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					RS Investments

Quarterly Holdings
June 30, 2006



     Growth
     RS Diversified Growth Fund
     RS Emerging Growth Fund
     RS Growth Fund
     The Information Age Fund ®
     RS Internet Age Fund ®
     RS MidCap Opportunities Fund
     RS Smaller Company Growth Fund

     Value
     RS Global Natural Resources Fund
     RS Investors Fund
     RS Partners Fund
     RS Value Fund
RS Funds
Phone: 1-800-766-FUND (3863)
Web: www.RSinvestments.com
E-mail: funds@rsinvestments.com

24-Hour Account Access
Phone: 1-800-624-8025
Web: Enter My Account on the RS Investments Web site



Table of Contents
                   Schedule of Investments
                      RS Diversified Growth Fund                                       .............................            1
                      RS Emerging Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
                      RS Growth Fund                        ................................................                    6
                                                                                  ®
                      The Information Age Fund                                        ..............................            8
                                                                       ®
                      RS Internet Age Fund                                 .....................................               10
                      RS MidCap Opportunities Fund . . . . . . . . . . . . . . . . . . . . . . .12
                      RS Smaller Company Growth Fund . . . . . . . . . . . . . . . . .14
                      RS Global Natural Resources Fund                                                .................        16
                      RS Investors Fund                          ...........................................                   17
                      RS Partners Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
                      RS Value Fund                      .................................................                     19
                      RS Diversified Growth Composite . . . . . . . . . . . . . . . . . . .20
                      RS Emerging Growth Equity Composite                                                          ........    22
                      RS MidCap Opportunities Composite                                                      ............      25
                      RS Small-Cap Growth Equity Composite                                                          .......    27
                      RS Technology Composite                                       ..............................             29
                      RS Concentrated All-Cap Value Composite                                                           ....   31
                      RS Global Natural Resources Composite . . . . . . . .32
                      RS MidCap Value Composite                                            .........................         33
                      RS Small-Cap Value Composite                                              .....................        34

This report may be used only when preceded or accompanied by a prospectus.You should consider the investment objectives, risks, charges, and
expenses of the RS Funds before making an investment decision.The prospectus contains this and other information — please read it carefully
before investing or sending money.
RS Diversified Growth Fund
6/30/2006 (unaudited)
                                     Security                                      Market       Pct
Security                             Symbol           Cusip   Quantity   Price      Value    Assets
Affiliated Managers Group, Inc.         amg      008252108     48,160    86.89   4,184,622    1.42% COMMON STOCK U.S.
Aladdin Knowledge Systems               aldn     M0392N101    127,900    20.35   2,602,765    0.89% COMMON STOCK U.S.
Alaska Air Group, Inc.                    alk    011659109     77,000    39.42   3,035,340    1.03% COMMON STOCK U.S.
American Railcar Industries, Inc.        arii    02916p103     90,000    33.11   2,979,900    1.01% COMMON STOCK U.S.
Amerisafe, Inc.                         amsf     03071h100    316,020    12.44   3,931,289    1.34% COMMON STOCK U.S.
AMN Healthcare Services, Inc             ahs     001744101    158,350    20.30   3,214,505    1.09% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.            amln     032346108     73,300    49.37   3,618,821    1.23% COMMON STOCK U.S.
AngioDynamics, Inc.                     ango     03475v101     60,090    27.05   1,625,435    0.55% COMMON STOCK U.S.
Array BioPharma, Inc.                    arry    04269X105    295,769     8.60   2,543,613    0.87% COMMON STOCK U.S.
AudioCodes Ltd.                         audc     M15342104    257,300    10.90   2,804,570    0.95% COMMON STOCK U.S.
Build-A-Bear-Workshop, Inc.             bbw      120076104    168,400    21.51   3,622,284    1.23% COMMON STOCK U.S.
Cache, Inc.                             cach     127150308    321,029    17.34   5,566,643    1.89% COMMON STOCK U.S.
California Pizza Kitchen, Inc.          cpki     13054d109    137,550    27.48   3,779,874    1.29% COMMON STOCK U.S.
Carrier Access Corp.                    cacs     144460102    312,700     8.27   2,586,029    0.88% COMMON STOCK U.S.
Century Aluminum Co.                    cenx     156431108     78,100    35.69   2,787,389    0.95% COMMON STOCK U.S.
Cogent Communications Group, Inc.       ccoi     19239v302    366,163     9.37   3,430,947    1.17% COMMON STOCK U.S.
Cubist Pharmaceuticals, Inc.            cbst     229678107    110,500    25.18   2,782,390    0.95% COMMON STOCK U.S.
Cybersource Corp.                       cybs      23251j106   214,800    11.70   2,513,160    0.86% COMMON STOCK U.S.
Cymer, Inc.                             cymi     232572107     96,910    46.46   4,502,439    1.53% COMMON STOCK U.S.
Digital Insight Corp.                   dgin     25385p106     82,700    34.29   2,835,783    0.97% COMMON STOCK U.S.
Digital River, Inc.                      driv    25388b104     64,700    40.39   2,613,233    0.89% COMMON STOCK U.S.
Digitas, Inc.                           dtas     25388k104    194,420    11.62   2,259,160    0.77% COMMON STOCK U.S.
Dolby Laboratories, Inc., Class A        dlb     25659T107    139,400    23.30   3,248,020    1.11% COMMON STOCK U.S.
Dril-Quip, Inc.                          drq     262037104     28,800    82.44   2,374,272    0.81% COMMON STOCK U.S.
Dynamic Materials Corp.                boom      267888105     71,910    33.73   2,425,524    0.83% COMMON STOCK U.S.
Eclipsys Corp.                          eclp     278856109    170,000    18.16   3,087,200    1.05% COMMON STOCK U.S.
eCollege.com, Inc.                      eclg     27887e100    113,800    21.14   2,405,732    0.82% COMMON STOCK U.S.
EnPro Industries, Inc.                   npo     29355x107     85,500    33.60   2,872,800    0.98% COMMON STOCK U.S.
Entegris, Inc.                          entg     29362u104    326,950     9.53   3,115,833    1.06% COMMON STOCK U.S.
Equinix, Inc.                           eqix     29444u502     46,400    54.86   2,545,504    0.87% COMMON STOCK U.S.
FactSet Research Systems, Inc.           fds     303075105     69,700    47.30   3,296,810    1.12% COMMON STOCK U.S.
Five Star Quality Care, Inc.             fve     33832d106    285,940    11.07   3,165,356    1.08% COMMON STOCK U.S.
FormFactor, Inc.                        form     346375108     68,050    44.63   3,037,072    1.03% COMMON STOCK U.S.
FTI Consulting, Inc.                     fcn     302941109    143,030    26.77   3,828,913    1.30% COMMON STOCK U.S.
GSI Group, Inc.                         gsig     36229u102    336,100     8.59   2,887,099    0.98% COMMON STOCK U.S.
Haemonetics Corp.                        hae     405024100     55,450    46.51   2,578,980    0.88% COMMON STOCK U.S.
Heartland Payment Systems, Inc.          hpy     42235n108    137,100    27.88   3,822,348    1.30% COMMON STOCK U.S.
Herbalife Ltd.                            hlf    G4412G101     77,000    39.90   3,072,300    1.05% COMMON STOCK U.S.
Hexcel Corp.                              hxl    428291108    128,800    15.71   2,023,448    0.69% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.         hos     440543106     77,350    35.52   2,747,472    0.94% COMMON STOCK U.S.
Houston Wire & Cable Company           hwcc      44244k109    134,600    17.20   2,315,120    0.79% COMMON STOCK U.S.
Hub Group, Inc., Class A                hubg     443320106    104,400    24.53   2,560,932    0.87% COMMON STOCK U.S.
Hythiam, Inc.                           hytm      44919f104   207,340     6.97   1,445,160    0.49% COMMON STOCK U.S.
Iconix Brand Group, Inc.                icon     451055107    231,100    16.34   3,776,174    1.29% COMMON STOCK U.S.
Illumina, Inc.                          ilmn     452327109     42,000    29.66   1,245,720    0.42% COMMON STOCK U.S.
Informatica Corp.                        infa    45666Q102    185,400    13.16   2,439,864    0.83% COMMON STOCK U.S.
InPhonic, Inc.                          inpc     45772g105    403,740     6.30   2,543,562    0.87% COMMON STOCK U.S.
InterDigital Communications Corp.       idcc     45866a105     85,100    34.91   2,970,841    1.01% COMMON STOCK U.S.
Investment Technology Group, Inc.         itg     46145f105    59,850    50.86   3,043,971    1.04% COMMON STOCK U.S.
Labor Ready, Inc.                         lrw    505401208    165,810    22.65   3,755,596    1.28% COMMON STOCK U.S.
LCA-Vision, Inc.                        lcav     501803308     45,240    52.91   2,393,648    0.81% COMMON STOCK U.S.
LifeCell Corp.                            lifc   531927101     84,150    30.92   2,601,918    0.89% COMMON STOCK U.S.
Macrovision Corp.                      mvsn      555904101     16,457    21.52    354,155     0.12% COMMON STOCK U.S.
Marchex, Inc., Class B                 mchx      56624R108    223,500    16.43   3,672,105    1.25% COMMON STOCK U.S.
MarketAxess Holdings, Inc.              mktx     57060d108    229,350    11.01   2,525,143    0.86% COMMON STOCK U.S.
MasTec, Inc.                             mtz     576323109    326,930    13.21   4,318,745    1.47% COMMON STOCK U.S.
Matria Healthcare, Inc.                 matr     576817209    100,200    21.42   2,146,284    0.73% COMMON STOCK U.S.
Meridian Bioscience, Inc.               vivo     589584101    105,400    24.95   2,629,730    0.89% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.       flsh    M7061C100    116,030    29.63   3,437,969    1.17% COMMON STOCK U.S.
Neoware, Inc.                           nwre     64065p102     76,835    12.29    944,302     0.32% COMMON STOCK U.S.
                                                              1
RS Diversified Growth Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol              Cusip       Quantity        Price              Value      Assets
Netflix, Inc.                                                 nflx      64110L106          118,750        27.21          3,231,188        1.10% COMMON STOCK U.S.
Nutri/System, Inc.                                            ntri      67069d108           67,800        62.13          4,212,414        1.43% COMMON STOCK U.S.
Oil States International, Inc.                                 ois      678026105          119,600        34.28          4,099,888        1.40% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.                               odfl      679580100           79,900        37.59          3,003,441        1.02% COMMON STOCK U.S.
Omnicell, Inc.                                               omcl       68213n109          272,550        13.82          3,766,641        1.28% COMMON STOCK U.S.
Omniture, Inc.                                               omtr       68212s109           88,100         7.29            642,249        0.22% COMMON STOCK U.S.
Online Resources Corp.                                       orcc       68273g101          370,383        10.34          3,829,760        1.30% COMMON STOCK U.S.
Openwave Systems, Inc.                                      opwv        683718308          202,070        11.54          2,331,888        0.79% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                                 oxps       684010101          129,150        23.31          3,010,487        1.02% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                                       os       686079104           71,400        50.66          3,617,124        1.23% COMMON STOCK U.S.
PeopleSupport, Inc.                                          pspt       712714302          216,171        13.46          2,909,662        0.99% COMMON STOCK U.S.
Pinnacle Entertainment, Inc.                                  pnk       723456109           74,700        30.65          2,289,555        0.78% COMMON STOCK U.S.
PMC-Sierra, Inc.                                            pmcs        69344F106          329,290         9.40          3,095,326        1.05% COMMON STOCK U.S.
PolyMedica Corp.                                             plmd       731738100           93,600        35.96          3,365,856        1.15% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.                          praa       73640q105           84,206        45.70          3,848,214        1.31% COMMON STOCK U.S.
PrivateBancorp, Inc.                                         pvtb       742962103           62,150        41.41          2,573,632        0.88% COMMON STOCK U.S.
Rackable Systems, Inc.                                       rack       750077109           68,700        39.49          2,712,963        0.92% COMMON STOCK U.S.
Radiant Systems, Inc.                                        rads       75025n102          205,432        10.57          2,171,416        0.74% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109           94,660        35.62          3,371,789        1.15% COMMON STOCK U.S.
Select Comfort Corp.                                         scss       81616x103          136,380        22.97          3,132,649        1.07% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                                 sirf     82967h101           70,350        32.22          2,266,677        0.77% COMMON STOCK U.S.
Solexa, Inc.                                                  slxa      83420x105          367,200         8.50          3,121,200        1.06% COMMON STOCK U.S.
Superior Energy Services, Inc.                                spn       868157108          109,800        33.90          3,722,220        1.27% COMMON STOCK U.S.
TETRA Technologies, Inc.                                        tti      88162f105          95,500        30.29          2,892,695        0.98% COMMON STOCK U.S.
The Navigators Group, Inc.                                   navg       638904102           77,240        43.82          3,384,657        1.15% COMMON STOCK U.S.
The Spectranetics Corp.                                      spnc       84760c107          163,621        10.72          1,754,017        0.60% COMMON STOCK U.S.
Trico Marine Services, Inc.                                  trma       896106200           76,674        34.00          2,606,916        0.89% COMMON STOCK U.S.
Trident Microsystems, Inc.                                    trid      895919108          127,154        18.98          2,413,383        0.82% COMMON STOCK U.S.
Trizetto Group Inc.                                           tzix      896882107          242,000        14.79          3,579,180        1.22% COMMON STOCK U.S.
TRX, Inc.                                                      trxi     898452107          333,130         9.01          3,001,501        1.02% COMMON STOCK U.S.
Viasys Healthcare, Inc.                                       vas       92553q209          117,520        25.60          3,008,512        1.02% COMMON STOCK U.S.
Virginia Commerce Bancorp, Inc.                               vcbi      92778q109           89,300        23.90          2,134,270        0.73% COMMON STOCK U.S.
Vital Images, Inc.                                            vtal      92846n104           88,400        24.70          2,183,480        0.74% COMMON STOCK U.S.
Warrior Energy Service Corp.                                 warr       936258102          113,550        24.33          2,762,672        0.94% COMMON STOCK U.S.
W-H Energy Services Inc.                                     whq        92925E108           48,000        50.83          2,439,840        0.83% COMMON STOCK U.S.
Chartered Semiconductor Manufacturing Ltd., ADR               chrt       16133r106         324,900         8.70          2,826,630        0.96% AMERICAN DEPOSITORY RECEIPTS
ICON Plc, ADR                                                  iclr      45103t107             1,000      55.30             55,300        0.02% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                            lton      535925101          419,716         5.95          2,497,310        0.85% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                              oiim       67107w100          376,757         7.69          2,897,261        0.99% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                         simo       82706c108          211,865        14.34          3,038,144        1.03% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                                ncty      88337k104          138,700        23.19          3,216,453        1.09% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                      3,351,936        1.14%
TOTAL PORTFOLIO                                                                                                       293,846,209      100.00%


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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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




                                                                                           2
RS Emerging Growth Fund
6/30/2006 (unaudited)
                                           Security                                        Market       Pct
Security                                   Symbol          Cusip   Quantity     Price       Value    Assets
Adolor Corp.                                   adlr    00724x102   327,730      25.01    8,196,527    1.01% COMMON STOCK U.S.
Affiliated Managers Group, Inc.               amg      008252108   114,840      86.89    9,978,448    1.23% COMMON STOCK U.S.
Akamai Technologies, Inc.                    akam      00971T101   268,730      36.19    9,725,339    1.20% COMMON STOCK U.S.
Allscripts Healthcare Solutions, Inc.         mdrx     01988P108   148,600      17.55    2,607,930    0.32% COMMON STOCK U.S.
Altiris, Inc.                                  atrs    02148M100   245,590      18.04    4,430,444    0.55% COMMON STOCK U.S.
Altus Pharmaceuticals, Inc.                    altu    02216n105   246,918      18.45    4,555,637    0.56% COMMON STOCK U.S.
American Commercial Lines, Inc.                acli    025195207    81,860      60.25    4,932,065    0.61% COMMON STOCK U.S.
American Science and Engineering, Inc.        asei     029429107   116,570      57.92    6,751,734    0.84% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                  ahs     001744101   330,410      20.30    6,707,323    0.83% COMMON STOCK U.S.
AngioDynamics, Inc.                           ango     03475v101   166,245      27.05    4,496,927    0.56% COMMON STOCK U.S.
aQuantive, Inc.                               aqnt     03839g105   470,379      25.33   11,914,700    1.47% COMMON STOCK U.S.
Armor Holdings, Inc.                            ah     042260109    89,460      54.83    4,905,092    0.61% COMMON STOCK U.S.
Array BioPharma, Inc.                          arry    04269X105   121,541       8.60    1,045,253    0.13% COMMON STOCK U.S.
Atheros Communications                         athr    04743P108   570,370      18.96   10,814,215    1.34% COMMON STOCK U.S.
AudioCodes Ltd.                               audc     M15342104   753,148      10.90    8,209,313    1.02% COMMON STOCK U.S.
Aventine Renewable Energy Holdings, Inc.       avr     05356x403       7,340    38.90     285,526     0.04% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.       bpfh     101119105   277,815      27.90    7,751,039    0.96% COMMON STOCK U.S.
California Pizza Kitchen, Inc.                cpki     13054d109   309,640      27.48    8,508,907    1.05% COMMON STOCK U.S.
Centene Corp.                                  cnc     15135b101   177,290      23.53    4,171,634    0.52% COMMON STOCK U.S.
Chipotle Mexican Grill, Inc., Class A         cmg      169656105    16,700      60.95    1,017,865    0.13% COMMON STOCK U.S.
Coldwater Creek, Inc.                         cwtr     193068103   334,285      26.76    8,945,467    1.11% COMMON STOCK U.S.
Digital River, Inc.                            driv    25388b104   291,490      40.39   11,773,281    1.46% COMMON STOCK U.S.
Dolby Laboratories, Inc., Class A              dlb     25659T107   244,840      23.30    5,704,772    0.71% COMMON STOCK U.S.
Dril-Quip, Inc.                                drq     262037104   179,190      82.44   14,772,424    1.83% COMMON STOCK U.S.
Dynamic Materials Corp.                      boom      267888105   177,120      33.73    5,974,258    0.74% COMMON STOCK U.S.
Eagle Test Systems, Inc.                       eglt    270006109   186,260      14.02    2,611,365    0.32% COMMON STOCK U.S.
Eclipsys Corp.                                eclp     278856109   293,090      18.16    5,322,514    0.66% COMMON STOCK U.S.
Equinix, Inc.                                 eqix     29444u502   158,990      54.86    8,722,191    1.08% COMMON STOCK U.S.
FactSet Research Systems, Inc.                 fds     303075105   177,810      47.30    8,410,413    1.04% COMMON STOCK U.S.
FormFactor, Inc.                              form     346375108   266,141      44.63   11,877,873    1.47% COMMON STOCK U.S.
Four Seasons Hotels, Inc.                        fs    35100e104   102,930      61.44    6,324,019    0.78% COMMON STOCK U.S.
FTI Consulting, Inc.                           fcn     302941109   381,670      26.77   10,217,306    1.26% COMMON STOCK U.S.
Gardner Denver, Inc.                           gdi     365558105   167,290      38.50    6,440,665    0.80% COMMON STOCK U.S.
GFI Group, Inc.                                gfig    361652209   133,390      53.95    7,196,391    0.89% COMMON STOCK U.S.
Greenhill & Co., Inc.                          ghl     395259104    69,080      60.76    4,197,301    0.52% COMMON STOCK U.S.
GSI Commerce, Inc.                            gsic     36238g102   351,001      13.53    4,749,044    0.59% COMMON STOCK U.S.
Healthways, Inc.                             hway      422245100   155,474      52.64    8,184,151    1.01% COMMON STOCK U.S.
Heartland Payment Systems, Inc.                hpy     42235n108   269,260      27.88    7,506,969    0.93% COMMON STOCK U.S.
Hittite Microwave Corp.                        hitt    43365y104   178,970      36.16    6,471,555    0.80% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.               hos     440543106   244,940      35.52    8,700,269    1.08% COMMON STOCK U.S.
Huron Consulting Group, Inc.                  hurn     447462102   223,984      35.09    7,859,598    0.97% COMMON STOCK U.S.
Iconix Brand Group, Inc.                      icon     451055107   389,450      16.34    6,363,613    0.79% COMMON STOCK U.S.
I-Flow Corp.                                    iflo   449520303   338,532      10.82    3,662,916    0.45% COMMON STOCK U.S.
Illumina, Inc.                                ilmn     452327109   356,766      29.66   10,581,680    1.31% COMMON STOCK U.S.
Informatica Corp.                              infa    45666Q102   516,770      13.16    6,800,693    0.84% COMMON STOCK U.S.
IntercontinentalExchange, Inc.                  ice    45865v100    70,750      57.94    4,099,255    0.51% COMMON STOCK U.S.
International Securities Exchange, Inc.         ise    46031w204   158,520      38.07    6,034,856    0.75% COMMON STOCK U.S.
IntraLase Corp.                                ilse    461169104   248,340      16.74    4,157,212    0.51% COMMON STOCK U.S.
Intuitive Surgical, Inc.                       isrg    46120e602    65,820     117.97    7,764,785    0.96% COMMON STOCK U.S.
Investment Technology Group, Inc.               itg    46145f105   212,550      50.86   10,810,293    1.34% COMMON STOCK U.S.
IRIS International, Inc.                        iris   46270w105   217,641      13.16    2,864,155    0.35% COMMON STOCK U.S.
Itron, Inc.                                     itri   465741106    50,820      59.26    3,011,593    0.37% COMMON STOCK U.S.
Ixia                                           xxia    45071r109   221,380       9.00    1,992,420    0.25% COMMON STOCK U.S.
J. Crew Group, Inc.                             jcg    46612h402       4,840    27.45     132,858     0.02% COMMON STOCK U.S.
j2 Global Communications, Inc.                jcom     46626E205   414,712      31.22   12,947,309    1.60% COMMON STOCK U.S.
Kenexa Corp.                                  knxa     488879107   183,144      31.85    5,833,137    0.72% COMMON STOCK U.S.
Keryx Biopharmaceuticals, Inc.                kerx     492515101   528,600      14.20    7,506,120    0.93% COMMON STOCK U.S.
Kyphon, Inc.                                  kyph     501577100   339,080      38.36   13,007,109    1.61% COMMON STOCK U.S.
LCA-Vision, Inc.                              lcav     501803308   136,330      52.91    7,213,220    0.89% COMMON STOCK U.S.
LifeCell Corp.                                  lifc   531927101   550,890      30.92   17,033,519    2.11% COMMON STOCK U.S.
                                                                   3
RS Emerging Growth Fund
6/30/2006 (unaudited)
                                               Security                                        Market       Pct
Security                                       Symbol           Cusip   Quantity    Price       Value    Assets
Liquidity Services Inc.                            lqdt    53635b107    186,121     15.57    2,897,904    0.36% COMMON STOCK U.S.
Lufkin Industries, Inc.                            lufk    549764108    141,160     59.43    8,389,139    1.04% COMMON STOCK U.S.
Marchex, Inc., Class B                           mchx      56624R108    188,890     16.43    3,103,463    0.38% COMMON STOCK U.S.
Matria Healthcare, Inc.                           matr     576817209    130,693     21.42    2,799,444    0.35% COMMON STOCK U.S.
MicroStrategy, Inc., Class A                      mstr     594972408     80,083     97.52    7,809,694    0.97% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                 flsh    M7061C100    425,464     29.63   12,606,498    1.56% COMMON STOCK U.S.
MWI Veterinary Supply Inc.                       mwiv      55402x105        2,900   36.43     105,647     0.01% COMMON STOCK U.S.
Neoware, Inc.                                     nwre     64065p102    119,990     12.29    1,474,677    0.18% COMMON STOCK U.S.
Netflix, Inc.                                      nflx    64110L106    179,060     27.21    4,872,223    0.60% COMMON STOCK U.S.
NETGEAR, Inc.                                      ntgr    64111q104    112,520     21.65    2,436,058    0.30% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                        netl    64118b100    256,568     32.25    8,274,318    1.02% COMMON STOCK U.S.
Nighthawk Radiology Holdings, Inc.               nhwk      65411n105    172,940     17.94    3,102,544    0.38% COMMON STOCK U.S.
Nutri/System, Inc.                                 ntri    67069d108     40,680     62.13    2,527,448    0.31% COMMON STOCK U.S.
NuVasive, Inc.                                    nuva     670704105    352,020     18.23    6,417,325    0.79% COMMON STOCK U.S.
Oceaneering International, Inc.                     oii    675232102    125,550     45.85    5,756,467    0.71% COMMON STOCK U.S.
Omniture, Inc.                                    omtr     68212s109    241,820      7.29    1,762,868    0.22% COMMON STOCK U.S.
OmniVision Technologies, Inc.                      ovti    682128103    139,290     21.12    2,941,805    0.36% COMMON STOCK U.S.
Openwave Systems, Inc.                           opwv      683718308    131,673     11.54    1,519,507    0.19% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                      oxps     684010101    324,910     23.31    7,573,652    0.94% COMMON STOCK U.S.
Parallel Petroleum Corp.                            plll   699157103    388,130     24.71    9,590,692    1.19% COMMON STOCK U.S.
PDL BioPharma, Inc.                                pdli    69329y104    250,430     18.41    4,610,416    0.57% COMMON STOCK U.S.
Peet's Coffee & Tea, Inc.                         peet     705560100     97,000     30.19    2,928,430    0.36% COMMON STOCK U.S.
Pinnacle Entertainment, Inc.                       pnk     723456109    173,230     30.65    5,309,500    0.66% COMMON STOCK U.S.
PolyMedica Corp.                                  plmd     731738100    241,957     35.96    8,700,774    1.08% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.               praa     73640q105    284,650     45.70   13,008,505    1.61% COMMON STOCK U.S.
PrivateBancorp, Inc.                              pvtb     742962103    205,574     41.41    8,512,819    1.05% COMMON STOCK U.S.
Quest Software, Inc.                               qsft    74834T103    256,480     14.04    3,600,979    0.45% COMMON STOCK U.S.
Rackable Systems, Inc.                            rack     750077109    149,900     39.49    5,919,551    0.73% COMMON STOCK U.S.
Radiation Therapy Services, Inc.                   rtsx    750323206    231,829     26.91    6,238,519    0.77% COMMON STOCK U.S.
Redback Networks, Inc.                            rbak     757209507    269,500     18.34    4,942,630    0.61% COMMON STOCK U.S.
ResMed, Inc.                                       rmd     761152107    121,870     46.95    5,721,796    0.71% COMMON STOCK U.S.
Scientific Games Corp., Class A                  sgms      80874P109    253,110     35.62    9,015,778    1.12% COMMON STOCK U.S.
Select Comfort Corp.                              scss     81616x103    413,960     22.97    9,508,661    1.18% COMMON STOCK U.S.
Silicon Image, Inc.                               simg      82705t102   625,840     10.78    6,746,555    0.83% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                     sirf    82967h101    162,620     32.22    5,239,617    0.65% COMMON STOCK U.S.
Solexa, Inc.                                       slxa    83420x105    556,310      8.50    4,728,635    0.59% COMMON STOCK U.S.
SonoSite, Inc.                                    sono     83568G104    121,694     39.04    4,750,934    0.59% COMMON STOCK U.S.
Sotheby's                                          bid     835898107    278,730     26.25    7,316,662    0.91% COMMON STOCK U.S.
SPSS, Inc.                                        spss     78462k102     67,960     32.14    2,184,234    0.27% COMMON STOCK U.S.
Stamps.com, Inc.                                  stmp     852857200    142,687     27.82    3,969,552    0.49% COMMON STOCK U.S.
Steven Madden Ltd.                                shoo     556269108    275,500     29.62    8,160,310    1.01% COMMON STOCK U.S.
SVB Financial Group                               sivb     78486q101     54,619     45.46    2,482,980    0.31% COMMON STOCK U.S.
Team, Inc.                                         tmi     878155100    285,640     25.05    7,155,282    0.89% COMMON STOCK U.S.
Tessera Technologies, Inc.                         tsra    88164L100    194,480     27.50    5,348,200    0.66% COMMON STOCK U.S.
TETRA Technologies, Inc.                             tti    88162f105   329,820     30.29    9,990,248    1.24% COMMON STOCK U.S.
The Navigators Group, Inc.                        navg     638904102    193,710     43.82    8,488,372    1.05% COMMON STOCK U.S.
The Trizetto Group Inc.                            tzix    896882107    443,620     14.79    6,561,140    0.81% COMMON STOCK U.S.
The Ultimate Software Group, Inc.                   ulti   90385d107     48,595     19.16     931,080     0.12% COMMON STOCK U.S.
THQ, Inc.                                          thqi    872443403    111,050     21.60    2,398,680    0.30% COMMON STOCK U.S.
Time Warner Telecom, Inc., Class A                 twtc    887319101    379,600     14.85    5,637,060    0.70% COMMON STOCK U.S.
Trident Microsystems, Inc.                         trid    895919108    137,880     18.98    2,616,963    0.32% COMMON STOCK U.S.
United Natural Foods, Inc.                         unfi    911163103    175,549     33.02    5,796,628    0.72% COMMON STOCK U.S.
United Surgical Partners International, Inc.      uspi     913016309    252,580     30.07    7,595,081    0.94% COMMON STOCK U.S.
ValueClick, Inc.                                   vclk    92046n102    238,321     15.35    3,658,227    0.45% COMMON STOCK U.S.
VistaPrint Ltd.                                    vprt    g93762204    231,370     26.74    6,186,834    0.77% COMMON STOCK U.S.
Vital Images, Inc.                                 vtal    92846n104    326,154     24.70    8,056,004    1.00% COMMON STOCK U.S.
Volcom, Inc.                                      vlcm     92864n101    188,997     31.99    6,046,014    0.75% COMMON STOCK U.S.
Volterra Semiconductor Corp.                       vltr    928708106    113,800     15.26    1,736,588    0.21% COMMON STOCK U.S.
WebEx Communications, Inc.                       webx       94767l109   212,910     35.54    7,566,821    0.94% COMMON STOCK U.S.
W-H Energy Services Inc.                          whq      92925E108    124,940     50.83    6,350,700    0.79% COMMON STOCK U.S.
                                                                        4
RS Emerging Growth Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
Xyratex Ltd.                                                  xrtx      g98268108         137,650        26.45          3,640,842        0.45% COMMON STOCK U.S.
Zumiez, Inc.                                                zumz        989817101         170,434        37.57          6,403,205        0.79% COMMON STOCK U.S.
Ctrip.com International Ltd., ADR                             ctrp      22943f100         173,480        51.05          8,856,154        1.10% AMERICAN DEPOSITORY RECEIPTS
Gmarket Inc. ADR                                            gmkt        38012g100           19,430       15.37            298,639        0.04% AMERICAN DEPOSITORY RECEIPTS
ICON PLC, ADR                                                 iclr      45103t107              4,211     55.30            232,868        0.03% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                              oiim      67107w100          317,390         7.69          2,440,729        0.30% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                         simo       82706c108         187,142        14.34          2,683,616        0.33% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                               ncty       88337k104         292,700        23.19          6,787,713        0.84% AMERICAN DEPOSITORY RECEIPTS
Vimicro International Corp., ADR                             vimc       92718n109         266,700        12.61          3,363,087        0.42% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    27,095,571        3.35%
TOTAL PORTFOLIO                                                                                                       808,266,043      100.00%


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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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




                                                                                           5
RS Growth Fund
6/30/2006 (unaudited)
                                             Security                                      Market       Pct
Security                                     Symbol         Cusip   Quantity     Price      Value    Assets
Adobe Systems, Inc.                             adbe    00724f101   120,000      30.36   3,643,200    1.84% COMMON STOCK U.S.
Agilent Technologies, Inc.                         a    00846u101    87,500      31.56   2,761,500    1.40% COMMON STOCK U.S.
Alliance Data Systems Corp.                      ads    018581108    72,000      58.82   4,235,040    2.14% COMMON STOCK U.S.
Altera Corp.                                     altr   021441100   120,000      17.55   2,106,000    1.06% COMMON STOCK U.S.
Altria Group, Inc.                               mo     02209s103    38,000      73.43   2,790,340    1.41% COMMON STOCK U.S.
Amdocs Ltd.                                      dox    G02602103    85,000      36.60   3,111,000    1.57% COMMON STOCK U.S.
American Eagle Outfitters, Inc.                 aeos    02553e106   100,000      34.04   3,404,000    1.72% COMMON STOCK U.S.
Apple Computer, Inc.                            aapl    037833100    40,000      57.12   2,284,800    1.16% COMMON STOCK U.S.
Assurant, Inc.                                    aiz   04621X108    65,000      48.40   3,146,000    1.59% COMMON STOCK U.S.
AT&T Inc.                                           t   00206r102   100,000      27.89   2,789,000    1.41% COMMON STOCK U.S.
Biogen Idec, Inc.                                biib   09062x103    55,000      46.33   2,548,150    1.29% COMMON STOCK U.S.
Cameron International Corp.                     cam     13342B105    62,500      47.77   2,985,625    1.51% COMMON STOCK U.S.
Campbell Soup Co.                                cpb    134429109    60,000      37.11   2,226,600    1.13% COMMON STOCK U.S.
Cardinal Health, Inc.                            cah    14149y108    35,000      64.33   2,251,550    1.14% COMMON STOCK U.S.
Caremark Rx, Inc.                               cmx     141705103    53,000      49.87   2,643,110    1.34% COMMON STOCK U.S.
Cephalon, Inc.                                  ceph    156708109    55,000      60.10   3,305,500    1.67% COMMON STOCK U.S.
Chicago Mercantile Exchange Holdings, Inc.      cme     167760107       5,500   491.15   2,701,325    1.37% COMMON STOCK U.S.
Cisco Systems, Inc.                             csco    17275R102   155,000      19.53   3,027,150    1.53% COMMON STOCK U.S.
Coach, Inc.                                      coh    189754104    85,000      29.90   2,541,500    1.29% COMMON STOCK U.S.
Comcast Corporation, Special Class A          cmcsk     20030n200   115,000      32.78   3,769,700    1.91% COMMON STOCK U.S.
Corning, Inc.                                    glw    219350105   135,000      24.19   3,265,650    1.65% COMMON STOCK U.S.
Costco Wholesale Corp.                          cost    22160k105    60,000      57.13   3,427,800    1.73% COMMON STOCK U.S.
Countrywide Financial Corp.                       cfc   222372104    90,000      38.08   3,427,200    1.73% COMMON STOCK U.S.
Eli Lilly & Co.                                   lly   532457108    45,000      55.27   2,487,150    1.26% COMMON STOCK U.S.
EnCana Corp.                                     eca    292505104    71,250      52.64   3,750,600    1.90% COMMON STOCK U.S.
First Data Corp.                                 fdc    319963104    50,000      45.04   2,252,000    1.14% COMMON STOCK U.S.
General Electric Co.                              ge    369604103    95,000      32.96   3,131,200    1.58% COMMON STOCK U.S.
Harrah's Entertainment, Inc.                     het    413619107    40,000      71.18   2,847,200    1.44% COMMON STOCK U.S.
Hewlett-Packard Co.                              hpq    428236103    70,000      31.68   2,217,600    1.12% COMMON STOCK U.S.
Honeywell International, Inc.                    hon    438516106    60,000      40.30   2,418,000    1.22% COMMON STOCK U.S.
Intel Corp.                                      intc   458140100   130,000      18.95   2,463,500    1.25% COMMON STOCK U.S.
International Game Technology                     igt   459902102    65,000      37.94   2,466,100    1.25% COMMON STOCK U.S.
J. C. Penney Co., Inc.                            jcp   708160106    34,000      67.51   2,295,340    1.16% COMMON STOCK U.S.
Johnson & Johnson                                 jnj   478160104    43,000      59.92   2,576,560    1.30% COMMON STOCK U.S.
Lockheed Martin Corp.                            lmt    539830109    40,000      71.74   2,869,600    1.45% COMMON STOCK U.S.
Marathon Oil Corp.                               mro    565849106    27,000      83.30   2,249,100    1.14% COMMON STOCK U.S.
Marvell Technology Group Ltd.                   mrvl    g5876h105    70,000      44.33   3,103,100    1.57% COMMON STOCK U.S.
Medtronic, Inc.                                  mdt    585055106    47,500      46.92   2,228,700    1.13% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                        mer    590188108    32,500      69.56   2,260,700    1.14% COMMON STOCK U.S.
Micron Technology, Inc.                          mu     595112103   165,000      15.06   2,484,900    1.26% COMMON STOCK U.S.
Microsoft Corp.                                 msft    594918104   170,000      23.30   3,961,000    2.00% COMMON STOCK U.S.
Nabors Industries Ltd.                           nbr    G6359F103    90,000      33.79   3,041,100    1.54% COMMON STOCK U.S.
News Corp., Class B                              nws    65248E203   121,000      20.18   2,441,780    1.23% COMMON STOCK U.S.
Noble Energy, Inc.                               nbl    655044105    14,200      46.86    665,412     0.34% COMMON STOCK U.S.
Norfolk Southern Corp.                           nsc    655844108    45,000      53.22   2,394,900    1.21% COMMON STOCK U.S.
Novellus Systems, Inc.                          nvls    670008101   115,000      24.70   2,840,500    1.44% COMMON STOCK U.S.
Nucor Corp.                                      nue    670346105    66,400      54.25   3,602,200    1.82% COMMON STOCK U.S.
Palm, Inc.                                      palm    696643105   180,200      16.10   2,901,220    1.47% COMMON STOCK U.S.
Penn National Gaming, Inc.                      penn    707569109    70,000      38.78   2,714,600    1.37% COMMON STOCK U.S.
PepsiCo, Inc.                                    pep    713448108    42,500      60.04   2,551,700    1.29% COMMON STOCK U.S.
QUALCOMM, Inc.                                 qcom     747525103    57,000      40.07   2,283,990    1.15% COMMON STOCK U.S.
Southwest Airlines Co.                            luv   844741108   175,000      16.37   2,864,750    1.45% COMMON STOCK U.S.
Southwestern Energy Co.                          swn    845467109   100,000      31.16   3,116,000    1.58% COMMON STOCK U.S.
Starbucks Corp.                                 sbux    855244109    80,000      37.76   3,020,800    1.53% COMMON STOCK U.S.
Starwood Hotels & Resorts Worldwide, Inc.        hot    85590a401    48,400      60.34   2,920,456    1.48% COMMON STOCK U.S.
Suncor Energy Inc.                                su    867229106    15,000      81.01   1,215,150    0.61% COMMON STOCK U.S.
Texas Instruments, Inc.                           txn   882508104    70,000      30.29   2,120,300    1.07% COMMON STOCK U.S.
The Chubb Corp.                                   cb    171232101    48,000      49.90   2,395,200    1.21% COMMON STOCK U.S.
The Goldman Sachs Group, Inc.                     gs    38141G104    16,000     150.43   2,406,880    1.22% COMMON STOCK U.S.
United Technologies Corp.                        utx    913017109    40,000      63.42   2,536,800    1.28% COMMON STOCK U.S.
                                                                    6
RS Growth Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol              Cusip       Quantity        Price              Value      Assets
UnitedHealth Group, Inc.                                      unh       91324P102           52,000       44.78           2,328,560       1.18% COMMON STOCK U.S.
Verizon Communications, Inc.                                   vz       92343v104           90,000       33.49           3,014,100       1.52% COMMON STOCK U.S.
XTO Energy, Inc.                                               xto      98385x106           65,000       44.27           2,877,550       1.45% COMMON STOCK U.S.
Yahoo! Inc.                                                  yhoo       984332106           77,000       33.00           2,541,000       1.28% COMMON STOCK U.S.
ABB Ltd., ADR                                                 abb       000375204         235,000        12.96           3,045,600       1.54% AMERICAN DEPOSITORY RECEIPTS
America Movil S.A. de C.V., ADR                              amx        02364w105           64,000       33.26           2,128,640       1.08% AMERICAN DEPOSITORY RECEIPTS
AstraZeneca PLC, ADR                                          azn       046353108           42,000       59.82           2,512,440       1.27% AMERICAN DEPOSITORY RECEIPTS
Nokia Oyj, ADR                                                nok       654902204         130,000        20.26           2,633,800       1.33% AMERICAN DEPOSITORY RECEIPTS
Shire PLC, ADR                                             shpgy        82481r106           55,000       44.23           2,432,650       1.23% AMERICAN DEPOSITORY RECEIPTS
Vodafone Group PLC, ADR                                       vod       92857w100         110,000        21.30           2,343,000       1.18% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                      7,428,050       3.76%
TOTAL PORTFOLIO                                                                                                       197,773,218      100.00%


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 06/30/06.


Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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




                                                                                           7
The Information Age Fund
6/30/2006 (unaudited)
                                       Security                                        Market       Pct
Security                               Symbol           Cusip   Quantity     Price      Value    Assets
Adobe Systems, Inc.                       adbe      00724f101    12,980      30.36    394,073     0.50% COMMON STOCK U.S.
Akamai Technologies, Inc.                akam      00971T101     68,330      36.19   2,472,863    3.11% COMMON STOCK U.S.
Altiris, Inc.                              atrs    02148M100     34,178      18.04    616,571     0.78% COMMON STOCK U.S.
ANADIGICS, Inc.                           anad     032515108    101,060       6.72    679,123     0.85% COMMON STOCK U.S.
aQuantive, Inc.                           aqnt     03839g105    113,100      25.33   2,864,823    3.60% COMMON STOCK U.S.
AudioCodes Ltd.                           audc     M15342104    123,670      10.90   1,348,003    1.70% COMMON STOCK U.S.
Blackbaud, Inc.                           blkb     09227q100     45,150      22.70   1,024,905    1.29% COMMON STOCK U.S.
Citrix Systems, Inc.                       ctxs    177376100     21,410      40.14    859,398     1.08% COMMON STOCK U.S.
Digital River, Inc.                        driv    25388b104     41,510      40.39   1,676,589    2.11% COMMON STOCK U.S.
Digitas, Inc.                             dtas     25388k104    161,060      11.62   1,871,517    2.35% COMMON STOCK U.S.
Eagle Test Systems, Inc.                   eglt    270006109     69,960      14.02    980,839     1.23% COMMON STOCK U.S.
eCollege.com, Inc.                        eclg     27887e100     30,250      21.14    639,485     0.80% COMMON STOCK U.S.
F5 Networks, Inc.                           ffiv   315616102     19,930      53.48   1,065,856    1.34% COMMON STOCK U.S.
FormFactor, Inc.                          form     346375108     24,430      44.63   1,090,311    1.37% COMMON STOCK U.S.
Google, Inc., Class A                     goog     38259p508        8,880   419.33   3,723,650    4.69% COMMON STOCK U.S.
GSI Commerce, Inc.                        gsic     36238g102     56,939      13.53    770,385     0.97% COMMON STOCK U.S.
Informatica Corp.                          infa    45666Q102     76,320      13.16   1,004,371    1.26% COMMON STOCK U.S.
Integrated Device Technology, Inc.          idti   458118106     54,980      14.18    779,616     0.98% COMMON STOCK U.S.
Ixia                                       xxia     45071r109   156,640       9.00   1,409,760    1.77% COMMON STOCK U.S.
KLA-Tencor Corp.                          klac     482480100     21,030      41.57    874,217     1.10% COMMON STOCK U.S.
LoopNet, Inc.                             loop     543524300        6,610    18.61    123,012     0.15% COMMON STOCK U.S.
Marchex, Inc., Class B                   mchx      56624R108    101,390      16.43   1,665,838    2.10% COMMON STOCK U.S.
Marvell Technology Group Ltd.             mrvl     g5876h105     55,950      44.33   2,480,264    3.12% COMMON STOCK U.S.
McAfee, Inc.                               mfe     579064106     49,360      24.27   1,197,967    1.51% COMMON STOCK U.S.
Microsoft Corp.                           msft     594918104     64,840      23.30   1,510,772    1.90% COMMON STOCK U.S.
Monster Worldwide, Inc.                   mnst     611742107     25,910      42.66   1,105,321    1.39% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.         flsh    M7061C100    107,810      29.63   3,194,410    4.02% COMMON STOCK U.S.
Neoware, Inc.                             nwre     64065p102     22,570      12.29    277,385     0.35% COMMON STOCK U.S.
Netflix, Inc.                              nflx    64110L106     52,380      27.21   1,425,260    1.79% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                netl    64118b100     28,220      32.25    910,095     1.15% COMMON STOCK U.S.
Nextest Systems Corp.                     next     653339101     24,700      16.21    400,387     0.50% COMMON STOCK U.S.
Omniture, Inc.                            omtr     68212s109     89,380       7.29    651,580     0.82% COMMON STOCK U.S.
Openwave Systems, Inc.                   opwv      683718308    122,080      11.54   1,408,803    1.77% COMMON STOCK U.S.
PDF Solutions, Inc.                       pdfs     693282105     61,611      12.41    764,593     0.96% COMMON STOCK U.S.
PLX Technology, Inc.                       plxt    693417107    186,362      12.22   2,277,344    2.87% COMMON STOCK U.S.
QUALCOMM, Inc.                           qcom      747525103     22,060      40.07    883,944     1.11% COMMON STOCK U.S.
Quest Software, Inc.                       qsft    74834T103     40,960      14.04    575,078     0.72% COMMON STOCK U.S.
Rackable Systems, Inc.                    rack     750077109        7,810    39.49    308,417     0.39% COMMON STOCK U.S.
RADWARE Ltd.                              rdwr     m81873107     51,070      12.84    655,739     0.83% COMMON STOCK U.S.
Red Hat, Inc.                              rhat    756577102     22,320      23.40    522,288     0.66% COMMON STOCK U.S.
Redback Networks, Inc.                    rbak     757209507     35,100      18.34    643,734     0.81% COMMON STOCK U.S.
Sigma Designs, Inc.                       sigm     826565103     63,410       9.43    597,956     0.75% COMMON STOCK U.S.
Silicon Image, Inc.                       simg      82705t102    52,190      10.78    562,608     0.71% COMMON STOCK U.S.
Silicon Laboratories, Inc.                slab     826919102     25,820      35.15    907,573     1.14% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.             sirf    82967h101     23,510      32.22    757,492     0.95% COMMON STOCK U.S.
Sonus Networks, Inc.                      sons     835916107    127,610       4.95    631,670     0.79% COMMON STOCK U.S.
Tellabs, Inc.                              tlab    879664100     65,450      13.31    871,140     1.10% COMMON STOCK U.S.
Tessera Technologies, Inc.                 tsra    88164L100     24,100      27.50    662,750     0.83% COMMON STOCK U.S.
THQ, Inc.                                  thqi    872443403     48,210      21.60   1,041,336    1.31% COMMON STOCK U.S.
Virage Logic Corp.                          virl    92763r104    70,814       9.39    664,944     0.84% COMMON STOCK U.S.
Volterra Semiconductor Corp.               vltr    928708106     67,670      15.26   1,032,644    1.30% COMMON STOCK U.S.
WebEx Communications, Inc.               webx       94767l109    49,430      35.54   1,756,742    2.21% COMMON STOCK U.S.
Xyratex Ltd.                               xrtx    g98268108     20,050      26.45    530,322     0.67% COMMON STOCK U.S.
Yahoo! Inc.                               yhoo     984332106    106,718      33.00   3,521,694    4.43% COMMON STOCK U.S.
CSR PLC                                  csr.ln      3414738     23,700      23.30    552,213     0.69% COMMON STOCK GREAT BRITAIN
Ctrip.com International Ltd., ADR          ctrp     22943f100    30,080      51.05   1,535,584    1.93% AMERICAN DEPOSITORY RECEIPTS
Nintendo Co., Ltd., ADR                  ntdoy     654445303     38,700      20.89    808,443     1.02% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR           oiim     67107w100    450,390       7.69   3,463,499    4.36% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR      simo     82706c108    115,460      14.34   1,655,696    2.08% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                            ncty     88337k104     36,700      23.19    851,073     1.07% AMERICAN DEPOSITORY RECEIPTS
                                                                8
The Information Age Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
WiderThan Co. Ltd., ADR                                      wthn       967593104           18,990       10.29            195,407        0.25% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                     7,747,044        9.75%
TOTAL PORTFOLIO                                                                                                        79,476,416      100.00%


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 06/30/06.


Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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




                                                                                           9
RS Internet Age Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
Adobe Systems, Inc.                                         adbe        00724f101           11,210       30.36            340,335        0.49% COMMON STOCK U.S.
Akamai Technologies, Inc.                                   akam        00971T101           50,470       36.19          1,826,509        2.64% COMMON STOCK U.S.
Altiris, Inc.                                                 atrs     02148M100            29,550       18.04            533,082        0.77% COMMON STOCK U.S.
Amazon.com, Inc.                                            amzn        023135106           37,690       38.68          1,457,849        2.11% COMMON STOCK U.S.
aQuantive, Inc.                                              aqnt       03839g105         161,010        25.33          4,078,383        5.89% COMMON STOCK U.S.
AudioCodes Ltd.                                             audc       M15342104          120,540        10.90          1,313,886        1.90% COMMON STOCK U.S.
Blue Nile, Inc.                                               nile      09578r103           15,880       32.16            510,701        0.74% COMMON STOCK U.S.
Citrix Systems, Inc.                                         ctxs       177376100           16,060       40.14            644,648        0.93% COMMON STOCK U.S.
Color Kinetics, Inc.                                          clrk      19624P100           34,550       18.91            653,341        0.94% COMMON STOCK U.S.
Digital River, Inc.                                           driv      25388b104           64,110       40.39          2,589,403        3.74% COMMON STOCK U.S.
Digitas, Inc.                                                dtas       25388k104         224,060        11.62          2,603,577        3.76% COMMON STOCK U.S.
Eagle Test Systems, Inc.                                      eglt      270006109           63,230       14.02            886,485        1.28% COMMON STOCK U.S.
eCollege.com, Inc.                                           eclg       27887e100           40,240       21.14            850,674        1.23% COMMON STOCK U.S.
F5 Networks, Inc.                                             ffiv      315616102           17,350       53.48            927,878        1.34% COMMON STOCK U.S.
Google, Inc., Class A                                       goog        38259p508              8,860    419.33          3,715,264        5.37% COMMON STOCK U.S.
GSI Commerce, Inc.                                           gsic       36238g102         133,360        13.53          1,804,361        2.61% COMMON STOCK U.S.
Informatica Corp.                                             infa     45666Q102            37,150       13.16            488,894        0.71% COMMON STOCK U.S.
LoopNet, Inc.                                                loop       543524300              5,820     18.61            108,310        0.16% COMMON STOCK U.S.
Marchex, Inc., Class B                                      mchx       56624R108          167,440        16.43          2,751,039        3.97% COMMON STOCK U.S.
Monster Worldwide, Inc.                                     mnst        611742107           43,180       42.66          1,842,059        2.66% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                            flsh     M7061C100            86,100       29.63          2,551,143        3.69% COMMON STOCK U.S.
Netflix, Inc.                                                 nflx      64110L106           99,040       27.21          2,694,878        3.89% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                                   netl      64118b100           47,780       32.25          1,540,905        2.23% COMMON STOCK U.S.
Nextest Systems Corp.                                        next       653339101           22,000       16.21            356,620        0.52% COMMON STOCK U.S.
Omniture, Inc.                                               omtr       68212s109           77,690        7.29            566,360        0.82% COMMON STOCK U.S.
Openwave Systems, Inc.                                      opwv        683718308         108,100        11.54          1,247,474        1.80% COMMON STOCK U.S.
PDF Solutions, Inc.                                          pdfs       693282105           55,170       12.41            684,660        0.99% COMMON STOCK U.S.
PLX Technology, Inc.                                          plxt      693417107         168,070        12.22          2,053,815        2.97% COMMON STOCK U.S.
Rackable Systems, Inc.                                       rack       750077109              6,960     39.49            274,850        0.40% COMMON STOCK U.S.
RADWARE Ltd.                                                 rdwr      m81873107            32,840       12.84            421,666        0.61% COMMON STOCK U.S.
Sigma Designs, Inc.                                          sigm       826565103           54,820        9.43            516,953        0.75% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                                sirf      82967h101           15,410       32.22            496,510        0.72% COMMON STOCK U.S.
Smith Micro Software, Inc.                                   smsi       832154108           44,880       16.02            718,978        1.04% COMMON STOCK U.S.
Sonus Networks, Inc.                                         sons       835916107         115,080         4.95            569,646        0.82% COMMON STOCK U.S.
Symantec Corp.                                              symc        871503108           30,310       15.54            471,017        0.68% COMMON STOCK U.S.
THQ, Inc.                                                     thqi      872443403           42,080       21.60            908,928        1.31% COMMON STOCK U.S.
Trident Microsystems, Inc.                                    trid      895919108           12,620       18.98            239,528        0.35% COMMON STOCK U.S.
VistaPrint Ltd.                                               vprt      g93762204           39,010       26.74          1,043,127        1.51% COMMON STOCK U.S.
WebEx Communications, Inc.                                  webx         94767l109          44,574       35.54          1,584,160        2.29% COMMON STOCK U.S.
Xyratex Ltd.                                                  xrtx      g98268108           17,640       26.45            466,578        0.67% COMMON STOCK U.S.
Yahoo! Inc.                                                  yhoo       984332106         139,850        33.00          4,615,050        6.67% COMMON STOCK U.S.
ZipRealty, Inc.                                               zipr      98974v107         138,480         8.48          1,174,310        1.70% COMMON STOCK U.S.
CSR PLC                                                     csr.ln        3414738           21,300       23.30            496,292        0.72% COMMON STOCK GREAT BRITAIN
China GrenTech Corp., Ltd., ADR                               grrf      16938p107           37,800       10.66            402,986        0.58% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR                             ctrp      22943f100           45,460       51.05          2,320,733        3.35% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                            lton      535925101         178,790         5.95          1,063,801        1.54% AMERICAN DEPOSITORY RECEIPTS
Nintendo Co., Ltd., ADR                                     ntdoy       654445303           33,400       20.89            697,726        1.01% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                              oiim      67107w100          449,950         7.69          3,460,116        5.00% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                         simo       82706c108           78,260       14.34          1,122,248        1.62% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                               ncty       88337k104           33,100       23.19            767,589        1.11% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                      wthn       967593104           19,140       10.29            196,951        0.28% AMERICAN DEPOSITORY RECEIPTS
Submarino SA, GDR 144A                                     sbbmy        86431p102           30,000       40.20          1,205,961        1.74% GLOBAL DEPOSITORY RECEIPT
Cash / Other Assets and Liabilities                                                                                     2,361,081        3.41%
TOTAL PORTFOLIO                                                                                                        69,219,318      100.00%


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 06/30/06.




                                                                                          10
RS Internet Age Fund
6/30/2006 (unaudited)



Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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




                                                                                        11
RS MidCap Opportunities Fund
6/30/2006 (unaudited)
                                             Security                                         Market       Pct
Security                                     Symbol          Cusip    Quantity      Price      Value    Assets
3Com Corp.                                     coms     885535104     625,000        5.12   3,200,000    1.23% COMMON STOCK U.S.
Advanced Medical Optics, Inc.                    eye    00763m108      57,000       50.70   2,889,900    1.11% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                 amg     008252108      28,000       86.89   2,432,920    0.94% COMMON STOCK U.S.
Agere Systems Inc.                               agr    00845v308     200,000       14.70   2,940,000    1.13% COMMON STOCK U.S.
Agilent Technologies, Inc.                         a    00846u101      95,000       31.56   2,998,200    1.15% COMMON STOCK U.S.
AmericanWest Bancorp.                          awbc     03058p109     126,000       22.65   2,853,900    1.10% COMMON STOCK U.S.
AMETEK, Inc.                                    ame     031100100      52,100       47.38   2,468,498    0.95% COMMON STOCK U.S.
AMR Corp.                                        amr    001765106     135,000       25.42   3,431,700    1.32% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.                    amln    032346108      82,000       49.37   4,048,340    1.56% COMMON STOCK U.S.
Avid Technology, Inc.                           avid    05367p100     114,000       33.33   3,799,620    1.46% COMMON STOCK U.S.
Bebe Stores, Inc.                               bebe    075571109     185,000       15.42   2,852,700    1.10% COMMON STOCK U.S.
BJ Services Co.                                   bjs   055482103      85,000       37.26   3,167,100    1.22% COMMON STOCK U.S.
Boyd Gaming Corp.                                byd    103304101      75,600       40.36   3,051,216    1.18% COMMON STOCK U.S.
Cephalon, Inc.                                  ceph    156708109      67,000       60.10   4,026,700    1.55% COMMON STOCK U.S.
Chicago Mercantile Exchange Holdings, Inc.      cme     167760107          6,000   491.15   2,946,900    1.14% COMMON STOCK U.S.
Ciena Corp.                                     cien    171779101     780,000        4.81   3,751,800    1.45% COMMON STOCK U.S.
Citrix Systems, Inc.                             ctxs   177376100      60,000       40.14   2,408,400    0.93% COMMON STOCK U.S.
Commerce Bancshares, Inc.                       cbsh    200525103      54,000       50.05   2,702,700    1.04% COMMON STOCK U.S.
Covanta Holding Corp.                            cva    22282e102     180,000       17.65   3,177,000    1.22% COMMON STOCK U.S.
Cymer, Inc.                                     cymi    232572107      65,000       46.46   3,019,900    1.16% COMMON STOCK U.S.
Cypress Semiconductor Corp.                       cy    232806109     165,000       14.54   2,399,100    0.92% COMMON STOCK U.S.
Cytyc Corp.                                      cytc   232946103     103,000       25.36   2,612,080    1.01% COMMON STOCK U.S.
DENTSPLY International, Inc.                    xray    249030107      49,400       60.60   2,993,640    1.15% COMMON STOCK U.S.
Digital River, Inc.                              driv   25388b104      67,100       40.39   2,710,169    1.04% COMMON STOCK U.S.
E*TRADE Financial Corp.                            et   269246104     136,000       22.82   3,103,520    1.20% COMMON STOCK U.S.
EOG Resources, Inc.                              eog    26875p101      50,000       69.34   3,467,000    1.34% COMMON STOCK U.S.
FactSet Research Systems, Inc.                   fds    303075105      54,000       47.30   2,554,200    0.98% COMMON STOCK U.S.
Forest Laboratories, Inc.                         frx   345838106      88,000       38.69   3,404,720    1.31% COMMON STOCK U.S.
Gemstar-TV Guide International, Inc.            gmst    36866W106    1,200,000       3.52   4,224,000    1.63% COMMON STOCK U.S.
Genworth Financial, Inc., Class A               gnw     37247D106      77,000       34.84   2,682,680    1.03% COMMON STOCK U.S.
Grant Prideco, Inc.                              grp    38821g101      90,000       44.75   4,027,500    1.55% COMMON STOCK U.S.
Hansen Natural Corp.                            hans    411310105      14,000      190.37   2,665,180    1.03% COMMON STOCK U.S.
Harman International Industries, Inc.            har    413086109      34,000       85.37   2,902,580    1.12% COMMON STOCK U.S.
Herbalife Ltd.                                    hlf   G4412G101      82,000       39.90   3,271,800    1.26% COMMON STOCK U.S.
Hilton Hotels Corp.                               hlt   432848109     127,000       28.28   3,591,560    1.38% COMMON STOCK U.S.
InterDigital Communications                     idcc    45866a105     110,000       34.91   3,840,100    1.48% COMMON STOCK U.S.
International Game Technology                     igt   459902102      75,000       37.94   2,845,500    1.10% COMMON STOCK U.S.
Investment Technology Group, Inc.                 itg    46145f105     72,000       50.86   3,661,920    1.41% COMMON STOCK U.S.
Lam Research Corp.                               lrcx   512807108      47,000       46.62   2,191,140    0.84% COMMON STOCK U.S.
Landstar System, Inc.                            lstr   515098101     100,000       47.23   4,723,000    1.82% COMMON STOCK U.S.
Legg Mason, Inc.                                  lm    524901105      34,000       99.52   3,383,680    1.30% COMMON STOCK U.S.
Limited Brands, Inc.                              ltd   532716107     125,000       25.59   3,198,750    1.23% COMMON STOCK U.S.
Loews Corp. - Carolina Group                      cg    540424207      62,000       51.37   3,184,940    1.23% COMMON STOCK U.S.
Marvell Technology Group Ltd.                   mrvl    g5876h105      75,000       44.33   3,324,750    1.28% COMMON STOCK U.S.
McDermott International, Inc.                    mdr    580037109      67,500       45.47   3,069,225    1.18% COMMON STOCK U.S.
Medco Health Solutions, Inc.                    mhs     58405u102      52,500       57.28   3,007,200    1.16% COMMON STOCK U.S.
Micron Technology, Inc.                          mu     595112103     165,000       15.06   2,484,900    0.96% COMMON STOCK U.S.
Mirant Corp.                                     mir     60467r100    120,000       26.80   3,216,000    1.24% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.               flsh   M7061C100     113,400       29.63   3,360,042    1.29% COMMON STOCK U.S.
Mueller Water Products, Inc.                    mwa     624758108     265,000       17.41   4,613,650    1.78% COMMON STOCK U.S.
Netflix, Inc.                                    nflx   64110L106     140,000       27.21   3,809,400    1.47% COMMON STOCK U.S.
Novellus Systems, Inc.                          nvls    670008101     135,000       24.70   3,334,500    1.28% COMMON STOCK U.S.
Openwave Systems, Inc.                         opwv     683718308     267,000       11.54   3,081,180    1.19% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                          os    686079104      92,000       50.66   4,660,720    1.80% COMMON STOCK U.S.
Palm, Inc.                                      palm    696643105     280,000       16.10   4,508,000    1.74% COMMON STOCK U.S.
Penn National Gaming, Inc.                      penn    707569109      80,000       38.78   3,102,400    1.19% COMMON STOCK U.S.
Pinnacle Entertainment, Inc.                     pnk    723456109      65,000       30.65   1,992,250    0.77% COMMON STOCK U.S.
PMC-Sierra, Inc.                               pmcs     69344F106     250,000        9.40   2,350,000    0.91% COMMON STOCK U.S.
ResMed, Inc.                                     rmd    761152107      64,200       46.95   3,014,190    1.16% COMMON STOCK U.S.
Scientific Games Corp., Class A                sgms     80874P109      90,000       35.62   3,205,800    1.23% COMMON STOCK U.S.
                                                                      12
RS MidCap Opportunities Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol              Cusip       Quantity        Price              Value      Assets
Simpson Manufacturing Co., Inc.                               ssd       829073105           82,000       36.05           2,956,100       1.14% COMMON STOCK U.S.
Southwestern Energy Co.                                      swn        845467109         102,000        31.16           3,178,320       1.22% COMMON STOCK U.S.
Sunrise Senior Living, Inc.                                    srz      86768k106         120,000        27.65           3,318,000       1.28% COMMON STOCK U.S.
SVB Financial Group                                          sivb       78486q101           58,000       45.46           2,636,680       1.02% COMMON STOCK U.S.
T. Rowe Price Group, Inc.                                    trow        74144t108          60,000       37.81           2,268,600       0.87% COMMON STOCK U.S.
Tellabs, Inc.                                                 tlab      879664100         327,600        13.31           4,360,356       1.68% COMMON STOCK U.S.
The First Marblehead Corp.                                    fmd       320771108           65,000       56.94           3,701,100       1.43% COMMON STOCK U.S.
The TJX Companies, Inc.                                        tjx      872540109         145,000        22.86           3,314,700       1.28% COMMON STOCK U.S.
Thermo Electron Corp.                                         tmo       883556102           75,000       36.24           2,718,000       1.05% COMMON STOCK U.S.
THQ, Inc.                                                     thqi      872443403         180,000        21.60           3,888,000       1.50% COMMON STOCK U.S.
Trident Microsystems, Inc.                                    trid      895919108         150,000        18.98           2,847,000       1.10% COMMON STOCK U.S.
Univision Communications, Inc., Class A                       uvn       914906102           90,000       33.50           3,015,000       1.16% COMMON STOCK U.S.
Urban Outfitters, Inc.                                       urbn       917047102         180,000        17.49           3,148,200       1.21% COMMON STOCK U.S.
Vulcan Materials Co.                                         vmc        929160109           45,000       78.00           3,510,000       1.35% COMMON STOCK U.S.
XTO Energy, Inc.                                               xto      98385x106           70,000       44.27           3,098,900       1.19% COMMON STOCK U.S.
Zions Bancorp.                                               zion       989701107           31,500       77.94           2,455,110       0.95% COMMON STOCK U.S.
Chartered Semiconductor Manufacturing Ltd., ADR               chrt      16133r106         365,000          8.70          3,175,500       1.22% AMERICAN DEPOSITORY RECEIPTS
Chicago Bridge & Iron Co. N.V., ADR                            cbi      167250109         127,000        24.15           3,067,050       1.18% AMERICAN DEPOSITORY RECEIPTS
Quilmes Industrial S.A., ADR                                  lqu       74838Y207           42,000       49.12           2,063,040       0.79% AMERICAN DEPOSITORY RECEIPTS
Shire PLC, ADR                                             shpgy        82481r106           55,000       44.23           2,432,650       0.94% AMERICAN DEPOSITORY RECEIPTS
STATS ChipPAC Ltd., ADR                                       stts       85771t104        400,000          6.26          2,504,000       0.96% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                      4,039,265       1.56%
TOTAL PORTFOLIO                                                                                                       259,636,031      100.00%


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 06/30/06.


Investing in mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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




                                                                                          13
RS Smaller Company Growth Fund
6/30/2006 (unaudited)
                                          Security                                      Market       Pct
Security                                  Symbol           Cusip   Quantity   Price      Value    Assets
American Commercial Lines, Inc.               acli    025195207     43,530    60.25   2,622,682    0.88% COMMON STOCK U.S.
American Medical Systems Holdings, Inc.    ammd       02744m108    218,070    16.65   3,630,866    1.21% COMMON STOCK U.S.
American Railcar Industries, Inc.             arii    02916p103     81,560    33.11   2,700,452    0.90% COMMON STOCK U.S.
Amerisafe, Inc.                              amsf     03071h100    372,629    12.44   4,635,505    1.55% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                 ahs     001744101    205,680    20.30   4,175,304    1.40% COMMON STOCK U.S.
ANADIGICS, Inc.                              anad     032515108    282,820     6.72   1,900,550    0.64% COMMON STOCK U.S.
AngioDynamics, Inc.                          ango     03475v101    136,060    27.05   3,680,423    1.23% COMMON STOCK U.S.
Barrett Business Services, Inc.              bbsi     068463108    165,940    18.35   3,044,999    1.02% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.      bpfh     101119105    130,320    27.90   3,635,928    1.22% COMMON STOCK U.S.
Cache, Inc.                                  cach     127150308    257,107    17.34   4,458,235    1.49% COMMON STOCK U.S.
Carter's, Inc.                                 cri    146229109     68,630    26.43   1,813,891    0.61% COMMON STOCK U.S.
Central Garden & Pet Co.                     cent     153527106    100,110    43.05   4,309,736    1.44% COMMON STOCK U.S.
Century Casinos, Inc.                        cnty     156492100    303,000    10.71   3,245,130    1.08% COMMON STOCK U.S.
Concur Technologies, Inc.                    cnqr     206708109    206,620    15.47   3,196,412    1.07% COMMON STOCK U.S.
Digitas, Inc.                                dtas     25388k104    345,350    11.62   4,012,967    1.34% COMMON STOCK U.S.
Dynamic Materials Corp.                     boom      267888105     84,780    33.73   2,859,630    0.96% COMMON STOCK U.S.
Equinix, Inc.                                eqix     29444u502     63,070    54.86   3,460,020    1.16% COMMON STOCK U.S.
FirstService Corp.                            fsrv    33761N109    183,859    26.64   4,898,004    1.64% COMMON STOCK U.S.
Five Star Quality Care, Inc.                  fve     33832d106    393,050    11.07   4,351,064    1.45% COMMON STOCK U.S.
Flow International Corp.                      flow    343468104    205,281    14.07   2,888,304    0.97% COMMON STOCK U.S.
Gardner Denver, Inc.                          gdi     365558105     98,850    38.50   3,805,725    1.27% COMMON STOCK U.S.
GFI Group, Inc.                               gfig    361652209     69,010    53.95   3,723,089    1.24% COMMON STOCK U.S.
Greenhill & Co., Inc.                         ghl     395259104     45,130    60.76   2,742,099    0.92% COMMON STOCK U.S.
GSI Group, Inc.                              gsig     36229u102    162,926     8.59   1,399,534    0.47% COMMON STOCK U.S.
Hexcel Corp.                                   hxl    428291108    169,790    15.71   2,667,401    0.89% COMMON STOCK U.S.
Hydril                                       hydl     448774109     38,680    78.52   3,037,154    1.02% COMMON STOCK U.S.
Iconix Brand Group, Inc.                     icon     451055107    178,900    16.34   2,923,226    0.98% COMMON STOCK U.S.
I-Flow Corp.                                   iflo   449520303     86,764    10.82    938,787     0.31% COMMON STOCK U.S.
Illumina, Inc.                               ilmn     452327109     34,950    29.66   1,036,617    0.35% COMMON STOCK U.S.
Immucor, Inc.                                blud     452526106    126,275    19.23   2,428,268    0.81% COMMON STOCK U.S.
Intevac, Inc.                                ivac     461148108    134,050    21.68   2,906,204    0.97% COMMON STOCK U.S.
Investment Technology Group, Inc.              itg     46145f105    83,430    50.86   4,243,250    1.42% COMMON STOCK U.S.
j2 Global Communications, Inc.               jcom     46626E205    182,020    31.22   5,682,665    1.90% COMMON STOCK U.S.
Jos. A. Bank Clothiers, Inc.                 josb     480838101     97,471    23.96   2,335,405    0.78% COMMON STOCK U.S.
KKR Financial Corp.                           kfn     482476306    154,360    20.81   3,212,232    1.07% COMMON STOCK U.S.
Kyphon, Inc.                                 kyph     501577100     73,810    38.36   2,831,352    0.95% COMMON STOCK U.S.
Laureate Education, Inc.                      laur    518613104     33,390    42.63   1,423,416    0.48% COMMON STOCK U.S.
LCA-Vision, Inc.                             lcav     501803308     42,310    52.91   2,238,622    0.75% COMMON STOCK U.S.
LifeCell Corp.                                 lifc   531927101    116,610    30.92   3,605,581    1.21% COMMON STOCK U.S.
Marchex, Inc., Class B                      mchx      56624R108    135,620    16.43   2,228,236    0.74% COMMON STOCK U.S.
Maverick Tube Corp.                          mvk      577914104     64,270    63.19   4,061,221    1.36% COMMON STOCK U.S.
McGrath Rentcorp                            mgrc      580589109    114,880    27.81   3,194,813    1.07% COMMON STOCK U.S.
Microsemi Corp.                             mscc      595137100    123,280    24.38   3,005,566    1.00% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.            flsh    M7061C100    105,690    29.63   3,131,595    1.05% COMMON STOCK U.S.
Neoware, Inc.                                nwre     64065p102     91,365    12.29   1,122,876    0.38% COMMON STOCK U.S.
Netflix, Inc.                                 nflx    64110L106    117,490    27.21   3,196,903    1.07% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                   netl    64118b100     68,420    32.25   2,206,545    0.74% COMMON STOCK U.S.
Nutri/System, Inc.                            ntri    67069d108     56,560    62.13   3,514,073    1.17% COMMON STOCK U.S.
NuVasive, Inc.                               nuva     670704105    181,970    18.23   3,317,313    1.11% COMMON STOCK U.S.
Oil States International, Inc.                 ois    678026105    112,040    34.28   3,840,731    1.28% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.               odfl    679580100     71,490    37.59   2,687,309    0.90% COMMON STOCK U.S.
Omniture, Inc.                               omtr     68212s109    215,322     7.29   1,569,697    0.52% COMMON STOCK U.S.
Online Resources Corp.                       orcc     68273g101    428,590    10.34   4,431,620    1.48% COMMON STOCK U.S.
Openwave Systems, Inc.                      opwv      683718308    216,680    11.54   2,500,487    0.84% COMMON STOCK U.S.
Optimal Group, Inc., Class A                opmr       68388r208   256,440    13.51   3,464,504    1.16% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                 oxps     684010101    109,390    23.31   2,549,881    0.85% COMMON STOCK U.S.
Orthovita, Inc.                               vita    68750U102    587,940     4.22   2,481,107    0.83% COMMON STOCK U.S.
PDF Solutions, Inc.                          pdfs     693282105    189,590    12.41   2,352,812    0.79% COMMON STOCK U.S.
PolyMedica Corp.                             plmd     731738100    106,513    35.96   3,830,207    1.28% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.          praa     73640q105     92,030    45.70   4,205,771    1.41% COMMON STOCK U.S.
                                                                   14
RS Smaller Company Growth Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
PrivateBancorp, Inc.                                         pvtb       742962103         101,126        41.41          4,187,628        1.40% COMMON STOCK U.S.
Providence Service Corp.                                     prsc       743815102         101,120        27.23          2,753,497        0.92% COMMON STOCK U.S.
Rackable Systems, Inc.                                       rack       750077109           58,740       39.49          2,319,642        0.78% COMMON STOCK U.S.
Radiant Systems, Inc.                                        rads       75025n102         147,948        10.57          1,563,810        0.52% COMMON STOCK U.S.
RADVision Ltd.                                               rvsn      m81869105          240,310        15.94          3,830,541        1.28% COMMON STOCK U.S.
RADWARE Ltd.                                                 rdwr      m81873107          146,564        12.84          1,881,882        0.63% COMMON STOCK U.S.
Redback Networks, Inc.                                       rbak       757209507           73,900       18.34          1,355,326        0.45% COMMON STOCK U.S.
Regal-Beloit Corporation                                      rbc       758750103           75,700       44.15          3,342,155        1.12% COMMON STOCK U.S.
ResMed, Inc.                                                 rmd        761152107           82,160       46.95          3,857,412        1.29% COMMON STOCK U.S.
Retalix Ltd.                                                  rtlx     m8215w109          123,060        22.31          2,745,469        0.92% COMMON STOCK U.S.
Rollins, Inc.                                                  rol      775711104         196,120        19.64          3,851,797        1.29% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109         171,790        35.62          6,119,160        2.05% COMMON STOCK U.S.
Solexa, Inc.                                                 slxa       83420x105         291,830         8.50          2,480,555        0.83% COMMON STOCK U.S.
SonoSite, Inc.                                              sono       83568G104            78,910       39.04          3,080,646        1.03% COMMON STOCK U.S.
SRS Labs, Inc.                                                srsl     78464m106          483,215         4.99          2,411,243        0.81% COMMON STOCK U.S.
Steiner Leisure Ltd.                                          stnr      p8744y102           85,610       39.53          3,384,163        1.13% COMMON STOCK U.S.
Superior Energy Services, Inc.                                spn       868157108         114,600        33.90          3,884,940        1.30% COMMON STOCK U.S.
Synplicity, Inc.                                             synp       87160y108         199,276         5.87          1,169,750        0.39% COMMON STOCK U.S.
Team, Inc.                                                    tmi       878155100         116,490        25.05          2,918,074        0.98% COMMON STOCK U.S.
The Navigators Group, Inc.                                  navg        638904102         101,730        43.82          4,457,809        1.49% COMMON STOCK U.S.
The Spectranetics Corp.                                      spnc       84760c107         330,460        10.72          3,542,531        1.18% COMMON STOCK U.S.
Unit Corp.                                                    unt       909218109           53,260       56.89          3,029,961        1.01% COMMON STOCK U.S.
Virginia Commerce Bancorp, Inc.                              vcbi       92778q109         126,275        23.90          3,017,972        1.01% COMMON STOCK U.S.
Vital Signs Inc.                                               vitl     928469105           86,030       49.53          4,261,066        1.42% COMMON STOCK U.S.
Vitran Corp., Inc.                                           vtnc       92850E107         133,430        23.49          3,134,271        1.05% COMMON STOCK U.S.
Volterra Semiconductor Corp.                                  vltr      928708106         164,160        15.26          2,505,082        0.84% COMMON STOCK U.S.
Warrior Energy Service Corp.                                 warr       936258102         126,830        24.33          3,085,774        1.03% COMMON STOCK U.S.
Ctrip.com International Ltd., ADR                             ctrp      22943f100           51,080       51.05          2,607,634        0.87% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                               ncty       88337k104           92,100       23.19          2,135,799        0.71% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    24,616,708        8.23%
TOTAL PORTFOLIO                                                                                                       299,126,293      100.00%


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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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




                                                                                          15
RS Global Natural Resources Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
Alcan, Inc.                                                     al      013716105       1,038,200        46.94         48,733,108        2.39% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                    ati     01741r102         740,260        69.24         51,255,602        2.51% COMMON STOCK U.S.
Anadarko Petroleum Corp.                                      apc       032511107       1,229,900        47.69         58,653,931        2.88% COMMON STOCK U.S.
Arch Coal, Inc.                                                aci      039380100         881,620        42.37         37,354,239        1.83% COMMON STOCK U.S.
Basic Energy Services, Inc.                                   bas       06985p100       1,712,590        30.57         52,353,876        2.57% COMMON STOCK U.S.
BJ Services Co.                                                bjs      055482103         638,200        37.26         23,779,332        1.17% COMMON STOCK U.S.
Century Aluminum Co.                                         cenx       156431108       1,514,200        35.69         54,041,798        2.65% COMMON STOCK U.S.
Complete Production Services, Inc.                            cpx       20453e109       1,911,010        23.64         45,176,276        2.22% COMMON STOCK U.S.
Crosstex Energy, Inc.                                         xtxi      22765y104         258,320        95.08         24,561,066        1.21% COMMON STOCK U.S.
Denbury Resources, Inc.                                        dnr      247916208       1,432,000        31.67         45,351,440        2.23% COMMON STOCK U.S.
Eastman Chemical Co.                                         emn        277432100         628,700        54.00         33,949,800        1.67% COMMON STOCK U.S.
Exxon Mobil Corp.                                            xom        30231g102         336,500        61.35         20,644,275        1.01% COMMON STOCK U.S.
Foundation Coal Holdings, Inc.                                  fcl    35039w100          921,200        46.93         43,231,916        2.12% COMMON STOCK U.S.
Hercules Offshore, Inc.                                      hero       427093109         488,920        35.00         17,112,200        0.84% COMMON STOCK U.S.
Key Energy Services, Inc.                                    kegs       492914106       4,848,600        15.25         73,941,150        3.63% COMMON STOCK U.S.
Marathon Oil Corp.                                            mro       565849106         785,900        83.30         65,465,470        3.21% COMMON STOCK U.S.
Newfield Exploration Co.                                       nfx      651290108         341,300        48.94         16,703,222        0.82% COMMON STOCK U.S.
Noble Corp.                                                    ne       g65422100         549,150        74.42         40,867,743        2.01% COMMON STOCK U.S.
Noble Energy, Inc.                                             nbl      655044105         269,800        46.86         12,642,828        0.62% COMMON STOCK U.S.
Peabody Energy Corp.                                           btu      704549104         839,820        55.75         46,819,965        2.30% COMMON STOCK U.S.
PICO Holdings, Inc.                                           pico      693366205         286,778        32.25          9,248,591        0.45% COMMON STOCK U.S.
PPL Corp.                                                      ppl      69351t106       1,571,700        32.30         50,765,910        2.49% COMMON STOCK U.S.
Southwestern Energy Co.                                       swn       845467109         547,200        31.16         17,050,752        0.84% COMMON STOCK U.S.
TXU Corp.                                                      txu      873168108         802,900        59.79         48,005,391        2.36% COMMON STOCK U.S.
Anderson Energy Ltd.                                       axl.cn          b0k5jd0      4,613,000         4.57         21,075,249        1.03% COMMON STOCK CANADA
Brookfield Asset Management, Inc., Class A              bam/a.cn          2092599       1,375,050        40.19         55,258,213        2.71% COMMON STOCK CANADA
Clear Energy, Inc.                                         cen.cn         2310161       1,582,100         3.19          5,045,486        0.25% COMMON STOCK CANADA
Compton Petroleum Corp.                                    cmt.cn         2188454       4,290,800        11.56         49,623,065        2.43% COMMON STOCK CANADA
EnCana Corp.                                               eca.cn         2793193         358,800        52.66         18,893,007        0.93% COMMON STOCK CANADA
Falconbridge Ltd.                                           fal.cn        2641322         908,200        52.67         47,838,538        2.35% COMMON STOCK CANADA
Goldcorp, Inc.                                               g.cn         2676302       1,362,180        30.14         41,061,862        2.01% COMMON STOCK CANADA
Kinross Gold Corp.                                           k.cn         B03Z841       2,046,100        10.90         22,306,761        1.09% COMMON STOCK CANADA
Labrador Iron Ore Royalty Income Fund                      lif-u.cn       2511221         351,300        21.35          7,499,310        0.37% COMMON STOCK CANADA
Nexen, Inc.                                                nxy.cn         2172219       1,251,700        56.35         70,529,365        3.46% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                          pou.cn          b073fp1      2,403,300        32.25         77,504,972        3.80% COMMON STOCK CANADA
Petrobank Energy & Resources Ltd.                          pbg.cn         2683670       1,478,400        13.63         20,156,990        0.99% COMMON STOCK CANADA
Sherritt International Corp.                                 s.cn         2804158       5,080,000        10.01         50,831,855        2.49% COMMON STOCK CANADA
Talisman Energy, Inc.                                      tlm.cn         2068299       3,294,000        17.45         57,481,967        2.82% COMMON STOCK CANADA
Trilogy Energy Trust                                      tet-u.cn        B073G58              100       16.93               1,693       0.00% COMMON STOCK CANADA
Western Canadian Coal Corp.                                wtn.cn         2327581       2,616,200         2.28          5,976,270        0.29% COMMON STOCK CANADA
BHP Billiton Ltd., ADR                                        bhp       088606108       1,372,900        43.07         59,130,803        2.90% AMERICAN DEPOSITORY RECEIPTS
Companhia Vale do Rio Doce, ADR                                rio      204412209       2,385,000        24.04         57,335,400        2.81% AMERICAN DEPOSITORY RECEIPTS
Ivanhoe Nickel & Platinum Ltd.                                          46581p104         203,624         5.00          1,018,120        0.05% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                   431,938,791       21.19%
TOTAL PORTFOLIO                                                                                                     2,038,217,598      100.00%


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 06/30/06.

Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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. Foreign securities are subject to
political, regulatory, economic, and exchange-rate risks not present in domestic investments. The value of a debt security is affected by changes in interest rates and is subject to any
credit risk of the issuer or guarantor of the security.


PFPC Distributors, Inc., distributor




                                                                                          16
RS Investors Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
ADVO, Inc.                                                     ad       007585102         124,660        24.61          3,067,883        4.91% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                   abk       023139108           27,110       81.10          2,198,621        3.52% COMMON STOCK U.S.
Assurant, Inc.                                                 aiz      04621X108           57,820       48.40          2,798,488        4.48% COMMON STOCK U.S.
Coinmach Service Corp., Class A                               dra      19259w206            12,600       10.25            129,150        0.21% COMMON STOCK U.S.
Coinstar, Inc.                                                cstr      19259p300         109,200        23.94          2,614,248        4.19% COMMON STOCK U.S.
Conseco, Inc.                                                 cno       208464883         125,690        23.10          2,903,439        4.65% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                    coco       218868107         120,100        14.36          1,724,636        2.76% COMMON STOCK U.S.
Corrections Corp. of America                                  cxw       22025y407           78,460       52.94          4,153,672        6.65% COMMON STOCK U.S.
Diebold, Inc.                                                 dbd       253651103           19,000       40.62            771,780        1.24% COMMON STOCK U.S.
Eastman Chemical Co.                                         emn        277432100           44,150       54.00          2,384,100        3.82% COMMON STOCK U.S.
eResearch Technology, Inc.                                   eres       29481V108         248,110         9.10          2,257,801        3.61% COMMON STOCK U.S.
Hanover Insurance Group, Inc.                                 thg       410867105           45,010       47.46          2,136,175        3.42% COMMON STOCK U.S.
J. Crew Group, Inc.                                           jcg       46612h402              380       27.45              10,431       0.02% COMMON STOCK U.S.
Key Energy Services, Inc.                                    kegs       492914106         212,400        15.25          3,239,100        5.19% COMMON STOCK U.S.
Liberty Global, Inc., Class A                                lbtya      530555101           82,806       21.50          1,780,329        2.85% COMMON STOCK U.S.
Liberty Global, Inc., Class C                                lbtyk      530555309           94,550       20.57          1,944,893        3.11% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                    mer        590188108           22,400       69.56          1,558,144        2.49% COMMON STOCK U.S.
MI Developments, Inc., Class A                               mim        55304x104           93,900       33.91          3,184,149        5.10% COMMON STOCK U.S.
PPL Corp.                                                     ppl       69351t106           86,000       32.30          2,777,800        4.45% COMMON STOCK U.S.
Symantec Corp.                                              symc        871503108         178,400        15.54          2,772,336        4.44% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                   try/b      895927309         210,500        15.63          3,290,115        5.27% COMMON STOCK U.S.
Compton Petroleum Corp.                                    cmt.cn         2188454         161,500        11.56          1,867,746        2.99% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                          pou.cn          b073fp1          84,000       32.25          2,708,949        4.34% COMMON STOCK CANADA
Amvescap PLC, ADR                                             avz       03235e100         146,800        18.49          2,714,332        4.35% AMERICAN DEPOSITORY RECEIPTS
KKR Private Equity Investors, L.P., 144A                   kpe.na         b13bnq3         147,000        21.90          3,219,300        5.15% RESTRICTED DEPOSITARY UNITS
Coinmach Service Corp.                                        dry      19259w107            69,700       16.44          1,145,868        1.83% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                     3,104,316        4.97%
TOTAL PORTFOLIO                                                                                                        62,457,802      100.00%


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 06/30/06.



Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. 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. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in
domestic investments. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security.


PFPC Distributors, Inc., distributor




                                                                                          17
RS Partners Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
Aaron Rents, Inc.                                              rnt      002535201       1,579,070        26.88         42,445,402        1.75% COMMON STOCK U.S.
ADVO, Inc.                                                     ad       007585102       2,983,950        24.61         73,435,009        3.03% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                              amg        008252108         391,780        86.89         34,041,764        1.40% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                    alex       014482103         845,236        44.27         37,418,598        1.54% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                   ati      01741r102         541,850        69.24         37,517,694        1.55% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                              anpi       034918102       1,676,662        11.75         19,700,778        0.81% COMMON STOCK U.S.
Assured Guaranty Ltd.                                         ago       g0585r106       1,759,740        25.37         44,644,604        1.84% COMMON STOCK U.S.
BioMed Realty Trust, Inc.                                    bmr       09063H107        1,330,000        29.94         39,820,200        1.64% COMMON STOCK U.S.
Centene Corp.                                                 cnc       15135b101       1,417,260        23.53         33,348,128        1.38% COMMON STOCK U.S.
Coinmach Service Corp., Class A                               dra      19259w206          815,350        10.25          8,357,338        0.34% COMMON STOCK U.S.
Coinstar, Inc.                                                cstr      19259p300       2,425,100        23.94         58,056,894        2.40% COMMON STOCK U.S.
Commercial Vehicle Group, Inc.                               cvgi       202608105       2,047,101        20.68         42,334,049        1.75% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                    coco       218868107       4,723,424        14.36         67,828,369        2.80% COMMON STOCK U.S.
Corrections Corp. of America                                  cxw       22025y407       1,828,080        52.94         96,778,555        3.99% COMMON STOCK U.S.
Deerfield Triarc Capital Corp.                                 dfr      244572301         905,314        12.98         11,750,976        0.48% COMMON STOCK U.S.
eResearch Technology, Inc.                                   eres       29481V108       5,002,730         9.10         45,524,843        1.88% COMMON STOCK U.S.
Greater Bay Bancorp                                         gbbk        391648102         884,978        28.75         25,443,117        1.05% COMMON STOCK U.S.
Hancock Holding Co.                                         hbhc        410120109         568,920        56.00         31,859,520        1.31% COMMON STOCK U.S.
Hanover Insurance Group, Inc.                                 thg       410867105       1,601,570        47.46         76,010,512        3.14% COMMON STOCK U.S.
J. Crew Group, Inc.                                           jcg       46612h402           14,630       27.45            401,594        0.02% COMMON STOCK U.S.
John H. Harland Co.                                             jh      412693103       1,132,930        43.50         49,282,455        2.03% COMMON STOCK U.S.
Key Energy Services, Inc.                                    kegs       492914106       4,797,100        15.25         73,155,775        3.02% COMMON STOCK U.S.
KKR Financial Corp.                                           kfn       482476306       1,015,090        20.81         21,124,023        0.87% COMMON STOCK U.S.
Lazard Ltd., Class A                                           laz      g54050102         786,560        40.40         31,777,024        1.31% COMMON STOCK U.S.
Liberty Global, Inc., Class A                                lbtya      530555101       1,241,878        21.50         26,700,377        1.10% COMMON STOCK U.S.
Liberty Global, Inc., Class C                                lbtyk      530555309       1,259,441        20.57         25,906,701        1.07% COMMON STOCK U.S.
Magellan Health Services, Inc.                              mgln        559079207       1,468,421        45.31         66,534,155        2.75% COMMON STOCK U.S.
MI Developments, Inc., Class A                               mim        55304x104       1,826,900        33.91         61,950,179        2.56% COMMON STOCK U.S.
Novell, Inc.                                                 novl       670006105       4,558,544         6.63         30,223,147        1.25% COMMON STOCK U.S.
Paxar Corporation                                             pxr       704227107       1,068,470        20.57         21,978,428        0.91% COMMON STOCK U.S.
Peabody Energy Corp.                                          btu       704549104       1,214,300        55.75         67,697,225        2.79% COMMON STOCK U.S.
Playboy Enterprises, Inc., Class B                            pla       728117300         297,690         9.98          2,970,946        0.12% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109       1,427,190        35.62         50,836,508        2.10% COMMON STOCK U.S.
Spectrum Brands, Inc.                                         spc        84762l105      2,622,430        12.92         33,881,796        1.40% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                   try/b      895927309       6,003,100        15.63         93,828,453        3.87% COMMON STOCK U.S.
Tuesday Morning Corporation                                  tues       899035505       2,734,096        13.15         35,953,362        1.48% COMMON STOCK U.S.
Whitney Holding Corp.                                        wtny       966612103         985,026        35.37         34,840,370        1.44% COMMON STOCK U.S.
Compton Petroleum Corp.                                    cmt.cn         2188454       4,847,100        11.56         56,056,670        2.31% COMMON STOCK CANADA
Goldcorp, Inc.                                               g.cn         2676302       1,462,430        30.14         44,083,821        1.82% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                          pou.cn          b073fp1      2,219,800        32.25         71,587,208        2.95% COMMON STOCK CANADA
Sherritt International Corp.                                 s.cn         2804158       4,256,050        10.01         42,587,188        1.76% COMMON STOCK CANADA
Grupo Aeroportuario del Pacifico SA de CV, ADR                pac       400506101         217,910        31.85          6,940,433        0.29% AMERICAN DEPOSITORY RECEIPTS
AP Alternative Assets, L.P., 144A                         aaa.na                        3,684,600        20.00         73,692,000        3.04% RESTRICTED DEPOSITARY UNITS
KKR Private Equity Investors L.P., 144A                    kpe.na         b13bnq3       3,243,465        21.90         71,031,884        2.93% RESTRICTED DEPOSITARY UNITS
Coinmach Service Corp.                                        dry      19259w107        1,666,400        16.44         27,395,616        1.13% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                   474,808,892       19.59%
TOTAL PORTFOLIO                                                                                                     2,423,542,580      100.00%


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 06/30/06.



Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. 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. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in
domestic investments. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security.


PFPC Distributors, Inc., distributor




                                                                                          18
RS Value Fund
6/30/2006 (unaudited)
                                                         Security                                                           Market            Pct
Security                                                  Symbol             Cusip        Quantity        Price              Value      Assets
Acxiom Corp.                                                acxm        005125109       1,411,070        25.00         35,276,750        2.06% COMMON STOCK U.S.
ADVO, Inc.                                                     ad       007585102         361,480        24.61          8,896,023        0.52% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                    alex       014482103         451,817        44.27         20,001,939        1.17% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                   ati      01741r102         509,700        69.24         35,291,628        2.06% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                   abk       023139108         433,690        81.10         35,172,259        2.05% COMMON STOCK U.S.
Ameriprise Financial, Inc.                                   amp        03076c106         786,260        44.67         35,122,234        2.05% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                              anpi       034918102         530,730        11.75          6,236,078        0.36% COMMON STOCK U.S.
Assurant, Inc.                                                 aiz      04621X108         885,400        48.40         42,853,360        2.50% COMMON STOCK U.S.
Barr Pharmaceuticals, Inc.                                     brl      068306109         371,800        47.69         17,731,142        1.03% COMMON STOCK U.S.
Cendant Corporation                                            cd       151313103       1,036,200        16.29         16,879,698        0.98% COMMON STOCK U.S.
Clear Channel Outdoor Holdings, Inc., Class A                 cco       18451c109         542,450        20.96         11,369,752        0.66% COMMON STOCK U.S.
Comcast Corp.                                              cmcsa       20030N101        1,424,070        32.74         46,624,052        2.72% COMMON STOCK U.S.
Conseco, Inc.                                                 cno       208464883       1,881,590        23.10         43,464,729        2.53% COMMON STOCK U.S.
Corrections Corp. of America                                  cxw       22025y407       1,342,580        52.94         71,076,185        4.15% COMMON STOCK U.S.
Diebold, Inc.                                                 dbd       253651103         312,320        40.62         12,686,438        0.74% COMMON STOCK U.S.
Discovery Holding Co., Class A                              disca       25468y107       1,645,630        14.63         24,075,567        1.40% COMMON STOCK U.S.
Eastman Chemical Co.                                         emn        277432100         519,200        54.00         28,036,800        1.64% COMMON STOCK U.S.
Federated Investors, Inc., Class B                              fii     314211103       1,089,340        31.50         34,314,210        2.00% COMMON STOCK U.S.
Genworth Financial, Inc., Class A                            gnw       37247D106          993,180        34.84         34,602,391        2.02% COMMON STOCK U.S.
J. Crew Group, Inc.                                           jcg       46612h402           10,380       27.45            284,931        0.02% COMMON STOCK U.S.
Laidlaw International, Inc.                                      li     50730r102       1,269,610        25.20         31,994,172        1.87% COMMON STOCK U.S.
Liberty Global, Inc., Class A                                lbtya      530555101       1,267,965        21.50         27,261,248        1.59% COMMON STOCK U.S.
Liberty Global, Inc., Class C                                lbtyk      530555309       1,851,179        20.57         38,078,752        2.22% COMMON STOCK U.S.
Liberty Media Holding Corp., Common Series A                lcapa      53071m302          408,320        83.77         34,204,966        1.99% COMMON STOCK U.S.
Magellan Health Services, Inc.                              mgln        559079207         763,070        45.31         34,574,702        2.02% COMMON STOCK U.S.
Mercury Interactive Corp.                                   merq        589405109         478,700        34.97         16,740,139        0.98% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                    mer        590188108         458,550        69.56         31,896,738        1.86% COMMON STOCK U.S.
MI Developments, Inc., Class A                               mim        55304x104       1,334,220        33.91         45,243,400        2.64% COMMON STOCK U.S.
NCR Corporation                                               ncr       62886e108           51,900       36.64          1,901,616        0.11% COMMON STOCK U.S.
News Corp., Class B                                          nws        65248E203       1,118,340        20.18         22,568,101        1.32% COMMON STOCK U.S.
Novell, Inc.                                                 novl       670006105       2,814,670         6.63         18,661,262        1.09% COMMON STOCK U.S.
Peabody Energy Corp.                                          btu       704549104         891,360        55.75         49,693,320        2.90% COMMON STOCK U.S.
PPL Corp.                                                     ppl       69351t106       1,384,800        32.30         44,729,040        2.61% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109         499,380        35.62         17,787,916        1.04% COMMON STOCK U.S.
Symantec Corp.                                              symc        871503108       2,293,300        15.54         35,637,882        2.08% COMMON STOCK U.S.
Synovus Financial Corp.                                       snv       87161c105         653,700        26.78         17,506,086        1.02% COMMON STOCK U.S.
The St. Joe Co.                                               joe       790148100         449,380        46.54         20,914,145        1.22% COMMON STOCK U.S.
Triad Hospitals, Inc.                                           tri     89579k109         852,200        39.58         33,730,076        1.97% COMMON STOCK U.S.
Viacom, Inc. Class B                                         via/b      92553p201         486,985        35.84         17,453,542        1.02% COMMON STOCK U.S.
Brookfield Asset Management, Inc., Class A              bam/a.cn          2092599       1,188,550        40.19         47,763,462        2.79% COMMON STOCK CANADA
Goldcorp, Inc.                                               g.cn         2676302         618,700        30.14         18,650,233        1.09% COMMON STOCK CANADA
Nexen, Inc.                                                nxy.cn         2172219         296,700        56.35         16,718,113        0.98% COMMON STOCK CANADA
Talisman Energy, Inc.                                      tlm.cn         2068299       1,900,800        17.45         33,169,922        1.93% COMMON STOCK CANADA
The Shizuoka Bank, Ltd.                                   8355.jp         6805328       2,452,600        10.80         26,489,109        1.54% COMMON STOCK JAPAN
Amvescap PLC, ADR                                             avz       03235e100       1,926,700        18.49         35,624,683        2.08% AMERICAN DEPOSITORY RECEIPTS
AP Alternative Assets, L.P., 144A                         aaa.na                        2,565,400        20.00         51,308,000        2.99% RESTRICTED DEPOSITARY UNITS
KKR Private Equity Investors L.P., 144A                    kpe.na         b13bnq3       2,816,400        21.90         61,679,160        3.60% RESTRICTED DEPOSITARY UNITS
Ivanhoe Nickel & Platinum Ltd.                                          46581p104         698,422         5.00          3,492,110        0.20% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                   319,117,223       18.61%
TOTAL PORTFOLIO                                                                                                     1,714,585,284      100.00%


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 06/30/06.

Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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. Foreign securities are
subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. The value of a debt security is affected by changes in interest rates and is subject
to any credit risk of the issuer or guarantor of the security.


PFPC Distributors, Inc., distributor


                                                                                          19
RS Diversified Growth Composite
6/30/2006 (unaudited)
                                     Security                                      Market       Pct
Security                             Symbol           Cusip   Quantity   Price      Value    Assets
Affiliated Managers Group, Inc.         amg      008252108     83,435    86.89   7,249,667    1.37% COMMON STOCK U.S.
Aladdin Knowledge Systems               aldn     M0392N101    217,500    20.35   4,426,125    0.84% COMMON STOCK U.S.
Alaska Air Group, Inc.                    alk    011659109    132,100    39.42   5,207,382    0.98% COMMON STOCK U.S.
American Railcar Industries, Inc.        arii    02916p103    160,600    33.11   5,317,466    1.00% COMMON STOCK U.S.
Amerisafe, Inc.                         amsf     03071h100    561,622    12.44   6,986,578    1.32% COMMON STOCK U.S.
AMN Healthcare Services, Inc.            ahs     001744101    270,000    20.30   5,481,000    1.04% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.            amln     032346108    133,800    49.37   6,605,706    1.25% COMMON STOCK U.S.
AngioDynamics, Inc.                     ango     03475v101    110,640    27.05   2,992,812    0.57% COMMON STOCK U.S.
Array BioPharma, Inc.                    arry    04269X105    520,269     8.60   4,474,313    0.85% COMMON STOCK U.S.
AudioCodes Ltd.                         audc     M15342104    437,000    10.90   4,763,300    0.90% COMMON STOCK U.S.
Build-A-Bear-Workshop, Inc.             bbw      120076104    285,200    21.51   6,134,652    1.16% COMMON STOCK U.S.
Cache, Inc.                             cach     127150308    554,629    17.34   9,617,267    1.82% COMMON STOCK U.S.
California Pizza Kitchen, Inc.          cpki     13054d109    251,350    27.48   6,907,098    1.31% COMMON STOCK U.S.
Carrier Access Corp.                    cacs     144460102    555,600     8.27   4,594,812    0.87% COMMON STOCK U.S.
Century Aluminum Co.                    cenx     156431108    139,800    35.69   4,989,462    0.94% COMMON STOCK U.S.
Cogent Communications Group, Inc.       ccoi     19239v302    652,763     9.37   6,116,389    1.16% COMMON STOCK U.S.
Cubist Pharmaceuticals, Inc.            cbst     229678107    193,600    25.18   4,874,848    0.92% COMMON STOCK U.S.
Cybersource Corp.                       cybs      23251j106   373,400    11.70   4,368,780    0.83% COMMON STOCK U.S.
Cymer, Inc.                             cymi     232572107    170,530    46.46   7,922,824    1.50% COMMON STOCK U.S.
Digital Insight Corp.                   dgin     25385p106    141,764    34.29   4,861,088    0.92% COMMON STOCK U.S.
Digital River, Inc.                      driv    25388b104    123,200    40.39   4,976,048    0.94% COMMON STOCK U.S.
Digitas, Inc.                           dtas     25388k104    349,980    11.62   4,066,768    0.77% COMMON STOCK U.S.
Dolby Laboratories, Inc., Class A        dlb     25659T107    241,300    23.30   5,622,290    1.06% COMMON STOCK U.S.
Dril-Quip, Inc.                          drq     262037104     51,600    82.44   4,253,904    0.80% COMMON STOCK U.S.
Dynamic Materials Corp.                boom      267888105    128,310    33.73   4,327,896    0.82% COMMON STOCK U.S.
Eclipsys Corp.                          eclp     278856109    292,400    18.16   5,309,984    1.00% COMMON STOCK U.S.
eCollege.com, Inc.                      eclg     27887e100    202,700    21.14   4,285,078    0.81% COMMON STOCK U.S.
EnPro Industries, Inc.                   npo     29355x107    146,600    33.60   4,925,760    0.93% COMMON STOCK U.S.
Entegris, Inc.                          entg     29362u104    562,260     9.53   5,358,338    1.01% COMMON STOCK U.S.
Equinix, Inc.                           eqix     29444u502     81,450    54.86   4,468,347    0.84% COMMON STOCK U.S.
FactSet Research Systems, Inc.           fds     303075105    118,500    47.30   5,605,050    1.06% COMMON STOCK U.S.
Five Star Quality Care, Inc.             fve     33832d106    544,050    11.07   6,022,633    1.14% COMMON STOCK U.S.
FormFactor, Inc.                        form     346375108    117,350    44.63   5,237,330    0.99% COMMON STOCK U.S.
FTI Consulting, Inc.                     fcn     302941109    255,710    26.77   6,845,357    1.29% COMMON STOCK U.S.
Gaiam, Inc.                             gaia     36268Q103    122,400    14.02   1,716,048    0.32% COMMON STOCK U.S.
GSI Group, Inc.                         gsig     36229u102    648,900     8.59   5,574,051    1.05% COMMON STOCK U.S.
Haemonetics Corp.                        hae     405024100     96,850    46.51   4,504,493    0.85% COMMON STOCK U.S.
Heartland Payment Systems, Inc.          hpy     42235n108    233,100    27.88   6,498,828    1.23% COMMON STOCK U.S.
Herbalife Ltd.                            hlf    G4412G101    141,200    39.90   5,633,880    1.06% COMMON STOCK U.S.
Hexcel Corp.                              hxl    428291108    229,600    15.71   3,607,016    0.68% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.         hos     440543106    133,650    35.52   4,747,248    0.90% COMMON STOCK U.S.
Houston Wire & Cable Company           hwcc      44244k109    240,900    17.20   4,143,480    0.78% COMMON STOCK U.S.
Hub Group, Inc., Class A                hubg     443320106    199,200    24.53   4,886,376    0.92% COMMON STOCK U.S.
Hythiam, Inc.                           hytm      44919f104   369,100     6.97   2,572,627    0.49% COMMON STOCK U.S.
Iconix Brand Group, Inc.                icon     451055107    412,200    16.34   6,735,348    1.27% COMMON STOCK U.S.
Illumina, Inc.                          ilmn     452327109     75,200    29.66   2,230,432    0.42% COMMON STOCK U.S.
Informatica Corp.                        infa    45666Q102    320,200    13.16   4,213,832    0.80% COMMON STOCK U.S.
InPhonic, Inc.                          inpc     45772g105    706,860     6.30   4,453,218    0.84% COMMON STOCK U.S.
InterDigital Communications Corp.       idcc     45866a105    152,300    34.91   5,316,793    1.00% COMMON STOCK U.S.
Investment Technology Group, Inc.         itg     46145f105   102,350    50.86   5,205,521    0.98% COMMON STOCK U.S.
Labor Ready, Inc.                         lrw    505401208    292,820    22.65   6,632,373    1.25% COMMON STOCK U.S.
LCA-Vision, Inc.                        lcav     501803308     80,640    52.91   4,266,662    0.81% COMMON STOCK U.S.
LifeCell Corp.                            lifc   531927101    151,550    30.92   4,685,926    0.89% COMMON STOCK U.S.
Macrovision Corp.                      mvsn      555904101     29,657    21.52    638,219     0.12% COMMON STOCK U.S.
Marchex, Inc., Class B                 mchx      56624R108    427,300    16.43   7,020,539    1.33% COMMON STOCK U.S.
MarketAxess Holdings, Inc.              mktx     57060d108    397,151    11.01   4,372,633    0.83% COMMON STOCK U.S.
MasTec, Inc.                             mtz     576323109    589,810    13.21   7,791,390    1.47% COMMON STOCK U.S.
Matria Healthcare, Inc.                 matr     576817209    173,250    21.42   3,711,015    0.70% COMMON STOCK U.S.
Meridian Bioscience, Inc.               vivo     589584101    179,100    24.95   4,468,545    0.84% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.       flsh    M7061C100    201,050    29.63   5,957,111    1.13% COMMON STOCK U.S.
                                                              20
RS Diversified Growth Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
Neoware, Inc.                                                nwre       64065p102          137,465        12.29          1,689,445        0.32% COMMON STOCK U.S.
Netflix, Inc.                                                 nflx      64110L106          229,750        27.21          6,251,497        1.18% COMMON STOCK U.S.
Nutri/System, Inc.                                             ntri     67069d108          128,200        62.13          7,965,066        1.51% COMMON STOCK U.S.
Oil States International, Inc.                                 ois      678026105          223,200        34.28          7,651,296        1.45% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.                               odfl      679580100          137,200        37.59          5,157,348        0.97% COMMON STOCK U.S.
Omnicell, Inc.                                               omcl       68213n109          500,450        13.82          6,916,219        1.31% COMMON STOCK U.S.
Omniture, Inc.                                               omtr        68212s109         158,480         7.29          1,155,319        0.22% COMMON STOCK U.S.
Online Resources Corp.                                        orcc      68273g101          660,683        10.34          6,831,462        1.29% COMMON STOCK U.S.
Openwave Systems, Inc.                                       opwv       683718308          358,970        11.54          4,142,514        0.78% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                                 oxps       684010101          232,650        23.31          5,423,071        1.02% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                                        os      686079104          127,800        50.66          6,474,348        1.22% COMMON STOCK U.S.
PeopleSupport, Inc.                                           pspt      712714302          380,571        13.46          5,122,486        0.97% COMMON STOCK U.S.
Pinnacle Entertainment, Inc.                                  pnk       723456109          133,500        30.65          4,091,775        0.77% COMMON STOCK U.S.
PMC-Sierra, Inc.                                            pmcs        69344F106          570,340         9.40          5,361,196        1.01% COMMON STOCK U.S.
PolyMedica Corp.                                             plmd       731738100          160,800        35.96          5,782,368        1.09% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.                          praa       73640q105          144,575        45.70          6,607,077        1.25% COMMON STOCK U.S.
PrivateBancorp, Inc.                                          pvtb      742962103          105,600        41.41          4,372,896        0.83% COMMON STOCK U.S.
Rackable Systems, Inc.                                        rack      750077109          122,500        39.49          4,837,525        0.91% COMMON STOCK U.S.
Radiant Systems, Inc.                                         rads      75025n102          363,732        10.57          3,844,647        0.73% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109          162,518        35.62          5,788,891        1.09% COMMON STOCK U.S.
Select Comfort Corp.                                         scss        81616x103         242,325        22.97          5,566,205        1.05% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                                 sirf     82967h101          123,550        32.22          3,980,781        0.75% COMMON STOCK U.S.
Solexa, Inc.                                                  slxa       83420x105         626,900         8.50          5,328,650        1.01% COMMON STOCK U.S.
Superior Energy Services, Inc.                                spn       868157108          190,700        33.90          6,464,730        1.22% COMMON STOCK U.S.
TETRA Technologies, Inc.                                        tti      88162f105         167,200        30.29          5,064,488        0.96% COMMON STOCK U.S.
The Navigators Group, Inc.                                   navg       638904102          142,440        43.82          6,241,721        1.18% COMMON STOCK U.S.
The Spectranetics Corp.                                      spnc        84760c107         312,841        10.72          3,353,656        0.63% COMMON STOCK U.S.
Trico Marine Services, Inc.                                  trma       896106200          132,074        34.00          4,490,516        0.85% COMMON STOCK U.S.
Trident Microsystems, Inc.                                     trid     895919108          227,454        18.98          4,317,077        0.82% COMMON STOCK U.S.
Trizetto Group Inc.                                            tzix     896882107          435,630        14.79          6,442,968        1.22% COMMON STOCK U.S.
TRX, Inc.                                                      trxi     898452107          658,980         9.01          5,937,410        1.12% COMMON STOCK U.S.
Viasys Healthcare, Inc.                                       vas       92553q209          203,140        25.60          5,200,384        0.98% COMMON STOCK U.S.
Virginia Commerce Bancorp, Inc.                               vcbi      92778q109          158,900        23.90          3,797,710        0.72% COMMON STOCK U.S.
Vital Images, Inc.                                            vtal      92846n104          170,900        24.70          4,221,230        0.80% COMMON STOCK U.S.
Volterra Semiconductor Corp.                                   vltr     928708106          112,500        15.26          1,716,750        0.32% COMMON STOCK U.S.
Warrior Energy Service Corp.                                  warr      936258102          196,790        24.33          4,787,901        0.90% COMMON STOCK U.S.
W-H Energy Services Inc.                                      whq       92925E108           85,500        50.83          4,345,965        0.82% COMMON STOCK U.S.
Chartered Semiconductor Manufacturing Ltd., ADR               chrt       16133r106         363,100         8.70          3,158,970        0.60% AMERICAN DEPOSITORY RECEIPTS
ICON Plc, ADR                                                  iclr      45103t107              1,100     55.30              60,830       0.01% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                            lton      535925101          475,116         5.95          2,826,940        0.53% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                               oiim      67107w100          432,807         7.69          3,328,286        0.63% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                         simo        82706c108         242,665        14.34          3,479,816        0.66% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                                ncty       88337k104         156,800        23.19          3,636,192        0.69% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                     19,231,415        3.63%
TOTAL PORTFOLIO                                                                                                        529,226,993      100.00%


As the portfolio 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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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.




                                                                                           21
RS Emerging Growth Composite
6/30/2006 (unaudited)
                                           Security                                          Market       Pct
Security                                   Symbol          Cusip    Quantity      Price       Value    Assets
Adolor Corp.                                   adlr    00724x102    462,660       25.01   11,571,127    0.97% COMMON STOCK U.S.
Affiliated Managers Group, Inc.               amg      008252108    168,790       86.89   14,666,163    1.23% COMMON STOCK U.S.
Akamai Technologies, Inc.                    akam      00971T101    383,530       36.19   13,879,951    1.16% COMMON STOCK U.S.
Allscripts Healthcare Solutions, Inc.         mdrx     01988P108    238,320       17.55    4,182,516    0.35% COMMON STOCK U.S.
Altiris, Inc.                                  atrs    02148M100    361,540       18.04    6,522,182    0.55% COMMON STOCK U.S.
Altus Pharmaceuticals, Inc.                    altu    02216n105    348,588       18.45    6,431,449    0.54% COMMON STOCK U.S.
American Commercial Lines, Inc.                acli    025195207    120,500       60.25    7,260,125    0.61% COMMON STOCK U.S.
American Science and Engineering, Inc.        asei     029429107    169,950       57.92    9,843,504    0.82% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                  ahs     001744101    502,040       20.30   10,191,412    0.85% COMMON STOCK U.S.
AngioDynamics, Inc.                           ango     03475v101    240,585       27.05    6,507,824    0.54% COMMON STOCK U.S.
aQuantive, Inc.                               aqnt     03839g105    683,279       25.33   17,307,457    1.45% COMMON STOCK U.S.
Armor Holdings, Inc.                            ah     042260109    131,710       54.83    7,221,659    0.60% COMMON STOCK U.S.
Array BioPharma, Inc.                          arry    04269X105    177,331        8.60    1,525,047    0.13% COMMON STOCK U.S.
Atheros Communications                         athr    04743P108    840,860       18.96   15,942,706    1.33% COMMON STOCK U.S.
AudioCodes Ltd.                               audc     M15342104   1,073,513      10.90   11,701,292    0.98% COMMON STOCK U.S.
Aventine Renewable Energy Holdings, Inc.       avr     05356x403     10,830       38.90     421,287     0.04% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.       bpfh     101119105    385,075       27.90   10,743,592    0.90% COMMON STOCK U.S.
California Pizza Kitchen, Inc.                cpki     13054d109    429,256       27.48   11,795,955    0.99% COMMON STOCK U.S.
Centene Corp.                                  cnc     15135b101    260,670       23.53    6,133,565    0.51% COMMON STOCK U.S.
Chipotle Mexican Grill, Inc. - Class A        cmg      169656105     24,800       60.95    1,511,560    0.13% COMMON STOCK U.S.
Christopher & Banks Corp.                      cbk     171046105    160,730       29.00    4,661,170    0.39% COMMON STOCK U.S.
Coldwater Creek, Inc.                         cwtr     193068103    488,899       26.76   13,082,937    1.09% COMMON STOCK U.S.
Digital River, Inc.                            driv    25388b104    413,420       40.39   16,698,034    1.40% COMMON STOCK U.S.
Dolby Laboratories, Inc., Class A              dlb     25659T107    324,350       23.30    7,557,355    0.63% COMMON STOCK U.S.
Dril-Quip, Inc.                                drq     262037104    260,820       82.44   21,502,001    1.80% COMMON STOCK U.S.
Dynamic Materials Corp.                      boom      267888105    257,760       33.73    8,694,245    0.73% COMMON STOCK U.S.
Eagle Test Systems, Inc.                       eglt    270006109    289,440       14.02    4,057,949    0.34% COMMON STOCK U.S.
Eclipsys Corp.                                eclp     278856109    439,560       18.16    7,982,410    0.67% COMMON STOCK U.S.
Equinix, Inc.                                 eqix     29444u502    232,618       54.86   12,761,423    1.07% COMMON STOCK U.S.
FactSet Research Systems, Inc.                 fds     303075105    250,760       47.30   11,860,948    0.99% COMMON STOCK U.S.
FormFactor, Inc.                              form     346375108    389,371       44.63   17,377,628    1.45% COMMON STOCK U.S.
Four Seasons Hotels, Inc.                        fs    35100e104    135,995       61.44    8,355,533    0.70% COMMON STOCK U.S.
FTI Consulting, Inc.                           fcn     302941109    566,340       26.77   15,160,922    1.27% COMMON STOCK U.S.
Gardner Denver, Inc.                           gdi     365558105    246,410       38.50    9,486,785    0.79% COMMON STOCK U.S.
GFI Group, Inc.                                gfig    361652209    204,170       53.95   11,014,972    0.92% COMMON STOCK U.S.
Greenhill & Co., Inc.                          ghl     395259104    101,470       60.76    6,165,317    0.52% COMMON STOCK U.S.
GSI Commerce, Inc.                            gsic     36238g102    510,381       13.53    6,905,455    0.58% COMMON STOCK U.S.
Healthways, Inc.                             hway      422245100    219,479       52.64   11,553,375    0.97% COMMON STOCK U.S.
Heartland Payment Systems, Inc.                hpy     42235n108    418,700       27.88   11,673,356    0.98% COMMON STOCK U.S.
Hittite Microwave Corp.                        hitt    43365y104    290,290       36.16   10,496,886    0.88% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.               hos     440543106    392,590       35.52   13,944,797    1.17% COMMON STOCK U.S.
Huron Consulting Group, Inc.                  hurn     447462102    352,186       35.09   12,358,207    1.03% COMMON STOCK U.S.
Iconix Brand Group, Inc.                      icon     451055107    566,740       16.34    9,260,532    0.77% COMMON STOCK U.S.
I-Flow Corp.                                    iflo   449520303    482,622       10.82    5,221,970    0.44% COMMON STOCK U.S.
Illumina, Inc.                                ilmn     452327109    504,336       29.66   14,958,606    1.25% COMMON STOCK U.S.
Informatica Corp.                              infa    45666Q102    760,640       13.16   10,010,022    0.84% COMMON STOCK U.S.
IntercontinentalExchange, Inc.                  ice    45865v100     98,150       57.94    5,686,811    0.48% COMMON STOCK U.S.
International Securities Exchange, Inc.         ise    46031w204    233,450       38.07    8,887,441    0.74% COMMON STOCK U.S.
IntraLase Corp.                                ilse    461169104    350,250       16.74    5,863,185    0.49% COMMON STOCK U.S.
Intuitive Surgical, Inc.                       isrg    46120e602     95,000      117.97   11,207,150    0.94% COMMON STOCK U.S.
Investment Technology Group, Inc.               itg    46145f105    315,710       50.86   16,057,011    1.34% COMMON STOCK U.S.
IRIS International, Inc.                        iris   46270w105    310,711       13.16    4,088,957    0.34% COMMON STOCK U.S.
Itron, Inc.                                     itri   465741106     74,860       59.26    4,436,204    0.37% COMMON STOCK U.S.
Ixia                                           xxia    45071r109    310,370        9.00    2,793,330    0.23% COMMON STOCK U.S.
J. Crew Group, Inc.                             jcg    46612h402         7,130    27.45     195,718     0.02% COMMON STOCK U.S.
j2 Global Communications, Inc.                jcom     46626E205    628,716       31.22   19,628,514    1.64% COMMON STOCK U.S.
Kenexa Corp.                                  knxa     488879107    306,354       31.85    9,757,375    0.82% COMMON STOCK U.S.
Keryx Biopharmaceuticals, Inc.                kerx     492515101    755,410       14.20   10,726,822    0.90% COMMON STOCK U.S.
Kyphon, Inc.                                  kyph     501577100    485,800       38.36   18,635,288    1.56% COMMON STOCK U.S.
LCA-Vision, Inc.                              lcav     501803308    200,790       52.91   10,623,799    0.89% COMMON STOCK U.S.
                                                                    22
RS Emerging Growth Composite
6/30/2006 (unaudited)
                                               Security                                       Market       Pct
Security                                       Symbol           Cusip   Quantity   Price       Value    Assets
LifeCell Corp.                                      lifc   531927101    790,980    30.92   24,457,102    2.04% COMMON STOCK U.S.
Liquidity Services Inc.                            lqdt    53635b107    270,761    15.57    4,215,749    0.35% COMMON STOCK U.S.
Lufkin Industries Inc                              lufk    549764108    206,560    59.43   12,275,861    1.03% COMMON STOCK U.S.
Marchex, Inc., Class B                           mchx      56624R108    265,850    16.43    4,367,915    0.36% COMMON STOCK U.S.
Matria Healthcare, Inc.                           matr     576817209    191,645    21.42    4,105,036    0.34% COMMON STOCK U.S.
MicroStrategy, Inc., Class A                      mstr     594972408    112,633    97.52   10,983,970    0.92% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                 flsh    M7061C100    621,759    29.63   18,422,719    1.54% COMMON STOCK U.S.
MWI Veterinary Supply Inc.                       mwiv      55402x105     16,550    36.43     602,916     0.05% COMMON STOCK U.S.
Neoware, Inc.                                     nwre     64065p102    177,430    12.29    2,180,615    0.18% COMMON STOCK U.S.
Netflix, Inc.                                      nflx    64110L106    262,010    27.21    7,129,292    0.60% COMMON STOCK U.S.
NETGEAR, Inc.                                      ntgr    64111q104    162,380    21.65    3,515,527    0.29% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                        netl    64118b100    372,458    32.25   12,011,770    1.00% COMMON STOCK U.S.
Nighthawk Radiology Holdings, Inc.               nhwk      65411n105    251,800    17.94    4,517,292    0.38% COMMON STOCK U.S.
Nutri/System, Inc.                                 ntri    67069d108     52,560    62.13    3,265,553    0.27% COMMON STOCK U.S.
NuVasive, Inc.                                    nuva     670704105    493,420    18.23    8,995,047    0.75% COMMON STOCK U.S.
Oceaneering International, Inc.                     oii    675232102    184,810    45.85    8,473,538    0.71% COMMON STOCK U.S.
Omniture, Inc.                                    omtr     68212s109    356,100     7.29    2,595,969    0.22% COMMON STOCK U.S.
OmniVision Technologies, Inc.                      ovti    682128103    204,800    21.12    4,325,376    0.36% COMMON STOCK U.S.
Openwave Systems, Inc.                           opwv      683718308    192,213    11.54    2,218,138    0.19% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                      oxps     684010101    474,890    23.31   11,069,686    0.93% COMMON STOCK U.S.
Parallel Petroleum Corp.                            plll   699157103    566,620    24.71   14,001,180    1.17% COMMON STOCK U.S.
PDL BioPharma, Inc.                                pdli    69329y104    326,480    18.41    6,010,497    0.50% COMMON STOCK U.S.
Peet's Coffee & Tea, Inc.                         peet     705560100    166,980    30.19    5,041,126    0.42% COMMON STOCK U.S.
Pinnacle Entertainment, Inc.                       pnk     723456109    254,130    30.65    7,789,084    0.65% COMMON STOCK U.S.
PolyMedica Corp.                                  plmd     731738100    342,307    35.96   12,309,360    1.03% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.               praa     73640q105    420,310    45.70   19,208,167    1.61% COMMON STOCK U.S.
PrivateBancorp, Inc.                              pvtb     742962103    300,179    41.41   12,430,412    1.04% COMMON STOCK U.S.
Quest Software, Inc.                               qsft    74834T103    349,450    14.04    4,906,278    0.41% COMMON STOCK U.S.
Rackable Systems, Inc.                            rack     750077109    219,890    39.49    8,683,456    0.73% COMMON STOCK U.S.
Radiation Therapy Services, Inc.                   rtsx    750323206    338,729    26.91    9,115,197    0.76% COMMON STOCK U.S.
Redback Networks, Inc.                            rbak     757209507    391,050    18.34    7,171,857    0.60% COMMON STOCK U.S.
ResMed, Inc.                                       rmd     761152107    177,920    46.95    8,353,344    0.70% COMMON STOCK U.S.
Scientific Games Corp., Class A                  sgms      80874P109    314,460    35.62   11,201,065    0.94% COMMON STOCK U.S.
Select Comfort Corp.                              scss     81616x103    622,049    22.97   14,288,466    1.19% COMMON STOCK U.S.
Silicon Image, Inc.                               simg      82705t102   910,210    10.78    9,812,064    0.82% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                     sirf    82967h101    233,440    32.22    7,521,437    0.63% COMMON STOCK U.S.
Solexa, Inc.                                       slxa    83420x105    792,430     8.50    6,735,655    0.56% COMMON STOCK U.S.
SonoSite, Inc.                                    sono     83568G104    185,124    39.04    7,227,241    0.60% COMMON STOCK U.S.
Sotheby's                                          bid     835898107    402,320    26.25   10,560,900    0.88% COMMON STOCK U.S.
SPSS, Inc.                                        spss     78462k102     99,220    32.14    3,188,931    0.27% COMMON STOCK U.S.
Stamps.com, Inc.                                  stmp     852857200    206,137    27.82    5,734,731    0.48% COMMON STOCK U.S.
Steven Madden Ltd.                                shoo     556269108    402,225    29.62   11,913,904    1.00% COMMON STOCK U.S.
SVB Financial Group                               sivb     78486q101     77,464    45.46    3,521,513    0.29% COMMON STOCK U.S.
Team, Inc.                                         tmi     878155100    417,780    25.05   10,465,389    0.87% COMMON STOCK U.S.
Tessera Technologies, Inc.                         tsra    88164L100    284,640    27.50    7,827,600    0.65% COMMON STOCK U.S.
TETRA Technologies, Inc.                             tti    88162f105   459,490    30.29   13,917,952    1.16% COMMON STOCK U.S.
The Navigators Group, Inc.                        navg     638904102    280,360    43.82   12,285,375    1.03% COMMON STOCK U.S.
The Ultimate Software Group, Inc.                   ulti   90385d107     74,445    19.16    1,426,366    0.12% COMMON STOCK U.S.
THQ, Inc.                                          thqi    872443403    163,260    21.60    3,526,416    0.29% COMMON STOCK U.S.
Time Warner Telecom, Inc., Class A                 twtc    887319101    546,150    14.85    8,110,327    0.68% COMMON STOCK U.S.
Trident Microsystems, Inc.                          trid   895919108     203130    18.98      3855407    0.32% COMMON STOCK U.S.
Trizetto Group Inc.                                tzix    896882107    635,860    14.79    9,404,369    0.79% COMMON STOCK U.S.
United Natural Foods, Inc.                         unfi    911163103    254,799    33.02    8,413,463    0.70% COMMON STOCK U.S.
United Surgical Partners International, Inc.      uspi     913016309    367,615    30.07   11,054,183    0.92% COMMON STOCK U.S.
ValueClick, Inc.                                   vclk    92046n102    340,354    15.35    5,224,434    0.44% COMMON STOCK U.S.
VistaPrint Ltd.                                    vprt    g93762204    339,660    26.74    9,082,508    0.76% COMMON STOCK U.S.
Vital Images, Inc.                                 vtal    92846n104    474,804    24.70   11,727,659    0.98% COMMON STOCK U.S.
Volcom, Inc.                                      vlcm     92864n101    293,417    31.99    9,386,410    0.78% COMMON STOCK U.S.
Volterra Semiconductor Corp.                       vltr    928708106    168,100    15.26    2,565,206    0.21% COMMON STOCK U.S.
WebEx Communications, Inc.                       webx       94767l109   313,501    35.54   11,141,826    0.93% COMMON STOCK U.S.
                                                                        23
RS Emerging Growth Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
W-H Energy Services Inc.                                      whq       92925E108          183,940        50.83          9,349,670        0.78% COMMON STOCK U.S.
Xyratex Ltd.                                                  xrtx      g98268108          203,580        26.45          5,384,691        0.45% COMMON STOCK U.S.
Zumiez, Inc.                                                 zumz       989817101          247,444        37.57          9,296,471        0.78% COMMON STOCK U.S.
Ctrip.com International Ltd., ADR                             ctrp       22943f100         253,820        51.05         12,957,511        1.08% AMERICAN DEPOSITORY RECEIPTS
Gmarket Inc. ADR                                             gmkt       38012g100           28,660        15.37            440,504        0.04% AMERICAN DEPOSITORY RECEIPTS
ICON Plc, ADR                                                  iclr      45103t107          14,341        55.30            793,057        0.07% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                               oiim      67107w100          465,410         7.69          3,579,003        0.30% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                         simo        82706c108         339,532        14.34          4,868,889        0.41% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                                ncty       88337k104         429,710        23.19          9,964,975        0.83% AMERICAN DEPOSITORY RECEIPTS
Vimicro International Corp., ADR                             vimc       92718n109          392,450        12.61          4,948,794        0.41% AMERICAN DEPOSITORY RECEIPTS
American Banknote Corp. Series 1                            abntw       024490120                 9        0.01                 -         0.00% WARRANTS
American Banknote Corp. Series 2                            abntz       024490138                 9        0.01                 -         0.00% WARRANTS
Frontline Capital Group                                       flcg      35921n101               950          -                  -         0.00% WARRANTS
Cash / Other Assets and Liabilities                                                                                     52,501,289        4.39%
TOTAL PORTFOLIO                                                                                                      1,196,705,493      100.00%


As the portfolio 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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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.




                                                                                           24
RS MidCap Opportunities Composite
6/30/2006 (unaudited)
                                             Security                                         Market       Pct
Security                                     Symbol          Cusip    Quantity      Price      Value    Assets
3Com Corp.                                     coms     885535104     825,000        5.12   4,224,000    1.21% COMMON STOCK U.S.
Advanced Medical Optics, Inc.                    eye    00763m108      77,000       50.70   3,903,900    1.12% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                 amg     008252108      40,000       86.89   3,475,600    1.00% COMMON STOCK U.S.
Agere Systems Inc.                               agr    00845v308     275,000       14.70   4,042,500    1.16% COMMON STOCK U.S.
Agilent Technologies, Inc.                         a    00846u101     126,000       31.56   3,976,560    1.14% COMMON STOCK U.S.
AmericanWest Bancorp.                          awbc     03058p109     172,000       22.65   3,895,800    1.12% COMMON STOCK U.S.
AMETEK, Inc.                                    ame     031100100      69,000       47.38   3,269,220    0.94% COMMON STOCK U.S.
AMR Corp.                                        amr    001765106     180,000       25.42   4,575,600    1.31% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.                    amln    032346108     110,000       49.37   5,430,700    1.56% COMMON STOCK U.S.
Avid Technology, Inc.                           avid    05367p100     152,000       33.33   5,066,160    1.46% COMMON STOCK U.S.
Bebe Stores, Inc.                               bebe    075571109     245,000       15.42   3,777,900    1.09% COMMON STOCK U.S.
BJ Services Co.                                   bjs   055482103     114,000       37.26   4,247,640    1.22% COMMON STOCK U.S.
Boyd Gaming Corp.                                byd    103304101     101,300       40.36   4,088,468    1.17% COMMON STOCK U.S.
Cephalon, Inc.                                  ceph    156708109      90,000       60.10   5,409,000    1.55% COMMON STOCK U.S.
Chicago Mercantile Exchange Holdings, Inc.      cme     167760107          8,200   491.15   4,027,430    1.16% COMMON STOCK U.S.
Ciena Corp.                                     cien    171779101    1,065,000       4.81   5,122,650    1.47% COMMON STOCK U.S.
Citrix Systems, Inc.                             ctxs   177376100      80,000       40.14   3,211,200    0.92% COMMON STOCK U.S.
Commerce Bancshares, Inc.                       cbsh    200525103      74,000       50.05   3,703,700    1.06% COMMON STOCK U.S.
Covanta Holding Corp.                            cva    22282e102     240,000       17.65   4,236,000    1.22% COMMON STOCK U.S.
Cymer, Inc.                                     cymi    232572107      87,000       46.46   4,042,020    1.16% COMMON STOCK U.S.
Cypress Semiconductor Corp.                       cy    232806109     225,000       14.54   3,271,500    0.94% COMMON STOCK U.S.
Cytyc Corp.                                      cytc   232946103     141,500       25.36   3,588,440    1.03% COMMON STOCK U.S.
DENTSPLY International, Inc.                    xray    249030107      65,700       60.60   3,981,420    1.14% COMMON STOCK U.S.
Digital River, Inc.                              driv   25388b104      91,400       40.39   3,691,646    1.06% COMMON STOCK U.S.
E*TRADE Financial Corp.                            et   269246104     183,300       22.82   4,182,906    1.20% COMMON STOCK U.S.
EOG Resources, Inc.                              eog    26875p101      67,000       69.34   4,645,780    1.33% COMMON STOCK U.S.
FactSet Research Systems, Inc.                   fds    303075105      72,000       47.30   3,405,600    0.98% COMMON STOCK U.S.
Forest Laboratories, Inc.                         frx   345838106     121,000       38.69   4,681,490    1.34% COMMON STOCK U.S.
Gemstar-TV Guide International, Inc.            gmst    36866W106    1,600,000       3.52   5,632,000    1.62% COMMON STOCK U.S.
Genworth Financial, Inc., Class A               gnw     37247D106     110,000       34.84   3,832,400    1.10% COMMON STOCK U.S.
Grant Prideco, Inc.                              grp    38821g101     120,000       44.75   5,370,000    1.54% COMMON STOCK U.S.
Hansen Natural Corp.                            hans    411310105      19,000      190.37   3,617,030    1.04% COMMON STOCK U.S.
Harman International Industries, Inc.            har    413086109      46,000       85.37   3,927,020    1.13% COMMON STOCK U.S.
Herbalife Ltd.                                    hlf   G4412G101     112,000       39.90   4,468,800    1.28% COMMON STOCK U.S.
Hilton Hotels Corp.                               hlt   432848109     171,500       28.28   4,850,020    1.39% COMMON STOCK U.S.
InterDigital Communications                     idcc    45866a105     146,000       34.91   5,096,860    1.46% COMMON STOCK U.S.
International Game Technology                     igt   459902102     102,500       37.94   3,888,850    1.12% COMMON STOCK U.S.
Investment Technology Group, Inc.                 itg    46145f105     97,200       50.86   4,943,592    1.42% COMMON STOCK U.S.
Lam Research Corp.                               lrcx   512807108      66,000       46.62   3,076,920    0.88% COMMON STOCK U.S.
Landstar System, Inc.                            lstr   515098101     131,000       47.23   6,187,130    1.78% COMMON STOCK U.S.
Legg Mason, Inc.                                  lm    524901105      47,000       99.52   4,677,440    1.34% COMMON STOCK U.S.
Limited Brands, Inc.                              ltd   532716107     170,000       25.59   4,350,300    1.25% COMMON STOCK U.S.
Loews Corp. - Carolina Group                      cg    540424207      85,000       51.37   4,366,450    1.25% COMMON STOCK U.S.
Marvell Technology Group Ltd.                   mrvl    g5876h105     100,000       44.33   4,433,000    1.27% COMMON STOCK U.S.
McDermott International, Inc.                    mdr    580037109      90,000       45.47   4,092,300    1.18% COMMON STOCK U.S.
Medco Health Solutions, Inc.                    mhs     58405u102      72,500       57.28   4,152,800    1.19% COMMON STOCK U.S.
Micron Technology, Inc.                          mu     595112103     225,000       15.06   3,388,500    0.97% COMMON STOCK U.S.
Mirant Corp.                                     mir     60467r100    160,000       26.80   4,288,000    1.23% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.               flsh   M7061C100     154,800       29.63   4,586,724    1.32% COMMON STOCK U.S.
Mueller Water Products, Inc.                    mwa     624758108     358,000       17.41   6,232,780    1.79% COMMON STOCK U.S.
Netflix, Inc.                                    nflx   64110L106     185,000       27.21   5,033,850    1.45% COMMON STOCK U.S.
Novellus Systems, Inc.                          nvls    670008101     182,000       24.70   4,495,400    1.29% COMMON STOCK U.S.
Openwave Systems, Inc.                         opwv     683718308     363,000       11.54   4,189,020    1.20% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                          os    686079104     124,000       50.66   6,281,840    1.80% COMMON STOCK U.S.
Palm, Inc.                                      palm    696643105     375,500       16.10   6,045,550    1.74% COMMON STOCK U.S.
Penn National Gaming, Inc.                      penn    707569109     107,000       38.78   4,149,460    1.19% COMMON STOCK U.S.
Pinnacle Entertainment, Inc.                     pnk    723456109      65,000       30.65   1,992,250    0.57% COMMON STOCK U.S.
PMC-Sierra, Inc.                               pmcs     69344F106     337,500        9.40   3,172,500    0.91% COMMON STOCK U.S.
ResMed, Inc.                                     rmd    761152107      86,700       46.95   4,070,565    1.17% COMMON STOCK U.S.
Scientific Games Corp., Class A                sgms     80874P109     120,000       35.62   4,274,400    1.23% COMMON STOCK U.S.
                                                                      25
RS MidCap Opportunities Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
Simpson Manufacturing Co., Inc.                               ssd       829073105          110,000        36.05          3,965,500        1.14% COMMON STOCK U.S.
Southwestern Energy Co.                                       swn       845467109          130,000        31.16          4,050,800        1.16% COMMON STOCK U.S.
Sunrise Senior Living, Inc.                                    srz       86768k106         157,000        27.65          4,341,050        1.25% COMMON STOCK U.S.
SVB Financial Group                                           sivb      78486q101           80,000        45.46          3,636,800        1.04% COMMON STOCK U.S.
T. Rowe Price Group, Inc.                                     trow       74144t108          84,600        37.81          3,198,726        0.92% COMMON STOCK U.S.
Tellabs, Inc.                                                 tlab      879664100          441,000        13.31          5,869,710        1.69% COMMON STOCK U.S.
The First Marblehead Corp.                                    fmd       320771108           86,000        56.94          4,896,840        1.41% COMMON STOCK U.S.
The TJX Companies, Inc.                                         tjx     872540109          193,000        22.86          4,411,980        1.27% COMMON STOCK U.S.
Thermo Electron Corp.                                         tmo       883556102          106,500        36.24          3,859,560        1.11% COMMON STOCK U.S.
THQ, Inc.                                                     thqi      872443403          237,000        21.60          5,119,200        1.47% COMMON STOCK U.S.
Trident Microsystems, Inc.                                     trid     895919108          198,000        18.98          3,758,040        1.08% COMMON STOCK U.S.
Univision Communications, Inc., Class A                       uvn       914906102          120,000        33.50          4,020,000        1.15% COMMON STOCK U.S.
Urban Outfitters, Inc.                                       urbn       917047102          243,000        17.49          4,250,070        1.22% COMMON STOCK U.S.
Vulcan Materials Co.                                          vmc       929160109           63,000        78.00          4,914,000        1.41% COMMON STOCK U.S.
XTO Energy, Inc.                                               xto       98385x106          95,000        44.27          4,205,650        1.21% COMMON STOCK U.S.
Zions Bancorp.                                                zion      989701107           44,000        77.94          3,429,360        0.99% COMMON STOCK U.S.
Chartered Semiconductor Manufacturing Ltd., ADR               chrt       16133r106         450,000         8.70          3,915,000        1.12% AMERICAN DEPOSITORY RECEIPTS
Chicago Bridge & Iron Co. N.V., ADR                            cbi      167250109          172,000        24.15          4,153,800        1.19% AMERICAN DEPOSITORY RECEIPTS
Quilmes Industrial S.A., ADR                                   lqu      74838Y207           42,000        49.12          2,063,040        0.59% AMERICAN DEPOSITORY RECEIPTS
Shire PLC, ADR                                              shpgy        82481r106          76,000        44.23          3,361,480        0.97% AMERICAN DEPOSITORY RECEIPTS
STATS ChipPAC Ltd., ADR                                       stts       85771t104         533,000         6.26          3,336,580        0.96% AMERICAN DEPOSITORY RECEIPTS
Imperial Credit Ind. @ 3 Exp. 01/31/08                         icii     452729114               2,719        -                  -         0.00% WARRANTS
Cash / Other Assets and Liabilities                                                                                      5,033,499        1.45%
TOTAL PORTFOLIO                                                                                                        348,129,266      100.00%


As the portfolio 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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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.




                                                                                           26
RS Small Cap Growth Composite
6/30/2006 (unaudited)
                                          Security                                        Market       Pct
Security                                  Symbol           Cusip    Quantity   Price       Value    Assets
American Commercial Lines, Inc.               acli    025195207      81,240    60.25    4,894,710    0.88% COMMON STOCK U.S.
American Medical Systems Holdings, Inc.    ammd       02744m108     404,710    16.65    6,738,422    1.21% COMMON STOCK U.S.
American Railcar Industries, Inc.             arii    02916p103     166,930    33.11    5,527,052    0.99% COMMON STOCK U.S.
Amerisafe, Inc.                              amsf     03071h100     710,237    12.44    8,835,348    1.58% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                 ahs     001744101     384,130    20.30    7,797,839    1.40% COMMON STOCK U.S.
ANADIGICS, Inc.                              anad     032515108     554,090     6.72    3,723,485    0.67% COMMON STOCK U.S.
AngioDynamics, Inc.                          ango     03475v101     257,056    27.05    6,953,365    1.24% COMMON STOCK U.S.
Barrett Business Services, Inc.              bbsi     068463108     340,808    18.35    6,253,827    1.12% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.      bpfh     101119105     244,733    27.90    6,828,051    1.22% COMMON STOCK U.S.
Cache, Inc.                                  cach     127150308     511,460    17.34    8,868,716    1.59% COMMON STOCK U.S.
Carter's, Inc.                                 cri    146229109     127,790    26.43    3,377,490    0.60% COMMON STOCK U.S.
Central Garden & Pet Co.                     cent     153527106     185,810    43.05    7,999,121    1.43% COMMON STOCK U.S.
Century Casinos, Inc.                        cnty     156492100     611,218    10.71    6,546,145    1.17% COMMON STOCK U.S.
Concur Technologies, Inc.                    cnqr     206708109     383,450    15.47    5,931,971    1.06% COMMON STOCK U.S.
Digitas, Inc.                                dtas     25388k104     640,905    11.62    7,447,316    1.33% COMMON STOCK U.S.
Dynamic Materials Corp.                     boom      267888105     157,330    33.73    5,306,741    0.95% COMMON STOCK U.S.
Equinix, Inc.                                eqix     29444u502     116,709    54.86    6,402,656    1.15% COMMON STOCK U.S.
FirstService Corp.                            fsrv    33761N109     362,320    26.64    9,652,205    1.73% COMMON STOCK U.S.
Five Star Quality Care, Inc.                  fve     33832d106     749,320    11.07    8,294,972    1.48% COMMON STOCK U.S.
Flow International Corp.                      flow    343468104     381,014    14.07    5,360,867    0.96% COMMON STOCK U.S.
Gardner Denver, Inc.                          gdi     365558105     185,510    38.50    7,142,135    1.28% COMMON STOCK U.S.
GFI Group, Inc.                               gfig    361652209     128,290    53.95    6,921,246    1.24% COMMON STOCK U.S.
Greenhill & Co., Inc.                         ghl     395259104      84,280    60.76    5,120,853    0.92% COMMON STOCK U.S.
GSI Group, Inc.                              gsig     36229u102     330,550     8.59    2,839,425    0.51% COMMON STOCK U.S.
Hexcel Corp.                                   hxl    428291108     319,690    15.71    5,022,330    0.90% COMMON STOCK U.S.
Hydril                                       hydl     448774109      72,220    78.52    5,670,714    1.01% COMMON STOCK U.S.
Iconix Brand Group, Inc.                     icon     451055107     337,730    16.34    5,518,508    0.99% COMMON STOCK U.S.
I-Flow Corp.                                   iflo   449520303     180,290    10.82    1,950,738    0.35% COMMON STOCK U.S.
Illumina, Inc.                               ilmn     452327109      63,650    29.66    1,887,859    0.34% COMMON STOCK U.S.
Immucor, Inc.                                blud     452526106     249,560    19.23    4,799,039    0.86% COMMON STOCK U.S.
Intevac, Inc.                                ivac     461148108     253,250    21.68    5,490,460    0.98% COMMON STOCK U.S.
Investment Technology Group, Inc.              itg     46145f105    154,830    50.86    7,874,654    1.41% COMMON STOCK U.S.
j2 Global Communications, Inc.               jcom     46626E205     339,592    31.22   10,602,062    1.90% COMMON STOCK U.S.
Jos. A. Bank Clothiers, Inc.                 josb     480838101     182,266    23.96    4,367,093    0.78% COMMON STOCK U.S.
KKR Financial Corp.                           kfn     482476306     291,060    20.81    6,056,959    1.08% COMMON STOCK U.S.
Kyphon, Inc.                                 kyph     501577100     136,650    38.36    5,241,894    0.94% COMMON STOCK U.S.
Laureate Education, Inc.                      laur    518613104      63,490    42.63    2,706,579    0.48% COMMON STOCK U.S.
LCA-Vision, Inc.                             lcav     501803308      78,590    52.91    4,158,197    0.74% COMMON STOCK U.S.
LifeCell Corp.                                 lifc   531927101     216,390    30.92    6,690,779    1.20% COMMON STOCK U.S.
Marchex, Inc., Class B                      mchx      56624R108     253,129    16.43    4,158,909    0.74% COMMON STOCK U.S.
Maverick Tube Corp.                          mvk      577914104     126,630    63.19    8,001,750    1.43% COMMON STOCK U.S.
McGrath Rentcorp                            mgrc      580589109     216,077    27.81    6,009,101    1.08% COMMON STOCK U.S.
Microsemi Corp.                             mscc      595137100     236,120    24.38    5,756,606    1.03% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.            flsh    M7061C100     198,680    29.63    5,886,888    1.05% COMMON STOCK U.S.
Neoware, Inc.                                nwre     64065p102     171,170    12.29    2,103,679    0.38% COMMON STOCK U.S.
Netflix, Inc.                                 nflx    64110L106     233,050    27.21    6,341,290    1.13% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                   netl    64118b100     134,110    32.25    4,325,048    0.77% COMMON STOCK U.S.
Nutri/System, Inc.                            ntri    67069d108     109,650    62.13    6,812,555    1.22% COMMON STOCK U.S.
NuVasive, Inc.                               nuva     670704105     338,290    18.23    6,167,027    1.10% COMMON STOCK U.S.
Oil States International, Inc.                 ois    678026105     209,140    34.28    7,169,319    1.28% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.               odfl    679580100     132,627    37.59    4,985,449    0.89% COMMON STOCK U.S.
Omniture, Inc.                               omtr     68212s109     399,590     7.29    2,913,011    0.52% COMMON STOCK U.S.
Online Resources Corp.                       orcc     68273g101     796,829    10.34    8,239,212    1.47% COMMON STOCK U.S.
Openwave Systems, Inc.                      opwv      683718308     411,976    11.54    4,754,203    0.85% COMMON STOCK U.S.
Optimal Group, Inc., Class A                opmr       68388r208    499,080    13.51    6,742,571    1.21% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                 oxps     684010101     206,700    23.31    4,818,177    0.86% COMMON STOCK U.S.
Orthovita, Inc.                               vita    68750U102    1,163,010    4.22    4,907,902    0.88% COMMON STOCK U.S.
PDF Solutions, Inc.                          pdfs     693282105     360,120    12.41    4,469,089    0.80% COMMON STOCK U.S.
PolyMedica Corp.                             plmd     731738100     204,415    35.96    7,350,763    1.32% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.          praa     73640q105     171,090    45.70    7,818,813    1.40% COMMON STOCK U.S.
                                                                    27
RS Small Cap Growth Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
PrivateBancorp, Inc.                                          pvtb      742962103          208,940        41.41          8,652,205        1.55% COMMON STOCK U.S.
Providence Service Corp.                                      prsc      743815102          201,470        27.23          5,486,028        0.98% COMMON STOCK U.S.
Rackable Systems, Inc.                                        rack      750077109          109,720        39.49          4,332,843        0.78% COMMON STOCK U.S.
Radiant Systems, Inc.                                         rads      75025n102          281,002        10.57          2,970,191        0.53% COMMON STOCK U.S.
RADVision Ltd.                                                rvsn      m81869105          449,810        15.94          7,169,971        1.28% COMMON STOCK U.S.
RADWARE Ltd.                                                  rdwr      m81873107          273,810        12.84          3,515,720        0.63% COMMON STOCK U.S.
Redback Networks, Inc.                                       rbak       757209507          145,630        18.34          2,670,854        0.48% COMMON STOCK U.S.
Regal-Beloit Corporation                                       rbc      758750103          141,390        44.15          6,242,369        1.12% COMMON STOCK U.S.
ResMed, Inc.                                                  rmd       761152107          153,420        46.95          7,203,069        1.29% COMMON STOCK U.S.
Retalix Ltd.                                                   rtlx    m8215w109           247,995        22.31          5,532,768        0.99% COMMON STOCK U.S.
Rollins, Inc.                                                  rol      775711104          375,030        19.64          7,365,589        1.32% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109          322,410        35.62         11,484,244        2.06% COMMON STOCK U.S.
Solexa, Inc.                                                  slxa       83420x105         541,580         8.50          4,603,430        0.82% COMMON STOCK U.S.
SonoSite, Inc.                                               sono       83568G104          150,390        39.04          5,871,226        1.05% COMMON STOCK U.S.
SRS Labs, Inc.                                                srsl      78464m106          989,710         4.99          4,938,653        0.88% COMMON STOCK U.S.
Steiner Leisure Ltd.                                          stnr       p8744y102         160,320        39.53          6,337,450        1.13% COMMON STOCK U.S.
Superior Energy Services, Inc.                                spn       868157108          231,150        33.90          7,835,985        1.40% COMMON STOCK U.S.
Synplicity, Inc.                                             synp        87160y108         431,973         5.87          2,535,682        0.45% COMMON STOCK U.S.
Team, Inc.                                                     tmi      878155100          226,350        25.05          5,670,067        1.01% COMMON STOCK U.S.
The Navigators Group, Inc.                                   navg       638904102          190,070        43.82          8,328,867        1.49% COMMON STOCK U.S.
The Spectranetics Corp.                                      spnc        84760c107         666,000        10.72          7,139,520        1.28% COMMON STOCK U.S.
Unit Corp.                                                     unt      909218109          111,260        56.89          6,329,581        1.13% COMMON STOCK U.S.
Virginia Commerce Bancorp, Inc.                               vcbi      92778q109          243,645        23.90          5,823,116        1.04% COMMON STOCK U.S.
Vital Signs Inc.                                               vitl     928469105          170,380        49.53          8,438,921        1.51% COMMON STOCK U.S.
Vitran Corp., Inc.                                            vtnc      92850E107          249,157        23.49          5,852,698        1.05% COMMON STOCK U.S.
Volterra Semiconductor Corp.                                   vltr     928708106          326,910        15.26          4,988,647        0.89% COMMON STOCK U.S.
Warrior Energy Service Corp.                                  warr      936258102          247,920        24.33          6,031,894        1.08% COMMON STOCK U.S.
Ctrip.com International Ltd., ADR                             ctrp       22943f100          95,830        51.05          4,892,122        0.88% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                                ncty       88337k104         172,100        23.19          3,990,999        0.71% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                     34,049,112        6.09%
TOTAL PORTFOLIO                                                                                                        558,817,006      100.00%


As the portfolio 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 06/30/06.


Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. 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.




                                                                                           28
RS Technology Composite
6/30/2006 (unaudited)
                                     Security                                       Market       Pct
Security                             Symbol           Cusip   Quantity    Price      Value    Assets
Adobe Systems, Inc.                     adbe      00724f101    28,160     30.36    854,938     0.49% COMMON STOCK U.S.
Akamai Technologies, Inc.              akam      00971T101    140,450     36.19   5,082,886    2.94% COMMON STOCK U.S.
Altiris, Inc.                            atrs    02148M100     74,188     18.04   1,338,352    0.77% COMMON STOCK U.S.
Amazon.com, Inc.                       amzn      023135106     37,690     38.68   1,457,849    0.84% COMMON STOCK U.S.
ANADIGICS, Inc.                         anad     032515108    133,540      6.72    897,389     0.52% COMMON STOCK U.S.
aQuantive, Inc.                         aqnt     03839g105    308,540     25.33   7,815,318    4.51% COMMON STOCK U.S.
AudioCodes Ltd.                         audc     M15342104    280,130     10.90   3,053,417    1.76% COMMON STOCK U.S.
Blackbaud, Inc.                         blkb     09227q100     59,230     22.70   1,344,521    0.78% COMMON STOCK U.S.
Blue Nile, Inc.                          nile     09578r103    15,880     32.16    510,701     0.29% COMMON STOCK U.S.
Citrix Systems, Inc.                     ctxs    177376100     43,980     40.14   1,765,357    1.02% COMMON STOCK U.S.
Color Kinetics, Inc.                     clrk    19624P100     34,550     18.91    653,340     0.38% COMMON STOCK U.S.
Digital River, Inc.                      driv    25388b104    118,962     40.39   4,804,875    2.78% COMMON STOCK U.S.
Digitas, Inc.                           dtas     25388k104    429,900     11.62   4,995,438    2.89% COMMON STOCK U.S.
Eagle Test Systems, Inc.                 eglt    270006109    154,530     14.02   2,166,511    1.25% COMMON STOCK U.S.
eCollege.com, Inc.                      eclg     27887e100     80,800     21.14   1,708,112    0.99% COMMON STOCK U.S.
F5 Networks, Inc.                         ffiv   315616102     43,580     53.48   2,330,658    1.35% COMMON STOCK U.S.
FormFactor, Inc.                        form     346375108     32,180     44.63   1,436,193    0.83% COMMON STOCK U.S.
Google, Inc., Class A                   goog     38259p508     20,590    419.33   8,634,005    4.99% COMMON STOCK U.S.
GSI Commerce, Inc.                      gsic     36238g102    207,429     13.53   2,806,514    1.62% COMMON STOCK U.S.
Informatica Corp.                        infa    45666Q102    136,890     13.16   1,801,472    1.04% COMMON STOCK U.S.
Integrated Device Technology, Inc.        idti   458118106     72,670     14.18   1,030,461    0.60% COMMON STOCK U.S.
Ixia                                     xxia     45071r109   205,310      9.00   1,847,790    1.07% COMMON STOCK U.S.
KLA-Tencor Corp.                        klac     482480100     27,760     41.57   1,153,983    0.67% COMMON STOCK U.S.
LoopNet, Inc.                           loop     543524300     14,550     18.61    270,776     0.16% COMMON STOCK U.S.
Marchex, Inc., Class B                 mchx      56624R108    300,710     16.43   4,940,665    2.85% COMMON STOCK U.S.
Marvell Technology Group Ltd.           mrvl     g5876h105     73,340     44.33   3,251,162    1.88% COMMON STOCK U.S.
McAfee Inc.                              mfe     579064106     64,370     24.27   1,562,260    0.90% COMMON STOCK U.S.
Microsoft Corp.                         msft     594918104     84,990     23.30   1,980,267    1.14% COMMON STOCK U.S.
Monster Worldwide, Inc.                 mnst     611742107     77,060     42.66   3,287,380    1.90% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.       flsh    M7061C100    228,040     29.63   6,756,825    3.90% COMMON STOCK U.S.
Neoware, Inc.                           nwre     64065p102     29,430     12.29    361,695     0.21% COMMON STOCK U.S.
Netflix, Inc.                            nflx    64110L106    167,930     27.21   4,569,375    2.64% COMMON STOCK U.S.
Netlogic Microsystems, Inc.              netl    64118b100     84,900     32.25   2,738,025    1.58% COMMON STOCK U.S.
Nextest Systems Corp.                   next     653339101     54,360     16.21    881,176     0.51% COMMON STOCK U.S.
Omniture, Inc.                          omtr     68212s109    194,500      7.29   1,417,905    0.82% COMMON STOCK U.S.
Openwave Systems, Inc.                 opwv      683718308    269,310     11.54   3,107,837    1.80% COMMON STOCK U.S.
PDF Solutions, Inc.                     pdfs     693282105    136,141     12.41   1,689,510    0.98% COMMON STOCK U.S.
PLX Technology, Inc.                     plxt    693417107    413,802     12.22   5,056,660    2.92% COMMON STOCK U.S.
QUALCOMM, Inc.                         qcom      747525103     29,420     40.07   1,178,859    0.68% COMMON STOCK U.S.
Quest Software, Inc.                     qsft    74834T103     53,990     14.04    758,020     0.44% COMMON STOCK U.S.
Rackable Systems, Inc.                  rack     750077109     17,230     39.49    680,413     0.39% COMMON STOCK U.S.
RADWARE Ltd.                            rdwr     m81873107     99,730     12.84   1,280,533    0.74% COMMON STOCK U.S.
Red Hat, Inc.                            rhat    756577102     29,300     23.40    685,620     0.40% COMMON STOCK U.S.
Redback Networks, Inc.                  rbak     757209507     46,410     18.34    851,159     0.49% COMMON STOCK U.S.
Sigma Designs, Inc.                     sigm     826565103    137,640      9.43   1,297,945    0.75% COMMON STOCK U.S.
Silicon Image, Inc.                     simg      82705t102    68,270     10.78    735,951     0.43% COMMON STOCK U.S.
Silicon Laboratories, Inc.              slab     826919102     33,930     35.15   1,192,640    0.69% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.           sirf    82967h101     46,200     32.22   1,488,564    0.86% COMMON STOCK U.S.
Smith Micro Software, Inc.              smsi     832154108     44,880     16.02    718,978     0.42% COMMON STOCK U.S.
Sonus Networks, Inc.                    sons     835916107    283,550      4.95   1,403,573    0.81% COMMON STOCK U.S.
Symantec Corp.                         symc      871503108     30,310     15.54    471,017     0.27% COMMON STOCK U.S.
Tellabs, Inc.                            tlab    879664100     85,620     13.31   1,139,602    0.66% COMMON STOCK U.S.
Tessera Technologies, Inc.               tsra    88164L100     31,760     27.50    873,400     0.50% COMMON STOCK U.S.
THQ, Inc.                                thqi    872443403    105,830     21.60   2,285,928    1.32% COMMON STOCK U.S.
Trident Microsystems, Inc.               trid    895919108     12,620     18.98    239,528     0.14% COMMON STOCK U.S.
Virage Logic Corp.                        virl    92763r104    91,804      9.39    862,040     0.50% COMMON STOCK U.S.
VistaPrint Ltd.                          vprt    g93762204     39,010     26.74   1,043,127    0.60% COMMON STOCK U.S.
Volterra Semiconductor Corp.             vltr    928708106     88,150     15.26   1,345,169    0.78% COMMON STOCK U.S.
WebEx Communications, Inc.             webx       94767l109   109,734     35.54   3,899,946    2.25% COMMON STOCK U.S.
Xyratex Ltd.                             xrtx    g98268108     45,750     26.45   1,210,088    0.70% COMMON STOCK U.S.
                                                              29
RS Technology Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
Yahoo! Inc.                                                  yhoo       984332106          279,066        33.00          9,209,178        5.32% COMMON STOCK U.S.
ZipRealty, Inc.                                               zipr       98974v107         138,480         8.48          1,174,310        0.68% COMMON STOCK U.S.
CSR PLC                                                     csr.ln         3414738          45,000        23.30          1,048,500        0.61% COMMON STOCK GREAT BRITAIN
China GrenTech Corp., Ltd., ADR                                grrf     16938p107           37,800        10.66            402,988        0.23% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR                             ctrp       22943f100          85,110        51.05          4,344,866        2.51% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                            lton      535925101          178,790         5.95          1,063,801        0.61% AMERICAN DEPOSITORY RECEIPTS
Nintendo Co., Ltd., ADR                                     ntdoy       654445303           83,900        20.89          1,752,671        1.01% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                               oiim      67107w100        1,061,120         7.69          8,160,013        4.71% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                         simo        82706c108         229,890        14.34          3,296,623        1.90% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                                ncty       88337k104          81,550        23.19          1,891,145        1.09% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                      wthn       967593104           45,420        10.29            467,372        0.27% AMERICAN DEPOSITORY RECEIPTS
Submarino SA - GDR 144A                                    sbbmy        86431p102           30,000        40.20          1,205,961        0.70% GLOBAL DEPOSITORY RECEIPT
Cash / Other Assets and Liabilities                                                                                     12,101,570        6.99%
TOTAL PORTFOLIO                                                                                                        173,122,696      100.00%


As the portfolio 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 06/30/06.


Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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.




                                                                                           30
RS Concentrated AllCap Value Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
ADVO, Inc.                                                      ad      007585102          582,030        24.61         14,323,758        4.72% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                   abk       023139108          137,620        81.10         11,160,982        3.68% COMMON STOCK U.S.
Assurant, Inc.                                                 aiz      04621X108          317,580        48.40         15,370,872        5.06% COMMON STOCK U.S.
Coinmach Service Corp., Class A                                dra      19259w206           81,900        10.25            839,475        0.28% COMMON STOCK U.S.
Coinstar, Inc.                                                cstr      19259p300          646,140        23.94         15,468,592        5.10% COMMON STOCK U.S.
Conseco, Inc.                                                 cno       208464883          540,400        23.10         12,483,240        4.11% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                    coco       218868107          978,000        14.36         14,044,080        4.63% COMMON STOCK U.S.
Corrections Corp. of America                                  cxw        22025y407         436,060        52.94         23,085,016        7.60% COMMON STOCK U.S.
Diebold, Inc.                                                 dbd       253651103           82,480        40.62          3,350,338        1.10% COMMON STOCK U.S.
Eastman Chemical Co.                                         emn        277432100          194,260        54.00         10,490,040        3.46% COMMON STOCK U.S.
eResearch Technology, Inc.                                    eres      29481V108        1,256,630         9.10         11,435,333        3.77% COMMON STOCK U.S.
Hanover Insurance Group, Inc.                                  thg      410867105          191,310        47.46          9,079,573        2.99% COMMON STOCK U.S.
J. Crew Group, Inc.                                            jcg      46612h402               680       27.45              18,666       0.01% COMMON STOCK U.S.
Key Energy Services, Inc.                                    kegs       492914106          974,900        15.25         14,867,225        4.90% COMMON STOCK U.S.
Liberty Global, Inc., Class A                                lbtya      530555101          393,249        21.50          8,454,854        2.79% COMMON STOCK U.S.
Liberty Global, Inc., Class C                                lbtyk      530555309          476,151        20.57          9,794,426        3.23% COMMON STOCK U.S.
Liberty Media Holding Corp., Common Series A                lcapa       53071m302           32,615        83.77          2,732,159        0.90% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                     mer       590188108           98,350        69.56          6,841,226        2.25% COMMON STOCK U.S.
MI Developments, Inc., Class A                                mim        55304x104         425,030        33.91         14,412,767        4.75% COMMON STOCK U.S.
PPL Corp.                                                      ppl       69351t106         490,100        32.30         15,830,230        5.21% COMMON STOCK U.S.
Symantec Corp.                                               symc       871503108          858,880        15.54         13,346,995        4.40% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                    try/b     895927309          952,450        15.63         14,886,794        4.90% COMMON STOCK U.S.
Compton Petroleum Corp.                                    cmt.cn          2188454         616,300        11.56          7,127,504        2.35% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                          pou.cn           b073fp1        348,700        32.25         11,245,364        3.70% COMMON STOCK CANADA
Sherritt International Corp.                                  s.cn         2804158          87,000        10.01            870,546        0.29% COMMON STOCK CANADA
Talisman Energy, Inc.                                       tlm.cn         2068299          39,900        17.45            696,275        0.23% COMMON STOCK CANADA
Amvescap PLC, ADR                                             avz       03235e100          696,100        18.49         12,870,889        4.24% AMERICAN DEPOSITORY RECEIPTS
KKR Private Equity Investors, L.P., 144A                   kpe.na          b13bnq3         147,000        21.90          3,219,300        1.06% RESTRICTED DEPOSITARY UNITS
Coinmach Service Corp.                                         dry      19259w107          290,900        16.44          4,782,396        1.58% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                     20,444,964        6.73%
TOTAL PORTFOLIO                                                                                                        303,573,879      100.00%


As the portfolio 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 06/30/06.


Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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.




                                                                                           31
RS Global Natural Resources Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
Alcan, Inc.                                                     al      013716105        1,061,500        46.94         49,826,810        2.39% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                    ati      01741r102         757,160        69.24         52,425,758        2.51% COMMON STOCK U.S.
Anadarko Petroleum Corp.                                      apc       032511107        1,258,000        47.69         59,994,020        2.88% COMMON STOCK U.S.
Arch Coal, Inc.                                                aci      039380100          903,220        42.37         38,269,431        1.84% COMMON STOCK U.S.
Basic Energy Services, Inc.                                   bas       06985p100        1,754,400        30.57         53,632,008        2.57% COMMON STOCK U.S.
BJ Services Co.                                                bjs      055482103          652,500        37.26         24,312,150        1.17% COMMON STOCK U.S.
Century Aluminum Co.                                         cenx       156431108        1,549,500        35.69         55,301,655        2.65% COMMON STOCK U.S.
Complete Production Services, Inc.                            cpx       20453e109        1,954,570        23.64         46,206,035        2.22% COMMON STOCK U.S.
Crosstex Energy, Inc.                                          xtxi      22765y104         264,160        95.08         25,116,333        1.20% COMMON STOCK U.S.
Denbury Resources, Inc.                                        dnr      247916208        1,464,800        31.67         46,390,216        2.23% COMMON STOCK U.S.
Eastman Chemical Co.                                         emn        277432100          643,200        54.00         34,732,800        1.67% COMMON STOCK U.S.
Exxon Mobil Corp.                                             xom       30231g102          344,100        61.35         21,110,535        1.01% COMMON STOCK U.S.
Foundation Coal Holdings, Inc.                                  fcl     35039w100          943,700        46.93         44,287,841        2.12% COMMON STOCK U.S.
Hercules Offshore, Inc.                                      hero       427093109          500,000        35.00         17,500,000        0.84% COMMON STOCK U.S.
Key Energy Services, Inc.                                    kegs       492914106        4,957,700        15.25         75,604,925        3.63% COMMON STOCK U.S.
Marathon Oil Corp.                                            mro       565849106          803,670        83.30         66,945,711        3.21% COMMON STOCK U.S.
Newfield Exploration Co.                                       nfx      651290108          349,100        48.94         17,084,954        0.82% COMMON STOCK U.S.
Noble Corp.                                                    ne       g65422100          561,660        74.42         41,798,737        2.01% COMMON STOCK U.S.
Noble Energy, Inc.                                             nbl      655044105          275,900        46.86         12,928,674        0.62% COMMON STOCK U.S.
Peabody Energy Corp.                                           btu      704549104          861,000        55.75         48,000,750        2.30% COMMON STOCK U.S.
PICO Holdings, Inc.                                           pico      693366205          293,848        32.25          9,476,598        0.45% COMMON STOCK U.S.
PPL Corp.                                                      ppl       69351t106       1,611,160        32.30         52,040,468        2.50% COMMON STOCK U.S.
Southwestern Energy Co.                                       swn       845467109          559,600        31.16         17,437,136        0.84% COMMON STOCK U.S.
TXU Corp.                                                      txu      873168108          821,010        59.79         49,088,188        2.35% COMMON STOCK U.S.
Anderson Energy Ltd.                                        axl.cn          b0k5jd0      4,719,600         4.57         21,562,268        1.03% COMMON STOCK CANADA
Brookfield Asset Management, Inc., Class A              bam/a.cn           2092599       1,409,700        40.19         56,650,669        2.72% COMMON STOCK CANADA
Clear Energy, Inc.                                         cen.cn          2310161       1,619,600         3.19          5,165,077        0.25% COMMON STOCK CANADA
Compton Petroleum Corp.                                    cmt.cn          2188454       4,397,200        11.56         50,853,581        2.44% COMMON STOCK CANADA
EnCana Corp.                                               eca.cn          2793193         367,000        52.66         19,324,787        0.93% COMMON STOCK CANADA
Falconbridge Ltd.                                           fal.cn         2641322         928,700        52.67         48,918,355        2.35% COMMON STOCK CANADA
Goldcorp, Inc.                                                g.cn         2676302       1,397,535        30.14         42,127,612        2.02% COMMON STOCK CANADA
Kinross Gold Corp.                                            k.cn         B03Z841       2,092,300        10.90         22,810,437        1.09% COMMON STOCK CANADA
Labrador Iron Ore Royalty Income Fund                      lif-u.cn        2511221         360,100        21.35          7,687,166        0.37% COMMON STOCK CANADA
Nexen, Inc.                                                nxy.cn          2172219       1,280,200        56.35         72,135,250        3.46% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                          pou.cn           b073fp1      2,462,600        32.25         79,417,361        3.81% COMMON STOCK CANADA
Petrobank Energy & Resources Ltd.                          pbg.cn          2683670       1,514,000        13.63         20,642,372        0.99% COMMON STOCK CANADA
Sherritt International Corp.                                  s.cn         2804158       5,195,200        10.01         51,984,578        2.49% COMMON STOCK CANADA
Talisman Energy, Inc.                                       tlm.cn         2068299       3,375,300        17.45         58,900,693        2.83% COMMON STOCK CANADA
Trilogy Energy Trust                                      tet-u.cn        B073G58               100       16.93               1,693       0.00% COMMON STOCK CANADA
Western Canadian Coal Corp.                                wtn.cn          2327581       2,650,300         2.28          6,054,166        0.29% COMMON STOCK CANADA
BHP Billiton Ltd., ADR                                        bhp       088606108        1,403,700        43.07         60,457,359        2.90% AMERICAN DEPOSITORY RECEIPTS
Companhia Vale do Rio Doce, ADR                                rio      204412209        2,439,400        24.04         58,643,176        2.81% AMERICAN DEPOSITORY RECEIPTS
Ivanhoe Nickel & Platinum Ltd.                                          46581p104          203,624         5.00          1,018,120        0.05% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                    440,825,671       21.15%
TOTAL PORTFOLIO                                                                                                      2,084,692,124      100.00%


As the portfolio 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 06/30/06.


Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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.




                                                                                           32
RS MidCap Value Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
Acxiom Corp.                                                acxm        005125109        1,802,660        25.00         45,066,500        2.13% COMMON STOCK U.S.
ADVO, Inc.                                                     ad       007585102          457,700        24.61         11,263,997        0.53% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                     alex      014482103          571,517        44.27         25,301,058        1.19% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                    ati      01741r102         664,800        69.24         46,030,752        2.17% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                   abk       023139108          561,300        81.10         45,521,430        2.15% COMMON STOCK U.S.
Ameriprise Financial, Inc.                                   amp         03076c106       1,015,030        44.67         45,341,390        2.14% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                               anpi      034918102          674,900        11.75          7,930,075        0.37% COMMON STOCK U.S.
Assurant, Inc.                                                 aiz      04621X108        1,104,660        48.40         53,465,544        2.52% COMMON STOCK U.S.
Barr Pharmaceuticals, Inc.                                     brl      068306109          512,350        47.69         24,433,972        1.15% COMMON STOCK U.S.
Cendant Corporation                                             cd      151313103        1,343,060        16.29         21,878,447        1.03% COMMON STOCK U.S.
Clear Channel Outdoor Holdings, Inc., Class A                 cco        18451c109         672,400        20.96         14,093,504        0.66% COMMON STOCK U.S.
Comcast Corp.                                              cmcsa        20030N101        1,822,320        32.74         59,662,757        2.81% COMMON STOCK U.S.
Conseco, Inc.                                                 cno       208464883        2,388,290        23.10         55,169,499        2.60% COMMON STOCK U.S.
Corrections Corp. of America                                  cxw        22025y407       1,707,820        52.94         90,411,991        4.26% COMMON STOCK U.S.
Diebold, Inc.                                                 dbd       253651103          392,520        40.62         15,944,162        0.75% COMMON STOCK U.S.
Discovery Holding Co., Class A                               disca       25468y107       2,263,000        14.63         33,107,690        1.56% COMMON STOCK U.S.
Eastman Chemical Co.                                         emn        277432100          609,920        54.00         32,935,680        1.55% COMMON STOCK U.S.
Federated Investors, Inc., Class B                              fii     314211103        1,391,290        31.50         43,825,635        2.07% COMMON STOCK U.S.
Genworth Financial, Inc., Class A                             gnw       37247D106        1,281,020        34.84         44,630,737        2.10% COMMON STOCK U.S.
J. Crew Group, Inc.                                            jcg      46612h402           12,020        27.45            329,949        0.02% COMMON STOCK U.S.
Laidlaw International, Inc.                                      li      50730r102       1,624,280        25.20         40,931,856        1.93% COMMON STOCK U.S.
Liberty Global, Inc., Class A                                lbtya      530555101        1,605,443        21.50         34,517,024        1.63% COMMON STOCK U.S.
Liberty Global, Inc., Class C                                lbtyk      530555309        2,344,875        20.57         48,234,079        2.27% COMMON STOCK U.S.
Liberty Media Holding Corp., Common Series A                lcapa       53071m302          505,877        83.77         42,377,316        2.00% COMMON STOCK U.S.
Magellan Health Services, Inc.                               mgln       559079207          985,360        45.31         44,646,662        2.11% COMMON STOCK U.S.
Mercury Interactive Corp.                                    merq       589405109          612,400        34.97         21,415,628        1.01% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                     mer       590188108          581,180        69.56         40,426,881        1.91% COMMON STOCK U.S.
MI Developments, Inc., Class A                                mim        55304x104       1,645,070        33.91         55,784,324        2.63% COMMON STOCK U.S.
NCR Corporation                                                ncr      62886e108          307,500        36.64         11,266,800        0.53% COMMON STOCK U.S.
News Corp., Class B                                           nws       65248E203        1,451,320        20.18         29,287,638        1.38% COMMON STOCK U.S.
Novell, Inc.                                                  novl      670006105        3,510,620         6.63         23,275,411        1.10% COMMON STOCK U.S.
Peabody Energy Corp.                                           btu      704549104        1,148,620        55.75         64,035,565        3.02% COMMON STOCK U.S.
PPL Corp.                                                      ppl       69351t106       1,787,470        32.30         57,735,281        2.72% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109          614,850        35.62         21,900,957        1.03% COMMON STOCK U.S.
Symantec Corp.                                               symc       871503108        2,848,240        15.54         44,261,650        2.09% COMMON STOCK U.S.
Synovus Financial Corp.                                       snv        87161c105         823,300        26.78         22,047,974        1.04% COMMON STOCK U.S.
The St. Joe Co.                                                joe      790148100          580,160        46.54         27,000,646        1.27% COMMON STOCK U.S.
Triad Hospitals, Inc.                                           tri      89579k109       1,084,680        39.58         42,931,634        2.02% COMMON STOCK U.S.
Viacom, Inc. Class B                                         via/b      92553p201          667,065        35.84         23,907,610        1.13% COMMON STOCK U.S.
Brookfield Asset Management, Inc., Class A              bam/a.cn           2092599       1,473,170        40.19         59,201,296        2.79% COMMON STOCK CANADA
Goldcorp, Inc.                                                g.cn         2676302         793,000        30.14         23,904,372        1.13% COMMON STOCK CANADA
Nexen, Inc.                                                nxy.cn          2172219         376,500        56.35         21,214,593        1.00% COMMON STOCK CANADA
Talisman Energy, Inc.                                       tlm.cn         2068299       2,292,710        17.45         40,008,950        1.89% COMMON STOCK CANADA
The Shizuoka Bank, Ltd.                                   8355.jp          6805328       2,841,600        10.80         30,690,472        1.45% COMMON STOCK JAPAN
Amvescap PLC, ADR                                             avz       03235e100        2,357,700        18.49         43,593,873        2.06% AMERICAN DEPOSITORY RECEIPTS
AP Alternative Assets, L.P., 144A                          aaa.na                        2,565,400        20.00         51,308,000        2.42% RESTRICTED DEPOSITARY UNITS
KKR Private Equity Investors, L.P., 144A                   kpe.na          b13bnq3       2,816,400        21.90         61,679,160        2.91% RESTRICTED DEPOSITARY UNITS
Ivanhoe Nickel & Platinum Ltd.                                          46581p104          698,422         5.00          3,492,110        0.16% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                    372,805,045       17.58%
TOTAL PORTFOLIO                                                                                                      2,120,227,576      100.00%


As the portfolio 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 06/30/06.


Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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.




                                                                                           33
RS Small Cap Value Composite
6/30/2006 (unaudited)
                                                          Security                                                           Market          Pct
Security                                                  Symbol              Cusip        Quantity        Price              Value      Assets
Aaron Rents, Inc.                                              rnt      002535201        1,980,700        26.88         53,241,216        1.79% COMMON STOCK U.S.
ADVO, Inc.                                                      ad      007585102        3,655,270        24.61         89,956,195        3.02% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                              amg        008252108          502,230        86.89         43,638,765        1.47% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                     alex      014482103        1,076,789        44.27         47,669,449        1.60% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                    ati      01741r102         671,060        69.24         46,464,194        1.56% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                               anpi      034918102        2,184,862        11.75         25,672,129        0.86% COMMON STOCK U.S.
Assured Guaranty Ltd.                                         ago        g0585r106       2,285,170        25.37         57,974,763        1.95% COMMON STOCK U.S.
BioMed Realty Trust, Inc.                                     bmr       09063H107        1,742,780        29.94         52,178,833        1.75% COMMON STOCK U.S.
Centene Corp.                                                 cnc       15135b101        1,747,040        23.53         41,107,851        1.38% COMMON STOCK U.S.
Coinmach Service Corp., Class A                                dra      19259w206        1,058,300        10.25         10,847,575        0.36% COMMON STOCK U.S.
Coinstar, Inc.                                                cstr      19259p300        3,005,597        23.94         71,953,992        2.42% COMMON STOCK U.S.
Commercial Vehicle Group, Inc.                                cvgi      202608105        2,642,731        20.68         54,651,677        1.83% COMMON STOCK U.S.
Copart, Inc.                                                  cprt      217204106          431,147        24.56         10,588,970        0.36% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                    coco       218868107        6,036,814        14.36         86,688,649        2.91% COMMON STOCK U.S.
Corrections Corp. of America                                  cxw        22025y407       2,373,660        52.94        125,661,560        4.22% COMMON STOCK U.S.
Deerfield Triarc Capital Corp.                                 dfr      244572301        1,183,284        12.98         15,359,026        0.52% COMMON STOCK U.S.
eResearch Technology, Inc.                                    eres      29481V108        6,082,210         9.10         55,348,111        1.86% COMMON STOCK U.S.
Greater Bay Bancorp                                          gbbk       391648102        1,133,158        28.75         32,578,293        1.09% COMMON STOCK U.S.
Hancock Holding Co.                                          hbhc       410120109          743,890        56.00         41,657,840        1.40% COMMON STOCK U.S.
Hanover Insurance Group, Inc.                                  thg      410867105        2,005,580        47.46         95,184,827        3.20% COMMON STOCK U.S.
J. Crew Group, Inc.                                            jcg      46612h402           17,640        27.45            484,218        0.02% COMMON STOCK U.S.
John H. Harland Co.                                             jh      412693103        1,414,170        43.50         61,516,395        2.07% COMMON STOCK U.S.
Key Energy Services, Inc.                                    kegs       492914106        5,909,970        15.25         90,127,043        3.03% COMMON STOCK U.S.
KKR Financial Corp.                                            kfn      482476306        1,326,330        20.81         27,600,927        0.93% COMMON STOCK U.S.
Lazard Ltd., Class A                                           laz      g54050102          966,240        40.40         39,036,096        1.31% COMMON STOCK U.S.
Liberty Global, Inc., Class A                                lbtya      530555101        1,628,152        21.50         35,005,268        1.18% COMMON STOCK U.S.
Liberty Global, Inc., Class C                                lbtyk      530555309        1,643,088        20.57         33,798,320        1.13% COMMON STOCK U.S.
Magellan Health Services, Inc.                               mgln       559079207        1,921,551        45.31         87,065,476        2.92% COMMON STOCK U.S.
MI Developments, Inc., Class A                                mim        55304x104       2,324,090        33.91         78,809,892        2.65% COMMON STOCK U.S.
Novell, Inc.                                                  novl      670006105        5,688,824         6.63         37,716,903        1.27% COMMON STOCK U.S.
Paxar Corporation                                              pxr      704227107        1,407,830        20.57         28,959,063        0.97% COMMON STOCK U.S.
Peabody Energy Corp.                                           btu      704549104        1,524,040        55.75         84,965,230        2.85% COMMON STOCK U.S.
Playboy Enterprises, Inc., Class B                             pla      728117300          380,000         9.98          3,792,400        0.13% COMMON STOCK U.S.
Scientific Games Corp., Class A                             sgms        80874P109        1,748,680        35.62         62,287,982        2.09% COMMON STOCK U.S.
Spectrum Brands, Inc.                                         spc        84762l105       3,255,330        12.92         42,058,864        1.41% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                    try/b     895927309        7,512,840        15.63        117,425,689        3.94% COMMON STOCK U.S.
Tuesday Morning Corporation                                   tues      899035505        3,424,018        13.15         45,025,837        1.51% COMMON STOCK U.S.
Whitney Holding Corp.                                        wtny       966612103        1,267,886        35.37         44,845,128        1.51% COMMON STOCK U.S.
Compton Petroleum Corp.                                    cmt.cn          2188454       6,211,850        11.56         71,839,992        2.41% COMMON STOCK CANADA
Goldcorp, Inc.                                                g.cn         2676302       1,805,840        30.14         54,435,650        1.83% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                          pou.cn           b073fp1      2,834,040        32.25         91,396,076        3.07% COMMON STOCK CANADA
Sherritt International Corp.                                  s.cn         2804158       5,459,450        10.01         54,628,735        1.83% COMMON STOCK CANADA
Grupo Aeroportuario del Pacifico SA de CV, ADR                pac       400506101          271,420        31.85          8,644,727        0.29% AMERICAN DEPOSITORY RECEIPTS
Coinmach Service Corp.                                         dry      19259w107        2,184,550        16.44         35,914,002        1.21% INCOME DEPOSIT SECURITIES
AP Alternative Assets, L.P., 144A                          aaa.na                        3,684,600        20.00         73,692,000        2.47% RESTRICTED DEPOSITARY UNITS
KKR Private Equity Investors, L.P., 144A                   kpe.na          b13bnq3       3,243,465        21.90         71,031,884        2.38% RESTRICTED DEPOSITARY UNITS
Cash / Other Assets and Liabilities                                                                                    538,218,770       18.07%
TOTAL PORTFOLIO                                                                                                      2,978,746,482      100.00%


As the portfolio 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 06/30/06.


Investing in small- and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies.
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.




                                                                                           34

				
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