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					RS Diversified Growth Fund
03/31/2006 (unaudited)
                                     Security                                        Market       Pct
Security                             Symbol      Cusip/Sedol   Quantity    Price      Value    Assets
3Com Corp.                             coms      885535104     696,900      5.12   3,568,128   0.96% COMMON STOCK U.S.
Aeropostale, Inc.                        aro     007865108     174,150     30.16   5,252,364   1.42% COMMON STOCK U.S.
Affiliated Managers Group, Inc.         amg      008252108      38,560    106.61   4,110,882   1.11% COMMON STOCK U.S.
Aladdin Knowledge Systems Ltd.          aldn     M0392N101      57,568     22.45   1,292,402   0.35% COMMON STOCK U.S.
Alpha Natural Resources, Inc.            anr     02076x102     176,630     23.14   4,087,218   1.10% COMMON STOCK U.S.
Altiris, Inc.                            atrs    02148M100     150,800     22.01   3,319,108   0.89% COMMON STOCK U.S.
American Railcar Industries, Inc.        arii    02916p103      87,500     35.07   3,068,625   0.83% COMMON STOCK U.S.
Amerisafe, Inc.                         amsf     03071h100     356,720     12.00   4,280,640   1.15% COMMON STOCK U.S.
AMN Healthcare Services, Inc.            ahs     001744101     176,050     18.72   3,295,656   0.89% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.            amln     032346108      59,600     48.95   2,917,420   0.79% COMMON STOCK U.S.
Ariba, Inc.                             arba     04033V203     128,500      9.78   1,256,730   0.34% COMMON STOCK U.S.
AudioCodes Ltd.                         audc     M15342104     245,000     13.82   3,385,900   0.91% COMMON STOCK U.S.
Bob Evans Farms, Inc.                   bobe     096761101     136,200     29.71   4,046,502   1.09% COMMON STOCK U.S.
Bottomline Technologies, Inc.           epay     101388106     239,940     13.73   3,294,376   0.89% COMMON STOCK U.S.
Build-A-Bear-Workshop, Inc.             bbw      120076104     150,600     30.65   4,615,890   1.24% COMMON STOCK U.S.
California Pizza Kitchen, Inc.          cpki     13054d109      92,850     32.45   3,012,983   0.81% COMMON STOCK U.S.
Centene Corp.                            cnc     15135b101     111,600     29.17   3,255,372   0.88% COMMON STOCK U.S.
Century Aluminum Co.                    cenx     156431108      75,700     42.45   3,213,465   0.87% COMMON STOCK U.S.
Champion Enterprises, Inc.               chb     158496109     273,300     14.96   4,088,568   1.10% COMMON STOCK U.S.
Critical Therapeutics, Inc.              crtx     22674t105     85,427      5.09    434,824    0.12% COMMON STOCK U.S.
Cubist Pharmaceuticals, Inc.            cbst     229678107      74,400     22.97   1,708,968   0.46% COMMON STOCK U.S.
Cymer, Inc.                             cymi     232572107      86,210     45.44   3,917,382   1.06% COMMON STOCK U.S.
Digital Insight Corp.                   dgin     25385p106      91,900     36.40   3,345,160   0.90% COMMON STOCK U.S.
Digital River, Inc.                      driv    25388b104      89,000     43.61   3,881,290   1.05% COMMON STOCK U.S.
Digitas, Inc.                           dtas     25388k104     245,110     14.40   3,529,584   0.95% COMMON STOCK U.S.
Dolby Laboratories, Inc., Class A        dlb     25659T107     155,000     20.90   3,239,500   0.87% COMMON STOCK U.S.
Dril-Quip, Inc.                          drq     262037104       6,200     70.85    439,270    0.12% COMMON STOCK U.S.
Eclipsys Corp.                          eclp     278856109     111,800     23.61   2,639,598   0.71% COMMON STOCK U.S.
eCollege.com, Inc.                      eclg     27887e100     149,300     18.84   2,812,812   0.76% COMMON STOCK U.S.
Entegris, Inc.                          entg     29362u104     259,450     10.64   2,760,548   0.74% COMMON STOCK U.S.
Equinix, Inc.                           eqix     29444u502      65,200     64.22   4,187,144   1.13% COMMON STOCK U.S.
eResearch Technology, Inc.              eres     29481V108     229,427     14.39   3,301,455   0.89% COMMON STOCK U.S.
EZCORP, Inc., Class A                  ezpw      302301106      95,035     29.52   2,805,433   0.76% COMMON STOCK U.S.
FactSet Research Systems, Inc.           fds     303075105      54,500     44.35   2,417,075   0.65% COMMON STOCK U.S.
Five Star Quality Care, Inc.             fve     33832d106     262,940     10.89   2,863,416   0.77% COMMON STOCK U.S.
Florida Rock Industries, Inc.             frk    341140101      65,500     56.22   3,682,410   0.99% COMMON STOCK U.S.
FormFactor, Inc.                        form     346375108      97,050     39.32   3,816,006   1.03% COMMON STOCK U.S.
FTI Consulting, Inc.                     fcn     302941109     173,830     28.53   4,959,370   1.34% COMMON STOCK U.S.
Fuel-Tech N.V.                           ftek    359523107      99,400     15.99   1,589,406   0.43% COMMON STOCK U.S.
GSI Group, Inc.                         gsig     36229u102     415,500     11.05   4,591,275   1.24% COMMON STOCK U.S.
Haemonetics Corp.                        hae     405024100      61,650     50.77   3,129,970   0.84% COMMON STOCK U.S.
Helix Energy Solutions Group, Inc.      helx     42330p107      74,750     37.90   2,833,025   0.76% COMMON STOCK U.S.
Herbalife Ltd.                            hlf    G4412G101     121,200     33.77   4,092,924   1.10% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.         hos     440543106      85,950     36.07   3,100,217   0.84% COMMON STOCK U.S.
Hub Group, Inc., Class A                hubg     443320106      72,100     45.58   3,286,318   0.89% COMMON STOCK U.S.
Hydril                                  hydl     448774109      44,320     77.95   3,454,744   0.93% COMMON STOCK U.S.
Hythiam, Inc.                           hytm      44919f104    423,140      9.19   3,888,657   1.05% COMMON STOCK U.S.
Imax Corp.                              imax     45245e109     245,650     10.15   2,493,348   0.67% COMMON STOCK U.S.
Informatica Corp.                        infa    45666Q102     206,100     15.55   3,204,855   0.86% COMMON STOCK U.S.
InPhonic, Inc.                          inpc     45772g105     545,140      6.99   3,810,529   1.03% COMMON STOCK U.S.
InterDigital Communications Corp.       idcc     45866a105     159,400     24.52   3,908,488   1.05% COMMON STOCK U.S.
Investment Technology Group, Inc.         itg     46145f105     66,550     49.80   3,314,190   0.89% COMMON STOCK U.S.
Itron, Inc.                               itri   465741106      47,350     59.85   2,833,897   0.76% COMMON STOCK U.S.
Jos. A. Bank Clothiers, Inc.            josb     480838101      62,000     47.95   2,972,900   0.80% COMMON STOCK U.S.
KMG America Corp.                       kma      482563103     331,570      8.56   2,838,239   0.76% COMMON STOCK U.S.
Labor Ready, Inc.                         lrw    505401208     128,710     23.95   3,082,604   0.83% COMMON STOCK U.S.
LCA-Vision, Inc.                        lcav     501803308      76,400     50.11   3,828,404   1.03% COMMON STOCK U.S.
LifeCell Corp.                            lifc   531927101     153,350     22.55   3,458,042   0.93% COMMON STOCK U.S.
Marchex, Inc., Class B                 mchx      56624R108     157,300     21.50   3,381,950   0.91% COMMON STOCK U.S.
MarketAxess Holdings, Inc.              mktx     57060d108     412,628     12.03   4,963,915   1.34% COMMON STOCK U.S.
MasTec, Inc.                             mtz     576323109     412,320     14.17   5,842,574   1.57% COMMON STOCK U.S.
Matria Healthcare, Inc.                 matr     576817209      75,500     37.96   2,865,980   0.77% COMMON STOCK U.S.
Matrixx Initiatives, Inc.               mtxx      57685l105    110,450     23.30   2,573,485   0.69% COMMON STOCK U.S.
Meridian Bioscience, Inc.               vivo     589584101      68,400     26.98   1,845,432   0.50% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.       flsh    M7061C100     103,500     25.86   2,676,510   0.72% COMMON STOCK U.S.
                                                                                                                         1
RS Diversified Growth Fund
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                               Symbol       Cusip/Sedol        Quantity        Price                Value        Assets
National-Oilwell Varco, Inc.                               nov       637071101           51,910       64.12             3,328,469         0.90% COMMON STOCK U.S.
Nektar Therapeutics                                       nktr       640268108         147,100        20.38             2,997,898         0.81% COMMON STOCK U.S.
Neoware, Inc.                                            nwre        64065p102         139,635        29.62             4,135,989         1.11% COMMON STOCK U.S.
Netflix, Inc.                                              nflx      64110L106         164,850        28.99             4,779,001         1.29% COMMON STOCK U.S.
NuVasive, Inc.                                           nuva        670704105         204,490        18.85             3,854,637         1.04% COMMON STOCK U.S.
Oil States International, Inc.                             ois       678026105         153,400        36.85             5,652,790         1.52% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.                            odfl      679580100         133,700        26.95             3,603,215         0.97% COMMON STOCK U.S.
Omnicell, Inc.                                           omcl        68213n109         282,250        11.39             3,214,828         0.87% COMMON STOCK U.S.
Online Resources Corp.                                    orcc       68273g101         282,183        13.00             3,668,379         0.99% COMMON STOCK U.S.
Openwave Systems, Inc.                                   opwv        683718308         206,970        21.58             4,466,413         1.20% COMMON STOCK U.S.
Oplink Communications, Inc.                               oplk       68375q403         121,400        17.34             2,105,076         0.57% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                             oxps        684010101         102,650        29.08             2,985,062         0.80% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                                    os       686079104           36,700       51.17             1,877,939         0.51% COMMON STOCK U.S.
PDF Solutions, Inc.                                       pdfs       693282105         209,700        18.92             3,967,524         1.07% COMMON STOCK U.S.
PMC-Sierra, Inc.                                         pmcs        69344F106         288,490        12.29             3,545,542         0.96% COMMON STOCK U.S.
Polo Ralph Lauren Corp.                                      rl      731572103           67,650       60.61             4,100,267         1.10% COMMON STOCK U.S.
PolyMedica Corp.                                         plmd        731738100           81,300       42.36             3,443,868         0.93% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.                       praa       73640q105           60,500       46.83             2,833,215         0.76% COMMON STOCK U.S.
PrivateBancorp, Inc.                                      pvtb       742962103           98,750       41.49             4,097,137         1.10% COMMON STOCK U.S.
Progressive Gaming International Corp.                    pgic       74332s102         353,857          9.57            3,386,411         0.91% COMMON STOCK U.S.
Quicksilver Resources, Inc.                               kwk       74837R104            74,100       38.66             2,864,706         0.77% COMMON STOCK U.S.
Radiant Systems, Inc.                                     rads       75025n102         228,432        13.52             3,088,400         0.83% COMMON STOCK U.S.
RADVision Ltd.                                            rvsn      m81869105          198,000        17.85             3,534,300         0.95% COMMON STOCK U.S.
RightNow Technologies, Inc.                              rnow        76657r106         203,550        15.87             3,230,338         0.87% COMMON STOCK U.S.
RPC, Inc.                                                  res       749660106         128,400        22.85             2,933,940         0.79% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms       80874P109          134,660        35.13             4,730,606         1.27% COMMON STOCK U.S.
Select Comfort Corp.                                      scss       81616x103           83,520       39.55             3,303,216         0.89% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                             sirf      82967h101         102,750        35.41             3,638,378         0.98% COMMON STOCK U.S.
Solexa, Inc.                                              slxa       83420x105         395,800          9.98            3,950,084         1.06% COMMON STOCK U.S.
TETRA Technologies, Inc.                                     tti     88162f105           84,250       47.04             3,963,120         1.07% COMMON STOCK U.S.
The Navigators Group, Inc.                               navg        638904102           62,640       49.60             3,106,944         0.84% COMMON STOCK U.S.
THQ, Inc.                                                  thqi      872443403         166,050        25.89             4,299,035         1.16% COMMON STOCK U.S.
Trico Marine Services, Inc.                               trma       896106200         123,950        32.30             4,003,585         1.08% COMMON STOCK U.S.
TRX, Inc.                                                  trxi      898452107         611,450          9.47            5,790,431         1.56% COMMON STOCK U.S.
United Therapeutics Corp.                                 uthr       91307c102           53,200       66.28             3,526,096         0.95% COMMON STOCK U.S.
VaxGen, Inc.                                             vxgn        922390208         211,533          8.80            1,861,490         0.50% COMMON STOCK U.S.
Viasys Healthcare, Inc.                                    vas       92553q209         118,220        30.08             3,556,058         0.96% COMMON STOCK U.S.
Vital Images, Inc.                                         vtal      92846n104           81,100       34.08             2,763,888         0.74% COMMON STOCK U.S.
Website Pros, Inc.                                        wspi       94769v105         168,660        14.05             2,369,673         0.64% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR                              grrf      16938p107           10,190       17.10               174,249         0.05% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                         lton      535925101         364,700          6.55            2,388,785         0.64% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim      67107w100          553,200        10.63             5,880,516         1.58% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                     simo        82706c108         244,350        12.13             2,963,965         0.80% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                     9,149,933         2.47%
TOTAL PORTFOLIO                                                                                                      371,080,748        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 03/31/06.

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
03/31/2006 (unaudited)
                                          Security                                          Market       Pct
Security                                  Symbol      Cusip/Sedol    Quantity    Price       Value    Assets
Adams Respiratory Therapeuti                  arxt    00635P107      122,940     39.77    4,889,324   0.52% COMMON STOCK U.S.
Adeza Biomedical Corp.                       adza     006864102      282,860     21.13    5,976,832   0.64% COMMON STOCK U.S.
Adolor Corp.                                  adlr    00724x102      327,730     23.80    7,799,974   0.84% COMMON STOCK U.S.
Advanced Analogic Technologies, Inc.          aati     00752j108     286,240     11.40    3,263,136   0.35% COMMON STOCK U.S.
Aeropostale, Inc.                             aro     007865108      174,170     30.16    5,252,967   0.56% COMMON STOCK U.S.
Affiliated Managers Group, Inc.              amg      008252108      105,080    106.61   11,202,579   1.20% COMMON STOCK U.S.
Akamai Technologies, Inc.                   akam      00971T101      206,890     32.89    6,804,612   0.73% COMMON STOCK U.S.
Allscripts Healthcare Solutions, Inc.        mdrx     01988P108      148,600     18.31    2,720,866   0.29% COMMON STOCK U.S.
Altiris, Inc.                                 atrs    02148M100      260,050     22.01    5,723,701   0.61% COMMON STOCK U.S.
Altus Pharmaceuticals, Inc.                   altu    02216n105      246,918     21.93    5,414,912   0.58% COMMON STOCK U.S.
American Commercial Lines, Inc.               acli    025195207      203,440     47.20    9,602,368   1.03% COMMON STOCK U.S.
American Science and Engineering, Inc.       asei     029429107       69,090     93.40    6,453,006   0.69% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                 ahs     001744101      548,570     18.72   10,269,230   1.10% COMMON STOCK U.S.
aQuantive, Inc.                              aqnt     03839g105      470,379     23.54   11,072,722   1.19% COMMON STOCK U.S.
Arena Pharmaceuticals, Inc.                  arna     040047102      248,190     18.11    4,494,721   0.48% COMMON STOCK U.S.
Armor Holdings, Inc.                           ah     042260109      157,960     58.29    9,207,488   0.99% COMMON STOCK U.S.
Atheros Communications, Inc.                  athr    04743P108      234,990     26.19    6,154,388   0.66% COMMON STOCK U.S.
Atwood Oceanics, Inc.                         atw     050095108       51,220    101.01    5,173,732   0.55% COMMON STOCK U.S.
AudioCodes Ltd.                              audc     M15342104      679,778     13.82    9,394,532   1.01% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.      bpfh     101119105      277,815     33.79    9,387,369   1.01% COMMON STOCK U.S.
California Pizza Kitchen, Inc.               cpki     13054d109      309,640     32.45   10,047,818   1.08% COMMON STOCK U.S.
Centene Corp.                                 cnc     15135b101      283,630     29.17    8,273,487   0.89% COMMON STOCK U.S.
Ciena Corp.                                  cien     171779101     1,544,430     5.21    8,046,480   0.86% COMMON STOCK U.S.
CNET Networks, Inc.                          cnet     12613R104      347,320     14.21    4,935,417   0.53% COMMON STOCK U.S.
Coldwater Creek, Inc.                        cwtr     193068103      351,315     27.80    9,766,557   1.05% COMMON STOCK U.S.
Crocs, Inc.                                  crox     227046109       29,390     25.15     739,159    0.08% COMMON STOCK U.S.
Digital River, Inc.                           driv    25388b104      248,800     43.61   10,850,168   1.16% COMMON STOCK U.S.
DOV Pharmaceutical, Inc.                     dovp     259858108      276,370     15.98    4,416,393   0.47% COMMON STOCK U.S.
Dril-Quip, Inc.                               drq     262037104      228,780     70.85   16,209,063   1.74% COMMON STOCK U.S.
Eclipsys Corp.                               eclp     278856109      209,720     23.61    4,951,489   0.53% COMMON STOCK U.S.
Equinix, Inc.                                eqix     29444u502      241,010     64.22   15,477,662   1.66% COMMON STOCK U.S.
eResearch Technology, Inc.                   eres     29481V108      732,365     14.39   10,538,732   1.13% COMMON STOCK U.S.
Euronet Worldwide, Inc.                       eeft    298736109      242,603     37.83    9,177,672   0.98% COMMON STOCK U.S.
FactSet Research Systems, Inc.                fds     303075105      154,890     44.35    6,869,371   0.74% COMMON STOCK U.S.
First Horizon Pharmaceutical Corp.            fhrx    32051K106      204,953     25.21    5,166,865   0.55% COMMON STOCK U.S.
Five Star Quality Care, Inc.                  fve     33832d106      233,020     10.89    2,537,588   0.27% COMMON STOCK U.S.
FormFactor, Inc.                             form     346375108      219,221     39.32    8,619,770   0.92% COMMON STOCK U.S.
Four Seasons Hotels, Inc.                       fs    35100e104      102,930     50.70    5,218,551   0.56% COMMON STOCK U.S.
FTI Consulting, Inc.                          fcn     302941109      335,820     28.53    9,580,945   1.03% COMMON STOCK U.S.
Gardner Denver, Inc.                          gdi     365558105       63,090     65.20    4,113,468   0.44% COMMON STOCK U.S.
GFI Group, Inc.                               gfig    361652209      117,685     51.91    6,109,028   0.65% COMMON STOCK U.S.
Global Payments, Inc.                         gpn     37940X102      130,110     53.01    6,897,131   0.74% COMMON STOCK U.S.
GSI Commerce, Inc.                           gsic     36238g102      416,701     17.00    7,083,917   0.76% COMMON STOCK U.S.
Health Grades, Inc.                          hgrd     42218Q102      340,640      5.33    1,815,577   0.19% COMMON STOCK U.S.
Healthways, Inc.                            hway      422245100      148,462     50.94    7,562,654   0.81% COMMON STOCK U.S.
Heartland Payment Systems, Inc.               hpy     42235n108       35,900     24.77     889,243    0.10% COMMON STOCK U.S.
Hibbett Sporting Goods, Inc.                 hibb     428565105      251,924     32.99    8,310,973   0.89% COMMON STOCK U.S.
Hittite Microwave Corp.                       hitt     43365y104     128,880     33.71    4,344,545   0.47% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.              hos     440543106      217,560     36.07    7,847,389   0.84% COMMON STOCK U.S.
Huron Consulting Group, Inc.                 hurn     447462102      223,984     30.29    6,784,475   0.73% COMMON STOCK U.S.
Hydril                                       hydl     448774109      113,890     77.95    8,877,726   0.95% COMMON STOCK U.S.
Hythiam, Inc.                                hytm      44919f104     328,229      9.19    3,016,425   0.32% COMMON STOCK U.S.
Iconix Brand Group, Inc.                     icon     451055107      267,060     14.55    3,885,723   0.42% COMMON STOCK U.S.
I-Flow Corp.                                   iflo   449520303      595,255     13.32    7,928,797   0.85% COMMON STOCK U.S.
Illumina, Inc.                               ilmn     452327109      356,766     23.75    8,473,193   0.91% COMMON STOCK U.S.
Immucor, Inc.                                blud     452526106      293,335     28.69    8,415,781   0.90% COMMON STOCK U.S.
Informatica Corp.                             infa    45666Q102      674,720     15.55   10,491,896   1.12% COMMON STOCK U.S.
IntercontinentalExchange, Inc.                 ice    45865v100       62,530     69.05    4,317,697   0.46% COMMON STOCK U.S.
IntraLase Corp.                               ilse    461169104      248,340     23.20    5,761,488   0.62% COMMON STOCK U.S.
Intuitive Surgical, Inc.                      isrg    46120e602       59,230    118.00    6,989,140   0.75% COMMON STOCK U.S.
Investment Technology Group, Inc.              itg     46145f105     185,710     49.80    9,248,358   0.99% COMMON STOCK U.S.
Itron, Inc.                                    itri   465741106       76,620     59.85    4,585,707   0.49% COMMON STOCK U.S.
Ixia                                          xxia     45071r109     300,737     14.26    4,288,510   0.46% COMMON STOCK U.S.
j2 Global Communications, Inc.               jcom     46626E205      230,290     47.00   10,823,630   1.16% COMMON STOCK U.S.
Kenexa Corp.                                 knxa     488879107      167,644     30.75    5,155,053   0.55% COMMON STOCK U.S.
                                                                                                                                3
RS Emerging Growth Fund
03/31/2006 (unaudited)
                                               Security                                         Market       Pct
Security                                       Symbol      Cusip/Sedol   Quantity    Price       Value    Assets
Keryx Biopharmaceuticals, Inc.                    kerx     492515101     528,600     19.11   10,101,546   1.08% COMMON STOCK U.S.
Kyphon, Inc.                                      kyph     501577100     339,080     37.20   12,613,776   1.35% COMMON STOCK U.S.
Lattice Semiconductor Corp.                        lscc    518415104     502,410      6.66    3,346,051   0.36% COMMON STOCK U.S.
Lazard Ltd., Class A                                laz    g54050102     156,840     44.25    6,940,170   0.74% COMMON STOCK U.S.
LCA-Vision, Inc.                                  lcav     501803308     174,960     50.11    8,767,246   0.94% COMMON STOCK U.S.
LifeCell Corp.                                      lifc   531927101     512,770     22.55   11,562,963   1.24% COMMON STOCK U.S.
LivePerson, Inc.                                  lpsn     538146101     247,575      7.24    1,792,443   0.19% COMMON STOCK U.S.
LoJack Corp.                                       lojn    539451104     222,540     23.98    5,336,509   0.57% COMMON STOCK U.S.
Marchex, Inc., Class B                           mchx      56624R108     188,890     21.50    4,061,135   0.44% COMMON STOCK U.S.
Matria Healthcare, Inc.                           matr     576817209     168,183     37.96    6,384,227   0.68% COMMON STOCK U.S.
Merge Technologies, Inc.                         mrge      589981109     271,459     15.97    4,335,200   0.46% COMMON STOCK U.S.
MicroStrategy, Inc., Class A                      mstr     594972408      69,973    105.29    7,367,457   0.79% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                 flsh    M7061C100     525,822     25.86   13,597,757   1.46% COMMON STOCK U.S.
Myriad Genetics, Inc.                            mygn       62855j104    129,180     26.09    3,370,306   0.36% COMMON STOCK U.S.
Neoware, Inc.                                     nwre     64065p102     224,090     29.62    6,637,546   0.71% COMMON STOCK U.S.
Netflix, Inc.                                      nflx    64110L106     128,260     28.99    3,718,258   0.40% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                        netl    64118b100     248,396     41.21   10,236,399   1.10% COMMON STOCK U.S.
NeuStar, Inc., Class A                             nsr     64126x201     149,880     31.00    4,646,280   0.50% COMMON STOCK U.S.
NuVasive, Inc.                                    nuva     670704105     449,428     18.85    8,471,718   0.91% COMMON STOCK U.S.
Openwave Systems, Inc.                           opwv      683718308     299,093     21.58    6,454,427   0.69% COMMON STOCK U.S.
Optimal Group, Inc., Class A                     opmr       68388r208    209,100     14.53    3,038,223   0.33% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                      oxps     684010101     293,449     29.08    8,533,497   0.91% COMMON STOCK U.S.
Orckit Communications Ltd.                         orct    M7531S206      31,840     21.98     699,843    0.07% COMMON STOCK U.S.
PDL BioPharma, Inc.                                pdli     69329y104    250,430     32.80    8,214,104   0.88% COMMON STOCK U.S.
Peet's Coffee & Tea, Inc.                         peet     705560100      97,000     30.00    2,910,000   0.31% COMMON STOCK U.S.
Photon Dynamics, Inc.                             phtn     719364101     243,040     18.75    4,557,000   0.49% COMMON STOCK U.S.
PolyMedica Corp.                                  plmd     731738100     194,197     42.36    8,226,185   0.88% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.               praa     73640q105     192,230     46.83    9,002,131   0.96% COMMON STOCK U.S.
PrivateBancorp, Inc.                              pvtb     742962103     229,874     41.49    9,537,472   1.02% COMMON STOCK U.S.
Quest Software, Inc.                               qsft    74834T103     494,420     16.70    8,256,814   0.88% COMMON STOCK U.S.
Radiation Therapy Services, Inc.                   rtsx    750323206     310,885     25.51    7,930,676   0.85% COMMON STOCK U.S.
Redback Networks, Inc.                            rbak     757209507     385,400     21.69    8,359,326   0.90% COMMON STOCK U.S.
Retalix Ltd.                                        rtlx   m8215w109     136,550     24.72    3,375,516   0.36% COMMON STOCK U.S.
RightNow Technologies, Inc.                       rnow      76657r106    341,420     15.87    5,418,335   0.58% COMMON STOCK U.S.
RSA Security, Inc.                                rsas     749719100     579,074     17.94   10,388,588   1.11% COMMON STOCK U.S.
Scientific Games Corp., Class A                  sgms      80874P109     234,300     35.13    8,230,959   0.88% COMMON STOCK U.S.
Select Comfort Corp.                              scss     81616x103     235,930     39.55    9,331,031   1.00% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                     sirf    82967h101     193,490     35.41    6,851,481   0.73% COMMON STOCK U.S.
Solexa, Inc.                                       slxa    83420x105     523,330      9.98    5,222,833   0.56% COMMON STOCK U.S.
SonoSite, Inc.                                    sono     83568G104     121,694     40.64    4,945,644   0.53% COMMON STOCK U.S.
Sotheby's Holdings, Inc., Class A                  bid     835898107     245,840     29.04    7,139,193   0.76% COMMON STOCK U.S.
Steven Madden Ltd.                                shoo     556269108     123,330     35.50    4,378,215   0.47% COMMON STOCK U.S.
SVB Financial Group                               sivb     78486q101     172,319     53.05    9,141,523   0.98% COMMON STOCK U.S.
TALX Corp.                                         talx    874918105     116,273     28.48    3,311,455   0.35% COMMON STOCK U.S.
TETRA Technologies, Inc.                             tti    88162f105    130,640     47.04    6,145,306   0.66% COMMON STOCK U.S.
The Navigators Group, Inc.                        navg     638904102     112,000     49.60    5,555,200   0.60% COMMON STOCK U.S.
The Ultimate Software Group, Inc.                   ulti   90385d107     234,617     25.85    6,064,850   0.65% COMMON STOCK U.S.
THQ, Inc.                                          thqi    872443403     234,070     25.89    6,060,072   0.65% COMMON STOCK U.S.
Time Warner Telecom, Inc., Class A                 twtc    887319101     379,600     17.95    6,813,820   0.73% COMMON STOCK U.S.
Trident Microsystems, Inc.                         trid    895919108     191,340     29.06    5,560,340   0.60% COMMON STOCK U.S.
Trizetto Group Inc.                                tzix    896882107     296,290     17.59    5,211,741   0.56% COMMON STOCK U.S.
Ultratech, Inc.                                   utek     904034105     216,430     24.48    5,298,206   0.57% COMMON STOCK U.S.
Unit Corp.                                         unt     909218109     136,200     55.75    7,593,150   0.81% COMMON STOCK U.S.
United Natural Foods, Inc.                         unfi    911163103     263,689     34.97    9,221,204   0.99% COMMON STOCK U.S.
United Surgical Partners International, Inc.      uspi     913016309     202,530     35.41    7,171,587   0.77% COMMON STOCK U.S.
United Therapeutics Corp.                          uthr    91307c102      71,650     66.28    4,748,962   0.51% COMMON STOCK U.S.
Universal Technical Institute, Inc.                 uti    913915104     214,320     30.10    6,451,032   0.69% COMMON STOCK U.S.
ValueClick, Inc.                                   vclk    92046n102     262,737     16.92    4,445,510   0.48% COMMON STOCK U.S.
Ventiv Health, Inc.                                vtiv    922793104         678     33.22      22,523    0.00% COMMON STOCK U.S.
Virage Logic Corp.                                  virl    92763r104    521,430     10.79    5,626,230   0.60% COMMON STOCK U.S.
VistaPrint Ltd.                                    vprt    g93762204     138,125     29.85    4,123,031   0.44% COMMON STOCK U.S.
Vital Images, Inc.                                 vtal    92846n104     277,982     34.08    9,473,627   1.01% COMMON STOCK U.S.
Volcom, Inc.                                      vlcm     92864n101      79,717     35.53    2,832,345   0.30% COMMON STOCK U.S.
WebEx Communications, Inc.                       webx       94767l109    271,210     33.67    9,131,641   0.98% COMMON STOCK U.S.
Witness Systems, Inc.                              wits    977424100     359,872     25.40    9,140,749   0.98% COMMON STOCK U.S.
                                                                                                                                    4
RS Emerging Growth Fund
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
Zumiez, Inc.                                             zumz        989817101         158,517        61.10            9,685,389          1.04% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR                              grrf      16938p107          25,630        17.10              438,273          0.05% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR                         ctrp       22943f100         134,840        82.70           11,151,268          1.19% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                        lton       535925101         518,539         6.55            3,396,430          0.36% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim      67107w100          900,393        10.63            9,571,177          1.03% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                     simo        82706c108         160,942        12.13            1,952,226          0.21% AMERICAN DEPOSITORY RECEIPTS
Tom Online, Inc., ADR                                    tomo        889728200         215,500        25.44            5,482,320          0.59% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                  wthn        967593104         221,340        13.22            2,926,115          0.31% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    9,745,673          1.04%
TOTAL PORTFOLIO                                                                                                      933,480,625       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 03/31/06.

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
03/31/2006 (unaudited)
                                            Security                                       Market       Pct
Security                                    Symbol     Cusip/Sedol   Quantity    Price      Value    Assets
Abbott Laboratories                             abt    002824100      72,500     42.47   3,079,075   1.45% COMMON STOCK U.S.
Activision, Inc.                                atvi   004930202     180,000     13.79   2,482,200   1.17% COMMON STOCK U.S.
Adobe Systems, Inc.                            adbe     00724f101     65,000     34.92   2,269,800   1.07% COMMON STOCK U.S.
Agilent Technologies, Inc.                        a    00846u101      71,000     37.55   2,666,050   1.26% COMMON STOCK U.S.
Alcan, Inc.                                       al   013716105      72,200     45.73   3,301,706   1.56% COMMON STOCK U.S.
Alliance Data Systems Corp.                     ads    018581108      46,000     46.77   2,151,420   1.01% COMMON STOCK U.S.
Altera Corp.                                    altr   021441100     140,000     20.64   2,889,600   1.36% COMMON STOCK U.S.
Altria Group, Inc.                              mo     02209s103      38,000     70.86   2,692,680   1.27% COMMON STOCK U.S.
Amdocs Ltd.                                     dox    G02602103      80,000     36.06   2,884,800   1.36% COMMON STOCK U.S.
American Eagle Outfitters, Inc.                aeos    02553e106     100,000     29.86   2,986,000   1.41% COMMON STOCK U.S.
Analog Devices, Inc.                            adi    032654105      70,000     38.29   2,680,300   1.26% COMMON STOCK U.S.
Apple Computer, Inc.                           aapl    037833100      11,730     62.72    735,706    0.35% COMMON STOCK U.S.
Assurant, Inc.                                   aiz   04621X108      72,700     49.25   3,580,475   1.69% COMMON STOCK U.S.
AT&T Inc.                                          t    00206r102    100,000     27.04   2,704,000   1.27% COMMON STOCK U.S.
BEA Systems, Inc.                              beas    073325102     115,700     13.13   1,519,141   0.72% COMMON STOCK U.S.
Biogen Idec, Inc.                               biib   09062x103      50,000     47.10   2,355,000   1.11% COMMON STOCK U.S.
Cardinal Health, Inc.                           cah     14149y108     38,000     74.52   2,831,760   1.33% COMMON STOCK U.S.
Caremark Rx, Inc.                              cmx     141705103      55,000     49.18   2,704,900   1.27% COMMON STOCK U.S.
Cephalon, Inc.                                 ceph    156708109      47,300     60.25   2,849,825   1.34% COMMON STOCK U.S.
Chesapeake Energy Corp.                         chk    165167107      80,000     31.41   2,512,800   1.18% COMMON STOCK U.S.
CIGNA Corp.                                       ci   125509109      20,000    130.62   2,612,400   1.23% COMMON STOCK U.S.
Cisco Systems, Inc.                            csco    17275R102     200,000     21.67   4,334,000   2.04% COMMON STOCK U.S.
Coach, Inc.                                     coh    189754104      90,000     34.58   3,112,200   1.47% COMMON STOCK U.S.
Comcast Corp., Special Class A               cmcsk     20030n200     115,000     26.12   3,003,800   1.42% COMMON STOCK U.S.
Comverse Technology, Inc.                      cmvt    205862402      95,000     23.53   2,235,350   1.05% COMMON STOCK U.S.
Cooper Cameron Corp.                           cam     216640102      65,000     44.08   2,865,200   1.35% COMMON STOCK U.S.
Corning, Inc.                                   glw    219350105      95,000     26.91   2,556,450   1.20% COMMON STOCK U.S.
Eli Lilly & Co.                                  lly   532457108      47,000     55.30   2,599,100   1.23% COMMON STOCK U.S.
EnCana Corp.                                    eca    292505104      75,000     46.73   3,504,750   1.65% COMMON STOCK U.S.
ENSCO International, Inc.                       esv    26874Q100      63,000     51.45   3,241,350   1.53% COMMON STOCK U.S.
Express Scripts, Inc.                          esrx    302182100      30,000     87.90   2,637,000   1.24% COMMON STOCK U.S.
First Data Corp.                                fdc    319963104      65,000     46.82   3,043,300   1.43% COMMON STOCK U.S.
General Electric Company                         ge    369604103      70,000     34.78   2,434,600   1.15% COMMON STOCK U.S.
Harrah's Entertainment, Inc.                    het    413619107      60,000     77.96   4,677,600   2.20% COMMON STOCK U.S.
Hewlett-Packard Company                         hpq    428236103      85,000     32.90   2,796,500   1.32% COMMON STOCK U.S.
International Game Technology                    igt   459902102      65,000     35.22   2,289,300   1.08% COMMON STOCK U.S.
J. C. Penney Company, Inc.                       jcp   708160106      38,000     60.41   2,295,580   1.08% COMMON STOCK U.S.
Lowe's Cos., Inc.                               low    548661107      43,000     64.44   2,770,920   1.31% COMMON STOCK U.S.
Marathon Oil Corp.                              mro    565849106      27,000     76.17   2,056,590   0.97% COMMON STOCK U.S.
Marvell Technology Group Ltd.                  mrvl    g5876h105      53,000     54.10   2,867,300   1.35% COMMON STOCK U.S.
Medtronic, Inc.                                 mdt    585055106      40,000     50.75   2,030,000   0.96% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                       mer    590188108      32,500     78.76   2,559,700   1.21% COMMON STOCK U.S.
Microchip Technology, Inc.                    mchp     595017104      62,500     36.30   2,268,750   1.07% COMMON STOCK U.S.
Microsoft Corp.                                msft    594918104     150,000     27.21   4,081,500   1.92% COMMON STOCK U.S.
Morgan Stanley                                  ms     617446448      60,000     62.82   3,769,200   1.78% COMMON STOCK U.S.
Motorola, Inc.                                  mot    620076109     105,000     22.91   2,405,550   1.13% COMMON STOCK U.S.
Nabors Industries Ltd.                          nbr    G6359F103      40,000     71.58   2,863,200   1.35% COMMON STOCK U.S.
Norfolk Southern Corporation                    nsc    655844108      50,000     54.07   2,703,500   1.27% COMMON STOCK U.S.
Nortel Networks Corporation                       nt   656568102     775,000      3.05   2,363,750   1.11% COMMON STOCK U.S.
Nucor Corp.                                     nue    670346105      38,000    104.79   3,982,020   1.88% COMMON STOCK U.S.
Palm, Inc.                                     palm    696643105     115,400     23.16   2,672,664   1.26% COMMON STOCK U.S.
Penn National Gaming, Inc.                     penn    707569109      56,300     42.18   2,374,734   1.12% COMMON STOCK U.S.
Pepsico, Inc.                                   pep    713448108      37,500     57.79   2,167,125   1.02% COMMON STOCK U.S.
QUALCOMM, Inc.                                qcom     747525103      55,000     50.61   2,783,550   1.31% COMMON STOCK U.S.
Quicksilver Resources, Inc.                     kwk    74837R104      66,600     38.66   2,574,756   1.21% COMMON STOCK U.S.
Research In Motion Ltd.                       rimm     760975102      25,000     84.88   2,122,000   1.00% COMMON STOCK U.S.
Southwest Airlines Co.                           luv   844741108     195,000     17.99   3,508,050   1.65% COMMON STOCK U.S.
Starbucks Corp.                                sbux    855244109      80,000     37.64   3,011,200   1.42% COMMON STOCK U.S.
Starwood Hotels & Resorts Worldwide, Inc.       hot    85590a203      44,000     67.73   2,980,120   1.40% COMMON STOCK U.S.
Suncor Energy, Inc.                              su    867229106      22,500     77.02   1,732,950   0.82% COMMON STOCK U.S.
Texas Instruments, Inc.                          txn   882508104      75,000     32.47   2,435,250   1.15% COMMON STOCK U.S.
THQ, Inc.                                       thqi   872443403     115,000     25.89   2,977,350   1.40% COMMON STOCK U.S.
Tyco International Ltd.                          tyc   902124106      85,000     26.88   2,284,800   1.08% COMMON STOCK U.S.
Ultra Petroleum Corp.                           upl    903914109      25,000     62.31   1,557,750   0.73% COMMON STOCK U.S.
UnionBanCal Corporation                          ub    908906100      36,000     70.16   2,525,760   1.19% COMMON STOCK U.S.
                                                                                                                               6
RS Growth Fund
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
United Technologies Corp.                                  utx       913017109          48,000        57.97            2,782,560          1.31% COMMON STOCK U.S.
Urban Outfitters, Inc.                                    urbn       917047102          75,000        24.54            1,840,500          0.87% COMMON STOCK U.S.
Varian Medical Systems, Inc.                               var       92220p105          45,000        56.16            2,527,200          1.19% COMMON STOCK U.S.
Verizon Communications, Inc.                                vz       92343v104          82,000        34.06            2,792,920          1.32% COMMON STOCK U.S.
WellPoint, Inc.                                            wlp       94973v107          31,500        77.43            2,439,045          1.15% COMMON STOCK U.S.
XTO Energy, Inc.                                           xto       98385x106          45,000        43.57            1,960,650          0.92% COMMON STOCK U.S.
ABB Ltd. ADR                                              abb        000375204         235,000        12.55            2,949,250          1.39% AMERICAN DEPOSITORY RECEIPTS
America Movil S.A. de C.V., ADR                           amx       02364w105           75,000        34.26            2,569,500          1.21% AMERICAN DEPOSITORY RECEIPTS
Amvescap PLC, ADR                                          avz       03235e100         111,000        18.86            2,093,460          0.99% AMERICAN DEPOSITORY RECEIPTS
Nokia Oyj, ADR                                            nok        654902204         100,000        20.72            2,072,000          0.98% AMERICAN DEPOSITORY RECEIPTS
Shire PLC, ADR                                          shpgy        82481r106          60,000        46.49            2,789,400          1.31% AMERICAN DEPOSITORY RECEIPTS
Vodafone Group PLC, ADR                                   vod       92857w100          115,000        20.90            2,403,500          1.13% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    6,405,439          3.02%
TOTAL PORTFOLIO                                                                                                      212,171,181       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 03/31/06.

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®
03/31/2006 (unaudited)
                                       Security                                        Market       Pct
Security                               Symbol      Cusip/Sedol   Quantity    Price      Value    Assets
Adobe Systems, Inc.                       adbe      00724f101     17,720     34.92    618,782    0.64% COMMON STOCK U.S.
Advanced Analogic Technologies, Inc.       aati     00752j108     87,010     11.40    991,914    1.02% COMMON STOCK U.S.
Akamai Technologies, Inc.                akam      00971T101      49,570     32.89   1,630,357   1.68% COMMON STOCK U.S.
Altiris, Inc.                              atrs    02148M100      79,670     22.01   1,753,537   1.81% COMMON STOCK U.S.
AMICAS, Inc.                             amcs      001712108     183,070      4.72    864,090    0.89% COMMON STOCK U.S.
ANADIGICS, Inc.                           anad     032515108     146,850      7.90   1,160,115   1.19% COMMON STOCK U.S.
Ansoft Corporation                        anst     036384105      10,649     41.69    443,957    0.46% COMMON STOCK U.S.
aQuantive, Inc.                           aqnt     03839g105     113,100     23.54   2,662,374   2.74% COMMON STOCK U.S.
AudioCodes Ltd.                           audc     M15342104     123,670     13.82   1,709,119   1.76% COMMON STOCK U.S.
Ciena Corp.                               cien     171779101     101,280      5.21    527,669    0.54% COMMON STOCK U.S.
Citrix Systems, Inc.                       ctxs    177376100      21,410     37.90    811,439    0.84% COMMON STOCK U.S.
Cogent, Inc.                              cogt      19239y108     90,110     18.34   1,652,617   1.70% COMMON STOCK U.S.
Digital River, Inc.                        driv    25388b104      28,070     43.61   1,224,133   1.26% COMMON STOCK U.S.
Digitas, Inc.                             dtas     25388k104     161,060     14.40   2,319,264   2.39% COMMON STOCK U.S.
Eagle Test Systems, Inc.                   eglt    270006109       9,360     15.40    144,144    0.15% COMMON STOCK U.S.
eCollege.com, Inc.                        eclg     27887e100      30,250     18.84    569,910    0.59% COMMON STOCK U.S.
F5 Networks, Inc.                           ffiv   315616102      15,140     72.49   1,097,499   1.13% COMMON STOCK U.S.
Finisar Corp.                              fnsr    31787A101     123,640      4.95    612,018    0.63% COMMON STOCK U.S.
FormFactor, Inc.                          form     346375108      31,210     39.32   1,227,177   1.26% COMMON STOCK U.S.
Google, Inc., Class A                     goog     38259p508       2,410    390.00    939,900    0.97% COMMON STOCK U.S.
GSI Commerce, Inc.                        gsic     36238g102      56,939     17.00    967,963    1.00% COMMON STOCK U.S.
Health Grades, Inc.                       hgrd     42218Q102      77,820      5.33    414,773    0.43% COMMON STOCK U.S.
Informatica Corp.                          infa    45666Q102     134,500     15.55   2,091,475   2.15% COMMON STOCK U.S.
Ixia                                       xxia     45071r109    131,560     14.26   1,876,046   1.93% COMMON STOCK U.S.
JDS Uniphase Corporation                  jdsu     46612J101     125,640      4.17    523,919    0.54% COMMON STOCK U.S.
Marchex, Inc., Class B                   mchx      56624R108      55,640     21.50   1,196,260   1.23% COMMON STOCK U.S.
Marvell Technology Group Ltd.             mrvl     g5876h105      27,220     54.10   1,472,602   1.52% COMMON STOCK U.S.
MICROS Systems, Inc.                      mcrs     594901100       4,290     46.07    197,640    0.20% COMMON STOCK U.S.
Microsoft Corp.                           msft     594918104      26,680     27.21    725,963    0.75% COMMON STOCK U.S.
Monolithic Power Systems, Inc.          mpwre      609839105      50,100     18.64    933,864    0.96% COMMON STOCK U.S.
Monster Worldwide, Inc.                   mnst     611742107      25,910     49.86   1,291,873   1.33% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.         flsh    M7061C100     107,810     25.86   2,787,966   2.87% COMMON STOCK U.S.
Neoware, Inc.                             nwre     64065p102      38,480     29.62   1,139,778   1.17% COMMON STOCK U.S.
Netflix, Inc.                              nflx    64110L106      52,380     28.99   1,518,496   1.56% COMMON STOCK U.S.
NeuStar, Inc., Class A                     nsr     64126x201      54,500     31.00   1,689,500   1.74% COMMON STOCK U.S.
Openwave Systems, Inc.                   opwv      683718308     102,940     21.58   2,221,445   2.29% COMMON STOCK U.S.
Orckit Communications Ltd.                 orct    M7531S206      55,560     21.98   1,221,209   1.26% COMMON STOCK U.S.
PDF Solutions, Inc.                       pdfs     693282105     157,851     18.92   2,986,541   3.07% COMMON STOCK U.S.
Photon Dynamics, Inc.                     phtn     719364101      40,660     18.75    762,375    0.78% COMMON STOCK U.S.
PLX Technology, Inc.                       plxt    693417107     115,612     12.55   1,450,930   1.49% COMMON STOCK U.S.
PMC-Sierra, Inc.                         pmcs      69344F106      65,640     12.29    806,716    0.83% COMMON STOCK U.S.
Quest Software, Inc.                       qsft    74834T103     106,310     16.70   1,775,377   1.83% COMMON STOCK U.S.
RADWARE Ltd.                              rdwr     m81873107      51,070     17.63    900,364    0.93% COMMON STOCK U.S.
Red Hat, Inc.                              rhat    756577102      31,740     27.98    888,085    0.91% COMMON STOCK U.S.
Redback Networks, Inc.                    rbak     757209507      99,160     21.69   2,150,780   2.21% COMMON STOCK U.S.
RightNow Technologies, Inc.               rnow      76657r106    170,362     15.87   2,703,645   2.78% COMMON STOCK U.S.
Salesforce.com, Inc.                       crm      79466l302     52,370     36.33   1,902,602   1.96% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.             sirf    82967h101      24,360     35.41    862,588    0.89% COMMON STOCK U.S.
Supertex, Inc.                            supx     868532102      27,130     37.62   1,020,631   1.05% COMMON STOCK U.S.
Symantec Corp.                           symc      871503108      72,400     16.83   1,218,492   1.25% COMMON STOCK U.S.
Tellabs, Inc.                              tlab    879664100      65,450     15.90   1,040,655   1.07% COMMON STOCK U.S.
THQ, Inc.                                  thqi    872443403      52,470     25.89   1,358,448   1.40% COMMON STOCK U.S.
Ultratech, Inc.                           utek     904034105      61,800     24.48   1,512,864   1.56% COMMON STOCK U.S.
Virage Logic Corp.                          virl    92763r104    166,330     10.79   1,794,701   1.85% COMMON STOCK U.S.
Volterra Semiconductor Corp.               vltr    928708106      83,070     19.09   1,585,806   1.63% COMMON STOCK U.S.
WebEx Communications, Inc.               webx       94767l109    128,350     33.67   4,321,544   4.45% COMMON STOCK U.S.
WebMD Health Corp., Class A              wbmd      94770v102         520     41.64     21,653    0.02% COMMON STOCK U.S.
WebSideStory, Inc.                        wssi     947685103     121,000     17.19   2,079,990   2.14% COMMON STOCK U.S.
Website Pros, Inc.                        wspi     94769v105      46,770     14.05    657,118    0.68% COMMON STOCK U.S.
Witness Systems, Inc.                      wits    977424100      68,232     25.40   1,733,093   1.78% COMMON STOCK U.S.
Yahoo! Inc.                               yhoo     984332106     106,718     32.26   3,442,723   3.54% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR              grrf    16938p107       2,670     17.10     45,657    0.05% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR          ctrp     22943f100     15,040     82.70   1,243,808   1.28% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR           oiim     67107w100     450,390     10.63   4,787,646   4.93% AMERICAN DEPOSITORY RECEIPTS
Patni Computer Systems Ltd., ADR            pti    703248203         140     20.45      2,863    0.00% AMERICAN DEPOSITORY RECEIPTS
                                                                                                                             8
The Information Age Fund®
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
Pixelplus Co. Ltd., ADR                                   pxpl       72582a102          61,760        11.40              704,064          0.72% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                     simo        82706c108          79,860        12.13              968,702          1.00% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                  wthn        967593104          18,990        13.22              251,048          0.26% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    4,913,474          5.06%
TOTAL PORTFOLIO                                                                                                       97,125,770       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 03/31/06.

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®
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
Akamai Technologies, Inc.                               akam        00971T101           34,190        32.89            1,124,509          1.26% COMMON STOCK U.S.
Altiris, Inc.                                             atrs      02148M100           41,250        22.01              907,912          1.02% COMMON STOCK U.S.
Amazon.com, Inc.                                         amzn        023135106          38,370        36.51            1,400,889          1.57% COMMON STOCK U.S.
AMICAS, Inc.                                             amcs        001712108         261,040         4.72            1,232,109          1.38% COMMON STOCK U.S.
Applied Micro Circuits Corp.                             amcc       03822w109          163,280         4.07              664,550          0.75% COMMON STOCK U.S.
aQuantive, Inc.                                           aqnt       03839g105         161,010        23.54            3,790,176          4.26% COMMON STOCK U.S.
AudioCodes Ltd.                                          audc       M15342104          120,540        13.82            1,665,863          1.87% COMMON STOCK U.S.
Ciena Corp.                                               cien       171779101          97,140         5.21              506,099          0.57% COMMON STOCK U.S.
Citrix Systems, Inc.                                      ctxs       177376100          16,060        37.90              608,674          0.68% COMMON STOCK U.S.
CNET Networks, Inc.                                       cnet      12613R104          111,260        14.21            1,581,004          1.78% COMMON STOCK U.S.
Cogent, Inc.                                              cogt       19239y108          53,930        18.34              989,076          1.11% COMMON STOCK U.S.
Digital River, Inc.                                       driv       25388b104          54,910        43.61            2,394,625          2.69% COMMON STOCK U.S.
Digitas, Inc.                                             dtas       25388k104         224,060        14.40            3,226,464          3.62% COMMON STOCK U.S.
Eagle Test Systems, Inc.                                  eglt       270006109            8,600       15.40              132,440          0.15% COMMON STOCK U.S.
eCollege.com, Inc.                                        eclg       27887e100          40,240        18.84              758,122          0.85% COMMON STOCK U.S.
Finisar Corp.                                             fnsr      31787A101          114,510         4.95              566,824          0.64% COMMON STOCK U.S.
Google, Inc., Class A                                    goog        38259p508            4,440      390.00            1,731,600          1.94% COMMON STOCK U.S.
GSI Commerce, Inc.                                        gsic       36238g102         133,360        17.00            2,267,120          2.55% COMMON STOCK U.S.
Health Grades, Inc.                                       hgrd      42218Q102           79,690         5.33              424,740          0.48% COMMON STOCK U.S.
HouseValues, Inc.                                         sold       44183y102          42,420         8.24              349,541          0.39% COMMON STOCK U.S.
Informatica Corp.                                         infa      45666Q102           68,300        15.55            1,062,065          1.19% COMMON STOCK U.S.
iVillage, Inc.                                              ivil     46588h105         113,690         8.41              956,133          1.07% COMMON STOCK U.S.
JDS Uniphase Corporation                                  jdsu       46612J101         119,640         4.17              498,899          0.56% COMMON STOCK U.S.
Marchex, Inc., Class B                                   mchx       56624R108          102,430        21.50            2,202,245          2.47% COMMON STOCK U.S.
MICROS Systems, Inc.                                     mcrs        594901100          15,670        46.07              721,917          0.81% COMMON STOCK U.S.
Monster Worldwide, Inc.                                  mnst        611742107          43,180        49.86            2,152,955          2.42% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                         flsh     M7061C100           86,100        25.86            2,226,546          2.50% COMMON STOCK U.S.
Netflix, Inc.                                              nflx      64110L106          99,040        28.99            2,871,170          3.22% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                               netl       64118b100          47,780        41.21            1,969,014          2.21% COMMON STOCK U.S.
NeuStar, Inc., Class A                                     nsr       64126x201          26,810        31.00              831,110          0.93% COMMON STOCK U.S.
Openwave Systems, Inc.                                   opwv        683718308          98,230        21.58            2,119,803          2.38% COMMON STOCK U.S.
Optimal Group, Inc., Class A                             opmr        68388r208          42,900        14.53              623,337          0.70% COMMON STOCK U.S.
Overstock.com, Inc.                                       ostk       690370101          22,400        29.82              667,968          0.75% COMMON STOCK U.S.
PDF Solutions, Inc.                                       pdfs       693282105         151,570        18.92            2,867,704          3.22% COMMON STOCK U.S.
PLX Technology, Inc.                                       plxt      693417107         116,590        12.55            1,463,204          1.64% COMMON STOCK U.S.
Rackable Systems, Inc.                                    rack       750077109          13,050        52.85              689,693          0.77% COMMON STOCK U.S.
RADWARE Ltd.                                              rdwr      m81873107           32,840        17.63              578,969          0.65% COMMON STOCK U.S.
RightNow Technologies, Inc.                              rnow        76657r106         156,018        15.87            2,476,006          2.78% COMMON STOCK U.S.
Salesforce.com, Inc.                                      crm        79466l302          49,990        36.33            1,816,137          2.04% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                             sirf      82967h101          23,320        35.41              825,761          0.93% COMMON STOCK U.S.
Symantec Corp.                                           symc        871503108          69,120        16.83            1,163,290          1.31% COMMON STOCK U.S.
THQ, Inc.                                                 thqi       872443403          34,160        25.89              884,402          0.99% COMMON STOCK U.S.
Trident Microsystems, Inc.                                 trid      895919108          16,990        29.06              493,729          0.55% COMMON STOCK U.S.
ValueClick, Inc.                                          vclk       92046n102          25,861        16.92              437,568          0.49% COMMON STOCK U.S.
VistaPrint Ltd.                                           vprt       g93762204            7,980       29.85              238,203          0.27% COMMON STOCK U.S.
WebEx Communications, Inc.                               webx        94767l109         103,664        33.67            3,490,367          3.92% COMMON STOCK U.S.
WebMD Health Corp., Class A                             wbmd         94770v102              540       41.64                22,486         0.03% COMMON STOCK U.S.
WebSideStory, Inc.                                        wssi       947685103         139,000        17.19            2,389,410          2.68% COMMON STOCK U.S.
Website Pros, Inc.                                        wspi       94769v105          66,030        14.05              927,721          1.04% COMMON STOCK U.S.
Witness Systems, Inc.                                     wits       977424100          72,040        25.40            1,829,816          2.05% COMMON STOCK U.S.
Yahoo! Inc.                                              yhoo        984332106         139,850        32.26            4,511,561          5.07% COMMON STOCK U.S.
ZipRealty, Inc.                                            zipr      98974v107         172,950         8.78            1,518,501          1.71% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR                              grrf      16938p107            2,450       17.10                41,895         0.05% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR                         ctrp       22943f100          22,730        82.70            1,879,771          2.11% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                        lton       535925101         178,790         6.55            1,171,074          1.31% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim      67107w100          449,950        10.63            4,782,968          5.37% AMERICAN DEPOSITORY RECEIPTS
Patni Computer Systems Ltd., ADR                            pti      703248203              140       20.45                 2,863         0.00% AMERICAN DEPOSITORY RECEIPTS
Pixelplus Co. Ltd., ADR                                   pxpl       72582a102          63,430        11.40              723,102          0.81% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                     simo        82706c108          45,660        12.13              553,856          0.62% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                  wthn        967593104          19,140        13.22              253,031          0.28% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    5,800,418          6.51%
TOTAL PORTFOLIO                                                                                                       89,059,005       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 03/31/06.
                                                                                                                                                                     10
RS Internet Age Fund®
03/31/2006 (unaudited)
                                                     Security                                                             Market           Pct
Security                                              Symbol       Cusip/Sedol        Quantity        Price                Value        Assets

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
03/31/2006 (unaudited)
                                              Security                                        Market       Pct
Security                                      Symbol     Cusip/Sedol    Quantity    Price      Value    Assets
3Com Corp.                                      coms     885535104      575,000      5.12   2,944,000   1.16% COMMON STOCK U.S.
ADC Telecommunications, Inc.                     adct    000886309      100,000     25.59   2,559,000   1.00% COMMON STOCK U.S.
Adobe Systems, Inc.                              adbe     00724f101      74,000     34.92   2,584,080   1.01% COMMON STOCK U.S.
Advanced Medical Optics, Inc                      eye    00763m108       70,000     46.64   3,264,800   1.28% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                  amg     008252108       28,000    106.61   2,985,080   1.17% COMMON STOCK U.S.
Agilent Technologies, Inc.                          a    00846u101       65,000     37.55   2,440,750   0.96% COMMON STOCK U.S.
Alcan, Inc.                                         al   013716105       57,700     45.73   2,638,621   1.04% COMMON STOCK U.S.
AmericanWest Bancorporation                     awbc     03058p109       98,000     26.47   2,594,060   1.02% COMMON STOCK U.S.
AMERIGROUP Corp.                                  agp    03073T102       27,100     21.04    570,184    0.22% COMMON STOCK U.S.
AMETEK, Inc.                                     ame     031100100       55,000     44.96   2,472,800   0.97% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.                     amln    032346108       65,000     48.95   3,181,750   1.25% COMMON STOCK U.S.
Analog Devices, Inc.                              adi    032654105       62,500     38.29   2,393,125   0.94% COMMON STOCK U.S.
Apple Computer, Inc.                             aapl    037833100       14,000     62.72    878,080    0.34% COMMON STOCK U.S.
Armor Holdings, Inc.                               ah    042260109       40,000     58.29   2,331,600   0.92% COMMON STOCK U.S.
Assurant, Inc.                                     aiz   04621X108       43,600     49.25   2,147,300   0.84% COMMON STOCK U.S.
Bebe Stores, Inc.                                bebe    075571109      130,000     18.42   2,394,600   0.94% COMMON STOCK U.S.
BJ Services Co.                                    bjs   055482103       62,500     34.60   2,162,500   0.85% COMMON STOCK U.S.
Broadcom Corp., Class A                         brcm     111320107       55,000     43.16   2,373,800   0.93% COMMON STOCK U.S.
Cephalon, Inc.                                   ceph    156708109       48,200     60.25   2,904,050   1.14% COMMON STOCK U.S.
Ciena Corp.                                      cien    171779101      525,000      5.21   2,735,250   1.07% COMMON STOCK U.S.
CIGNA Corp.                                         ci   125509109       20,000    130.62   2,612,400   1.03% COMMON STOCK U.S.
Coach, Inc.                                       coh    189754104       72,500     34.58   2,507,050   0.98% COMMON STOCK U.S.
Comverse Technology, Inc.                        cmvt    205862402      100,000     23.53   2,353,000   0.92% COMMON STOCK U.S.
Covance, Inc.                                     cvd    222816100       42,000     58.75   2,467,500   0.97% COMMON STOCK U.S.
Cymer, Inc.                                      cymi    232572107       58,000     45.44   2,635,520   1.03% COMMON STOCK U.S.
Cypress Semiconductor Corp.                        cy    232806109      215,000     16.95   3,644,250   1.43% COMMON STOCK U.S.
Cytyc Corp.                                       cytc   232946103       82,500     28.18   2,324,850   0.91% COMMON STOCK U.S.
E*TRADE Financial Corp.                             et   269246104      115,000     26.98   3,102,700   1.22% COMMON STOCK U.S.
Energy Conversion Devices, Inc.                  ener    292659109       55,000     49.18   2,704,900   1.06% COMMON STOCK U.S.
ENSCO International, Inc.                         esv    26874Q100       58,000     51.45   2,984,100   1.17% COMMON STOCK U.S.
EOG Resources, Inc.                               eog    26875p101       42,000     72.00   3,024,000   1.19% COMMON STOCK U.S.
Express Scripts, Inc.                            esrx    302182100       30,000     87.90   2,637,000   1.04% COMMON STOCK U.S.
Fairchild Semiconductor International, Inc.        fcs   303726103      170,000     19.07   3,241,900   1.27% COMMON STOCK U.S.
Forest Laboratories, Inc.                          frx   345838106       70,000     44.63   3,124,100   1.23% COMMON STOCK U.S.
Gemstar-TV Guide International, Inc.             gmst    36866W106     1,083,600     3.09   3,348,324   1.31% COMMON STOCK U.S.
Genworth Financial, Inc., Class A                gnw     37247D106       77,000     33.43   2,574,110   1.01% COMMON STOCK U.S.
Grant Prideco, Inc.                               grp    38821g101      105,000     42.84   4,498,200   1.77% COMMON STOCK U.S.
Hanover Compressor Co.                             hc    410768105      160,000     18.62   2,979,200   1.17% COMMON STOCK U.S.
Hansen Natural Corporation                       hans    411310105       22,000    126.05   2,773,100   1.09% COMMON STOCK U.S.
Harrah's Entertainment, Inc.                      het    413619107       50,000     77.96   3,898,000   1.53% COMMON STOCK U.S.
Herbalife Ltd.                                     hlf   G4412G101       75,000     33.77   2,532,750   0.99% COMMON STOCK U.S.
Hilton Hotels Corp.                                hlt   432848109      112,000     25.46   2,851,520   1.12% COMMON STOCK U.S.
International Game Technology                      igt   459902102       75,000     35.22   2,641,500   1.04% COMMON STOCK U.S.
IPSCO, Inc.                                        ips   462622101       28,000    104.09   2,914,520   1.14% COMMON STOCK U.S.
JLG Industries, Inc.                               jlg   466210101       93,200     30.79   2,869,628   1.13% COMMON STOCK U.S.
Lam Research Corp.                                lrcx   512807108       55,000     43.00   2,365,000   0.93% COMMON STOCK U.S.
Landstar System, Inc.                             lstr   515098101       75,000     44.12   3,309,000   1.30% COMMON STOCK U.S.
Limited Brands, Inc.                               ltd   532716107      125,000     24.46   3,057,500   1.20% COMMON STOCK U.S.
Loews Corp. - Carolina Group                       cg    540424207       64,000     47.27   3,025,280   1.19% COMMON STOCK U.S.
Marvell Technology Group Ltd.                    mrvl    g5876h105       52,000     54.10   2,813,200   1.10% COMMON STOCK U.S.
McDermott International, Inc.                     mdr    580037109       55,000     54.45   2,994,750   1.18% COMMON STOCK U.S.
Medco Health Solutions, Inc.                     mhs     58405u102       50,000     57.22   2,861,000   1.12% COMMON STOCK U.S.
Microsemi Corp.                                 mscc     595137100       72,100     29.11   2,098,831   0.82% COMMON STOCK U.S.
Mirant Corporation                                mir     60467r100     120,000     25.00   3,000,000   1.18% COMMON STOCK U.S.
Monster Worldwide, Inc.                          mnst    611742107       45,000     49.86   2,243,700   0.88% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                flsh   M7061C100      100,000     25.86   2,586,000   1.02% COMMON STOCK U.S.
NeuStar, Inc., Class A                            nsr    64126x201       85,000     31.00   2,635,000   1.03% COMMON STOCK U.S.
Nortel Networks Corporation                         nt   656568102      875,000      3.05   2,668,750   1.05% COMMON STOCK U.S.
Openwave Systems, Inc.                          opwv     683718308      125,000     21.58   2,697,500   1.06% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                           os    686079104       31,000     51.17   1,586,270   0.62% COMMON STOCK U.S.
PACCAR, Inc.                                     pcar    693718108       35,000     70.48   2,466,800   0.97% COMMON STOCK U.S.
Palm, Inc.                                       palm    696643105      149,400     23.16   3,460,104   1.36% COMMON STOCK U.S.
Penn National Gaming, Inc.                       penn    707569109       66,000     42.18   2,783,880   1.09% COMMON STOCK U.S.
Pharmaceutical Product Develoment, Inc.          ppdi    717124101       63,000     34.61   2,180,430   0.86% COMMON STOCK U.S.
PMC-Sierra, Inc.                                pmcs     69344F106      251,200     12.29   3,087,248   1.21% COMMON STOCK U.S.
                                                                                                                                  12
RS MidCap Opportunities Fund
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
Polo Ralph Lauren Corp.                                      rl      731572103          38,000        60.61            2,303,180          0.90% COMMON STOCK U.S.
Quicksilver Resources, Inc.                               kwk       74837R104           88,800        38.66            3,433,008          1.35% COMMON STOCK U.S.
ResMed, Inc.                                              rmd        761152107          58,500        43.98            2,572,830          1.01% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms       80874P109          134,000        35.13            4,707,420          1.85% COMMON STOCK U.S.
Simpson Manufacturing Co.                                  ssd       829073105          55,000        43.30            2,381,500          0.93% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                             sirf      82967h101          63,000        35.41            2,230,830          0.88% COMMON STOCK U.S.
Steelcase, Inc., Class A                                   scs       858155203         145,000        18.00            2,610,000          1.02% COMMON STOCK U.S.
SVB Financial Group                                       sivb       78486q101          49,500        53.05            2,625,975          1.03% COMMON STOCK U.S.
T. Rowe Price Group, Inc.                                 trow       74144t108          30,000        78.21            2,346,300          0.92% COMMON STOCK U.S.
Tellabs, Inc.                                             tlab       879664100         251,500        15.90            3,998,850          1.57% COMMON STOCK U.S.
The First Marblehead Corp.                                fmd        320771108          67,000        43.25            2,897,750          1.14% COMMON STOCK U.S.
The TJX Companies, Inc.                                     tjx      872540109         105,000        24.82            2,606,100          1.02% COMMON STOCK U.S.
Thermo Electron Corporation                               tmo        883556102          75,000        37.09            2,781,750          1.09% COMMON STOCK U.S.
THQ, Inc.                                                 thqi       872443403         100,000        25.89            2,589,000          1.02% COMMON STOCK U.S.
Tidewater, Inc.                                            tdw       886423102          45,000        55.23            2,485,350          0.98% COMMON STOCK U.S.
Ultra Petroleum Corp.                                      upl       903914109          28,000        62.31            1,744,680          0.68% COMMON STOCK U.S.
Univision Communications, Inc.                            uvn        914906102          70,000        34.47            2,412,900          0.95% COMMON STOCK U.S.
Urban Outfitters, Inc.                                    urbn       917047102          90,000        24.54            2,208,600          0.87% COMMON STOCK U.S.
Varian Medical Systems, Inc.                               var       92220p105          45,000        56.16            2,527,200          0.99% COMMON STOCK U.S.
Vulcan Materials Co.                                      vmc        929160109          45,000        86.65            3,899,250          1.53% COMMON STOCK U.S.
Walter Industries, Inc.                                    wlt       93317q105          64,000        66.62            4,263,680          1.67% COMMON STOCK U.S.
Weatherford International Ltd.                             wft       g95089101          65,000        45.75            2,973,750          1.17% COMMON STOCK U.S.
West Corp.                                                wstc       952355105          50,000        44.66            2,233,000          0.88% COMMON STOCK U.S.
XTO Energy, Inc.                                           xto       98385x106          55,000        43.57            2,396,350          0.94% COMMON STOCK U.S.
Zions Bancorporation                                      zion       989701107          31,500        82.73            2,605,995          1.02% COMMON STOCK U.S.
Chicago Bridge & Iron Company, N.V., ADR                   cbi       167250109          90,000        24.00            2,160,000          0.85% AMERICAN DEPOSITORY RECEIPTS
Shire PLC, ADR                                          shpgy        82481r106          57,000        46.49            2,649,930          1.04% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    4,342,948          1.71%
TOTAL PORTFOLIO                                                                                                      254,707,921       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 03/31/06.

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
03/31/2006 (unaudited)
                                          Security                                       Market       Pct
Security                                  Symbol      Cusip/Sedol   Quantity   Price      Value    Assets
Adeza Biomedical Corp.                       adza     006864102     137,240    21.13   2,899,881   0.98% COMMON STOCK U.S.
Adolor Corp.                                  adlr    00724x102      58,100    23.80   1,382,780   0.47% COMMON STOCK U.S.
American Commercial Lines, Inc.               acli    025195207      99,180    47.20   4,681,296   1.58% COMMON STOCK U.S.
American Railcar Industries, Inc.             arii    02916p103      73,100    35.07   2,563,617   0.86% COMMON STOCK U.S.
Amerisafe, Inc.                              amsf     03071h100     342,619    12.00   4,111,428   1.38% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                 ahs     001744101     165,210    18.72   3,092,731   1.04% COMMON STOCK U.S.
ANADIGICS, Inc.                              anad     032515108     196,700     7.90   1,553,930   0.52% COMMON STOCK U.S.
AngioDynamics, Inc.                          ango     03475v101      78,840    30.06   2,369,931   0.80% COMMON STOCK U.S.
Barrett Business Services, Inc.              bbsi     068463108     154,850    27.00   4,180,950   1.41% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.      bpfh     101119105     108,620    33.79   3,670,270   1.24% COMMON STOCK U.S.
Bottomline Technologies, Inc.                epay     101388106     150,700    13.73   2,069,111   0.70% COMMON STOCK U.S.
Building Materials Holding Corp.            bmhc      120113105      67,860    35.64   2,418,530   0.81% COMMON STOCK U.S.
Cache, Inc.                                  cach     127150308     203,297    18.34   3,728,467   1.26% COMMON STOCK U.S.
Central Garden & Pet Co.                     cent     153527106      82,280    53.14   4,372,359   1.47% COMMON STOCK U.S.
Century Casinos, Inc.                        cnty     156492100     285,720    10.64   3,040,061   1.02% COMMON STOCK U.S.
Champion Enterprises, Inc.                    chb     158496109     181,540    14.96   2,715,838   0.91% COMMON STOCK U.S.
Concur Technologies, Inc.                    cnqr     206708109     131,440    18.53   2,435,583   0.82% COMMON STOCK U.S.
Cybersource Corp.                            cybs      23251j106    185,500    11.16   2,070,180   0.70% COMMON STOCK U.S.
Digitas, Inc.                                dtas     25388k104     231,230    14.40   3,329,712   1.12% COMMON STOCK U.S.
Dril-Quip, Inc.                               drq     262037104       4,100    70.85    290,485    0.10% COMMON STOCK U.S.
Dynamic Materials Corp.                     boom      267888105      37,350    35.64   1,331,154   0.45% COMMON STOCK U.S.
Encore Medical Corp.                        enmc      29256E109      56,668     5.12    290,140    0.10% COMMON STOCK U.S.
Equinix, Inc.                                eqix     29444u502      52,740    64.22   3,386,963   1.14% COMMON STOCK U.S.
FirstService Corp.                            fsrv    33761N109     166,919    24.59   4,104,538   1.38% COMMON STOCK U.S.
Five Star Quality Care, Inc.                  fve     33832d106     324,270    10.89   3,531,301   1.19% COMMON STOCK U.S.
Flow International Corporation                flow    343468104      97,781    13.17   1,287,776   0.43% COMMON STOCK U.S.
Gardner Denver, Inc.                          gdi     365558105      35,640    65.20   2,323,728   0.78% COMMON STOCK U.S.
Gehl Company                                 gehl     368483103     102,590    33.12   3,397,781   1.14% COMMON STOCK U.S.
GFI Group, Inc.                               gfig    361652209      63,630    51.91   3,303,033   1.11% COMMON STOCK U.S.
Grey Wolf, Inc.                                gw     397888108     299,490     7.44   2,228,206   0.75% COMMON STOCK U.S.
GSI Group, Inc.                              gsig     36229u102     207,290    11.05   2,290,555   0.77% COMMON STOCK U.S.
Health Grades, Inc.                          hgrd     42218Q102     161,420     5.33    860,352    0.29% COMMON STOCK U.S.
Hexcel Corp.                                   hxl    428291108     162,740    21.97   3,575,398   1.20% COMMON STOCK U.S.
Hydril                                       hydl     448774109      38,020    77.95   2,963,659   1.00% COMMON STOCK U.S.
I.D. Systems, Inc.                            idsy    449489103     106,030    25.00   2,650,750   0.89% COMMON STOCK U.S.
Iconix Brand Group, Inc.                     icon     451055107     198,210    14.55   2,883,956   0.97% COMMON STOCK U.S.
I-Flow Corp.                                   iflo   449520303     174,720    13.32   2,327,270   0.78% COMMON STOCK U.S.
Illumina, Inc.                               ilmn     452327109      58,990    23.75   1,401,012   0.47% COMMON STOCK U.S.
Immucor, Inc.                                blud     452526106      96,330    28.69   2,763,708   0.93% COMMON STOCK U.S.
Intevac, Inc.                                ivac     461148108     114,080    28.78   3,283,222   1.11% COMMON STOCK U.S.
Itron, Inc.                                    itri   465741106      53,830    59.85   3,221,725   1.09% COMMON STOCK U.S.
j2 Global Communications, Inc.               jcom     46626E205      97,090    47.00   4,563,230   1.54% COMMON STOCK U.S.
Jos. A. Bank Clothiers, Inc.                 josb     480838101      54,541    47.95   2,615,241   0.88% COMMON STOCK U.S.
KKR Financial Corp.                           kfn     482476306     139,180    22.43   3,121,807   1.05% COMMON STOCK U.S.
Laureate Education, Inc.                      laur    518613104      56,960    53.38   3,040,525   1.02% COMMON STOCK U.S.
LCA-Vision, Inc.                             lcav     501803308      42,330    50.11   2,121,156   0.71% COMMON STOCK U.S.
LifeCell Corp.                                 lifc   531927101     160,880    22.55   3,627,844   1.22% COMMON STOCK U.S.
Marchex, Inc., Class B                      mchx      56624R108      55,300    21.50   1,188,950   0.40% COMMON STOCK U.S.
Matrixx Initiatives, Inc.                    mtxx      57685l105     94,930    23.30   2,211,869   0.75% COMMON STOCK U.S.
Maverick Tube Corp.                          mvk      577914104      57,280    52.99   3,035,267   1.02% COMMON STOCK U.S.
McGrath RentCorp                            mgrc      580589109     127,510    30.06   3,832,951   1.29% COMMON STOCK U.S.
Microsemi Corp.                             mscc      595137100      72,060    29.11   2,097,667   0.71% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.            flsh    M7061C100      99,430    25.86   2,571,260   0.87% COMMON STOCK U.S.
Neoware, Inc.                                nwre     64065p102     100,310    29.62   2,971,182   1.00% COMMON STOCK U.S.
Netflix, Inc.                                 nflx    64110L106     109,420    28.99   3,172,086   1.07% COMMON STOCK U.S.
Neurometrix Inc.                             nuro     641255104      37,540    38.94   1,461,808   0.49% COMMON STOCK U.S.
Nutri/System Inc.                             ntri    67069d108      75,030    47.52   3,565,426   1.20% COMMON STOCK U.S.
NuVasive, Inc.                               nuva     670704105     154,420    18.85   2,910,817   0.98% COMMON STOCK U.S.
Oil States International, Inc.                 ois    678026105      74,370    36.85   2,740,535   0.92% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.               odfl    679580100     128,840    26.95   3,472,238   1.17% COMMON STOCK U.S.
Online Resources Corp.                       orcc     68273g101     282,870    13.00   3,677,310   1.24% COMMON STOCK U.S.
Openwave Systems, Inc.                      opwv      683718308     135,950    21.58   2,933,801   0.99% COMMON STOCK U.S.
Optimal Group, Inc., Class A                opmr       68388r208    229,760    14.53   3,338,413   1.12% COMMON STOCK U.S.
Orthovita, Inc.                               vita    68750U102     550,930     4.14   2,280,850   0.77% COMMON STOCK U.S.
PDF Solutions, Inc.                          pdfs     693282105     174,130    18.92   3,294,540   1.11% COMMON STOCK U.S.
                                                                                                                             14
RS Smaller Company Growth Fund
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
PolyMedica Corp.                                         plmd        731738100          85,243        42.36            3,610,894          1.22% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.                       praa       73640q105          67,780        46.83            3,174,137          1.07% COMMON STOCK U.S.
PrivateBancorp, Inc.                                      pvtb       742962103         103,416        41.49            4,290,730          1.45% COMMON STOCK U.S.
Progressive Gaming International Corp.                    pgic       74332s102         278,570         9.57            2,665,915          0.90% COMMON STOCK U.S.
Providence Service Corp.                                  prsc       743815102          69,860        32.52            2,271,847          0.77% COMMON STOCK U.S.
Radiant Systems, Inc.                                     rads       75025n102         174,680        13.52            2,361,674          0.80% COMMON STOCK U.S.
RADVision Ltd.                                            rvsn      m81869105          166,500        17.85            2,972,025          1.00% COMMON STOCK U.S.
RADWARE Ltd.                                              rdwr      m81873107          133,690        17.63            2,356,955          0.79% COMMON STOCK U.S.
Regal-Beloit Corporation                                   rbc       758750103          71,600        42.27            3,026,532          1.02% COMMON STOCK U.S.
ResMed, Inc.                                              rmd        761152107          38,480        43.98            1,692,350          0.57% COMMON STOCK U.S.
Retalix Ltd.                                               rtlx     m8215w109          108,870        24.72            2,691,266          0.91% COMMON STOCK U.S.
Rollins, Inc.                                               rol      775711104         195,600        20.24            3,958,944          1.33% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms       80874P109          158,740        35.13            5,576,536          1.88% COMMON STOCK U.S.
Solexa, Inc.                                              slxa       83420x105         184,960         9.98            1,845,901          0.62% COMMON STOCK U.S.
SonoSite, Inc.                                           sono       83568G104           52,310        40.64            2,125,878          0.72% COMMON STOCK U.S.
SRS Labs, Inc.                                             srsl     78464m106          426,450         6.02            2,567,229          0.86% COMMON STOCK U.S.
Steiner Leisure Ltd.                                      stnr       p8744y102          81,900        40.50            3,316,950          1.12% COMMON STOCK U.S.
Superior Energy Services, Inc.                            spn        868157108         123,390        26.79            3,305,618          1.11% COMMON STOCK U.S.
Supertex, Inc.                                           supx        868532102          72,810        37.62            2,739,112          0.92% COMMON STOCK U.S.
Synplicity, Inc.                                         synp        87160y108         391,586         6.46            2,529,645          0.85% COMMON STOCK U.S.
Team, Inc.                                                 tmi       878155100          35,600        33.26            1,184,056          0.40% COMMON STOCK U.S.
The Navigators Group, Inc.                               navg        638904102          79,840        49.60            3,960,064          1.33% COMMON STOCK U.S.
The Spectranetics Corp.                                  spnc        84760c107         291,510        11.82            3,445,648          1.16% COMMON STOCK U.S.
The Ultimate Software Group, Inc.                          ulti      90385d107         115,066        25.85            2,974,456          1.00% COMMON STOCK U.S.
U. S. Concrete, Inc.                                      rmix       90333l102         180,770        14.46            2,613,934          0.88% COMMON STOCK U.S.
Ultratech, Inc.                                           utek       904034105          60,840        24.48            1,489,363          0.50% COMMON STOCK U.S.
Unit Corp.                                                 unt       909218109          42,100        55.75            2,347,075          0.79% COMMON STOCK U.S.
United Therapeutics Corp.                                 uthr       91307c102          38,890        66.28            2,577,629          0.87% COMMON STOCK U.S.
Vital Signs Inc.                                           vitl      928469105          76,000        54.93            4,174,680          1.41% COMMON STOCK U.S.
Vitran Corp., Inc.                                        vtnc      92850E107          176,650        20.07            3,545,366          1.19% COMMON STOCK U.S.
Volterra Semiconductor Corp.                               vltr      928708106         147,970        19.09            2,824,747          0.95% COMMON STOCK U.S.
Witness Systems, Inc.                                     wits       977424100          94,090        25.40            2,389,886          0.80% COMMON STOCK U.S.
Ctrip.com International Ltd., ADR                         ctrp       22943f100          33,940        82.70            2,806,838          0.95% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim      67107w100          294,490        10.63            3,130,429          1.05% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                            ncty       88337k104          81,400        29.75            2,421,650          0.82% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                   15,691,545          5.29%
TOTAL PORTFOLIO                                                                                                      296,887,644       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 03/31/06.

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
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
Allegheny Technologies, Inc.                                ati      01741r102         373,100        61.18           22,826,258          1.14% COMMON STOCK U.S.
Anadarko Petroleum Corp.                                  apc        032511107         119,800       101.01           12,100,998          0.61% COMMON STOCK U.S.
Arch Coal, Inc.                                            aci       039380100         440,810        75.94           33,475,111          1.67% COMMON STOCK U.S.
Basic Energy Services, Inc.                               bas        06985p100       1,712,590        29.80           51,035,182          2.55% COMMON STOCK U.S.
BJ Services Co.                                            bjs       055482103         638,200        34.60           22,081,720          1.10% COMMON STOCK U.S.
Century Aluminum Co.                                     cenx        156431108       1,514,200        42.45           64,277,790          3.21% COMMON STOCK U.S.
Crosstex Energy, Inc.                                      xtxi      22765y104         366,900        77.45           28,416,405          1.42% COMMON STOCK U.S.
Denbury Resources, Inc.                                    dnr       247916208       1,432,000        31.67           45,351,440          2.27% COMMON STOCK U.S.
Eastman Chemical Co.                                      emn        277432100         628,700        51.18           32,176,866          1.61% COMMON STOCK U.S.
Foundation Coal Holdings, Inc.                              fcl     35039w100          921,200        41.14           37,898,168          1.90% COMMON STOCK U.S.
Key Energy Services, Inc.                                kegs        492914106       3,464,100        15.25           52,827,525          2.64% COMMON STOCK U.S.
Marathon Oil Corp.                                        mro        565849106         524,400        76.17           39,943,548          2.00% COMMON STOCK U.S.
Massey Energy Co.                                         mee        576206106         564,200        36.07           20,350,694          1.02% COMMON STOCK U.S.
Noble Corp.                                                 ne       g65422100         549,150        81.10           44,536,065          2.23% COMMON STOCK U.S.
Peabody Energy Corp.                                       btu       704549104         839,820        50.41           42,335,326          2.12% COMMON STOCK U.S.
PICO Holdings, Inc.                                       pico       693366205         286,778        32.89            9,432,128          0.47% COMMON STOCK U.S.
PPL Corp.                                                  ppl       69351t106       1,571,700        29.40           46,207,980          2.31% COMMON STOCK U.S.
TXU Corp.                                                  txu       873168108         802,900        44.76           35,937,804          1.80% COMMON STOCK U.S.
Agrium, Inc.                                           agu.cn          2213538         769,000        25.23           19,398,673          0.97% COMMON STOCK CANADA
Anderson Energy Ltd.                                    axl.cn          b0k5jd0      4,613,000         5.22           24,094,961          1.20% COMMON STOCK CANADA
Brookfield Asset Management, Inc.                 bam/lv/a.cn          2092599         916,700        55.04           50,456,374          2.52% COMMON STOCK CANADA
Clear Energy, Inc.                                     cen.cn          2310161       3,830,800         3.94           15,088,993          0.75% COMMON STOCK CANADA
Compton Petroleum Corp.                                cmt.cn          2188454       4,290,800        12.75           54,707,378          2.74% COMMON STOCK CANADA
Goldcorp, Inc.                                            g.cn         2676302         772,300        29.26           22,596,644          1.13% COMMON STOCK CANADA
Iteration Energy Ltd.                                    itx.cn        2948681         294,600         3.85            1,135,163          0.06% COMMON STOCK CANADA
Kereco Energy Ltd.                                     kco.cn         B05MDT0          934,000         9.74            9,101,271          0.46% COMMON STOCK CANADA
Labrador Iron Ore Royalty Income Fund                  lif-u.cn        2511221         878,100        24.86           21,827,498          1.09% COMMON STOCK CANADA
Minefinders Corp. Ltd.                                  mfl.cn         2595344         209,000         7.71            1,610,652          0.08% COMMON STOCK CANADA
Nexen, Inc.                                             nxy.cn         2172219       1,251,700        55.06           68,916,650          3.45% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                      pou.cn           b073fp1      2,408,000        35.66           85,878,495          4.29% COMMON STOCK CANADA
Penn West Energy Trust                               pwt-u.cn           b09wrl6      1,700,500        36.55           62,160,676          3.11% COMMON STOCK CANADA
Petrobank Energy & Resources Ltd.                      pbg.cn          2683670       1,478,400        11.99           17,722,824          0.89% COMMON STOCK CANADA
Precision Drilling Trust                              pd-u.cn           b0p0zr6        692,500        32.25           22,331,250          1.12% COMMON STOCK CANADA
Progress Energy Trust                                pgx-u.cn           b01tk50        334,916        14.94            5,004,311          0.25% COMMON STOCK CANADA
Sherritt International Corp.                              s.cn         2804158       4,272,900         9.12           38,965,950          1.95% COMMON STOCK CANADA
Talisman Energy, Inc.                                   tlm.cn         2068299       1,098,000        53.11           58,310,536          2.92% COMMON STOCK CANADA
Teck Cominco Ltd., Class B                         tek/sv/b.cn         2879327         849,200        64.34           54,637,914          2.73% COMMON STOCK CANADA
Trican Well Service Ltd.                                tcw.cn         2869964         469,100        45.60           21,389,369          1.07% COMMON STOCK CANADA
Trilogy Energy Trust                                  tet-u.cn        B073G58        1,233,900        16.65           20,550,032          1.03% COMMON STOCK CANADA
Virginia Gold Mines, Inc.                               via.cn         2937935       1,780,700        12.91           22,993,498          1.15% COMMON STOCK CANADA
Western Canadian Coal Corp.                             wtn.cn         2327581       2,616,200         2.52            6,586,144          0.33% COMMON STOCK CANADA
Western Oil Sands, Inc., Class A                        wto.cn         2557128       1,379,100        27.73           38,248,961          1.91% COMMON STOCK CANADA
BHP Billiton Ltd., ADR                                    bhp        088606108       1,153,600        39.85           45,970,960          2.30% AMERICAN DEPOSITORY RECEIPTS
Companhia Vale do Rio Doce, ADR                             rio      204412209         912,700        48.53           44,293,331          2.21% AMERICAN DEPOSITORY RECEIPTS
Petroleo Brasileiro S.A., ADR                              pbr       71654v408         411,200        86.67           35,638,704          1.78% AMERICAN DEPOSITORY RECEIPTS
Ivanhoe Nickel & Platinum Ltd.                                       46581p104         203,624         5.00            1,018,120          0.05% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                  487,970,788         24.40%
TOTAL PORTFOLIO                                                                                                    1,999,817,128       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 03/31/06.

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
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity       Price                 Value        Assets
ADVO, Inc.                                                  ad       007585102          100,660        32.00            3,221,120          4.64% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                abk       023139108           27,110        79.60            2,157,956          3.11% COMMON STOCK U.S.
Assurant, Inc.                                              aiz      04621X108           71,820        49.25            3,537,135          5.10% COMMON STOCK U.S.
Coinmach Service Corp., Class A                            dra       19259w206           12,600         9.40              118,440          0.17% COMMON STOCK U.S.
Coinstar, Inc.                                             cstr      19259p300           79,300        25.91            2,054,663          2.96% COMMON STOCK U.S.
Conseco, Inc.                                              cno       208464883           85,690        24.82            2,126,826          3.07% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                 coco       218868107          120,100        14.40            1,729,440          2.49% COMMON STOCK U.S.
Corrections Corp. of America                               cxw       22025y407           79,260        45.20            3,582,552          5.17% COMMON STOCK U.S.
Diebold, Inc.                                              dbd       253651103           50,200        41.10            2,063,220          2.98% COMMON STOCK U.S.
Eastman Chemical Co.                                      emn        277432100           44,150        51.18            2,259,597          3.26% COMMON STOCK U.S.
eResearch Technology, Inc.                                eres       29481V108          184,010        14.39            2,647,904          3.82% COMMON STOCK U.S.
Hanover Insurance Group, Inc                               thg       410867105           65,670        52.42            3,442,421          4.96% COMMON STOCK U.S.
Key Energy Services, Inc.                                 kegs       492914106          212,400        15.25            3,239,100          4.67% COMMON STOCK U.S.
Liberty Global, Inc., Class A                             lbtya      530555101           91,180        20.47            1,866,454          2.69% COMMON STOCK U.S.
Liberty Global, Inc., Class C                             lbtyk      530555309          102,660        19.75            2,027,535          2.92% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                  mer       590188108           28,000        78.76            2,205,280          3.18% COMMON STOCK U.S.
MI Developments, Inc., Class A                            mim        55304x104           93,900        34.90            3,277,110          4.73% COMMON STOCK U.S.
PPL Corp.                                                   ppl       69351t106         100,000        29.40            2,940,000          4.24% COMMON STOCK U.S.
Symantec Corp.                                           symc        871503108          178,400        16.83            3,002,472          4.33% COMMON STOCK U.S.
Torchmark Corp.                                            tmk       891027104           62,720        57.10            3,581,312          5.16% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                try/b      895927309          210,500        17.48            3,679,540          5.31% COMMON STOCK U.S.
Compton Petroleum Corp.                                 cmt.cn          2188454         161,500        12.75            2,059,113          2.97% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                       pou.cn          b073fp1          99,000        35.66            3,530,719          5.09% COMMON STOCK CANADA
Teck Cominco Ltd., Class B                         tek/sv/b.cn          2879327          21,500        64.34            1,383,320          1.99% COMMON STOCK CANADA
Amvescap PLC, ADR                                          avz       03235e100          125,600        18.86            2,368,816          3.42% AMERICAN DEPOSITORY RECEIPTS
Coinmach Service Corp.                                      dry      19259w107           69,700        16.32            1,137,504          1.64% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                     4,110,766          5.93%
TOTAL PORTFOLIO                                                                                                        69,350,315        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 03/31/06.

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
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity       Price                 Value        Assets
Aaron Rents, Inc.                                           rnt      002535201          995,400        27.17           27,045,018          1.11% COMMON STOCK U.S.
ADVO, Inc.                                                  ad       007585102        1,954,150        32.00           62,532,800          2.56% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                           amg        008252108          391,780       106.61           41,767,666          1.71% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                 alex       014482103          867,958        47.68           41,384,237          1.69% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                ati       01741r102         484,250        61.18           29,626,415          1.21% COMMON STOCK U.S.
AMERIGROUP Corp.                                           agp       03073T102        1,575,300        21.04           33,144,312          1.35% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                           anpi       034918102        1,661,862        14.80           24,595,558          1.01% COMMON STOCK U.S.
Assured Guaranty Ltd.                                      ago        g0585r106       1,699,040        25.00           42,476,000          1.74% COMMON STOCK U.S.
BioMed Realty Trust, Inc.                                  bmr       09063H107        1,330,000        29.64           39,421,200          1.61% COMMON STOCK U.S.
Carter's, Inc.                                              cri      146229109          107,290        67.49            7,241,002          0.30% COMMON STOCK U.S.
Centene Corp.                                              cnc       15135b101        1,068,310        29.17           31,162,603          1.27% COMMON STOCK U.S.
Coinmach Service Corp., Class A                            dra       19259w206          815,350         9.40            7,664,290          0.31% COMMON STOCK U.S.
Coinstar, Inc.                                             cstr      19259p300        2,063,822        25.91           53,473,628          2.19% COMMON STOCK U.S.
Commercial Vehicle Group, Inc.                             cvgi      202608105        2,047,101        19.21           39,324,810          1.61% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                 coco       218868107        4,298,924        14.40           61,904,506          2.53% COMMON STOCK U.S.
Corrections Corp. of America                               cxw       22025y407        1,857,380        45.20           83,953,576          3.43% COMMON STOCK U.S.
Deerfield Triarc Capital Corp.                              dfr      244572301        1,735,720        13.49           23,414,863          0.96% COMMON STOCK U.S.
Dollar Tree Stores, Inc.                                   dltr      256747106          963,677        27.67           26,664,943          1.09% COMMON STOCK U.S.
eResearch Technology, Inc.                                eres       29481V108        3,360,550        14.39           48,358,315          1.98% COMMON STOCK U.S.
Greater Bay Bancorp                                       gbbk       391648102          884,978        27.74           24,549,290          1.00% COMMON STOCK U.S.
Hancock Holding Co.                                       hbhc       410120109          568,920        46.52           26,466,158          1.08% COMMON STOCK U.S.
Hanover Insurance Group, Inc.                              thg       410867105        2,033,870        52.42          106,615,465          4.36% COMMON STOCK U.S.
ITT Educational Services, Inc.                              esi      45068B109          259,025        64.05           16,590,551          0.68% COMMON STOCK U.S.
John H. Harland Co.                                          jh      412693103        1,377,730        39.30           54,144,789          2.21% COMMON STOCK U.S.
Key Energy Services, Inc.                                 kegs       492914106        3,286,800        15.25           50,123,700          2.05% COMMON STOCK U.S.
KKR Financial Corp.                                         kfn      482476306        1,015,090        22.43           22,768,469          0.93% COMMON STOCK U.S.
Lazard Ltd., Class A                                        laz      g54050102        1,228,860        44.25           54,377,055          2.22% COMMON STOCK U.S.
Liberty Global, Inc., Class A                             lbtya      530555101        1,367,475        20.47           27,992,213          1.14% COMMON STOCK U.S.
Liberty Global, Inc., Class C                             lbtyk      530555309        1,367,475        19.75           27,007,631          1.10% COMMON STOCK U.S.
Magellan Health Services, Inc.                            mgln       559079207        1,468,421        40.47           59,426,998          2.43% COMMON STOCK U.S.
MI Developments, Inc., Class A                            mim        55304x104        1,493,000        34.90           52,105,700          2.13% COMMON STOCK U.S.
Novell, Inc.                                              novl       670006105        4,970,444         7.68           38,173,010          1.56% COMMON STOCK U.S.
Nu Skin Enterprises, Inc., Class A                         nus       67018T105          639,380        17.53           11,208,331          0.46% COMMON STOCK U.S.
Paxar Corporation                                           pxr      704227107        1,068,470        19.57           20,909,958          0.85% COMMON STOCK U.S.
Peabody Energy Corp.                                       btu       704549104        1,214,300        50.41           61,212,863          2.50% COMMON STOCK U.S.
Playboy Enterprises, Inc., Class B                          pla      728117300        1,401,570        14.20           19,902,294          0.81% COMMON STOCK U.S.
Regis Corp.                                                rgs       758932107           89,850        34.48            3,098,028          0.13% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms        80874P109        1,711,290        35.13           60,117,618          2.46% COMMON STOCK U.S.
SSA Global Technologies, Inc.                             ssag       78465p108        1,540,700        16.03           24,697,421          1.01% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                try/b      895927309        6,000,000        17.48          104,880,000          4.29% COMMON STOCK U.S.
Tuesday Morning Corporation                               tues       899035505        1,946,025        23.09           44,933,717          1.84% COMMON STOCK U.S.
Whitney Holding Corp.                                     wtny       966612103          877,676        35.46           31,122,391          1.27% COMMON STOCK U.S.
Compton Petroleum Corp.                                 cmt.cn          2188454       4,999,100        12.75           63,738,150          2.60% COMMON STOCK CANADA
Goldcorp, Inc.                                            g.cn          2676302       1,739,430        29.26           50,893,799          2.08% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                       pou.cn          b073fp1       2,225,400        35.66           79,366,280          3.24% COMMON STOCK CANADA
Sherritt International Corp.                              s.cn          2804158       3,783,550         9.12           34,503,410          1.41% COMMON STOCK CANADA
Trilogy Energy Trust                                   tet-u.cn        B073G58        1,063,780        16.65           17,716,762          0.72% COMMON STOCK CANADA
Grupo Aeroportuario del Pacifico SA de CV, ADR             pac       400506101          217,910        31.95            6,962,224          0.28% AMERICAN DEPOSITORY RECEIPTS
Coinmach Service Corp.                                      dry      19259w107        1,666,400        16.32           27,195,648          1.11% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                   498,957,109         20.39%
TOTAL PORTFOLIO                                                                                                     2,446,912,774        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 03/31/06.

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
03/31/2006 (unaudited)
                                                      Security                                                             Market             Pct
Security                                              Symbol        Cusip/Sedol        Quantity        Price                Value        Assets
Acxiom Corp.                                             acxm        005125109       1,459,070        25.84           37,702,369          2.20% COMMON STOCK U.S.
ADVO, Inc.                                                  ad       007585102         361,480        32.00           11,567,360          0.68% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                 alex       014482103         468,117        47.68           22,319,819          1.30% COMMON STOCK U.S.
Ambac Financial Group, Inc.                               abk        023139108         429,190        79.60           34,163,524          2.00% COMMON STOCK U.S.
Ameriprise Financial, Inc.                                amp        03076c106         786,260        45.06           35,428,876          2.07% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                           anpi       034918102       1,027,400        14.80           15,205,520          0.89% COMMON STOCK U.S.
Assurant, Inc.                                             aiz      04621X108        1,078,800        49.25           53,130,900          3.11% COMMON STOCK U.S.
Barr Pharmaceuticals, Inc.                                  brl      068306109         193,200        62.98           12,167,736          0.71% COMMON STOCK U.S.
Cendant Corporation                                         cd       151313103       1,036,200        17.35           17,978,070          1.05% COMMON STOCK U.S.
Clear Channel Outdoor Holdings, Inc.                       cco       18451c109       1,355,620        23.45           31,789,289          1.86% COMMON STOCK U.S.
Comcast Corp., Class A                                 cmcsa        20030N101        1,424,070        26.16           37,253,671          2.18% COMMON STOCK U.S.
Conseco, Inc.                                             cno        208464883       1,353,890        24.82           33,603,550          1.96% COMMON STOCK U.S.
Corrections Corp. of America                              cxw        22025y407       1,363,180        45.20           61,615,736          3.60% COMMON STOCK U.S.
Diebold, Inc.                                             dbd        253651103         909,680        41.10           37,387,848          2.19% COMMON STOCK U.S.
Discovery Holding Co., Class A                           disca       25468y107       1,645,630        15.00           24,684,450          1.44% COMMON STOCK U.S.
Dollar Tree Stores, Inc.                                   dltr      256747106         514,470        27.67           14,235,385          0.83% COMMON STOCK U.S.
Eastman Chemical Co.                                      emn        277432100         519,200        51.18           26,572,656          1.55% COMMON STOCK U.S.
Entergy Corporation                                         etr      29364g103         443,520        68.94           30,576,269          1.79% COMMON STOCK U.S.
Federated Investors, Inc., Class B                           fii     314211103         946,140        39.05           36,946,767          2.16% COMMON STOCK U.S.
Genworth Financial, Inc., Class A                         gnw       37247D106          993,180        33.43           33,202,007          1.94% COMMON STOCK U.S.
ITT Educational Services, Inc.                             esi      45068B109          172,260        64.05           11,033,253          0.64% COMMON STOCK U.S.
Laidlaw International, Inc.                                   li     50730r102         713,710        27.20           19,412,912          1.13% COMMON STOCK U.S.
Liberty Global, Inc., Class A                            lbtya       530555101       1,396,200        20.47           28,580,214          1.67% COMMON STOCK U.S.
Liberty Global, Inc., Class C                            lbtyk       530555309       2,009,971        19.75           39,696,927          2.32% COMMON STOCK U.S.
Liberty Media Corp., Class A                                   l     530718105       2,218,140         8.21           18,210,930          1.06% COMMON STOCK U.S.
Magellan Health Services, Inc.                           mgln        559079207         763,070        40.47           30,881,443          1.81% COMMON STOCK U.S.
Mercury Interactive Corp.                                merq        589405109         478,700        34.80           16,658,760          0.97% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                 mer        590188108         562,650        78.76           44,314,314          2.59% COMMON STOCK U.S.
MI Developments, Inc., Class A                            mim        55304x104       1,104,220        34.90           38,537,278          2.25% COMMON STOCK U.S.
News Corp., Class B                                       nws       65248E203        1,118,340        17.56           19,638,050          1.15% COMMON STOCK U.S.
Novell, Inc.                                              novl       670006105       3,645,330         7.68           27,996,134          1.64% COMMON STOCK U.S.
Nuveen Investments, Class A                                jnc       67090f106         451,340        48.15           21,732,021          1.27% COMMON STOCK U.S.
Peabody Energy Corp.                                       btu       704549104         891,360        50.41           44,933,458          2.63% COMMON STOCK U.S.
PPL Corp.                                                  ppl       69351t106       1,384,800        29.40           40,713,120          2.38% COMMON STOCK U.S.
Regis Corp.                                                rgs       758932107          65,930        34.48            2,273,266          0.13% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms       80874P109          564,580        35.13           19,833,695          1.16% COMMON STOCK U.S.
Symantec Corp.                                           symc        871503108       2,293,300        16.83           38,596,239          2.26% COMMON STOCK U.S.
The St. Joe Co.                                            joe       790148100         449,380        62.84           28,239,039          1.65% COMMON STOCK U.S.
Torchmark Corp.                                           tmk        891027104         876,240        57.10           50,033,304          2.92% COMMON STOCK U.S.
Triad Hospitals, Inc.                                       tri      89579k109         809,300        41.90           33,909,670          1.98% COMMON STOCK U.S.
Viacom, Inc. Class B                                     via/b       92553p201         486,985        38.80           18,895,018          1.10% COMMON STOCK U.S.
Yum! Brands, Inc.                                         yum        988498101         306,390        48.86           14,970,215          0.88% COMMON STOCK U.S.
Brookfield Asset Management, Inc., Class A        bam/lv/a.cn          2092599         988,500        55.04           54,408,340          3.18% COMMON STOCK CANADA
Goldcorp, Inc.                                            g.cn         2676302         618,700        29.26           18,102,478          1.06% COMMON STOCK CANADA
Penn West Energy Trust                               pwt-u.cn           b09wrl6      1,103,700        36.55           40,345,039          2.36% COMMON STOCK CANADA
Precision Drilling Trust                              pd-u.cn           b0p0zr6        718,600        32.25           23,172,904          1.35% COMMON STOCK CANADA
Talisman Energy, Inc.                                   tlm.cn         2068299         633,600        53.11           33,648,047          1.97% COMMON STOCK CANADA
Teck Cominco Ltd., Class B                         tek/sv/b.cn         2879327         564,100        64.34           36,294,451          2.12% COMMON STOCK CANADA
The Shizuoka Bank, Ltd.                                8355.jp         6805328       1,676,200        10.09           16,918,654          0.99% COMMON STOCK JAPAN
Thomson                                                 tms.fp         5988930         936,864        19.74           18,494,770          1.08% COMMON STOCK FRANCE
Amvescap PLC, ADR                                          avz       03235e100       2,240,300        18.86           42,252,058          2.47% AMERICAN DEPOSITORY RECEIPTS
Ivanhoe Nickel & Platinum Ltd.                                       46581p104         698,422         5.00            3,492,110          0.20% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                  207,064,880         12.10%
TOTAL PORTFOLIO                                                                                                    1,710,814,793       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 03/31/06.

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
03/31/2006 (unaudited)
                                     Security                                         Market       Pct
Security                             Symbol      Cusip/Sedol    Quantity    Price      Value    Assets
3Com Corp.                             coms      885535104     1,152,900     5.12   5,902,848   0.95% COMMON STOCK U.S.
Aeropostale, Inc.                        aro     007865108      290,650     30.16   8,766,004   1.41% COMMON STOCK U.S.
Affiliated Managers Group, Inc.         amg      008252108       68,635    106.61   7,317,177   1.17% COMMON STOCK U.S.
Aladdin Knowledge Systems Ltd.          aldn     M0392N101       96,468     22.45   2,165,707   0.35% COMMON STOCK U.S.
Alpha Natural Resources, Inc.            anr     02076x102      295,270     23.14   6,832,548   1.10% COMMON STOCK U.S.
Altiris, Inc.                            atrs    02148M100      252,100     22.01   5,548,721   0.89% COMMON STOCK U.S.
American Railcar Industries, Inc.        arii    02916p103      146,600     35.07   5,141,262   0.82% COMMON STOCK U.S.
Amerisafe, Inc.                         amsf     03071h100      589,622     12.00   7,075,464   1.14% COMMON STOCK U.S.
AMN Healthcare Services, Inc.            ahs     001744101      287,700     18.72   5,385,744   0.86% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.            amln     032346108       99,900     48.95   4,890,105   0.78% COMMON STOCK U.S.
Ariba, Inc.                             arba     04033V203      213,000      9.78   2,083,140   0.33% COMMON STOCK U.S.
AudioCodes Ltd.                         audc     M15342104      410,300     13.82   5,670,346   0.91% COMMON STOCK U.S.
Bob Evans Farms, Inc.                   bobe     096761101      220,390     29.71   6,547,787   1.05% COMMON STOCK U.S.
Bottomline Technologies, Inc.           epay     101388106      401,820     13.73   5,516,989   0.89% COMMON STOCK U.S.
Build-A-Bear-Workshop, Inc.             bbw      120076104      252,300     30.65   7,732,995   1.24% COMMON STOCK U.S.
California Pizza Kitchen, Inc.          cpki     13054d109      154,650     32.45   5,018,392   0.81% COMMON STOCK U.S.
Centene Corp.                            cnc     15135b101      186,300     29.17   5,434,371   0.87% COMMON STOCK U.S.
Century Aluminum Co.                    cenx     156431108      124,800     42.45   5,297,760   0.85% COMMON STOCK U.S.
Champion Enterprises, Inc.               chb     158496109      450,700     14.96   6,742,472   1.08% COMMON STOCK U.S.
Critical Therapeutics, Inc.              crtx     22674t105     131,427      5.09    668,963    0.11% COMMON STOCK U.S.
Cubist Pharmaceuticals, Inc.            cbst     229678107      123,300     22.97   2,832,201   0.45% COMMON STOCK U.S.
Cymer, Inc.                             cymi     232572107      143,830     45.44   6,535,635   1.05% COMMON STOCK U.S.
Digital Insight Corp.                   dgin     25385p106      150,964     36.40   5,495,090   0.88% COMMON STOCK U.S.
Digital River, Inc.                      driv    25388b104      147,500     43.61   6,432,475   1.03% COMMON STOCK U.S.
Digitas, Inc.                           dtas     25388k104      401,380     14.40   5,779,872   0.93% COMMON STOCK U.S.
Dolby Laboratories, Inc., Class A        dlb     25659T107      256,900     20.90   5,369,210   0.86% COMMON STOCK U.S.
Dril-Quip, Inc.                          drq     262037104        9,900     70.85    701,415    0.11% COMMON STOCK U.S.
Eclipsys Corp.                          eclp     278856109      185,300     23.61   4,374,933   0.70% COMMON STOCK U.S.
eCollege.com, Inc.                      eclg     27887e100      249,200     18.84   4,694,928   0.75% COMMON STOCK U.S.
EMCORE Corp.                           emkr      290846104      138,600     10.20   1,413,720   0.23% COMMON STOCK U.S.
Entegris, Inc.                          entg     29362u104      433,160     10.64   4,608,822   0.74% COMMON STOCK U.S.
Equinix, Inc.                           eqix     29444u502      108,050     64.22   6,938,971   1.11% COMMON STOCK U.S.
eResearch Technology, Inc.              eres     29481V108      379,487     14.39   5,460,818   0.88% COMMON STOCK U.S.
EZCORP, Inc., Class A                  ezpw      302301106      158,635     29.52   4,682,905   0.75% COMMON STOCK U.S.
FactSet Research Systems, Inc.           fds     303075105       91,300     44.35   4,049,155   0.65% COMMON STOCK U.S.
Five Star Quality Care, Inc.             fve     33832d106      441,150     10.89   4,804,123   0.77% COMMON STOCK U.S.
Florida Rock Industries, Inc.             frk    341140101      107,800     56.22   6,060,516   0.97% COMMON STOCK U.S.
FormFactor, Inc.                        form     346375108      165,650     39.32   6,513,358   1.05% COMMON STOCK U.S.
FTI Consulting, Inc.                     fcn     302941109      291,110     28.53   8,305,368   1.33% COMMON STOCK U.S.
Fuel-Tech N.V.                           ftek    359523107      165,900     15.99   2,652,741   0.43% COMMON STOCK U.S.
GSI Group, Inc.                         gsig     36229u102      699,800     11.05   7,732,790   1.24% COMMON STOCK U.S.
Haemonetics Corp.                        hae     405024100      103,050     50.77   5,231,848   0.84% COMMON STOCK U.S.
Helix Energy Solutions Group, Inc.      helx     42330p107      123,950     37.90   4,697,705   0.75% COMMON STOCK U.S.
Herbalife Ltd.                            hlf    G4412G101      200,500     33.77   6,770,885   1.09% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.         hos     440543106      142,250     36.07   5,130,957   0.82% COMMON STOCK U.S.
Hub Group, Inc., Class A                hubg     443320106      119,500     45.58   5,446,810   0.87% COMMON STOCK U.S.
Hydril                                  hydl     448774109       73,020     77.95   5,691,909   0.91% COMMON STOCK U.S.
Hythiam, Inc.                           hytm      44919f104     697,900      9.19   6,413,701   1.03% COMMON STOCK U.S.
Imax Corp.                              imax     45245e109      410,050     10.15   4,162,007   0.67% COMMON STOCK U.S.
Informatica Corp.                        infa    45666Q102      340,900     15.55   5,300,995   0.85% COMMON STOCK U.S.
InPhonic, Inc.                          inpc     45772g105      859,860      6.99   6,010,421   0.96% COMMON STOCK U.S.
InterDigital Communications Corp.       idcc     45866a105      261,000     24.52   6,399,720   1.03% COMMON STOCK U.S.
Investment Technology Group, Inc.         itg     46145f105     109,050     49.80   5,430,690   0.87% COMMON STOCK U.S.
Itron, Inc.                               itri   465741106       78,550     59.85   4,701,217   0.75% COMMON STOCK U.S.
Jos. A. Bank Clothiers, Inc.            josb     480838101      103,438     47.95   4,959,852   0.80% COMMON STOCK U.S.
Kenexa Corp.                            knxa     488879107       24,000     30.75    738,000    0.12% COMMON STOCK U.S.
KMG America Corp.                       kma      482563103      554,640      8.56   4,747,718   0.76% COMMON STOCK U.S.
Labor Ready, Inc.                         lrw    505401208      216,820     23.95   5,192,839   0.83% COMMON STOCK U.S.
Lazard Ltd.                               laz    g54050102       50,100     44.25   2,216,925   0.36% COMMON STOCK U.S.
LCA-Vision, Inc.                        lcav     501803308      128,800     50.11   6,454,168   1.04% COMMON STOCK U.S.
LifeCell Corp.                            lifc   531927101      253,850     22.55   5,724,317   0.92% COMMON STOCK U.S.
Marchex, Inc., Class B                 mchx      56624R108      260,500     21.50   5,600,750   0.90% COMMON STOCK U.S.
MarketAxess Holdings, Inc.              mktx     57060d108      657,429     12.03   7,908,871   1.27% COMMON STOCK U.S.
MasTec, Inc.                             mtz     576323109      675,200     14.17   9,567,584   1.54% COMMON STOCK U.S.
Matria Healthcare, Inc.                 matr     576817209      126,250     37.96   4,792,450   0.77% COMMON STOCK U.S.
                                                                                                                          20
RS Diversified Growth Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
Matrixx Initiatives, Inc.                                 mtxx        57685l105         187,250        23.30            4,362,925          0.70% COMMON STOCK U.S.
McGrath RentCorp                                          mgrc       580589109           80,206        30.06            2,410,992          0.39% COMMON STOCK U.S.
Meridian Bioscience, Inc.                                  vivo      589584101          114,500        26.98            3,089,210          0.50% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                         flsh     M7061C100           174,370        25.86            4,509,208          0.72% COMMON STOCK U.S.
National-Oilwell Varco, Inc.                               nov       637071101           83,060        64.12            5,325,807          0.85% COMMON STOCK U.S.
Nektar Therapeutics                                        nktr      640268108          243,300        20.38            4,958,454          0.80% COMMON STOCK U.S.
Neoware, Inc.                                             nwre       64065p102          230,265        29.62            6,820,449          1.09% COMMON STOCK U.S.
Netflix, Inc.                                              nflx      64110L106          275,850        28.99            7,996,891          1.28% COMMON STOCK U.S.
NuVasive, Inc.                                            nuva       670704105          335,600        18.85            6,326,060          1.02% COMMON STOCK U.S.
Oil States International, Inc.                              ois      678026105          257,000        36.85            9,470,450          1.52% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.                            odfl      679580100          223,400        26.95            6,020,630          0.97% COMMON STOCK U.S.
Omnicell, Inc.                                            omcl       68213n109          510,150        11.39            5,810,608          0.93% COMMON STOCK U.S.
Online Resources Corp.                                    orcc       68273g101          465,983        13.00            6,057,779          0.97% COMMON STOCK U.S.
Openwave Systems, Inc.                                   opwv        683718308          341,370        21.58            7,366,765          1.18% COMMON STOCK U.S.
Oplink Communications, Inc.                               oplk       68375q403          203,000        17.34            3,520,020          0.56% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                              oxps       684010101          168,150        29.08            4,889,802          0.78% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                                    os       686079104           61,500        51.17            3,146,955          0.50% COMMON STOCK U.S.
PDF Solutions, Inc.                                       pdfs       693282105          365,340        18.92            6,912,233          1.11% COMMON STOCK U.S.
PMC-Sierra, Inc.                                         pmcs        69344F106          481,340        12.29            5,915,669          0.95% COMMON STOCK U.S.
Polo Ralph Lauren Corp.                                       rl     731572103          110,850        60.61            6,718,618          1.08% COMMON STOCK U.S.
PolyMedica Corp.                                          plmd       731738100          131,600        42.36            5,574,576          0.89% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.                       praa       73640q105           99,469        46.83            4,658,133          0.75% COMMON STOCK U.S.
PrivateBancorp, Inc.                                      pvtb       742962103          161,300        41.49            6,692,337          1.07% COMMON STOCK U.S.
Progressive Gaming International Corp.                    pgic       74332s102          592,357         9.57            5,668,856          0.91% COMMON STOCK U.S.
Quicksilver Resources, Inc.                                kwk       74837R104          122,200        38.66            4,724,252          0.76% COMMON STOCK U.S.
Radiant Systems, Inc.                                     rads       75025n102          386,732        13.52            5,228,617          0.84% COMMON STOCK U.S.
RADVision Ltd.                                            rvsn       m81869105          324,900        17.85            5,799,465          0.93% COMMON STOCK U.S.
RightNow Technologies, Inc.                               rnow        76657r106         331,550        15.87            5,261,698          0.84% COMMON STOCK U.S.
RPC, Inc.                                                   res      749660106          214,400        22.85            4,899,040          0.79% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms        80874P109          220,518        35.13            7,746,797          1.24% COMMON STOCK U.S.
Select Comfort Corp.                                      scss       81616x103          137,950        39.55            5,455,922          0.88% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                              sirf     82967h101          169,550        35.41            6,003,765          0.96% COMMON STOCK U.S.
Solexa, Inc.                                               slxa      83420x105          655,500         9.98            6,541,890          1.05% COMMON STOCK U.S.
TETRA Technologies, Inc.                                     tti      88162f105         141,750        47.04            6,667,920          1.07% COMMON STOCK U.S.
The Navigators Group, Inc.                                navg       638904102          113,040        49.60            5,606,784          0.90% COMMON STOCK U.S.
THQ, Inc.                                                  thqi      872443403          270,350        25.89            6,999,361          1.12% COMMON STOCK U.S.
Trico Marine Services, Inc.                               trma       896106200          204,950        32.30            6,619,885          1.06% COMMON STOCK U.S.
TRX, Inc.                                                   trxi     898452107          958,800         9.47            9,079,836          1.46% COMMON STOCK U.S.
United Therapeutics Corp.                                  uthr      91307c102           88,900        66.28            5,892,292          0.95% COMMON STOCK U.S.
VaxGen, Inc.                                              vxgn       922390208          287,433         8.80            2,529,410          0.41% COMMON STOCK U.S.
Viasys Healthcare, Inc.                                    vas       92553q209          199,840        30.08            6,011,187          0.96% COMMON STOCK U.S.
Vital Images, Inc.                                         vtal      92846n104          134,300        34.08            4,576,944          0.73% COMMON STOCK U.S.
Website Pros, Inc.                                        wspi       94769v105          281,870        14.05            3,960,273          0.64% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR                              grrf      16938p107           11,350        17.10              194,085          0.03% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                         lton      535925101          405,200         6.55            2,654,060          0.43% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim       67107w100          609,250        10.63            6,476,327          1.04% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                      simo       82706c108          272,050        12.13            3,299,966          0.53% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    22,276,350          3.57%
TOTAL PORTFOLIO                                                                                                       623,199,733        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 03/31/06.

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




                                                                                                                                                                                 21
RS Emerging Growth Composite
03/31/2006 (unaudited)
                                          Security                                          Market       Pct
Security                                  Symbol      Cusip/Sedol    Quantity    Price       Value    Assets
Adams Respiratory Therapeuti                  arxt    00635P107      176,750     39.77    7,029,347   0.51% COMMON STOCK U.S.
Adeza Biomedical Corp.                       adza     006864102      410,370     21.13    8,671,118   0.63% COMMON STOCK U.S.
Adolor Corp.                                  adlr    00724x102      469,190     23.80   11,166,722   0.82% COMMON STOCK U.S.
Advanced Analogic Technologies, Inc.          aati     00752j108     414,850     11.40    4,729,290   0.35% COMMON STOCK U.S.
Aeropostale, Inc.                             aro     007865108      254,900     30.16    7,687,784   0.56% COMMON STOCK U.S.
Affiliated Managers Group, Inc.              amg      008252108      152,185    106.61   16,224,443   1.19% COMMON STOCK U.S.
Akamai Technologies, Inc.                   akam      00971T101      300,000     32.89    9,867,000   0.72% COMMON STOCK U.S.
Allscripts Healthcare Solutions, Inc.        mdrx     01988P108      243,040     18.31    4,450,062   0.33% COMMON STOCK U.S.
Altiris, Inc.                                 atrs    02148M100      380,100     22.01    8,366,001   0.61% COMMON STOCK U.S.
Altus Pharmaceuticals, Inc.                   altu    02216n105      353,528     21.93    7,752,869   0.57% COMMON STOCK U.S.
American Commercial Lines, Inc.               acli    025195207      297,950     47.20   14,063,240   1.03% COMMON STOCK U.S.
American Science and Engineering, Inc.       asei     029429107       98,820     93.40    9,229,788   0.67% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                 ahs     001744101      783,830     18.72   14,673,298   1.07% COMMON STOCK U.S.
aQuantive, Inc.                              aqnt     03839g105      693,689     23.54   16,329,439   1.19% COMMON STOCK U.S.
Arena Pharmaceuticals, Inc.                  arna     040047102      358,930     18.11    6,500,222   0.47% COMMON STOCK U.S.
Armor Holdings, Inc.                           ah     042260109      231,100     58.29   13,470,819   0.98% COMMON STOCK U.S.
Atheros Communications, Inc.                  athr    04743P108      367,110     26.19    9,614,611   0.70% COMMON STOCK U.S.
Atwood Oceanics, Inc.                         atw     050095108       73,540    101.01    7,428,275   0.54% COMMON STOCK U.S.
AudioCodes Ltd.                              audc     M15342104      948,773     13.82   13,112,043   0.96% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.      bpfh     101119105      390,395     33.79   13,191,447   0.96% COMMON STOCK U.S.
California Pizza Kitchen, Inc.               cpki     13054d109      435,216     32.45   14,122,759   1.03% COMMON STOCK U.S.
Centene Corp.                                 cnc     15135b101      411,900     29.17   12,015,123   0.88% COMMON STOCK U.S.
Christopher & Banks Corp.                     cbk     171046105       27,570     23.21     639,900    0.05% COMMON STOCK U.S.
Ciena Corp.                                  cien     171779101     2,233,540     5.21   11,636,743   0.85% COMMON STOCK U.S.
CNET Networks, Inc.                          cnet     12613R104      479,130     14.21    6,808,437   0.50% COMMON STOCK U.S.
Coldwater Creek, Inc.                        cwtr     193068103      509,159     27.80   14,154,620   1.03% COMMON STOCK U.S.
Crocs, Inc.                                  crox     227046109       42,090     25.15    1,058,563   0.08% COMMON STOCK U.S.
Digital River, Inc.                           driv    25388b104      360,690     43.61   15,729,691   1.15% COMMON STOCK U.S.
DOV Pharmaceutical, Inc.                     dovp     259858108      469,040     15.98    7,495,259   0.55% COMMON STOCK U.S.
Dril-Quip, Inc.                               drq     262037104      332,800     70.85   23,578,880   1.72% COMMON STOCK U.S.
Eclipsys Corp.                               eclp     278856109      322,970     23.61    7,625,322   0.56% COMMON STOCK U.S.
Equinix, Inc.                                eqix     29444u502      352,800     64.22   22,656,816   1.66% COMMON STOCK U.S.
eResearch Technology, Inc.                   eres     29481V108     1,052,375    14.39   15,143,676   1.11% COMMON STOCK U.S.
Euronet Worldwide, Inc.                       eeft    298736109      355,138     37.83   13,434,871   0.98% COMMON STOCK U.S.
FactSet Research Systems, Inc.                fds     303075105      225,170     44.35    9,986,289   0.73% COMMON STOCK U.S.
First Horizon Pharmaceutical Corp.            fhrx    32051K106      301,067     25.21    7,589,899   0.55% COMMON STOCK U.S.
Five Star Quality Care, Inc.                  fve     33832d106      341,360     10.89    3,717,410   0.27% COMMON STOCK U.S.
FormFactor, Inc.                             form     346375108      317,411     39.32   12,480,601   0.91% COMMON STOCK U.S.
Four Seasons Hotels, Inc.                       fs    35100e104      137,685     50.70    6,980,629   0.51% COMMON STOCK U.S.
FTI Consulting, Inc.                          fcn     302941109      486,370     28.53   13,876,136   1.01% COMMON STOCK U.S.
Gardner Denver, Inc.                          gdi     365558105       90,470     65.20    5,898,644   0.43% COMMON STOCK U.S.
GFI Group, Inc.                               gfig    361652209      174,235     51.91    9,044,539   0.66% COMMON STOCK U.S.
Global Payments, Inc.                         gpn     37940X102      186,120     53.01    9,866,221   0.72% COMMON STOCK U.S.
GSI Commerce, Inc.                           gsic     36238g102      610,931     17.00   10,385,827   0.76% COMMON STOCK U.S.
Health Grades, Inc.                          hgrd     42218Q102      482,600      5.33    2,572,210   0.19% COMMON STOCK U.S.
Healthways, Inc.                            hway      422245100      206,867     50.94   10,537,805   0.77% COMMON STOCK U.S.
Heartland Payment Systems, Inc.               hpy     42235n108       52,400     24.77    1,297,948   0.09% COMMON STOCK U.S.
Hibbett Sporting Goods, Inc.                 hibb     428565105      371,217     32.99   12,246,449   0.89% COMMON STOCK U.S.
Hittite Microwave Corp.                       hitt     43365y104     186,430     33.71    6,284,555   0.46% COMMON STOCK U.S.
Hornbeck Offshore Services, Inc.              hos     440543106      314,220     36.07   11,333,915   0.83% COMMON STOCK U.S.
Huron Consulting Group, Inc.                 hurn     447462102      317,266     30.29    9,609,987   0.70% COMMON STOCK U.S.
Hydril                                       hydl     448774109      201,300     77.95   15,691,335   1.15% COMMON STOCK U.S.
Hythiam, Inc.                                hytm      44919f104     462,559      9.19    4,250,917   0.31% COMMON STOCK U.S.
Iconix Brand Group, Inc.                     icon     451055107      384,000     14.55    5,587,200   0.41% COMMON STOCK U.S.
I-Flow Corp.                                   iflo   449520303      820,375     13.32   10,927,395   0.80% COMMON STOCK U.S.
Illumina, Inc.                               ilmn     452327109      511,536     23.75   12,148,980   0.89% COMMON STOCK U.S.
Immucor, Inc.                                blud     452526106      433,025     28.69   12,423,487   0.91% COMMON STOCK U.S.
Informatica Corp.                             infa    45666Q102      975,930     15.55   15,175,711   1.11% COMMON STOCK U.S.
IntercontinentalExchange, Inc.                 ice    45865v100       90,070     69.05    6,219,333   0.45% COMMON STOCK U.S.
IntraLase Corp.                               ilse    461169104      355,240     23.20    8,241,568   0.60% COMMON STOCK U.S.
Intuitive Surgical, Inc.                      isrg    46120e602       86,630    118.00   10,222,340   0.75% COMMON STOCK U.S.
Investment Technology Group, Inc.              itg     46145f105     270,630     49.80   13,477,374   0.98% COMMON STOCK U.S.
Itron, Inc.                                    itri   465741106      110,690     59.85    6,624,796   0.48% COMMON STOCK U.S.
Ixia                                          xxia     45071r109     432,081     14.26    6,161,475   0.45% COMMON STOCK U.S.
j2 Global Communications, Inc.               jcom     46626E205      325,178     47.00   15,283,366   1.12% COMMON STOCK U.S.
                                                                                                                                22
RS Emerging Growth Composite
03/31/2006 (unaudited)
                                               Security                                         Market       Pct
Security                                       Symbol      Cusip/Sedol   Quantity    Price       Value    Assets
Kenexa Corp.                                      knxa     488879107     263,084     30.75    8,089,833   0.59% COMMON STOCK U.S.
Keryx Biopharmaceuticals, Inc.                    kerx     492515101     766,250     19.11   14,643,037   1.07% COMMON STOCK U.S.
Kyphon, Inc.                                      kyph     501577100     492,950     37.20   18,337,740   1.34% COMMON STOCK U.S.
Lattice Semiconductor Corp.                        lscc    518415104     729,010      6.66    4,855,207   0.35% COMMON STOCK U.S.
Lazard Ltd., Class A                                laz    g54050102     234,140     44.25   10,360,695   0.76% COMMON STOCK U.S.
LCA-Vision, Inc.                                  lcav     501803308     250,980     50.11   12,576,608   0.92% COMMON STOCK U.S.
LifeCell Corp.                                      lifc   531927101     730,700     22.55   16,477,285   1.20% COMMON STOCK U.S.
LivePerson, Inc.                                  lpsn     538146101     351,755      7.24    2,546,706   0.19% COMMON STOCK U.S.
LoJack Corp.                                       lojn    539451104     318,260     23.98    7,631,875   0.56% COMMON STOCK U.S.
Marchex, Inc., Class B                           mchx      56624R108     269,570     21.50    5,795,755   0.42% COMMON STOCK U.S.
Matria Healthcare, Inc.                           matr     576817209     233,355     37.96    8,858,156   0.65% COMMON STOCK U.S.
Merge Technologies, Inc.                         mrge      589981109     390,484     15.97    6,236,029   0.46% COMMON STOCK U.S.
MicroStrategy, Inc., Class A                      mstr     594972408      99,653    105.29   10,492,464   0.77% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                 flsh    M7061C100     747,617     25.86   19,333,376   1.41% COMMON STOCK U.S.
Myriad Genetics, Inc.                            mygn       62855j104    185,470     26.09    4,838,912   0.35% COMMON STOCK U.S.
Neoware, Inc.                                     nwre     64065p102     327,920     29.62    9,712,990   0.71% COMMON STOCK U.S.
Netflix, Inc.                                      nflx    64110L106     177,630     28.99    5,149,494   0.38% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                        netl    64118b100     354,226     41.21   14,597,653   1.07% COMMON STOCK U.S.
NeuStar, Inc., Class A                             nsr     64126x201     215,680     31.00    6,686,080   0.49% COMMON STOCK U.S.
NuVasive, Inc.                                    nuva     670704105     642,788     18.85   12,116,554   0.89% COMMON STOCK U.S.
Openwave Systems, Inc.                           opwv      683718308     458,923     21.58    9,903,558   0.72% COMMON STOCK U.S.
Optimal Group, Inc., Class A                     opmr       68388r208    302,620     14.53    4,397,069   0.32% COMMON STOCK U.S.
optionsXpress Holdings, Inc.                      oxps     684010101     425,129     29.08   12,362,751   0.90% COMMON STOCK U.S.
Orckit Communications Ltd.                         orct    M7531S206      45,660     21.98    1,003,607   0.07% COMMON STOCK U.S.
PDL BioPharma, Inc.                                pdli     69329y104    328,130     32.80   10,762,664   0.79% COMMON STOCK U.S.
Peet's Coffee & Tea, Inc.                         peet     705560100     170,410     30.00    5,112,300   0.37% COMMON STOCK U.S.
Photon Dynamics, Inc.                             phtn     719364101     328,325     18.75    6,156,094   0.45% COMMON STOCK U.S.
PolyMedica Corp.                                  plmd     731738100     278,867     42.36   11,812,806   0.86% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.               praa     73640q105     277,560     46.83   12,998,135   0.95% COMMON STOCK U.S.
PrivateBancorp, Inc.                              pvtb     742962103     338,239     41.49   14,033,536   1.03% COMMON STOCK U.S.
Quest Software, Inc.                               qsft    74834T103     698,090     16.70   11,658,103   0.85% COMMON STOCK U.S.
Radiation Therapy Services, Inc.                   rtsx    750323206     456,635     25.51   11,648,759   0.85% COMMON STOCK U.S.
Redback Networks, Inc.                            rbak     757209507     579,320     21.69   12,565,451   0.92% COMMON STOCK U.S.
Retalix Ltd.                                        rtlx   m8215w109     191,610     24.72    4,736,599   0.35% COMMON STOCK U.S.
RightNow Technologies, Inc.                       rnow      76657r106    483,340     15.87    7,670,606   0.56% COMMON STOCK U.S.
RSA Security, Inc.                                rsas     749719100     839,484     17.94   15,060,343   1.10% COMMON STOCK U.S.
Scientific Games Corp., Class A                  sgms      80874P109     290,625     35.13   10,209,656   0.75% COMMON STOCK U.S.
Select Comfort Corp.                              scss     81616x103     345,270     39.55   13,655,428   1.00% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                     sirf    82967h101     282,230     35.41    9,993,764   0.73% COMMON STOCK U.S.
Solexa, Inc.                                       slxa    83420x105     754,820      9.98    7,533,104   0.55% COMMON STOCK U.S.
SonoSite, Inc.                                    sono     83568G104     175,984     40.64    7,151,990   0.52% COMMON STOCK U.S.
Sotheby's Holdings, Inc., Class A                  bid     835898107     359,880     29.04   10,450,915   0.76% COMMON STOCK U.S.
Steven Madden Ltd.                                shoo     556269108     173,080     35.50    6,144,340   0.45% COMMON STOCK U.S.
SVB Financial Group                               sivb     78486q101     245,574     53.05   13,027,701   0.95% COMMON STOCK U.S.
TALX Corp.                                         talx    874918105     160,513     28.48    4,571,410   0.33% COMMON STOCK U.S.
TETRA Technologies, Inc.                             tti    88162f105    186,160     47.04    8,756,966   0.64% COMMON STOCK U.S.
The Navigators Group, Inc.                        navg     638904102     163,500     49.60    8,109,600   0.59% COMMON STOCK U.S.
The Ultimate Software Group, Inc.                   ulti   90385d107     361,717     25.85    9,350,384   0.68% COMMON STOCK U.S.
THQ, Inc.                                          thqi    872443403     334,830     25.89    8,668,749   0.63% COMMON STOCK U.S.
Time Warner Telecom, Inc., Class A                 twtc    887319101     554,110     17.95    9,946,274   0.73% COMMON STOCK U.S.
Trident Microsystems, Inc.                         trid    895919108     274,370     29.06    7,973,192   0.58% COMMON STOCK U.S.
Trizetto Group Inc.                                tzix    896882107     429,560     17.59    7,555,960   0.55% COMMON STOCK U.S.
Ultratech, Inc.                                   utek     904034105     336,030     24.48    8,226,014   0.60% COMMON STOCK U.S.
Unit Corp.                                         unt     909218109     196,710     55.75   10,966,582   0.80% COMMON STOCK U.S.
United Natural Foods, Inc.                         unfi    911163103     385,859     34.97   13,493,489   0.99% COMMON STOCK U.S.
United Surgical Partners International, Inc.      uspi     913016309     289,915     35.41   10,265,890   0.75% COMMON STOCK U.S.
United Therapeutics Corp.                          uthr    91307c102      91,490     66.28    6,063,957   0.44% COMMON STOCK U.S.
Universal Technical Institute, Inc.                 uti    913915104     293,240     30.10    8,826,524   0.64% COMMON STOCK U.S.
ValueClick, Inc.                                   vclk    92046n102     375,610     16.92    6,355,321   0.46% COMMON STOCK U.S.
Ventiv Health, Inc.                                vtiv    922793104       1,318     33.22      43,784    0.00% COMMON STOCK U.S.
Viasys Healthcare, Inc.                            vas     92553q209      11,120     30.08     334,490    0.02% COMMON STOCK U.S.
Virage Logic Corp.                                  virl    92763r104    712,490     10.79    7,687,767   0.56% COMMON STOCK U.S.
VistaPrint Ltd.                                    vprt    g93762204     201,865     29.85    6,025,670   0.44% COMMON STOCK U.S.
Vital Images, Inc.                                 vtal    92846n104     427,132     34.08   14,556,659   1.06% COMMON STOCK U.S.
Volcom, Inc.                                      vlcm     92864n101     169,097     35.53    6,008,016   0.44% COMMON STOCK U.S.
                                                                                                                                    23
RS Emerging Growth Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
WebEx Communications, Inc.                               webx         94767l109         410,871        33.67           13,834,027          1.01% COMMON STOCK U.S.
Witness Systems, Inc.                                      wits      977424100          529,342        25.40           13,445,287          0.98% COMMON STOCK U.S.
Zumiez, Inc.                                             zumz        989817101          229,407        61.10           14,016,768          1.02% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR                              grrf      16938p107           37,510        17.10              641,421          0.05% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR                          ctrp       22943f100         200,780        82.70           16,604,506          1.21% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                         lton      535925101          738,369         6.55            4,836,317          0.35% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim       67107w100        1,342,598        10.63           14,271,817          1.04% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                      simo       82706c108          248,042        12.13            3,008,749          0.22% AMERICAN DEPOSITORY RECEIPTS
Tom Online, Inc., ADR                                     tomo       889728200          304,350        25.44            7,742,664          0.57% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                   wthn       967593104          312,570        13.22            4,132,175          0.30% AMERICAN DEPOSITORY RECEIPTS
American Banknote Corp.                                  abntw       024490120                 9        0.01                   -           0.00% WARRANTS
American Banknote Corp.                                  abntz       024490138                 9        0.01                   -           0.00% WARRANTS
Frontline Capital Group                                    flcg      35921n101              950           -                    -           0.00% WARRANTS
Cash / Other Assets and Liabilities                                                                                    27,368,968          2.00%
TOTAL PORTFOLIO                                                                                                     1,368,877,944        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 03/31/06.

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




                                                                                                                                                                                 24
RS MidCap Opportunities Composite
03/31/2006 (unaudited)
                                              Security                                        Market       Pct
Security                                      Symbol     Cusip/Sedol    Quantity    Price      Value    Assets
3Com Corp.                                      coms     885535104      795,000      5.12   4,070,400   1.16% COMMON STOCK U.S.
ADC Telecommunications, Inc.                     adct    000886309      139,000     25.59   3,557,010   1.02% COMMON STOCK U.S.
Adobe Systems, Inc.                              adbe     00724f101      99,000     34.92   3,457,080   0.99% COMMON STOCK U.S.
Advanced Medical Optics, Inc                      eye    00763m108       98,500     46.64   4,594,040   1.31% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                  amg     008252108       40,000    106.61   4,264,400   1.22% COMMON STOCK U.S.
Agilent Technologies, Inc.                          a    00846u101       88,000     37.55   3,304,400   0.95% COMMON STOCK U.S.
Alcan, Inc.                                         al   013716105       82,100     45.73   3,754,433   1.07% COMMON STOCK U.S.
AmericanWest Bancorporation                     awbc     03058p109      135,700     26.47   3,591,979   1.03% COMMON STOCK U.S.
AMERIGROUP Corp.                                  agp    03073T102       35,000     21.04    736,400    0.21% COMMON STOCK U.S.
AMETEK, Inc.                                     ame     031100100       71,500     44.96   3,214,640   0.92% COMMON STOCK U.S.
Amylin Pharmaceuticals, Inc.                     amln    032346108       86,000     48.95   4,209,700   1.20% COMMON STOCK U.S.
Analog Devices, Inc.                              adi    032654105       87,500     38.29   3,350,375   0.96% COMMON STOCK U.S.
Apple Computer, Inc.                             aapl    037833100       19,230     62.72   1,206,106   0.35% COMMON STOCK U.S.
Armor Holdings, Inc.                               ah    042260109       57,000     58.29   3,322,530   0.95% COMMON STOCK U.S.
Assurant, Inc.                                     aiz   04621X108       62,510     49.25   3,078,617   0.88% COMMON STOCK U.S.
Bebe Stores, Inc.                                bebe    075571109      180,000     18.42   3,315,600   0.95% COMMON STOCK U.S.
BJ Services Co.                                    bjs   055482103       87,500     34.60   3,027,500   0.87% COMMON STOCK U.S.
Broadcom Corp., Class A                         brcm     111320107       78,000     43.16   3,366,480   0.96% COMMON STOCK U.S.
Cephalon, Inc.                                   ceph    156708109       64,700     60.25   3,898,175   1.12% COMMON STOCK U.S.
Ciena Corp.                                      cien    171779101      680,000      5.21   3,542,800   1.01% COMMON STOCK U.S.
CIGNA Corp.                                         ci   125509109       28,500    130.62   3,722,670   1.07% COMMON STOCK U.S.
Coach, Inc.                                       coh    189754104      100,500     34.58   3,475,290   0.99% COMMON STOCK U.S.
Comverse Technology, Inc.                        cmvt    205862402      136,500     23.53   3,211,845   0.92% COMMON STOCK U.S.
Covance, Inc.                                     cvd    222816100       60,000     58.75   3,525,000   1.01% COMMON STOCK U.S.
Cymer, Inc.                                      cymi    232572107       81,000     45.44   3,680,640   1.05% COMMON STOCK U.S.
Cypress Semiconductor Corp.                        cy    232806109      294,000     16.95   4,983,300   1.43% COMMON STOCK U.S.
Cytyc Corp.                                       cytc   232946103      114,500     28.18   3,226,610   0.92% COMMON STOCK U.S.
E*TRADE Financial Corp.                             et   269246104      160,000     26.98   4,316,800   1.24% COMMON STOCK U.S.
Energy Conversion Devices, Inc.                  ener    292659109       75,000     49.18   3,688,500   1.06% COMMON STOCK U.S.
ENSCO International, Inc.                         esv    26874Q100       80,000     51.45   4,116,000   1.18% COMMON STOCK U.S.
EOG Resources, Inc.                               eog    26875p101       57,000     72.00   4,104,000   1.17% COMMON STOCK U.S.
Express Scripts, Inc.                            esrx    302182100       42,000     87.90   3,691,800   1.06% COMMON STOCK U.S.
Fairchild Semiconductor International, Inc.        fcs   303726103      227,500     19.07   4,338,425   1.24% COMMON STOCK U.S.
Forest Laboratories, Inc.                          frx   345838106       95,000     44.63   4,239,850   1.21% COMMON STOCK U.S.
Gemstar-TV Guide International, Inc.             gmst    36866W106     1,496,200     3.09   4,623,258   1.32% COMMON STOCK U.S.
Genworth Financial, Inc., Class A                gnw     37247D106      110,000     33.43   3,677,300   1.05% COMMON STOCK U.S.
Grant Prideco, Inc.                               grp    38821g101      135,000     42.84   5,783,400   1.66% COMMON STOCK U.S.
Hanover Compressor Co.                             hc    410768105      225,000     18.62   4,189,500   1.20% COMMON STOCK U.S.
Hansen Natural Corporation                       hans    411310105       30,000    126.05   3,781,500   1.08% COMMON STOCK U.S.
Harrah's Entertainment, Inc.                      het    413619107       67,000     77.96   5,223,320   1.49% COMMON STOCK U.S.
Herbalife Ltd.                                     hlf   G4412G101      104,000     33.77   3,512,080   1.01% COMMON STOCK U.S.
Hilton Hotels Corp.                                hlt   432848109      151,200     25.46   3,849,552   1.10% COMMON STOCK U.S.
International Game Technology                      igt   459902102      102,500     35.22   3,610,050   1.03% COMMON STOCK U.S.
IPSCO, Inc.                                        ips   462622101       39,000    104.09   4,059,510   1.16% COMMON STOCK U.S.
JLG Industries, Inc.                               jlg   466210101      131,000     30.79   4,033,490   1.15% COMMON STOCK U.S.
Lam Research Corp.                                lrcx   512807108       77,500     43.00   3,332,500   0.95% COMMON STOCK U.S.
Landstar System, Inc.                             lstr   515098101      101,000     44.12   4,456,120   1.28% COMMON STOCK U.S.
Limited Brands, Inc.                               ltd   532716107      170,000     24.46   4,158,200   1.19% COMMON STOCK U.S.
Loews Corp. - Carolina Group                       cg    540424207       89,500     47.27   4,230,665   1.21% COMMON STOCK U.S.
Marvell Technology Group Ltd.                    mrvl    g5876h105       71,000     54.10   3,841,100   1.10% COMMON STOCK U.S.
McDermott International, Inc.                     mdr    580037109       79,000     54.45   4,301,550   1.23% COMMON STOCK U.S.
Medco Health Solutions, Inc.                     mhs     58405u102       70,000     57.22   4,005,400   1.15% COMMON STOCK U.S.
Microsemi Corp.                                 mscc     595137100      100,900     29.11   2,937,199   0.84% COMMON STOCK U.S.
Mirant Corporation                                mir     60467r100     162,000     25.00   4,050,000   1.16% COMMON STOCK U.S.
Monster Worldwide, Inc.                          mnst    611742107       63,000     49.86   3,141,180   0.90% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.                flsh   M7061C100      136,500     25.86   3,529,890   1.01% COMMON STOCK U.S.
NeuStar, Inc., Class A                            nsr    64126x201      115,000     31.00   3,565,000   1.02% COMMON STOCK U.S.
Nortel Networks Corporation                         nt   656568102     1,175,000     3.05   3,583,750   1.03% COMMON STOCK U.S.
Openwave Systems, Inc.                          opwv     683718308      175,000     21.58   3,776,500   1.08% COMMON STOCK U.S.
Oregon Steel Mills, Inc.                           os    686079104       42,000     51.17   2,149,140   0.62% COMMON STOCK U.S.
PACCAR, Inc.                                     pcar    693718108       49,000     70.48   3,453,520   0.99% COMMON STOCK U.S.
Palm, Inc.                                       palm    696643105      203,500     23.16   4,713,060   1.35% COMMON STOCK U.S.
Penn National Gaming, Inc.                       penn    707569109       90,400     42.18   3,813,072   1.09% COMMON STOCK U.S.
Pharmaceutical Product Develoment, Inc.          ppdi    717124101       89,000     34.61   3,080,290   0.88% COMMON STOCK U.S.
PMC-Sierra, Inc.                                pmcs     69344F106      342,600     12.29   4,210,554   1.20% COMMON STOCK U.S.
                                                                                                                                  25
RS MidCap Opportunities Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
Polo Ralph Lauren Corp.                                       rl     731572103           53,000        60.61            3,212,330          0.92% COMMON STOCK U.S.
Quicksilver Resources, Inc.                                kwk       74837R104          117,700        38.66            4,550,282          1.30% COMMON STOCK U.S.
ResMed, Inc.                                               rmd       761152107           82,400        43.98            3,623,952          1.04% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms        80874P109          186,000        35.13            6,534,180          1.87% COMMON STOCK U.S.
Simpson Manufacturing Co.                                  ssd       829073105           75,000        43.30            3,247,500          0.93% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.                              sirf     82967h101           63,000        35.41            2,230,830          0.64% COMMON STOCK U.S.
Steelcase, Inc., Class A                                   scs       858155203          200,000        18.00            3,600,000          1.03% COMMON STOCK U.S.
SVB Financial Group                                        sivb      78486q101           69,500        53.05            3,686,975          1.06% COMMON STOCK U.S.
T. Rowe Price Group, Inc.                                 trow        74144t108          42,300        78.21            3,308,283          0.95% COMMON STOCK U.S.
Tellabs, Inc.                                              tlab      879664100          351,500        15.90            5,588,850          1.60% COMMON STOCK U.S.
The First Marblehead Corp.                                 fmd       320771108           88,000        43.25            3,806,000          1.09% COMMON STOCK U.S.
The TJX Companies, Inc.                                      tjx     872540109          141,000        24.82            3,499,620          1.00% COMMON STOCK U.S.
Thermo Electron Corporation                                tmo       883556102          106,500        37.09            3,950,085          1.13% COMMON STOCK U.S.
THQ, Inc.                                                  thqi      872443403          138,000        25.89            3,572,820          1.02% COMMON STOCK U.S.
Tidewater, Inc.                                            tdw       886423102           62,500        55.23            3,451,875          0.99% COMMON STOCK U.S.
Ultra Petroleum Corp.                                       upl      903914109           28,000        62.31            1,744,680          0.50% COMMON STOCK U.S.
Univision Communications, Inc.                             uvn       914906102          100,000        34.47            3,447,000          0.99% COMMON STOCK U.S.
Urban Outfitters, Inc.                                    urbn       917047102          115,000        24.54            2,822,100          0.81% COMMON STOCK U.S.
Varian Medical Systems, Inc.                                var      92220p105           60,500        56.16            3,397,680          0.97% COMMON STOCK U.S.
Vulcan Materials Co.                                      vmc        929160109           63,000        86.65            5,458,950          1.56% COMMON STOCK U.S.
Walter Industries, Inc.                                     wlt      93317q105           87,000        66.62            5,795,940          1.66% COMMON STOCK U.S.
Weatherford International Ltd.                              wft      g95089101           90,000        45.75            4,117,500          1.18% COMMON STOCK U.S.
West Corp.                                                wstc       952355105           70,000        44.66            3,126,200          0.89% COMMON STOCK U.S.
XTO Energy, Inc.                                            xto      98385x106           75,000        43.57            3,267,750          0.94% COMMON STOCK U.S.
Zions Bancorporation                                      zion       989701107           44,000        82.73            3,640,120          1.04% COMMON STOCK U.S.
Chicago Bridge & Iron Company, N.V., ADR                    cbi      167250109          125,000        24.00            3,000,000          0.86% AMERICAN DEPOSITORY RECEIPTS
Shire PLC, ADR                                           shpgy        82481r106          80,500        46.49            3,742,445          1.07% AMERICAN DEPOSITORY RECEIPTS
Imperial Credit Industries, Inc.                            icii     452729114             2,719          -                    -           0.00% WARRANTS
Cash / Other Assets and Liabilities                                                                                     6,166,651          1.76%
TOTAL PORTFOLIO                                                                                                       349,445,643        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 03/31/06.

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




                                                                                                                                                                                 26
RS Small Cap Growth Composite
03/31/2006 (unaudited)
                                          Security                                        Market       Pct
Security                                  Symbol      Cusip/Sedol    Quantity   Price      Value    Assets
Adeza Biomedical Corp.                       adza     006864102      295,900    21.13   6,252,367   1.01% COMMON STOCK U.S.
Adolor Corp.                                  adlr    00724x102      124,800    23.80   2,970,240   0.48% COMMON STOCK U.S.
American Commercial Lines, Inc.               acli    025195207      208,260    47.20   9,829,872   1.58% COMMON STOCK U.S.
American Railcar Industries, Inc.             arii    02916p103      153,810    35.07   5,394,117   0.87% COMMON STOCK U.S.
Amerisafe, Inc.                              amsf     03071h100      722,494    12.00   8,669,928   1.40% COMMON STOCK U.S.
AMN Healthcare Services, Inc.                 ahs     001744101      359,290    18.72   6,725,909   1.08% COMMON STOCK U.S.
ANADIGICS, Inc.                              anad     032515108      413,300     7.90   3,265,070   0.53% COMMON STOCK U.S.
AngioDynamics, Inc.                          ango     03475v101      165,526    30.06   4,975,712   0.80% COMMON STOCK U.S.
Barrett Business Services, Inc.              bbsi     068463108      333,808    27.00   9,012,816   1.45% COMMON STOCK U.S.
Boston Private Financial Holdings, Inc.      bpfh     101119105      228,533    33.79   7,722,130   1.25% COMMON STOCK U.S.
Bottomline Technologies, Inc.                epay     101388106      315,740    13.73   4,335,110   0.70% COMMON STOCK U.S.
Building Materials Holding Corp.            bmhc      120113105      157,100    35.64   5,599,044   0.90% COMMON STOCK U.S.
Cache, Inc.                                  cach     127150308      435,070    18.34   7,979,184   1.29% COMMON STOCK U.S.
Central Garden & Pet Co.                     cent     153527106      174,440    53.14   9,269,742   1.49% COMMON STOCK U.S.
Century Casinos, Inc.                        cnty     156492100      599,908    10.64   6,383,021   1.03% COMMON STOCK U.S.
Champion Enterprises, Inc.                    chb     158496109      381,930    14.96   5,713,673   0.92% COMMON STOCK U.S.
Concur Technologies, Inc.                    cnqr     206708109      285,660    18.53   5,293,280   0.85% COMMON STOCK U.S.
Cybersource Corp.                            cybs      23251j106     388,691    11.16   4,337,792   0.70% COMMON STOCK U.S.
Digitas, Inc.                                dtas     25388k104      494,635    14.40   7,122,744   1.15% COMMON STOCK U.S.
Dril-Quip, Inc.                               drq     262037104        8,600    70.85    609,310    0.10% COMMON STOCK U.S.
Dynamic Materials Corp.                     boom      267888105       78,900    35.64   2,811,996   0.45% COMMON STOCK U.S.
Encore Medical Corp.                        enmc      29256E109      119,230     5.12    610,458    0.10% COMMON STOCK U.S.
Equinix, Inc.                                eqix     29444u502      110,499    64.22   7,096,246   1.14% COMMON STOCK U.S.
FirstService Corp.                            fsrv    33761N109      354,160    24.59   8,708,794   1.40% COMMON STOCK U.S.
Five Star Quality Care, Inc.                  fve     33832d106      679,410    10.89   7,398,775   1.19% COMMON STOCK U.S.
Flow International Corporation                flow    343468104      209,844    13.17   2,763,645   0.45% COMMON STOCK U.S.
Gardner Denver, Inc.                          gdi     365558105       76,480    65.20   4,986,496   0.80% COMMON STOCK U.S.
Gehl Company                                 gehl     368483103      215,830    33.12   7,148,290   1.15% COMMON STOCK U.S.
GFI Group, Inc.                               gfig    361652209      133,330    51.91   6,921,160   1.12% COMMON STOCK U.S.
Grey Wolf, Inc.                                gw     397888108      629,370     7.44   4,682,513   0.75% COMMON STOCK U.S.
GSI Group, Inc.                              gsig     36229u102      439,370    11.05   4,855,038   0.78% COMMON STOCK U.S.
Health Grades, Inc.                          hgrd     42218Q102      365,350     5.33   1,947,279   0.31% COMMON STOCK U.S.
Hexcel Corp.                                   hxl    428291108      342,380    21.97   7,522,089   1.21% COMMON STOCK U.S.
Hydril                                       hydl     448774109       80,560    77.95   6,279,652   1.01% COMMON STOCK U.S.
I.D. Systems, Inc.                            idsy    449489103      226,970    25.00   5,674,250   0.91% COMMON STOCK U.S.
Iconix Brand Group, Inc.                     icon     451055107      418,740    14.55   6,092,667   0.98% COMMON STOCK U.S.
I-Flow Corp.                                   iflo   449520303      370,730    13.32   4,938,124   0.80% COMMON STOCK U.S.
Illumina, Inc.                               ilmn     452327109      123,610    23.75   2,935,737   0.47% COMMON STOCK U.S.
Immucor, Inc.                                blud     452526106      214,010    28.69   6,139,947   0.99% COMMON STOCK U.S.
Intevac, Inc.                                ivac     461148108      239,330    28.78   6,887,917   1.11% COMMON STOCK U.S.
Itron, Inc.                                    itri   465741106      114,650    59.85   6,861,802   1.11% COMMON STOCK U.S.
j2 Global Communications, Inc.               jcom     46626E205      205,796    47.00   9,672,412   1.56% COMMON STOCK U.S.
Jos. A. Bank Clothiers, Inc.                 josb     480838101      116,061    47.95   5,565,125   0.90% COMMON STOCK U.S.
KKR Financial Corp.                           kfn     482476306      349,290    22.43   7,834,575   1.26% COMMON STOCK U.S.
Laureate Education, Inc.                      laur    518613104      121,220    53.38   6,470,724   1.04% COMMON STOCK U.S.
LCA-Vision, Inc.                             lcav     501803308       89,440    50.11   4,481,838   0.72% COMMON STOCK U.S.
LifeCell Corp.                                 lifc   531927101      344,800    22.55   7,775,240   1.25% COMMON STOCK U.S.
Marchex, Inc., Class B                      mchx      56624R108      121,059    21.50   2,602,768   0.42% COMMON STOCK U.S.
Matrixx Initiatives, Inc.                    mtxx      57685l105     200,200    23.30   4,664,660   0.75% COMMON STOCK U.S.
Maverick Tube Corp.                          mvk      577914104      129,790    52.99   6,877,572   1.11% COMMON STOCK U.S.
McGrath RentCorp                            mgrc      580589109      267,757    30.06   8,048,775   1.30% COMMON STOCK U.S.
Microsemi Corp.                             mscc      595137100      154,890    29.11   4,508,848   0.73% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.            flsh    M7061C100      214,400    25.86   5,544,384   0.89% COMMON STOCK U.S.
Neoware, Inc.                                nwre     64065p102      211,040    29.62   6,251,005   1.01% COMMON STOCK U.S.
Netflix, Inc.                                 nflx    64110L106      230,190    28.99   6,673,208   1.08% COMMON STOCK U.S.
Neurometrix Inc.                             nuro     641255104       80,180    38.94   3,122,209   0.50% COMMON STOCK U.S.
Nutri/System Inc.                             ntri    67069d108      157,220    47.52   7,471,094   1.20% COMMON STOCK U.S.
NuVasive, Inc.                               nuva     670704105      324,866    18.85   6,123,724   0.99% COMMON STOCK U.S.
Oil States International, Inc.                 ois    678026105      182,580    36.85   6,728,073   1.08% COMMON STOCK U.S.
Old Dominion Freight Line, Inc.               odfl    679580100      280,862    26.95   7,569,231   1.22% COMMON STOCK U.S.
Online Resources Corp.                       orcc     68273g101      601,849    13.00   7,824,037   1.26% COMMON STOCK U.S.
Openwave Systems, Inc.                      opwv      683718308      289,706    21.58   6,251,855   1.01% COMMON STOCK U.S.
Optimal Group, Inc., Class A                opmr       68388r208     519,750    14.53   7,551,967   1.22% COMMON STOCK U.S.
Orthovita, Inc.                               vita    68750U102     1,157,780    4.14   4,793,209   0.77% COMMON STOCK U.S.
PDF Solutions, Inc.                          pdfs     693282105      370,680    18.92   7,013,266   1.13% COMMON STOCK U.S.
                                                                                                                              27
RS Small Cap Growth Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
PolyMedica Corp.                                          plmd       731738100          181,421        42.36            7,684,994          1.24% COMMON STOCK U.S.
Portfolio Recovery Associates, Inc.                       praa       73640q105          144,260        46.83            6,755,696          1.09% COMMON STOCK U.S.
PrivateBancorp, Inc.                                      pvtb       742962103          221,130        41.49            9,174,684          1.48% COMMON STOCK U.S.
Progressive Gaming International Corp.                    pgic       74332s102          626,380         9.57            5,994,457          0.97% COMMON STOCK U.S.
Providence Service Corp.                                  prsc       743815102          156,390        32.52            5,085,803          0.82% COMMON STOCK U.S.
Radiant Systems, Inc.                                     rads       75025n102          369,914        13.52            5,001,237          0.81% COMMON STOCK U.S.
RADVision Ltd.                                            rvsn       m81869105          361,600        17.85            6,454,560          1.04% COMMON STOCK U.S.
RADWARE Ltd.                                              rdwr       m81873107          287,130        17.63            5,062,102          0.82% COMMON STOCK U.S.
Regal-Beloit Corporation                                    rbc      758750103          154,760        42.27            6,541,705          1.05% COMMON STOCK U.S.
ResMed, Inc.                                               rmd       761152107           81,300        43.98            3,575,574          0.58% COMMON STOCK U.S.
Retalix Ltd.                                                rtlx    m8215w109           238,850        24.72            5,904,372          0.95% COMMON STOCK U.S.
Rollins, Inc.                                               rol      775711104          438,420        20.24            8,873,621          1.43% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms        80874P109          341,360        35.13           11,991,977          1.93% COMMON STOCK U.S.
Solexa, Inc.                                               slxa      83420x105          399,950         9.98            3,991,501          0.64% COMMON STOCK U.S.
SonoSite, Inc.                                            sono       83568G104          127,380        40.64            5,176,723          0.83% COMMON STOCK U.S.
SRS Labs, Inc.                                             srsl      78464m106          911,920         6.02            5,489,758          0.89% COMMON STOCK U.S.
Steiner Leisure Ltd.                                       stnr      p8744y102          176,520        40.50            7,149,060          1.15% COMMON STOCK U.S.
Superior Energy Services, Inc.                             spn       868157108          284,660        26.79            7,626,041          1.23% COMMON STOCK U.S.
Supertex, Inc.                                            supx       868532102          156,040        37.62            5,870,225          0.95% COMMON STOCK U.S.
Synplicity, Inc.                                          synp       87160y108          820,793         6.46            5,302,323          0.85% COMMON STOCK U.S.
Team, Inc.                                                  tmi      878155100           74,800        33.26            2,487,848          0.40% COMMON STOCK U.S.
The Navigators Group, Inc.                                navg       638904102          171,400        49.60            8,501,440          1.37% COMMON STOCK U.S.
The Spectranetics Corp.                                   spnc       84760c107          620,430        11.82            7,333,483          1.18% COMMON STOCK U.S.
The Ultimate Software Group, Inc.                           ulti     90385d107          248,066        25.85            6,412,506          1.03% COMMON STOCK U.S.
U. S. Concrete, Inc.                                      rmix        90333l102         409,218        14.46            5,917,292          0.95% COMMON STOCK U.S.
Ultratech, Inc.                                           utek       904034105          128,550        24.48            3,146,904          0.51% COMMON STOCK U.S.
Unit Corp.                                                  unt      909218109          111,230        55.75            6,201,072          1.00% COMMON STOCK U.S.
United Therapeutics Corp.                                  uthr      91307c102           81,800        66.28            5,421,704          0.87% COMMON STOCK U.S.
Vital Signs Inc.                                            vitl     928469105          164,720        54.93            9,048,070          1.46% COMMON STOCK U.S.
Vitran Corp., Inc.                                        vtnc       92850E107          376,007        20.07            7,546,460          1.22% COMMON STOCK U.S.
Volterra Semiconductor Corp.                                vltr     928708106          316,850        19.09            6,048,666          0.98% COMMON STOCK U.S.
Witness Systems, Inc.                                      wits      977424100          197,610        25.40            5,019,294          0.81% COMMON STOCK U.S.
Ctrip.com International Ltd., ADR                          ctrp       22943f100          71,070        82.70            5,877,489          0.95% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim       67107w100          628,193        10.63            6,677,692          1.08% AMERICAN DEPOSITORY RECEIPTS
The9 Ltd., ADR                                             ncty      88337k104          173,300        29.75            5,155,675          0.83% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    14,567,049          2.35%
TOTAL PORTFOLIO                                                                                                       620,212,792        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 03/31/06.

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




                                                                                                                                                                                28
RS Technology Composite
03/31/2006 (unaudited)
                                       Security                                        Market       Pct
Security                               Symbol      Cusip/Sedol   Quantity    Price      Value    Assets
Adobe Systems, Inc.                       adbe      00724f101     24,120     34.92    842,270    0.38% COMMON STOCK U.S.
Advanced Analogic Technologies, Inc.       aati     00752j108    116,960     11.40   1,333,344   0.61% COMMON STOCK U.S.
Akamai Technologies, Inc.                akam      00971T101     101,660     32.89   3,343,597   1.52% COMMON STOCK U.S.
Altiris, Inc.                              atrs    02148M100     149,180     22.01   3,283,452   1.49% COMMON STOCK U.S.
Amazon.com, Inc.                         amzn      023135106      38,370     36.51   1,400,889   0.64% COMMON STOCK U.S.
AMICAS, Inc.                             amcs      001712108     509,170      4.72   2,403,282   1.09% COMMON STOCK U.S.
ANADIGICS, Inc.                           anad     032515108     198,140      7.90   1,565,306   0.71% COMMON STOCK U.S.
Ansoft Corporation                        anst     036384105      14,449     41.69    602,379    0.27% COMMON STOCK U.S.
Applied Micro Circuits Corp.             amcc      03822w109     163,280      4.07    664,550    0.30% COMMON STOCK U.S.
aQuantive, Inc.                           aqnt     03839g105     313,670     23.54   7,383,792   3.35% COMMON STOCK U.S.
AudioCodes Ltd.                           audc     M15342104     285,480     13.82   3,945,334   1.79% COMMON STOCK U.S.
Ciena Corp.                               cien     171779101     234,770      5.21   1,223,152   0.56% COMMON STOCK U.S.
Citrix Systems, Inc.                       ctxs    177376100      44,950     37.90   1,703,605   0.77% COMMON STOCK U.S.
CNET Networks, Inc.                       cnet     12613R104     111,260     14.21   1,581,005   0.72% COMMON STOCK U.S.
Cogent, Inc.                              cogt      19239y108    176,340     18.34   3,234,076   1.47% COMMON STOCK U.S.
Digital River, Inc.                        driv    25388b104      92,932     43.61   4,052,765   1.84% COMMON STOCK U.S.
Digitas, Inc.                             dtas     25388k104     436,570     14.40   6,286,608   2.86% COMMON STOCK U.S.
Eagle Test Systems, Inc.                   eglt    270006109      21,260     15.40    327,404    0.15% COMMON STOCK U.S.
eCollege.com, Inc.                        eclg     27887e100      82,340     18.84   1,551,286   0.70% COMMON STOCK U.S.
F5 Networks, Inc.                           ffiv   315616102      20,530     72.49   1,488,220   0.68% COMMON STOCK U.S.
Finisar Corp.                              fnsr    31787A101     282,530      4.95   1,398,523   0.64% COMMON STOCK U.S.
FormFactor, Inc.                          form     346375108      42,510     39.32   1,671,493   0.76% COMMON STOCK U.S.
Google, Inc., Class A                     goog     38259p508       7,690    390.00   2,999,100   1.36% COMMON STOCK U.S.
GSI Commerce, Inc.                        gsic     36238g102     209,979     17.00   3,569,643   1.62% COMMON STOCK U.S.
Health Grades, Inc.                       hgrd     42218Q102     185,790      5.33    990,242    0.45% COMMON STOCK U.S.
HouseValues, Inc.                         sold      44183y102     42,420      8.24    349,541    0.16% COMMON STOCK U.S.
Informatica Corp.                          infa    45666Q102     248,830     15.55   3,869,306   1.76% COMMON STOCK U.S.
iVillage, Inc.                              ivil   46588h105     113,690      8.41    956,133    0.43% COMMON STOCK U.S.
Ixia                                       xxia     45071r109    178,250     14.26   2,541,845   1.15% COMMON STOCK U.S.
JDS Uniphase Corporation                  jdsu     46612J101     290,380      4.17   1,210,885   0.55% COMMON STOCK U.S.
Marchex, Inc., Class B                   mchx      56624R108     177,520     21.50   3,816,680   1.73% COMMON STOCK U.S.
Marvell Technology Group Ltd.             mrvl     g5876h105      36,760     54.10   1,988,716   0.90% COMMON STOCK U.S.
MICROS Systems, Inc.                      mcrs     594901100      21,320     46.07    982,212    0.45% COMMON STOCK U.S.
Microsoft Corp.                           msft     594918104      36,010     27.21    979,832    0.45% COMMON STOCK U.S.
Monolithic Power Systems, Inc.          mpwre      609839105      67,770     18.64   1,263,233   0.57% COMMON STOCK U.S.
Monster Worldwide, Inc.                   mnst     611742107      78,250     49.86   3,901,545   1.77% COMMON STOCK U.S.
M-Systems Flash Disk Pioneers Ltd.         flsh    M7061C100     233,120     25.86   6,028,483   2.74% COMMON STOCK U.S.
Neoware, Inc.                             nwre     64065p102      52,110     29.62   1,543,498   0.70% COMMON STOCK U.S.
Netflix, Inc.                              nflx    64110L106     170,390     28.99   4,939,606   2.24% COMMON STOCK U.S.
Netlogic Microsystems, Inc.                netl    64118b100      47,780     41.21   1,969,014   0.89% COMMON STOCK U.S.
NeuStar, Inc., Class A                     nsr     64126x201     102,110     31.00   3,165,410   1.44% COMMON STOCK U.S.
Openwave Systems, Inc.                   opwv      683718308     237,150     21.58   5,117,697   2.32% COMMON STOCK U.S.
Optimal Group, Inc., Class A             opmr       68388r208     42,900     14.53    623,337    0.28% COMMON STOCK U.S.
Orckit Communications Ltd.                 orct    M7531S206      75,210     21.98   1,653,116   0.75% COMMON STOCK U.S.
Overstock.com, Inc.                       ostk     690370101      22,400     29.82    667,968    0.30% COMMON STOCK U.S.
PDF Solutions, Inc.                       pdfs     693282105     365,011     18.92   6,906,008   3.14% COMMON STOCK U.S.
Photon Dynamics, Inc.                     phtn     719364101      55,160     18.75   1,034,250   0.47% COMMON STOCK U.S.
PLX Technology, Inc.                       plxt    693417107     274,072     12.55   3,439,604   1.56% COMMON STOCK U.S.
PMC-Sierra, Inc.                         pmcs      69344F106      88,930     12.29   1,092,950   0.50% COMMON STOCK U.S.
Quest Software, Inc.                       qsft    74834T103     143,990     16.70   2,404,633   1.09% COMMON STOCK U.S.
Rackable Systems, Inc.                    rack     750077109      13,050     52.85    689,692    0.31% COMMON STOCK U.S.
RADWARE Ltd.                              rdwr     m81873107     102,080     17.63   1,799,670   0.82% COMMON STOCK U.S.
Red Hat, Inc.                              rhat    756577102      43,200     27.98   1,208,736   0.55% COMMON STOCK U.S.
Redback Networks, Inc.                    rbak     757209507     135,730     21.69   2,943,984   1.34% COMMON STOCK U.S.
RightNow Technologies, Inc.               rnow      76657r106    385,290     15.87   6,114,552   2.78% COMMON STOCK U.S.
Salesforce.com, Inc.                       crm      79466l302    120,990     36.33   4,395,567   2.00% COMMON STOCK U.S.
SiRF Technology Holdings, Inc.             sirf    82967h101      56,330     35.41   1,994,645   0.91% COMMON STOCK U.S.
Supertex, Inc.                            supx     868532102      36,760     37.62   1,382,911   0.63% COMMON STOCK U.S.
Symantec Corp.                           symc      871503108     167,280     16.83   2,815,322   1.28% COMMON STOCK U.S.
Tellabs, Inc.                              tlab    879664100      88,620     15.90   1,409,058   0.64% COMMON STOCK U.S.
THQ, Inc.                                  thqi    872443403     104,800     25.89   2,713,272   1.23% COMMON STOCK U.S.
Trident Microsystems, Inc.                 trid    895919108      16,990     29.06    493,729    0.22% COMMON STOCK U.S.
Ultratech, Inc.                           utek     904034105      83,010     24.48   2,032,085   0.92% COMMON STOCK U.S.
ValueClick, Inc.                           vclk    92046n102      25,861     16.92    437,568    0.20% COMMON STOCK U.S.
Virage Logic Corp.                          virl    92763r104    223,180     10.79   2,408,112   1.09% COMMON STOCK U.S.
                                                                                                                           29
RS Technology Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
VistaPrint Ltd.                                            vprt      g93762204             7,980       29.85              238,203          0.11% COMMON STOCK U.S.
Volterra Semiconductor Corp.                                vltr     928708106          112,060        19.09            2,139,225          0.97% COMMON STOCK U.S.
WebEx Communications, Inc.                               webx         94767l109         275,644        33.67            9,280,933          4.22% COMMON STOCK U.S.
WebMD Health Corp., Class A                              wbmd        94770v102             1,250       41.64                52,050         0.02% COMMON STOCK U.S.
WebSideStory, Inc.                                        wssi       947685103          303,000        17.19            5,208,570          2.37% COMMON STOCK U.S.
Website Pros, Inc.                                        wspi       94769v105          129,730        14.05            1,822,706          0.83% COMMON STOCK U.S.
Witness Systems, Inc.                                      wits      977424100          164,792        25.40            4,185,717          1.90% COMMON STOCK U.S.
Yahoo! Inc.                                               yhoo       984332106          283,906        32.26            9,158,808          4.16% COMMON STOCK U.S.
ZipRealty, Inc.                                            zipr      98974v107          172,950         8.78            1,518,501          0.69% COMMON STOCK U.S.
China GrenTech Corp Ltd., ADR                              grrf      16938p107             6,050       17.10              103,455          0.05% AMERICAN DEPOSITORY RECEIPTS
Ctrip.com International Ltd., ADR                          ctrp       22943f100          43,270        82.70            3,578,429          1.63% AMERICAN DEPOSITORY RECEIPTS
Linktone Ltd., ADR                                         lton      535925101          178,790         6.55            1,171,074          0.53% AMERICAN DEPOSITORY RECEIPTS
O2Micro International Ltd., ADR                           oiim       67107w100        1,085,050        10.63           11,534,081          5.24% AMERICAN DEPOSITORY RECEIPTS
Patni Computer Systems Ltd., ADR                            pti      703248203              340        20.45                 6,953         0.00% AMERICAN DEPOSITORY RECEIPTS
Pixelplus Co. Ltd., ADR                                   pxpl       72582a102          149,490        11.40            1,704,186          0.77% AMERICAN DEPOSITORY RECEIPTS
Silicon Motion Technology Corp., ADR                      simo       82706c108          154,680        12.13            1,876,268          0.85% AMERICAN DEPOSITORY RECEIPTS
WiderThan Co. Ltd., ADR                                   wthn       967593104           46,510        13.22              614,862          0.28% AMERICAN DEPOSITORY RECEIPTS
Cash / Other Assets and Liabilities                                                                                    11,796,417          5.36%
TOTAL PORTFOLIO                                                                                                       220,120,160        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 03/31/06.

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




                                                                                                                                                                               30
RS Concentrated AllCap Value Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
ADVO, Inc.                                                  ad       007585102          318,330        32.00           10,186,560          4.92% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                abk       023139108           82,310        79.60            6,551,876          3.16% COMMON STOCK U.S.
Assurant, Inc.                                              aiz      04621X108          210,780        49.25           10,380,915          5.01% COMMON STOCK U.S.
Coinmach Service Corp., Class A                            dra       19259w206           45,800         9.40              430,520          0.21% COMMON STOCK U.S.
Coinstar, Inc.                                             cstr      19259p300          221,640        25.91            5,742,692          2.77% COMMON STOCK U.S.
Conseco, Inc.                                              cno       208464883          246,300        24.82            6,113,166          2.95% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                 coco       218868107          438,000        14.40            6,307,200          3.05% COMMON STOCK U.S.
Corrections Corp. of America                               cxw       22025y407          244,860        45.20           11,067,672          5.34% COMMON STOCK U.S.
Diebold, Inc.                                              dbd       253651103          133,680        41.10            5,494,248          2.65% COMMON STOCK U.S.
Eastman Chemical Co.                                      emn        277432100          121,360        51.18            6,211,205          3.00% COMMON STOCK U.S.
eResearch Technology, Inc.                                eres       29481V108          551,530        14.39            7,936,517          3.83% COMMON STOCK U.S.
Hanover Insurance Group, Inc                                thg      410867105          195,610        52.42           10,253,876          4.95% COMMON STOCK U.S.
Key Energy Services, Inc.                                 kegs       492914106          648,880        15.25            9,895,420          4.78% COMMON STOCK U.S.
Liberty Global, Inc., Class A                             lbtya      530555101          266,463        20.47            5,454,498          2.63% COMMON STOCK U.S.
Liberty Global, Inc., Class C                             lbtyk      530555309          318,303        19.75            6,286,484          3.04% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                  mer       590188108           85,530        78.76            6,736,343          3.25% COMMON STOCK U.S.
MI Developments, Inc., Class A                            mim        55304x104          289,030        34.90           10,087,147          4.87% COMMON STOCK U.S.
PPL Corp.                                                   ppl       69351t106         309,500        29.40            9,099,300          4.39% COMMON STOCK U.S.
Symantec Corp.                                           symc        871503108          533,150        16.83            8,972,914          4.33% COMMON STOCK U.S.
Torchmark Corp.                                            tmk       891027104          160,430        57.10            9,160,553          4.42% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                try/b      895927309          535,050        17.48            9,352,674          4.52% COMMON STOCK U.S.
Compton Petroleum Corp.                                 cmt.cn          2188454         425,700        12.75            5,427,643          2.62% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                       pou.cn          b073fp1         280,900        35.66           10,017,969          4.84% COMMON STOCK CANADA
Sherritt International Corp.                              s.cn          2804158         115,500         9.12            1,053,282          0.51% COMMON STOCK CANADA
Teck Cominco Ltd., Class B                          tek/sv/b.cn         2879327          64,100        64.34            4,124,223          1.99% COMMON STOCK CANADA
Amvescap PLC, ADR                                          avz       03235e100          431,200        18.86            8,132,432          3.93% AMERICAN DEPOSITORY RECEIPTS
Coinmach Service Corp.                                      dry      19259w107          209,900        16.32            3,425,568          1.65% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                    13,172,047          6.36%
TOTAL PORTFOLIO                                                                                                       207,074,944        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 03/31/06.

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




                                                                                                                                                                               31
RS Global Natural Resources Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
Allegheny Technologies, Inc.                                 ati      01741r102         382,500        61.18           23,401,350          1.14% COMMON STOCK U.S.
Anadarko Petroleum Corp.                                   apc       032511107          122,900       101.01           12,414,129          0.61% COMMON STOCK U.S.
Arch Coal, Inc.                                             aci      039380100          451,610        75.94           34,295,263          1.68% COMMON STOCK U.S.
Basic Energy Services, Inc.                                bas       06985p100        1,754,400        29.80           52,281,120          2.56% COMMON STOCK U.S.
BJ Services Co.                                             bjs      055482103          652,500        34.60           22,576,500          1.10% COMMON STOCK U.S.
Century Aluminum Co.                                      cenx       156431108        1,549,500        42.45           65,776,275          3.22% COMMON STOCK U.S.
Crosstex Energy, Inc.                                       xtxi     22765y104          375,100        77.45           29,051,495          1.42% COMMON STOCK U.S.
Denbury Resources, Inc.                                     dnr      247916208        1,464,800        31.67           46,390,216          2.27% COMMON STOCK U.S.
Eastman Chemical Co.                                      emn        277432100          643,200        51.18           32,918,976          1.61% COMMON STOCK U.S.
Foundation Coal Holdings, Inc.                               fcl     35039w100          943,700        41.14           38,823,818          1.90% COMMON STOCK U.S.
Key Energy Services, Inc.                                 kegs       492914106        3,549,900        15.25           54,135,975          2.65% COMMON STOCK U.S.
Marathon Oil Corp.                                         mro       565849106          537,370        76.17           40,931,473          2.00% COMMON STOCK U.S.
Massey Energy Co.                                         mee        576206106          578,350        36.07           20,861,084          1.02% COMMON STOCK U.S.
Noble Corp.                                                 ne       g65422100          561,660        81.10           45,550,626          2.23% COMMON STOCK U.S.
Peabody Energy Corp.                                        btu      704549104          861,000        50.41           43,403,010          2.12% COMMON STOCK U.S.
PICO Holdings, Inc.                                        pico      693366205          293,848        32.89            9,664,661          0.47% COMMON STOCK U.S.
PPL Corp.                                                   ppl       69351t106       1,611,160        29.40           47,368,104          2.32% COMMON STOCK U.S.
TXU Corp.                                                   txu      873168108          821,010        44.76           36,748,408          1.80% COMMON STOCK U.S.
Agrium, Inc.                                            agu.cn          2213538         786,400        25.23           19,837,602          0.97% COMMON STOCK CANADA
Anderson Energy Ltd.                                     axl.cn          b0k5jd0      4,719,600         5.22           24,651,762          1.21% COMMON STOCK CANADA
Brookfield Asset Management, Inc.                  bam/lv/a.cn          2092599         939,800        55.04           51,727,828          2.53% COMMON STOCK CANADA
Clear Energy, Inc.                                      cen.cn          2310161       3,921,700         3.94           15,447,035          0.76% COMMON STOCK CANADA
Compton Petroleum Corp.                                 cmt.cn          2188454       4,397,200        12.75           56,063,971          2.74% COMMON STOCK CANADA
Goldcorp, Inc.                                            g.cn          2676302         793,275        29.26           23,210,350          1.13% COMMON STOCK CANADA
Iteration Energy Ltd.                                    itx.cn         2948681         302,400         3.85            1,165,218          0.06% COMMON STOCK CANADA
Kereco Energy Ltd.                                      kco.cn        B05MDT0           955,900         9.74            9,314,674          0.46% COMMON STOCK CANADA
Labrador Iron Ore Royalty Income Fund                   lif-u.cn        2511221         899,900        24.86           22,369,394          1.09% COMMON STOCK CANADA
Minefinders Corp. Ltd.                                  mfl.cn          2595344         212,100         7.71            1,634,542          0.08% COMMON STOCK CANADA
Nexen, Inc.                                             nxy.cn          2172219       1,280,200        55.06           70,485,816          3.45% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                       pou.cn          b073fp1       2,467,500        35.66           88,000,492          4.30% COMMON STOCK CANADA
Penn West Energy Trust                                pwt-u.cn           b09wrl6      1,742,700        36.55           63,703,269          3.11% COMMON STOCK CANADA
Petrobank Energy & Resources Ltd.                       pbg.cn          2683670       1,514,000        11.99           18,149,591          0.89% COMMON STOCK CANADA
Precision Drilling Trust                               pd-u.cn          b0p0zr6         708,200        32.25           22,837,532          1.12% COMMON STOCK CANADA
Progress Energy Trust                                 pgx-u.cn           b01tk50        343,300        14.94            5,129,584          0.25% COMMON STOCK CANADA
Sherritt International Corp.                               s.cn         2804158       4,369,800         9.12           39,849,613          1.95% COMMON STOCK CANADA
Talisman Energy, Inc.                                   tlm.cn          2068299       1,125,100        53.11           59,749,713          2.92% COMMON STOCK CANADA
Teck Cominco Ltd., Class B                          tek/sv/b.cn         2879327         868,400        64.34           55,873,251          2.73% COMMON STOCK CANADA
Trican Well Service Ltd.                                tcw.cn          2869964         479,700        45.60           21,872,693          1.07% COMMON STOCK CANADA
Trilogy Energy Trust                                   tet-u.cn        B073G58        1,264,200        16.65           21,054,665          1.03% COMMON STOCK CANADA
Virginia Gold Mines, Inc.                                via.cn         2937935       1,829,400        12.91           23,622,342          1.15% COMMON STOCK CANADA
Western Canadian Coal Corp.                             wtn.cn          2327581       2,650,300         2.52            6,671,989          0.33% COMMON STOCK CANADA
Western Oil Sands, Inc., Class A                        wto.cn          2557128       1,410,000        27.73           39,105,964          1.91% COMMON STOCK CANADA
BHP Billiton Ltd., ADR                                     bhp       088606108        1,179,900        39.85           47,019,015          2.30% AMERICAN DEPOSITORY RECEIPTS
Companhia Vale do Rio Doce, ADR                             rio      204412209          935,500        48.53           45,399,815          2.22% AMERICAN DEPOSITORY RECEIPTS
Petroleo Brasileiro S.A., ADR                               pbr      71654v408          421,500        86.67           36,531,405          1.79% AMERICAN DEPOSITORY RECEIPTS
Ivanhoe Nickel & Platinum Ltd.                                       46581p104          203,624         5.00            1,018,120          0.05% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                   497,212,310         24.31%
TOTAL PORTFOLIO                                                                                                     2,045,302,038        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 03/31/06.

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




                                                                                                                                                                               32
RS MidCap Value Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
Acxiom Corp.                                             acxm        005125109        1,681,360        25.84           43,446,342          2.22% COMMON STOCK U.S.
ADVO, Inc.                                                  ad       007585102          416,600        32.00           13,331,200          0.68% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                 alex       014482103          539,517        47.68           25,724,171          1.31% COMMON STOCK U.S.
Ambac Financial Group, Inc.                                abk       023139108          496,100        79.60           39,489,560          2.02% COMMON STOCK U.S.
Ameriprise Financial, Inc.                                amp        03076c106          906,030        45.06           40,825,712          2.09% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                           anpi       034918102        1,184,170        14.80           17,525,716          0.90% COMMON STOCK U.S.
Assurant, Inc.                                              aiz      04621X108        1,234,640        49.25           60,806,020          3.11% COMMON STOCK U.S.
Barr Pharmaceuticals, Inc.                                  brl      068306109          222,650        62.98           14,022,497          0.72% COMMON STOCK U.S.
Cendant Corporation                                         cd       151313103        1,198,460        17.35           20,793,281          1.06% COMMON STOCK U.S.
Clear Channel Outdoor Holdings, Inc.                       cco       18451c109        1,562,200        23.45           36,633,590          1.87% COMMON STOCK U.S.
Comcast Corp., Class A                                  cmcsa        20030N101        1,635,720        26.16           42,790,435          2.19% COMMON STOCK U.S.
Conseco, Inc.                                              cno       208464883        1,560,390        24.82           38,728,880          1.98% COMMON STOCK U.S.
Corrections Corp. of America                               cxw       22025y407        1,562,820        45.20           70,639,464          3.61% COMMON STOCK U.S.
Diebold, Inc.                                              dbd       253651103        1,048,680        41.10           43,100,748          2.20% COMMON STOCK U.S.
Discovery Holding Co., Class A                           disca       25468y107        1,924,600        15.00           28,869,000          1.47% COMMON STOCK U.S.
Dollar Tree Stores, Inc.                                    dltr     256747106          592,980        27.67           16,407,757          0.84% COMMON STOCK U.S.
Eastman Chemical Co.                                      emn        277432100          552,120        51.18           28,257,502          1.44% COMMON STOCK U.S.
Entergy Corporation                                         etr      29364g103          511,030        68.94           35,230,408          1.80% COMMON STOCK U.S.
Federated Investors, Inc., Class B                           fii     314211103        1,090,290        39.05           42,575,824          2.17% COMMON STOCK U.S.
Genworth Financial, Inc., Class A                         gnw        37247D106        1,143,620        33.43           38,231,217          1.95% COMMON STOCK U.S.
ITT Educational Services, Inc.                              esi      45068B109          199,080        64.05           12,751,074          0.65% COMMON STOCK U.S.
Laidlaw International, Inc.                                   li      50730r102         822,580        27.20           22,374,176          1.14% COMMON STOCK U.S.
Liberty Global, Inc., Class A                             lbtya      530555101        1,594,337        20.47           32,636,078          1.67% COMMON STOCK U.S.
Liberty Global, Inc., Class C                             lbtyk      530555309        2,295,978        19.75           45,345,565          2.32% COMMON STOCK U.S.
Liberty Media Corp., Class A                                   l     530718105        2,556,590         8.21           20,989,604          1.07% COMMON STOCK U.S.
Magellan Health Services, Inc.                            mgln       559079207          879,460        40.47           35,591,746          1.82% COMMON STOCK U.S.
Mercury Interactive Corp.                                merq        589405109          547,300        34.80           19,046,040          0.97% COMMON STOCK U.S.
Merrill Lynch & Co., Inc.                                  mer       590188108          653,380        78.76           51,460,209          2.63% COMMON STOCK U.S.
MI Developments, Inc., Class A                            mim        55304x104        1,277,370        34.90           44,580,213          2.28% COMMON STOCK U.S.
News Corp., Class B                                        nws       65248E203        1,298,920        17.56           22,809,035          1.17% COMMON STOCK U.S.
Novell, Inc.                                              novl       670006105        4,194,780         7.68           32,215,910          1.65% COMMON STOCK U.S.
Nuveen Investments, Class A                                 jnc       67090f106         520,010        48.15           25,038,481          1.28% COMMON STOCK U.S.
Peabody Energy Corp.                                        btu      704549104        1,027,420        50.41           51,792,242          2.65% COMMON STOCK U.S.
PPL Corp.                                                   ppl       69351t106       1,595,670        29.40           46,912,698          2.40% COMMON STOCK U.S.
Regis Corp.                                                 rgs      758932107           74,910        34.48            2,582,897          0.13% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms        80874P109          650,850        35.13           22,864,360          1.17% COMMON STOCK U.S.
Symantec Corp.                                           symc        871503108        2,611,590        16.83           43,953,060          2.25% COMMON STOCK U.S.
The St. Joe Co.                                             joe      790148100          521,360        62.84           32,762,262          1.67% COMMON STOCK U.S.
Torchmark Corp.                                            tmk       891027104        1,009,650        57.10           57,651,015          2.94% COMMON STOCK U.S.
Triad Hospitals, Inc.                                        tri     89579k109          926,780        41.90           38,832,082          1.98% COMMON STOCK U.S.
Viacom, Inc. Class B                                      via/b      92553p201          565,565        38.80           21,943,922          1.12% COMMON STOCK U.S.
Yum! Brands, Inc.                                         yum        988498101          352,990        48.86           17,247,091          0.88% COMMON STOCK U.S.
Brookfield Asset Management, Inc., Class A         bam/lv/a.cn          2092599       1,139,180        55.04           62,701,965          3.20% COMMON STOCK CANADA
Goldcorp, Inc.                                            g.cn          2676302         712,100        29.26           20,835,259          1.06% COMMON STOCK CANADA
Penn West Energy Trust                                pwt-u.cn           b09wrl6      1,272,090        36.55           46,500,426          2.38% COMMON STOCK CANADA
Precision Drilling Trust                               pd-u.cn          b0p0zr6         821,390        32.25           26,487,603          1.35% COMMON STOCK CANADA
Talisman Energy, Inc.                                   tlm.cn          2068299         721,670        53.11           38,325,105          1.96% COMMON STOCK CANADA
Teck Cominco Ltd., Class B                          tek/sv/b.cn         2879327         645,270        64.34           41,516,965          2.12% COMMON STOCK CANADA
The Shizuoka Bank, Ltd.                                8355.jp          6805328       1,760,200        10.09           17,766,505          0.91% COMMON STOCK JAPAN
Thomson                                                 tms.fp          5988930         983,264        19.74           19,410,759          0.99% COMMON STOCK FRANCE
Amvescap PLC, ADR                                          avz       03235e100        2,530,200        18.86           47,719,572          2.44% AMERICAN DEPOSITORY RECEIPTS
Ivanhoe Nickel & Platinum Ltd.                         chin.pvt      46581p104          698,422         5.00            3,492,110          0.18% NONMARKETABLE SECURITIES
Cash / Other Assets and Liabilities                                                                                   234,180,963         11.96%
TOTAL PORTFOLIO                                                                                                     1,957,746,316        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 03/31/06.

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


                                                                                                                                                                               33
RS Small Cap Value Composite
03/31/2006 (unaudited)
                                                      Security                                                              Market            Pct
Security                                               Symbol       Cusip/Sedol         Quantity        Price                Value        Assets
Aaron Rents, Inc.                                           rnt      002535201        1,230,600        27.17           33,435,402          1.12% COMMON STOCK U.S.
ADVO, Inc.                                                  ad       007585102        2,472,070        32.00           79,106,240          2.64% COMMON STOCK U.S.
Affiliated Managers Group, Inc.                           amg        008252108          488,380       106.61           52,066,192          1.74% COMMON STOCK U.S.
Alexander & Baldwin, Inc.                                 alex       014482103        1,098,811        47.68           52,391,308          1.75% COMMON STOCK U.S.
Allegheny Technologies, Inc.                                ati       01741r102         600,460        61.18           36,736,143          1.23% COMMON STOCK U.S.
AMERIGROUP Corp.                                           agp       03073T102        2,000,680        21.04           42,094,307          1.40% COMMON STOCK U.S.
Angiotech Pharmaceuticals, Inc.                           anpi       034918102        2,111,062        14.80           31,243,718          1.04% COMMON STOCK U.S.
Assured Guaranty Ltd.                                      ago        g0585r106       2,151,070        25.00           53,776,750          1.79% COMMON STOCK U.S.
BioMed Realty Trust, Inc.                                  bmr       09063H107        1,684,980        29.64           49,942,807          1.67% COMMON STOCK U.S.
Carter's, Inc.                                              cri      146229109          136,190        67.49            9,191,463          0.31% COMMON STOCK U.S.
Centene Corp.                                              cnc       15135b101        1,342,840        29.17           39,170,643          1.31% COMMON STOCK U.S.
Coinmach Service Corp., Class A                            dra       19259w206        1,024,000         9.40            9,625,600          0.32% COMMON STOCK U.S.
Coinstar, Inc.                                             cstr      19259p300        2,574,419        25.91           66,703,196          2.23% COMMON STOCK U.S.
Commercial Vehicle Group, Inc.                             cvgi      202608105        2,587,531        19.21           49,706,471          1.66% COMMON STOCK U.S.
Corinthian Colleges, Inc.                                 coco       218868107        5,414,714        14.40           77,971,882          2.60% COMMON STOCK U.S.
Corrections Corp. of America                               cxw       22025y407        2,372,660        45.20          107,244,232          3.58% COMMON STOCK U.S.
Deerfield Triarc Capital Corp.                              dfr      244572301        2,199,690        13.49           29,673,818          0.99% COMMON STOCK U.S.
Dollar Tree Stores, Inc.                                    dltr     256747106        1,219,297        27.67           33,737,948          1.13% COMMON STOCK U.S.
eResearch Technology, Inc.                                eres       29481V108        4,115,410        14.39           59,220,750          1.98% COMMON STOCK U.S.
Greater Bay Bancorp                                       gbbk       391648102        1,097,158        27.74           30,435,163          1.02% COMMON STOCK U.S.
Hancock Holding Co.                                       hbhc       410120109          719,490        46.52           33,470,675          1.12% COMMON STOCK U.S.
Hanover Insurance Group, Inc.                               thg      410867105        2,557,880        52.42          134,084,070          4.48% COMMON STOCK U.S.
ITT Educational Services, Inc.                              esi      45068B109          325,520        64.05           20,849,556          0.70% COMMON STOCK U.S.
John H. Harland Co.                                          jh      412693103        1,743,470        39.30           68,518,371          2.29% COMMON STOCK U.S.
Key Energy Services, Inc.                                 kegs       492914106        4,012,970        15.25           61,197,792          2.04% COMMON STOCK U.S.
KKR Financial Corp.                                         kfn      482476306        1,282,730        22.43           28,771,634          0.96% COMMON STOCK U.S.
Lazard Ltd., Class A                                        laz      g54050102        1,516,840        44.25           67,120,170          2.24% COMMON STOCK U.S.
Liberty Global, Inc., Class A                             lbtya      530555101        1,745,814        20.47           35,736,813          1.19% COMMON STOCK U.S.
Liberty Global, Inc., Class C                             lbtyk      530555309        1,739,874        19.75           34,362,511          1.15% COMMON STOCK U.S.
Magellan Health Services, Inc.                            mgln       559079207        1,857,251        40.47           75,162,948          2.51% COMMON STOCK U.S.
MI Developments, Inc., Class A                            mim        55304x104        1,900,490        34.90           66,327,101          2.21% COMMON STOCK U.S.
Novell, Inc.                                              novl       670006105        6,203,294         7.68           47,641,298          1.59% COMMON STOCK U.S.
Nu Skin Enterprises, Inc., Class A                         nus       67018T105          804,780        17.53           14,107,793          0.47% COMMON STOCK U.S.
Paxar Corporation                                           pxr      704227107        1,360,130        19.57           26,617,744          0.89% COMMON STOCK U.S.
Peabody Energy Corp.                                        btu      704549104        1,488,360        50.41           75,028,228          2.50% COMMON STOCK U.S.
Playboy Enterprises, Inc., Class B                          pla      728117300        1,775,980        14.20           25,218,916          0.84% COMMON STOCK U.S.
Regis Corp.                                                 rgs      758932107          109,840        34.48            3,787,283          0.13% COMMON STOCK U.S.
Scientific Games Corp., Class A                          sgms        80874P109        2,150,680        35.13           75,553,388          2.52% COMMON STOCK U.S.
SSA Global Technologies, Inc.                             ssag       78465p108        1,955,840        16.03           31,352,115          1.05% COMMON STOCK U.S.
Triarc Cos., Inc., Class B                                try/b      895927309        7,219,140        17.48          126,190,567          4.21% COMMON STOCK U.S.
Tuesday Morning Corporation                               tues       899035505        2,398,947        23.09           55,391,686          1.85% COMMON STOCK U.S.
Whitney Holding Corp.                                     wtny       966612103        1,107,836        35.46           39,283,865          1.31% COMMON STOCK U.S.
Compton Petroleum Corp.                                 cmt.cn          2188454       6,216,550        12.75           79,260,547          2.65% COMMON STOCK CANADA
Goldcorp, Inc.                                            g.cn          2676302       2,132,040        29.26           62,381,134          2.08% COMMON STOCK CANADA
Paramount Resources Ltd., Class A                       pou.cn          b073fp1       2,781,940        35.66           99,214,626          3.31% COMMON STOCK CANADA
Sherritt International Corp.                              s.cn          2804158       4,790,450         9.12           43,685,655          1.46% COMMON STOCK CANADA
Trilogy Energy Trust                                   tet-u.cn        B073G58        1,335,800        16.65           22,247,129          0.74% COMMON STOCK CANADA
Grupo Aeroportuario del Pacifico SA de CV, ADR             pac       400506101          265,520        31.95            8,483,364          0.28% AMERICAN DEPOSITORY RECEIPTS
Coinmach Service Corp.                                      dry      19259w107        2,112,350        16.32           34,473,552          1.15% INCOME DEPOSIT SECURITIES
Cash / Other Assets and Liabilities                                                                                   557,092,582         18.59%
TOTAL PORTFOLIO                                                                                                     2,996,087,146        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 03/31/06.

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




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