.                            lsi          502161102   238,360    9.34       2,226,282
Lamar Advertising Co.                      lamr         512815101    44,900   40.22       1,805,878
MBNA Corp.                                 krb          55262l100    70,000   27.63       1,934,100
MGM Mirage, Inc.                           mgg          552953101    67,000   45.34       3,037,780
Manor Care, Inc.                           hcr          564055101    64,500   35.29       2,276,205
Marvell Technology Group, Ltd.             mrvl         g5876h105    50,400   45.05       2,270,520
Microsoft Corp.                            msft         594918104   115,500   24.97       2,884,035
Murphy Oil Corp.                           mur          626717102    39,600   62.97       2,493,612
Nabors Industries Ltd.                     nbr          G6359F103    57,750   45.75       2,642,062
Newell Rubbermaid, Inc.                    nwl          651229106    97,000   23.20       2,250,400
Nextel Partners, Inc.                      nxtp         65333F107   166,650   12.66       2,109,789
Northrop Grumman Corp.                     noc          666807102    19,000   98.42       1,869,980
Novell, Inc.                               novl         670006105   250,000   11.38       2,845,000
Nucor Corp.                                nue          670346105    46,000   61.48       2,828,080
Omnicare, Inc.                             ocr          681904108    48,200   44.33       2,136,706
PETsMART, Inc.                             petm         716768106    72,000   27.26       1,962,720
Pfizer, Inc.                               pfe          717081103    65,000   35.05       2,278,250
Questar Corp.                              str          748356102    57,500   36.44       2,095,300
Qwest Communications International, Inc.   q            749121109   543,900    4.31       2,344,209
                                                    7
Schedule of Investments - RS Growth Fund
March 31, 2004 (unaudited)
Holdings                                                   Symbol            Cusip                    Shares             Price               Value
SLM Corp.                                                  slm               78442p106                60,000             41.85           2,511,000
Sirva, Inc.                                                sir               82967y104                95,900             24.12           2,313,108
Smith International, Inc.                                  sii               832110100                40,650             53.51           2,175,181
Smurfit-Stone Container Corp.                              sscc              832727101               104,830             17.59           1,843,960
Southwest Airlines Co.                                     luv               844741108               150,000             14.21           2,131,500
Staples, Inc.                                              spls              855030102                90,000             25.39           2,285,100
Stryker Corp.                                              syk               863667101                29,300             88.53           2,593,929
Symantec Corp.                                             symc              871503108                45,900             46.30           2,125,170
Symbol Technologies, Inc.                                  sbl               871508107               168,000             13.80           2,318,400
Tellabs, Inc.                                              tlab              879664100               227,880              8.63           1,966,604
Teradyne, Inc.                                             ter               880770102                93,500             23.83           2,228,105
Texas Instruments, Inc.                                    txn               882508104                75,000             29.22           2,191,500
The DIRECTV Group, Inc.                                    dtv               25459L106               120,000             15.38           1,845,600
The Dow Chemical Co.                                       dow               260543103                59,440             40.28           2,394,243
The Williams Cos., Inc.                                    wmb               969457100               165,000              9.57           1,579,050
Time Warner, Inc.                                          twx               887317105               120,000             16.86           2,023,200
Tyco International Ltd.                                    tyc               902124106                74,400             28.65           2,131,560
Unisys Corp.                                               uis               909214108               165,300             14.28           2,360,484
United States Steel Corp.                                  x                 912909108                82,030             37.27           3,057,258
UnitedHealth Group, Inc.                                   unh               91324P102                31,000             64.44           1,997,640
Unitrin, Inc.                                              utr               913275103                47,850             42.90           2,052,765
Valeant Pharmaceuticals International                      vrx               91911X104               111,070             23.87           2,651,241
Williams-Sonoma, Inc.                                      wsm               969904101                92,800             34.20           3,173,760
XM Satellite Radio Holdings, Inc.                          xmsr              983759101                85,230             28.00           2,386,440
Yahoo! Inc.                                                yhoo              984332106                50,664             48.59           2,461,764
Yum! Brands, Inc.                                          yum               988498101                50,000             37.99           1,899,500
Zimmer Holdings, Inc.                                      zmh               98956P102                32,450             73.78           2,394,161
TOTAL COMMON STOCK U.S.                                                                                                               208,533,019

COMMON STOCK CANADA
Noranda, Inc.                                              nrd.cn            2641322                 157,800             17.99   $       2,838,419
TOTAL COMMON STOCK CANADA                                                                                                                2,838,419

AMERICAN DEPOSITORY RECEIPTS
BP PLC, ADR                                                bp                055622104                52,500             51.20   $       2,688,000
Nokia Oyj, ADR                                             nok               654902204               130,000             20.28           2,636,400
Teva Pharmaceutical Industries, Ltd.                       teva              881624209                42,250             63.41           2,679,072
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                                                                       8,003,472

CASH/OTHER ASSETS AND LIABILITIES                                                                                                $       4,495,928
TOTAL PORTFOLIO                                                                                                                  $    223,870,838

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in mid-size companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in
those sectors or industries. Investments in high-technology and Internet-related sectors may be highly volatile.

PFPC Distributors, Inc., distributor




                                                                         8
Schedule of Investments - The Information Age Fund®
March 31, 2004 (unaudited)
Holdings                                  Symbol       Cusip       Shares    Price          Value

COMMON STOCK U.S.
1-800-FLOWERS.COM, Inc.                   flws         68243q106     8,800    9.57   $      84,216
Agile Software Corp.                      agil         00846X105    53,400    8.75         467,250
Altiris, Inc.                             atrs         02148M100   213,800   27.94       5,973,572
Alvarion Ltd.                             alvr         m0861t100    61,600   12.69         781,704
Amazon.com, Inc.                          amzn         023135106    35,800   43.28       1,549,424
Ameritrade Holding Corp.                  amtd         03074k100   171,000   15.40       2,633,400
Anteon International Corp.                ant          03674e108    74,550   28.89       2,153,749
Ask Jeeves, Inc.                          askj         045174109   182,400   35.73       6,517,152
Aspen Technology, Inc.                    azpn         045327103   191,600    8.17       1,565,372
Asyst Technologies, Inc.                  asyt         04648x107    91,900    8.23         756,337
AudioCodes Ltd.                           audc         M15342104   132,000   11.60       1,531,200
August Technology Corp.                   augt         05106u105   112,100   15.00       1,681,500
Axcelis Technologies, Inc.                acls         054540109   201,100   11.12       2,236,232
CNET Networks, Inc.                       cnet         12613R104   234,500   10.33       2,422,385
Callidus Software, Inc.                   cald         13123e500   202,350    8.51       1,721,998
Carrier Access Corp.                      cacs         144460102   160,100   12.20       1,953,220
Check Point Software Technologies, Ltd.   chkp         m22465104    45,900   22.77       1,045,143
Chordiant Software, Inc.                  chrd         170404107   404,800    5.24       2,121,152
Cognizant Technology Solutions            ctsh         192446102    53,000   45.25       2,398,250
Credence Systems Corp.                    cmos         225302108   167,000   11.88       1,983,960
Cree, Inc.                                cree         225447101    64,400   22.30       1,436,120
DiamondCluster International              dtpi         25278p106    42,200    9.68         408,496
Digitas, Inc.                             dtas         25388k104   175,600   10.29       1,806,924
Ditech Communications Corp.               ditc         25500M103   112,600   16.67       1,877,042
DoubleClick, Inc.                         dclk         258609304   172,300   11.25       1,938,375
Electronic Arts, Inc.                     erts         285512109    35,300   53.96       1,904,788
Exar Corp.                                exar         300645108   107,300   18.50       1,985,050
F5 Networks, Inc.                         ffiv         315616102    34,400   33.85       1,164,440
FormFactor, Inc.                          form         346375108   101,300   20.93       2,120,209
Forrester Research, Inc.                  forr         346563109    92,300   18.95       1,749,085
HomeStore, Inc.                           homs         437852106   434,400    4.23       1,837,512
InfoSpace, Inc.                           insp         45678t201   101,200   38.87       3,933,644
Informatica Corp.                         infa         45666Q102   350,900    8.59       3,014,231
InterActiveCorp                           iaci         45840q101    92,322   31.59       2,916,452
Interwoven, Inc.                          iwov         46114t508   167,625    9.97       1,671,221
KVH Industries, Inc.                      kvhi         482738101    34,400   14.41         495,704
M-Systems Flash Disk Pioneers, Ltd.       flsh         M7061C100   271,800   20.38       5,539,284
MTC Technologies, Inc.                    mtct         55377a106    21,000   25.11         527,310
Macromedia, Inc.                          macr         556100105   148,500   20.07       2,980,395
Magma Design Automation, Inc.             lava         559181102   195,400   20.91       4,085,814
Manugistics Group, Inc.                   manu         565011103   338,400    6.85       2,318,040
Marchex, Inc.                             mchx         56624R108   307,000    8.83       2,710,810
Marvell Technology Group, Ltd.            mrvl         g5876h105    39,900   45.05       1,797,495
Mercury Interactive Corp.                 merq         589405109    21,900   44.80         981,120
MicroStrategy, Inc.                       mstr         594972408    48,500   53.30       2,585,050
Micromuse, Inc.                           musee        595094103   426,000    7.80       3,322,800
Mindspeed Technologies, Inc.              mspd         602682106   212,000    6.53       1,384,360
Monster Worldwide, Inc.                   mnst         611742107   124,100   26.20       3,251,420
Netflix, Inc.                             nflx         64110L106   119,400   34.12       4,073,928
Nuance Communications, Inc.               nuan         669967101   208,800    6.55       1,367,640
O2Micro International, Ltd.               oiim         g6797e106   410,700   17.23       7,076,361
OmniVision Technologies, Inc.             ovti         682128103   104,400   27.31       2,851,164
Orbitz, Inc.                              orbz         68556Y100    66,600   23.81       1,585,746
PLX Technology, Inc.                      plxt         693417107   169,600   10.77       1,826,592
Packeteer, Inc.                           pktr         695210104   132,600   13.20       1,750,320
Power Integrations, Inc.                  powi         739276103   116,700   29.33       3,422,811
Priceline.com, Inc.                       pcln         741503403   127,700   26.96       3,442,792
Quest Software, Inc.                      qsft         74834T103   128,900   16.35       2,107,515
RADWARE Ltd.                              rdwr         m81873107    71,600   26.56       1,901,696

                                                   9
Schedule of Investments - The Information Age Fund®
March 31, 2004 (unaudited)
Holdings                                                  Symbol            Cusip                    Shares               Price               Value
Red Hat, Inc.                                             rhat              756577102                86,900               22.86           1,986,534
Research In Motion, Ltd.                                  rimm              760975102                19,700               93.31           1,838,207
Retek, Inc.                                               retk              76128q109               323,300                7.56           2,444,148
SINA Corp.                                                sina              G81477104                40,100               37.83           1,516,983
SRA International, Inc.                                   srx               78464r105                38,000               36.94           1,403,720
Semtech Corp.                                             smtc              816850101                91,800               22.83           2,095,794
Sigmatel, Inc.                                            sgtl              82661w107                85,850               22.45           1,927,332
Sonic Solutions                                           snic              835460106               156,600               18.96           2,969,136
Sonus Networks, Inc.                                      sonse             835916107               313,000                3.71           1,161,230
Symmetricom, Inc.                                         symm              871543104               200,900                8.97           1,802,073
Take-Two Interactive Software, Inc.                       ttwo              874054109                47,900               36.78           1,761,762
Tessera Technologies, Inc.                                tsra              88164L100                73,900               18.30           1,352,370
Trident Microsystems, Inc.                                trid              895919108               126,700               15.95           2,020,865
Ultratech, Inc.                                           utek              904034105                50,100               23.31           1,167,831
United Online, Inc.                                       untd              911268100               165,050               16.66           2,749,733
VERITAS Software Corp.                                    vrtse             923436109                17,100               26.91             460,161
ValueClick, Inc.                                          vclk              92046n102               315,900               10.80           3,411,720
Verisity, Ltd.                                            vrst              m97385112               172,000                9.26           1,592,720
Virage Logic Corp.                                        virl              92763r104               182,200                9.25           1,684,986
WebEx Communications, Inc.                                webx              94767l109               187,300               29.73           5,568,429
Yahoo! Inc.                                               yhoo              984332106                93,899               48.59           4,562,552
eBay, Inc.                                                ebay              278642103                62,600               69.33           4,340,058
eCollege.com, Inc.                                        eclg              27887e100                81,700               20.88           1,705,896
iPass, Inc.                                               ipas              46261v108               129,300               10.93           1,413,249
TOTAL COMMON STOCK U.S.                                                                                                                 187,664,463

AMERICAN DEPOSITORY RECEIPTS
Bookham Technology PLC, ADR                               bkhm              09856q108                 637,400                2.18   $     1,389,532
Linktone Ltd., ADR                                        lton              535925101                   70,050              12.09           846,904
Tom Online, Inc., ADR                                     tomo              889728200
                                                                            ----------     ------------    650------------- 12.15             7,897
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                                                                        2,244,334

WARRANTS
Novatel Wireless, Inc.                                                      66987m133                 33,247               9.67     $      321,367
TOTAL WARRANTS                                                                                                                             321,367

CASH/OTHER ASSETS AND LIABILITIES                                                                                                   $     9,305,960
TOTAL PORTFOLIO                                                                                                                     $   199,536,124

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in smaller companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as
companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their
values. Investments in high-technology and Internet-related sectors may be highly volatile. Companies in these sectors operate in markets
that are characterized by rapid change, evolving industry standards, frequent new service and product announcements, introductions,
enhancements and changing customer demands.

PFPC Distributors, Inc., distributor




                                                                       10
Schedule of Investments - RS Internet Age Fund™
March 31, 2004 (unaudited)
Holdings                                 Symbol        Cusip       Shares    Price          Value

COMMON STOCK U.S.
1-800-FLOWERS.COM, Inc.                  flws          68243q106     5,700    9.57   $      54,549
Agile Software Corp.                     agil          00846X105    36,400    8.75         318,500
Altiris, Inc.                            atrs          02148M100   140,800   27.94       3,933,952
Alvarion Ltd.                            alvr          m0861t100    42,200   12.69         535,518
Amazon.com, Inc.                         amzn          023135106    23,100   43.28         999,768
Ameritrade Holding Corp.                 amtd          03074k100   110,300   15.40       1,698,620
Anteon International Corp.               ant           03674e108    49,250   28.89       1,422,832
Ask Jeeves, Inc.                         askj          045174109   117,700   35.73       4,205,421
Aspen Technology, Inc.                   azpn          045327103   126,000    8.17       1,029,420
Asyst Technologies, Inc.                 asyt          04648x107    60,700    8.23         499,561
AudioCodes Ltd.                          audc          M15342104    86,500   11.60       1,003,400
August Technology Corp.                  augt          05106u105    73,300   15.00       1,099,500
Axcelis Technologies, Inc.               acls          054540109   132,700   11.12       1,475,624
CNET Networks, Inc.                      cnet          12613R104   151,400   10.33       1,563,962
Callidus Software, Inc.                  cald          13123e500   133,900    8.51       1,139,489
Carrier Access Corp.                     cacs          144460102   104,950   12.20       1,280,390
Check Point Software Technologies Ltd.   chkp          m22465104    30,800   22.77         701,316
Chordiant Software, Inc.                 chrd          170404107   261,200    5.24       1,368,688
Cognizant Technology Solutions           ctsh          192446102    34,900   45.25       1,579,225
Credence Systems Corp.                   cmos          225302108   106,100   11.88       1,260,468
Cree, Inc.                               cree          225447101    42,600   22.30         949,980
DiamondCluster International             dtpi          25278p106    27,800    9.68         269,104
Digitas, Inc.                            dtas          25388k104   113,300   10.29       1,165,857
Ditech Communications Corp.              ditc          25500M103    80,800   16.67       1,346,936
DoubleClick, Inc.                        dclk          258609304   114,400   11.25       1,287,000
Electronic Arts, Inc.                    erts          285512109    23,900   53.96       1,289,644
Exar Corp.                               exar          300645108    69,200   18.50       1,280,200
F5 Networks, Inc.                        ffiv          315616102    22,800   33.85         771,780
FormFactor, Inc.                         form          346375108    65,800   20.93       1,377,194
Forrester Research, Inc.                 forr          346563109    60,300   18.95       1,142,685
HomeStore, Inc.                          homs          437852106   294,200    4.23       1,244,466
InfoSpace, Inc.                          insp          45678t201    97,000   38.87       3,770,390
Informatica Corp.                        infa          45666Q102   237,600    8.59       2,040,984
InterActiveCorp                          iaci          45840q101    62,805   31.59       1,984,010
Interwoven, Inc.                         iwov          46114t508   108,175    9.97       1,078,505
KVH Industries, Inc.                     kvhi          482738101    23,700   14.41         341,517
M-Systems Flash Disk Pioneers            flsh          M7061C100   175,900   20.38       3,584,842
MTC Technologies, Inc.                   mtct          55377a106    13,600   25.11         341,496
Macromedia, Inc.                         macr          556100105    95,900   20.07       1,924,713
Magma Design Automation, Inc.            lava          559181102   126,900   20.91       2,653,479
Mamma.com, Inc.                          mama          56150q102    47,200   13.67         645,224
Manugistics Group, Inc.                  manu          565011103   231,600    6.85       1,586,460
Marchex, Inc.                            mchx          56624R108   204,300    8.83       1,803,969
Marvell Technology Group, Ltd.           mrvl          g5876h105    26,200   45.05       1,180,310
Mercury Interactive Corp.                merq          589405109    14,900   44.80         667,520
MicroStrategy, Inc.                      mstr          594972408    31,200   53.30       1,662,960
Micromuse, Inc.                          musee         595094103   282,100    7.80       2,200,380
Mindspeed Technologies, Inc.             mspd          602682106   132,100    6.53         862,613
Monster Worldwide, Inc.                  mnst          611742107    84,400   26.20       2,211,280
Netflix, Inc.                            nflx          64110L106    77,000   34.12       2,627,240
Nuance Communications, Inc.              nuan          669967101   136,900    6.55         896,695
O2Micro International, Ltd.              oiim          g6797e106   250,100   17.23       4,309,223
OmniVision Technologies, Inc             ovti          682128103    67,600   27.31       1,846,156
Orbitz, Inc.                             orbz          68556Y100    44,300   23.81       1,054,783
Overstock.com, Inc.                      ostk          690370101    23,600   30.88         728,768
PLX Technology, Inc.                     plxt          693417107    97,700   10.77       1,052,229
Packeteer, Inc.                          pktr          695210104    89,800   13.20       1,185,360
Power Integrations, Inc.                 powi          739276103    75,900   29.33       2,226,147
Priceline.com, Inc.                      pcln          741503403    86,200   26.96       2,323,952
Quest Software, Inc.                     qsft          74834T103    83,100   16.35       1,358,685
                                                  11
Schedule of Investments - RS Internet Age Fund™
March 31, 2004 (unaudited)
Holdings                                                  Symbol            Cusip                   Shares             Price               Value
RADWARE Ltd.                                              rdwr              m81873107               46,700             26.56           1,240,352
Red Hat, Inc.                                             rhat              756577102               58,600             22.86           1,339,596
Research In Motion, Ltd.                                  rimm              760975102               12,900             93.31           1,203,699
Retek, Inc.                                               retk              76128q109              218,000              7.56           1,648,080
SINA Corp.                                                sina              G81477104               27,100             37.83           1,025,193
SRA International, Inc.                                   srx               78464r105               25,000             36.94             923,500
Semtech Corp.                                             smtc              816850101               60,900             22.83           1,390,347
Sigmatel, Inc.                                            sgtl              82661w107               56,400             22.45           1,266,180
Sonic Solutions                                           snic              835460106              101,100             18.96           1,916,856
Sonus Networks, Inc.                                      sonse             835916107              210,100              3.71             779,471
Symmetricom, Inc.                                         symm              871543104              129,000              8.97           1,157,130
Take-Two Interactive Software, Inc.                       ttwo              874054109               31,700             36.78           1,165,926
Tessera Technologies, Inc.                                tsra              88164L100               48,100             18.30             880,230
Trident Microsystems, Inc.                                trid              895919108               86,100             15.95           1,373,295
Ultratech, Inc.                                           utek              904034105               32,700             23.31             762,237
United Online, Inc.                                       untd              911268100              106,500             16.66           1,774,290
VERITAS Software Corp.                                    vrtse             923436109               11,600             26.91             312,156
ValueClick, Inc.                                          vclk              92046n102              209,500             10.80           2,262,600
Verisity, Ltd.                                            vrst              m97385112              111,800              9.26           1,035,268
Virage Logic Corp.                                        virl              92763r104              127,800              9.25           1,181,894
WebEx Communications, Inc.                                webx              94767l109              123,400             29.73           3,668,682
Yahoo! Inc.                                               yhoo              984332106               61,590             48.59           2,992,658
eBay, Inc.                                                ebay              278642103               41,500             69.33           2,877,195
eCollege.com, Inc.                                        eclg              27887e100               53,600             20.88           1,119,168
eDiets.com, Inc.                                          diet              280597105               47,200              7.07             333,704
iPass, Inc.                                               ipas              46261v108               85,500             10.93             934,515
TOTAL COMMON STOCK U.S.                                                                                                             126,009,162

AMERICAN DEPOSITORY RECEIPTS
Bookham Technology PLC, ADR                               bkhm              09856q108              409,400              2.18    $        892,492
Linktone Ltd., ADR                                        lton              535925101               47,800             12.09             577,902
Tom Online, Inc., ADR                                     tomo              889728200                  350             12.15               4,252
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                                                                     1,474,646

WARRANTS
Novatel Wireless, Inc.                                                      66987m133                18,701             9.67    $        180,769
TOTAL WARRANTS                                                                                                                           180,769

CASH/OTHER ASSETS AND LIABILITIES                                                                                              $       4,803,853
TOTAL PORTFOLIO                                                                                                                $    132,468,430

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in smaller companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as
companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their
values. Investments in high-technology and Internet-related sectors may be highly volatile. Companies in these sectors operate in markets
that are characterized by rapid change, evolving industry standards, frequent new service and product announcements, introductions,
enhancements and changing customer demands.

PFPC Distributors, Inc., distributor




                                                                       12
Schedule of Investments - RS MidCap Opportunities Fund
March 31, 2004 (unaudited)
Holdings                                 Symbol        Cusip       Shares    Price          Value

COMMON STOCK U.S.
ALLETE, Inc.                             ale           018522102    48,150   35.09   $   1,689,583
Adobe Systems, Inc.                      adbe          00724f101    46,340   39.43       1,827,186
Advanced Fibre Communications            afci          00754a105    55,000   22.03       1,211,650
Agilent Technologies, Inc.               a             00846u101    44,570   31.63       1,409,749
Alcan, Inc.                              al            013716105    31,200   44.79       1,397,448
Allergan, Inc.                           agn           018490102    16,500   84.16       1,388,640
Alliance Data Systems Corp.              ads           018581108    41,150   33.55       1,380,582
Allied Waste Industries, Inc.            aw            019589308   132,250   13.31       1,760,247
AmeriCredit Corp.                        acf           03060r101    92,200   17.03       1,570,166
American Tower Corp.                     amt           029912201   109,250   11.35       1,239,987
Ameritrade Holding Corp.                 amtd          03074k100    78,200   15.40       1,204,280
Amphenol Corp.                           aph           032095101    47,100   29.70       1,398,870
Assurant, Inc.                           aiz           04621X108    92,350   25.15       2,322,602
Avaya, Inc.                              av            053499109    90,500   15.88       1,437,140
Avocent Corp.                            avct          053893103    34,400   36.79       1,265,576
Best Buy Co., Inc.                       bby           086516101    28,740   51.72       1,486,433
Biogen Idec, Inc.                        biib          09062x103    37,550   55.60       2,087,780
Biomet, Inc.                             bmet          090613100    34,450   38.36       1,321,502
Boston Scientific Corp.                  bsx           101137107    41,000   42.38       1,737,580
Broadcom Corp.                           brcm          111320107    32,800   39.17       1,284,776
CapitalSource, Inc.                      cse           14055x102    65,950   22.45       1,480,577
Caremark Rx, Inc.                        cmx           141705103    45,350   33.25       1,507,887
Celgene Corp.                            celg          151020104    25,800   47.65       1,229,370
Cephalon, Inc.                           ceph          156708109    30,150   57.31       1,727,896
Cognizant Technology Solutions           ctsh          192446102    27,000   45.25       1,221,750
Comverse Technology, Inc.                cmvt          205862402   118,400   18.14       2,147,776
Conexant Systems, Inc.                   cnxt          207142100   299,100    6.16       1,842,456
Corning, Inc.                            glw           219350105   110,000   11.18       1,229,800
Crown Castle International Corp.         cci           228227104   103,700   12.63       1,309,731
Cummins, Inc.                            cmi           231021106    24,900   58.45       1,455,405
Cypress Semiconductor Corp.              cy            232806109    72,160   20.47       1,477,115
Cytyc Corp.                              cytc          232946103    45,500   22.25       1,012,375
DaVita, Inc.                             dva           23918k108    29,100   47.75       1,389,525
Dollar General Corp.                     dg            256669102    72,350   19.20       1,389,120
E*TRADE Financial Corp.                  et            269246104   110,080   13.35       1,469,568
Edwards Lifesciences Corp.               ew            28176e108    47,000   31.95       1,501,650
Electronic Arts, Inc.                    erts          285512109    38,000   53.96       2,050,480
Express Scripts, Inc.                    esrx          302182100    20,750   74.59       1,547,742
Foot Locker, Inc.                        fl            344849104    64,050   25.80       1,652,490
Friedman, Billings, Ramsey Group, Inc.   fbr           358434108    95,000   26.99       2,564,050
General Growth Properties, Inc.          ggp           370021107    34,500   35.15       1,212,675
Grant Prideco, Inc.                      grp           38821g101   127,050   15.50       1,969,275
Harman International Industries, Inc.    har           413086109    15,600   79.60       1,241,760
Inco, Ltd.                               n             453258402    29,470   34.63       1,020,546
Independence Community Bank              icbc          453414104    32,000   40.75       1,304,000
International Game Technology            igt           459902102    38,400   44.96       1,726,464
Ivax Corp.                               ivx           465823102    72,400   22.77       1,648,548
L-3 Communications Holdings, Inc.        lll           502424104    25,000   59.48       1,487,000
LSI Logic Corp.                          lsi           502161102   168,180    9.34       1,570,801
Lamar Advertising Co.                    lamr          512815101    36,550   40.22       1,470,041
Limited Brands, Inc.                     ltd           532716107    60,650   20.00       1,213,000
MGM Mirage, Inc.                         mgg           552953101    40,700   45.34       1,845,338
Manor Care, Inc.                         hcr           564055101    43,850   35.29       1,547,466
Marvell Technology Group, Ltd.           mrvl          g5876h105    30,000   45.05       1,351,500
Medicis Pharmaceutical Corp.             mrx           584690309    46,800   40.00       1,872,000
Monster Worldwide, Inc.                  mnst          611742107    71,420   26.20       1,871,204
Murphy Oil Corp.                         mur           626717102    21,400   62.97       1,347,558
Nabors Industries, Ltd.                  nbr           G6359F103    36,750   45.75       1,681,312
Netflix, Inc.                            nflx          64110L106    65,000   34.12       2,217,800
New York Community Bancorp, Inc.         nyb           649445103    42,666   34.28       1,462,590
                                                  13
Schedule of Investments - RS MidCap Opportunities Fund
March 31, 2004 (unaudited)
Holdings                                   Symbol          Cusip         Shares    Price             Value
Newell Rubbermaid, Inc.                    nwl             651229106     56,000    23.20         1,299,200
Newfield Exploration Co.                   nfx             651290108     29,000    47.93         1,389,970
Nextel Partners, Inc.                      nxtp            65333F107    118,600    12.66         1,501,476
Novell, Inc.                               novl            670006105    158,000    11.38         1,798,040
OSI Pharmaceuticals, Inc.                  osip            671040103     29,500    38.40         1,132,800
Omnicare, Inc.                             ocr             681904108     28,700    44.33         1,272,271
Outback Steakhouse, Inc.                   osi             689899102     35,150    48.70         1,711,805
PETsMART, Inc.                             petm            716768106     53,000    27.26         1,444,780
Pacific Sunwear of California, Inc.        psun            694873100     73,340    24.54         1,799,764
Peabody Energy Corp.                       btu             704549104     28,000    46.51         1,302,280
Polo Ralph Lauren Corp.                    rl              731572103     52,200    34.28         1,789,416
Polycom, Inc.                              plcm            73172K104     82,500    21.23         1,751,475
Questar Corp.                              str             748356102     31,630    36.44         1,152,597
Qwest Communications International, Inc.   q               749121109    338,050     4.31         1,456,995
RPM International, Inc.                    rpm             749685103     77,500    16.54         1,281,850
Reliant Energy, Inc.                       rri             75952b105    239,580     8.21         1,966,952
Ryder System, Inc.                         r               783549108     40,000    38.73         1,549,200
Sirius Satellite Radio, Inc.               siri            82966u103    564,320     3.40         1,918,688
Sirva, Inc.                                sir             82967y104     72,250    24.12         1,742,670
Skyworks Solutions, Inc.                   swks            83088m102    144,000    11.66         1,679,040
Smith International, Inc.                  sii             832110100     25,850    53.51         1,383,233
Sovereign Bancorp, Inc.                    sov             845905108     65,000    21.42         1,392,300
Staples, Inc.                              spls            855030102     45,000    25.39         1,142,550
Station Casinos, Inc.                      stn             857689103     45,450    44.17         2,007,526
Symantec Corp.                             symc            871503108     29,500    46.30         1,365,850
Symbol Technologies, Inc.                  sbl             871508107    130,000    13.80         1,794,000
Tektronix, Inc.                            tek             879131100     52,350    32.71         1,712,368
Tellabs, Inc.                              tlab            879664100    163,260     8.63         1,408,934
Teradyne, Inc.                             ter             880770102     69,300    23.83         1,651,419
The Cheesecake Factory, Inc.               cake            163072101     33,450    46.13         1,543,048
The Williams Cos., Inc.                    wmb             969457100    134,080     9.57         1,283,146
Unisys Corp.                               uis             909214108     92,600    14.28         1,322,328
Unitrin, Inc.                              utr             913275103     28,350    42.90         1,216,215
Urban Outfitters, Inc.                     urbn            917047102     37,950    48.06         1,823,877
Valeant Pharmaceuticals International      vrx             91911X104     79,960    23.87         1,908,645
Vulcan Materials Co.                       vmc             929160109     30,000    47.44         1,423,200
Williams-Sonoma, Inc.                      wsm             969904101     51,700    34.20         1,768,140
XM Satellite Radio Holdings, Inc.          xmsr            983759101     63,000    28.00         1,764,000
Zimmer Holdings, Inc.                      zmh             98956P102     18,000    73.78         1,328,040
TOTAL COMMON STOCK U.S.                                                                        152,869,514

COMMON STOCK CANADA
Noranda, Inc.                              nrd.cn          2641322       94,200    17.99   $     1,694,417
TOTAL COMMON STOCK CANADA                                                                        1,694,417

AMERICAN DEPOSITORY RECEIPTS
Shire Pharmaceuticals Group PLC, ADR       shpgy           82481r106     45,470    29.43   $     1,338,182
Teva Pharmaceutical Industries Ltd., ADR   teva            881624209     23,050    63.41         1,461,600
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                               2,799,783

PREFERRED STOCK
AES Trust III 6.75%                        aes/pc          00808n202     23,200    44.00   $     1,020,800
TOTAL PREFERRED STOCK                                                                            1,020,800

CORPORATE BONDS
WorldCom, Inc. 7.875% Due 05-15-03         wcoeq.cv        98157dab2   2,500,000   32.25   $      806,250
WorldCom, Inc. 8.250% Due 05-15-31         wcoeq.cb        98157dak2   3,000,000   32.25          967,500
TOTAL CORPORATE BONDS                                                                            1,773,750

CONVERTIBLE BONDS

                                                      14
Schedule of Investments - RS MidCap Opportunities Fund
March 31, 2004 (unaudited)
Holdings                                                   Symbol            Cusip                    Shares             Price               Value
Advanced Micro Devices 4.750% Due 02-01-22                 amd.cv            007903ae7               500,000           106.50    $         532,500
Delta Air 8.000% Due 06-03-23                              dal.cv            247361yp7               750,000            74.50              558,750
TOTAL CONVERTIBLE BONDS                                                                                                                  1,091,250

CASH/OTHER ASSETS AND LIABILITIES                                                                                                $       6,569,790
TOTAL PORTFOLIO                                                                                                                  $    167,819,304

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in mid-size companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in
those sectors or industries. Investments in technology companies may be highly volatile. The values of debt securities will fluctuate with
market conditions and interest rates.

PFPC Distributors, Inc., distributor




                                                                        15
Schedule of Investments - RS Smaller Company Growth Fund
March 31, 2004 (unaudited)
Holdings                                Symbol        Cusip       Shares    Price          Value

COMMON STOCK U.S.
Aaron Rents, Inc.                       rnt           002535201   107,300   24.89   $   2,670,697
Alexion Pharmaceuticals, Inc.           alxn          015351109    83,700   23.76       1,988,712
Allscripts Healthcare Solutions, Inc.   mdrx          01988P108   190,400    9.70       1,846,880
America Service Group Inc.              asgr          02364L109    62,600   34.30       2,147,180
American Medical Security Group, Inc.   amz           02744P101   128,550   26.71       3,433,570
Applied Signal Technology, Inc.         apsg          038237103    59,100   27.32       1,614,612
Artisan Components, Inc.                arti          042923102    76,900   22.29       1,714,101
Ashworth, Inc.                          ashw          04516h101   220,350    8.70       1,917,045
AtheroGenics, Inc.                      agix          047439104    71,300   22.87       1,630,631
Bradley Pharmaceuticals, Inc.           bdy           104576103    74,900   25.18       1,885,982
Buffalo Wild Wings, Inc.                bwld          119848109    70,650   28.63       2,022,709
CNET Networks, Inc.                     cnet          12613R104   217,000   10.33       2,241,610
Cal Dive International, Inc.            cdis          127914109    87,400   25.83       2,257,542
Capital Senior Living Corp.             csu           140475104   220,900    6.19       1,367,371
Casual Male Retail Group, Inc.          cmrg          148711104   189,600   10.34       1,960,464
Charlotte Russe Holding, Inc.           chic          161048103   109,500   18.30       2,003,850
ChipPAC, Inc.                           chpc          169657103   238,600    7.91       1,887,326
Citadel Security Software, Inc.         cdss          17288q109   287,500    4.79       1,377,125
Clicksoftware Co.                       cksw          m25082104   465,300    3.98       1,851,894
Corgentech, Inc.                        cgtk          21872P105    70,300   18.80       1,321,640
Corio, Inc.                             crio          218875102   500,000    3.99       1,995,000
Dade Behring Holdings, Inc.             dade          23342j206    38,500   44.48       1,712,480
Digitas, Inc.                           dtas          25388k104   214,150   10.29       2,203,603
Discovery Laboratories, Inc.            dsco          254668106   125,900   12.19       1,534,721
Durect Corp.                            drrx          266605104   436,800    3.40       1,485,120
Dynamex, Inc.                           ddn           26784f103   170,000   14.08       2,393,600
EDO Corp.                               edo           281347104    78,800   24.08       1,897,504
EZCorp., Inc.                           ezpw          302301106   178,900   10.28       1,839,092
Embarcadero Technologies, Inc.          embt          290787100   133,700   12.84       1,716,708
Equinix, Inc.                           eqix          29444u502    64,400   36.21       2,331,988
Exar Corp.                              exar          300645108   103,100   18.50       1,907,350
First Community Bancorp                 fcbp          31983b101     2,900   37.39         108,431
Franklin Bank Corp.                     fbtx          352451108   108,500   18.59       2,017,015
Genus, Inc.                             ggns          372461103   399,500    3.78       1,510,110
GrafTech International, Ltd.            gti           384313102   140,500   14.95       2,100,475
Grey Wolf, Inc.                         gw            397888108   506,600    4.14       2,097,324
Guess?, Inc.                            ges           401617105   105,600   18.03       1,903,968
Guitar Center, Inc.                     gtrc          402040109    89,650   37.14       3,329,601
Hot Topic, Inc.                         hott          441339108    71,300   26.45       1,885,885
I-Flow Corp.                            iflo          449520303    99,100   14.08       1,395,328
Image Entertainment, Inc.               disk          452439201   445,400    3.30       1,469,820
Infinity Property & Casualty Corp.      ipcc          45665q103    91,650   31.43       2,880,559
InfoSpace, Inc.                         insp          45678t201    64,700   38.87       2,514,889
Intuitive Surgical, Inc.                isrg          46120e602   113,950   17.00       1,937,150
Inveresk Research Group, Inc.           irgi          461238107    60,900   28.42       1,730,778
Ixia                                    xxia          45071r109   158,600   10.82       1,716,052
K2, Inc.                                kto           482732104   138,300   16.03       2,216,949
Keynote Systems, Inc.                   keyn          493308100   170,400   12.87       2,193,048
Kindred Healthcare, Inc.                kind          494580103    50,100   50.30       2,520,030
Kirkland's, Inc.                        kirk          497498105   142,500   16.33       2,327,025
LabOne, Inc.                            labs          50540L105    85,500   30.40       2,599,200
Laureate Education, Inc.                laur          518613104    80,400   35.11       2,822,844
Lionbridge Technologies, Inc.           liox          536252109   237,900    9.73       2,314,767
LogicVision, Inc.                       lgvn          54140W107   342,450    4.19       1,434,865
M-Systems Flash Disk Pioneers           flsh          M7061C100   108,850   20.38       2,218,363
Marlin Business Services, Inc.          mrln          571157106   117,900   16.83       1,984,257
Matria Healthcare, Inc.                 matr          576817209    25,100   25.32         635,532
Merge Technologies, Inc.                mrge          589981109   134,750   14.63       1,971,392
Multimedia Games, Inc.                  mgam          625453105    69,200   24.74       1,712,008
Mykrolis Corp.                          myk           62852p103   113,700   14.26       1,621,362
                                                 16
Schedule of Investments - RS Smaller Company Growth Fund
March 31, 2004 (unaudited)
Holdings                                                   Symbol            Cusip                    Shares             Price               Value
NTN Communications, Inc.                                   ntn               629410309               500,150              2.90           1,450,435
Nara Bancorp, Inc.                                         nara              63080P105                51,950             29.62           1,538,759
North American Scientific, Inc.                            nasi              65715D100               162,800             10.00           1,628,000
O2Micro International, Ltd.                                oiim              g6797e106               143,900             17.23           2,479,397
Oil States International, Inc.                             ois               678026105               158,200             13.44           2,126,208
Old Dominion Freight Line, Inc.                            odfl              679580100                69,100             33.70           2,328,670
Oscient Pharmaceuticals Corp.                              gene              68812r105               234,300              5.63           1,319,109
Oxford Industries, Inc.                                    oxm               691497309                42,770             46.19           1,975,546
PLX Technology, Inc.                                       plxt              693417107               223,150             10.77           2,403,325
POZEN, Inc.                                                pozn              73941u102               109,600             13.82           1,514,672
Peet's Coffee & Tea, Inc.                                  peet              705560100               103,850             21.30           2,212,005
Penwest Pharmaceuticals Co.                                ppco              709754105                82,050             14.61           1,198,750
Per-Se Technologies, Inc.                                  pstie             713569309               118,400             11.20           1,326,080
Pinnacle Airlines Corp.                                    pncl              723443107               134,050             13.30           1,782,865
Power Integrations, Inc.                                   powi              739276103                56,300             29.33           1,651,279
PrivateBancorp, Inc.                                       pvtb              742962103                19,330             51.58             997,041
ProAssurance Corp.                                         pra               74267c106                61,550             35.00           2,154,250
Providence Service Corp.                                   prsc              743815102               138,000             17.82           2,459,160
RADWARE, Ltd.                                              rdwr              m81873107                77,700             26.56           2,063,712
RARE Hospitality International, Inc.                       rare              753820109                74,000             27.75           2,053,500
SRS Labs, Inc.                                             srsl              78464m106               197,900              6.08           1,203,232
Salix Pharmaceuticals, Ltd.                                slxp              795435106                69,010             29.02           2,002,670
Saxon Capital, Inc.                                        saxn              80556p302                74,000             28.41           2,102,340
Scientific Games Corp.                                     sgms              80874P109               194,700             18.72           3,644,784
Scottish Re Group, Ltd.                                    sct               g7885t104                92,150             24.19           2,229,108
Semtech Corp.                                              smtc              816850101                75,000             22.83           1,712,250
Stonepath Group, Inc.                                      stg               861837102               414,500              3.88           1,608,260
Superior Energy Services, Inc.                             spn               868157108               239,600             10.08           2,415,168
Synaptics, Inc.                                            syna              87157D109                73,100             17.54           1,282,174
Synplicity, Inc.                                           synp              87160y108               221,500              7.20           1,594,800
Sypris Solutions, Inc.                                     sypr              871655106                78,800             17.00           1,339,600
TBC Corp.                                                  tbcc              872180104                82,600             29.37           2,425,962
Telular Corp.                                              wrls              87970T208                95,000             14.45           1,372,750
The Spectranetics Corp.                                    spnc              84760c107               320,000              5.20           1,664,000
The Warnaco Group, Inc.                                    wrnc              934390402               122,000             20.09           2,450,980
ThermoGenesis Corp.                                        kool              883623209               325,000              3.95           1,283,750
TriPath Imaging, Inc.                                      tpth              896942109               208,350              9.16           1,908,486
Trident Microsystems, Inc.                                 trid              895919108                70,300             15.95           1,121,285
Tumbleweed Communications Corp.                            tmwd              899690101               198,700              7.01           1,392,887
Ultratech, Inc.                                            utek              904034105                62,900             23.31           1,466,199
Unit Corp.                                                 unt               909218109                80,800             27.42           2,215,536
United Online, Inc.                                        untd              911268100               127,100             16.66           2,117,486
ValueClick, Inc.                                           vclk              92046n102               225,850             10.80           2,439,180
Vitran Corporation, Inc.                                   vvn               92850E107               133,400             14.50           1,934,300
Wild Oats Markets, Inc.                                    oats              96808b107                70,000             11.83             828,100
World Acceptance Corp.                                     wrld              981419104                78,600             19.51           1,533,486
World Heart Corp.                                          whrt              980905202               185,000              7.91           1,463,350
Zoran Corp.                                                zran              98975F101                93,800             17.36           1,628,368
TOTAL COMMON STOCK U.S.                                                                                                               204,370,394

CASH/OTHER ASSETS AND LIABILITIES                                                                                                $     10,578,595
TOTAL PORTFOLIO                                                                                                                  $    214,948,989

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in smaller companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in
those sectors or industries. Investments in technology companies may be highly volatile.

PFPC Distributors, Inc., distributor

                                                                        17
Schedule of Investments - RS Contrarian Value Fund
March 31, 2004 (unaudited)
Holdings                             Symbol          Cusip         Shares    Price            Value

COMMON STOCK U.S.
Aetna, Inc.                          aet             00817Y108     161,000   89.72   $    14,444,920
Anadarko Petroleum Corp.             apc             032511107      79,000   51.86         4,096,940
Anthem, Inc.                         ath             03674B104     128,000   90.64        11,601,920
Apria Healthcare Group, Inc.         ahg             037933108     375,000   29.94        11,227,500
Assurant, Inc.                       aiz             04621X108     478,000   25.15        12,021,700
Barr Pharmaceuticals, Inc.           brl             068306109       6,450   45.90           296,055
Bunge, Ltd.                          bg              g16962105     204,000   40.22         8,204,880
Caremark Rx, Inc.                    cmx             141705103     165,000   33.25         5,486,250
Endurance Specialty Holdings Ltd.    enh             g30397106     374,000   35.54        13,291,960
First Health Group Corp.             fhcc            320960107     590,400   21.86        12,906,144
Johnson Controls, Inc.               jci             478366107     102,000   59.15         6,033,300
Jones Apparel Group, Inc.            jny             480074103     225,000   36.15         8,133,750
Kindred Healthcare, Inc.             kind            494580103     264,000   50.30        13,279,200
Liberty Media Corp.                  l               530718105     750,000   10.95         8,212,500
MCI, Inc.                            mcia            552691107     671,000   20.80        13,956,800
MI Developments, Inc.                mim             55304x104      62,500   28.00         1,750,000
Mohawk Industries, Inc.              mhk             608190104      62,000   82.35         5,105,700
Omnicare, Inc.                       ocr             681904108     114,000   44.33         5,053,620
Peabody Energy Corp.                 btu             704549104     257,150   46.51        11,960,046
Pioneer Natural Resources Co.        pxd             723787107     152,000   32.30         4,909,600
Renal Care Group, Inc.               rci             759930100     189,400   45.76         8,666,944
SUPERVALU, Inc.                      svu             868536103     370,000   30.54        11,299,800
Seagate Technology                   stx             g7945j104     710,000   16.13        11,452,300
SunGard Data Systems, Inc.           sds             867363103     441,000   27.40        12,083,400
The ServiceMaster Co.                svm             81760n109     970,000   12.01        11,649,700
Triad Hospitals, Inc.                tri             89579k109     328,000   30.82        10,108,960
UnitedGlobalCom, Inc.                ucoma           913247508   1,741,800    8.49        14,787,882
W.R. Berkley Corp.                   ber             084423102     308,900   39.88        12,318,932
Yum! Brands, Inc.                    yum             988498101     235,000   37.99         8,927,650
TOTAL COMMON STOCK U.S.                                                                  273,268,353

COMMON STOCK CANADA
Abitibi-Consolidated, Inc.           a.cn            2056807      309,500     7.10   $     2,197,173
Brascan Corp.                        bnn/a           2092599      383,000    39.79        15,241,316
Canfor Corp.                         cfp.cn          2173416      632,200    10.62         6,715,246
Nexen, Inc.                          nxy.cn          2172219      217,000    38.88         8,437,284
Penn West Petroleum, Ltd.            pwt.cn          2680165      150,200    46.64         7,005,714
Sherritt International Corp.         s.cn            2804158      144,600     5.52           798,780
Teck Cominco Ltd.                    tek/b.cn        2879327      748,900    18.62        13,943,757
TOTAL COMMON STOCK CANADA                                                                 54,339,270

COMMON STOCK GREAT BRITAIN
Pearson PLC                          pson.ln         0677608     1,028,000   11.37   $    11,685,468
XStrata PLC                          xta.ln          3141100       630,000   13.32         8,394,442
TOTAL COMMON STOCK GREAT BRITAIN                                                          20,079,910

AMERICAN DEPOSITORY RECEIPTS
Elan Corp. PLC, ADR                  eln             284131208    350,000    20.62   $     7,217,000
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                         7,217,000

NONMARKETABLE SECURITIES
African Minerals, Ltd.                               00828n109    698,422     6.50   $     4,539,743
TOTAL NONMARKETABLE SECURITIES                                                             4,539,743

CASH/OTHER ASSETS AND LIABILITIES                                                    $    54,394,145
TOTAL PORTFOLIO                                                                      $   413,838,421



                                                18
Schedule of Investments - RS Contrarian Value Fund
March 31, 2004 (unaudited)
Holdings                                                  Symbol             Cusip                   Shares             Price               Value
As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.


Investing in mid-size companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. International investing can involve greater currency fluctuations and less political and economic stability. Overweighting investments
in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

PFPC Distributors, Inc., distributor




                                                                        19
Schedule of Investments - RS Global Natural Resources Fund
March 31, 2004 (unaudited)
Holdings                             Symbol          Cusip         Shares    Price            Value

COMMON STOCK U.S.
AGCO Corp.                           ag              001084102    295,000    20.71   $     6,109,450
Alcan, Inc.                          al              013716105    214,000    44.79         9,585,060
Alcoa, Inc.                          aa              013817101    264,000    34.69         9,158,160
Anadarko Petroleum Corp.             apc             032511107     54,000    51.86         2,800,440
Barrick Gold Corp.                   abx             067901108    131,000    23.78         3,115,180
Bunge Ltd.                           bg              g16962105     97,000    40.22         3,901,340
ConocoPhillips                       cop             20825c104     87,000    69.81         6,073,470
Crosstex Energy, Inc.                xtxi            22765y104     41,950    42.00         1,761,900
Energy Partners Ltd.                 epl             29270u105    261,000    13.35         3,484,350
Exxon Mobil Corp.                    xom             30231g102    132,000    41.59         5,489,880
Inco Ltd.                            n               453258402    202,500    34.63         7,012,575
Occidental Petroleum Corp.           oxy             674599105    100,000    46.05         4,605,000
Peabody Energy Corp.                 btu             704549104    162,300    46.51         7,548,573
Phelps Dodge Corp.                   pd              717265102     89,000    81.66         7,267,740
Pioneer Natural Resources Co.        pxd             723787107     44,000    32.30         1,421,200
Precision Drilling Corp.             pds             74022d100     66,000    46.58         3,074,280
The Meridian Resource Corp.          tmr             58977q109    208,000     6.02         1,252,160
Tom Brown, Inc.                      tbi             115660201     53,200    37.60         2,000,320
TOTAL COMMON STOCK U.S.                                                                   85,661,078

COMMON STOCK CANADA
Algoma Steel, Inc.                   aga.cn          2850054       562,900    7.04   $     3,961,822
Amerigo Resources, Ltd.              arg.cn          2855822     2,277,000    1.47         3,343,816
Aur Resources, Inc.                  aur.cn          2002178       474,000    5.06         2,398,402
Brascan Corp.                        bnn/a           2092599       160,000   39.79         6,367,130
Canfor Corp.                         cfp.cn          2173416       401,800   10.62         4,267,931
Compton Petroleum Corp.              cmt.cn          2188454     1,282,000    5.81         7,442,770
Crew Energy, Inc.                    cr.cn           2554721        62,100    3.48           215,938
Dofasco, Inc.                        dfs.cn          2275743        50,700   25.87         1,311,623
EnCana Corp.                         eca.cn          2793193       133,000   43.13         5,736,937
Falconbridge Ltd.                    fl.cn           2352969       137,500   26.26         3,610,519
Fording Canadian Coal Trust          fdg-u.cn        2336673       120,200   40.30         4,843,669
Nexen, Inc.                          nxy.cn          2172219       157,000   38.88         6,104,394
Nexfor, Inc.                         nf.cn           2641441       683,100   11.12         7,593,754
Oiltec Resources, Ltd.               olt.cn          2658214       865,000    0.92           796,386
Oiltec Resources Ltd., 144A          olt.cn          26582r4       865,000    0.92           796,386
Penn West Petroleum Ltd.             pwt.cn          2680165        94,600   46.64         4,412,387
Purcell Energy, Ltd.                 pel.cn          2705756     1,620,300    1.80         2,921,903
Resolute Energy, Inc.                rse.cn          2440132       945,000    2.78         2,624,501
SFK Pulp Fund                        sfk-u.cn        2974374       333,800    6.09         2,031,881
Sherritt International Corp.         s.cn            2804158     1,315,000    5.52         7,264,143
Slocan Forest Products, Ltd.         sff.cn          2815514       408,000   14.04         5,727,677
Teck Cominco, Ltd.                   tek/b.cn        2879327       423,000   18.62         7,875,830
Tembec, Inc.                         tbc.cn          2883050       553,000    7.97         4,409,694
West Fraser Timber Co. Ltd.          wft.cn          2951098       257,300   30.44         7,831,082
TOTAL COMMON STOCK CANADA                                                                103,890,576

COMMON STOCK GREAT BRITAIN
XStrata PLC                          xta.ln          3141100      410,000    13.32   $     5,463,050
TOTAL COMMON STOCK GREAT BRITAIN                                                           5,463,050

AMERICAN DEPOSITORY RECEIPTS
BHP Billiton Ltd., ADR               bhp             088606108    406,200    18.78   $     7,628,436
JSC MMC Norilsk Nickel, ADR          nilsy           46626D108     54,000    75.50         4,077,000
Total S.A., ADR                      tot             89151e109     38,000    92.00         3,496,000
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                        15,201,436

NONMARKETABLE SECURITIES

                                                20
Schedule of Investments - RS Global Natural Resources Fund
March 31, 2004 (unaudited)
Holdings                                                  Symbol            Cusip                   Shares              Price              Value
African Minerals, Ltd.                                                      00828n109              203,624               6.50   $      1,323,556
TOTAL NONMARKETABLE SECURITIES                                                                                                         1,323,556

CASH/OTHER ASSETS AND LIABILITIES                                                                                               $     34,982,986
TOTAL PORTFOLIO                                                                                                                 $   246,522,682

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in
that sector may share common characteristics and may react similarly to market developments or other factors affecting their values.
Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for
various natural resources, changes in energy prices, and international political and economic developments. International investing can
involve greater currency fluctuations and less political and economic stability.

PFPC Distributors, Inc., distributor




                                                                       21
Schedule of Investments - RS Partners Fund
March 31, 2004 (unaudited)
Holdings                              Symbol          Cusip         Shares    Price            Value

COMMON STOCK U.S.
AFC Enterprises, Inc.                 afce            00104q107     395,600   23.00   $     9,098,800
AGCO Corp.                            ag              001084102   1,105,000   20.71        22,884,550
AMERIGROUP Corp.                      agp             03073T102     669,000   45.70        30,573,300
Acxiom Corp.                          acxm            005125109   1,666,000   21.96        36,585,360
Allstream, Inc.                       allsb           02004c204     367,000   56.20        20,625,767
Apria Healthcare Group, Inc.          ahg             037933108     910,000   29.94        27,245,400
Barr Pharmaceuticals, Inc.            brl             068306109      37,950   45.90         1,741,905
BearingPoint, Inc.                    be              074002106   1,486,800   10.72        15,938,496
Bunge, Ltd.                           bg              g16962105     492,000   40.22        19,788,240
Capital Lease Funding, Inc.           lse             140288101     200,000   12.82         2,564,000
Centene Corp.                         cnc             15135b101     569,000   30.59        17,405,710
Circuit City Stores, Inc.             cc              172737108     500,000   11.30         5,650,000
DaVita, Inc.                          dva             23918k108     328,000   47.75        15,662,000
Electronics Boutique Holdings Corp.   elbo            286045109     649,000   29.36        19,054,640
Endurance Specialty Holdings Ltd.     enh             g30397106     655,000   35.54        23,278,700
FTI Consulting, Inc.                  fcn             302941109     965,000   16.66        16,076,900
First Health Group Corp.              fhcc            320960107   1,417,000   21.86        30,975,620
Franklin Bank Corp.                   fbtx            352451108     757,000   18.59        14,072,630
GameStop Corp.                        gme             36466r101     995,000   18.02        17,929,900
GenCorp, Inc.                         gy              368682100   1,135,000   10.83        12,292,050
Global Imaging Systems, Inc.          gisx            37934a100     445,000   33.22        14,782,900
IDT Corp.                             idt             448947309     544,000   20.15        10,961,600
Infinity Property & Casualty Corp.    ipcc            45665q103     255,000   31.43         8,014,650
Iomega Corp.                          iom             462030305     750,000    5.59         4,192,500
John H. Harland Co.                   jh              412693103     565,800   31.12        17,607,696
Kindred Healthcare, Inc.              kind            494580103     865,000   50.30        43,509,500
Leapfrog Enterprises, Inc.            lf              52186n106     620,000   19.35        11,997,000
MI Developments, Inc.                 mim             55304x104     520,000   28.00        14,560,000
Molina Healthcare, Inc.               moh             60855r100     608,000   29.32        17,826,560
Neoforma, Inc.                        neof            640475505   1,360,000   10.87        14,783,200
Party City Corp.                      pcty            702145103     376,000   14.89         5,598,640
Peabody Energy Corp.                  btu             704549104     507,150   46.51        23,587,546
Performance Food Group Co.            pfgc            713755106     468,300   34.35        16,086,105
Scientific Games Corp.                sgms            80874P109     765,000   18.72        14,320,800
Scottish Re Group, Ltd.               sct             g7885t104     673,100   24.19        16,282,289
Steel Dynamics, Inc.                  stld            858119100     485,000   24.78        12,018,300
Take-Two Interactive Software, Inc.   ttwo            874054109     546,050   36.78        20,083,719
The BISYS Group, Inc.                 bsg             055472104     300,000   16.76         5,028,000
The Genlyte Group, Inc.               glyt            372302109     159,500   56.04         8,938,380
The Gymboree Corporation              gymb            403777105     786,500   16.77        13,189,605
The Meridian Resource Corp.           tmr             58977q109   2,064,000    6.02        12,425,280
The ServiceMaster Co.                 svm             81760n109     406,900   12.01         4,886,869
Tom Brown, Inc.                       tbi             115660201     114,000   37.60         4,286,400
Triarc Cos., Inc.                     try/b           895927309   2,426,300   10.96        26,592,248
UnitedGlobalCom, Inc.                 ucoma           913247508   2,883,840    8.49        24,483,802
Ventas, Inc.                          vtr             92276f100     693,000   27.48        19,043,640
W.R. Berkley Corp.                    ber             084423102     207,000   39.88         8,255,160
Zenith National Insurance Co.         znt             989390109     531,000   39.20        20,815,200
TOTAL COMMON STOCK U.S.                                                                   773,601,557

COMMON STOCK CANADA
Algoma Steel, Inc.                    aga.cn          2850054     1,436,000    7.04   $    10,106,905
Aur Resources, Inc.                   aur.cn          2002178       968,500    5.06         4,900,533
Canfor Corp.                          cfp.cn          2173416     2,116,900   10.62        22,485,771
Compton Petroleum Corp.               cmt.cn          2188454     5,311,100    5.81        30,834,083
Dofasco, Inc.                         dfs.cn          2275743       126,600   25.87         3,275,176
Fording Canadian Coal Trust           fdg-u.cn        2336673       771,000   40.30        31,068,792
Methanex Corp.                        mx.cn           2654416       173,900   11.14         1,937,147
Nexfor, Inc.                          nf.cn           2641441     1,726,000   11.12        19,187,263

                                                 22
Schedule of Investments - RS Partners Fund
March 31, 2004 (unaudited)
Holdings                                                  Symbol             Cusip                   Shares            Price               Value
Oiltec Resources Ltd.                                     olt.cn             2658214                876,000             0.92             806,513
Oiltec Resources Ltd., 144A                               olt.cn             26582r4                770,000             0.92             708,921
Onex Corp.                                                ocx.cn             2659518              1,209,100            12.35          14,931,477
Penn West Petroleum, Ltd.                                 pwt.cn             2680165                179,700            46.64           8,381,670
SFK Pulp Fund                                             sfk-u.cn           2974374              2,020,300             6.09          12,297,812
Slocan Forest Products, Ltd.                              sff.cn             2815514              1,120,800            14.04          15,734,267
Tembec, Inc.                                              tbc.cn             2883050              1,413,000             7.97          11,267,445
West Fraser Timber Co., Ltd.                              wft.cn             2951098                957,800            30.44          29,151,227
TOTAL COMMON STOCK CANADA                                                                                                            217,075,002

AMERICAN DEPOSITORY RECEIPTS
Elan Corp. PLC, ADR                                       eln                284131208              995,100            20.62    $     20,518,962
TOTAL AMERICAN DEPOSITORY RECEIPTS                                                                                                    20,518,962

CASH/OTHER ASSETS AND LIABILITIES                                                                                               $    205,994,612
TOTAL PORTFOLIO                                                                                                                 $ 1,217,190,133

As the fund is actively managed on a daily basis, the securities shown do not represent the current or future composition of the portfolio. All
data as of 3/31/04.

Investing in smaller companies can involve risks such as less publicly available information than larger companies, volatility, and less
liquidity. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. International investing can
involve greater currency fluctuations and less political and economic stability. Overweighting investments in certain sectors or industries
increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

PFPC Distributors, Inc., distributor




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