SEC Info - RS Investment Trust - ‘N-Q’ for 9/30/14

RS Investment Trust – ‘N-Q’ for 9/30/14

RS Investment Trust – ‘N-Q’ for 9/30/14

On: Friday, 11/21/14, at 5:25pm ET · Effective: 11/21/14 · For: 9/30/14 · Accession #: 1193125-14-422059 · File #: 811-05159

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Rs Investment Trust
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein

On: Friday, 11/21/14, at 5:25pm ET · Effective: 11/21/14 · For: 9/30/14 · Accession #: 1193125-14-422059 · File #: 811-05159

Previous ‘N-Q’: ‘N-Q’ on 5/22/14 for 3/31/14 · Next: ‘N-Q’ on 5/28/15 for 3/31/15 · Latest: ‘N-Q’ on 5/23/16 for 3/31/16

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Rs Investment TrustDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Rs Investment Trust
Document Table of Contents

SEC Info℠

Home

Help

Please Sign In

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/21/14  RS Investment Trust               N-Q         9/30/14    2:4.1M                                   RR Donnelley/FA
          → RS China Fund ⇒ Class A (RSCHX) — Class C (RCHCX) — Class K (RCHKX) — Class Y (RCHYX)
          → RS Emerging Markets Fund ⇒ Class A (GBEMX) — Class C (REMGX) — Class K (REMKX) — Class Y (RSENX)
          → RS Emerging Markets Small Cap Fund ⇒ Class A (RSMSX) — Class C (RSMGX) — Class Y (RSMYX)
          → RS Floating Rate Fund ⇒ Class A (RSFLX) — Class C (RSFCX) — Class K (RSFKX) — Class Y (RSFYX)
          → RS Global Fund ⇒ Class A (RSGGX) — Class C (RGGCX) — Class K (RGGKX) — Class Y (RGGYX)
          → RS Global Natural Resources Fund ⇒ Class A (RSNRX) — Class C (RGNCX) — Class K (RSNKX) — Class Y (RSNYX)
          → RS Growth Fund ⇒ Class A (RSGRX) — Class C (RGWCX) — Class K (RSGKX) — Class Y (RGRYX)
          → RS High Income Municipal Bond Fund ⇒ Class A (RSHMX) — Class C (RSHCX) — Class Y (RHMYX)
          → RS High Yield Fund ⇒ Class A (GUHYX) — Class C (RHYCX) — Class K (RHYKX) — Class Y (RSYYX)
          → RS International Fund ⇒ Class A (GUBGX) — Class C (RIGCX) — Class K (RIGKX) — Class Y (RSIGX)
          → RS Investment Quality Bond Fund ⇒ Class A (GUIQX) — Class C (RIQCX) — Class K (RIQKX) — Class Y (RSQYX)
          → RS Investors Fund ⇒ Class A (RSINX) — Class C (RIVCX) — Class K (RSIKX) — Class Y (RSIYX)
          → RS Large Cap Alpha Fund ⇒ Class A (GPAFX) — Class C (RCOCX) — Class K (RCEKX) — Class Y (RCEYX)
          → RS Low Duration Bond Fund ⇒ Class A (RLDAX) — Class C (RLDCX) — Class K (RLDKX) — Class Y (RSDYX)
          → RS Mid Cap Growth Fund ⇒ Class A (RSMOX) — Class C (RMOCX) — Class K (RSMKX) — Class Y (RMOYX)
          → RS Partners Fund ⇒ Class A (RSPFX) — Class K (RSPKX) — Class Y (RSPYX)
          → RS Select Growth Fund ⇒ Class A (RSDGX) — Class C (RSGFX) — Class K (RSDKX) — Class Y (RSSYX)
          → RS Small Cap Equity Fund ⇒ Class A (GPSCX) — Class C (RSCCX) — Class K (RSCKX) — Class Y (RSCYX)
          → RS Small Cap Growth Fund ⇒ Class A (RSEGX) — Class C (REGWX) — Class K (RSEKX) — Class Y (RSYEX)
          → RS Strategic Income Fund ⇒ Class A (RSIAX) — Class C (RSICX) — Class K (RINKX) — Class Y (RSRYX)
          → RS Tax-Exempt Fund ⇒ Class A (GUTEX) — Class C (RETCX) — Class Y (RSTYX)
          → RS Technology Fund ⇒ Class A (RSIFX) — Class C (RINCX) — Class K (RIFKX) — Class Y (RIFYX)
          → RS Value Fund ⇒ Class A (RSVAX) — Class C (RVACX) — Class K (RSVKX) — Class Y (RSVYX)

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Rs Investment Trust                                 HTML   2.74M 
 2: EX-99.CERT  Certifications                                      HTML     17K

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Controls and Procedures Exhibits Schedule of Investments Signatures Table of Contents
1	1st Page - Filing Submission
"	Table of Contents
"	Item 1. Schedule of Investments
"	Item 2. Controls and Procedures
"	Item 3. Exhibits
"	Signatures

RS Investment Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05159

RS INVESTMENT TRUST

(Exact name of registrant as specified in charter)

One Bush Street

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)

Matthew H. Scanlan

c/o RS Investments

One Bush Street, 9^th Floor

San Francisco, CA 94104

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

TABLE OF CONTENTS


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

Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS — RS PARTNERS FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 96.9%
Air Transport — 1.7%
Bristow Group, Inc.		470,468	$	31,615,450
				31,615,450
Auto Parts — 3.4%
American Axle & Manufacturing Holdings, Inc.⁽¹⁾		812,447		13,624,736
Dana Holding Corp.		2,644,693		50,698,765
				64,323,501
Back Office Support, HR and Consulting — 1.0%
Performant Financial Corp.⁽¹⁾⁽²⁾		2,417,645		19,534,572
				19,534,572
Banks: Diversified — 9.1%
Associated Banc-Corp.		2,647,569		46,120,652
Banner Corp.		261,592		10,063,444
Boston Private Financial Holdings., Inc.		828,434		10,264,297
First Horizon National Corp.		4,646,194		57,055,262
FirstMerit Corp.		650,844		11,454,855
Hancock Holding Co.		128,180		4,108,169
Synovus Financial Corp.		850,173		20,098,090
UMB Financial Corp.		182,408		9,950,356
				169,115,125
Building Materials — 1.8%
Masonite International Corp.⁽¹⁾		600,225		33,240,461
				33,240,461
Chemicals: Diversified — 1.5%
Olin Corp.		1,144,601		28,901,175
				28,901,175
Commercial Vehicles & Parts — 1.4%
Navistar International Corp.⁽¹⁾		804,256		26,468,065
				26,468,065
Communications Technology — 0.5%
Plantronics, Inc.		186,082		8,890,998
				8,890,998
Computer Services, Software & Systems — 4.0%
AOL, Inc.⁽¹⁾		553,129		24,863,148
CommVault Systems, Inc.⁽¹⁾		166,229		8,377,942
TIBCO Software, Inc.⁽¹⁾		1,752,890		41,420,791
				74,661,881
Containers & Packaging — 2.5%
Sealed Air Corp.		1,327,813		46,314,117
				46,314,117
Diversified Manufacturing Operations — 2.3%
ITT Corp.		624,664		28,072,400
TriMas Corp.⁽¹⁾		578,616		14,077,727
				42,150,127
Electronic Entertainment — 2.2%
Dolby Laboratories, Inc., Class A⁽¹⁾		981,124		41,001,172
				41,001,172
Financial Data & Systems — 1.2%
Euronet Worldwide, Inc.⁽¹⁾		454,940		21,741,583
				21,741,583

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS PARTNERS FUND


September 30, 2014 (unaudited)	Foreign Currency		Shares		Value
Health Care Management Services — 2.1%
Magellan Health, Inc.⁽¹⁾				725,579	$	39,710,939
						39,710,939
Health Care Services — 5.8%
Allscripts Healthcare Solutions, Inc.⁽¹⁾				3,370,755		45,218,678
Healthways, Inc.⁽¹⁾				530,991		8,506,476
HMS Holdings Corp.⁽¹⁾				2,919,997		55,041,944
						108,767,098
Home Building — 0.9%
William Lyon Homes, Class A⁽¹⁾				750,664		16,589,674
						16,589,674
Household Equipment & Products — 2.0%
Tupperware Brands Corp.				534,881		36,928,184
						36,928,184
Insurance: Life — 5.1%
StanCorp Financial Group, Inc.				851,488		53,797,012
Torchmark Corp.				775,254		40,600,052
						94,397,064
Insurance: Multi-Line — 1.4%
eHealth, Inc.⁽¹⁾⁽²⁾				1,052,734		25,402,471
						25,402,471
Insurance: Property-Casualty — 7.3%
Endurance Specialty Holdings Ltd.				592,244		32,680,024
Essent Group Ltd.⁽¹⁾				1,567,353		33,557,027
First American Financial Corp.				2,241,874		60,799,623
Stewart Information Services Corp.				297,194		8,722,644
						135,759,318
Leisure Time — 3.1%
SeaWorld Entertainment, Inc.				3,002,023		57,728,902
						57,728,902
Metal Fabricating — 2.0%
MRC Global, Inc.⁽¹⁾				1,616,799		37,703,753
						37,703,753
Metals & Minerals: Diversified — 0.5%
Materion Corp.				302,825		9,287,643
						9,287,643
Office Supplies & Equipment — 1.3%
Avery Dennison Corp.				558,216		24,924,344
						24,924,344
Oil Well Equipment & Services — 1.1%
TETRA Technologies, Inc.⁽¹⁾				1,834,551		19,849,842
						19,849,842
Oil: Crude Producers — 7.9%
Approach Resources, Inc.⁽¹⁾				1,568,537		22,743,787
Laredo Petroleum, Inc.⁽¹⁾				1,321,893		29,623,622
Peyto Exploration & Development Corp.		CAD		1,728,404		54,539,754
Rosetta Resources, Inc.⁽¹⁾				909,288		40,517,873
						147,425,036
Pharmaceuticals — 0.9%
Impax Laboratories, Inc.⁽¹⁾				455,130		10,791,132
The Medicines Co.⁽¹⁾				272,597		6,084,365
						16,875,497

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS PARTNERS FUND


September 30, 2014 (unaudited)	Shares		Value
Precious Metals & Minerals — 1.8%
Horsehead Holding Corp.⁽¹⁾		1,986,648	$	32,839,291
				32,839,291
Real Estate Investment Trusts — 3.9%
Ares Commercial Real Estate Corp.		972,499		11,368,513
CBL & Associates Properties, Inc.		1,085,987		19,439,167
MFA Financial, Inc.		1,179,317		9,175,086
PennyMac Mortgage Investment Trust		335,922		7,198,809
Washington Prime Group, Inc.		1,426,632		24,937,528
				72,119,103
Real Estate Services — 2.1%
Jones Lang LaSalle, Inc.		311,288		39,328,126
				39,328,126
Scientific Instruments: Electrical — 0.1%
GrafTech International Ltd.⁽¹⁾		248,437		1,137,842
				1,137,842
Scientific Instruments: Pollution Control — 2.6%
Clean Harbors, Inc.⁽¹⁾		406,953		21,942,906
Waste Connections, Inc.		558,256		27,086,581
				49,029,487
Securities Brokerage & Services — 2.2%
Interactive Brokers Group, Inc., Class A		1,646,305		41,075,310
				41,075,310
Shipping — 0.9%
Huntington Ingalls Industries, Inc.		166,716		17,373,474
				17,373,474
Specialty Retail — 3.9%
FTD Cos., Inc.⁽¹⁾⁽²⁾		1,303,940		44,477,393
Vitamin Shoppe, Inc.⁽¹⁾		655,015		29,076,116
				73,553,509
Textiles, Apparel & Shoes — 0.3%
Tumi Holdings, Inc.⁽¹⁾		268,876		5,471,627
				5,471,627
Utilities: Gas Distributors — 2.9%
Questar Corp.		2,404,318		53,592,248
				53,592,248
Utilities: Miscellaneous — 2.2%
Calpine Corp.⁽¹⁾		1,859,696		40,355,403
				40,355,403
Total Common Stocks (Cost $1,547,511,327)				1,805,183,412

	Principal Amount		Value
Repurchase Agreements — 3.3%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $60,611,000, due 10/1/2014⁽³⁾	$	60,611,000		60,611,000
Total Repurchase Agreements (Cost $60,611,000)				60,611,000

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS PARTNERS FUND


September 30, 2014 (unaudited)	Value
Total Investments — 100.2% (Cost $1,608,122,327)	$	1,865,794,412
Other Liabilities, Net — (0.2)%		(3,718,500	)
Total Net Assets — 100.0%	$	1,862,075,912

(1)	Non-income-producing security.

(2)	Affiliated issuer.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.50	%		8/15/2023	$	31,426,150
U.S. Treasury Note		2.50	%		5/15/2024		30,401,000

Legend:

Foreign-Denominated Security

CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS PARTNERS FUND

The following is a summary of the inputs used as of September 30, 2014, in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,805,183,412	$	—	$	—	$	1,805,183,412
Repurchase Agreements		—		60,611,000		—		60,611,000

Total	$	1,805,183,412	$	60,611,000	$	—	$	1,865,794,412

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS VALUE FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 97.0%
Advertising Agencies — 1.2%
The Interpublic Group of Companies, Inc.		856,015	$	15,682,195
				15,682,195
Auto Parts — 1.7%
TRW Automotive Holdings Corp.⁽¹⁾		216,123		21,882,454
				21,882,454
Back Office Support, HR and Consulting — 3.6%
Iron Mountain, Inc.		1,408,677		45,993,304
				45,993,304
Banks: Diversified — 5.6%
Comerica, Inc.		383,100		19,101,366
First Horizon National Corp.		1,164,105		14,295,210
KeyCorp		1,596,861		21,286,157
Zions Bancorporation		570,700		16,584,542
				71,267,275
Biotechnology — 2.2%
Charles River Laboratories International, Inc.⁽¹⁾		464,100		27,725,334
				27,725,334
Building Materials — 2.1%
Owens Corning		852,530		27,067,828
				27,067,828
Chemicals: Diversified — 1.6%
Axiall Corp.		574,305		20,565,862
				20,565,862
Commercial Vehicles & Parts — 2.9%
Allison Transmission Holdings, Inc.		437,900		12,475,771
Navistar International Corp.⁽¹⁾		718,540		23,647,151
				36,122,922
Computer Services, Software & Systems — 4.6%
AOL, Inc.⁽¹⁾		152,550		6,857,123
Informatica Corp.⁽¹⁾		692,400		23,707,776
TIBCO Software, Inc.⁽¹⁾		1,162,800		27,476,964
				58,041,863
Containers & Packaging — 2.7%
Crown Holdings, Inc.⁽¹⁾		385,969		17,183,340
Sealed Air Corp.		471,501		16,445,955
				33,629,295
Diversified Financial Services — 3.3%
Ameriprise Financial, Inc.		162,707		20,074,789
Raymond James Financial, Inc.		394,134		21,117,700
				41,192,489
Diversified Media — 2.8%
Liberty Media Corp., Class A⁽¹⁾		197,984		9,340,885
Liberty Media Corp., Class C⁽¹⁾		568,968		26,735,806
				36,076,691
Diversified Retail — 5.3%
Liberty Interactive Corp., Class A⁽¹⁾		2,337,280		66,659,226
				66,659,226
Drug & Grocery Store Chains — 2.9%
GNC Holdings, Inc., Class A		955,968		37,034,200
				37,034,200

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS VALUE FUND


September 30, 2014 (unaudited)	Shares		Value
Electronic Entertainment — 2.8%
Dolby Laboratories, Inc., Class A⁽¹⁾		859,580	$	35,921,848
				35,921,848
Fertilizers — 1.4%
The Mosaic Co.		413,746		18,374,460
				18,374,460
Financial Data & Systems — 2.7%
Fidelity National Information Services, Inc.		614,632		34,603,782
				34,603,782
Gas Pipeline — 2.7%
Kinder Morgan Management LLC⁽¹⁾		359,189		33,817,644
				33,817,644
Home Building — 2.1%
NVR, Inc.⁽¹⁾		23,163		26,174,653
				26,174,653
Insurance: Multi-Line — 2.1%
Reinsurance Group of America, Inc.		167,196		13,397,415
Voya Financial, Inc.		333,035		13,021,669
				26,419,084
Insurance: Property-Casualty — 5.4%
FNF Group		1,161,260		32,213,353
XL Group PLC		1,082,461		35,905,231
				68,118,584
Leisure Time — 0.9%
SeaWorld Entertainment, Inc.		615,670		11,839,334
				11,839,334
Machinery: Engines — 0.9%
Cummins, Inc.		84,400		11,139,112
				11,139,112
Medical Equipment — 3.1%
Intuitive Surgical, Inc.⁽¹⁾		84,435		38,993,772
				38,993,772
Oil Well Equipment & Services — 1.0%
Rowan Companies PLC, Class A		496,408		12,564,086
				12,564,086
Oil: Crude Producers — 4.2%
Concho Resources, Inc.⁽¹⁾		131,454		16,483,017
Laredo Petroleum, Inc.⁽¹⁾		721,600		16,171,056
Rosetta Resources, Inc.⁽¹⁾		473,360		21,092,922
				53,746,995
Pharmaceuticals — 7.7%
Actavis PLC⁽¹⁾		178,128		42,978,724
Cardinal Health, Inc.		280,214		20,993,633
Zoetis, Inc.		892,012		32,959,843
				96,932,200
Real Estate Investment Trusts — 5.6%
American Campus Communities, Inc.		504,079		18,373,680
Equity Commonwealth		601,100		15,454,281
Gaming and Leisure Properties, Inc.		649,805		20,078,974
Washington Prime Group, Inc.		945,900		16,534,332
				70,441,267

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS VALUE FUND


September 30, 2014 (unaudited)	Shares		Value
Real Estate Services — 1.4%
CBRE Group, Inc., Class A⁽¹⁾		593,219	$	17,642,333
				17,642,333
Rental & Leasing Services: Consumer — 0.7%
Avis Budget Group, Inc.⁽¹⁾		153,700		8,436,593
				8,436,593
Scientific Instruments: Pollution Control — 3.6%
Clean Harbors, Inc.⁽¹⁾		840,907		45,341,705
				45,341,705
Utilities: Electrical — 1.0%
NRG Energy, Inc.		425,600		12,972,288
				12,972,288
Utilities: Gas Distributors — 2.7%
Questar Corp.		1,529,432		34,091,039
				34,091,039
Utilities: Miscellaneous — 2.5%
Calpine Corp.⁽¹⁾		1,488,912		32,309,390
				32,309,390
Total Common Stocks (Cost $1,006,478,414)				1,228,821,107

	Principal Amount		Value
Repurchase Agreements — 2.4%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $29,993,000, due 10/1/2014⁽²⁾	$	29,993,000		29,993,000
Total Repurchase Agreements (Cost $29,993,000)				29,993,000
Total Investments — 99.4%
(Cost $1,036,471,414)				1,258,814,107
Other Assets, Net — 0.6%				7,710,340
Total Net Assets — 100.0%			$	1,266,524,447

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	14,792,325
U.S. Treasury Note		1.75	%		5/15/2023		5,484,063
U.S. Treasury Note		2.50	%		8/15/2023		10,317,150

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS VALUE FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,228,821,107	$	—	$	—	$	1,228,821,107
Repurchase Agreements		—		29,993,000		—		29,993,000

Total	$	1,228,821,107	$	29,993,000	$	—	$	1,258,814,107

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LARGE CAP ALPHA FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 95.9%
Advertising Agencies — 1.2%
The Interpublic Group of Companies, Inc.		559,900	$	10,257,368
				10,257,368
Aerospace — 0.9%
Lockheed Martin Corp.		41,677		7,617,722
				7,617,722
Asset Management & Custodian — 1.7%
State Street Corp.		197,213		14,516,849
				14,516,849
Automobiles — 1.9%
General Motors Co.		494,200		15,784,748
				15,784,748
Back Office Support, HR and Consulting — 1.2%
Iron Mountain, Inc.		319,000		10,415,350
				10,415,350
Banks: Diversified — 7.9%
Citizens Financial Group, Inc.⁽¹⁾		512,900		12,012,118
KeyCorp		1,378,438		18,374,579
The PNC Financial Services Group, Inc.		142,300		12,178,034
Wells Fargo & Co.		302,400		15,685,488
Zions Bancorporation		302,100		8,779,026
				67,029,245
Cable Television Services — 1.5%
DIRECTV⁽¹⁾		149,200		12,908,784
				12,908,784
Cement — 1.2%
Cemex S.A.B. de C.V., ADR⁽¹⁾		775,564		10,113,355
				10,113,355
Chemicals: Specialty — 1.4%
Praxair, Inc.		93,939		12,118,131
				12,118,131
Computer Services, Software & Systems — 3.7%
Microsoft Corp.		677,400		31,404,264
				31,404,264
Diversified Financial Services — 5.6%
Citigroup, Inc.		340,500		17,644,710
JPMorgan Chase & Co.		418,000		25,180,320
Raymond James Financial, Inc.		83,600		4,479,288
				47,304,318
Diversified Media — 4.0%
Twenty-First Century Fox, Inc., Class A		982,775		33,699,355
				33,699,355
Diversified Retail — 6.6%
Dollar General Corp.⁽¹⁾		208,900		12,765,879
Liberty Interactive Corp., Class A⁽¹⁾		1,521,721		43,399,483
				56,165,362
Drug & Grocery Store Chains — 2.2%
CVS Health Corp.		236,005		18,783,638
				18,783,638

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LARGE CAP ALPHA FUND


September 30, 2014 (unaudited)	Foreign Currency		Shares		Value
Fertilizers — 2.0%
The Mosaic Co.				378,415	$	16,805,410
						16,805,410
Financial Data & Systems — 1.6%
Fidelity National Information Services, Inc.				237,900		13,393,770
						13,393,770
Foods — 2.4%
Mondelez International, Inc., Class A				600,500		20,576,132
						20,576,132
Gas Pipeline — 2.7%
Kinder Morgan Management LLC⁽¹⁾				247,736		23,324,344
						23,324,344
Health Care Management Services — 1.0%
UnitedHealth Group, Inc.				102,222		8,816,647
						8,816,647
Home Building — 1.5%
D.R. Horton, Inc.				609,200		12,500,784
						12,500,784
Insurance: Life — 6.3%
Aflac, Inc.				365,800		21,307,850
Prudential Financial, Inc.				367,500		32,317,950
						53,625,800
Insurance: Property-Casualty — 4.3%
FNF Group				513,000		14,230,620
The Allstate Corp.				365,100		22,406,187
						36,636,807
Machinery: Engines — 1.4%
Cummins, Inc.				89,290		11,784,494
						11,784,494
Medical Equipment — 2.4%
Intuitive Surgical, Inc.⁽¹⁾				44,218		20,420,757
						20,420,757
Oil: Crude Producers — 6.5%
ARC Resources Ltd.		CAD		406,690		10,730,559
Cabot Oil & Gas Corp.				320,100		10,464,069
Concho Resources, Inc.⁽¹⁾				86,864		10,891,877
Occidental Petroleum Corp.				171,400		16,480,110
Southwestern Energy Co.⁽¹⁾				180,193		6,297,745
						54,864,360
Oil: Integrated — 3.3%
Chevron Corp.				165,665		19,767,148
Marathon Oil Corp.				224,800		8,450,232
						28,217,380
Pharmaceuticals — 11.5%
Actavis PLC⁽¹⁾				117,327		28,308,659
Merck & Co., Inc.				366,804		21,744,141
Pfizer, Inc.				892,605		26,394,330
Zoetis, Inc.				584,439		21,595,021
						98,042,151
Radio & TV Broadcasters — 0.8%
Sirius XM Holdings, Inc.⁽¹⁾				1,831,400		6,391,586
						6,391,586

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LARGE CAP ALPHA FUND


September 30, 2014 (unaudited)	Shares		Value
Real Estate Investment Trusts — 1.0%
Equity Commonwealth		315,700	$	8,116,647
				8,116,647
Scientific Instruments: Control & Filter — 1.2%
Parker-Hannifin Corp.		91,780		10,476,687
				10,476,687
Securities Brokerage & Services — 1.2%
CME Group, Inc.		123,251		9,854,534
				9,854,534
Semiconductors & Components — 1.7%
Broadcom Corp., Class A		361,200		14,599,704
				14,599,704
Utilities: Electrical — 2.1%
NRG Energy, Inc.		583,200		17,775,936
				17,775,936
Total Common Stocks
(Cost $649,593,869)				814,342,419

	Principal Amount		Value
Repurchase Agreements — 2.7%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $22,674,000, due 10/1/2014⁽²⁾	$	22,674,000		22,674,000
Total Repurchase Agreements
(Cost $22,674,000)				22,674,000
Total Investments — 98.6%
(Cost $672,267,869)				837,016,419
Other Assets, Net — 1.4%				12,062,199
Total Net Assets — 100.0%			$	849,078,618

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.75	%		5/15/2023	$	23,128,438

Legend:

ADR — American Depositary Receipt.

Foreign Denominated Security

CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LARGE CAP ALPHA FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	814,342,419	$	—	$	—	$	814,342,419
Repurchase Agreements		—		22,674,000		—		22,674,000

Total	$	814,342,419	$	22,674,000	$	—	$	837,016,419

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTORS FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 97.2%
Auto Parts — 2.7%
Dana Holding Corp.		367,723	$	7,049,250
				7,049,250
Back Office Support, HR and Consulting — 6.0%
Iron Mountain, Inc.		266,400		8,697,960
Performant Financial Corp.⁽¹⁾		844,353		6,822,372
				15,520,332
Banks: Diversified — 6.5%
First Horizon National Corp.		685,700		8,420,396
KeyCorp		625,400		8,336,582
				16,756,978
Building Materials — 3.5%
Owens Corning		289,400		9,188,450
				9,188,450
Computer Services, Software & Systems — 5.0%
Informatica Corp.⁽¹⁾		179,400		6,142,656
Microsoft Corp.		149,600		6,935,456
				13,078,112
Containers & Packaging — 2.2%
Sealed Air Corp.		166,400		5,804,032
				5,804,032
Diversified Financial Services — 5.5%
JPMorgan Chase & Co.		139,800		8,421,552
Raymond James Financial, Inc.		107,000		5,733,060
				14,154,612
Diversified Media — 4.4%
Twenty-First Century Fox, Inc., Class A		331,500		11,367,135
				11,367,135
Diversified Retail — 6.0%
Liberty Interactive Corp., Class A⁽¹⁾		545,400		15,554,808
				15,554,808
Health Care Management Services — 2.8%
Magellan Health, Inc.⁽¹⁾		130,500		7,142,265
				7,142,265
Health Care Services — 7.7%
Allscripts Healthcare Solutions, Inc.⁽¹⁾		684,210		9,178,677
HMS Holdings Corp.⁽¹⁾		570,462		10,753,209
				19,931,886
Insurance: Multi-Line — 2.1%
eHealth, Inc.⁽¹⁾		221,921		5,354,954
				5,354,954
Insurance: Property-Casualty — 9.1%
First American Financial Corp.		332,900		9,028,248
FNF Group		220,500		6,116,670
XL Group PLC		256,700		8,514,739
				23,659,657
Leisure Time — 3.5%
SeaWorld Entertainment, Inc.		466,623		8,973,160
				8,973,160

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTORS FUND


September 30, 2014 (unaudited)	Foreign Currency		Shares		Value
Metal Fabricating — 2.7%
MRC Global, Inc.⁽¹⁾				300,100	$	6,998,332
						6,998,332
Oil: Crude Producers — 8.9%
Laredo Petroleum, Inc.⁽¹⁾				309,900		6,944,859
Occidental Petroleum Corp.				83,280		8,007,372
Peyto Exploration & Development Corp.		CAD		252,680		7,973,312
						22,925,543
Oil: Integrated — 3.3%
Chevron Corp.				71,265		8,503,340
						8,503,340
Pharmaceuticals — 6.3%
Actavis PLC⁽¹⁾				37,663		9,087,328
Pfizer, Inc.				246,500		7,289,005
						16,376,333
Precious Metals & Minerals — 2.8%
Horsehead Holding Corp.⁽¹⁾				436,979		7,223,263
						7,223,263
Real Estate Investment Trusts — 0.4%
Gaming and Leisure Properties, Inc.				34,961		1,080,295
						1,080,295
Scientific Instruments: Pollution Control — 3.8%
Clean Harbors, Inc.⁽¹⁾				181,753		9,800,122
						9,800,122
Semiconductors & Components — 2.0%
Broadcom Corp., Class A				131,200		5,303,104
						5,303,104
Total Common Stocks (Cost $256,269,183)						251,745,963

			Principal Amount		Value
Repurchase Agreements — 6.6%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $17,146,000, due 10/1/2014⁽²⁾			$	17,146,000		17,146,000
Total Repurchase Agreements
(Cost $17,146,000)						17,146,000
Total Investments — 103.8%
(Cost $273,415,183)						268,891,963
Other Liabilities, Net — (3.8)%						(9,787,840	)
Total Net Assets — 100.0%					$	259,104,123

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.50	%		5/15/2024	$	17,493,200

Legend:

Foreign-Denominated Security

CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTORS FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	251,745,963	$	—	$	—	$	251,745,963
Repurchase Agreements		—		17,146,000		—		17,146,000

Total	$	251,745,963	$	17,146,000	$	—	$	268,891,963

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL NATURAL RESOURCES FUND


September 30, 2014 (unaudited)	Foreign Currency		Shares		Value
Common Stocks — 96.8%
Chemicals: Diversified — 5.6%
Sociedad Quimica y Minera de Chile S.A., ADR				9,739,295	$	254,585,171
						254,585,171
Copper — 10.9%
Antofagasta PLC		GBP		7,817,555		91,375,435
First Quantum Minerals Ltd.		CAD		14,654,759		282,901,817
HudBay Minerals, Inc.				9,732,318		83,308,642
Taseko Mines Ltd.⁽¹⁾⁽²⁾				23,088,769		39,250,907
						496,836,801
Fertilizers — 5.1%
The Mosaic Co.				5,149,108		228,671,886
						228,671,886
Gold — 5.6%
Goldcorp, Inc.				7,147,873		164,615,515
New Gold, Inc.⁽¹⁾				17,959,646		90,696,213
						255,311,728
Metals & Minerals: Diversified — 18.1%
Compass Minerals International, Inc.⁽²⁾				1,792,435		151,066,422
Iluka Resources Ltd.⁽²⁾		AUD		25,427,294		174,986,171
Mineral Resources Ltd.⁽²⁾		AUD		16,297,475		124,142,537
Turquoise Hill Resources Ltd.⁽¹⁾				99,968,675		373,882,844
						824,077,974
Oil: Crude Producers — 48.5%
Antero Resources Corp.⁽¹⁾				2,701,642		148,293,129
Cabot Oil & Gas Corp.				7,546,093		246,681,780
Concho Resources, Inc.⁽¹⁾				468,478		58,742,457
Denbury Resources, Inc.				10,436,922		156,866,938
Kosmos Energy Ltd.⁽¹⁾				10,340,169		102,988,083
Laredo Petroleum, Inc.⁽¹⁾				6,387,367		143,140,895
Noble Energy, Inc.				3,157,190		215,825,508
Oil Search Ltd.		AUD		8,995,113		70,251,001
Ophir Energy PLC⁽¹⁾⁽²⁾		GBP		37,254,768		138,487,050
Painted Pony Petroleum Ltd.⁽¹⁾⁽²⁾		CAD		3,157,081		35,377,800
Painted Pony Petroleum Ltd.^(1)(2)(3)(4)		CAD		2,639,404		29,576,785
Peyto Exploration & Development Corp.		CAD		5,617,985		177,275,405
Range Resources Corp.				3,307,902		224,308,835
Rosetta Resources, Inc.⁽¹⁾⁽²⁾				3,726,147		166,037,110
Salamander Energy PLC⁽¹⁾⁽²⁾		GBP		23,609,608		38,274,720
Southwestern Energy Co.⁽¹⁾				3,510,986		122,708,961
Tourmaline Oil Corp.⁽¹⁾		CAD		1,896,310		84,033,988
Tullow Oil PLC		GBP		4,506,270		47,082,919
						2,205,953,364
Utilities: Miscellaneous — 3.0%
Calpine Corp.⁽¹⁾				6,214,033		134,844,516
						134,844,516
Total Common Stocks
(Cost $4,548,356,121)						4,400,281,440

			Principal Amount		Value
Repurchase Agreements — 1.8%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $83,559,000, due 10/1/2014⁽⁵⁾			$	83,559,000		83,559,000
Total Repurchase Agreements
(Cost $83,559,000)						83,559,000

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL NATURAL RESOURCES FUND

(1)	Non-income producing security.

(2)	Affiliated issuer.

(3)	Fair valued security.

(4)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At September 30, 2014, the aggregate market value of these securities amounted to $29,576,785, representing 0.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		7.625	%		2/15/2025	$	53,370,000
U.S. Treasury Bond		2.875	%		5/15/2043		4,127,062
U.S. Treasury Bond		3.625	%		8/15/2043		21,344,813
U.S. Treasury Note		2.50	%		5/15/2024		6,393,300

Legend:

ADR — American Depositary Receipt.

Foreign-Denominated Security

AUD — Australian Dollar

CAD — Canadian Dollar

GBP — Great British Pound

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL NATURAL RESOURCES FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks
Other	$	4,370,704,655	$	—	$	—	$	4,370,704,655
Painted Pony Petroleum Ltd.		—		29,576,785		—		29,576,785
Repurchase Agreements		—		83,559,000		—		83,559,000

Total	$	4,370,704,655	$	113,135,785	$	—	$	4,483,840,440

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 98.4%
Advertising Agencies — 1.2%
Constant Contact, Inc.⁽¹⁾		444,080	$	12,052,331
				12,052,331
Aerospace — 2.8%
HEICO Corp., Class A		338,398		13,637,439
Teledyne Technologies, Inc.⁽¹⁾		153,462		14,426,963
				28,064,402
Air Transport — 0.7%
Spirit Airlines, Inc.⁽¹⁾		106,400		7,356,496
				7,356,496
Back Office Support, HR and Consulting — 3.4%
Huron Consulting Group, Inc.⁽¹⁾		193,319		11,786,660
TriNet Group, Inc.⁽¹⁾		441,800		11,376,350
TrueBlue, Inc.⁽¹⁾		471,900		11,920,194
				35,083,204
Banks: Diversified — 2.1%
Customers Bancorp, Inc.⁽¹⁾		556,133		9,988,149
Western Alliance Bancorp⁽¹⁾		487,700		11,656,030
				21,644,179
Biotechnology — 10.9%
Amicus Therapeutics, Inc.⁽¹⁾		843,934		5,021,407
Bluebird Bio, Inc.⁽¹⁾		224,300		8,047,884
Chimerix, Inc.⁽¹⁾		332,900		9,194,698
KYTHERA Biopharmaceuticals, Inc.⁽¹⁾		196,100		6,424,236
Ligand Pharmaceuticals, Inc.⁽¹⁾		283,500		13,321,665
Loxo Oncology, Inc.⁽¹⁾		404,900		5,316,337
NanoString Technologies, Inc.⁽¹⁾		405,100		4,431,794
Orexigen Therapeutics, Inc.⁽¹⁾		1,501,185		6,395,048
Puma Biotechnology, Inc.⁽¹⁾		58,175		13,878,810
Receptos, Inc.⁽¹⁾		177,492		11,024,028
Revance Therapeutics, Inc.⁽¹⁾		287,600		5,559,308
Sage Therapeutics, Inc.⁽¹⁾		194,476		6,125,994
Ultragenyx Pharmaceutical, Inc.⁽¹⁾		141,714		8,021,013
Vital Therapies, Inc.⁽¹⁾		399,114		8,145,917
				110,908,139
Building Materials — 1.0%
Simpson Manufacturing Co., Inc.		341,300		9,948,895
				9,948,895
Casinos & Gambling — 1.1%
Multimedia Games Holding Co., Inc.⁽¹⁾		308,111		11,095,077
				11,095,077
Chemicals: Diversified — 1.1%
Cytec Industries, Inc.		242,580		11,471,608
				11,471,608
Chemicals: Specialty — 1.0%
Quaker Chemical Corp.		138,142		9,903,400
				9,903,400
Commercial Services: Rental & Leasing — 0.9%
H&E Equipment Services, Inc.		217,900		8,777,012
				8,777,012
Communications Technology — 1.6%
Aruba Networks, Inc.⁽¹⁾		175,719		3,792,016
RingCentral, Inc., Class A⁽¹⁾		1,015,800		12,910,818
				16,702,834

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Computer Services, Software & Systems — 8.2%
Barracuda Networks, Inc.⁽¹⁾		365,279	$	9,369,406
comScore, Inc.⁽¹⁾		337,200		12,277,452
LogMeIn, Inc.⁽¹⁾		574,900		26,485,643
Proofpoint, Inc.⁽¹⁾		542,985		20,166,463
The Ultimate Software Group, Inc.⁽¹⁾		106,543		15,076,900
				83,375,864
Consumer Lending — 2.0%
Portfolio Recovery Associates, Inc.⁽¹⁾		386,407		20,182,038
				20,182,038
Diversified Materials & Processing — 1.5%
Hexcel Corp.⁽¹⁾		396,866		15,755,580
				15,755,580
Education Services — 2.4%
Capella Education Co.		214,100		13,402,660
Grand Canyon Education, Inc.⁽¹⁾		276,121		11,257,453
				24,660,113
Electronic Entertainment — 1.1%
Take-Two Interactive Software, Inc.⁽¹⁾		486,700		11,228,169
				11,228,169
Entertainment — 1.3%
IMAX Corp.⁽¹⁾		472,387		12,971,747
				12,971,747
Financial Data & Systems — 4.0%
Euronet Worldwide, Inc.⁽¹⁾		459,836		21,975,562
Heartland Payment Systems, Inc.		220,100		10,503,172
WEX, Inc.⁽¹⁾		76,565		8,446,651
				40,925,385
Foods — 4.1%
Pinnacle Foods, Inc.		547,200		17,866,080
The Hain Celestial Group, Inc.⁽¹⁾		101,545		10,393,131
The WhiteWave Foods Co.⁽¹⁾		361,820		13,144,920
				41,404,131
Health Care Facilities — 0.8%
Surgical Care Affiliates, Inc.⁽¹⁾		293,100		7,834,563
				7,834,563
Health Care Services — 2.4%
Acadia Healthcare Co., Inc.⁽¹⁾		244,682		11,867,077
ExamWorks Group, Inc.⁽¹⁾		383,200		12,549,800
				24,416,877
Household Furnishings — 1.5%
Restoration Hardware Holdings, Inc.⁽¹⁾		187,800		14,939,490
				14,939,490
Leisure Time — 0.8%
Marriott Vacations Worldwide Corp.⁽¹⁾		134,249		8,512,729
				8,512,729
Machinery: Industrial — 0.9%
Altra Industrial Motion Corp.		332,900		9,707,364
				9,707,364

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Medical & Dental Instruments & Supplies — 3.0%
AtriCure, Inc.⁽¹⁾		574,738	$	8,460,143
STERIS Corp.		162,900		8,790,084
West Pharmaceutical Services, Inc.		302,142		13,523,876
				30,774,103
Medical Equipment — 6.6%
Cyberonics, Inc.⁽¹⁾		155,439		7,952,260
DexCom, Inc.⁽¹⁾		292,874		11,712,031
Fluidigm Corp.⁽¹⁾		363,600		8,908,200
K2M Group Holdings, Inc.⁽¹⁾		90,037		1,299,234
NxStage Medical, Inc.⁽¹⁾		1,485,300		19,501,989
Zeltiq Aesthetics, Inc.⁽¹⁾		790,400		17,886,752
				67,260,466
Office Supplies & Equipment — 1.8%
Steelcase, Inc., Class A		1,114,469		18,043,253
				18,043,253
Oil Well Equipment & Services — 1.7%
Newpark Resources, Inc.⁽¹⁾		617,100		7,676,724
RigNet, Inc.⁽¹⁾		228,411		9,239,225
				16,915,949
Oil: Crude Producers — 3.4%
Athlon Energy, Inc.⁽¹⁾		154,700		9,008,181
Bonanza Creek Energy, Inc.⁽¹⁾		151,100		8,597,590
Carrizo Oil & Gas, Inc.⁽¹⁾		217,650		11,713,923
Diamondback Energy, Inc.⁽¹⁾		69,200		5,174,776
				34,494,470
Pharmaceuticals — 2.5%
Ocular Therapeutix, Inc.⁽¹⁾		411,600		6,161,652
Pacira Pharmaceuticals, Inc.⁽¹⁾		196,581		19,052,631
				25,214,283
Production Technology Equipment — 0.6%
FEI Co.		84,443		6,368,691
				6,368,691
Restaurants — 2.2%
Red Robin Gourmet Burgers, Inc.⁽¹⁾		157,400		8,956,060
Sonic Corp.⁽¹⁾		608,400		13,603,824
				22,559,884
Scientific Instruments: Electrical — 1.5%
GrafTech International Ltd.⁽¹⁾		212,100		971,418
Littelfuse, Inc.		165,700		14,114,326
				15,085,744
Scientific Instruments: Pollution Control — 1.2%
Clean Harbors, Inc.⁽¹⁾		233,800		12,606,496
				12,606,496
Securities Brokerage & Services — 1.0%
MarketAxess Holdings, Inc.		164,283		10,162,546
				10,162,546
Semiconductors & Components — 5.7%
Ambarella, Inc.⁽¹⁾		234,900		10,258,083
Microsemi Corp.⁽¹⁾		836,912		21,265,934
Spansion, Inc., Class A⁽¹⁾		723,700		16,493,123
Tower Semiconductor Ltd.⁽¹⁾		975,700		9,922,869
				57,940,009

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Specialty Retail — 2.4%
Burlington Stores, Inc.⁽¹⁾		448,279	$	17,868,401
Lithia Motors, Inc., Class A		92,200		6,978,618
				24,847,019
Steel — 1.2%
Steel Dynamics, Inc.		546,900		12,365,409
				12,365,409
Textiles, Apparel & Shoes — 2.5%
Carter’s, Inc.		130,400		10,108,608
G-III Apparel Group Ltd.⁽¹⁾		190,613		15,794,193
				25,902,801
Truckers — 1.3%
Old Dominion Freight Line, Inc.⁽¹⁾		188,664		13,327,225
				13,327,225
Utilities: Telecommunications — 1.0%
Cogent Communications Holdings, Inc.		312,400		10,499,764
				10,499,764
Total Common Stocks (Cost $851,287,166)				1,003,289,739

	Principal Amount		Value

Repurchase Agreements — 1.6%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $16,406,000, due 10/1/2014⁽²⁾	$	16,406,000		16,406,000
Total Repurchase Agreements (Cost $16,406,000)				16,406,000
Total Investments — 100.0% (Cost $867,693,166)				1,019,695,739
Other Assets, Net — 0.0%				72,977
Total Net Assets — 100.0%			$	1,019,768,716

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		3.625	%		8/15/2043	$	16,739,113

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,003,289,739	$	—	$	—	$	1,003,289,739
Repurchase Agreements		—		16,406,000		—		16,406,000

Total	$	1,003,289,739	$	16,406,000	$	—	$	1,019,695,739

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SELECT GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 97.2%
Advertising Agencies — 1.5%
Constant Contact, Inc.⁽¹⁾		465,600	$	12,636,384
				12,636,384
Aerospace — 4.3%
HEICO Corp., Class A		445,883		17,969,085
Teledyne Technologies, Inc.⁽¹⁾		190,952		17,951,398
				35,920,483
Air Transport — 1.1%
Spirit Airlines, Inc.⁽¹⁾		137,100		9,479,094
				9,479,094
Auto Parts — 1.9%
Gentex Corp.		596,600		15,970,982
				15,970,982
Back Office Support, HR and Consulting — 1.7%
Huron Consulting Group, Inc.⁽¹⁾		231,366		14,106,385
				14,106,385
Banks: Diversified — 1.4%
SVB Financial Group⁽¹⁾		105,935		11,874,254
				11,874,254
Biotechnology — 1.9%
Ligand Pharmaceuticals, Inc.⁽¹⁾		331,970		15,599,270
				15,599,270
Casinos & Gambling — 1.4%
Multimedia Games Holding Co., Inc.⁽¹⁾		314,969		11,342,034
				11,342,034
Chemicals: Diversified — 1.7%
Cytec Industries, Inc.		308,580		14,592,748
				14,592,748
Chemicals: Specialty — 1.7%
Quaker Chemical Corp.		197,509		14,159,420
				14,159,420
Commercial Vehicles & Parts — 1.7%
Allison Transmission Holdings, Inc.		498,700		14,207,963
				14,207,963
Computer Services, Software & Systems — 9.1%
AOL, Inc.⁽¹⁾		348,300		15,656,085
LogMeIn, Inc.⁽¹⁾		575,837		26,528,811
PTC, Inc.⁽¹⁾		274,400		10,125,360
Rackspace Hosting, Inc.⁽¹⁾		274,500		8,934,975
The Ultimate Software Group, Inc.⁽¹⁾		104,401		14,773,785
				76,019,016
Consumer Lending — 3.0%
Portfolio Recovery Associates, Inc.⁽¹⁾		480,930		25,118,974
				25,118,974
Diversified Materials & Processing — 2.3%
Hexcel Corp.⁽¹⁾		493,338		19,585,519
				19,585,519
Education Services — 3.3%
Capella Education Co.		239,200		14,973,920
Grand Canyon Education, Inc.⁽¹⁾		309,029		12,599,112
				27,573,032

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SELECT GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Entertainment — 1.7%
IMAX Corp.⁽¹⁾		507,115	$	13,925,378
				13,925,378
Financial Data & Systems — 6.2%
Euronet Worldwide, Inc.⁽¹⁾		576,694		27,560,206
Heartland Payment Systems, Inc.		279,800		13,352,056
WEX, Inc.⁽¹⁾		94,230		10,395,454
				51,307,716
Foods — 3.2%
The Hain Celestial Group, Inc.⁽¹⁾		99,883		10,223,025
The WhiteWave Foods Co.⁽¹⁾		449,000		16,312,170
				26,535,195
Health Care Facilities — 1.4%
Universal Health Services, Inc., Class B		111,520		11,653,840
				11,653,840
Health Care Services — 3.2%
ExamWorks Group, Inc.⁽¹⁾		492,411		16,126,460
Premier, Inc., Class A⁽¹⁾		309,400		10,166,884
				26,293,344
Household Furnishings — 2.3%
Restoration Hardware Holdings, Inc.⁽¹⁾		244,308		19,434,701
				19,434,701
Leisure Time — 0.9%
Marriott Vacations Worldwide Corp.⁽¹⁾		114,900		7,285,809
				7,285,809
Luxury Items — 2.0%
Signet Jewelers Ltd.		143,185		16,310,203
				16,310,203
Medical & Dental Instruments & Supplies — 3.0%
STERIS Corp.		199,240		10,750,990
West Pharmaceutical Services, Inc.		327,638		14,665,077
				25,416,067
Medical Equipment — 4.3%
Cyberonics, Inc.⁽¹⁾		192,975		9,872,601
IDEXX Laboratories, Inc.⁽¹⁾		118,735		13,990,545
PerkinElmer, Inc.		266,300		11,610,680
				35,473,826
Oil Well Equipment & Services — 1.1%
Newpark Resources, Inc.⁽¹⁾		765,154		9,518,516
				9,518,516
Oil: Crude Producers — 5.2%
Athlon Energy, Inc.⁽¹⁾		192,600		11,215,098
Bonanza Creek Energy, Inc.⁽¹⁾		189,095		10,759,506
Carrizo Oil & Gas, Inc.⁽¹⁾		277,000		14,908,140
Diamondback Energy, Inc.⁽¹⁾		84,700		6,333,866
				43,216,610
Pharmaceuticals — 5.7%
Jazz Pharmaceuticals PLC⁽¹⁾		148,322		23,814,580
Pacira Pharmaceuticals, Inc.⁽¹⁾		247,255		23,963,955
				47,778,535

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SELECT GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Recreational Vehicles & Boats — 1.6%
Brunswick Corp.		323,500	$	13,632,290
				13,632,290
Restaurants — 1.9%
Sonic Corp.⁽¹⁾		718,800		16,072,368
				16,072,368
Scientific Instruments: Electrical — 2.2%
GrafTech International Ltd.⁽¹⁾		265,149		1,214,382
Littelfuse, Inc.		205,686		17,520,334
				18,734,716
Scientific Instruments: Pollution Control — 1.9%
Clean Harbors, Inc.⁽¹⁾		290,100		15,642,192
				15,642,192
Securities Brokerage & Services — 1.5%
MarketAxess Holdings, Inc.		197,433		12,213,205
				12,213,205
Semiconductors & Components — 3.6%
Atmel Corp.⁽¹⁾		1,425,100		11,514,808
Microsemi Corp.⁽¹⁾		734,813		18,671,598
				30,186,406
Specialty Retail — 1.2%
Williams-Sonoma, Inc.		150,122		9,993,622
				9,993,622
Steel — 1.9%
Steel Dynamics, Inc.		703,000		15,894,830
				15,894,830
Textiles, Apparel & Shoes — 1.2%
Carter’s, Inc.		131,317		10,179,694
				10,179,694
Truckers — 2.0%
Old Dominion Freight Line, Inc.⁽¹⁾		232,697		16,437,716
				16,437,716
Total Common Stocks (Cost $686,182,438)				811,322,337

	Principal Amount		Value
Repurchase Agreements — 1.9%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $15,641,000, due 10/1/2014⁽²⁾	$	15,641,000		15,641,000
Total Repurchase Agreements (Cost $15,641,000)				15,641,000
Total Investments — 99.1% (Cost $701,823,438)				826,963,337
Other Assets, Net — 0.9%				7,216,670
Total Net Assets — 100.0%			$	834,180,007

(1)	Non-income-producing security.

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

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SELECT GROWTH FUND


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.00	%		11/15/2021	$	15,954,169

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SELECT GROWTH FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	811,322,337	$	—	$	—	$	811,322,337
Repurchase Agreements		—		15,641,000		—		15,641,000

Total	$	811,322,337	$	15,641,000	$	—	$	826,963,337

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS MID CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 96.4%
Aerospace — 2.1%
B/E Aerospace, Inc.⁽¹⁾		7,100	$	595,974
Teledyne Technologies, Inc.⁽¹⁾		33,935		3,190,229
				3,786,203
Air Transport — 1.5%
American Airlines Group, Inc.		75,000		2,661,000
				2,661,000
Asset Management & Custodian — 3.3%
Affiliated Managers Group, Inc.⁽¹⁾		19,340		3,874,962
WisdomTree Investments, Inc.⁽¹⁾		175,700		1,999,466
				5,874,428
Auto Parts — 1.7%
Gentex Corp.		110,300		2,952,731
				2,952,731
Banks: Diversified — 2.2%
Signature Bank⁽¹⁾		16,165		1,811,450
SVB Financial Group⁽¹⁾		18,575		2,082,072
				3,893,522
Beverage: Brewers & Distillers — 1.6%
Constellation Brands, Inc., Class A⁽¹⁾		31,600		2,754,256
				2,754,256
Beverage: Soft Drinks — 1.8%
Keurig Green Mountain, Inc.		24,635		3,205,752
				3,205,752
Biotechnology — 1.8%
Intercept Pharmaceuticals, Inc.⁽¹⁾		7,016		1,660,617
Puma Biotechnology, Inc.⁽¹⁾		6,083		1,451,221
				3,111,838
Chemicals: Diversified — 1.4%
Cytec Industries, Inc.		53,210		2,516,301
				2,516,301
Commercial Services: Rental & Leasing — 1.8%
United Rentals, Inc.⁽¹⁾		28,520		3,168,572
				3,168,572
Commercial Vehicles & Parts — 1.5%
Allison Transmission Holdings, Inc.		95,800		2,729,342
				2,729,342
Computer Services, Software & Systems — 6.7%
Akamai Technologies, Inc.⁽¹⁾		42,400		2,535,520
AOL, Inc.⁽¹⁾		71,900		3,231,905
PTC, Inc.⁽¹⁾		70,900		2,616,210
Rackspace Hosting, Inc.⁽¹⁾		43,800		1,425,690
salesforce.com, Inc.⁽¹⁾		36,900		2,122,857
				11,932,182
Computer Technology — 2.2%
Western Digital Corp.		40,595		3,950,705
				3,950,705
Consumer Lending — 1.2%
FleetCor Technologies, Inc.⁽¹⁾		15,005		2,132,511
				2,132,511

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS MID CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Containers & Packaging — 1.6%
Rock-Tenn Co., Class A		60,220	$	2,865,268
				2,865,268
Cosmetics — 2.0%
The Estee Lauder Companies, Inc., Class A		46,600		3,481,952
				3,481,952
Diversified Materials & Processing — 2.0%
Hexcel Corp.⁽¹⁾		87,530		3,474,941
				3,474,941
Diversified Retail — 1.9%
Macy’s, Inc.		57,300		3,333,714
				3,333,714
Drug & Grocery Store Chains — 1.9%
The Kroger Co.		66,200		3,442,400
				3,442,400
Electronic Entertainment — 0.9%
Activision Blizzard, Inc.		74,600		1,550,934
				1,550,934
Financial Data & Systems — 3.3%
Alliance Data Systems Corp.⁽¹⁾		7,124		1,768,676
Global Payments, Inc.		28,300		1,977,604
WEX, Inc.⁽¹⁾		19,435		2,144,069
				5,890,349
Foods — 1.3%
The WhiteWave Foods Co.⁽¹⁾		64,600		2,346,918
				2,346,918
Health Care Facilities — 1.2%
Universal Health Services, Inc., Class B		20,100		2,100,450
				2,100,450
Health Care Services — 1.3%
Envision Healthcare Holdings, Inc.⁽¹⁾		67,800		2,351,304
				2,351,304
Household Furnishings — 1.5%
Restoration Hardware Holdings, Inc.⁽¹⁾		34,100		2,712,655
				2,712,655
Leisure Time — 1.8%
Expedia, Inc.		36,000		3,154,320
				3,154,320
Luxury Items — 2.2%
Signet Jewelers Ltd.		33,780		3,847,880
				3,847,880
Machinery: Tools — 1.5%
Snap-on, Inc.		21,935		2,655,890
				2,655,890
Medical & Dental Instruments & Supplies — 4.0%
Edwards Lifesciences Corp.⁽¹⁾		22,365		2,284,585
West Pharmaceutical Services, Inc.		49,282		2,205,862
Zimmer Holdings, Inc.		25,390		2,552,965
				7,043,412
Medical Equipment — 2.5%
IDEXX Laboratories, Inc.⁽¹⁾		15,855		1,868,195
Illumina, Inc.⁽¹⁾		15,200		2,491,584
				4,359,779

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS MID CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Oil Well Equipment & Services — 3.5%
Cameron International Corp.⁽¹⁾		50,300	$	3,338,914
Superior Energy Services, Inc.		85,100		2,797,237
				6,136,151
Oil: Crude Producers — 2.3%
Athlon Energy, Inc.⁽¹⁾		39,200		2,282,616
Concho Resources, Inc.⁽¹⁾		13,885		1,741,040
				4,023,656
Pharmaceuticals — 4.1%
Jazz Pharmaceuticals PLC⁽¹⁾		25,055		4,022,831
Pacira Pharmaceuticals, Inc.⁽¹⁾		32,710		3,170,253
				7,193,084
Production Technology Equipment — 1.2%
Lam Research Corp.		28,200		2,106,540
				2,106,540
Real Estate Services — 1.4%
CBRE Group, Inc., Class A⁽¹⁾		82,800		2,462,472
				2,462,472
Recreational Vehicles & Boats — 1.4%
Brunswick Corp.		57,600		2,427,264
				2,427,264
Restaurants — 2.4%
Chipotle Mexican Grill, Inc.⁽¹⁾		6,271		4,180,186
				4,180,186
Scientific Instruments: Electrical — 1.7%
AMETEK, Inc.		60,895		3,057,538
				3,057,538
Semiconductors & Components — 3.6%
Avago Technologies Ltd.		18,400		1,600,800
Micron Technology, Inc.⁽¹⁾		82,900		2,840,154
NXP Semiconductor N.V.⁽¹⁾		28,200		1,929,726
				6,370,680
Specialty Retail — 6.0%
Advance Auto Parts, Inc.		21,775		2,837,282
Burlington Stores, Inc.⁽¹⁾		76,200		3,037,332
The Gap, Inc.		65,100		2,714,019
Williams-Sonoma, Inc.		29,400		1,957,158
				10,545,791
Steel — 1.7%
Steel Dynamics, Inc.		135,000		3,052,350
				3,052,350
Textiles, Apparel & Shoes — 2.7%
Carter’s, Inc.		31,722		2,459,089
PVH Corp.		19,760		2,393,924
				4,853,013
Tobacco — 1.1%
Lorillard, Inc.		31,100		1,863,201
				1,863,201

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS MID CAP GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Truckers — 1.6%
Old Dominion Freight Line, Inc.⁽¹⁾		38,955	$	2,751,781
				2,751,781
Total Common Stocks (Cost $151,703,044)				170,305,216

	Principal Amount		Value
Repurchase Agreements — 2.3%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $4,017,000, due 10/1/2014⁽²⁾	$	4,017,000		4,017,000
Total Repurchase Agreements (Cost $4,017,000)				4,017,000
Total Investments — 98.7% (Cost $155,720,044)				174,322,216
Other Assets, Net — 1.3%				2,350,943
Total Net Assets — 100.0%			$	176,673,159

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.50	%		8/15/2023	$	4,100,600

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS MID CAP GROWTH FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	170,305,216	$	—	$	—	$	170,305,216
Repurchase Agreements		—		4,017,000		—		4,017,000

Total	$	170,305,216	$	4,017,000	$	—	$	174,322,216

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 99.9%
Aerospace — 0.4%
B/E Aerospace, Inc.⁽¹⁾		12,211	$	1,024,991
				1,024,991
Air Transport — 1.9%
American Airlines Group, Inc.		136,300		4,835,924
				4,835,924
Asset Management & Custodian — 2.7%
Affiliated Managers Group, Inc.⁽¹⁾		34,538		6,920,034
				6,920,034
Beverage: Brewers & Distillers — 2.6%
Constellation Brands, Inc., Class A⁽¹⁾		75,200		6,554,432
				6,554,432
Beverage: Soft Drinks — 1.8%
Keurig Green Mountain, Inc.		36,145		4,703,549
				4,703,549
Biotechnology — 5.5%
Biogen Idec, Inc.⁽¹⁾		19,277		6,377,024
Celgene Corp.⁽¹⁾		82,790		7,846,836
				14,223,860
Chemicals: Diversified — 1.3%
Ecolab, Inc.		30,037		3,449,149
				3,449,149
Commercial Services: Rental & Leasing — 2.1%
United Rentals, Inc.⁽¹⁾		48,955		5,438,900
				5,438,900
Computer Services, Software & Systems — 10.2%
Akamai Technologies, Inc.⁽¹⁾		69,400		4,150,120
Facebook, Inc., Class A⁽¹⁾		136,900		10,820,576
Google, Inc., Class C⁽¹⁾		13,356		7,711,220
Microsoft Corp.		78,900		3,657,804
				26,339,720
Computer Technology — 5.8%
Apple, Inc.		76,672		7,724,704
EMC Corp.		83,600		2,446,136
Western Digital Corp.		48,580		4,727,806
				14,898,646
Consumer Lending — 1.5%
FleetCor Technologies, Inc.⁽¹⁾		26,160		3,717,859
				3,717,859
Containers & Packaging — 2.0%
Rock-Tenn Co., Class A		109,510		5,210,486
				5,210,486
Cosmetics — 2.4%
The Estee Lauder Companies, Inc., Class A		81,100		6,059,792
				6,059,792
Diversified Manufacturing Operations — 2.0%
Danaher Corp.		67,611		5,137,084
				5,137,084

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Diversified Retail — 5.7%
Alibaba Group Holding Ltd., ADR⁽¹⁾		23,000	$	2,043,550
Costco Wholesale Corp.		54,413		6,819,037
Macy’s, Inc.		97,400		5,666,732
				14,529,319
Drug & Grocery Store Chains — 1.6%
The Kroger Co.		80,200		4,170,400
				4,170,400
Electronic Entertainment — 1.4%
Activision Blizzard, Inc.		171,600		3,567,564
				3,567,564
Financial Data & Systems — 2.5%
Alliance Data Systems Corp.⁽¹⁾		13,043		3,238,186
Visa, Inc., Class A		15,284		3,261,147
				6,499,333
Foods — 1.5%
Mead Johnson Nutrition Co.		39,100		3,762,202
				3,762,202
Health Care Facilities — 1.5%
Universal Health Services, Inc., Class B		37,760		3,945,920
				3,945,920
Hotel/Motel — 1.6%
Hilton Worldwide Holdings, Inc.⁽¹⁾		168,600		4,152,618
				4,152,618
Leisure Time — 2.1%
Expedia, Inc.		60,000		5,257,200
				5,257,200
Machinery: Tools — 1.9%
Snap-on, Inc.		39,940		4,835,935
				4,835,935
Medical & Dental Instruments & Supplies — 3.1%
Edwards Lifesciences Corp.⁽¹⁾		40,095		4,095,704
Zimmer Holdings, Inc.		39,125		3,934,019
				8,029,723
Metal Fabricating — 1.4%
Precision Castparts Corp.		14,958		3,543,251
				3,543,251
Oil Well Equipment & Services — 2.7%
Schlumberger Ltd.		68,860		7,002,373
				7,002,373
Oil: Crude Producers — 3.0%
EOG Resources, Inc.		77,325		7,656,721
				7,656,721
Pharmaceuticals — 8.0%
Gilead Sciences, Inc.⁽¹⁾		126,245		13,438,780
Jazz Pharmaceuticals PLC⁽¹⁾		44,490		7,143,315
				20,582,095
Real Estate Services — 1.7%
CBRE Group, Inc., Class A⁽¹⁾		150,800		4,484,792
				4,484,792
Restaurants — 1.1%
Starbucks Corp.		38,100		2,875,026
				2,875,026

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GROWTH FUND


September 30, 2014 (unaudited)	Shares		Value
Scientific Instruments: Electrical — 2.2%
AMETEK, Inc.		111,594	$	5,603,135
				5,603,135
Semiconductors & Components — 4.9%
Avago Technologies Ltd.		37,500		3,262,500
Micron Technology, Inc.⁽¹⁾		155,100		5,313,726
NXP Semiconductor N.V.⁽¹⁾		60,100		4,112,643
				12,688,869
Specialty Retail — 6.6%
Advance Auto Parts, Inc.		43,790		5,705,837
The Gap, Inc.		114,700		4,781,843
The Home Depot, Inc.		71,090		6,521,797
				17,009,477
Textiles, Apparel & Shoes — 1.7%
PVH Corp.		35,795		4,336,564
				4,336,564
Tobacco — 1.5%
Lorillard, Inc.		66,100		3,960,051
				3,960,051
Total Common Stocks (Cost $203,769,928)				257,006,994

	Principal Amount		Value
Repurchase Agreements — 1.1%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $2,695,000, due 10/1/2014⁽²⁾	$	2,695,000		2,695,000
Total Repurchase Agreements (Cost $2,695,000)				2,695,000
Total Investments — 101.0% (Cost $206,464,928)				259,701,994
Other Liabilities, Net — (1.0)%				(2,547,452	)
Total Net Assets — 100.0%			$	257,154,542

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.50	%		5/15/2024	$	2,752,250

Legend:

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GROWTH FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	257,006,994	$	—	$	—	$	257,006,994
Repurchase Agreements		—		2,695,000		—		2,695,000

Total	$	257,006,994	$	2,695,000	$	—	$	259,701,994

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TECHNOLOGY FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 97.1%
Advertising Agencies — 1.2%
Nielsen N.V.		53,100	$	2,353,923
				2,353,923
Cable Television Services — 1.8%
Comcast Corp., Special Class A		66,000		3,531,000
				3,531,000
Communications Technology — 5.2%
Aruba Networks, Inc.⁽¹⁾		33,008		712,313
DigitalGlobe, Inc.⁽¹⁾		103,400		2,946,900
Infinera Corp.⁽¹⁾		251,100		2,679,237
JDS Uniphase Corp.⁽¹⁾		140,900		1,803,520
RingCentral, Inc., Class A⁽¹⁾		169,000		2,147,990
				10,289,960
Computer Services, Software & Systems — 47.0%
Akamai Technologies, Inc.⁽¹⁾		54,200		3,241,160
AOL, Inc.⁽¹⁾		76,400		3,434,180
Bazaarvoice, Inc.⁽¹⁾		533,900		3,945,521
Endurance International Group Holdings, Inc.⁽¹⁾		201,400		3,276,778
Facebook, Inc., Class A⁽¹⁾		126,300		9,982,752
Google, Inc., Class C⁽¹⁾		25,664		14,817,367
Guidewire Software, Inc.⁽¹⁾		65,500		2,904,270
Infoblox, Inc.⁽¹⁾		148,400		2,188,900
Infosys Ltd., ADR		37,100		2,244,179
LinkedIn Corp., Class A⁽¹⁾		20,465		4,252,422
LogMeIn, Inc.⁽¹⁾		93,900		4,325,973
Mavenir Systems, Inc.⁽¹⁾		471,000		5,915,760
Microsoft Corp.		100,400		4,654,544
Oracle Corp.		101,600		3,889,248
Proofpoint, Inc.⁽¹⁾		110,510		4,104,342
PTC, Inc.⁽¹⁾		45,700		1,686,330
Qlik Technologies, Inc.⁽¹⁾		71,900		1,944,176
Rackspace Hosting, Inc.⁽¹⁾		68,948		2,244,257
salesforce.com, Inc.⁽¹⁾		38,000		2,186,140
ServiceNow, Inc.⁽¹⁾		35,100		2,063,178
The Ultimate Software Group, Inc.⁽¹⁾		10,030		1,419,345
Twitter, Inc.⁽¹⁾		103,700		5,348,846
Yahoo!, Inc.⁽¹⁾		76,900		3,133,675
				93,203,343
Computer Technology — 11.4%
Apple, Inc.		73,598		7,414,998
EMC Corp.		207,400		6,068,524
NetApp, Inc.		61,300		2,633,448
Silicon Graphics International Corp.⁽¹⁾		266,300		2,457,949
Super Micro Computer, Inc.⁽¹⁾		78,200		2,300,644
Synaptics, Inc.⁽¹⁾		23,600		1,727,520
				22,603,083
Consumer Services: Miscellaneous — 2.0%
eBay, Inc.⁽¹⁾		34,400		1,948,072
LifeLock, Inc.⁽¹⁾		143,100		2,044,899
				3,992,971
Diversified Retail — 0.8%
Alibaba Group Holding Ltd., ADR⁽¹⁾		17,800		1,581,530
				1,581,530

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TECHNOLOGY FUND


September 30, 2014 (unaudited)	Shares		Value
Electronic Entertainment — 1.4%
Activision Blizzard, Inc.		133,200	$	2,769,228
				2,769,228
Energy Equipment — 0.9%
JA Solar Holdings Co. Ltd., ADR⁽¹⁾		188,600		1,744,550
				1,744,550
Entertainment — 1.1%
IMAX Corp.⁽¹⁾		80,300		2,205,038
				2,205,038
Leisure Time — 1.7%
Expedia, Inc.		39,800		3,487,276
				3,487,276
Pharmaceuticals — 1.2%
Gilead Sciences, Inc.⁽¹⁾		22,100		2,352,545
				2,352,545
Production Technology Equipment — 1.6%
FEI Co.		23,400		1,764,828
Nanometrics, Inc.⁽¹⁾		99,707		1,505,576
				3,270,404
Semiconductors & Components — 19.8%
Ambarella, Inc.⁽¹⁾		69,000		3,013,230
Atmel Corp.⁽¹⁾		231,800		1,872,944
Avago Technologies Ltd.		39,400		3,427,800
MaxLinear, Inc., Class A⁽¹⁾		441,500		3,037,520
Micrel, Inc.		187,525		2,255,926
Micron Technology, Inc.⁽¹⁾		195,800		6,708,108
Microsemi Corp.⁽¹⁾		97,600		2,480,016
Monolithic Power Systems, Inc.		65,300		2,876,465
NVIDIA Corp.		103,600		1,911,420
NXP Semiconductor N.V.⁽¹⁾		63,600		4,352,148
O2Micro International Ltd., ADR⁽¹⁾		242,312		644,550
Spansion, Inc., Class A⁽¹⁾		145,900		3,325,061
Tower Semiconductor Ltd.⁽¹⁾		324,600		3,301,182
				39,206,370
Total Common Stocks (Cost $160,518,586)				192,591,221

	Principal Amount		Value
Repurchase Agreements — 1.0%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $1,895,000, due 10/1/2014⁽²⁾	$	1,895,000		1,895,000
Total Repurchase Agreements (Cost $1,895,000)				1,895,000
Total Investments — 98.1% (Cost $162,413,586)				194,486,221
Other Assets, Net — 1.9%				3,853,048
Total Net Assets — 100.0%			$	198,339,269

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	1,933,575

Legend:

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TECHNOLOGY FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	192,591,221	$	—	$	—	$	192,591,221
Repurchase Agreements		—		1,895,000		—		1,895,000

Total	$	192,591,221	$	1,895,000	$	—	$	194,486,221

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP EQUITY FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 100.9%
Advertising Agencies — 1.2%
Constant Contact, Inc.⁽¹⁾		48,900	$	1,327,146
				1,327,146
Aerospace — 2.8%
HEICO Corp., Class A		37,191		1,498,797
Teledyne Technologies, Inc.⁽¹⁾		17,170		1,614,152
				3,112,949
Air Transport — 0.7%
Spirit Airlines, Inc.⁽¹⁾		11,800		815,852
				815,852
Back Office Support, HR and Consulting — 5.0%
Huron Consulting Group, Inc.⁽¹⁾		20,500		1,249,885
Robert Half International, Inc.		35,116		1,720,684
TriNet Group, Inc.⁽¹⁾		49,200		1,266,900
TrueBlue, Inc.⁽¹⁾		51,800		1,308,468
				5,545,937
Banks: Diversified — 2.2%
Customers Bancorp, Inc.⁽¹⁾		61,413		1,102,977
Western Alliance Bancorp⁽¹⁾		54,300		1,297,770
				2,400,747
Biotechnology — 10.9%
Amicus Therapeutics, Inc.⁽¹⁾		93,246		554,814
Bluebird Bio, Inc.⁽¹⁾		24,700		886,236
Chimerix, Inc.⁽¹⁾		36,200		999,844
KYTHERA Biopharmaceuticals, Inc.⁽¹⁾		20,700		678,132
Ligand Pharmaceuticals, Inc.⁽¹⁾		31,060		1,459,509
Loxo Oncology, Inc.⁽¹⁾		44,500		584,285
NanoString Technologies, Inc.⁽¹⁾		44,300		484,642
Orexigen Therapeutics, Inc.⁽¹⁾		161,600		688,416
Puma Biotechnology, Inc.⁽¹⁾		6,426		1,533,051
Receptos, Inc.⁽¹⁾		19,800		1,229,778
Revance Therapeutics, Inc.⁽¹⁾		30,100		581,833
Sage Therapeutics, Inc.⁽¹⁾		21,408		674,352
Ultragenyx Pharmaceutical, Inc.⁽¹⁾		15,397		871,470
Vital Therapies, Inc.⁽¹⁾		44,750		913,348
				12,139,710
Building Materials — 1.0%
Simpson Manufacturing Co., Inc.		38,000		1,107,700
				1,107,700
Casinos & Gambling — 1.1%
Multimedia Games Holding Co., Inc.⁽¹⁾		33,765		1,215,878
				1,215,878
Chemicals: Diversified — 1.1%
Cytec Industries, Inc.		26,970		1,275,411
				1,275,411
Chemicals: Specialty — 1.3%
Quaker Chemical Corp.		20,700		1,483,983
				1,483,983
Commercial Services: Rental & Leasing — 0.9%
H&E Equipment Services, Inc.		24,300		978,804
				978,804

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP EQUITY FUND


September 30, 2014 (unaudited)	Shares		Value
Communications Technology — 1.6%
Aruba Networks, Inc.⁽¹⁾		19,384	$	418,307
RingCentral, Inc., Class A⁽¹⁾		108,900		1,384,119
				1,802,426
Computer Services, Software & Systems — 8.4%
Barracuda Networks, Inc.⁽¹⁾		40,662		1,042,981
comScore, Inc.⁽¹⁾		38,200		1,390,862
LogMeIn, Inc.⁽¹⁾		64,600		2,976,122
Proofpoint, Inc.⁽¹⁾		59,800		2,220,972
The Ultimate Software Group, Inc.⁽¹⁾		11,828		1,673,780
				9,304,717
Consumer Lending — 2.0%
Portfolio Recovery Associates, Inc.⁽¹⁾		43,018		2,246,830
				2,246,830
Diversified Materials & Processing — 1.5%
Hexcel Corp.⁽¹⁾		42,110		1,671,767
				1,671,767
Education Services — 2.5%
Capella Education Co.		24,100		1,508,660
Grand Canyon Education, Inc.⁽¹⁾		30,780		1,254,901
				2,763,561
Electronic Entertainment — 1.1%
Take-Two Interactive Software, Inc.⁽¹⁾		54,100		1,248,087
				1,248,087
Entertainment — 1.3%
IMAX Corp.⁽¹⁾		51,700		1,419,682
				1,419,682
Financial Data & Systems — 4.1%
Euronet Worldwide, Inc.⁽¹⁾		51,245		2,448,998
Heartland Payment Systems, Inc.		24,200		1,154,824
WEX, Inc.⁽¹⁾		8,525		940,478
				4,544,300
Foods — 4.1%
Pinnacle Foods, Inc.		60,600		1,978,590
The Hain Celestial Group, Inc.⁽¹⁾		11,260		1,152,461
The WhiteWave Foods Co.⁽¹⁾		40,100		1,456,833
				4,587,884
Health Care Facilities — 0.8%
Surgical Care Affiliates, Inc.⁽¹⁾		32,600		871,398
				871,398
Health Care Services — 2.4%
Acadia Healthcare Co., Inc.⁽¹⁾		27,000		1,309,500
ExamWorks Group, Inc.⁽¹⁾		41,900		1,372,225
				2,681,725
Household Furnishings — 1.5%
Restoration Hardware Holdings, Inc.⁽¹⁾		20,800		1,654,640
				1,654,640
Leisure Time — 0.9%
Marriott Vacations Worldwide Corp.⁽¹⁾		15,300		970,173
				970,173

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP EQUITY FUND


September 30, 2014 (unaudited)	Shares		Value
Machinery: Industrial — 1.0%
Altra Industrial Motion Corp.		37,000	$	1,078,920
				1,078,920
Medical & Dental Instruments & Supplies — 3.0%
AtriCure, Inc.⁽¹⁾		65,229		960,171
STERIS Corp.		18,100		976,676
West Pharmaceutical Services, Inc.		32,270		1,444,405
				3,381,252
Medical Equipment — 6.7%
Cyberonics, Inc.⁽¹⁾		17,221		881,027
DexCom, Inc.⁽¹⁾		32,177		1,286,758
Fluidigm Corp.⁽¹⁾		39,600		970,200
K2M Group Holdings, Inc.⁽¹⁾		10,100		145,743
NxStage Medical, Inc.⁽¹⁾		164,500		2,159,885
Zeltiq Aesthetics, Inc.⁽¹⁾		88,100		1,993,703
				7,437,316
Office Supplies & Equipment — 1.7%
Steelcase, Inc., Class A		115,400		1,868,326
				1,868,326
Oil Well Equipment & Services — 1.7%
Newpark Resources, Inc.⁽¹⁾		68,700		854,628
RigNet, Inc.⁽¹⁾		25,279		1,022,535
				1,877,163
Oil: Crude Producers — 3.4%
Athlon Energy, Inc.⁽¹⁾		17,000		989,910
Bonanza Creek Energy, Inc.⁽¹⁾		16,800		955,920
Carrizo Oil & Gas, Inc.⁽¹⁾		24,140		1,299,215
Diamondback Energy, Inc.⁽¹⁾		7,700		575,806
				3,820,851
Pharmaceuticals — 2.5%
Ocular Therapeutix, Inc.⁽¹⁾		45,500		681,135
Pacira Pharmaceuticals, Inc.⁽¹⁾		21,225		2,057,127
				2,738,262
Production Technology Equipment — 0.6%
FEI Co.		9,395		708,571
				708,571
Restaurants — 2.2%
Red Robin Gourmet Burgers, Inc.⁽¹⁾		16,900		961,610
Sonic Corp.⁽¹⁾		67,800		1,516,008
				2,477,618
Scientific Instruments: Electrical — 1.4%
GrafTech International Ltd.⁽¹⁾		22,900		104,882
Littelfuse, Inc.		17,600		1,499,168
				1,604,050
Scientific Instruments: Pollution Control — 1.2%
Clean Harbors, Inc.⁽¹⁾		25,200		1,358,784
				1,358,784
Securities Brokerage & Services — 1.0%
MarketAxess Holdings, Inc.		18,282		1,130,924
				1,130,924
Semiconductors & Components — 5.6%
Ambarella, Inc.⁽¹⁾		26,000		1,135,420
Microsemi Corp.⁽¹⁾		86,556		2,199,388

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP EQUITY FUND


September 30, 2014 (unaudited)	Shares		Value
Spansion, Inc., Class A⁽¹⁾		79,800	$	1,818,642
Tower Semiconductor Ltd.⁽¹⁾		108,200		1,100,394
				6,253,844
Specialty Retail — 2.4%
Burlington Stores, Inc.⁽¹⁾		47,300		1,885,378
Lithia Motors, Inc., Class A		10,300		779,607
				2,664,985
Steel — 1.2%
Steel Dynamics, Inc.		60,800		1,374,688
				1,374,688
Textiles, Apparel & Shoes — 2.6%
Carter’s, Inc.		14,400		1,116,288
G-III Apparel Group Ltd.⁽¹⁾		21,400		1,773,204
				2,889,492
Truckers — 1.3%
Old Dominion Freight Line, Inc.⁽¹⁾		20,123		1,421,489
				1,421,489
Utilities: Telecommunications — 1.0%
Cogent Communications Holdings, Inc.		34,300		1,152,823
				1,152,823
Total Common Stocks (Cost $95,466,474)				112,410,665

	Principal Amount		Value
Repurchase Agreements — 1.1%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $1,207,000, due 10/1/2014⁽²⁾	$	1,207,000		1,207,000
Total Repurchase Agreements (Cost $1,207,000)				1,207,000
Total Investments — 102.0% (Cost $96,673,474)				113,617,665
Other Liabilities, Net — (2.0)%				(2,223,933	)
Total Net Assets — 100.0%			$	111,393,732

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	1,233,488

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS SMALL CAP EQUITY FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	112,410,665	$	—	$	—	$	112,410,665
Repurchase Agreements		—		1,207,000		—		1,207,000

Total	$	112,410,665	$	1,207,000	$	—	$	113,617,665

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 97.5%
Australia — 5.8%
Australia & New Zealand Banking Group Ltd.		11,147	$	301,328
BHP Billiton Ltd.		14,921		439,774
Commonwealth Bank of Australia		3,529		232,358
CSL Ltd.		5,963		386,556
Macquarie Group Ltd.		3,807		191,566
Westpac Banking Corp.		11,161		313,328
Woodside Petroleum Ltd.		8,208		291,447
				2,156,357
Belgium — 0.4%
Melexis N.V.		3,459		157,642
				157,642
Denmark — 2.2%
Coloplast A/S, Class B		4,531		378,919
Pandora A/S		2,671		208,543
Royal UNIBREW⁽¹⁾		1,330		220,900
				808,362
France — 6.9%
AXA S.A.		12,140		299,039
Cap Gemini S.A.		4,956		355,412
Cie Generale des Etablissements Michelin		2,728		256,952
GDF Suez		8,709		218,426
Natixis		55,255		380,150
Orange S.A.		19,316		288,245
Pernod Ricard S.A.		2,294		259,637
Total S.A.		7,749		501,780
				2,559,641
Germany — 7.8%
Allianz SE (Reg S)		2,700		435,866
BASF SE		4,579		417,684
Bayer AG (Reg S)		5,037		700,840
Daimler AG (Reg S)		4,360		332,960
Drillisch AG		6,205		207,944
HeidelbergCement AG		2,239		147,373
SAP SE		5,479		395,417
Siemens AG (Reg S)		2,431		289,270
				2,927,354
Hong Kong — 3.3%
BOC Hong Kong Holdings Ltd.		112,000		356,540
Cheung Kong Holdings Ltd.		17,000		279,430
Hutchison Whampoa Ltd.		15,000		181,329
Power Assets Holdings Ltd.		25,000		221,290
SmarTone Telecommunications Holdings Ltd.		142,743		198,906
				1,237,495
Italy — 1.2%
Enel S.p.A.		65,214		344,990
Intesa Sanpaolo S.p.A.		33,975		102,561
				447,551
Japan — 16.9%
Alps Electric Co. Ltd.		17,900		307,699
Astellas Pharma, Inc.		39,000		580,849
Brother Industries Ltd.		13,800		255,026
Central Japan Railway Co.		3,500		472,110
Chubu Electric Power Co., Inc.⁽¹⁾		16,300		187,131
Daito Trust Construction Co. Ltd.		3,700		437,535
Fujitsu Ltd.		55,000		338,501
Honda Motor Co. Ltd.		3,800		130,377
Hoya Corp.		9,900		332,444
Mitsubishi Electric Corp.		37,000		493,254

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL FUND


September 30, 2014 (unaudited)	Shares		Value
Mitsubishi UFJ Financial Group, Inc.		59,500	$	335,325
NH Foods Ltd.		11,000		233,560
Nippon Telegraph & Telephone Corp.		6,400		396,891
Obic Co. Ltd.		6,800		243,355
Rohto Pharmaceutical Co. Ltd.		9,280		124,453
SoftBank Corp.		3,000		209,547
Sumitomo Mitsui Financial Group, Inc.		12,305		501,361
Toyota Motor Corp.		10,200		600,159
Tsuruha Holdings, Inc.		2,488		138,389
				6,317,966
Netherlands — 4.3%
Heineken N.V.		9,872		737,280
ING Groep N.V., CVA⁽¹⁾		12,421		176,555
PostNL N.V.⁽¹⁾		19,134		82,449
Wolters Kluwer N.V.		23,036		614,309
				1,610,593
New Zealand — 0.9%
Fisher & Paykel Healthcare Corp. Ltd.		83,993		340,304
				340,304
Norway — 1.7%
DNB ASA		16,551		309,737
Statoil ASA		11,767		320,366
				630,103
People’s Republic of China — 1.5%
Alibaba Group Holding Ltd., ADR⁽¹⁾		1,907		169,437
PetroChina Co. Ltd., H shares		86,000		110,222
Zhuzhou CSR Times Electric Co. Ltd., H shares		71,000		274,640
				554,299
Spain — 2.2%
Banco Bilbao Vizcaya Argentaria S.A.		13,019		156,690
Banco Santander S.A.		26,793		256,506
Ferrovial S.A.		20,160		390,026
				803,222
Sweden — 4.5%
Intrum Justitia AB		19,653		552,505
NCC AB, Class B		11,095		367,258
Skandinaviska Enskilda Banken AB, Class A		33,706		448,446
Swedbank AB, Class A		12,565		315,074
				1,683,283
Switzerland — 14.2%
Actelion Ltd. (Reg S)⁽¹⁾		2,113		247,487
Bossard Holding AG, Class A (Reg S)⁽¹⁾		1,688		175,021
Nestle S.A. (Reg S)		12,119		890,637
Novartis AG (Reg S)		6,509		612,942
Novartis AG, ADR		8,119		764,242
Roche Holding AG		4,451		1,314,393
Swiss Life Holding AG (Reg S)⁽¹⁾		1,585		377,696
Swisscom AG (Reg S)		1,143		647,890
U-Blox AG⁽¹⁾		1,421		174,908
UBS AG (Reg S)⁽¹⁾		5,173		89,921
				5,295,137
United Kingdom — 23.7%
AstraZeneca PLC		4,322		309,727
Aviva PLC		53,108		449,297
BP PLC, ADR		2,385		104,821
British American Tobacco PLC		16,998		957,847
British Sky Broadcasting Group PLC		13,916		198,486
BT Group PLC		48,804		299,364
Diageo PLC		11,223		323,695

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL FUND


September 30, 2014 (unaudited)	Shares		Value
Experian PLC		19,879	$	315,885
GlaxoSmithKline PLC		13,637		311,525
Glencore PLC⁽¹⁾		36,645		202,952
HSBC Holdings PLC		54,937		558,231
Lloyds Banking Group PLC⁽¹⁾		158,704		197,438
National Grid PLC		25,409		365,252
Next PLC		4,537		485,618
Reed Elsevier PLC		38,912		622,087
Rio Tinto PLC		10,974		537,724
Royal Dutch Shell PLC, Class A		16,900		645,925
Royal Dutch Shell PLC, Class B		14,710		581,545
Smith & Nephew PLC		23,755		399,598
The British Land Co. PLC		33,203		377,298
Vodafone Group PLC		173,864		572,921
				8,817,236
Total Common Stocks (Cost $37,042,158)				36,346,545

	Shares		Value
Exchange-Traded Funds — 1.0% iShares MSCI EAFE ETF		5,896		378,051
				378,051
Total Exchange-Traded Funds (Cost $402,623)				378,051

	Rights		Value
Rights — 0.0%
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria S.A.⁽¹⁾		13,019		1,299
				1,299
Total Rights (Cost $1,321)				1,299

	Principal Amount		Value
Repurchase Agreements — 0.8%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $296,000, due 10/1/2014⁽²⁾	$	296,000		296,000
Total Repurchase Agreements (Cost $296,000)				296,000
Total Investments — 99.3% (Cost $37,742,102)				37,021,895
Other Assets, Net — 0.7%				243,375
Total Net Assets — 100.0%			$	37,265,270

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	304,800

Legend:

ADR — American Depositary Receipt.

CVA — Certificaten Van Aandelen (Certificate of Shares).

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Australia	$	—	$	2,156,357	*	$	—	$	2,156,357
Belgium		—		157,642	*		—		157,642
Denmark		—		808,362	*		—		808,362
France		—		2,559,641	*		—		2,559,641
Germany		—		2,927,354	*		—		2,927,354
Hong Kong		198,906		1,038,589	*		—		1,237,495
Italy		—		447,551	*		—		447,551
Japan		—		6,317,966	*		—		6,317,966
Netherlands		—		1,610,593	*		—		1,610,593
New Zealand		340,304		—			—		340,304
Norway		—		630,103	*		—		630,103
People’s Republic of China		169,437		384,862	*		—		554,299
Spain		—		803,222	*		—		803,222
Sweden		—		1,683,283	*		—		1,683,283
Switzerland		764,242		4,530,895	*		—		5,295,137
United Kingdom		104,821		8,712,415	*		—		8,817,236
Exchange-Traded Funds		378,051		—			—		378,051
Rights		1,299		—			—		1,299
Repurchase Agreements		—		296,000			—		296,000

Total	$	1,957,060	$	35,064,835		$	—	$	37,021,895

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

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 98.7%
Australia — 3.8%
Australia & New Zealand Banking Group Ltd.		5,707	$	154,273
BHP Billiton Ltd.		12,823		377,938
CSL Ltd.		4,272		276,936
Macquarie Group Ltd.		4,874		245,257
Transurban Group		38,179		257,769
Woodside Petroleum Ltd.		5,392		191,457
				1,503,630
Belgium — 0.5%
Melexis N.V.		4,396		200,346
				200,346
Canada — 2.9%
Canadian Tire Corp. Ltd., Class A		5,745		588,632
Magna International, Inc.		3,485		330,779
Whitecap Resources, Inc.		14,855		212,622
				1,132,033
Denmark — 0.2%
Pandora A/S		1,104		86,197
				86,197
Finland — 1.1%
Orion Oyj, Class B		10,771		420,561
				420,561
France — 3.5%
AXA S.A.		4,298		105,871
Cap Gemini S.A.		5,585		400,520
Cie Generale des Etablissements Michelin		2,468		232,463
Natixis		46,521		320,061
Pernod Ricard S.A.		1,737		196,595
Total S.A.		2,260		146,344
				1,401,854
Germany — 2.8%
Allianz SE (Reg S)		1,165		188,068
BASF SE		2,241		204,418
Daimler AG (Reg S)		3,207		244,909
Drillisch AG		8,028		269,038
Hannover Rueck SE		1,503		121,306
HeidelbergCement AG		1,074		70,691
				1,098,430
Hong Kong — 2.6%
BOC Hong Kong Holdings Ltd.		101,500		323,114
Cheung Kong Holdings Ltd.		10,000		164,371
CNOOC Ltd.		155,957		268,555
Hutchison Whampoa Ltd.		6,000		72,531
SmarTone Telecommunications Holdings Ltd.		140,500		195,781
				1,024,352
India — 0.2%
ICICI Bank Ltd.		3,122		72,319
				72,319
Italy — 0.4%
Enel S.p.A.		29,408		155,572
				155,572
Japan — 7.3%
Alps Electric Co. Ltd.		9,700		166,742
As One Corp.		6,479		203,415
Astellas Pharma, Inc.		30,400		452,765
Central Japan Railway Co.		1,500		202,333

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL FUND


September 30, 2014 (unaudited)	Shares		Value
Honda Motor Co. Ltd.		1,500	$	51,465
Hoya Corp.		4,600		154,469
Nishio Rent All Co. Ltd.		4,406		170,091
Obic Co. Ltd.		7,100		254,091
Resona Holdings, Inc.		65,896		371,744
SoftBank Corp.		1,400		97,788
Sumitomo Mitsui Financial Group, Inc.		3,599		146,639
Tokyo Gas Co. Ltd.		12,000		67,430
Toyota Motor Corp.		6,700		394,222
Tsuruha Holdings, Inc.		2,500		139,057
				2,872,251
Mexico — 1.8%
Gruma S.A.B. de C.V., Class B⁽¹⁾		31,597		338,308
Promotora y Operadora de Infraestructura S.A.B. de C.V.⁽¹⁾		28,300		387,378
				725,686
Netherlands — 1.2%
Heineken N.V.		3,923		292,985
PostNL N.V.⁽¹⁾		39,591		170,599
				463,584
New Zealand — 0.7%
Fisher & Paykel Healthcare Corp. Ltd.		68,320		276,803
				276,803
Norway — 0.4%
Statoil ASA		5,596		152,355
				152,355
People’s Republic of China — 2.0%
Alibaba Group Holding Ltd., ADR⁽¹⁾		2,200		195,470
Guangdong Investment Ltd.		164,000		191,715
Tencent Holdings Ltd.		5,700		84,677
Zhuzhou CSR Times Electric Co. Ltd., H shares		81,500		315,256
				787,118
Singapore — 0.9%
Avago Technologies Ltd.		4,080		354,960
				354,960
South Africa — 0.9%
Omnia Holdings Ltd.		17,112		349,433
				349,433
Spain — 0.9%
Banco Bilbao Vizcaya Argentaria S.A.		3,037		36,552
Banco Santander S.A.		6,087		58,275
Gas Natural SDG S.A.		4,347		127,874
Zeltia S.A.⁽¹⁾		41,739		149,645
				372,346
Sweden — 1.2%
Nolato AB, Class B		12,817		289,913
Swedbank AB, Class A		7,515		188,442
				478,355
Switzerland — 8.0%
Actelion Ltd. (Reg S)⁽¹⁾		1,161		135,983
Bossard Holding AG, Class A (Reg S)⁽¹⁾		2,089		216,599
Nestle S.A. (Reg S)		5,060		371,864
Novartis AG (Reg S)		5,986		563,692
Novartis AG, ADR		5,800		545,954
Roche Holding AG		2,200		649,667
Swisscom AG (Reg S)		981		556,063
U-Blox AG⁽¹⁾		897		110,410
				3,150,232

See accompanying notes to Schedule of Investments.


SCHEDULE OF INVESTMENTS — RS GLOBAL FUND


September 30, 2014 (unaudited)	Shares		Value
Taiwan — 1.9%
Cathay Financial Holding Co. Ltd.		464,862	$	755,579
				755,579
United Kingdom — 7.2%
AstraZeneca PLC		1,362		97,605
British American Tobacco PLC		11,220		632,253
British Sky Broadcasting Group PLC		5,241		74,753
BT Group PLC		30,581		187,584
GlaxoSmithKline PLC		1,787		40,822
HSBC Holdings PLC		24,508		249,033
Lloyds Banking Group PLC⁽¹⁾		107,046		133,172
Northgate PLC		21,531		168,646
Rio Tinto PLC		2,813		137,837
Severn Trent PLC		6,952		211,218
The British Land Co. PLC		26,346		299,380
Vodafone Group PLC		97,385		320,905
Whitbread PLC		4,125		277,183
				2,830,391
United States — 46.3%
Ameriprise Financial, Inc.		5,274		650,706
Amgen, Inc.		3,840		539,366
Apple, Inc.		10,751		1,083,163
Biogen Idec, Inc.⁽¹⁾		928		306,992
Celgene Corp.⁽¹⁾		4,114		389,925
Cisco Systems, Inc.		14,633		368,313
Colgate-Palmolive Co.		13,800		900,036
DIRECTV⁽¹⁾		6,769		585,654
Dollar Tree, Inc.⁽¹⁾		8,142		456,522
Domino’s Pizza, Inc.		7,610		585,666
Eli Lilly & Co.		9,792		635,011
EOG Resources, Inc.		4,930		488,169
Facebook, Inc., Class A⁽¹⁾		5,200		411,008
Fifth Third Bancorp		35,131		703,323
Gilead Sciences, Inc.⁽¹⁾		3,534		376,194
Google, Inc., Class C⁽¹⁾		1,008		581,979
Hess Corp.		6,037		569,410
Johnson & Johnson		7,928		845,045
JPMorgan Chase & Co.		8,853		533,305
LinkedIn Corp., Class A⁽¹⁾		715		148,570
Marathon Oil Corp.		9,911		372,554
Microsoft Corp.		18,004		834,665
Murphy Oil Corp.		6,005		341,744
Phillips 66		4,209		342,234
Prudential Financial, Inc.		6,028		530,102
Public Service Enterprise Group, Inc.		8,600		320,264
Quaker Chemical Corp.		4,301		308,339
QUALCOMM, Inc.		3,714		277,696
Ross Stores, Inc.		5,544		419,015
Sanderson Farms, Inc.		3,040		267,368
Texas Instruments, Inc.		9,300		443,517
The TJX Cos., Inc.		9,900		585,783
Walgreen Co.		7,300		432,671
Wells Fargo & Co.		15,464		802,118
Westlake Chemical Corp.		6,770		586,214
Yahoo!, Inc.⁽¹⁾		7,020		286,065
				18,308,706
Total Common Stocks (Cost $34,563,765)				38,973,093

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL FUND



September 30, 2014 (unaudited)	Shares		Value
Preferred Stocks — 0.2%
Brazil — 0.2%
Companhia Energetica de Minas Gerais		11,955	$	73,212
				73,212
Total Preferred Stocks (Cost $79,635)				73,212

	Shares		Value
Exchange-Traded Funds — 0.5% iShares MSCI ACWI ETF		3,600		212,040
				212,040
Total Exchange-Traded Funds (Cost $217,802)				212,040

	Rights		Value
Rights — 0.0%
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria S.A.⁽¹⁾		3,037		303
				303
Total Rights (Cost $308)				303

	Principal Amount		Value
Repurchase Agreements — 0.4%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $169,000, due 10/1/2014⁽²⁾	$	169,000		169,000
Total Repurchase Agreements (Cost $169,000)				169,000
Total Investments — 99.8% (Cost $35,030,510)				39,427,648
Other Assets, Net — 0.2%				66,747
Total Net Assets — 100.0%			$	39,494,395

(1)	Non-income-producing security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.50	%		8/15/2023	$	176,750

Legend:

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS GLOBAL FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Australia	$	—	$	1,503,630	*	$	—	$	1,503,630
Belgium		—		200,346	*		—		200,346
Canada		1,132,033		—			—		1,132,033
Denmark		—		86,197	*		—		86,197
Finland		—		420,561	*		—		420,561
France		—		1,401,854	*		—		1,401,854
Germany		—		1,098,430	*		—		1,098,430
Hong Kong		195,781		828,571	*		—		1,024,352
India		—		72,319	*		—		72,319
Italy		—		155,572	*		—		155,572
Japan		—		2,872,251	*		—		2,872,251
Mexico		725,686		—			—		725,686
Netherlands		—		463,584	*		—		463,584
New Zealand		276,803		—			—		276,803
Norway		—		152,355	*		—		152,355
People’s Republic of China		195,470		591,648	*		—		787,118
Singapore		354,960		—			—		354,960
South Africa		—		349,433	*		—		349,433
Spain		—		372,346	*		—		372,346
Sweden		—		478,355	*		—		478,355
Switzerland		545,954		2,604,278	*		—		3,150,232
Taiwan		—		755,579	*		—		755,579
United Kingdom		—		2,830,391	*		—		2,830,391
United States		18,308,706		—			—		18,308,706
Preferred Stocks:
Brazil		73,212		—			—		73,212
Exchange-Traded Funds		212,040		—			—		212,040
Rights		303		—			—		303
Repurchase Agreements		—		169,000			—		169,000

Total	$	22,020,948	$	17,406,700		$	—	$	39,427,648

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

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 94.1%
Argentina — 0.8%
Banco Macro S.A., ADR		31,841	$	1,261,222
YPF S.A., ADR		46,510		1,720,405
				2,981,627
Brazil — 5.8%
AMBEV S.A., ADR		167,486		1,097,033
BB Seguridade Participacoes S.A.		244,800		3,220,329
Estacio Participacoes S.A.		209,800		2,180,497
JBS S.A.		794,000		2,968,073
Petroleo Brasileiro S.A., ADR		338,240		4,799,626
Sao Martinho S.A.		129,408		2,077,718
Ser Educacional S.A.		232,800		2,396,715
Ultrapar Participacoes S.A., ADR		96,299		2,033,835
				20,773,826
Chile — 0.4%
Enersis S.A., ADR		89,375		1,410,337
				1,410,337
Colombia — 0.4%
Cemex Latam Holdings S.A.⁽¹⁾		172,668		1,534,830
				1,534,830
Greece — 0.9%
Hellenic Telecommunications Organization S.A.⁽¹⁾		129,088		1,694,900
Piraeus Bank S.A.⁽¹⁾		967,106		1,636,937
				3,331,837
Hong Kong — 1.1%
China Animal Healthcare Ltd.		2,486,000		1,923,929
Sound Global Ltd.⁽¹⁾		1,985,000		1,982,757
				3,906,686
India — 9.1%
Bank of Baroda		173,408		2,514,689
Bharat Petroleum Corp. Ltd.		205,253		2,179,392
CESC Ltd.		178,561		2,168,944
Container Corp. of India Ltd.		90,182		1,973,399
Crompton Greaves Ltd.		784,939		2,536,260
HCL Technologies Ltd.		132,650		3,682,646
HDFC Bank Ltd., ADR		50,186		2,337,664
ICICI Bank Ltd., ADR		84,689		4,158,230
Lupin Ltd.		186,947		4,211,852
Raymond Ltd.		293,972		2,059,769
Tata Motors Ltd., ADR		109,277		4,776,498
				32,599,343
Indonesia — 1.5%
PT Gudang Garam Tbk		568,100		2,635,007
PT Telekomunikasi Indonesia (Persero) Tbk		11,337,800		2,715,993
				5,351,000
Malaysia — 2.7%
Muhibbah Engineering (M) Bhd		1,857,900		1,761,605
Telekom Malaysia Bhd		1,361,500		2,740,553
Tenaga Nasional Bhd		869,181		3,282,231
UMW Holdings Bhd		487,900		1,823,827
				9,608,216
Mexico — 6.6%
America Movil S.A.B. de C.V., ADR, Series L		149,133		3,758,152
Arca Continental S.A.B. de C.V.		262,600		1,802,742
Banregio Grupo Financiero S.A.B. de C.V.		196,500		1,090,732
Cemex S.A.B. de C.V.⁽¹⁾		2,213,554		2,884,270

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS FUND


September 30, 2014 (unaudited)	Shares		Value
Gruma S.A.B. de C.V., Class B⁽¹⁾		204,755	$	2,192,306
Grupo Financiero Inbursa S.A.B. de C.V., Class O		1,081,800		3,093,043
Grupo Financiero Interacciones S.A. de C.V., Class O		250,700		2,099,978
Grupo Mexico S.A.B. de C.V., Series B		487,406		1,637,812
OHL Mexico S.A.B. de C.V.⁽¹⁾		671,300		1,821,889
Promotora y Operadora de Infraestructura S.A.B. de C.V.⁽¹⁾		239,800		3,282,442
				23,663,366
People’s Republic of China — 19.3%
Agile Property Holdings Ltd.		2,958,000		1,816,235
Alibaba Group Holding Ltd., ADR⁽¹⁾		21,107		1,875,357
Baidu, Inc., ADR⁽¹⁾		7,814		1,705,249
Bank of China Ltd., H shares		14,085,000		6,291,727
China Construction Bank Corp., H shares		10,938,857		7,664,069
China Mobile Ltd.		361,840		4,229,712
China Resources Cement Holdings Ltd.		3,146,000		2,152,188
China Unicom Hong Kong Ltd.		1,936,000		2,903,504
Chongqing Changan Automobile Co. Ltd., B shares		784,604		1,685,441
CSR Corp. Ltd., H shares		3,039,000		2,671,465
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H shares		552,000		1,877,794
Huadian Power International Corp. Ltd., H shares		3,768,000		2,626,744
Jumei International Holding Ltd., ADR⁽¹⁾		43,376		1,018,468
New China Life Insurance Co. Ltd., H shares		973,600		3,391,988
PetroChina Co. Ltd., H shares		4,622,000		5,923,798
Ping An Insurance (Group) Co. of China Ltd., H shares		619,500		4,656,024
Shenzhen International Holdings Ltd.		2,691,000		3,668,948
Sinotrans Ltd., H shares		2,195,000		1,592,999
TCL Communication Technology Holdings Ltd.		1,261,000		1,515,913
Tencent Holdings Ltd.		583,315		8,665,540
YY, Inc., ADR⁽¹⁾		18,873		1,413,399
				69,346,562
Peru — 1.0%
Credicorp Ltd.		23,026		3,531,958
				3,531,958
Philippines — 1.6%
BDO Unibank, Inc.		1,429,220		3,118,856
Universal Robina Corp.		605,770		2,515,388
				5,634,244
Poland — 1.3%
Bank Zachodni WBK S.A.		22,337		2,658,280
Tauron Polska Energia S.A.		1,175,198		1,901,424
				4,559,704
Qatar — 0.3%
Al Meera Consumer Goods Co.		23,417		1,179,884
				1,179,884
Russia — 4.1%
Etalon Group Ltd., GDR, (Reg S)		417,469		1,523,762
Gazprom OAO, ADR		276,650		1,931,017
Lukoil OAO, ADR		41,642		2,119,578
MMC Norilsk Nickel OJSC, ADR		143,948		2,684,630
QIWI PLC, ADR		27,618		872,452
Sberbank of Russia, ADR		290,791		2,287,435
X5 Retail Group N.V., GDR (Reg S)⁽¹⁾		184,429		3,402,715
				14,821,589
South Africa — 6.0%
Astral Foods Ltd.		206,376		2,784,848
Barclays Africa Group Ltd.		114,569		1,562,016
MMI Holdings Ltd.		1,003,422		2,327,927
Naspers Ltd., N shares		43,602		4,775,443
Sanlam Ltd.		491,279		2,835,332
Sasol Ltd.		97,126		5,267,726
Steinhoff International Holdings Ltd.		370,035		1,772,191
				21,325,483

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS FUND


September 30, 2014 (unaudited)	Shares		Value
South Korea — 15.8%
BS Financial Group, Inc.		198,356	$	3,175,258
Daewoo Securities Co. Ltd.⁽¹⁾		169,030		1,718,040
Hanssem Co. Ltd.		19,351		2,097,387
Hyundai Motor Co.		24,184		4,357,308
KB Financial Group, Inc.		95,702		3,488,902
KCC Corp.		5,631		3,833,833
Korea Electric Power Corp.		91,625		4,164,420
LG Chem Ltd.		11,501		2,783,946
LG Display Co. Ltd.⁽¹⁾		114,446		3,657,259
POSCO, ADR		66,784		5,068,906
Samkee Automotive Co. Ltd.		374,796		1,584,687
Samsung C&T Corp.		60,223		4,307,089
Samsung Electronics Co. Ltd.		8,305		9,301,661
SK Hynix, Inc.⁽¹⁾		99,875		4,420,573
Wonik IPS Co. Ltd.⁽¹⁾		232,261		2,756,753
				56,716,022
Taiwan — 11.3%
AcBel Polytech, Inc.		1,591,000		1,887,120
Catcher Technology Co. Ltd.		276,000		2,556,245
CTBC Financial Holding Co. Ltd.		3,619,117		2,430,771
Cub Elecparts, Inc.		147,000		1,676,802
Fubon Financial Holding Co. Ltd.		2,829,000		4,335,045
Hon Hai Precision Industry Co. Ltd.		1,428,680		4,499,969
Largan Precision Co. Ltd.		26,000		1,860,118
MediaTek, Inc.		148,000		2,191,835
Namchow Chemical Industrial Co. Ltd.		888,000		1,705,688
Novatek Microelectronics Corp.		778,000		3,839,574
Primax Electronics Ltd.		1,360,000		1,577,016
Taiwan Cement Corp.		1,772,000		2,637,316
Taiwan Semiconductor Manufacturing Co. Ltd.		1,780,998		7,090,379
Wistron Corp.		2,002,000		2,038,673
				40,326,551
Thailand — 3.0%
GFPT PCL (Reg F)		4,832,100		3,011,180
Kasikornbank PCL (Reg F)		463,100		3,333,356
PTT Exploration & Production PCL (Reg F)		309,400		1,524,177
Thai Union Frozen Products PCL (Reg F)		1,225,800		2,790,627
				10,659,340
Turkey — 1.0%
Celebi Hava Servisi A.S.⁽¹⁾		149,975		1,567,895
Turkiye Garanti Bankasi A.S.		306,549		1,077,447
Turkiye Vakiflar Bankasi T.A.O., Class D		570,599		1,057,946
				3,703,288
United Arab Emirates — 0.1%
Emaar Malls Group PJSC⁽¹⁾⁽²⁾		587,965		464,231
				464,231
Total Common Stocks (Cost $306,057,148)				337,429,924

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS FUND


September 30, 2014 (unaudited)	Shares		Value
Exchange-Traded Funds — 0.4%
CSOP FTSE China A50 ETF		1,230,200	$	1,489,260
				1,489,260
Total Exchange-Traded Funds (Cost $1,522,083)				1,489,260

	Shares		Value
Preferred Stocks — 4.1%
Brazil — 3.5%
Banco Bradesco S.A.		249,169		3,546,542
Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR		54,861		2,392,488
Comp. Lorenz S.A.^(1)(2)(3)		4,700,000		—
Itau Unibanco Holding S.A.		253,656		3,509,888
Vale S.A.		319,508		3,104,035
				12,552,953
Colombia — 0.6%
Bancolombia S.A., ADR		41,581		2,358,474
				2,358,474
Total Preferred Stocks (Cost $16,585,760)				14,911,427

	Rights		Value
Rights — 0.0%
China — 0.0%
Agile Property Holdings Ltd.⁽¹⁾⁽²⁾		591,600		58,489
				58,489
Total Rights (Cost $0)				58,489

	Principal Amount		Value
Repurchase Agreements — 1.5%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $5,262,000, due 10/1/2014⁽⁴⁾	$	5,262,000		5,262,000
Total Repurchase Agreements (Cost $5,262,000)				5,262,000
Total Investments — 100.1% (Cost $329,426,991)				359,151,100
Other Liabilities, Net — (0.1)%				(458,661	)
Total Net Assets — 100.0%			$	358,692,439

(1)	Non-income-producing security.

(2)	Fair valued security.

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


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

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.00	%		11/15/2021	$	5,367,619

Legend:

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Argentina	$	2,981,627	$	—		$	—	$	2,981,627
Brazil		20,773,826		—			—		20,773,826
Chile		1,410,337		—			—		1,410,337
Colombia		1,534,830		—			—		1,534,830
Greece		—		3,331,837	*		—		3,331,837
Hong Kong		—		3,906,686	*		—		3,906,686
India		11,272,392		21,326,951	*		—		32,599,343
Indonesia		—		5,351,000	*		—		5,351,000
Malaysia		—		9,608,216	*		—		9,608,216
Mexico		23,663,366		—			—		23,663,366
People’s Republic of China		7,697,914		61,648,648	*		—		69,346,562
Peru		3,531,958		—			—		3,531,958
Philippines		—		5,634,244	*		—		5,634,244
Poland		—		4,559,704	*		—		4,559,704
Qatar		1,179,884		—			—		1,179,884
Russia		13,859,920		961,669	*		—		14,821,589
South Africa		2,784,848		18,540,635	*		—		21,325,483
South Korea		5,068,906		51,647,116	*		—		56,716,022
Taiwan		—		40,326,551	*		—		40,326,551
Thailand		—		10,659,340	*		—		10,659,340
Turkey		—		3,703,288	*		—		3,703,288
United Arab Emirates		—		464,231	*		—		464,231
Exchange-Traded Funds		1,489,260		—			—		1,489,260
Preferred Stocks:
Brazil		12,552,953		—			—		12,552,953
Colombia		2,358,474		—			—		2,358,474
Rights		—		58,489			—		58,489
Repurchase Agreements		—		5,262,000			—		5,262,000

Total	$	112,160,495	$	246,990,605		$	—	$	359,151,100

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

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS SMALL CAP FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 96.6%
Argentina — 0.5%
Ternium S.A., ADR		6,122	$	147,234
				147,234
Brazil — 2.0%
Banco ABC Brasil S.A.⁽¹⁾⁽²⁾		604		3,344
Kroton Educacional S.A.		35,600		223,686
Ser Educacional S.A.		38,500		396,364
				623,394
Colombia — 0.3%
Gran Tierra Energy, Inc.⁽²⁾		16,349		90,574
				90,574
Georgia — 0.8%
TBC Bank JSC, GDR (Reg S)⁽²⁾		15,200		241,680
				241,680
Greece — 0.7%
Piraeus Bank S.A.⁽²⁾		133,382		225,764
				225,764
Hong Kong — 5.2%
China Animal Healthcare Ltd.		731,000		565,725
Huadian Fuxin Energy Corp. Ltd., H shares		702,000		412,159
Nexteer Automotive Group Ltd.		328,000		290,907
Sound Global Ltd.⁽²⁾		310,000		309,650
				1,578,441
India — 5.6%
Bank of Baroda		14,647		212,405
CESC Ltd.		26,707		324,404
Container Corp. of India Ltd.		15,664		342,766
Crompton Greaves Ltd.		43,287		139,867
Raymond Ltd.		39,515		276,869
Yes Bank Ltd.		44,892		402,722
				1,699,033
Indonesia — 2.8%
PT Astra Agro Lestari Tbk		106,600		201,036
PT Gudang Garam Tbk		66,500		308,446
PT Pakuwon Jati Tbk		9,966,100		330,626
				840,108
Malaysia — 2.2%
KPJ Healthcare Bhd		77,200		91,336
Muhibbah Engineering (M) Bhd		210,600		199,685
Press Metal Bhd		41,600		79,227
UMW Holdings Bhd		77,900		291,199
				661,447
Mexico — 4.8%
Arca Continental S.A.B. de C.V.		42,800		293,821
Banregio Grupo Financiero S.A.B. de C.V.		53,800		298,633
Gruma S.A.B. de C.V., Class B⁽²⁾		16,300		174,523
Grupo Financiero Interacciones S.A. de C.V., Class O		15,900		133,186
Megacable Holdings S.A.B. de C.V.		56,900		270,085
Promotora y Operadora de Infraestructura S.A.B. de C.V.⁽²⁾		21,500		294,297
				1,464,545
People’s Republic of China — 17.8%
Agile Property Holdings Ltd.		428,000		262,795
China Lilang Ltd.		296,000		208,705
China Shipping Development Co. Ltd., H shares⁽²⁾		364,000		228,302
China Singyes Solar Technologies Holdings Ltd.⁽²⁾		158,000		280,124

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS SMALL CAP FUND


September 30, 2014 (unaudited)	Shares		Value
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H shares		118,000	$	401,413
Huadian Power International Corp. Ltd., H shares		216,000		150,578
Jiangnan Group Ltd.		1,120,000		242,323
Jiangxi Copper Co. Ltd., H Shares		188,000		311,156
Kaisa Group Holdings Ltd.		950,000		363,213
Lonking Holdings Ltd.		1,481,000		266,308
MMG Ltd.		1,180,000		412,600
New China Life Insurance Co. Ltd., H shares		102,200		356,061
PAX Global Technology Ltd.⁽²⁾		229,000		201,490
Shenzhen International Holdings Ltd.		110,750		150,998
Shenzhou International Group Holdings Ltd.		72,000		230,560
Sinotrans Ltd., H shares		468,000		339,646
TCL Communication Technology Holdings Ltd.		449,000		539,766
Tianjin Port Development Holdings Ltd.		1,750,000		330,550
Xunlei Ltd., ADR⁽²⁾		12,377		133,053
				5,409,641
Peru — 1.3%
Ferreycorp S.A.A.		476,213		273,581
Intercorp Financial Services, Inc.		3,405		108,960
				382,541
Philippines — 3.3%
Alliance Global Group, Inc.		367,900		212,684
BDO Unibank, Inc.		157,750		344,243
Universal Robina Corp.		69,970		290,542
Vista Land & Lifescapes, Inc.		1,065,200		146,415
				993,884
Qatar — 0.4%
Al Meera Consumer Goods Co.		2,305		116,139
				116,139
Russia — 1.7%
Magnitogorsk Iron & Steel Works OJSC, GDR (Reg S)⁽²⁾		58,252		148,659
PhosAgro OAO, GDR (Reg S)		19,042		213,080
X5 Retail Group N.V., GDR (Reg S)⁽²⁾		8,471		156,290
				518,029
South Africa — 6.3%
Astral Foods Ltd.		17,768		239,762
Investec Ltd.		24,265		203,384
Mediclinic International Ltd.		36,431		296,723
MMI Holdings Ltd.		162,842		377,792
Mondi Ltd.		15,235		249,370
Omnia Holdings Ltd.		13,468		275,021
Super Group Ltd.⁽²⁾		92,899		254,741
				1,896,793
South Korea — 12.9%
Daewoo Securities Co. Ltd.⁽²⁾		18,489		187,924
Grand Korea Leisure Co. Ltd.		11,780		467,057
Hancom, Inc.		7,391		188,848
Hansol Paper Co.		17,490		181,264
Hanssem Co. Ltd.		1,590		172,335
KCC Corp.		542		369,017
KEPCO Plant Service & Engineering Co. Ltd.		3,943		311,985
LG Hausys Ltd.		1,488		293,923
Mando Corp.⁽¹⁾⁽³⁾		2,223		288,499
Medy-Tox, Inc.		1,999		423,355
Samchully Co. Ltd.		2,023		291,310
Samkee Automotive Co. Ltd.		88,286		373,285
Wonik IPS Co. Ltd.⁽²⁾		30,966		367,542
				3,916,344

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS SMALL CAP FUND


September 30, 2014 (unaudited)	Shares		Value
Taiwan — 22.0%
AcBel Polytech, Inc.		279,000	$	330,928
Advantech Co. Ltd.		56,071		395,696
ASPEED Technology, Inc.		50,601		401,212
Chailease Holding Co. Ltd.		112,000		271,692
Cub Elecparts, Inc.		27,000		307,984
E.Sun Financial Holding Co. Ltd.		197,139		119,535
Gigabyte Technology Co. Ltd.		210,000		234,814
Grand Pacific Petrochemical Corp.		204,000		92,302
King Slide Works Co. Ltd.		41,000		461,547
King’s Town Bank Co. Ltd.		282,000		311,902
Largan Precision Co. Ltd.		6,000		429,258
Merry Electronics Co. Ltd.		66,150		307,337
MPI Corp.		112,000		369,561
Namchow Chemical Industrial Co. Ltd.		235,000		451,393
Novatek Microelectronics Corp.		87,000		429,361
Posiflex Technology, Inc.		48,290		264,775
Primax Electronics Ltd.		340,000		394,254
Promise Technology, Inc.		265,000		350,525
Sinmag Equipment Corp.		76,320		446,613
YC INOX Co. Ltd.		339,000		288,069
				6,658,758
Thailand — 3.3%
GFPT PCL (Reg F)		965,700		601,787
Siamgas & Petrochemicals PCL (Reg F)		239,600		100,496
Thai Union Frozen Products PCL (Reg F)		127,600		290,491
				992,774
Turkey — 2.6%
Brisa Bridgestone Sabanci Sanayi ve Ticaret A.S.		61,524		210,812
Celebi Hava Servisi A.S.⁽²⁾		27,474		287,223
Turkiye Sinai Kalkinma Bankasi A.S.		339,959		286,512
				784,547
United Arab Emirates — 0.1%
Emaar Malls Group PJSC⁽¹⁾⁽²⁾		49,189		38,838
				38,838
Total Common Stocks (Cost $27,616,692)				29,280,508

	Shares		Value
Preferred Stocks — 0.7%
Brazil — 0.7%
Banco ABC Brasil S.A.		35,700		197,625
				197,625
Total Preferred Stocks (Cost $213,198)				197,625

	Rights		Value
Rights — 0.0%
China — 0.0%
Agile Property Holdings Ltd.⁽¹⁾⁽²⁾		85,600		8,463
				8,463
Total Rights (Cost $0)				8,463
Total Investments — 97.3% (Cost $27,829,890)				29,486,596
Other Assets, Net — 2.7%				830,593
Total Net Assets — 100.0%			$	30,317,189

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS SMALL CAP FUND

(1)	Fair valued security.

(2)	Non-income-producing security.

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


Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Mando Corp.		2,223	$	36,631	$	288,499		6/30/2014		0.95	%

Legend:

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS SMALL CAP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Argentina	$	147,234	$	—		$	—	$	147,234
Brazil		620,050		3,344	*		—		623,394
Colombia		90,574		—			—		90,574
Georgia		241,680		—			—		241,680
Greece		—		225,764	*		—		225,764
Hong Kong		—		1,578,441	*		—		1,578,441
India		—		1,699,033	*		—		1,699,033
Indonesia		—		840,108	*		—		840,108
Malaysia		—		661,447	*		—		661,447
Mexico		1,464,545		—			—		1,464,545
People’s Republic of China		375,376		5,034,265	*		—		5,409,641
Peru		382,541		—			—		382,541
Philippines		—		993,884	*		—		993,884
Qatar		116,139		—			—		116,139
Russia		518,029		—			—		518,029
South Africa		239,762		1,657,031	*		—		1,896,793
South Korea		—		3,627,845	*		288,499		3,916,344
Taiwan		—		6,658,758	*		—		6,658,758
Thailand		—		992,774	*		—		992,774
Turkey		—		784,547	*		—		784,547
United Arab Emirates		—		38,838	*		—		38,838
Preferred Stocks:
Brazil		197,625		—			—		197,625
Rights		—		8,463			—		8,463

Total	$	4,393,555	$	24,804,542		$	288,499	$	29,486,596

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

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


(unaudited)	Investment in Securities
Balance as of 2/1/2014**	$	—
Change in unrealized appreciation/depreciation		—
Net realized gain/loss		—
Purchases		—
Sales		—
Transfers into/out of Level 3		288,499

Balance as of 9/30/2014	$	288,499

**	Commencement of operations.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS CHINA FUND


September 30, 2014 (unaudited)	Shares		Value
Common Stocks — 97.4%
Hong Kong — 7.4%
China Animal Healthcare Ltd.		541,000	$	418,683
Guotai Junan International Holdings Ltd.		462,000		317,509
Huadian Fuxin Energy Corp. Ltd., H shares		868,000		509,621
Man Wah Holdings Ltd.		190,400		279,555
Nexteer Automotive Group Ltd.		363,000		321,949
Sound Global Ltd.⁽¹⁾		332,000		331,625
				2,178,942
People’s Republic of China — 87.6%
Agile Property Holdings Ltd.		340,000		208,763
Alibaba Group Holding Ltd., ADR⁽¹⁾		1,768		157,087
Baidu, Inc., ADR⁽¹⁾		2,346		511,968
Bank of China Ltd., H shares		2,514,000		1,122,996
BYD Electronic International Co. Ltd.		284,500		329,371
China CITIC Bank Corp. Ltd., H shares		923,000		559,194
China Construction Bank Corp., H shares		3,182,000		2,229,398
China Life Insurance Co. Ltd., H shares		181,000		503,103
China Merchants Bank Co. Ltd., H shares		378,000		645,323
China Mobile Ltd.		135,000		1,578,076
China Oilfield Services Ltd., H shares		176,000		463,706
China Overseas Land & Investment Ltd.		114,000		292,270
China Pacific Insurance (Group) Co. Ltd., H shares		64,000		224,877
China Petroleum & Chemical Corp., H shares		953,200		833,709
China Resources Cement Holdings Ltd.		526,000		359,838
China Shenhua Energy Co. Ltd., H shares		88,500		246,349
China Singyes Solar Technologies Holdings Ltd.⁽¹⁾		123,000		218,071
China Taiping Insurance Holdings Co. Ltd.⁽¹⁾		207,800		450,039
China Telecom Corp. Ltd., H shares		882,000		540,652
China Unicom Hong Kong Ltd.		398,000		596,898
Chongqing Changan Automobile Co. Ltd., B shares		240,300		516,199
CNOOC Ltd.		509,000		876,488
CSR Corp. Ltd., H shares		439,000		385,908
Guangdong Investment Ltd.		222,000		259,516
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H shares		90,000		306,162
Haier Electronics Group Co. Ltd.		109,000		287,253
Huadian Power International Corp. Ltd., H shares		602,000		419,666
Industrial & Commercial Bank of China Ltd., H shares		1,309,000		816,443
Jiangnan Group Ltd.		1,454,000		314,587
Jiangxi Copper Co. Ltd., H Shares		116,000		191,990
Jumei International Holding Ltd., ADR⁽¹⁾		6,161		144,660
Kaisa Group Holdings Ltd.		937,000		358,243
MMG Ltd.		520,000		181,824
New China Life Insurance Co. Ltd., H shares		146,500		510,401
PAX Global Technology Ltd.⁽¹⁾		438,000		385,383
PetroChina Co. Ltd., H shares		990,000		1,268,836
Ping An Insurance (Group) Co. of China Ltd., H shares		115,500		868,072
Scud Group Ltd.		1,742,000		252,798
Shenzhen Expressway Co. Ltd., H shares		352,000		237,542
Shenzhen International Holdings Ltd.		212,500		289,726
Shimao Property Holdings Ltd.		208,500		420,640
Sihuan Pharmaceutical Holdings Group Ltd.		698,000		526,381
Sinotrans Ltd., H shares		567,000		411,495
TCL Communication Technology Holdings Ltd.		399,000		479,658
Tencent Holdings Ltd.		173,755		2,581,248
YY, Inc., ADR⁽¹⁾		5,451		408,225
				25,771,032

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS CHINA FUND


September 30, 2014 (unaudited)	Shares		Value
Taiwan — 2.4%
AcBel Polytech, Inc.		221,000	$	262,133
Merry Electronics Co. Ltd.		36,000		167,259
Namchow Chemical Industrial Co. Ltd.		143,000		274,677
				704,069
Total Common Stocks (Cost $25,802,645)				28,654,043

	Shares		Value
Exchange-Traded Funds — 1.5%
CSOP FTSE China A50 ETF		351,000		424,915
				424,915
Total Exchange-Traded Funds (Cost $432,746)				424,915

	Rights		Value
Rights — 0.0%
China — 0.0%
Agile Property Holdings Ltd.⁽¹⁾⁽²⁾		68,000		6,723
				6,723
Total Rights (Cost $0)				6,723

	Principal Amount		Value
Repurchase Agreements — 0.6%
Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $174,000, due 10/1/2014⁽³⁾	$	174,000		174,000
Total Repurchase Agreements (Cost $174,000)				174,000
Total Investments — 99.5% (Cost $26,409,391)				29,259,681
Other Assets, Net — 0.5%				155,648
Total Net Assets — 100.0%			$	29,415,329

(1)	Non-income-producing security.

(2)	Fair valued security.

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


Security	Coupon			Maturity Date		Value
U.S. Treasury Note		2.50	%		5/15/2024	$	181,800

Legend:

ADR — American Depositary Receipt.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS CHINA FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Hong Kong	$	—	$	2,178,942	*	$	—	$	2,178,942
People’s Republic of China		2,290,268		23,480,764	*		—		25,771,032
Taiwan		—		704,069	*		—		704,069
Exchange-Traded Funds		424,915		—			—		424,915
Rights		—		6,723			—		6,723
Repurchase Agreements		—		174,000			—		174,000

Total	$	2,715,183	$	26,544,498		$	—	$	29,259,681

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

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities — 5.7%
FHLMC
5.50% due 6/1/2038	$	127,052	$	141,497
7.00% due 9/1/2038		40,640		47,631
1534 Z
5.00% due 6/15/2023		122,384		131,585
3227 PR
5.50% due 9/15/2035⁽¹⁾		1,162,760		1,232,509
FNMA
2.315% due 8/1/2046⁽²⁾		73,350		73,827
2.41% due 12/1/2036⁽¹⁾⁽²⁾		102,888		109,254
3.00% due 5/1/2043		1,646,967		1,626,260
3.50% due 11/1/2042		7,329		7,505
4.50% due 12/1/2038 - 3/1/2044		1,800,000		1,945,403
5.00% due 12/1/2034 - 11/1/2036		54,437		60,129
5.50% due 4/1/2022 - 1/1/2038⁽¹⁾		484,457		537,828
6.00% due 8/1/2021		76,450		82,591
7.00% due 8/1/2023 - 6/1/2032		55,696		63,628
7.50% due 12/1/2029 - 2/1/2031		78,141		90,620
8.00% due 6/1/2030 - 9/1/2030		34,082		40,103
2002-77 QG
5.50% due 12/25/2032		502,598		551,902
GNMA		45,633		52,904
6.00% due 12/15/2033
Total Agency Mortgage-Backed Securities (Cost $6,586,673)				6,795,176

	Principal Amount		Value
Asset-Backed Securities — 1.2%
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.511% due 4/25/2033⁽²⁾		261,981		267,390
Domino’s Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042⁽³⁾		1,072,537		1,132,769
Total Asset-Backed Securities (Cost $1,352,157)				1,400,159

	Principal Amount		Value
Senior Secured Loans — 6.2%
Building Materials — 0.5%
Generac Power Systems, Inc. Term Loan B 3.25% due 5/31/2020⁽²⁾		282,250		276,783
Quikrete Holdings, Inc. 1st Lien Term Loan 4.00% due 9/28/2020⁽²⁾		356,944		352,482
				629,265
Food And Beverage — 0.5%
Big Heart Pet Brands New Term Loan 3.50% due 3/8/2020⁽²⁾		256,859		246,264
H.J. Heinz Co. Term Loan B1 3.25% due 6/7/2019⁽²⁾		344,635		339,465
				585,729
Gaming — 1.3%
Bally Technologies, Inc. Term Loan B 4.25% due 11/25/2020⁽²⁾		298,311		296,695

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
MGM Resorts International Term Loan B 3.50% due 12/20/2019⁽²⁾	$	740,578	$	726,692
Scientific Games International, Inc. New Term Loan B 4.25% due 10/18/2020⁽²⁾		595,500		583,221
				1,606,608
Healthcare — 0.6%
Fresenius Medical Care Holdings, Inc. USD Term Loan A 1.987% due 10/30/2017⁽²⁾		723,077		720,669
				720,669
Pharmaceuticals — 1.9%
Amgen, Inc. Term Loan 1.233% due 9/18/2018⁽²⁾		720,000		717,753
RPI Finance Trust
Term Loan B1
2.483% due 11/9/2016⁽²⁾		1,423,804		1,418,906
Term Loan B2
3.25% due 5/9/2018⁽²⁾		193,890		193,648
				2,330,307
Refining — 0.3%
Tesoro Corp. Delayed Draw Term Loan 2.404% due 5/30/2016⁽²⁾		318,000		315,217
				315,217
Wireless — 0.8%
Crown Castle Operating Co. Term Loan B2 3.00% due 1/31/2021⁽²⁾		987,529		973,951
				973,951
Wirelines — 0.3%
Windstream Corp. Term Loan B4 3.50% due 1/23/2020⁽²⁾		296,231		292,380
				292,380
Total Senior Secured Loans (Cost $7,523,964)				7,454,126

	Principal Amount		Value
Commercial Mortgage-Backed Securities — 13.7%
Banc of America Commercial Mortgage Trust
2006-2 A4
5.92% due 5/10/2045⁽²⁾		927,000		978,861
2008-1 A4
6.427% due 2/10/2051⁽²⁾		1,050,000		1,172,619
Bear Stearns Commercial Mortgage Securities Trust 2005-PW10 AM 5.449% due 12/11/2040⁽¹⁾⁽²⁾		810,000		844,170
Citigroup Commercial Mortgage Trust
2006-C5 A4
5.431% due 10/15/2049		409,000		438,657
2013-375P B
3.635% due 5/10/2035^(1)(2)(3)		900,000		897,644
2014-388G B
1.204% due 6/15/2033⁽²⁾⁽³⁾		600,000		600,290

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Credit Suisse Commercial Mortgage Trust 2006-C3 A3 5.999% due 6/15/2038⁽²⁾	$	753,676	$	798,241
Credit Suisse First Boston Mortgage Securities Corp. 2005-C5 AM 5.10% due 8/15/2038⁽¹⁾⁽²⁾		335,000		345,465
Crown Castle Towers LLC Sr. Sec. Nt. 6.113% due 1/15/2040⁽¹⁾⁽³⁾		1,500,000		1,735,162
DBUBS Mortgage Trust 2011-LC1A A3 5.002% due 11/10/2046⁽¹⁾⁽³⁾		500,000		558,266
Fairway Outdoor Funding LLC 2012-1A A2 4.212% due 10/15/2042⁽³⁾		1,420,482		1,414,800
GMAC Commercial Mortgage Securities, Inc. 2006-C1 AM 5.29% due 11/10/2045⁽¹⁾⁽²⁾		572,000		596,210
JPMorgan Chase Commercial Mortgage Securities Trust
2006-LDP7 AM
6.058% due 4/15/2045⁽²⁾		960,000		1,030,217
2011-PLSD A2
3.364% due 11/13/2044⁽¹⁾⁽³⁾		1,550,000		1,613,538
LB UBS Commercial Mortgage Trust 2006-C6 AM 5.413% due 9/15/2039⁽¹⁾		455,000		489,370
NCUA Guaranteed Notes Trust 2010-C1 A2 2.90% due 10/29/2020⁽¹⁾		560,000		576,660
Queens Center Mortgage Trust 2013-QCA A 3.275% due 1/11/2037⁽³⁾		1,150,000		1,126,822
SBA Tower Trust 2.24% due 4/15/2043⁽³⁾		500,000		492,776
Wachovia Bank Commercial Mortgage Trust 2005-C18 A4 4.935% due 4/15/2042⁽¹⁾		705,000		709,306
Total Commercial Mortgage-Backed Securities (Cost $16,166,800)				16,419,074

	Principal Amount		Value
Corporate Bonds — 44.9%
Aerospace & Defense — 0.2%
Northrop Grumman Space & Mission Systems Corp. 7.75% due 6/1/2029		150,000		196,415
				196,415
Automotive — 1.8%
BorgWarner, Inc. Sr. Nt. 4.625% due 9/15/2020		500,000		536,461
Ford Motor Credit Co. LLC Sr. Nt. 4.25% due 9/20/2022		250,000		263,237
General Motors Financial Co., Inc. 2.625% due 7/10/2017		1,000,000		1,004,537
RCI Banque S.A. Sr. Nt. 4.60% due 4/12/2016⁽³⁾		350,000		367,566
				2,171,801

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Banking — 11.5%
Bank of America Corp. Sr. Nt. 5.70% due 1/24/2022⁽¹⁾	$	850,000	$	973,880
Citigroup, Inc.
Sr. Nt.
1.70% due 7/25/2016		1,500,000		1,515,203
4.50% due 1/14/2022		400,000		428,874
6.125% due 11/21/2017		350,000		394,837
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.95% due 11/9/2022⁽¹⁾		400,000		401,703
Credit Suisse/New York NY Sr. Nt. 5.30% due 8/13/2019		350,000		393,256
Discover Bank Sub. Nt. 7.00% due 4/15/2020		400,000		473,224
Huntington BancShares, Inc. Sub. Nt. 7.00% due 12/15/2020		400,000		479,106
Intesa Sanpaolo S.p.A. Sr. Nt. 3.875% due 1/16/2018		600,000		625,647
JPMorgan Chase & Co. Sub. Nt. 3.375% due 5/1/2023⁽¹⁾		300,000		287,381
Lloyds Bank PLC 5.80% due 1/13/2020⁽³⁾		350,000		403,236
Macquarie Bank Ltd. Sr. Nt. 2.00% due 8/15/2016⁽¹⁾⁽³⁾		1,000,000		1,016,523
Morgan Stanley
Sr. Nt.
3.75% due 2/25/2023		300,000		299,610
5.95% due 12/28/2017⁽¹⁾		1,325,000		1,484,016
Regions Bank Sub. Nt. 7.50% due 5/15/2018⁽¹⁾		500,000		582,939
Royal Bank of Scotland Group PLC Sub. Nt. 6.125% due 12/15/2022		400,000		423,375
Standard Chartered PLC Sub. Nt. 3.95% due 1/11/2023⁽¹⁾⁽³⁾		600,000		583,964
The Goldman Sachs Group, Inc.
Sub. Nt.
5.625% due 1/15/2017		680,000		738,488
Sr. Nt.
5.75% due 1/24/2022⁽¹⁾		500,000		568,588
The Huntington National Bank Sr. Nt. 1.35% due 8/2/2016⁽¹⁾		1,300,000		1,306,396
UBS AG/Stamford CT Sr. Nt. 4.875% due 8/4/2020⁽¹⁾		400,000		445,278
				13,825,524
Brokerage — 0.6%
KKR Group Finance Co. LLC 6.375% due 9/29/2020⁽¹⁾⁽³⁾		600,000		701,627
				701,627
Building Materials — 0.7%
CRH America, Inc. 6.00% due 9/30/2016		350,000		382,826
Owens Corning 4.20% due 12/15/2022⁽¹⁾		500,000		508,869
				891,695

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Cable Satellite — 0.8%
Comcast Corp. 6.45% due 3/15/2037	$	250,000	$	319,510
Time Warner Cable, Inc. 5.85% due 5/1/2017⁽¹⁾		550,000		609,620
				929,130
Chemicals — 1.4%
Cabot Corp. Sr. Nt. 3.70% due 7/15/2022		500,000		502,578
Ecolab, Inc. Sr. Nt. 5.50% due 12/8/2041		200,000		228,967
FMC Corp. Sr. Nt. 5.20% due 12/15/2019		100,000		111,429
LyondellBasell Industries N.V. Sr. Nt. 5.00% due 4/15/2019⁽¹⁾		700,000		772,727
				1,615,701
Diversified Manufacturing — 0.2%
Siemens Financieringsmat N.V. 6.125% due 8/17/2026⁽³⁾		200,000		248,212
				248,212
Electric — 1.0%
Alabama Power Co. Sr. Nt. 5.65% due 3/15/2035⁽¹⁾		300,000		305,422
Nevada Power Co. 6.65% due 4/1/2036⁽¹⁾		250,000		329,593
PPL Electric Utilities Corp. 6.25% due 5/15/2039		220,000		289,282
Virginia Electric and Power Co. Sr. Nt. 8.875% due 11/15/2038		200,000		327,771
				1,252,068
Energy - Integrated — 0.3%
Suncor Energy, Inc. Sr. Nt. 6.50% due 6/15/2038		300,000		382,014
				382,014
Finance Companies — 2.3%
AerCap Ireland Capital Ltd. 3.75% due 5/15/2019⁽³⁾		400,000		388,000
CIT Group, Inc. Sr. Nt. 4.75% due 2/15/2015⁽³⁾		800,000		808,000
General Electric Capital Corp. Sr. Nt. 6.75% due 3/15/2032⁽¹⁾		200,000		263,687
International Lease Finance Corp.
Sr. Nt.
4.625% due 4/15/2021		950,000		942,875
4.875% due 4/1/2015		400,000		406,000
				2,808,562

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Food And Beverage — 0.7%
Anheuser-Busch InBev Worldwide, Inc. 3.75% due 7/15/2042⁽¹⁾	$	625,000	$	560,734
Mead Johnson Nutrition Co. Sr. Nt. 4.90% due 11/1/2019		300,000		330,954
				891,688
Government Related — 2.1%
Dolphin Energy Ltd. Sr. Sec. Nt. 5.888% due 6/15/2019⁽³⁾		463,125		508,280
Petrobras International Finance Co. 5.875% due 3/1/2018⁽¹⁾		800,000		863,600
Petroleos Mexicanos 5.75% due 3/1/2018		1,000,000		1,107,500
				2,479,380
Health Insurance — 0.1%
UnitedHealth Group, Inc. Sr. Nt. 6.50% due 6/15/2037		125,000		164,071
				164,071
Healthcare — 0.9%
Amsurg Corp. 5.625% due 11/30/2020		500,000		505,000
Bio-Rad Laboratories, Inc. Sr. Nt. 4.875% due 12/15/2020		200,000		212,830
Fresenius Medical Care U.S. Finance, Inc. 6.875% due 7/15/2017		300,000		330,000
				1,047,830
Home Construction — 0.7%
Toll Brothers Finance Corp. 5.875% due 2/15/2022⁽¹⁾		750,000		796,875
				796,875
Independent Energy — 2.9%
Anadarko Petroleum Corp. Sr. Nt. 5.95% due 9/15/2016⁽¹⁾		1,000,000		1,090,809
Chesapeake Energy Corp. 7.25% due 12/15/2018		650,000		741,000
Kodiak Oil & Gas Corp. 5.50% due 2/1/2022		720,000		723,600
Talisman Energy, Inc. Sr. Nt. 5.50% due 5/15/2042		500,000		508,969
Whiting Petroleum Corp. 6.50% due 10/1/2018		400,000		413,500
				3,477,878
Insurance - Life — 1.2%
American International Group, Inc. Sr. Nt. 5.85% due 1/16/2018		250,000		281,231
MetLife, Inc. Jr. Sub. Nt. 6.40% due 12/15/2066		125,000		139,375
Prudential Financial, Inc. Sr. Nt. 7.375% due 6/15/2019		300,000		365,360
Symetra Financial Corp. Sr. Nt. 6.125% due 4/1/2016⁽³⁾		300,000		319,057
Teachers Insurance & Annuity Association of America Sub. Nt. 6.85% due 12/16/2039⁽³⁾		300,000		386,491
				1,491,514

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Insurance: Property - Casualty — 0.9%
Berkshire Hathaway Finance Corp. 5.75% due 1/15/2040	$	225,000	$	272,055
Markel Corp. Sr. Nt. 3.625% due 3/30/2023		500,000		497,007
ZFS Finance U.S.A. Trust II Jr. Sub. Nt. 6.45% due 12/15/2065⁽²⁾⁽³⁾		300,000		321,000
				1,090,062
Media - Entertainment — 0.4%
Time Warner Cos., Inc. 7.57% due 2/1/2024		350,000		446,838
				446,838
Metals And Mining — 2.1%
Allegheny Technologies, Inc. Sr. Nt. 9.375% due 6/1/2019		400,000		488,292
ArcelorMittal Sr. Nt. 4.25% due 8/5/2015		1,000,000		1,016,250
Freeport-McMoRan, Inc. Sr. Nt. 3.55% due 3/1/2022		450,000		439,715
Steel Dynamics, Inc. 5.25% due 4/15/2023		250,000		251,875
Vale Overseas Ltd. 6.25% due 1/23/2017		300,000		330,504
				2,526,636
Midstream — 1.6%
El Paso Pipeline Partners Operating Co. LLC 5.00% due 10/1/2021		400,000		430,365
Energy Transfer Partners LP Sr. Nt. 5.15% due 2/1/2043		275,000		265,674
Enterprise Products Operating LLC Series A 8.375% due 8/1/2066⁽²⁾		400,000		440,000
Williams Partners LP Sr. Nt. 5.25% due 3/15/2020		750,000		832,824
				1,968,863
Oil Field Services — 1.7%
Nabors Industries, Inc. 4.625% due 9/15/2021⁽¹⁾		750,000		806,058
Transocean, Inc. 6.00% due 3/15/2018⁽¹⁾		500,000		539,135
Weatherford International Ltd.
5.125% due 9/15/2020		350,000		381,720
6.50% due 8/1/2036		250,000		288,362
				2,015,275
Packaging — 0.5%
Sealed Air Corp. 8.125% due 9/15/2019⁽³⁾		120,000		129,600
Silgan Holdings, Inc. Sr. Nt. 5.00% due 4/1/2020		500,000		502,500
				632,100

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Paper — 1.3%
Georgia-Pacific LLC 5.40% due 11/1/2020⁽¹⁾⁽³⁾	$	670,000	$	757,091
Rock Tenn Co. 4.90% due 3/1/2022⁽¹⁾		800,000		857,536
				1,614,627
Railroads — 0.2%
CSX Corp. Sr. Nt. 4.75% due 5/30/2042		175,000		183,241
				183,241
Real Estate Investment Trust — 1.7%
DDR Corp. Sr. Nt. 4.75% due 4/15/2018⁽¹⁾		1,000,000		1,078,789
Equity Commonwealth Sr. Nt. 5.875% due 9/15/2020		300,000		323,486
ProLogis LP 6.875% due 3/15/2020		145,000		171,348
Simon Property Group LP Sr. Nt. 4.125% due 12/1/2021⁽¹⁾		400,000		428,989
				2,002,612
Technology — 1.4%
First Data Corp. Sr. Sec. Nt. 7.375% due 6/15/2019⁽¹⁾⁽³⁾		620,000		652,612
Hewlett-Packard Co. Sr. Nt. 3.75% due 12/1/2020⁽¹⁾		1,000,000		1,036,858
				1,689,470
Wireless — 1.3%
America Movil S.A.B. de C.V. 5.00% due 10/16/2019⁽¹⁾		700,000		777,714
Sprint Communications, Inc. Sr. Nt. 6.00% due 12/1/2016⁽¹⁾		648,000		681,615
Vodafone Group PLC Sr. Nt. 6.15% due 2/27/2037⁽¹⁾		100,000		114,808
				1,574,137
Wirelines — 2.4%
AT&T, Inc. Sr. Nt. 6.30% due 1/15/2038		300,000		354,926
Deutsche Telekom International Finance B.V. 8.75% due 6/15/2030		250,000		363,494
Orange S.A. Sr. Nt. 9.00% due 3/1/2031		115,000		169,431
Telecom Italia Capital S.A. 5.25% due 10/1/2015		150,000		154,125
Verizon Communications, Inc.
Sr. Nt.
6.40% due 2/15/2038		350,000		423,979

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
6.55% due 9/15/2043⁽¹⁾	$	1,150,000	$	1,436,801
				2,902,756
Total Corporate Bonds (Cost $50,981,933)				54,018,602

	Principal Amount		Value
Municipal Bonds — 2.4%
Chicago Illinois Metropolitan Wtr. Reclamation Dist. Greater Chicago G.O. Build America Bonds Taxable Direct Payment 5.72% due 12/1/2038		400,000		479,448
Illinois St. Toll Hwy. Auth. Toll Hwy. Rev. Build America Bonds Ser. A 6.184% due 1/1/2034		300,000		377,955
Massachusetts Bay Transn. Auth. Rev. Ser. A 5.25% due 7/1/2034		600,000		685,620
Massachusetts St. Health & Ed. Facs. Auth. Rev. Harvard Univ. Ser. A 5.50% due 11/15/2036		340,000		397,055
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Rev. Build America Bonds Ser. EE 6.011% due 6/15/2042		300,000		383,802
San Diego Cnty. California Wtr. Auth. Fing. Agcy. Wtr. Rev. Build America Bonds Ser. B 6.138% due 5/1/2049		400,000		527,036
Total Municipal Bonds (Cost $2,372,716)				2,850,916

	Principal Amount		Value
Non Agency Mortgage-Backed Securities — 9.0%
Banc of America Alternative Loan Trust 2004-1 2A1 6.00% due 2/25/2034		639,823		675,574
Banc of America Funding Trust 2004-2 1CB1 5.75% due 9/20/2034		850,881		917,709
Countrywide Alternative Loan Trust 2006-19CB A15 6.00% due 8/25/2036		281,312		246,116
Countrywide Home Loans Mortgage Pass-Through Trust
2002-19 1A1
6.25% due 11/25/2032		146,169		151,116
2003-11 A31
5.50% due 5/25/2033		396,999		408,872
2003-J7 2A12
5.00% due 8/25/2033		332,452		344,441
2004-5 2A9
5.25% due 5/25/2034		469,009		496,717
GSR Mortgage Loan Trust 2004-10F 6A1 5.00% due 9/25/2034		49,897		51,654
JPMorgan Mortgage Trust
2004-S2 1A3
4.75% due 11/25/2019		243,950		245,613
2005-A3 11A2
2.713% due 6/25/2035⁽²⁾		773,058		776,939
Master Adjustable Rate Mortgages Trust 2004-13 3A7 2.635% due 11/21/2034⁽²⁾		742,681		757,722
Master Asset Securitization Trust
2003-10 3A7
5.50% due 11/25/2033		191,283		200,139

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
2003-5 2A1
5.00% due 6/25/2018	$	102,550	$	106,123
2003-7 4A33
5.25% due 9/25/2033⁽¹⁾		590,508		619,600
Merrill Lynch Mortgage Investors Trust 2005-A2 A2 2.469% due 2/25/2035⁽²⁾		299,078		301,501
Prime Mortgage Trust
2003-3 A9
5.50% due 1/25/2034		495,716		495,334
2004-2 A3
5.25% due 11/25/2019		69,327		72,190
Residential Asset Mortgage Products Trust 2005-SL1 A4 6.00% due 5/25/2032		73,771		75,530
Residential Funding Mortgage Securities I 2005-S3 A1 4.75% due 3/25/2020		291,358		296,210
Structured Adjustable Rate Mortgage Loan Trust 2004-5 3A1 2.419% due 5/25/2034⁽²⁾		782,495		788,161
Structured Asset Securities Corp.
2004-20 7A1
5.25% due 11/25/2034		689,645		699,174
2004-21XS 2A6A
4.74% due 12/25/2034⁽²⁾		54,824		56,018
Wells Fargo Mortgage Backed Securities Trust
2003-17 1A14
5.25% due 1/25/2034		307,155		326,265
2004-6 A4
5.50% due 6/25/2034		129,529		135,904
2004-Y 3A1
2.604% due 11/25/2034⁽²⁾		362,107		366,736
2005-2 2A1
4.75% due 4/25/2020⁽¹⁾		140,945		145,699
2005-AR12 2A6
2.619% due 6/25/2035⁽¹⁾⁽²⁾		645,723		651,548
2006-1 A3
5.00% due 3/25/2021		202,371		206,863
2007-13 A7
6.00% due 9/25/2037		256,400		254,904
Total Non Agency Mortgage-Backed Securities (Cost $10,703,527)				10,870,372

	Principal Amount		Value
U.S. Government Securities — 8.8%
U.S. Treasury Bonds
3.625% due 2/15/2044		3,200,000		3,458,000
3.75% due 11/15/2043		300,000		331,593
U.S. Treasury Notes
0.875% due 9/15/2016		4,000,000		4,021,720
1.75% due 5/15/2023		2,900,000		2,748,655
Total U.S. Government Securities (Cost $10,525,801)				10,559,968

	Principal Amount		Value
Repurchase Agreements — 4.2%
State Street Bank and Trust Co. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $5,073,000, due 10/1/2014⁽⁴⁾		5,073,000		5,073,000
Total Repurchase Agreements (Cost $5,073,000)				5,073,000

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


Total Investments — 96.1% (Cost $111,286,571)		115,441,393
Other Assets, Net — 3.9%		4,745,228
Total Net Assets — 100.0%	$	120,186,621

(1)	Securities are segregated to cover anticipated or existing derivative positions or other forward settling securities.

(2)	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at September 30, 2014.

(3)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At September 30, 2014, the aggregate market value of these securities amounted to $17,163,326, representing 14.3% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


Security	Coupon			Maturity Date		Value
FNMA		2.26	%		10/17/2022	$	5,177,855

The table below presents futures contracts as of September 30, 2014:


Description	Counterparty		Number of Contracts		Expiration		Face Value (000s)		Unrealized Depreciation
Purchased Futures Contracts
10 YR U.S. Treasury Notes		Goldman Sachs & Co.		77		12/19/2014	$	9,597	$	(67,316	)
5 YR U.S. Treasury Notes		Goldman Sachs & Co.		90		12/31/2014		10,643		(22,348	)
U.S. Long Bond		Goldman Sachs & Co.		7		12/19/2014		965		(16,649	)

Total									$	(106,313	)

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	6,795,176	$	—	$	6,795,176
Asset-Backed Securities		—			1,400,159		—		1,400,159
Senior Secured Loans		—			7,454,126		—		7,454,126
Commercial Mortgage-Backed Securities		—			16,419,074		—		16,419,074
Corporate Bonds		—			54,018,602		—		54,018,602
Municipal Bonds		—			2,850,916		—		2,850,916
Non Agency Mortgage-Backed Securities		—			10,870,372		—		10,870,372
U.S. Government Securities		—			10,559,968		—		10,559,968
Repurchase Agreements		—			5,073,000		—		5,073,000
Other Financial Instruments:
Financial Futures Contracts		(106,313	)		—		—		(106,313	)

Total	$	(106,313	)	$	115,441,393	$	—	$	115,335,080

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities — 0.0%
FHLMC 1534 Z 5.00% due 6/15/2023	$	51,154	$	55,000
20 H 5.50% due 10/25/2023		26,691		29,109
7.00% due 9/1/2038		19,507		22,863
FNMA 2.315% due 8/1/2046⁽¹⁾		25,687		25,853
Total Agency Mortgage-Backed Securities (Cost $124,266)				132,825

	Principal Amount		Value
Asset-Backed Securities — 8.8%
American Express Credit Account Master Trust 2012-2 A 0.68% due 3/15/2018⁽²⁾		14,500,000		14,528,667
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.511% due 4/25/2033⁽¹⁾		59,581		60,811
Avis Budget Rental Car Funding AESOP LLC 2013-1A A 1.92% due 9/20/2019⁽³⁾		10,500,000		10,408,325
2014-1A A 2.46% due 7/20/2020⁽²⁾⁽³⁾		6,000,000		5,997,498
Barclays Dryrock Issuance Trust 2012-2 A 0.64% due 8/15/2018⁽²⁾		6,200,000		6,194,215
BMW Vehicle Lease Trust 2013-1 A4 0.66% due 6/20/2016⁽²⁾		4,500,000		4,505,202
Capital Auto Receivables Asset Trust 2013-1 A3 0.79% due 6/20/2017⁽²⁾		6,300,000		6,309,110
Citibank Credit Card Issuance Trust 2014-A2 A2 1.02% due 2/22/2019⁽²⁾		3,000,000		2,987,271
CNH Equipment Trust 2014-B A4 1.61% due 5/17/2021		4,500,000		4,468,289
Enterprise Fleet Financing LLC 2012-2 A2 0.72% due 4/20/2018⁽³⁾		2,755,229		2,756,659
Ford Credit Auto Lease Trust 2014-B A3 0.89% due 9/15/2017		4,100,000		4,097,753
Honda Auto Receivables Owner Trust 2012-4 A4 0.66% due 12/18/2018		8,200,000		8,204,526
Hyundai Auto Lease Securitization Trust 2014-B A4 1.26% due 9/17/2018⁽²⁾⁽³⁾		3,600,000		3,596,062
Kubota Credit Owner Trust 2014-1A A3 1.16% due 5/15/2018⁽²⁾⁽³⁾		5,400,000		5,383,265
Mercedes-Benz Auto Lease Trust 2013-B A4 0.76% due 7/15/2019⁽²⁾		4,500,000		4,506,093
Residential Asset Mortgage Products Trust 2002-RS4 AI5 6.163% due 8/25/2032⁽¹⁾		25,408		22,850

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Synchrony Credit Card Master Note Trust 2012-6 A 1.36% due 8/17/2020⁽²⁾	$	13,805,000	$	13,672,582
Wheels SPV LLC 2012-1 A2 1.19% due 3/20/2021⁽²⁾⁽³⁾		1,024,818		1,025,713
Total Asset-Backed Securities (Cost $98,876,797)				98,724,891

	Principal Amount		Value
Senior Secured Loans — 9.4%
Building Materials — 0.7%
ABC Supply Co., Inc. Term Loan 3.50% due 4/16/2020⁽¹⁾		4,207,500		4,122,046
Quikrete Holdings, Inc. 1st Lien Term Loan 4.00% due 9/28/2020⁽¹⁾		3,283,881		3,242,832
				7,364,878
Consumer Products — 0.6%
Bombardier Recreational Products, Inc. New Term Loan B 4.00% due 1/30/2019⁽¹⁾		6,794,286		6,652,761
				6,652,761
Food And Beverage — 0.6%
H.J. Heinz Co. Term Loan B1 3.25% due 6/7/2019⁽¹⁾		7,208,750		7,100,619
				7,100,619
Gaming — 1.9%
Bally Technologies, Inc. Term Loan B 4.25% due 11/25/2020⁽¹⁾		3,878,050		3,857,031
Boyd Gaming Corp. Term Loan B 4.00% due 8/14/2020⁽¹⁾		4,866,250		4,787,173
MGM Resorts International Term Loan B 3.50% due 12/20/2019⁽¹⁾		7,010,804		6,879,352
Scientific Games International, Inc. New Term Loan B 4.25% due 10/18/2020⁽¹⁾		5,955,000		5,832,208
				21,355,764
Healthcare — 1.4%
DaVita HealthCare Partners, Inc. Term Loan B 3.50% due 6/24/2021⁽¹⁾		2,992,500		2,954,735
Fresenius Medical Care Holdings, Inc. USD Term Loan A 1.987% due 10/30/2017⁽¹⁾		3,702,225		3,689,896
Fresenius SE & Co. KGaA USD Term Loan B 2.234% due 8/7/2019⁽¹⁾		8,910,000		8,898,863
				15,543,494
Leisure — 1.1%
Kasima LLC New Term Loan B 3.25% due 5/17/2021⁽¹⁾		6,842,647		6,748,561

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
WMG Acquisition Corp. New Term Loan 3.75% due 7/1/2020⁽¹⁾	$	5,197,500	$	5,009,922
				11,758,483
Media - Entertainment — 0.3%
Tribune Co. 2013 Term Loan 4.00% due 12/27/2020⁽¹⁾		3,227,398		3,182,021
				3,182,021
Pharmaceuticals — 1.6%
Amgen, Inc. Term Loan 1.233% due 9/18/2018⁽¹⁾		8,100,000		8,074,728
Quintiles Transnational Corp. Term Loan B3 3.75% due 6/8/2018⁽¹⁾		3,241,878		3,189,197
RPI Finance Trust Term Loan A 2.233% due 8/9/2016⁽¹⁾		2,608,340		2,588,778
Term Loan B2 3.25% due 5/9/2018⁽¹⁾		3,824,001		3,819,221
				17,671,924
Refining — 0.3%
Tesoro Corp. Delayed Draw Term Loan 2.404% due 5/30/2016⁽¹⁾		3,577,500		3,546,197
				3,546,197
Wireless — 0.7%
Crown Castle Operating Co. Term Loan B2 3.00% due 1/31/2021⁽¹⁾		7,586,832		7,482,513
				7,482,513
Wirelines — 0.2%
Windstream Corp. Term Loan B4 3.50% due 1/23/2020⁽¹⁾		2,764,824		2,728,881
				2,728,881
Total Senior Secured Loans (Cost $105,735,743)				104,387,535

	Principal Amount		Value
Commercial Mortgage-Backed Securities — 22.9%
American Tower Trust I 13 1A 1.551% due 3/15/2043⁽²⁾⁽³⁾		7,000,000		6,885,494
Banc of America Commercial Mortgage Trust 2006-1 A4 5.372% due 9/10/2045⁽¹⁾		255,000		265,309
2006-1 AM 5.421% due 9/10/2045⁽¹⁾		7,000,000		7,348,670
2007-3 AM 5.79% due 6/10/2049⁽¹⁾⁽²⁾		4,050,000		4,390,844
2008-1 A4 6.427% due 2/10/2051⁽¹⁾		9,630,000		10,754,591
Banc of America Merrill Lynch Commercial Mortgage, Inc. 2005-4 A5B 4.997% due 7/10/2045⁽¹⁾⁽²⁾		10,000,000		10,284,280
2005-5 A4 5.115% due 10/10/2045⁽¹⁾⁽²⁾		13,781,808		14,114,956

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities Trust 2005-PW10 A4 5.405% due 12/11/2040⁽¹⁾⁽²⁾	$	12,535,454	$	12,972,691
2006-T24 AM 5.568% due 10/12/2041⁽¹⁾⁽²⁾		9,300,000		9,976,966
2007-PW16 AM 5.897% due 6/11/2040⁽¹⁾⁽²⁾		2,800,000		3,069,850
Citigroup Commercial Mortgage Trust 2006-C5 A4 5.431% due 10/15/2049⁽²⁾		4,515,000		4,842,387
2014-388G B 1.204% due 6/15/2033⁽¹⁾⁽³⁾		4,775,000		4,777,306
Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD2 AM 5.527% due 1/15/2046⁽¹⁾		4,020,000		4,223,541
Commercial Mortgage Trust 2005-C6 AJ 5.209% due 6/10/2044⁽¹⁾		2,443,000		2,512,970
Credit Suisse Commercial Mortgage Trust 2006-C3 A3 5.999% due 6/15/2038⁽¹⁾		12,294,340		13,021,304
Crown Castle Towers LLC Sr. Sec. Nt. 3.214% due 8/15/2035⁽³⁾		3,650,000		3,728,001
GS Mortgage Securities Trust 2006-GG8 AM 5.591% due 11/10/2039		1,700,000		1,829,326
Hilton U.S.A. Trust 2013-HLT AFX 2.662% due 11/5/2030⁽³⁾		8,000,000		8,027,712
JPMorgan Chase Commercial Mortgage Securities Trust 2005-LDP1 A4 5.038% due 3/15/2046⁽¹⁾		3,329,619		3,337,600
2005-LDP5 AM 5.446% due 12/15/2044⁽¹⁾		2,420,000		2,536,944
2006-LDP7 AM 6.058% due 4/15/2045⁽¹⁾⁽²⁾		6,400,000		6,868,115
2007-CB18 A4 5.44% due 6/12/2047⁽²⁾		11,815,464		12,727,193
2007-LD12 AM 6.197% due 2/15/2051⁽¹⁾⁽²⁾		4,000,000		4,405,372
LB UBS Commercial Mortgage Trust 2005-C3 AJ 4.843% due 7/15/2040		2,520,000		2,562,774
2006-C6 A4 5.372% due 9/15/2039⁽²⁾		11,250,000		12,026,565
2006-C6 AM 5.413% due 9/15/2039		1,125,000		1,209,980
Merrill Lynch Mortgage Trust 2005-LC1 A4 5.291% due 1/12/2044⁽¹⁾		2,688,548		2,796,789
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A2 1.689% due 12/15/2048		8,500,000		8,340,481
Morgan Stanley Capital I Trust 2006-HQ8 A4 5.596% due 3/12/2044⁽¹⁾		9,064,036		9,414,316
Motel 6 Trust 2012-MTL6 A2 1.948% due 10/5/2025⁽³⁾		11,600,000		11,594,049
NCUA Guaranteed Notes Trust 2010-C1 A2 2.90% due 10/29/2020		4,147,000		4,270,373

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
SBA Tower Trust 2.24% due 4/15/2043⁽³⁾	$	13,000,000	$	12,812,176
2.933% due 12/15/2042⁽³⁾		5,000,000		5,070,400
Wachovia Bank Commercial Mortgage Trust 2004-C11 A5 5.215% due 1/15/2041⁽¹⁾		646,309		646,178
2005-C18 A4 4.935% due 4/15/2042		4,500,000		4,527,486
2005-C18 AJ2 5.022% due 4/15/2042⁽¹⁾		4,000,000		4,074,240
2006-C28 AM 5.603% due 10/15/2048⁽¹⁾⁽²⁾		5,000,000		5,380,090
2006-C29 A4 5.308% due 11/15/2048⁽²⁾		12,060,881		12,872,397
2007-C33 AM 6.14% due 2/15/2051⁽¹⁾⁽²⁾		5,250,000		5,733,525
Total Commercial Mortgage-Backed Securities (Cost $264,178,542)				256,233,241

	Principal Amount		Value
Corporate Bonds — 38.1%
Aerospace & Defense — 0.7%
Bombardier, Inc. Sr. Nt. 4.25% due 1/15/2016⁽³⁾		3,250,000		3,298,750
Textron, Inc. Sr. Nt. 6.20% due 3/15/2015		4,600,000		4,715,929
				8,014,679
Automotive — 1.0%
Ford Motor Credit Co. LLC Sr. Nt. 1.70% due 5/9/2016		2,600,000		2,621,863
2.75% due 5/15/2015		4,000,000		4,052,204
General Motors Financial Co., Inc. 3.25% due 5/15/2018		4,000,000		4,020,000
				10,694,067
Banking — 9.7%
Ally Financial, Inc. 2.75% due 1/30/2017		2,900,000		2,842,000
3.125% due 1/15/2016		2,000,000		2,000,000
Amsouth Bank Sub. Nt. Series AI 5.20% due 4/1/2015		3,000,000		3,061,371
Bank of America Corp. Sr. Nt. 1.70% due 8/25/2017		4,000,000		3,982,716
4.50% due 4/1/2015		6,500,000		6,626,490
Barclays Bank PLC Sub. Nt. 6.05% due 12/4/2017⁽³⁾		4,500,000		5,002,038
Capital One Financial Corp. Sr. Nt. 1.00% due 11/6/2015		3,000,000		3,008,373
Capital One N.A. Sr. Nt. 1.50% due 3/22/2018		4,000,000		3,939,764
Citigroup, Inc. Sr. Nt. 1.25% due 1/15/2016		1,063,000		1,068,486
Credit Agricole S.A. Sr. Nt. 1.625% due 4/15/2016⁽³⁾		4,500,000		4,543,767

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Intesa Sanpaolo S.p.A. 3.125% due 1/15/2016	$	9,000,000	$	9,206,910
Macquarie Bank Ltd. Sr. Nt. 3.45% due 7/27/2015⁽³⁾		4,750,000		4,860,969
Morgan Stanley Sr. Nt. 1.75% due 2/25/2016		4,700,000		4,750,130
3.45% due 11/2/2015		3,750,000		3,856,163
Regions Bank Sub. Nt. 7.50% due 5/15/2018		4,500,000		5,246,446
Royal Bank of Scotland Group PLC Sr. Nt. 1.875% due 3/31/2017		3,750,000		3,751,924
2.55% due 9/18/2015		7,000,000		7,103,803
Standard Chartered PLC Sr. Nt. 3.85% due 4/27/2015⁽³⁾		4,500,000		4,584,645
Sumitomo Mitsui Banking Corp. Sr. Nt. 1.90% due 1/12/2015⁽³⁾		4,500,000		4,514,621
SunTrust Banks, Inc. Sr. Nt. 3.60% due 4/15/2016		4,600,000		4,787,928
The Goldman Sachs Group, Inc. Sr. Nt. 1.60% due 11/23/2015		2,500,000		2,520,240
3.30% due 5/3/2015		6,750,000		6,857,730
The Huntington National Bank Sr. Nt. 1.30% due 11/20/2016		4,000,000		4,003,528
U.S. Bancorp Jr. Sub. Nt. 3.442% due 2/1/2016		5,000,000		5,165,345
Wells Fargo Bank N.A. Sub. Nt. 5.75% due 5/16/2016		800,000		861,994
				108,147,381
Brokerage — 1.7%
E*TRADE Financial Corp. 6.75% due 6/1/2016⁽²⁾		5,000,000		5,262,500
Jefferies Group LLC Sr. Nt. 3.875% due 11/9/2015		6,000,000		6,173,700
Nomura Holdings, Inc. Sr. Nt. 2.00% due 9/13/2016		7,000,000		7,069,125
				18,505,325
Building Materials — 0.5%
Martin Marietta Materials, Inc. Sr. Nt. 6.60% due 4/15/2018		4,500,000		5,118,709
				5,118,709
Cable Satellite — 0.7%
DISH DBS Corp. 6.625% due 10/1/2014		3,500,000		3,500,000
Time Warner Cable, Inc. 5.85% due 5/1/2017		4,000,000		4,433,600
				7,933,600

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Chemicals — 0.6%
Ashland, Inc. Sr. Nt. 3.00% due 3/15/2016	$	2,700,000	$	2,700,000
Yara International A.S.A. Sr. Nt. 5.25% due 12/15/2014⁽³⁾		4,500,000		4,541,769
				7,241,769
Construction Machinery — 0.5%
CNH Industrial Capital LLC 3.25% due 2/1/2017		2,500,000		2,462,500
3.875% due 11/1/2015		2,750,000		2,767,187
				5,229,687
Consumer Cyclical Services — 0.4%
The ADT Corp. Sr. Nt. 2.25% due 7/15/2017		4,500,000		4,387,500
				4,387,500
Diversified Manufacturing — 0.5%
Pentair Finance S.A. 1.35% due 12/1/2015		1,750,000		1,759,998
1.875% due 9/15/2017		3,750,000		3,763,537
				5,523,535
Electric — 1.2%
DPL, Inc. Sr. Nt. 6.50% due 10/15/2016		1,800,000		1,908,000
FirstEnergy Corp. Sr. Nt. Series A 2.75% due 3/15/2018		2,400,000		2,409,557
GenOn Energy, Inc. Sr. Nt. 7.875% due 6/15/2017		2,750,000		2,798,125
The Dayton Power & Light Co. 1.875% due 9/15/2016		5,800,000		5,877,157
				12,992,839
Finance Companies — 1.0%
AerCap Ireland Capital Ltd. 2.75% due 5/15/2017⁽³⁾		4,640,000		4,529,800
Air Lease Corp. Sr. Nt. 2.125% due 1/15/2018		3,500,000		3,473,750
CIT Group, Inc. Sr. Nt. 4.25% due 8/15/2017		3,250,000		3,282,500
				11,286,050
Financial - Other — 0.2%
Icahn Enterprises LP 3.50% due 3/15/2017		2,700,000		2,673,000
				2,673,000
Food And Beverage — 0.5%
Pernod Ricard S.A. Sr. Nt. 2.95% due 1/15/2017⁽³⁾		5,000,000		5,154,435
				5,154,435
Government Related — 1.8%
Abu Dhabi National Energy Co. Sr. Nt. 2.50% due 1/12/2018⁽³⁾		4,500,000		4,539,105

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
CNOOC Nexen Finance ULC 1.625% due 4/30/2017	$	8,500,000	$	8,502,354
Petrobras Global Finance B.V. 2.00% due 5/20/2016		1,000,000		999,950
3.25% due 3/17/2017		4,250,000		4,300,872
Petrobras International Finance Co. 2.875% due 2/6/2015		2,250,000		2,263,883
				20,606,164
Healthcare — 1.3%
Laboratory Corp. of America Holdings Sr. Nt. 2.50% due 11/1/2018		3,500,000		3,516,482
McKesson Corp. Sr. Nt. 0.95% due 12/4/2015		1,750,000		1,752,126
Owens & Minor, Inc. 6.35% due 4/15/2016		4,100,000		4,446,999
Thermo Fisher Scientific, Inc. Sr. Nt. 1.30% due 2/1/2017		4,500,000		4,486,244
				14,201,851
Home Construction — 0.7%
DR Horton, Inc. 3.625% due 2/15/2018		4,500,000		4,455,000
MDC Holdings, Inc. 5.375% due 7/1/2015		3,500,000		3,605,000
				8,060,000
Industrial - Other — 0.4%
URS Corp. 3.85% due 4/1/2017		4,500,000		4,644,500
				4,644,500
Insurance - Life — 0.5%
Lincoln National Corp. Sr. Nt. 4.30% due 6/15/2015		2,965,000		3,040,320
Prudential Financial, Inc. Sr. Nt. 4.75% due 9/17/2015		3,000,000		3,118,578
				6,158,898
Insurance: Property - Casualty — 1.6%
Assurant, Inc. Sr. Nt. 2.50% due 3/15/2018		4,500,000		4,519,188
Axis Capital Holdings Ltd. Sr. Nt. 5.75% due 12/1/2014		4,700,000		4,742,300
Willis Group Holdings PLC 4.125% due 3/15/2016		4,500,000		4,674,028
XLIT Ltd. 2.30% due 12/15/2018		4,000,000		3,996,460
				17,931,976
Media - Entertainment — 1.1%
21st Century Fox America, Inc. 5.30% due 12/15/2014		4,500,000		4,546,485
RR Donnelley & Sons Co. Sr. Nt. 5.50% due 5/15/2015		3,000,000		3,067,500
Time Warner, Inc. 3.15% due 7/15/2015		4,500,000		4,589,235
				12,203,220

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Metals And Mining — 2.0%
ArcelorMittal Sr. Nt. 4.25% due 2/25/2015	$	3,900,000	$	3,914,625
FMG Resources August 2006 Pty. Ltd. 6.00% due 4/1/2017⁽³⁾		4,500,000		4,533,750
Freeport-McMoRan, Inc. Sr. Nt. 1.40% due 2/13/2015		2,700,000		2,707,598
Glencore Finance Canada Ltd. 2.05% due 10/23/2015⁽³⁾		750,000		758,383
2.85% due 11/10/2014⁽³⁾		3,500,000		3,507,770
Plains Exploration & Production Co. 8.625% due 10/15/2019		4,275,000		4,483,838
Steel Dynamics, Inc. 7.625% due 3/15/2020		2,500,000		2,625,000
				22,530,964
Midstream — 1.3%
Buckeye Partners LP Sr. Nt. 2.65% due 11/15/2018		3,400,000		3,395,753
Enterprise Products Operating LLC Series A 8.375% due 8/1/2066⁽¹⁾		1,800,000		1,980,000
Rockies Express Pipeline LLC Sr. Nt. 3.90% due 4/15/2015⁽³⁾		4,700,000		4,688,250
Williams Partners LP Sr. Nt. 3.80% due 2/15/2015		4,500,000		4,549,883
				14,613,886
Oil Field Services — 1.2%
Nabors Industries, Inc. 2.35% due 9/15/2016		3,400,000		3,474,212
Transocean, Inc. 2.50% due 10/15/2017		5,000,000		4,999,425
Weatherford International LLC 6.35% due 6/15/2017		4,000,000		4,485,384
				12,959,021
Pharmaceuticals — 1.4%
AbbVie, Inc. Sr. Nt. 1.20% due 11/6/2015		6,500,000		6,524,460
Mallinckrodt International Finance S.A. 3.50% due 4/15/2018		3,500,000		3,386,250
Mylan, Inc. Sr. Nt. 1.35% due 11/29/2016		2,250,000		2,249,732
Zoetis, Inc. Sr. Nt. 1.15% due 2/1/2016		3,400,000		3,407,368
				15,567,810
Real Estate Investment Trusts — 1.7%
ARC Properties Operating Partnership LP 2.00% due 2/6/2017⁽³⁾		3,500,000		3,498,068
BioMed Realty LP 3.85% due 4/15/2016		1,700,000		1,771,949
Prologis LP 4.50% due 8/15/2017		4,000,000		4,284,536
Realty Income Corp. Sr. Nt. 5.375% due 9/15/2017		4,000,000		4,413,780

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Tanger Properties LP Sr. Nt. 6.15% due 11/15/2015	$	4,500,000	$	4,761,171
				18,729,504
Refining — 0.2%
Phillips 66 1.95% due 3/5/2015		2,700,000		2,717,261
				2,717,261
Retailers — 0.2%
CVS Health Corp. Sr. Nt. 1.20% due 12/5/2016		2,500,000		2,503,588
				2,503,588
Technology — 1.1%
Avnet, Inc. Sr. Nt. 6.00% due 9/1/2015		3,650,000		3,813,626
Hewlett-Packard Co. Sr. Nt. 2.35% due 3/15/2015		5,500,000		5,546,805
NXP B.V. 3.50% due 9/15/2016⁽³⁾		3,400,000		3,408,500
				12,768,931
Transportation Services — 0.6%
Heathrow Funding Ltd. Sr. Sec. Nt. 2.50% due 6/25/2017⁽³⁾		3,846,000		3,894,067
Ryder System, Inc. Sr. Nt. 3.60% due 3/1/2016		2,500,000		2,595,133
				6,489,200
Wireless — 1.3%
America Movil S.A.B. de C.V. 3.625% due 3/30/2015		8,500,000		8,615,940
American Tower Corp. Sr. Nt. 4.50% due 1/15/2018		5,602,000		5,980,241
				14,596,181
Wirelines — 0.5%
Verizon Communications, Inc. Sr. Nt. 2.50% due 9/15/2016		5,800,000		5,952,494
				5,952,494
Total Corporate Bonds (Cost $423,163,752)				426,138,025

	Principal Amount		Value
Municipal Bonds — 0.4%
Illinois St. G.O. 4.511% due 3/1/2015		4,400,000		4,469,652
Total Municipal Bonds (Cost $4,435,299)				4,469,652

	Principal Amount		Value
Non Agency Mortgage-Backed Securities — 13.4%
Banc of America Funding Trust 2004-2 1CB1 5.75% due 9/20/2034		1,553,292		1,675,288

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
2005-D A1 2.631% due 5/25/2035⁽¹⁾	$	3,748,807	$	3,841,695
Banc of America Mortgage Securities Trust 2003-J 2A2 2.847% due 11/25/2033⁽¹⁾		1,555,231		1,560,311
Bear Stearns ALT-A Trust 2003-3 2A 2.859% due 10/25/2033⁽¹⁾		5,210,952		5,273,290
2004-4 A1 0.755% due 6/25/2034⁽¹⁾		3,979,233		3,823,478
2004-7 2A1 2.468% due 8/25/2034⁽¹⁾		2,921,627		2,957,899
Chase Mortgage Finance Trust 2007-A1 2A1 2.468% due 2/25/2037⁽¹⁾		2,222,127		2,230,027
Countrywide Home Loans Mortgage Pass-Through Trust 2003-11 A31 5.50% due 5/25/2033		1,748,701		1,800,998
CS First Boston Mortgage Securities Corp. 2003-11 1A31 5.50% due 6/25/2033		760,581		793,461
2003-23 2A8 4.50% due 10/25/2018		354,024		355,569
2003-8 2A1 5.00% due 4/25/2018		232,643		234,636
2004-5 5A1 5.00% due 8/25/2019		564,787		575,619
2004-AR5 3A1 2.522% due 6/25/2034⁽¹⁾		5,346,189		5,373,006
2004-AR5 6A1 2.47% due 6/25/2034⁽¹⁾		8,686,406		8,732,096
2004-AR7 4A1 2.445% due 11/25/2034⁽¹⁾		5,332,945		5,408,860
First Horizon Asset Securities, Inc. 2004-4 2A3 4.50% due 7/25/2019		291,047		297,031
GSR Mortgage Loan Trust 2004-15F 5A1 5.50% due 1/25/2020		1,158,666		1,189,196
Impac CMB Trust 2004-7 1A1 0.895% due 11/25/2034⁽¹⁾		5,791,979		5,613,621
JPMorgan Mortgage Trust 2004-S1 1A7 5.00% due 9/25/2034		814,866		848,221
2004-S2 1A3 4.75% due 11/25/2019		441,618		444,628
2005-A1 3A1 2.61% due 2/25/2035⁽¹⁾		2,084,230		2,127,234
2005-A1 6T1 2.646% due 2/25/2035⁽¹⁾		730,461		724,460
2006-A2 5A1 2.494% due 11/25/2033⁽¹⁾		2,873,618		2,926,906
Master Adjustable Rate Mortgages Trust 2004-13 2A1 2.643% due 4/21/2034⁽¹⁾		3,093,054		3,124,903
2004-13 3A7 2.635% due 11/21/2034⁽¹⁾		6,238,255		6,364,592
Master Asset Securitization Trust 2003-2 2A10 4.50% due 3/25/2018		558,437		558,611
2003-5 2A1 5.00% due 6/25/2018		237,318		245,585
2003-9 5A2 4.75% due 10/25/2018		3,011,702		3,043,735

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Merrill Lynch Mortgage Investors Trust 2005-A2 A2 2.469% due 2/25/2035⁽¹⁾	$	9,749,736	$	9,828,709
Morgan Stanley Mortgage Loan Trust 2004-1 1A9 4.50% due 11/25/2018		471,623		478,159
2004-7AR 2A1 2.426% due 9/25/2034⁽¹⁾		6,864,334		6,831,405
2005-6AR 1A1 0.435% due 11/25/2035⁽¹⁾		2,699,510		2,662,759
MortgageIT Trust 2004-1 A1 0.935% due 11/25/2034⁽¹⁾		3,633,162		3,541,377
Prime Mortgage Trust 2003-3 A9 5.50% due 1/25/2034		1,033,302		1,032,506
2004-2 A2 4.75% due 11/25/2019		398,772		413,265
2004-2 A3 5.25% due 11/25/2019		243,315		253,361
Residential Asset Mortgage Products Trust 2005-SL1 A4 6.00% due 5/25/2032		12,236		12,528
Residential Asset Securitization Trust 2003-A2 A1 4.25% due 5/25/2033⁽²⁾		1,284,655		1,285,330
Residential Funding Mortgage Securities I Trust 2005-S3 A1 4.75% due 3/25/2020		1,060,792		1,078,454
Structured Adjustable Rate Mortgage Loan Trust 2004-6 4A1 2.39% due 6/25/2034⁽¹⁾		6,587,796		6,671,902
Structured Asset Mortgage Investments II Trust 2004-AR7 A1A 0.853% due 4/19/2035⁽¹⁾		2,154,834		2,084,164
Structured Asset Securities Corp. 2003-29 2A1 5.25% due 9/25/2023		1,512,538		1,534,368
2004-21XS 2A6A 4.74% due 12/25/2034⁽¹⁾		284,309		290,501
2004-3 3A1 5.50% due 3/25/2019		770,264		789,030
Thornburg Mortgage Securities Trust 2003-4 A1 0.795% due 9/25/2043⁽¹⁾		5,701,322		5,505,339
2004-4 3A 2.001% due 12/25/2044⁽¹⁾		7,111,886		7,117,391
Wells Fargo Mortgage Backed Securities Trust 2003-J 2A1 2.505% due 10/25/2033⁽¹⁾		591,704		601,460
2003-N 2A1 2.491% due 12/25/2033⁽¹⁾		1,211,377		1,205,583
2004-M A7 2.615% due 8/25/2034⁽¹⁾		4,534,740		4,627,529
2004-O A1 2.615% due 8/25/2034⁽¹⁾		2,201,884		2,204,471
2004-Z 2A2 2.615% due 12/25/2034⁽¹⁾		2,340,635		2,382,411
2005-2 2A1 4.75% due 4/25/2020		207,271		214,263
2005-AR10 2A6 2.614% due 6/25/2035⁽¹⁾		5,259,317		5,313,588
2005-AR12 2A5 2.619% due 6/25/2035⁽¹⁾		4,306,412		4,355,372

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
2005-AR12 2A6 2.619% due 6/25/2035⁽¹⁾	$	4,798,753	$	4,842,043
Total Non Agency Mortgage-Backed Securities (Cost $148,415,314)				149,302,224

	Principal Amount		Value
U.S. Agencies — 0.1%
FHLMC 2.00% due 8/25/2016		400,000		410,607
Total U.S. Agencies (Cost $406,161)				410,607

	Principal Amount		Value
U.S. Government Securities — 5.3%
U.S. Treasury Notes 0.875% due 7/15/2017		8,200,000		8,171,808
1.00% due 9/15/2017		31,600,000		31,550,641
1.375% due 12/31/2018		8,000,000		7,918,128
1.625% due 3/31/2019		12,000,000		11,966,256
Total U.S. Government Securities (Cost $59,644,587)				59,606,833

	Principal Amount		Value
Repurchase Agreements — 0.1%
State Street Bank and Trust Co. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $1,401,000, due 10/1/2014⁽⁴⁾		1,401,000		1,401,000
Total Repurchase Agreements (Cost $1,401,000)				1,401,000
Total Investments — 98.5% (Cost $1,106,381,461)				1,100,806,833
Other Assets, Net — 1.5%				16,779,917
Total Net Assets — 100.0%			$	1,117,586,750

(1)	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at September 30, 2014.

(2)	Securities are segregated to cover anticipated or existing derivative positions or other forward settling securities.

(3)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At September 30, 2014, the aggregate market value of these securities amounted to $151,921,347, representing 13.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


Security	Coupon			Maturity Date		Value
FNMA		2.26	%		10/17/2022	$	1,432,684

The table below presents futures contracts as of September 30, 2014:

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Depreciation

Purchased Futures Contracts

2 YR U.S. Tresaury Note

Goldman Sachs & Co.

409

12/31/2014

89,507

(1,440

)

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	132,825	$	—	$	132,825
Asset-Backed Securities		—			98,724,891		—		98,724,891
Senior Secured Loans		—			104,387,535		—		104,387,535
Commercial Mortgage-Backed Securities		—			256,233,241		—		256,233,241
Corporate Bonds		—			426,138,025		—		426,138,025
Municipal Bonds		—			4,469,652		—		4,469,652
Non Agency Mortgage-Backed Securities		—			149,302,224		—		149,302,224
U.S. Agencies		—			410,607		—		410,607
U.S. Government Securities		—			59,606,833		—		59,606,833
Repurchase Agreements		—			1,401,000		—		1,401,000
Other Financial Instruments:
Financial Futures Contracts		(1,440	)		—		—		(1,440	)

Total	$	(1,440	)	$	1,100,806,833	$	—	$	1,100,805,393

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Senior Secured Loans — 32.2%
Cable Satellite — 1.1%
Grande Communications Holdings Term Loan B 4.50% due 5/22/2020⁽¹⁾	$	1,193,963	$	1,186,500
				1,186,500
Chemicals — 1.2%
Arysta LifeScience SPC LLC 2nd Lien Term Loan 8.25% due 11/30/2020⁽¹⁾		1,350,000		1,355,630
				1,355,630
Electric — 1.3%
Viva Alamo LLC Term Loan B 4.75% due 2/20/2021⁽¹⁾		1,492,500		1,473,844
				1,473,844
Food And Beverage — 1.4%
B.C. Unlimited Liability Co. 2014 Term Loan B 4.50% due 9/24/2021⁽¹⁾		1,500,000		1,488,330
				1,488,330
Healthcare — 3.9%
CareCore National LLC Term Loan B 5.50% due 3/5/2021⁽¹⁾		1,492,500		1,481,306
Connolly Corp. 2nd Lien Term Loan 8.00% due 5/14/2022⁽¹⁾		1,500,000		1,492,500
Phillips-Medisize Corp. 2nd Lien Term Loan 8.25% due 6/16/2022⁽¹⁾		1,350,000		1,333,125
				4,306,931
Independent Energy — 2.6%
Chief Exploration & Development LLC 2nd Lien Term Loan 7.50% due 5/12/2021⁽¹⁾		1,500,000		1,496,250
Fieldwood Energy LLC 2nd Lien Term Loan 8.375% due 9/30/2020⁽¹⁾		1,350,000		1,351,688
				2,847,938
Industrial - Other — 0.9%
Road Infrastructure Investment LLC New 2nd Lien Term Loan 7.75% due 9/21/2021⁽¹⁾		1,000,000		962,500
				962,500
Insurance: Property - Casualty — 2.6%
Asurion LLC New 2nd Lien Term Loan 8.50% due 3/3/2021⁽¹⁾		1,350,000		1,362,231
USI, Inc. Term Loan B 4.25% due 12/27/2019⁽¹⁾		1,492,462		1,464,479
				2,826,710

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Leisure — 1.0%
WMG Acquisition Corp. New Term Loan 3.75% due 7/1/2020⁽¹⁾	$	1,193,970	$	1,150,879
				1,150,879
Media - Entertainment — 3.3%
Deluxe Entertainment Services Group, Inc. Term Loan 2014 6.50% due 2/28/2020⁽¹⁾		987,500		913,438
Media General, Inc. Delayed Draw Term Loan B 4.25% due 7/31/2020⁽¹⁾		1,416,484		1,400,548
William Morris Endeavor Entertainment LLC 2nd Lien Term Loan 8.25% due 5/1/2022⁽¹⁾		1,350,000		1,313,995
				3,627,981
Oil Field Services — 5.5%
Caelus Energy Alaska O3 LLC 2nd Lien Term Loan 8.75% due 4/2/2021⁽¹⁾		1,000,000		985,000
Drillships Financing Holding, Inc. Term Loan B1 6.00% due 3/31/2021⁽¹⁾		1,396,473		1,337,124
Floatel International Ltd. USD Term Loan B 6.00% due 6/27/2020⁽¹⁾		1,492,500		1,462,650
Stallion Oilfield Services Ltd. Term Loan B 8.00% due 6/19/2018⁽¹⁾		723,440		729,770
UTEX Industries, Inc. 2nd Lien Term Loan 2014 8.25% due 5/22/2022⁽¹⁾		1,500,000		1,503,750
				6,018,294
Retailers — 1.3%
The Neiman Marcus Group, Inc. 2020 Term Loan 4.25% due 10/25/2020⁽¹⁾		1,500,000		1,472,295
				1,472,295
Technology — 6.1%
Applied Systems, Inc. New 2nd Lien Term Loan 7.50% due 1/23/2022⁽¹⁾		500,000		497,875
Avaya, Inc. Term Loan B6 6.50% due 3/30/2018⁽¹⁾		994,147		984,832
Interactive Data Corp. 2014 Term Loan 4.75% due 5/2/2021⁽¹⁾		1,346,625		1,338,626
ION Trading Technologies S.a.r.l. New 2nd Lien Term Loan 7.25% due 5/15/2022⁽¹⁾		1,350,000		1,342,129
Regit Eins GmbH USD 2nd Lien Term Loan 9.50% due 6/30/2022⁽¹⁾		1,350,000		1,311,187
Renaissance Learning, Inc. New 2nd Lien Term Loan 8.00% due 4/11/2022⁽¹⁾		1,250,000		1,220,313
				6,694,962
Total Senior Secured Loans (Cost $35,868,199)				35,412,794

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Corporate Bonds — 62.9%
Automotive — 0.7%
American Axle & Manufacturing, Inc. 7.75% due 11/15/2019⁽²⁾	$	730,000	$	817,600
				817,600
Cable Satellite — 2.4%
Cablevision Systems Corp. Sr. Nt. 5.875% due 9/15/2022		1,500,000		1,451,250
Cequel Communications Holdings I LLC Sr. Nt. 6.375% due 9/15/2020⁽³⁾		1,200,000		1,234,500
				2,685,750
Chemicals — 2.1%
Hexion U.S. Finance Corp. Sr. Sec. Nt. 8.875% due 2/1/2018		1,550,000		1,579,062
WR Grace & Co-Conn 5.125% due 10/1/2021⁽³⁾		750,000		762,188
				2,341,250
Consumer Cyclical Services — 1.4%
Monitronics International, Inc. 9.125% due 4/1/2020⁽²⁾		1,500,000		1,545,000
				1,545,000
Consumer Products — 0.6%
PC Nextco Holdings LLC Sr. Nt. 8.75% due 8/15/2019		670,000		673,350
				673,350
Electric — 2.6%
Calpine Corp. Sr. Sec. Nt. 5.875% due 1/15/2024⁽³⁾		1,200,000		1,242,000
DPL, Inc. Sr. Nt. 7.25% due 10/15/2021		1,550,000		1,600,375
				2,842,375
Gaming — 3.6%
Boyd Gaming Corp. 9.00% due 7/1/2020		1,400,000		1,470,000
Golden Nugget Escrow, Inc. Sr. Nt. 8.50% due 12/1/2021⁽²⁾⁽³⁾		1,500,000		1,515,000
Scientific Games International, Inc. 6.625% due 5/15/2021⁽³⁾		1,200,000		1,002,000
				3,987,000
Healthcare — 3.8%
Amsurg Corp. 5.625% due 11/30/2020⁽²⁾		1,300,000		1,313,000
ConvaTec Finance International S.A. Sr. Nt. 8.25% due 1/15/2019⁽³⁾⁽⁴⁾		1,200,000		1,221,000

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Tenet Healthcare Corp. Sr. Nt. 8.125% due 4/1/2022	$	1,450,000	$	1,591,375
				4,125,375
Healthcare - REITs — 0.8%
Sabra Health Care LP 5.50% due 2/1/2021		850,000		862,750
				862,750
Home Construction — 3.7%
WCI Communities, Inc.
6.875% due 8/15/2021⁽³⁾		670,000		673,350
WCI Communities, Inc. 6.875% due 8/15/2021		1,000,000		1,005,000
Weekley Homes LLC Sr. Nt. 6.00% due 2/1/2023		1,200,000		1,161,000
Woodside Homes Co. LLC 6.75% due 12/15/2021⁽²⁾⁽³⁾		1,200,000		1,188,000
				4,027,350
Independent Energy — 13.9%
Alta Mesa Holdings LP 9.625% due 10/15/2018		1,120,000		1,159,200
BreitBurn Energy Partners LP 7.875% due 4/15/2022		560,000		567,000
California Resources Corp.
5.00% due 1/15/2020⁽³⁾		750,000		761,250
5.50% due 9/15/2021⁽³⁾		750,000		761,250
Energy XXI Gulf Coast, Inc. 6.875% due 3/15/2024⁽³⁾		1,600,000		1,504,000
EV Energy Partners LP 8.00% due 4/15/2019		680,000		703,800
Gulfport Energy Corp. 7.75% due 11/1/2020⁽³⁾		1,000,000		1,042,500
Halcon Resources Corp. 9.75% due 7/15/2020		1,310,000		1,332,925
Jupiter Resources, Inc. Sr. Nt. 8.50% due 10/1/2022⁽³⁾		1,500,000		1,331,250
Linn Energy LLC 6.25% due 11/1/2019		600,000		585,750
Memorial Production Partners LP 7.625% due 5/1/2021		800,000		796,000
Midstates Petroleum Co., Inc. 9.25% due 6/1/2021		1,365,000		1,344,525
Northern Blizzard Resources, Inc. 7.25% due 2/1/2022⁽³⁾		390,000		401,700
Rex Energy Corp. 6.25% due 8/1/2022⁽³⁾		170,000		164,050
Samson Investment Co. 9.75% due 2/15/2020		1,470,000		1,334,025
Sanchez Energy Corp. 6.125% due 1/15/2023⁽³⁾		1,500,000		1,485,450
				15,274,675
Industrial - Other — 0.7%
Safway Group Holding LLC Sec. Nt. 7.00% due 5/15/2018⁽³⁾		800,000		814,000
				814,000

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Insurance: Property - Casualty — 0.9%
Hub Holdings LLC Sr. Nt. 8.125% due 7/15/2019⁽³⁾⁽⁴⁾	$	1,000,000	$	977,500
				977,500
Media - Entertainment — 4.1%
AMC Networks, Inc. 4.75% due 12/15/2022		1,200,000		1,185,000
Getty Images, Inc. Sr. Nt. 7.00% due 10/15/2020⁽³⁾		1,200,000		885,000
Netflix, Inc. Sr. Nt. 5.75% due 3/1/2024⁽²⁾⁽³⁾		1,100,000		1,133,000
Univision Communications, Inc. Sr. Sec. Nt. 6.75% due 9/15/2022⁽³⁾		1,214,000		1,298,980
				4,501,980
Metals And Mining — 2.0%
FMG Resources August 2006 Pty. Ltd. 6.875% due 4/1/2022⁽³⁾		1,500,000		1,526,250
TMS International Corp. 7.625% due 10/15/2021⁽³⁾		600,000		627,000
				2,153,250
Midstream — 1.8%
Regency Energy Partners LP 5.00% due 10/1/2022		670,000		659,950
Targa Resources Partners LP 6.875% due 2/1/2021		500,000		533,750
Tesoro Logistics LP 5.875% due 10/1/2020		726,000		751,410
				1,945,110
Oil Field Services — 1.3%
Exterran Partners LP 6.00% due 4/1/2021		1,050,000		1,021,125
Offshore Group Investment Ltd. Sr. Sec. Nt. 7.125% due 4/1/2023		500,000		440,625
				1,461,750
Paper — 1.1%
Millar Western Forest Products Ltd. Sr. Nt. 8.50% due 4/1/2021		1,200,000		1,260,000
				1,260,000
Pharmaceuticals — 1.4%
JLL/Delta Dutch Newco B.V. Sr. Nt. 7.50% due 2/1/2022⁽³⁾		1,500,000		1,514,812
				1,514,812
Refining — 2.1%
Calumet Specialty Products Partners LP 7.625% due 1/15/2022⁽²⁾		1,550,000		1,573,250
Northern Tier Energy LLC Sr. Sec. Nt. 7.125% due 11/15/2020		670,000		706,850
				2,280,100

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Retailers — 1.1%
The Pantry, Inc. 8.375% due 8/1/2020	$	1,200,000	$	1,254,000
				1,254,000
Technology — 4.2%
Advanced Micro Devices, Inc. Sr. Nt. 7.00% due 7/1/2024		1,870,000		1,785,850
Avaya, Inc. Sec. Nt. 10.50% due 3/1/2021⁽³⁾		830,000		726,250
First Data Corp. 12.625% due 1/15/2021⁽²⁾		1,750,000		2,095,625
				4,607,725
Transportation Services — 0.7%
XPO Logistics, Inc. Sr. Nt. 7.875% due 9/1/2019⁽³⁾		700,000		722,750
				722,750
Wireless — 2.4%
SBA Communications Corp. Sr. Nt. 4.875% due 7/15/2022⁽³⁾		1,370,000		1,315,200
Wind Acquisition Finance S.A. Sr. Sec. Nt. 4.75% due 7/15/2020⁽³⁾		1,330,000		1,276,800
				2,592,000
Wirelines — 3.5%
EarthLink Holdings Corp. Sr. Sec. Nt. 7.375% due 6/1/2020		1,200,000		1,230,600
Frontier Communications Corp. Sr. Nt. 6.25% due 9/15/2021		1,120,000		1,108,800
6.875% due 1/15/2025		1,500,000		1,481,250
				3,820,650
Total Corporate Bonds (Cost $70,643,428)				69,088,102

	Principal Amount		Value
Repurchase Agreements — 4.6%
State Street Bank and Trust Co. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $5,019,000, due 10/1/2014⁽⁵⁾		5,019,000		5,019,000
Total Repurchase Agreements (Cost $5,019,000)				5,019,000
Total Investments — 99.7% (Cost $111,530,627)				109,519,896
Other Assets, Net — 0.3%				280,955
Total Net Assets — 100.0%			$	109,800,851

(1)	Variable rate security. The rate shown is the rate in effect at September 30, 2014.

(2)	Securities are segregated to cover anticipated or existing derivative positions or other forward settling securities.

(3)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At September 30, 2014, the aggregate market value of these securities amounted to $29,107,030, representing 26.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(4)	Payment-in-kind security for which interest payments may be made in additional principal ranging from 0% to 100% of the full stated interest rate. As of September 30, 2014, interest payments had been made in cash.

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

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


Security	Coupon			Maturity Date		Value
FNMA		2.26	%		10/17/2022	$	5,120,163

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH YIELD FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	35,412,794	$	—	$	35,412,794
Corporate Bonds		—		69,088,102		—		69,088,102
Repurchase Agreements		—		5,019,000		—		5,019,000

Total	$	—	$	109,519,896	$	—	$	109,519,896

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Municipal Bonds — 97.6%
Arizona — 0.7%
Chandler AZ G.O. 5.00% due 7/1/2021	$	1,500,000	$	1,709,850
				1,709,850
California — 8.1%
California St. Pub. Wrks. Brd. Lease Rev. Dept. Dev. Svcs. Porterville Ser. C 6.50% due 4/1/2029		1,500,000		1,791,615
Dept. Gen. Svcs. Bldgs. 8 & 9 Ser. A 6.125% due 4/1/2028		1,000,000		1,183,080
Trustees Calif. St. Univ. Ser. D 6.125% due 4/1/2028		1,245,000		1,484,189
Var. Cap. Projs. Sub. Ser. I-1 6.125% due 11/1/2029		1,875,000		2,246,644
California St. Var. Purp. G.O. 6.00% due 3/1/2033 - 11/1/2035		5,000,000		6,061,800
6.50% due 4/1/2033		2,000,000		2,454,560
San Diego Cnty. CA Regl. Arpt. Auth. Rev. AMT-Senior-Ser. B 5.00% due 7/1/2038		1,200,000		1,307,148
San Francisco City & Cnty. Arpt. Commn. Intl. Rev. Ref-AMT-Second-Ser. C 5.00% due 5/1/2025		1,500,000		1,711,470
Univ. of California Revs. Ser. O 5.75% due 5/15/2029		1,000,000		1,189,360
				19,429,866
Colorado — 1.3%
Colorado Hsg. & Fin. Auth. Rev. Single Family Mtg. Ser. A FHA Insured 5.50% due 11/1/2029		885,000		922,958
Colorado St. Health Facs. Auth. Rev. Catholic Health-Ser. A 5.25% due 2/1/2031		2,000,000		2,253,840
				3,176,798
Connecticut — 2.1%
Connecticut St. G.O. Ser. D 5.00% due 11/1/2030		2,000,000		2,293,120
Ser. E 5.00% due 9/15/2032		1,000,000		1,142,790
Connecticut St. Spl. Tax Oblig. Rev. Transn. Infrastructure Ser. A 5.00% due 11/1/2027		1,500,000		1,677,225
				5,113,135
Delaware — 0.6%
Wilmington Delaware G.O. Ser. A 5.00% due 12/1/2018⁽¹⁾		1,195,000		1,390,395
				1,390,395
District Of Columbia — 0.7%
Metropolitan Washington DC Arpt. Auth. Sys. Rev. AMT-Ser.C 5.00% due 10/1/2028		1,500,000		1,673,985
				1,673,985
Florida — 2.9%
Brevard Cnty. FLA Health Facs. Auth. Health Care Facs. Rev. Health First Inc. Proj. 7.00% due 4/1/2039		1,500,000		1,716,585

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Florida St. G.O. Dept. Trans. Right of Way 5.375% due 7/1/2027	$	1,500,000	$	1,693,545
Miami-Dade Cnty. FLA Aviation Rev. Ser. A 6.00% due 10/1/2027		1,500,000		1,787,775
Palm Beach Cnty. FLA Wtr. & Swr. Rev. FPL Reclaimed Wtr. Proj. 5.25% due 10/1/2033		1,500,000		1,720,620
				6,918,525
Georgia — 4.1%
Atlanta GA Arpt. Rev. Ref-Gen-Ser. C 5.25% due 1/1/2030		1,000,000		1,159,290
Atlanta GA Wtr. & Wastewtr. Rev. Ser. A 6.00% due 11/1/2027 - 11/1/2029		3,000,000		3,603,960
Gwinnett Cnty. GA Sch. Dist. G.O. 5.00% due 2/1/2018⁽¹⁾		1,760,000		2,005,362
5.00% due 2/1/2032 - 2/1/2036		2,740,000		3,047,340
				9,815,952
Illinois — 5.0%
Cook Cnty. IL G.O. Ref-Ser. C 5.00% due 11/15/2019		1,000,000		1,144,670
Illinois St. G.O. 5.00% due 3/1/2017 - 1/1/2019		4,350,000		4,802,623
5.50% due 7/1/2027		2,000,000		2,228,780
Illinois St. Toll Hwy. Auth. Toll Hwy. Rev. Ref. Ser. A-1 5.25% due 1/1/2030		2,000,000		2,248,800
Ser. B 5.50% due 1/1/2033		1,500,000		1,669,590
				12,094,463
Indiana — 0.9%
Indiana Fin. Auth. Health Sys. Rev. Sisters of St. Francis Health 5.00% due 11/1/2025		2,000,000		2,215,860
				2,215,860
Kansas — 1.4%
Kansas St. Dept. Transn. Hwy. Rev. Ser. B-2 5.00% due 9/1/2022		1,500,000		1,727,070
Kansas St. Dev. Fin. Auth. Hosp. Rev. Adventist Health 5.50% due 11/15/2029		1,500,000		1,716,375
				3,443,445
Louisiana — 1.9%
Louisiana Loc. Govt. Environmental Facs. & Cmnty. Dev. Auth. Rev. Jefferson Parish Ser. A 5.25% due 4/1/2022		1,525,000		1,671,629
Louisiana St. G.O. Ser. A 5.00% due 9/1/2025		1,500,000		1,756,065
Louisiana St. Pub. Facs. Auth. Rev. Ochsner Clinic Foundation Proj. Ser. A 5.375% due 5/15/2043		1,200,000		1,258,812
				4,686,506

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Maine — 0.7%
Maine St. Tpk. Auth. Rev. 6.00% due 7/1/2034	$	1,500,000	$	1,763,550
				1,763,550
Maryland — 3.3%
Anne Arundel Cnty. MD G.O. Cons. Gen. Impt. 5.00% due 4/1/2028		1,500,000		1,761,810
Baltimore Cnty. MD G.O. Met. Dist. 71st Issue 5.00% due 2/1/2022		1,500,000		1,702,215
Maryland St. Dept. Transn. Cons. Transn. Rev. 5.25% due 12/15/2017		1,500,000		1,715,070
Prince Georges Cnty. MD G.O. Cons. Pub. Impt. Ser. A 5.00% due 9/15/2029		2,285,000		2,680,762
				7,859,857
Massachusetts — 5.2%
Massachusetts Bay Transn. Auth. Rev. Ser. A 5.25% due 7/1/2034		1,500,000		1,714,050
Massachusetts St. College Bldg. Auth. Rev. Ser. B 5.00% due 5/1/2030		1,500,000		1,715,070
Massachusetts St. Dept. Transn. Met Hwy. Sys. Rev. Ser. B 5.00% due 1/1/2027		2,000,000		2,193,700
Massachusetts St. Health & Ed. Facs. Auth. Rev. Harvard Univ. Ser. A 5.50% due 11/15/2036		1,500,000		1,751,715
Ser. O, M.I.T. 6.00% due 7/1/2018⁽¹⁾		1,500,000		1,785,915
Massachusetts St. Wtr. Res. Auth. Rev. Ref-Gen-Ser. B 5.00% due 8/1/2031		2,000,000		2,301,120
Univ. of Massachusetts Bldg. Auth. Proj. Rev. Senior-Ser. 1 5.00% due 11/1/2039		1,000,000		1,148,410
				12,609,980
Michigan — 3.0%
Michigan Mun. Bd. Auth. Dept. of Treasury Rev. St. Clean Wtr. Revolving Fd. 5.00% due 10/1/2019		2,000,000		2,254,400
Michigan St. Hsg. Dev. Auth. Rental Hsg. Rev. Ser. B 5.00% due 10/1/2018		1,820,000		1,956,773
Wayne Cnty. MI Arpt. Auth. Rev. Arpt. Rev. Ref-Ser. B 5.00% due 12/1/2020		2,595,000		3,003,349
				7,214,522
Minnesota — 1.7%
Minnesota St. G.O. 5.00% due 8/1/2017⁽¹⁾		30,000		33,650
5.00% due 8/1/2022		1,470,000		1,639,197
Ref-St. Var. Purp. Ser. D 5.00% due 8/1/2024		2,000,000		2,341,660
				4,014,507
Missouri — 2.8%
Metropolitan St. Louis MO Swr. Dist. Wastewtr. Sys. Rev. Ser. A 5.75% due 5/1/2038		1,500,000		1,659,375

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Missouri St. Environmental Impt. & Energy Res. Auth. Wtr. Poll. Rev. St. Revolving Fds. Pgs. Ser. A 5.75% due 1/1/2029	$	1,500,000	$	1,711,335
Missouri St. Hwys & Trans Commn. St. Rd. Rev. (1st Lein) 5.00% due 5/1/2016⁽¹⁾		1,500,000		1,609,890
(2nd Lein) 5.25% due 5/1/2017⁽¹⁾		1,500,000		1,682,670
				6,663,270
Nevada — 0.9%
Clark Cnty. NV Wtr. Reclamation Dist. G.O. Ser. A 5.25% due 7/1/2038		2,000,000		2,292,760
				2,292,760
New Jersey — 7.9%
Essex Cnty. NJ Impt. Auth. Proj. Rev. AMBAC Insured 5.00% due 12/15/2023		2,000,000		2,266,200
Middlesex Cnty. NJ Impt. Auth. Lease Rev. Regl. Ed. Svc. Commn. 5.25% due 12/15/2033		1,500,000		1,676,775
New Jersey Environmental Infrastructure Tr. Rev. AMT-Ser. B 5.00% due 9/1/2028		1,355,000		1,523,887
New Jersey Garden St. Preservation Tr. Rev. Ser. A FSA Insured 5.50% due 11/1/2015		1,500,000		1,584,540
New Jersey St. Economic Dev. Auth. Rev. Sch. Facs. Constr. Ser. O 5.25% due 3/1/2015⁽¹⁾		1,500,000		1,531,305
New Jersey St. G.O. Var. Purp. 5.00% due 6/1/2021		2,000,000		2,295,480
New Jersey St. Transn. Tr. Fd. Auth. Transn. Ser. B 5.00% due 6/15/2042		2,000,000		2,108,000
New Jersey St. Transn. Tr. Fd. Auth. Rev. Transn. Sys. Ser. C FSA Insured 5.50% due 12/15/2016		1,500,000		1,655,850
Transn. Sys. Ser. D 5.00% due 6/15/2015⁽¹⁾		2,000,000		2,068,120
New Jersey St. Turnpike Auth. Rev. Ser. B 5.00% due 1/1/2021		2,000,000		2,356,940
				19,067,097
New York — 9.0%
New York NY G.O. Ref-Ser. F 5.00% due 8/1/2027		1,000,000		1,157,710
Subser. A-1 5.25% due 8/1/2025		1,610,000		1,964,425
Subser. J-4 0.59% due 8/1/2025⁽²⁾		2,000,000		2,000,880
New York St. Dorm. Auth. Lease Rev. Mental Health Svcs. Facs. Ser. A 5.00% due 8/15/2021		2,000,000		2,332,940
New York St. Environmental Facs. Corp. St. Clean Wtr. & Drinking Rev. Revolving Fds. NYC Muni. Wtr. Fin. Auth. Projs-2nd Res-Ser. D 5.00% due 6/15/2027		2,000,000		2,354,300
New York St. Liberty Dev. Corp. Liberty Rev. Ref-7 World Trade Ctr. Class 1 5.00% due 9/15/2029 - 9/15/2031		3,425,000		3,973,881

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
New York St.Thruway Auth. Second Gen. Hwy. & Bridge Tr. Fd. Rev. Ser. A-1 5.00% due 4/1/2028	$	1,500,000	$	1,729,335
Port Authority of NY & NJ Rev. AMT-Ser. 178 5.00% due 12/1/2032		1,000,000		1,128,360
Consol-Ser. 172 5.00% due 10/1/2030		2,000,000		2,246,700
Triborough NY Bridge. & Tunl. Auth. Revs. Ref-Gen-Ser. B 5.00% due 11/15/2029		1,000,000		1,169,790
Utility Debt Securitization Auth. NY Rev. Restructuring-Ser. TE 5.00% due 12/15/2041		1,500,000		1,718,790
				21,777,111
North Carolina — 3.7%
Charlotte NC G.O. Ref-Ser. A 5.00% due 7/1/2022		1,000,000		1,218,220
Charlotte NC Wtr. & Swr. Sys. Rev. Ser. B 5.00% due 7/1/2033		1,750,000		1,998,798
University NC Univ. Revs. 5.00% due 12/1/2027		1,500,000		1,687,215
Wake Cnty. NC G.O. 5.00% due 3/1/2017⁽¹⁾		1,500,000		1,663,860
Pub. Impt. Ser. A 5.00% due 4/1/2018		2,000,000		2,289,640
				8,857,733
Ohio — 0.7%
Ohio St. Hosp. Fac. Rev. Cleveland Clinic Health Ser. B 5.50% due 1/1/2034		1,500,000		1,690,395
				1,690,395
Oklahoma — 0.8%
Oklahoma St. Wtr. Res. Brd. Revolving Fd. Rev. Master Tr. 5.00% due 4/1/2029		1,635,000		1,866,745
				1,866,745
Oregon — 2.4%
Deschutes & Jefferson Cnty. OR Sch. Dist. G.O. 6.125% due 6/15/2018⁽¹⁾		1,500,000		1,786,365
Oregon St. Dept. Administrative Svcs. Lottery Rev. Ser. A 5.25% due 4/1/2030		1,480,000		1,744,920
Oregon St. Dept. Transn. Hwy. User Tax Rev. Ser. A 5.00% due 11/15/2038		1,000,000		1,149,850
Oregon St. G.O. St. Brd. Ed. Ser. D 5.00% due 8/1/2025		1,000,000		1,157,670
				5,838,805
Pennsylvania — 2.8%
Franklin Cnty. PA Ind. Dev. Auth. Rev. Chambersburg Hosp. Proj. 5.30% due 7/1/2030		1,000,000		1,083,670
Pennsylvania St. Higher Edl. Facs. Auth. Rev. Univ. Pittsburgh Med. Ctr. Ser. E 5.00% due 5/15/2031		1,000,000		1,096,680
Pennsylvania St. Tpk. Commn. Tpk. Rev. Ser. A 5.00% due 12/1/2044		2,000,000		2,223,820

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Sub-Spl-Motor License Fd. Enhanced Ser. A 6.00% due 12/1/2036	$	1,000,000	$	1,165,730
St. Mary Hosp. Auth. PA Health Sys. Rev. Catholic Health East Ser. A 5.00% due 11/15/2018		1,000,000		1,152,610
				6,722,510
Rhode Island — 1.2%
Rhode Island St. & Providence Plantations G.O. Cons. Cap. Dev. Lien-Ser. A 5.50% due 8/1/2031		1,500,000		1,765,335
Tobacco Settlement Fing. Corp. RI Asset Bkd. Ser. A 6.125% due 6/1/2032		1,015,000		1,020,816
				2,786,151
South Carolina — 1.7%
Charleston Cnty. SC G.O. Cap. Impt. Transn. Sales Tax 5.00% due 11/1/2022		2,000,000		2,410,220
South Carolina St. Pub. Svc. Auth. Rev. Ser. B 5.25% due 1/1/2034		1,500,000		1,680,495
				4,090,715
Tennessee — 3.3%
Johnson City Health & Edl. Facs. Brd. Hosp. Rev. Mountain Sts. Health Alliance 5.625% due 7/1/2030		1,500,000		1,686,060
Metropolitan Govt. Nashville & Davidson Cnty. Tenn Health & Ed. Facs. Brd. Rev. Vanderbilt Univ. Ser. A 5.00% due 10/1/2034		1,250,000		1,430,600
Vanderbilt Univ. Ser. B 5.50% due 10/1/2034		1,500,000		1,767,885
Tennessee St. G.O. Ser. C 5.00% due 5/1/2018⁽¹⁾		1,425,000		1,641,130
Tennessee St. Sch. Bd. Auth. Higher Edl. Facs. 2nd Prog. Ser. B 5.125% due 5/1/2033		1,230,000		1,359,371
				7,885,046
Texas — 10.3%
Austin, Tex. Elec. Utility Sys. Rev. Ser. A 5.00% due 11/15/2026		2,000,000		2,290,460
Canadian River Tex. Mun. Wtr. Auth. Rev. Sub Lien-Conjunctive Use Groundwater Supply Proj. 5.00% due 2/15/2026		2,000,000		2,293,820
Harris Cnty. Tex. G.O. Ser. B 5.00% due 10/1/2024		1,500,000		1,771,590
Lower Colorado River Tex. Auth. Rev Ref. 5.50% due 5/15/2032		1,000,000		1,164,610
Montgomery Cnty. Tex. G.O. 5.125% due 3/1/2031		1,500,000		1,659,495
North Tex. Twy. Auth. Dallas North Twy. Sys. Rev. Ser. C 6.00% due 1/1/2023 - 1/1/2025		4,250,000		4,930,735
North Tex. Twy. Auth. Rev. Sr. Projs. Sys. Ser. A 5.50% due 9/1/2036		1,500,000		1,755,930
Round Rock Tex. Indpt. Sch. Dist. G.O. Sch. Bldg. 5.25% due 8/1/2034		1,500,000		1,695,900

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Seguin Tex. Indpt. Sch. Dist. G.O. Sch. Bldg. 5.00% due 8/15/2037	$	1,500,000	$	1,718,160
Tex. Private Activity Bd. Surface Transn. Corp. Rev. Sr. Lien 6.875% due 12/31/2039		3,130,000		3,687,703
Texas St. Univ. Sys. Fing. Rev. 5.25% due 3/15/2027		1,500,000		1,745,475
				24,713,878
Virginia — 4.0%
Fairfax Cnty. VA Indl. Dev. Auth. Rev. Health Care Inova Ser. C 5.00% due 5/15/2025		500,000		559,030
Virginia St. Comwlth. Transn. Brd. Rev. Fed. Transn. Grant Antic. Nts. Ser. B-Garvee 5.00% due 3/15/2027		1,835,000		2,146,565
Virginia St. Pub. Sch. Auth. Rev.
Sch. Fing. Ser. B
5.00% due 8/1/2028		1,500,000		1,686,810
5.25% due 8/1/2033		1,000,000		1,123,480
Virginia St. Res. Auth. Infrastructure Rev.
Pooled Fing. Prog. Ser. B
5.00% due 11/1/2030		1,375,000		1,594,766
Ref-Pooled Fing. Prog. Ser. A
5.00% due 11/1/2038		2,095,000		2,427,393
				9,538,044
Washington — 2.5%
King Cnty. WA Swr. Rev. 5.50% due 1/1/2018⁽¹⁾		1,815,000		2,090,807
Port of Seattle WA Rev. AMT-Ref-Ser. B 5.00% due 9/1/2024		1,500,000		1,695,945
Washington St. G.O. Motor Vehicle Tax-Senior 520 Corridor Prog. Toll-Ser. C 5.00% due 6/1/2033		2,000,000		2,273,420
				6,060,172
Total Municipal Bonds (Cost $214,290,986)				234,981,628
Total Investments — 97.6% (Cost $214,290,986)				234,981,628
Other Assets, Net — 2.4%				5,857,956
Total Net Assets — 100.0%			$	240,839,584

(1)	Pre-refunded.

(2)	Variable rate security. The rate shown is the rate in effect at September 30, 2014.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS TAX-EXEMPT FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	234,981,628	$	—	$	234,981,628

Total	$	—	$	234,981,628	$	—	$	234,981,628

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH INCOME MUNICIPAL BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Municipal Bonds — 96.4%
Arizona — 0.9%
Tempe AZ Indl. Dev. Auth. Rev. Ref-Friendship Vlg. Ser. A 6.25% due 12/1/2042	$	1,000,000	$	1,055,300
				1,055,300
California — 8.1%
California Hlth. Facs. Fing. Auth. Rev. Episcopal Home Ser. B 6.00% due 2/1/2020⁽¹⁾		1,500,000		1,866,105
California St. Hsg. Fin. Agy. Rev. AMT-Home Mtge. Ser. K 5.50% due 2/1/2042		560,000		566,479
California St. Muni. Fin. Auth. Rev. Emerson College 5.75% due 1/1/2033		1,300,000		1,482,988
California St. Pub. Wrks. Brd. Lease Rev.
Var. Cap. Projs. Sub. Ser. I-1
6.125% due 11/1/2029		1,500,000		1,797,315
6.625% due 11/1/2034		200,000		201,042
San Diego Calif. Redev. Agy. Tax Allocation Rev. Naval Training Ctr. Ser. A 5.75% due 9/1/2040		1,000,000		1,111,840
Tulare Calif. Redev. Agy. Tax Allocation Merged Tulare Redev. Ser. A 6.125% due 8/1/2035		1,970,000		2,170,507
				9,196,276
Colorado — 2.7%
Colorado Regl. Trans. Dist. Private Activity Rev. Denver Trans. Partners 6.00% due 1/15/2034		2,000,000		2,250,700
Regl. Transn. Dist. CO Private Activity Rev. Denver Trans. Partners 6.00% due 1/15/2026		670,000		762,607
				3,013,307
District Of Columbia — 3.5%
District of Columbia Rev. Utd. Negro College Fund 6.875% due 7/1/2040		2,000,000		2,320,140
District of Columbia Tobacco Settlement Fing. Corp. Asset Bkd. Bds. 6.50% due 5/15/2033		1,500,000		1,658,415
				3,978,555
Florida — 13.1%
Brevard Cnty. FLA Hlth. Facs. Auth. Hlth. Care Facs. Rev. Hlth. First Inc. Proj. 7.00% due 4/1/2039		1,500,000		1,716,585
Highlands Cnty. FLA Hlth. Facs. Auth. Rev. Adventist Hlth./Sunbelt Ser. B 6.00% due 11/15/2037		1,600,000		1,837,504
Miami-Dade Cnty. FLA Hlth. Facs. Auth. Hosp. Rev. Ref-Miami Children’s Hosp. 5.875% due 8/1/2042		975,000		1,111,958
Ref-Miami Children’s Hosp. Ser. A 6.125% due 8/1/2042		1,895,000		2,172,277
Osceola Cnty. FLA Expressway Sys. Rev. Sr. Lien-Poinciana Parkway Proj. Ser. A 5.375% due 10/1/2047		1,500,000		1,552,170
Village Cmnty. Dev. Dist. No. 10 FLA Spl. Assessment Rev. 5.75% due 5/1/2031		1,500,000		1,571,235
Village Cmnty. Dev. Dist. No. 8 FLA Spl. Assessment Rev. Ref-Phase II 6.125% due 5/1/2039		2,120,000		2,434,417
Ref-Phase III 6.125% due 5/1/2040		2,175,000		2,452,552
				14,848,698

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH INCOME MUNICIPAL BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Georgia — 1.3%
Atlanta GA Wtr. & Wastewtr. Rev. Ser. A 6.25% due 11/1/2039	$	1,250,000	$	1,480,063
				1,480,063
Illinois — 6.3%
Chicago IL O’Hare Intl. Arpt. Rev. Gen-Third Lien-Ser. A 5.75% due 1/1/2039		1,500,000		1,736,925
Illinois Fin. Auth. Rev. Ref-Roosevelt Univ. Proj. 6.50% due 4/1/2044		755,000		819,764
Temps-50-Park Place Elmhurst Ser. D-3 6.25% due 8/15/2015		290,000		264,193
Temps-75-Admiral at Lake-D-1 7.00% due 5/15/2018		1,000,000		1,001,390
Illinois St. G.O. 5.50% due 7/1/2025 - 7/1/2038		3,000,000		3,290,720
				7,112,992
Indiana — 1.8%
Indiana Hlth. & Edl. Fac. Fing. Auth. Hosp. Rev. Cmnty. Fndtn. Northwest Indiana 5.50% due 3/1/2037		1,900,000		2,006,457
				2,006,457
Iowa — 0.9%
Iowa St. Fin. Auth. Midwestern Disaster Area Rev. St. Fertilizer Co. Proj. 5.50% due 12/1/2022		1,000,000		1,055,740
				1,055,740
Kentucky — 3.0%
Kentucky St. Economic Dev. Fin. Auth. Rev. Owensboro Medical Hlth Sys. Ser. A 6.50% due 3/1/2045		1,500,000		1,722,555
Ref-Owensboro Medical Hlth. Ser. B 6.375% due 3/1/2040		1,500,000		1,725,465
				3,448,020
Louisiana — 1.6%
Louisiana Pub. Facs. Auth. Rev. Ochsner Clinic Fndtn. Proj. 6.50% due 5/15/2037		1,500,000		1,758,840
				1,758,840
Maryland — 1.5%
Gaithersburg MD Economic Dev. Rev. Ref-Asbury MD Oblig. Ser. B 6.00% due 1/1/2023		1,500,000		1,691,940
				1,691,940
Massachusetts — 3.0%
Massachusetts Edl. Fing. Auth. Ed. Loan Rev. Ser. J 5.625% due 7/1/2028 - 7/1/2033		3,170,000		3,452,299
				3,452,299

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH INCOME MUNICIPAL BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Michigan — 0.9%
Michigan St. Hsg. Dev. Auth. Single Fam. Homeownership Rev. AMT-Ser. C 5.50% due 12/1/2028	$	950,000	$	1,003,751
				1,003,751
New Jersey — 5.4%
New Jersey Economic Dev. Auth. Rev. MSU Student Hsg. Proj. Provident Group Montclair LLC 5.875% due 6/1/2042		2,000,000		2,192,420
New Jersey St. Higher Ed. Assistance Auth. Student Loan Rev. Ser. 1 5.75% due 12/1/2028		1,500,000		1,648,635
New Jersey St. Trans. Trust Fund Auth. Rev. Trans. Sys. Ser. A 5.50% due 6/15/2041		955,000		1,059,114
Transn. Ser. B 5.25% due 6/15/2036		1,060,000		1,161,262
				6,061,431
New Mexico — 3.5%
Farmington NM Poll. Ctrl. Rev. Ref- Pub. Svc. N Mex Ser. F 6.25% due 6/1/2040		1,600,000		1,775,536
Ref-AMT-Pub. Svc. N Mex San Juan Ser. D 5.90% due 6/1/2040		2,000,000		2,216,300
				3,991,836
New York — 6.1%
Albany NY Cap. Res. Corp. Rev. St. Peter’s Hosp. 6.25% due 11/15/2038		1,500,000		1,703,205
Hempstead Town NY Loc. Dev. Corp. Rev. Molloy College Proj. 5.75% due 7/1/2039		1,500,000		1,658,700
New York City Indl. Dev. Agy. Spl. Fac. Rev. AMT-Jetblue Airways Corp. Project 5.125% due 5/15/2030		1,825,000		1,827,062
Port Auth. of New York & New Jersey Spl. Oblig. Rev. JFK Intl. Air Terminal LLC 6.00% due 12/1/2036		1,500,000		1,751,355
				6,940,322
Ohio — 1.4%
Bowling Green OH Student Hsg. Rev. CFP I LLC St. Univ. Proj. 6.00% due 6/1/2045		1,500,000		1,595,835
				1,595,835
Oklahoma — 3.2%
Oklahoma Dev. Fin. Auth. CCRC Rev. Ref-Inverness Vlg. Cmnty. 6.00% due 1/1/2032		1,885,000		1,972,577
Tulsa Cnty. OKLA Indl. Auth. Sr. Living Cmnty. Rev. Montereau Inc. Proj. Ser. A 7.25% due 11/1/2040		1,500,000		1,649,430
				3,622,007
Pennsylvania — 6.8%
Cumberland Cnty. PA Mun. Auth. Rev. Asbury PA Oblig. Group 6.00% due 1/1/2030		1,300,000		1,396,369
Diakon Lutheran 6.125% due 1/1/2029		1,500,000		1,640,955
Dauphin Cnty. PA Gen. Auth. Hlth. Sys. Rev. Pinnacle Hlth. Sys. Proj. Ser. A 6.00% due 6/1/2036		1,500,000		1,751,145

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH INCOME MUNICIPAL BOND FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Pennsylvania St. Tpk. Commn. Tpk. Rev. Sub. Ser. A 5.625% due 12/1/2031	$	1,500,000	$	1,718,115
6.50% due 12/1/2036		1,000,000		1,181,310
				7,687,894
Rhode Island — 2.1%
Rhode Island St. & Providence Plantations G.O. Cons. Cap. Dev. Lien-Ser. A 5.50% due 8/1/2031		1,500,000		1,765,335
Tobacco Settlement Fing. Corp. RI Asset Bkd. Ser. A 6.125% due 6/1/2032		600,000		603,438
				2,368,773
South Carolina — 1.5%
South Carolina Jobs-Economic Dev. Auth. Student Hsg. Rev. Coastal Hsg. Fndtn. Ser. A 6.00% due 4/1/2030		1,500,000		1,698,780
				1,698,780
Tennessee — 1.5%
Johnson City Hlth. & Edl. Facs. Brd. Hosp. Rev. Mountain Sts. Hlth. Alliance 5.625% due 7/1/2030		1,500,000		1,686,060
				1,686,060
Texas — 16.3%
Central Tex. Regl. Mobility Auth. Rev. Sr. Lien 6.00% due 1/1/2041		1,500,000		1,700,520
Lower Colorado River Tex. Auth. Rev Ref. 5.50% due 5/15/2032		1,500,000		1,746,915
North Tex. Twy. Auth. Rev. Toll 2nd Tier Ref. Ser. F 5.75% due 1/1/2033		2,000,000		2,219,740
Seguin TX Indpt. Sch. Dist. G.O. Sch. Bldg. 5.00% due 8/15/2038		1,500,000		1,715,670
Tarrant Cnty. Tex. Cultural Ed. Facs. Fin. Corp. Ret. Fac. CC Young Memorial Home Ser. B-1 7.25% due 2/15/2016		25,000		25,054
Tex. Private Activity Bd. Surface Transn. Corp. Sr. Lien-LBJ Infrastructure 7.00% due 6/30/2040		3,110,000		3,726,993
7.50% due 6/30/2033		2,000,000		2,460,640
Sr. Lien-NTE Mobility 6.875% due 12/31/2039		1,500,000		1,767,270
7.50% due 12/31/2031		1,500,000		1,826,025
Tex. St. Private Activity Bd. Surface Transn. Corp. Rev. AMT- Sr. Lien-NTE Mobility Partners Segments LLC 7.00% due 12/31/2038		1,000,000		1,228,040
				18,416,867
Total Municipal Bonds (Cost $98,704,899)				109,172,043
Total Investments — 96.4% (Cost $98,704,899)				109,172,043
Other Assets, Net — 3.6%				4,084,391
Total Net Assets — 100.0%			$	113,256,434

(1)	Pre-refunded.

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS HIGH INCOME MUNICIPAL BOND FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	109,172,043	$	—	$	109,172,043

Total	$	—	$	109,172,043	$	—	$	109,172,043

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Senior Secured Loans — 85.1%
Airlines — 2.0%
Air Canada Term Loan B 5.50% due 9/20/2019⁽¹⁾	$	20,448,750	$	20,627,677
American Airlines, Inc. Exit Term Loan 3.75% due 6/27/2019⁽¹⁾		20,650,063		20,268,037
Delta Air Lines, Inc. New Term Loan B 3.25% due 4/20/2017⁽¹⁾		7,071,602		6,979,671
				47,875,385
Automotive — 3.3%
INA Beteiligungsgesellschaft mbH USD Term Loan E 3.75% due 5/15/2020⁽¹⁾		15,000,000		14,859,450
Navistar International Corp. Term Loan B 5.75% due 8/17/2017⁽¹⁾		16,198,599		16,218,847
The Goodyear Tire & Rubber Co. New 2nd Lien Term Loan 4.75% due 4/30/2019⁽¹⁾		20,000,000		19,943,800
TI Group Automotive Systems LLC 2014 Term Loan B 4.25% due 7/1/2021⁽¹⁾		27,930,000		27,528,646
				78,550,743
Building Materials — 2.8%
Generac Power Systems, Inc. Term Loan B 3.25% due 5/31/2020⁽¹⁾		18,195,429		17,842,984
Jeld-Wen, Inc. Term Loan B 5.25% due 9/18/2021⁽¹⁾		23,500,000		23,309,180
Quikrete Holdings, Inc. 1st Lien Term Loan 4.00% due 9/28/2020⁽¹⁾		22,830,005		22,544,629
2nd Lien Term Loan 7.00% due 3/26/2021⁽¹⁾		2,000,000		2,006,660
				65,703,453
Cable Satellite — 2.8%
Grande Communications Holdings Term Loan B 4.50% due 5/22/2020⁽¹⁾		19,960,319		19,835,567
Virgin Media Bristol LLC USD Term Loan B 3.50% due 6/7/2020⁽¹⁾		20,000,000		19,454,600
Yankee Cable Acquisition LLC Term Loan B 4.50% due 3/1/2020⁽¹⁾		26,893,732		26,792,881
				66,083,048
Chemicals — 2.7%
Arysta LifeScience SPC LLC 1st Lien Term Loan 4.50% due 5/29/2020⁽¹⁾		17,281,227		17,108,415
2nd Lien Term Loan 8.25% due 11/30/2020⁽¹⁾		5,000,000		5,020,850
Axalta Coating Systems U.S. Holdings, Inc. USD Term Loan 3.75% due 2/1/2020⁽¹⁾		25,459,980		24,924,302

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Minerals Technologies, Inc. Term Loan B 4.00% due 5/9/2021⁽¹⁾	$	16,478,462	$	16,324,058
				63,377,625
Consumer Cyclical Services — 0.5%
Monitronics International, Inc. New Term Loan B 4.25% due 3/23/2018⁽¹⁾		12,676,533		12,518,077
				12,518,077
Consumer Products — 3.1%
Bombardier Recreational Products, Inc. New Term Loan B 4.00% due 1/30/2019⁽¹⁾		27,051,557		26,488,073
KIK Custom Products, Inc. New 1st Lien Term Loan 5.50% due 4/29/2019⁽¹⁾		19,750,263		19,713,329
New 2nd Lien Term Loan 9.50% due 10/29/2019⁽¹⁾		10,000,000		10,016,700
Party City Holdings, Inc. Term Loan 4.00% due 7/27/2019⁽¹⁾		17,654,416		17,329,752
				73,547,854
Diversified Manufacturing — 0.8%
Silver II U.S. Holdings LLC Term Loan 4.00% due 12/13/2019⁽¹⁾		18,854,478		18,506,801
				18,506,801
Electric — 2.8%
Calpine Corp. Term Loan B1 4.00% due 4/1/2018⁽¹⁾		9,094,544		9,009,783
Term Loan B3 4.00% due 10/9/2019⁽¹⁾		15,608,556		15,441,701
Dynegy Holdings, Inc. Term Loan B2 4.00% due 4/23/2020⁽¹⁾		14,432,692		14,301,932
Viva Alamo LLC Term Loan B 4.75% due 2/20/2021⁽¹⁾		28,111,219		27,759,828
				66,513,244
Environmental — 0.8%
ADS Waste Holdings, Inc. New Term Loan 3.75% due 10/9/2019⁽¹⁾		19,650,000		19,099,800
				19,099,800
Financial Other — 1.2%
Fly Funding II S.a.r.l. Term Loan B 4.50% due 8/9/2019⁽¹⁾		26,104,399		26,045,664
Flying Fortress, Inc. New Term Loan 3.50% due 6/30/2017⁽¹⁾		2,500,000		2,473,450
				28,519,114
Food And Beverage — 4.0%
B.C. Unlimited Liability Co. 2014 Term Loan B 4.50% due 9/24/2021⁽¹⁾		30,000,000		29,766,600

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Big Heart Pet Brands New Term Loan 3.50% due 3/8/2020⁽¹⁾	$	24,364,876	$	23,359,825
Charger OpCo B.V. USD Term Loan B1 4.25% due 7/23/2021⁽¹⁾		25,000,000		24,406,250
H.J. Heinz Co. Term Loan B2 3.50% due 6/5/2020⁽¹⁾		2,656,153		2,620,295
New HB Acquisition LLC Term Loan 6.75% due 4/9/2020⁽¹⁾		14,925,000		15,223,500
				95,376,470
Gaming — 4.5%
Bally Technologies, Inc. Term Loan B 4.25% due 11/25/2020⁽¹⁾		22,000,477		21,881,235
Boyd Gaming Corp. Term Loan B 4.00% due 8/14/2020⁽¹⁾		9,541,667		9,386,615
Peninsula Gaming LLC Term Loan 4.25% due 11/20/2017⁽¹⁾		14,477,576		14,319,191
Pinnacle Entertainment, Inc. Term Loan B2 3.75% due 8/13/2020⁽¹⁾		1,527,270		1,505,628
Scientific Games International, Inc.
New Term Loan B
4.25% due 10/18/2020⁽¹⁾		17,865,000		17,496,624
Incremental Term Loan B2
6.00% due 9/17/2021⁽¹⁾		15,000,000		14,694,600
Station Casinos LLC Term Loan B 4.25% due 3/2/2020⁽¹⁾		26,714,057		26,263,391
				105,547,284
Healthcare — 9.3%
CareCore National LLC Term Loan B 5.50% due 3/5/2021⁽¹⁾		11,940,000		11,850,450
CCS Intermediate Holdings LLC 1st Lien Term Loan 5.00% due 7/22/2021⁽¹⁾		23,750,000		23,393,750
Connolly Corp. 1st Lien Term Loan 5.00% due 5/14/2021⁽¹⁾		24,937,500		24,781,640
2nd Lien Term Loan 8.00% due 5/14/2022⁽¹⁾		5,000,000		4,975,000
Convatec, Inc. Term Loan 4.00% due 12/22/2016⁽¹⁾		12,005,395		11,905,390
Immucor, Inc. Refi Term Loan B2 5.00% due 8/17/2018⁽¹⁾		22,659,312		22,489,367
Kindred Healthcare, Inc. New Term Loan 4.00% due 4/9/2021⁽¹⁾		27,930,000		27,336,487
MedSolutions Holdings, Inc. Term Loan B 6.50% due 7/8/2019⁽¹⁾		20,625,000		20,637,994
Onex Carestream Finance LP 1st Lien Term Loan 5.00% due 6/7/2019⁽¹⁾		11,905,367		11,879,889
2nd Lien Term Loan 9.50% due 12/7/2019⁽¹⁾		14,589,646		14,626,120

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Select Medical Corp. Series E Term Loan B 3.75% due 6/1/2018⁽¹⁾	$	11,000,000	$	10,883,180
Surgical Care Affiliates, Inc. Class C Incremental Term Loan 4.00% due 6/29/2018⁽¹⁾		16,882,516		16,671,485
United Surgical Partners International, Inc. Extended Term Loan 4.25% due 4/19/2017⁽¹⁾		9,173,106		9,121,553
Incremental Term Loan 4.75% due 4/3/2019⁽¹⁾		8,303,685		8,277,031
				218,829,336
Independent Energy — 1.8%
Chief Exploration & Development LLC 2nd Lien Term Loan 7.50% due 5/12/2021⁽¹⁾		7,000,000		6,982,500
Fieldwood Energy LLC 1st Lien Term Loan 3.875% due 9/28/2018⁽¹⁾		6,930,029		6,817,416
2nd Lien Term Loan 8.375% due 9/30/2020⁽¹⁾		15,470,444		15,489,782
Samson Investment Co. New 2nd Lien Term Loan 5.00% due 9/25/2018⁽¹⁾		13,000,000		12,516,530
				41,806,228
Industrial - Other — 3.4%
Brock Holdings III, Inc. New Term Loan B 6.00% due 3/16/2017⁽¹⁾		10,012,706		9,787,420
New 2nd Lien Term Loan 10.00% due 3/16/2018⁽¹⁾		2,500,000		2,450,000
Gates Global, Inc. Term Loan B 4.25% due 7/5/2021⁽¹⁾		26,000,000		25,507,040
Rexnord LLC 1st Lien Term Loan B 4.00% due 8/21/2020⁽¹⁾		26,707,557		26,244,982
Road Infrastructure Investment LLC New 1st Lien Term Loan 4.25% due 3/31/2021⁽¹⁾		14,925,000		14,477,250
New 2nd Lien Term Loan 7.75% due 9/21/2021⁽¹⁾		2,500,000		2,406,250
				80,872,942
Insurance - Life — 0.3%
CNO Financial Group, Inc. Term Loan B2 3.75% due 9/20/2018⁽¹⁾		8,134,034		8,017,148
				8,017,148
Insurance: Property - Casualty — 2.8%
Alliant Holdings I, Inc. New Term Loan B 4.25% due 12/20/2019⁽¹⁾		14,520,268		14,302,464
Asurion LLC New Term Loan B1 5.00% due 5/24/2019⁽¹⁾		21,259,048		21,134,258
New 2nd Lien Term Loan 8.50% due 3/3/2021⁽¹⁾		9,000,000		9,081,540

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
USI, Inc. Term Loan B 4.25% due 12/27/2019⁽¹⁾	$	22,636,425	$	22,211,992
				66,730,254
Leisure — 1.1%
WMG Acquisition Corp. New Term Loan 3.75% due 7/1/2020⁽¹⁾		27,225,000		26,242,450
				26,242,450
Lodging — 0.8%
Hilton Worldwide Finance LLC USD Term Loan B2 3.50% due 10/26/2020⁽¹⁾		20,245,614		19,908,120
				19,908,120
Media - Entertainment — 8.1%
Cumulus Media Holdings, Inc. 2013 Term Loan 4.25% due 12/23/2020⁽¹⁾		20,015,905		19,657,220
Deluxe Entertainment Services Group, Inc. Term Loan 2014 6.50% due 2/28/2020⁽¹⁾		21,725,000		20,095,625
EMI Music Publishing Ltd. Term Loan B 3.75% due 6/29/2018⁽¹⁾		13,437,091		13,209,466
Getty Images, Inc. Term Loan B 4.75% due 10/18/2019⁽¹⁾		20,141,250		18,437,703
Media General, Inc. Delayed Draw Term Loan B 4.25% due 7/31/2020⁽¹⁾		24,209,292		23,936,937
Telesat Canada USD Term Loan B2 3.50% due 3/28/2019⁽¹⁾		7,076,082		6,946,378
Tribune Co. 2013 Term Loan 4.00% due 12/27/2020⁽¹⁾		28,566,990		28,165,338
Univision Communications, Inc. Term Loan C4 4.00% due 3/1/2020⁽¹⁾		30,306,176		29,719,145
William Morris Endeavor Entertainment LLC 1st Lien Term Loan 5.25% due 5/6/2021⁽¹⁾		24,937,500		24,532,266
2nd Lien Term Loan 8.25% due 5/1/2022⁽¹⁾		6,000,000		5,839,980
				190,540,058
Metals And Mining — 0.9%
FMG Resources (August 2006) Pty. Ltd. New Term Loan B 3.75% due 6/30/2019⁽¹⁾		22,422,852		21,928,877
				21,928,877
Oil Field Services — 4.8%
Caelus Energy Alaska O3 LLC 2nd Lien Term Loan 8.75% due 4/2/2021⁽¹⁾		14,500,000		14,282,500
Drillships Financing Holding, Inc. Term Loan B1 6.00% due 3/31/2021⁽¹⁾		19,725,189		18,886,868
Drillships Ocean Ventures, Inc. Term Loan B 5.50% due 7/25/2021⁽¹⁾		10,000,000		9,675,000

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Floatel International Ltd. USD Term Loan B 6.00% due 6/27/2020⁽¹⁾	$	27,661,000	$	27,107,780
Seadrill Partners Finco LLC Term Loan B 4.00% due 2/21/2021⁽¹⁾		32,745,000		31,107,750
Stallion Oilfield Services Ltd. Term Loan B 8.00% due 6/19/2018⁽¹⁾		11,092,747		11,189,809
				112,249,707
Packaging — 1.9%
Berry Plastics Holding Corp. Term Loan D 3.50% due 2/8/2020⁽¹⁾		25,358,306		24,675,153
Reynolds Group Holdings, Inc. New Dollar Term Loan 4.00% due 12/1/2018⁽¹⁾		20,120,214		19,888,831
				44,563,984
Pharmaceuticals — 3.9%
Envision Acquisition Co. LLC Term Loan 5.75% due 11/4/2020⁽¹⁾		22,792,443		22,692,840
2nd Lien Term Loan 9.75% due 11/4/2021⁽¹⁾		4,500,000		4,500,000
JLL/Delta Dutch Newco B.V. USD Term Loan 4.25% due 3/11/2021⁽¹⁾		23,940,000		23,354,428
Millennium Laboratories, Inc. Term Loan B 5.25% due 4/16/2021⁽¹⁾		29,925,000		29,784,652
Quintiles Transnational Corp. Term Loan B3 3.75% due 6/8/2018⁽¹⁾		12,967,512		12,756,790
				93,088,710
Retailers — 4.6%
99 Cents Only Stores New Term Loan 4.50% due 1/11/2019⁽¹⁾		12,610,290		12,488,726
Bass Pro Group LLC New Term Loan 3.75% due 11/20/2019⁽¹⁾		12,751,873		12,582,911
BJ’s Wholesale Club, Inc. New 1st Lien Term Loan 4.50% due 9/26/2019⁽¹⁾		22,157,888		21,794,277
New 2nd Lien Term Loan 8.50% due 3/26/2020⁽¹⁾		15,000,000		15,070,350
Hudson’s Bay Co. 1st Lien Term Loan 4.75% due 11/4/2020⁽¹⁾		20,125,000		20,095,618
The Neiman Marcus Group, Inc. 2020 Term Loan 4.25% due 10/25/2020⁽¹⁾		27,780,388		27,267,284
				109,299,166
Technology — 7.8%
Avaya, Inc. Term Loan B6 6.50% due 3/30/2018⁽¹⁾		18,616,381		18,441,946
CDW LLC New Term Loan 3.25% due 4/29/2020⁽¹⁾		15,749,956		15,351,797

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
First Data Corp. New 2018 Term Loan 3.655% due 9/24/2018⁽¹⁾	$	19,435,000	$	19,009,957
Extended 2021 Term Loan 4.155% due 3/24/2021⁽¹⁾		5,000,000		4,925,000
Interactive Data Corp. 2014 Term Loan 4.75% due 5/2/2021⁽¹⁾		10,972,500		10,907,323
ION Trading Technologies S.a.r.l. New 2nd Lien Term Loan 7.25% due 5/15/2022⁽¹⁾		26,000,000		25,848,420
Regit Eins GmbH USD 1st Lien Term Loan 6.00% due 1/8/2021⁽¹⁾		15,000,000		14,775,000
USD 2nd Lien Term Loan 9.50% due 6/30/2022⁽¹⁾		5,000,000		4,856,250
Renaissance Learning, Inc. New 1st Lien Term Loan 4.50% due 4/9/2021⁽¹⁾		14,427,500		14,111,971
New 2nd Lien Term Loan 8.00% due 4/11/2022⁽¹⁾		12,000,000		11,715,000
STG-Fairway Acquisitions, Inc. Term Loan B 6.25% due 2/28/2019⁽¹⁾		14,292,499		14,265,772
TransUnion LLC New USD Term Loan 4.00% due 4/9/2021⁽¹⁾		26,865,000		26,411,787
Vantiv LLC 2014 Term Loan B 3.75% due 6/13/2021⁽¹⁾		3,668,250		3,642,279
				184,262,502
Wireless — 1.0%
LTS Buyer LLC 1st Lien Term Loan 4.00% due 4/13/2020⁽¹⁾		23,133,175		22,704,286
				22,704,286
Wirelines — 1.3%
Integra Telecom, Inc. Term Loan B 5.25% due 2/22/2019⁽¹⁾		9,850,000		9,766,866
Level 3 Financing, Inc. New 2019 Term Loan 4.00% due 8/1/2019⁽¹⁾		21,000,000		20,606,250
				30,373,116
Total Senior Secured Loans (Cost $2,038,120,058)				2,012,635,782

	Principal Amount		Value
Corporate Bonds — 12.5%
Airlines — 0.2%
Air Canada Sr. Sec. Nt. 6.75% due 10/1/2019⁽²⁾		4,000,000		4,250,000
				4,250,000
Cable Satellite — 0.4%
CCO Holdings LLC 7.25% due 10/30/2017⁽³⁾		10,000,000		10,362,500
				10,362,500

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Chemicals — 0.3%
Axalta Coating Systems U.S. Holdings, Inc. 7.375% due 5/1/2021⁽²⁾	$	6,422,000	$	6,887,595
				6,887,595
Consumer Cyclical Services — 0.5%
Monitronics International, Inc. 9.125% due 4/1/2020⁽³⁾		11,000,000		11,330,000
				11,330,000
Consumer Products — 0.5%
Party City Holdings, Inc. 8.875% due 8/1/2020		6,250,000		6,750,000
PC Nextco Holdings LLC Sr. Nt. 8.75% due 8/15/2019		5,400,000		5,427,000
				12,177,000
Food And Beverage — 0.2%
Big Heart Pet Brands 7.625% due 2/15/2019		4,154,000		4,122,845
				4,122,845
Gaming — 0.9%
Golden Nugget Escrow, Inc. Sr. Nt. 8.50% due 12/1/2021⁽²⁾⁽³⁾		10,000,000		10,100,000
Pinnacle Entertainment, Inc. 7.75% due 4/1/2022⁽³⁾		10,000,000		10,875,000
				20,975,000
Healthcare — 1.1%
Amsurg Corp. 5.625% due 11/30/2020⁽³⁾		6,250,000		6,312,500
ConvaTec Finance International S.A. Sr. Nt. 8.25% due 1/15/2019^(2)(3)(4)		6,800,000		6,919,000
ConvaTec Healthcare E S.A. 10.50% due 12/15/2018⁽²⁾		11,600,000		12,281,500
				25,513,000
Independent Energy — 3.8%
Alta Mesa Holdings LP 9.625% due 10/15/2018⁽³⁾		10,330,000		10,691,550
Clayton Williams Energy, Inc. 7.75% due 4/1/2019⁽³⁾		10,000,000		10,275,000
Energy XXI Gulf Coast, Inc. 7.50% due 12/15/2021		6,250,000		6,125,000
Jupiter Resources, Inc. Sr. Nt. 8.50% due 10/1/2022⁽²⁾		10,000,000		8,875,000
Linn Energy LLC 6.50% due 5/15/2019		5,000,000		4,900,000
Midstates Petroleum Co., Inc. 10.75% due 10/1/2020		5,000,000		5,187,500
Northern Oil and Gas, Inc. Sr. Nt. 8.00% due 6/1/2020		8,250,000		8,373,750
Penn Virginia Corp. 8.50% due 5/1/2020		7,500,000		7,875,000
Samson Investment Co. 9.75% due 2/15/2020		9,000,000		8,167,500
SandRidge Energy, Inc. 8.125% due 10/15/2022⁽³⁾		11,000,000		10,986,250

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Teine Energy Ltd. Sr. Nt. 6.875% due 9/30/2022⁽²⁾	$	8,500,000	$	8,340,625
				89,797,175
Industrial - Other — 0.5%
Safway Group Holding LLC Sec. Nt. 7.00% due 5/15/2018⁽²⁾⁽³⁾		11,600,000		11,803,000
				11,803,000
Insurance: Property - Casualty — 0.2%
A-S Co-Issuer Subsidiary, Inc. Sr. Nt. 7.875% due 12/15/2020⁽²⁾		5,000,000		5,175,000
				5,175,000
Pharmaceuticals — 0.6%
JLL/Delta Dutch Newco B.V. Sr. Nt. 7.50% due 2/1/2022⁽²⁾⁽³⁾		14,330,000		14,471,509
				14,471,509
Retailers — 0.5%
99 Cents Only Stores 11.00% due 12/15/2019		5,625,000		6,103,125
Neiman Marcus Group Ltd. LLC 8.75% due 10/15/2021⁽²⁾⁽⁴⁾		6,000,000		6,315,000
				12,418,125
Technology — 1.8%
Advanced Micro Devices, Inc. Sr. Nt. 7.00% due 7/1/2024⁽³⁾		5,000,000		4,775,000
Avaya, Inc. Sec. Nt. 10.50% due 3/1/2021⁽²⁾		14,457,000		12,649,875
CDW LLC 6.00% due 8/15/2022		13,200,000		13,695,000
Igloo Holdings Corp. Sr. Nt. 8.25% due 12/15/2017⁽²⁾⁽⁴⁾		8,000,000		8,120,000
Interactive Data Corp. 5.875% due 4/15/2019⁽²⁾		3,000,000		2,988,750
				42,228,625
Transportation Services — 0.5%
Avis Budget Car Rental LLC 2.984% due 12/1/2017⁽¹⁾		4,000,000		3,965,000
Navios Maritime Holdings, Inc. 8.125% due 2/15/2019		8,000,000		7,520,000
				11,485,000
Wireless — 0.5%
Digicel Group Ltd. Sr. Nt. 8.25% due 9/30/2020⁽²⁾⁽³⁾		12,470,000		12,845,347
				12,845,347
Total Corporate Bonds (Cost $295,984,918)				295,841,721

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Repurchase Agreements — 1.3%
State Street Bank and Trust Co. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $32,011,000, due 10/1/2014⁽⁵⁾	$	32,011,000	$	32,011,000
Total Repurchase Agreements (Cost $32,011,000)				32,011,000
Total Investments — 98.9% (Cost $2,366,115,976)				2,340,488,503
Other Assets, Net — 1.1%				24,922,809
Total Net Assets — 100.0%			$	2,365,411,312

(1)	Variable rate security. The rate shown is the rate in effect at September 30, 2014.

(2)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At September 30, 2014, the aggregate market value of these securities amounted to $132,022,201, representing 5.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)	Securities are segregated to cover anticipated or existing derivative positions or other forward settling securities.

(4)	Payment-in-kind security for which interest payments may be made in additional principal ranging from 0% to 100% of the full stated interest rate. As of September 30, 2014, interest payments had been made in cash.

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


Security	Coupon			Maturity Date		Value
FNMA		2.26	%		10/17/2022	$	32,653,661

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS FLOATING RATE FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	2,012,635,782	$	—	$	2,012,635,782
Corporate Bonds		—		295,841,721		—		295,841,721
Repurchase Agreements		—		32,011,000		—		32,011,000

Total	$	—	$	2,340,488,503	$	—	$	2,340,488,503

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities — 0.2%
FNMA 3.50% due 7/1/2043⁽¹⁾	$	181,615	$	185,884
Total Agency Mortgage-Backed Securities (Cost $186,512)				185,884

	Principal Amount		Value
Asset-Backed Securities — 1.0%
Domino’s Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042⁽¹⁾⁽²⁾		763,338		806,205
Total Asset-Backed Securities (Cost $763,338)				806,205

	Principal Amount		Value
Senior Secured Loans — 11.8%
Automotive — 0.8%
Navistar International Corp. Term Loan B 5.75% due 8/17/2017⁽³⁾		697,500		698,372
				698,372
Building Materials — 0.6%
Jeld-Wen, Inc. Term Loan B 5.25% due 9/18/2021⁽³⁾		500,000		495,940
				495,940
Consumer Products — 1.2%
Party City Holdings, Inc. Term Loan 4.00% due 7/27/2019⁽³⁾		980,118		962,094
				962,094
Electric — 1.2%
Calpine Corp. Term Loan B3 4.00% due 10/9/2019⁽³⁾		980,000		969,524
				969,524
Food And Beverage — 2.1%
B.C. Unlimited Liability Co. 2014 Term Loan B 4.50% due 9/24/2021⁽³⁾		500,000		496,110
Big Heart Pet Brands New Term Loan 3.50% due 3/8/2020⁽³⁾		796,089		763,250
H.J. Heinz Co. Term Loan B2 3.50% due 6/5/2020⁽³⁾		493,750		487,085
				1,746,445
Gaming — 0.6%
Scientific Games International, Inc. Incremental Term Loan B2 6.00% due 9/17/2021⁽³⁾		500,000		489,820
				489,820

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Healthcare — 3.0%
Immucor, Inc. Refi Term Loan B2 5.00% due 8/17/2018⁽³⁾	$	970,256	$	962,979
Kindred Healthcare, Inc. New Term Loan 4.00% due 4/9/2021⁽³⁾		997,500		976,303
Select Medical Corp. Series E Term Loan B 3.75% due 6/1/2018⁽³⁾		500,000		494,690
				2,433,972
Oil Field Services — 1.1%
Drillships Financing Holding, Inc. Term Loan B1 6.00% due 3/31/2021⁽³⁾		990,000		947,925
				947,925
Retailers — 1.2%
Bass Pro Group LLC New Term Loan 3.75% due 11/20/2019⁽³⁾		964,653		951,871
				951,871
Total Senior Secured Loans (Cost $9,830,296)				9,695,963

	Principal Amount		Value
Commercial Mortgage-Backed Securities — 9.8%
Bear Stearns Commercial Mortgage Securities Trust 2006-T24 AM 5.568% due 10/12/2041⁽¹⁾⁽³⁾		475,000		509,576
2007-PW16 AM 5.897% due 6/11/2040⁽¹⁾⁽³⁾		450,000		493,369
Citigroup Commercial Mortgage Trust 2006-C5 A4 5.431% due 10/15/2049⁽¹⁾		605,000		648,869
2006-C5 AM 5.462% due 10/15/2049⁽¹⁾		420,000		449,951
2014-388G B 1.204% due 6/15/2033^(1)(2)(3)		425,000		425,205
Credit Suisse Commercial Mortgage Trust 2006-C3 A3 5.999% due 6/15/2038⁽¹⁾⁽³⁾		471,048		498,901
Fairway Outdoor Funding LLC 2012-1A A2 4.212% due 10/15/2042⁽¹⁾⁽²⁾		473,494		471,600
GS Mortgage Securities Trust 2006-GG8 AM 5.591% due 11/10/2039⁽¹⁾		424,000		456,255
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7 AM 6.058% due 4/15/2045⁽¹⁾⁽³⁾		500,000		536,572
2007-LD12 AM 6.197% due 2/15/2051⁽¹⁾⁽³⁾		450,000		495,604
LB UBS Commercial Mortgage Trust 2006-C1 AM 5.217% due 2/15/2031⁽¹⁾⁽³⁾		600,000		629,365
2006-C6 AM 5.413% due 9/15/2039⁽¹⁾		450,000		483,992
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 A2 3.085% due 8/15/2046⁽¹⁾		400,000		413,698

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)			Principal Amount		Value
Morgan Stanley Capital I Trust 2006-HQ9 AM 5.773% due 7/12/2044⁽¹⁾⁽³⁾			$	500,000	$	535,956
SBA Tower Trust 2.933% due 12/15/2017⁽¹⁾⁽²⁾				500,000		507,040
Wachovia Bank Commercial Mortgage Trust 2006-C29 A4 5.308% due 11/15/2048⁽¹⁾				491,478		524,548
Total Commercial Mortgage-Backed Securities (Cost $8,177,786)						8,080,501

	Foreign Currency⁽⁵⁾		Principal Amount		Value
Corporate Bonds — 62.6%
Automotive — 1.2%
General Motors Financial Co., Inc. 2.625% due 7/10/2017⁽¹⁾				500,000		502,269
3.25% due 5/15/2018⁽¹⁾				500,000		502,500
						1,004,769
Banking — 10.6%
Bank of America Corp. Sr. Nt. 5.875% due 1/5/2021⁽¹⁾				750,000		860,236
BBVA Bancomer S.A./Grand Cayman Jr. Sub. Nt. 6.008% due 5/17/2022⁽²⁾⁽³⁾				1,000,000		1,040,000
Citigroup, Inc. Sr. Nt. 4.50% due 1/14/2022⁽¹⁾				750,000		804,139
First Horizon National Corp. Sr. Nt. 5.375% due 12/15/2015⁽¹⁾				500,000		524,040
HSBC Holdings PLC Sr. Nt. 5.10% due 4/5/2021⁽¹⁾				750,000		843,976
Intesa Sanpaolo S.p.A. 5.017% due 6/26/2024⁽¹⁾⁽²⁾				1,000,000		974,336
Lloyds Bank PLC 6.375% due 1/21/2021⁽¹⁾				750,000		892,490
Morgan Stanley Sr. Nt. 5.50% due 7/28/2021⁽¹⁾				950,000		1,069,990
Royal Bank of Scotland Group PLC Sub. Nt. 6.125% due 12/15/2022⁽¹⁾				500,000		529,219
The Goldman Sachs Group, Inc. Sr. Nt. 5.75% due 1/24/2022⁽¹⁾				500,000		568,587
5.95% due 1/18/2018⁽¹⁾				500,000		559,747
						8,666,760
Building Materials — 1.6%
Cemex S.A.B. de C.V. Sr. Sec. Nt. 6.50% due 12/10/2019⁽²⁾				300,000		309,750
HeidelbergCement Finance Luxembourg S.A. 3.25% due 10/21/2020⁽¹⁾		EUR		400,000		531,532
Odebrecht Finance Ltd. 5.25% due 6/27/2029⁽²⁾			$	500,000		483,750
						1,325,032

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Cable Satellite — 2.5%
Cablevision Systems Corp. Sr. Nt. 5.875% due 9/15/2022	$	300,000	$	290,250
Cequel Communications Holdings I LLC Sr. Nt. 6.375% due 9/15/2020⁽²⁾		300,000		308,625
Comcast Corp. 6.50% due 11/15/2035⁽¹⁾		500,000		650,440
DIRECTV Holdings LLC 3.80% due 3/15/2022⁽¹⁾		250,000		254,093
Hughes Satellite Systems Corp. Sr. Sec. Nt. 6.50% due 6/15/2019		250,000		265,625
Telesat LLC 6.00% due 5/15/2017⁽²⁾		300,000		307,125
				2,076,158
Chemicals — 1.4%
Braskem Finance Ltd. 6.45% due 2/3/2024⁽¹⁾		500,000		520,000
FMC Corp. Sr. Nt. 5.20% due 12/15/2019⁽¹⁾		250,000		278,572
LyondellBasell Industries N.V. Sr. Nt. 5.00% due 4/15/2019⁽¹⁾		300,000		331,169
				1,129,741
Construction Machinery — 0.8%
Ashtead Capital, Inc. Sec. Nt. 6.50% due 7/15/2022⁽²⁾		300,000		318,000
United Rentals North America, Inc. 7.625% due 4/15/2022		300,000		326,250
				644,250
Electric — 1.6%
Calpine Corp. Sr. Nt. 5.375% due 1/15/2023		500,000		483,750
DPL, Inc. Sr. Nt. 7.25% due 10/15/2021		300,000		309,750
EDP Finance B.V. Sr. Nt. 4.90% due 10/1/2019⁽¹⁾⁽²⁾		500,000		516,325
				1,309,825
Energy - Integrated — 0.4%
Suncor Energy, Inc. Sr. Nt. 6.10% due 6/1/2018⁽¹⁾		250,000		285,739
				285,739
Finance Companies — 2.0%
AerCap Ireland Capital Ltd. 3.75% due 5/15/2019⁽¹⁾⁽²⁾		300,000		291,000
Aircastle Ltd. Sr. Nt. 6.25% due 12/1/2019⁽¹⁾		500,000		526,250
CIT Group, Inc. Sr. Nt. 5.25% due 3/15/2018		280,000		288,400
HSBC Finance Capital Trust IX 5.911% due 11/30/2035⁽¹⁾⁽³⁾		500,000		514,375
				1,620,025

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Food And Beverage — 0.6%
Constellation Brands, Inc. 4.25% due 5/1/2023⁽¹⁾	$	500,000	$	488,125
				488,125
Gaming — 0.4%
MGM Resorts International 6.625% due 12/15/2021		300,000		316,500
				316,500
Government Related — 4.4%
Petrobras Global Finance B.V. 4.375% due 5/20/2023		500,000		468,515
Petrobras International Finance Co. 5.875% due 3/1/2018⁽¹⁾		750,000		809,625
Petroleos Mexicanos 5.75% due 3/1/2018⁽¹⁾		750,000		830,625
Sinopec Group Overseas Development 2014 Ltd. 1.75% due 4/10/2017⁽¹⁾⁽²⁾		1,500,000		1,495,125
				3,603,890
Healthcare — 0.6%
HealthSouth Corp. 5.75% due 11/1/2024		500,000		510,000
				510,000
Healthcare - REITs — 0.1%
Sabra Health Care LP 5.50% due 2/1/2021		80,000		81,200
				81,200
Home Construction — 0.6%
Taylor Morrison Communities, Inc. 7.75% due 4/15/2020⁽²⁾		216,000		231,120
Weekley Homes LLC Sr. Nt. 6.00% due 2/1/2023		250,000		241,875
				472,995
Independent Energy — 2.7%
Alta Mesa Holdings LP 9.625% due 10/15/2018		250,000		258,750
Anadarko Petroleum Corp. Sr. Nt. 6.95% due 6/15/2019⁽¹⁾		250,000		298,322
Clayton Williams Energy, Inc. 7.75% due 4/1/2019		250,000		256,875
Energy XXI Gulf Coast, Inc. 6.875% due 3/15/2024⁽¹⁾⁽²⁾		500,000		470,000
EV Energy Partners LP 8.00% due 4/15/2019		130,000		134,550
Harvest Operations Corp. 6.875% due 10/1/2017		300,000		312,750
RKI Exploration & Production LLC 8.50% due 8/1/2021⁽²⁾		500,000		516,250
				2,247,497

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Industrial - Other — 0.6%
Safway Group Holding LLC Sec. Nt. 7.00% due 5/15/2018⁽²⁾	$	500,000	$	508,750
				508,750
Insurance - Life — 0.7%
MetLife, Inc. Sr. Nt. 4.75% due 2/8/2021⁽¹⁾		500,000		552,408
				552,408
Insurance P&C — 0.7%
CNA Financial Corp. Sr. Nt. 7.35% due 11/15/2019⁽¹⁾		500,000		600,912
				600,912
Leisure — 0.3%
WMG Acquisition Corp. Sr. Sec. Nt. 6.00% due 1/15/2021⁽²⁾		270,000		273,375
				273,375
Lodging — 0.6%
Hilton Worldwide Finance LLC 5.625% due 10/15/2021⁽²⁾		500,000		515,000
				515,000
Media - Entertainment — 3.0%
21st Century Fox America, Inc. 5.65% due 8/15/2020⁽¹⁾		250,000		286,033
CBS Outdoor Americas Capital LLC 5.875% due 3/15/2025⁽²⁾		500,000		502,500
Discovery Communications LLC 5.625% due 8/15/2019⁽¹⁾		250,000		286,567
Netflix, Inc. Sr. Nt. 5.75% due 3/1/2024⁽²⁾		350,000		360,500
Time Warner, Inc. 4.00% due 1/15/2022⁽¹⁾		500,000		520,246
Univision Communications, Inc. Sr. Sec. Nt. 7.875% due 11/1/2020⁽²⁾		500,000		535,625
				2,491,471
Metals And Mining — 6.7%
Anglo American Capital PLC 2.625% due 9/27/2017⁽¹⁾⁽²⁾		750,000		763,037
ArcelorMittal Sr. Nt. 4.25% due 8/5/2015⁽¹⁾		1,000,000		1,016,250
FMG Resources August 2006 Pty. Ltd. 8.25% due 11/1/2019⁽¹⁾⁽²⁾		500,000		516,875
Plains Exploration & Production Co. 6.50% due 11/15/2020⁽¹⁾		1,000,000		1,095,120
Samarco Mineracao S.A. Sr. Nt. 5.75% due 10/24/2023⁽²⁾		250,000		257,000
Steel Dynamics, Inc. 5.125% due 10/1/2021⁽¹⁾⁽²⁾		500,000		507,500
United States Steel Corp. Sr. Nt. 6.05% due 6/1/2017		750,000		796,875
Vale Overseas Ltd. 6.875% due 11/21/2036⁽¹⁾		500,000		563,750
				5,516,407

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Midstream — 5.1%
Crestwood Midstream Partners LP 6.00% due 12/15/2020	$	400,000	$	402,000
Energy Transfer Partners LP Sr. Nt. 6.70% due 7/1/2018⁽¹⁾		1,000,000		1,151,206
MarkWest Energy Partners LP 6.50% due 8/15/2021		163,000		171,558
NiSource Finance Corp. 5.25% due 9/15/2017⁽¹⁾		750,000		827,386
5.65% due 2/1/2045⁽¹⁾		750,000		852,547
Regency Energy Partners LP 6.50% due 7/15/2021		250,000		262,500
Tesoro Logistics LP 6.125% due 10/15/2021⁽¹⁾		500,000		516,250
				4,183,447
Oil Field Services — 1.3%
Offshore Group Investment Ltd. Sr. Sec. Nt. 7.125% due 4/1/2023		250,000		220,312
Transocean, Inc. 2.50% due 10/15/2017⁽¹⁾		800,000		799,908
				1,020,220
Packaging — 1.3%
Sealed Air Corp. 8.125% due 9/15/2019⁽²⁾		1,000,000		1,080,000
				1,080,000
Paper — 1.5%
Celulosa Arauco y Constitucion S.A. 4.50% due 8/1/2024⁽¹⁾⁽²⁾		1,000,000		974,648
Georgia-Pacific LLC 5.40% due 11/1/2020⁽¹⁾⁽²⁾		235,000		265,547
				1,240,195
Refining — 0.7%
Calumet Specialty Products Partners LP 6.50% due 4/15/2021⁽²⁾		300,000		285,000
Phillips 66 4.30% due 4/1/2022⁽¹⁾		250,000		265,408
				550,408
Sovereign — 2.6%
Republic of Costa Rica Sr. Nt. 7.00% due 4/4/2044⁽²⁾		500,000		502,500
Republic of Indonesia Sr. Nt. 5.875% due 3/13/2020⁽¹⁾⁽²⁾		500,000		548,125
Republic of Panama Sr. Nt. 5.20% due 1/30/2020⁽¹⁾		1,000,000		1,100,000
				2,150,625
Technology — 0.7%
First Data Corp. 12.625% due 1/15/2021⁽¹⁾		500,000		598,750
				598,750

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Wireless — 2.5%
American Tower Corp. Sr. Nt. 4.50% due 1/15/2018⁽¹⁾	$	500,000	$	533,759
Bharti Airtel International Netherlands B.V. 5.35% due 5/20/2024⁽¹⁾⁽²⁾		1,000,000		1,065,590
Sprint Communications, Inc. 9.00% due 11/15/2018⁽¹⁾⁽²⁾		400,000		462,000
				2,061,349
Wirelines — 2.8%
AT&T, Inc. Sr. Nt. 6.30% due 1/15/2038⁽¹⁾		1,000,000		1,183,087
Frontier Communications Corp. Sr. Nt. 6.25% due 9/15/2021⁽¹⁾		500,000		495,000
Verizon Communications, Inc. Sr. Nt. 6.55% due 9/15/2043⁽¹⁾		500,000		624,696
				2,302,783
Total Corporate Bonds (Cost $50,632,112)				51,428,606

	Principal Amount		Value
Non Agency Mortgage-Backed Securities — 9.7%
Banc of America Funding Trust 2004-2 1CB1 5.75% due 9/20/2034		200,565		216,317
Banc of America Mortgage Securities Trust 2003-J 2A2 2.847% due 11/25/2033⁽³⁾		262,294		263,151
Bear Stearns ALT-A Trust 2003-3 2A 2.859% due 10/25/2033⁽³⁾		416,387		421,368
2004-4 A1 0.755% due 6/25/2034⁽³⁾		450,998		433,345
Chase Mortgage Finance Trust 2005-S1 1A10 5.50% due 5/25/2035		32,007		32,760
2007-A1 2A1 2.468% due 2/25/2037⁽¹⁾⁽³⁾		152,821		153,364
2007-A1 9A1 2.517% due 2/25/2037⁽³⁾		148,013		147,579
Countrywide Home Loans Mortgage Pass-Through Trust 2003-11 A31 5.50% due 5/25/2033⁽¹⁾		97,532		100,449
2004-5 2A9 5.25% due 5/25/2034⁽¹⁾		349,735		370,397
CS First Boston Mortgage Securities Corp. 2003-8 2A1 5.00% due 4/25/2018⁽¹⁾		38,438		38,767
2004-AR5 6A1 2.47% due 6/25/2034⁽¹⁾⁽³⁾		415,014		417,197
GSR Mortgage Loan Trust 2004-15F 5A1 5.50% due 1/25/2020		120,024		123,187
Impac CMB Trust 2004-7 1A1 0.895% due 11/25/2034⁽¹⁾⁽³⁾		410,602		397,958

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
JPMorgan Mortgage Trust 2004-S2 1A3 4.75% due 11/25/2019⁽¹⁾	$	86,331	$	86,919
2005-A1 3A1 2.61% due 2/25/2035⁽³⁾		778		794
2005-A1 6T1 2.646% due 2/25/2035⁽¹⁾⁽³⁾		128,913		127,854
Master Adjustable Rate Mortgages Trust 2004-13 2A1 2.643% due 4/21/2034⁽¹⁾⁽³⁾		212,255		214,441
Master Asset Securitization Trust 2003-5 2A1 5.00% due 6/25/2018		64,526		66,774
Merrill Lynch Mortgage Investors Trust 2005-A2 A2 2.469% due 2/25/2035⁽¹⁾⁽³⁾		427,563		431,026
Morgan Stanley Mortgage Loan Trust 2004-1 1A9 4.50% due 11/25/2018⁽¹⁾		39,258		39,802
Prime Mortgage Trust 2004-2 A2 4.75% due 11/25/2019⁽¹⁾		67,686		70,146
RAAC Trust 2005-SP1 1A5 5.00% due 9/25/2034		201,008		206,213
Residential Funding Mortgage Securities I Trust 2005-S3 A1 4.75% due 3/25/2020		59,891		60,888
Structured Adjustable Rate Mortgage Loan Trust 2004-5 3A1 2.419% due 5/25/2034⁽¹⁾⁽³⁾		364,970		367,613
Structured Asset Securities Corp. 2004-20 7A1 5.25% due 11/25/2034		181,664		184,174
2004-21XS 2A6A 4.74% due 12/25/2034⁽³⁾		26,081		26,649
Thornburg Mortgage Securities Trust 2004-4 3A 2.001% due 12/25/2044⁽³⁾		8,708		8,715
Wells Fargo Mortgage Backed Securities Trust 2003-17 1A14 5.25% due 1/25/2034⁽¹⁾		140,563		149,308
2004-EE 2A1 2.612% due 12/25/2034⁽¹⁾⁽³⁾		337,897		342,306
2004-O A1 2.615% due 8/25/2034⁽¹⁾⁽³⁾		234,360		234,636
2004-R 2A1 2.615% due 9/25/2034⁽¹⁾⁽³⁾		293,929		299,030
2004-W A9 2.615% due 11/25/2034⁽³⁾		273,443		281,639
2004-Y 3A1 2.604% due 11/25/2034⁽¹⁾⁽³⁾		416,837		422,166
2005-2 2A1 4.75% due 4/25/2020		105,667		109,231
2005-6 A4 5.50% due 8/25/2035		160,073		166,842
2005-AR10 2A6 2.614% due 6/25/2035⁽¹⁾⁽³⁾		221,720		224,008
2005-AR12 2A5 2.619% due 6/25/2035⁽¹⁾⁽³⁾		241,481		244,226
2005-AR3 2A1 2.602% due 3/25/2035⁽¹⁾⁽³⁾		373,182		377,473
2006-1 A3 5.00% due 3/25/2021		141,081		144,212
Total Non Agency Mortgage-Backed Securities (Cost $7,883,294)				8,002,924

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


September 30, 2014 (unaudited)	Principal Amount		Value
Repurchase Agreements — 5.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.00%, dated 9/30/2014, maturity value of $4,834,000, due 10/1/2014⁽⁴⁾	$	4,834,000	$	4,834,000
Total Repurchase Agreements (Cost $4,834,000)				4,834,000
Total Investments — 101.0% (Cost $82,307,338)				83,034,083
Other Liabilities, Net — (1.0)%				(832,009	)
Total Net Assets — 100.0%			$	82,202,074

(1)	Securities are segregated to cover anticipated or existing derivative positions or other forward settling securities.

At September 30, 2014, the Fund had entered into the following forward currency exchange contracts:

Expiration
Date

Counterparty

Currency
to be
Received

Amount of
Currency
to be
Received

Currency
to be
Delivered

Amount of
Currency
to be
Delivered

Unrealized
Appreciation

12/17/2014

Barclays Bank PLC

USD

518,414

EUR

400,000

12,920

Legend:

EUR – Euro

USD – U.S. Dollar

(2)

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, normally to certain qualified buyers. At September 30, 2014, the aggregate market value of these securities amounted to $19,395,028, representing 23.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at September 30, 2014.

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


Security	Coupon			Maturity Date		Value
FNMA		2.26	%		10/17/2022	$	4,932,664

(5)	See currency legend above.

The table below presents futures contracts as of September 30, 2014:


Description	Counterparty	Number of Contracts		Expiration		Face Value (000s)		Unrealized Appreciation/ (Depreciation)
Sold Futures Contracts
U.S. Long Bond	Goldman Sachs & Co.		7		12/19/2014	$	965	$	5,885
U.S. Ultra Bond	Goldman Sachs & Co.		23		12/19/2014		3,508		(73,538	)

Total								$	(67,653	)

At September 30, 2014, the Fund had entered into the following open option contracts:


Number of Contracts	Written Call Options	Expiration Date		Premiums Received		Current Value			Unrealized Appreciation/ (Depreciation)
40	10 YR U.S. Treasury Note, strike @ $125.5		November 2014	$	18,609	$	(20,624	)	$	(2,015	)
40	10 YR U.S. Treasury Note, strike @ $126		November 2014		19,234		(14,375	)		4,859

Total				$	37,843	$	(34,999	)	$	2,844


Number of Contracts	Written Put Options	Expiration Date		Premiums Received		Current Value			Unrealized Appreciation
100	30 YR U.S. Treasury Note, strike @ $134		November 2014	$	59,023	$	(42,188	)	$	16,835

See accompanying notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS — RS STRATEGIC INCOME FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	185,884	$	—	$	185,884
Asset-Backed Securities		—			806,205		—		806,205
Senior Secured Loans		—			9,695,963		—		9,695,963
Commercial Mortgage-Backed Securities		—			8,080,501		—		8,080,501
Corporate Bonds		—			51,428,606		—		51,428,606
Non Agency Mortgage-Backed Securities		—			8,002,924		—		8,002,924
Repurchase Agreements		—			4,834,000		—		4,834,000
Other Financial Instruments:
Forward Currency Contracts		—			12,920		—		12,920
Financial Futures Contracts		(67,653	)		—		—		(67,653	)
Written Call Options		(34,999	)		—		—		(34,999	)
Written Put Options		(42,188	)		—		—		(42,188	)

Total	$	(144,840	)	$	83,047,003	$	—	$	82,902,163

See accompanying notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

Tax Basis of Investments

The cost of investments (excluding foreign currency related transactions) for federal income tax purposes at September 30, 2014, for each Fund is listed in the chart below. The net unrealized appreciation on investments, which consists of gross unrealized appreciation and depreciation, is also disclosed in the chart below:

Tax Basis of Investments


Fund	Cost of Investments		Net Unrealized Appreciation/ (Depreciation) on Investments			Gross Unrealized Appreciation		Gross Unrealized Depreciation
RS Partners Fund	$	1,608,380,928	$	257,413,484		$	346,131,912	$	(88,718,428	)
RS Value Fund		1,038,506,115		220,307,992			258,032,335		(37,724,343	)
RS Large Cap Alpha Fund		672,394,046		164,622,373			176,926,363		(12,303,990	)
RS Investors Fund		273,955,230		(5,063,267	)		10,431,247		(15,494,514	)
RS Global Natural Resources Fund		4,660,801,293		(176,960,853	)		370,836,306		(547,797,159	)
RS Small Cap Growth Fund		871,611,810		148,083,929			187,879,902		(39,795,973	)
RS Select Growth Fund		704,493,807		122,469,530			136,649,267		(14,179,737	)
RS Mid Cap Growth Fund		156,377,901		17,944,315			20,935,351		(2,991,036	)
RS Growth Fund		206,988,487		52,713,507			55,406,041		(2,692,534	)
RS Technology Fund		162,817,367		31,668,854			36,661,609		(4,992,755	)
RS Small Cap Equity Fund		96,988,580		16,629,085			20,780,175		(4,151,090	)
RS International Fund		37,847,001		(825,106	)		1,101,107		(1,926,213	)
RS Global Fund		35,172,223		4,255,425			4,718,957		(463,532	)
RS Emerging Markets Fund		331,566,701		27,584,399			41,150,850		(13,566,451	)
RS Emerging Markets Small Cap Fund		27,829,890		1,656,706			2,775,483		(1,118,777	)
RS China Fund		26,769,599		2,316,082			3,430,775		(1,114,693	)
RS Investment Quality Bond Fund		111,288,907		4,152,486			4,739,139		(586,653	)
RS Low Duration Bond Fund		1,106,381,767		(5,574,934	)		6,140,294		(11,715,228	)
RS High Yield Fund		111,530,627		(2,010,731	)		584,551		(2,595,282	)
RS Tax-Exempt Fund		214,290,986		20,690,642			20,725,842		(35,200	)
RS High Income Municipal Bond Fund		98,704,899		10,467,144			10,492,951		(25,807	)
RS Floating Rate Fund		2,366,316,700		(25,828,197	)		7,729,985		(33,558,182	)
RS Strategic Income Fund		82,307,338		726,745			1,493,333		(766,588	)

Restricted and Illiquid Securities

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

Affiliated Issuers

If a Fund owns 5% or more of the outstanding voting shares of an issuer, the Fund’s investment represents an investment in an affiliated person as defined by the 1940 Act. A summary of the Funds with transactions in the securities of affiliated issuers for the nine months ended September 30, 2014, is listed below:


Fund	Issuer	Number of Shares Held at Beginning of Period			Gross Additions		Gross Reductions		Number of Shares Held at End of Period		Income		Value at End of Period
RS Partners Fund	eHealth, Inc.		588,585			533,405		69,256		1,052,734	$	—	$	25,402,471
	FTD Cos., Inc.		983,583			417,564		97,207		1,303,940		—		44,477,393
	Integrated Device Technology, Inc.		7,779,713			—		7,779,713		—		—		*	*
	Performant Financial Corp.		1,139,707	*		1,445,300		167,362		2,417,645		—		19,534,572

													$	89,414,436

RS Global Natural Resources Fund	Compass Minerals International, Inc.		1,788,565			99,120		95,250		1,792,435	$	3,267,610	$	151,066,422
	HudBay Minerals, Inc.		9,888,981			—		156,663		9,732,318		151,467		*	*
	Iluka Resources Ltd.		23,032,815			3,056,727		662,248		25,427,294		2,270,292		174,986,171
	Mineral Resources Ltd.		14,185,372			2,374,448		262,345		16,297,475		8,745,976		124,142,537
	Ophir Energy PLC		29,593,197			8,261,273		599,702		37,254,768		—		138,487,050
	Painted Pony Petroleum Ltd.		5,889,790			—		93,305		5,796,485		—		64,954,585
	Rosetta Resources, Inc.		3,259,984			968,230		502,067		3,726,147		—		166,037,110
	Salamander Energy PLC		23,989,659			—		380,051		23,609,608		—		38,274,720
	Taseko Mines Ltd.		23,460,435			—		371,666		23,088,769		—		39,250,907

													$	897,199,502

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

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

Fair Value Measurements

In accordance with Financial Accounting Standards Board (“FASB”) Codification Topic 820 (“ASC Topic 820”), fair value is defined as the price that the Funds would receive upon selling an investment in an “arm’s length” transaction to a willing buyer in the principal or most advantageous market for the investment. ASC Topic 820 established a hierarchy for classification of fair value measurements for disclosure purposes. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy of inputs is summarized in the three broad levels listed below.

•

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

•

Level 2 — inputs other than unadjusted quoted prices that are observable either directly or indirectly (including adjusted quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

•

Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the nine months ended September 30, 2014, RS Emerging Markets Small Cap Fund held one security classified as Level 3.

The Funds’ policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. Transfers between Levels 1 and 2 related to certain exchange-traded foreign securities whose prices may have been affected by events occurring after the close of trading on the exchange and, as a result, whose value were determined by a pricing service using pricing models in accordance with methods approved by the Funds’ Board of Trustees. Transfers into and out of each level of the fair value hierarchy for the nine months ended September 30, 2014 were as follows:


	Transfers into Level 1		Transfers (out) of Level 1			Transfers into Level 2		Transfers (out) of Level 2			Transfers into Level 3		Transfers (out) of Level 3
RS International Fund
Common Stocks	$	340,304	$	(412,466	)	$	412,466	$	(340,304	)	$	—	$	—
RS Emerging Markets Fund
Preferred Stocks		10,160,465		—			—		(10,160,465	)		—		—
RS Emerging Markets Small Cap Fund
Common Stocks		—		—			—		(288,499	)		288,499		—
RS Global Fund
Common Stocks		276,803		(594,690	)		594,690		(276,803	)		—		—
Preferred Stocks		73,212		—			—		(73,212	)		—		—

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

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Funds’ Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

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

Derivative Instruments and Hedging Activities The following is a summary of the fair valuation of the Funds’ derivative instruments at September 30, 2014.


Fund	Derivative Instrument Type	Value
RS Investment Quality Bond Fund	Financial Futures Contracts	$	(106,313	)
RS Low Duration Bond Fund	Financial Futures Contracts		(1,440	)
RS Strategic Income Fund	Forward Foreign Currency Contracts		12,920
	Financial Futures Contracts		(67,653	)
	Written Call Option Contracts		(34,999	)
	Written Put Option Contracts		(42,188	)

RS Strategic Income Fund used forward foreign currency contracts to hedge currency risk associated with the Fund’s foreign currency-denominated investments and to manage foreign currency exposure. The Fund also used exchange-traded options on Treasury futures to manage interest rate exposure and for income. RS Strategic Income Fund, RS Investment Quality Bond Fund and RS Low Duration Bond Fund used exchange-traded futures to manage interest rate exposure.

For information about the Funds’ policy regarding valuation of investments and other significant accounting policies, please see the Funds’ most recent annual or semiannual report to shareholders files on the Securities and Exchange Commission’s website at http://www.sec.gov, or visit RS Investments’ Web site at www.RSinvestments.com.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officer have concluded, as of a date within 90 days of the filing of this report, based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)), that the design and operation of such controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) RS Investment Trust



By:		/s/ *Matthew H. Scanlan*
		Matthew H. Scanlan, President (Principal Executive Officer)

Date:		November 21, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ *Matthew H. Scanlan*
		Matthew H. Scanlan, President (Principal Executive Officer)

Date:		November 21, 2014



By:		/s/ *Shelly Chu*
		Shelly Chu, Treasurer (Principal Financial Officer)

Date:		November 21, 2014

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	11/21/14	None on these Dates
For Period End:	9/30/14
		List all Filings

↑Top

Filing Submission 0001193125-14-422059 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

September 30, 2014 (unaudited)

Total Investments — 98.6%

(Cost $4,631,915,121)

4,483,840,440

Other Assets, Net — 1.4%

63,591,899

Total Net Assets — 100.0%

4,547,432,339