RS Variable Products Trust NCSRS Certified semi-annual shareholder report (management investment company)

RS Variable Products Trust Inactive N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21922

RS Variable Products Trust

(Exact name of registrant as specified in charter)

One Bush Street, Suite 900

San Francisco, CA

94104

(Address of principal executive offices)

(Zip code)

Matthew H. Scanlan

c/o RS Investments

One Bush Street, Suite 900

San Francisco, CA 94104

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-221-3253

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. § 3507.

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

LOGO

RS VARIABLE

PRODUCTS TRUST

RS LARGE CAP ALPHA VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS Large Cap Alpha VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			6

Statement of Operations			6

Statements of Changes in Net Assets			7

Financial Highlights			8

Notes to Financial Statements			10

Supplemental Information			14

RS Funds are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at www.rsinvestments.com/VIP.htm or to obtain a printed copy, call 800.221.3253.

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs, including, as applicable, sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including, as applicable, investment advisory fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2015, to June 30, 2015. The table below shows the Fund’s expenses in two ways:

Expenses based on actual return

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses based on hypothetical 5% return for comparison purposes

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,008.50		$2.74		0.55%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,022.07		$2.76		0.55%

*	Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS LARGE CAP ALPHA VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Common Stocks – 99.2%
Asset Management & Custodian – 5.0%
Franklin Resources, Inc.		639,220	$	31,340,957
State Street Corp.		307,860		23,705,220

				55,046,177
Automobiles – 3.2%
General Motors Co.		1,054,420		35,143,819

				35,143,819
Banks: Diversified – 9.5%
Citizens Financial Group, Inc.		1,320,040		36,050,292
The PNC Financial Services Group, Inc.		334,740		32,017,881
Wells Fargo & Co.		656,200		36,904,688

				104,972,861
Chemicals: Specialty – 2.1%
Praxair, Inc.		194,095		23,204,057

				23,204,057
Computer Services, Software & Systems – 10.6%
Google, Inc., Class A⁽¹⁾		94,764		51,176,351
Microsoft Corp.		1,146,150		50,602,522
Oracle Corp.		366,460		14,768,338

				116,547,211
Diversified Financial Services – 7.2%
Citigroup, Inc.		659,560		36,434,094
JPMorgan Chase & Co.		627,110		42,492,974

				78,927,068
Diversified Media – 4.3%
Twenty-First Century Fox, Inc., Class A		1,439,215		46,839,252

				46,839,252
Diversified Retail – 8.9%
Dollar General Corp.		501,000		38,947,740
Liberty Interactive Corp. QVC Group, Class A⁽¹⁾		2,118,234		58,780,994

				97,728,734
Drug & Grocery Store Chains – 4.0%
CVS Health Corp.		417,445		43,781,632

				43,781,632
Foods – 2.1%
Mondelez International, Inc., Class A		559,540		23,019,476

				23,019,476
Gas Pipeline – 3.1%
Kinder Morgan, Inc.		903,607		34,689,473

				34,689,473
Health Care Management Services – 2.9%
UnitedHealth Group, Inc.		257,985		31,474,170

				31,474,170


June 30, 2015 (unaudited)	Shares		Value
Home Building – 2.1%
D.R. Horton, Inc.		846,640	$	23,164,070

				23,164,070
Insurance: Life – 1.8%
Prudential Financial, Inc.		224,220		19,623,734

				19,623,734
Insurance: Multi-Line – 0.6%
American International Group, Inc.		113,350		7,007,297

				7,007,297
Insurance: Property - Casualty – 4.1%
FNF Group		539,390		19,952,036
The Progressive Corp.		889,210		24,746,714

				44,698,750
Machinery: Engines – 2.1%
Cummins, Inc.		176,455		23,149,132

				23,149,132
Oil: Crude Producers – 1.8%
Concho Resources, Inc.⁽¹⁾		83,767		9,537,711
Noble Energy, Inc.		250,330		10,684,084

				20,221,795
Oil: Integrated – 6.6%
Chevron Corp.		512,190		49,410,969
Marathon Oil Corp.		891,493		23,660,224

				73,071,193
Pharmaceuticals – 10.4%
Allergan PLC⁽¹⁾		135,626		41,157,066
Bristol-Myers Squibb Co.		216,090		14,378,629
Merck & Co., Inc.		460,211		26,199,812
Pfizer, Inc.		991,720		33,252,371

				114,987,878
Radio & TV Broadcasters – 2.0%
Sirius XM Holdings, Inc.⁽¹⁾		6,009,300		22,414,689

				22,414,689
Restaurants – 2.1%
McDonald’s Corp.		242,810		23,083,947

				23,083,947
Utilities: Electrical – 2.7%
NRG Energy, Inc.		1,299,060		29,722,493

				29,722,493
Total Common Stocks (Cost $938,838,847)				1,092,518,908


4				The accompanying notes are an integral part of these financial statements.

RS LARGE CAP ALPHA VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.8%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $9,247,000, due 7/1/2015⁽²⁾	$	9,247,000	$	9,247,000
Total Repurchase Agreements (Cost $9,247,000)				9,247,000
Total Investments - 100.0% (Cost $948,085,847)				1,101,765,908
Other Liabilities, Net - 0.0%				(385,187	)
Total Net Assets - 100.0%			$	1,101,380,721

⁽¹⁾	Non-income-producing security.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Bond

3.75%

11/15/2043

9,437,175

The following is a summary of the inputs used as of June 30, 2015, in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 1a of the accompanying Notes to Financial Statements.


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,092,518,908	$	—	$	—	$	1,092,518,908
Repurchase Agreements		—		9,247,000		—		9,247,000
Total	$	1,092,518,908	$	9,247,000	$	—	$	1,101,765,908


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — RS LARGE CAP ALPHA VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	1,101,765,908
Cash		66
Foreign currency, at value		23
Dividends receivable		601,801
Receivable for fund shares subscribed		15,461
Prepaid expenses		22,490

Total Assets		1,102,405,749


Liabilities
Payable to adviser		464,131
Payable for fund shares redeemed		400,907
Accrued trustees’ fees		16,791
Accrued expenses/other liabilities		143,199

Total Liabilities		1,025,028

Total Net Assets	$	1,101,380,721


Net Assets Consist of:
Paid-in capital	$	838,468,799
Accumulated undistributed net investment income		7,486,578
Accumulated net realized gain from investments and foreign currency transactions		101,745,284
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		153,680,060

Total Net Assets	$	1,101,380,721

Investments, at Cost	$	948,085,847

Foreign Currency, at Cost	$	24


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		21,571,600
Net Asset Value Per Share		$51.06


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Dividends	$	10,273,195

Total Investment Income		10,273,195


Expenses
Investment advisory fees		2,801,613
Professional fees		79,215
Administrative service fees		43,469
Trustees’ fees		35,142
Shareholder reports		34,324
Custodian fees		31,935
Other expenses		43,653

Total Expenses		3,069,351

Net Investment Income		7,203,844


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Foreign Currency Transactions
Net realized gain from investments		48,833,980
Net realized gain from foreign currency transactions		12
Net change in unrealized appreciation/depreciation on investments		(46,335,616	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies		(1	)

Net Gain on Investments and Foreign Currency Transactions		2,498,375

Net Increase in Net Assets Resulting from Operations	$	9,702,219


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS LARGE CAP ALPHA VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	7,203,844		$	14,465,128
Net realized gain from investments and foreign currency transactions		48,833,992			177,033,524
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities in foreign currencies		(46,335,617	)		(45,866,666	)

Net Increase in Net Assets Resulting from Operations		9,702,219			145,631,986


Distributions to Shareholders
Net investment income		—			(14,040,409	)
Net realized gain on investments		—			(140,461,280	)

Total Distributions		—			(154,501,689	)


Capital Share Transactions
Proceeds from sales of shares		10,416,923			13,074,158
Reinvestment of distributions		—			154,501,689
Cost of shares redeemed		(67,436,266	)		(164,312,930	)

Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(57,019,343	)		3,262,917

Net Decrease in Net Assets		(47,317,124	)		(5,606,786	)


Net Assets
Beginning of period		1,148,697,845			1,154,304,631

End of period	$	1,101,380,721		$	1,148,697,845

Accumulated Undistributed Net Investment Income Included in Net Assets	$	7,486,578		$	282,734


Other Information:
Shares
Sold		207,594			243,146
Reinvested		—			3,071,604
Redeemed		(1,323,644	)		(3,030,971	)

Net Increase/(Decrease)		(1,116,050	)		283,779


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — RS LARGE CAP ALPHA VIP SERIES

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all distributions).


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain/(Loss)			Total Operations			Distributions From Net Investment Income			Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	50.63	$	0.32	²	$	0.11		$	0.43		$	—		$	—		$	—
Year Ended 12/31/14		51.52		0.73			6.21			6.94			(0.71	)		(7.12	)		(7.83	)
Year Ended 12/31/13		39.00		0.63			14.40			15.03			(0.63	)		(1.88	)		(2.51	)
Year Ended 12/31/12		34.15		0.79			4.85			5.64			(0.79	)		—			(0.79	)
Year Ended 12/31/11		38.03		0.36			(3.88	)		(3.52	)		(0.36	)		—			(0.36	)
Year Ended 12/31/10		33.22		0.28			5.37			5.65			(0.84	)		—			(0.84	)


8				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS LARGE CAP ALPHA VIP SERIES



Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	51.06		0.85%	$	1,101,381		0.55%		0.55%		1.29%		1.29%		21%
	50.63		13.58%		1,148,698		0.55%		0.55%		1.27%		1.27%		56%
	51.52		38.71%		1,154,305		0.54%		0.54%		1.24%		1.24%		48%
	39.00		16.52%		972,252		0.55%		0.55%		2.02%		2.02%		63%
	34.15		(9.22)%		875,104		0.57%		0.57%		0.98%		0.98%		51%
	38.03		17.05%		974,895		0.55%		0.55%		0.75%		0.75%		60%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.‘s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.


The accompanying notes are an integral part of these financial statements.				9

NOTES TO FINANCIAL STATEMENTS — RS LARGE CAP ALPHA VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS Large Cap Alpha VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

The Fund has authorized an unlimited number of shares of beneficial interest with no par value. The Fund currently offers only Class I shares. Shares are bought and sold at closing net asset value (“NAV”). Class I shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. (“GIAC”) that fund certain variable annuity and variable life insurance contracts issued by GIAC. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (“Guardian Life”).

Note 1. Significant Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services — Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

a. Investment Valuations Marketable securities are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices . Securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”) are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates market value (see Note 4d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or for which market quotations may be considered unreliable are valued at their fair values as determined in accordance with guidelines and procedures adopted by the Trust’s Board of Trustees.

Securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market may be fair valued in accordance with guidelines and procedures adopted by the Board of Trustees. In addition, if there has been a movement in the U.S. markets that exceeds a specified threshold, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities.

In accordance with FASB Accounting Standards Codification Topic 820 (“ASC Topic 820”), fair value is defined as the price that the Fund 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 Fund’s own assumptions in determining the fair value of investments)


10

NOTES TO FINANCIAL STATEMENTS — RS LARGE CAP ALPHA VIP SERIES (UNAUDITED)

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 six months ended June 30, 2015, the Fund had no securities classified as Level 3.

The Fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. For the six months ended June 30, 2015, there were no transfers between Level 1, Level 2 and Level 3.

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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 Fund’s Board of Trustees.

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 Fund’s results of operations.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, 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 non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

b. Taxes The Fund intends to continue complying with the requirements of the Internal Revenue Code to qualify as a regulated investment company and to distribute substantially all net investment income and realized net capital gains, if any, to shareholders. Therefore, the Fund does not expect to be subject to income tax, and no provision for such tax has been made.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.

As of June 30, 2015, the Trust has reviewed the tax positions for open periods, as applicable to the Fund, and has determined that no provision for income tax is required in the Fund’s financial statements. The Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statement of Operations. For the six months ended June 30, 2015, the Fund did not incur any such interest or penalties. The Fund is not subject to examination by U.S. federal tax authorities for tax years before 2011 and by state authorities for tax years before 2010.

c. Securities Transactions Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.


				11

NOTES TO FINANCIAL STATEMENTS — RS LARGE CAP ALPHA VIP SERIES (UNAUDITED)

d. Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

e. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

f. Expenses Many expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets.

g. Distributions to Shareholders The Fund intends to declare and distribute substantially all net investment income, if any, at least once a year. Distributions of net realized capital gains, if any, are declared and paid at least once a year. Unless the Fund is instructed otherwise, all distributions to shareholders are credited in the form of additional shares of the Fund at the net asset value, recorded on the ex-dividend date.

h. Capital Accounts Due to the timing of dividend distributions and the differences in accounting for income and realized gains/(losses) for financial statement purposes versus federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains/(losses) were recorded by the Fund.

Note 2. Transactions with Affiliates

a. Advisory Fee Under the terms of the advisory agreement, which is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to RS Investment Management Co. LLC (“RS Investments”). Guardian Investor Services LLC (“GIS”), a subsidiary of Guardian Life, holds a majority interest in RS Investments. RS Investments receives an investment advisory fee based on the average daily net assets of the Fund at an annual rate of 0.50%.

b. Compensation of Trustees and Officers Trustees and officers of the Trust who are interested persons, as defined in the 1940 Act, of RS Investments receive no compensation from the Fund for acting as such. Trustees of the Trust who are not interested persons of RS Investments receive compensation and reimbursement of expenses from the Trust.

c. Principal Underwriter RS Funds Distributor LLC (“RSFD”), a wholly owned subsidiary of RS Investments, is the principal underwriter of the Fund shares. The Trust has entered into a distribution agreement with RSFD, which governs the sale and distribution of shares of the Fund. RSFD receives no compensation from the Trust or from purchasers of the Fund shares for acting as distributor of the Class I shares.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary Income

Long-Term

Capital Gains

$38,668,312

115,833,377

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences, and differing characterizations of distributions made by the Fund.

Permanent book and tax basis differences will result in reclassifications to paid-in capital, undistributed net investment income and accumulated undistributed net realized gain/(loss) on investments and foreign currency transactions. Undistributed net investment income and accumulated undistributed net realized gain/(loss) on investments and foreign currency transactions may include temporary book and tax differences, which will reverse in a subsequent period.

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:

Undistributed

Net Investment Income

Accumulated
Net Realized Gain

$(141,985)

141,985


12

NOTES TO FINANCIAL STATEMENTS — RS LARGE CAP ALPHA VIP SERIES (UNAUDITED)

The tax basis of distributable earnings as of December 31, 2014, was as follows:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

$4,804,560

48,275,079

During any particular year, net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, are normally distributed to shareholders annually.

During the year ended December 31, 2014, the Fund utilized $872,961 of capital loss carryovers.

In determining its taxable income, current tax law permits the Fund to elect to treat all or a portion of any net capital or currency loss realized after October 31 as occurring on the first day of the following fiscal year. For the year ended December 31, 2014, the Fund elected to defer net capital losses of $11,786.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $948,114,851. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $185,734,023 and $(32,082,966), respectively, resulting in net unrealized appreciation of $153,651,057.

Note 4. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $255,633,580 and $232,753,129, respectively, for the six months ended June 30, 2015.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign companies may be less liquid and their prices more volatile than those of comparable U.S. companies.

because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

d. Repurchase Agreements The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller.

Note 5. Temporary Borrowings

The Fund, with other funds managed by RS Investments, is party to a $400 million committed revolving credit facility from State Street Bank and Trust Company, in effect through August 18, 2015, for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is calculated based on market rates at the time of borrowing.

For the six months ended June 30, 2015, the Fund did not borrow under the facility.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. This information is also available, without charge, upon request, by calling toll-free 800-221-3253.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (i) without charge, upon request, by calling toll-free 800-221-3253; and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.

This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless accompanied or preceded by that Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.


14

LOGO

RS VARIABLE

PRODUCTS TRUST

RS SMALL CAP GROWTH EQUITY VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS Small Cap Growth Equity VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			7

Statement of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			10

Notes to Financial Statements			12

Supplemental Information			16

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,132.80		$4.60		0.87%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.48		$4.36		0.87%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Common Stocks – 98.6%
Advertising Agencies – 0.8%
Constant Contact, Inc.⁽¹⁾		33,390	$	960,296

				960,296
Aerospace – 2.7%
HEICO Corp., Class A		37,916		1,924,995
Teledyne Technologies, Inc.⁽¹⁾		14,370		1,516,179

				3,441,174
Air Transport – 1.5%
Allegiant Travel Co.		10,910		1,940,671

				1,940,671
Asset Management & Custodian – 0.9%
WisdomTree Investments, Inc.		51,580		1,132,955

				1,132,955
Auto Parts – 1.0%
Tenneco, Inc.⁽¹⁾		22,800		1,309,632

				1,309,632
Back Office Support, HR and Consulting – 4.4%
Ritchie Bros. Auctioneers, Inc.		63,650		1,777,108
Robert Half International, Inc.		35,580		1,974,690
TrueBlue, Inc.⁽¹⁾		60,180		1,799,382

				5,551,180
Banks: Diversified – 1.7%
Western Alliance Bancorp⁽¹⁾		62,710		2,117,090

				2,117,090
Biotechnology – 16.9%
Amicus Therapeutics, Inc.⁽¹⁾		107,577		1,522,215
aTyr Pharma, Inc.⁽¹⁾		26,786		496,077
Bluebird Bio, Inc.⁽¹⁾		10,185		1,714,848
Blueprint Medicines Corp.⁽¹⁾		19,720		522,383
Celyad, ADR⁽¹⁾		8,790		457,256
Chimerix, Inc.⁽¹⁾		26,069		1,204,388
Galapagos N.V., ADR⁽¹⁾		11,160		574,740
Ignyta, Inc.⁽¹⁾		36,270		547,314
Immune Design Corp.⁽¹⁾		30,490		629,618
Kite Pharma, Inc.⁽¹⁾		16,100		981,617
Ligand Pharmaceuticals, Inc.⁽¹⁾		17,147		1,730,132
Lion Biotechnologies, Inc.⁽¹⁾		63,920		586,146
Loxo Oncology, Inc.⁽¹⁾		43,980		792,959
Neurocrine Biosciences, Inc.⁽¹⁾		28,186		1,346,163
Receptos, Inc.⁽¹⁾		6,235		1,184,962
Repligen Corp.⁽¹⁾		34,120		1,408,132
Sage Therapeutics, Inc.⁽¹⁾		15,050		1,098,650
Spark Therapeutics, Inc.⁽¹⁾		13,900		837,753
Tekmira Pharmaceuticals Corp.⁽¹⁾		37,930		449,850
Ultragenyx Pharmaceutical, Inc.⁽¹⁾		13,604		1,392,914
Vital Therapies, Inc.⁽¹⁾		66,260		1,398,086
Zafgen, Inc.⁽¹⁾		17,850		618,146

				21,494,349


June 30, 2015 (unaudited)	Shares		Value
Building Materials – 1.6%
Caesarstone Sdot-Yam Ltd.		7,380	$	505,825
Headwaters, Inc.⁽¹⁾		81,600		1,486,752

				1,992,577
Chemicals: Diversified – 1.3%
Chemtura Corp.⁽¹⁾		57,870		1,638,300

				1,638,300
Communications Technology – 1.6%
RingCentral, Inc., Class A⁽¹⁾		108,859		2,012,803

				2,012,803
Computer Services, Software & Systems – 11.4%
Barracuda Networks, Inc.⁽¹⁾		41,821		1,656,948
Black Knight Financial Services, Inc., Class A⁽¹⁾		17,640		544,547
comScore, Inc.⁽¹⁾		43,600		2,322,136
Demandware, Inc.⁽¹⁾		12,720		904,138
LogMeIn, Inc.⁽¹⁾		55,200		3,559,848
Proofpoint, Inc.⁽¹⁾		54,810		3,489,753
The Ultimate Software Group, Inc.⁽¹⁾		12,316		2,024,011

				14,501,381
Consumer Lending – 1.7%
PRA Group, Inc.⁽¹⁾		34,784		2,167,391

				2,167,391
Diversified Materials & Processing – 1.6%
Hexcel Corp.		41,808		2,079,530

				2,079,530
Electronic Entertainment – 1.4%
Take-Two Interactive Software, Inc.⁽¹⁾		65,650		1,809,971

				1,809,971
Entertainment – 1.6%
IMAX Corp.⁽¹⁾		51,100		2,057,797

				2,057,797
Financial Data & Systems – 4.3%
Blackhawk Network Holdings, Inc.⁽¹⁾		37,990		1,565,188
Euronet Worldwide, Inc.⁽¹⁾		45,208		2,789,334
Heartland Payment Systems, Inc.		21,410		1,157,210

				5,511,732
Foods – 3.0%
Freshpet, Inc.⁽¹⁾		77,740		1,445,964
Pinnacle Foods, Inc.		53,570		2,439,578

				3,885,542
Health Care Services – 2.5%
Acadia Healthcare Co., Inc.⁽¹⁾		22,080		1,729,526
ExamWorks Group, Inc.⁽¹⁾		35,370		1,382,967
Teladoc, Inc.⁽¹⁾⁽²⁾		2,560		48,640

				3,161,133
Hotel/Motel – 1.9%
La Quinta Holdings, Inc.⁽¹⁾		104,390		2,385,311

				2,385,311


4				The accompanying notes are an integral part of these financial statements.

RS SMALL CAP GROWTH EQUITY VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Household Furnishings – 1.5%
Restoration Hardware Holdings, Inc.⁽¹⁾		19,170	$	1,871,567

				1,871,567
Leisure Time – 2.5%
ClubCorp Holdings, Inc.		48,420		1,156,270
Marriott Vacations Worldwide Corp.		22,020		2,020,335

				3,176,605
Medical & Dental Instruments & Supplies – 5.3%
AtriCure, Inc.⁽¹⁾		64,871		1,598,422
Entellus Medical, Inc.⁽¹⁾		32,460		839,740
Intersect ENT, Inc.⁽¹⁾		24,280		695,136
STERIS Corp.		26,260		1,692,194
West Pharmaceutical Services, Inc.		32,882		1,909,787

				6,735,279
Medical Equipment – 3.5%
DexCom, Inc.⁽¹⁾		20,189		1,614,716
NxStage Medical, Inc.⁽¹⁾		139,470		1,992,329
Zeltiq Aesthetics, Inc.⁽¹⁾		27,690		816,024

				4,423,069
Office Supplies & Equipment – 1.4%
Steelcase, Inc., Class A		91,910		1,738,018

				1,738,018
Oil: Crude Producers – 1.3%
Carrizo Oil & Gas, Inc.⁽¹⁾		16,270		801,135
Diamondback Energy, Inc.⁽¹⁾		11,670		879,684

				1,680,819
Oil: Refining & Marketing – 0.5%
Western Refining, Inc.		14,580		635,980

				635,980
Oil Well Equipment & Services – 0.6%
RigNet, Inc.⁽¹⁾		24,523		749,668

				749,668
Pharmaceuticals – 0.5%
Ascendis Pharma A/S, ADR⁽¹⁾		36,790		646,768

				646,768
Restaurants – 5.0%
Papa John’s International, Inc.		23,730		1,794,225
Popeyes Louisiana Kitchen, Inc.⁽¹⁾		24,470		1,467,955
Red Robin Gourmet Burgers, Inc.⁽¹⁾		27,430		2,354,043
Wingstop, Inc.⁽¹⁾		27,790		789,236

				6,405,459
Scientific Instruments: Electrical – 0.7%
Littelfuse, Inc.		9,430		894,813

				894,813
Securities Brokerage & Services – 0.4%
MarketAxess Holdings, Inc.		6,104		566,268

				566,268


June 30, 2015 (unaudited)	Shares		Value
Semiconductors & Components – 3.9%
M/A-COM Technology Solutions Holdings, Inc.⁽¹⁾		48,829	$	1,867,709
Monolithic Power Systems, Inc.		28,220		1,431,036
Tower Semiconductor Ltd.⁽¹⁾		109,237		1,686,620

				4,985,365
Specialty Retail – 2.4%
Boot Barn Holdings, Inc.⁽¹⁾		47,070		1,506,240
Lithia Motors, Inc., Class A		14,100		1,595,556

				3,101,796
Steel – 1.3%
Steel Dynamics, Inc.		82,290		1,704,637

				1,704,637
Textiles, Apparel & Shoes – 2.1%
Carter’s, Inc.		11,936		1,268,797
G-III Apparel Group Ltd.⁽¹⁾		19,290		1,357,051

				2,625,848
Truckers – 1.0%
Knight Transportation, Inc.		48,970		1,309,458

				1,309,458
Utilities: Telecommunications – 0.9%
Cogent Communications Holdings, Inc.		34,470		1,166,465

				1,166,465
Total Common Stocks (Cost $95,693,911)				125,568,697

	Principal Amount		Value
Repurchase Agreements – 2.3%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $2,913,000, due 7/1/2015⁽³⁾	$	2,913,000		2,913,000
Total Repurchase Agreements (Cost $2,913,000)				2,913,000
Total Investments - 100.9% (Cost $98,606,911)				128,481,697
Other Liabilities, Net - (0.9)%				(1,121,967	)
Total Net Assets - 100.0%			$	127,359,730

⁽¹⁾	Non-income-producing security.

⁽²⁾	Fair valued security. See 1a in Notes to Financial Statements.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Bond

4.75%

2/15/2041

2,976,538

Legend:

ADR — American Depositary Receipt.


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks
Other	$	125,520,057	$	—	$	—	$	125,520,057
Teladoc, Inc.		—		—		48,640		48,640
Repurchase Agreements		—		2,913,000		—		2,913,000
Total	$	125,520,057	$	2,913,000	$	48,640	$	128,481,697

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


	Investment in Securities (unaudited)
Balance as of 12/31/2014	$	—
Change in unrealized appreciation/depreciation		—
Net realized gain/loss		—
Purchases		48,640
Sales		—
Transfers into/out of Level 3		—
Balance as of 6/30/2015	$	48,640

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

Security

Fair Value at

6/30/2015

Valuation

Technique

Unobservable

Input

Range of

Unobservable

Inputs

Teladoc, Inc.

48,640

Purchase
price

Initial public-
offering price⁽¹⁾

19.00 per share

⁽¹⁾	The Fund invested in this security offered in an initial public offering on June 30, 2015. Trading commenced on July 1, 2015.


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS SMALL CAP GROWTH EQUITY VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	128,481,697
Cash		971
Receivable for investments sold		483,908
Receivable for fund shares subscribed		37,056
Dividends receivable		34,962
Prepaid expenses		2,432

Total Assets		129,041,026


Liabilities
Payable for investments purchased		1,374,413
Payable for fund shares redeemed		190,216
Payable to adviser		79,327
Accrued trustees’ fees		1,883
Accrued expenses/other liabilities		35,457

Total Liabilities		1,681,296

Total Net Assets	$	127,359,730


Net Assets Consist of:
Paid-in capital	$	83,017,110
Accumulated net investment loss		(280,325	)
Accumulated net realized gain from investments		14,748,159
Net unrealized appreciation on investments		29,874,786

Total Net Assets	$	127,359,730

Investments, at Cost	$	98,606,911


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		6,434,801
Net Asset Value Per Share		$19.79


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Dividends	$	250,444
Withholding taxes on foreign dividends		(2,327	)

Total Investment Income		248,117


Expenses
Investment advisory fees		458,007
Custodian fees		25,684
Professional fees		15,876
Transfer agent fees		11,035
Shareholder reports		6,321
Administrative service fees		4,547
Trustees’ fees		3,789
Other expenses		3,183

Total Expenses		528,442

Net Investment Loss		(280,325	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments
Net realized gain from investments		12,173,261
Net change in unrealized appreciation/depreciation on investments		3,384,894

Net Gain on Investments		15,558,155

Net Increase in Net Assets Resulting from Operations	$	15,277,830


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — RS SMALL CAP GROWTH EQUITY VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment loss	$	(280,325	)	$	(682,742	)
Net realized gain from investments		12,173,261			16,974,245
Net change in unrealized appreciation/depreciation on investments		3,384,894			(5,521,746	)

Net Increase in Net Assets Resulting from Operations		15,277,830			10,769,757


Distributions to Shareholders
Net realized gain on investments		—			(18,762,603	)

Total Distributions		—			(18,762,603	)


Capital Share Transactions
Proceeds from sales of shares		3,821,445			9,719,270
Reinvestment of distributions		—			18,762,603
Cost of shares redeemed		(9,883,400	)		(22,910,434	)

Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(6,061,955	)		5,571,439

Net Increase/(Decrease) in Net Assets		9,215,875			(2,421,407	)


Net Assets
Beginning of period		118,143,855			120,565,262

End of period	$	127,359,730		$	118,143,855

Accumulated Undistributed Net Investment Loss Included in Net Assets	$	(280,325	)	$	—


Other Information:
Shares
Sold		203,910			518,613
Reinvested		—			1,082,666
Redeemed		(529,861	)		(1,230,063	)

Net Increase/(Decrease)		(325,951	)		371,216


8				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				9

FINANCIAL INFORMATION — RS SMALL CAP GROWTH EQUITY VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Loss			Net Realized and Unrealized Gain/(Loss)			Total Operations			Distributions From Net Investment Income		Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	17.47	$	(0.04	)²	$	2.36		$	2.32		$	—	$	—		$	—
Year Ended 12/31/14		18.87		(0.10	)		1.98			1.88			—		(3.28	)		(3.28	)
Year Ended 12/31/13		14.83		(0.10	)		7.39			7.29			—		(3.25	)		(3.25	)
Year Ended 12/31/12		12.84		(0.07	)		2.06			1.99			—		—			—
Year Ended 12/31/11		13.14		(0.09	)		(0.21	)		(0.30	)		—		—			—
Year Ended 12/31/10		10.30		(0.07	)		2.91			2.84			—		—			—


10				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS SMALL CAP GROWTH EQUITY VIP SERIES


		��
Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Loss to Average Net Assets⁴		Gross Ratio of Net Investment Loss to Average Net Assets		Portfolio Turnover Rate
$	19.79		13.28%	$	127,360		0.87%		0.87%		(0.46)%		(0.46)%		44%
	17.47		10.13%		118,144		0.86%		0.86%		(0.60)%		(0.60)%		95%
	18.87		50.13%		120,565		0.85%		0.85%		(0.59)%		(0.59)%		101%
	14.83		15.50%		88,116		0.88%		0.88%		(0.46)%		(0.46)%		98%
	12.84		(2.28)%		85,224		0.86%		0.86%		(0.63)%		(0.63)%		97%
	13.14		27.57%		100,229		0.86%		0.86%		(0.52)%		(0.52)%		121%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.‘s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.


The accompanying notes are an integral part of these financial statements.				11

NOTES TO FINANCIAL STATEMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS Small Cap Growth Equity VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

a. Investment Valuations Marketable securities are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”) are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates market value (see Note 4d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”).

•

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

•

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


12

NOTES TO FINANCIAL STATEMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES (UNAUDITED)

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.

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.


				13

NOTES TO FINANCIAL STATEMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES (UNAUDITED)

e. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

Note 2. Transactions with Affiliates

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$1,494,179

$17,268,424

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Undistributed

Net Investment Loss

Accumulated
Net Realized Gain

$(697,450)

682,742

14,708


14

NOTES TO FINANCIAL STATEMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES (UNAUDITED)

The tax basis of distributable earnings as of December 31, 2014, was as follows:


		Undistributed Long-Term Capital Gains
			$3,054,947

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $98,053,096. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $31,703,909 and $(2,275,308), respectively, resulting in net unrealized appreciation of $29,428,601.

Note 4. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $52,822,616 and $59,004,737, respectively, for the six months ended June 30, 2015.

c. Industry or Sector Concentration In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

Note 5. Temporary Borrowings

For the six months ended June 30, 2015, the Fund did not borrow under the facility.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling toll-free 800-221-3253; and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


16

LOGO

RS VARIABLE

PRODUCTS TRUST

RS S&P 500 INDEX VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS S&P 500 Index VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			12

Statement of Operations			12

Statements of Changes in Net Assets			13

Financial Highlights			14

Notes to Financial Statements			16

Supplemental Information			21

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return		$1,000.00		$1,011.40		$1.40		0.28%
Based on Hypothetical Return (5% Return Before Expenses)		$1,000.00		$1,023.41		$1.40		0.28%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Common Stocks – 98.1%
Advertising Agencies – 0.2%
Nielsen N.V.		2,128	$	95,271
Omnicom Group, Inc.		1,664		115,631
The Interpublic Group of Companies, Inc.		2,781		53,590

				264,492
Aerospace – 2.0%
General Dynamics Corp.		2,125		301,091
L-3 Communications Holdings, Inc.		570		64,627
Lockheed Martin Corp.		1,809		336,293
Northrop Grumman Corp.		1,338		212,247
Raytheon Co.		2,073		198,345
Rockwell Collins, Inc.		897		82,838
Textron, Inc.		1,867		83,324
The Boeing Co.		4,418		612,865
United Technologies Corp.		5,573		618,213

				2,509,843
Air Transport – 0.7%
American Airlines Group, Inc.		4,837		193,165
Delta Air Lines, Inc.		5,559		228,364
FedEx Corp.		1,777		302,801
Southwest Airlines Co.		4,559		150,857

				875,187
Aluminum – 0.1%
Alcoa, Inc.		8,242		91,898

				91,898
Asset Management & Custodian – 0.9%
Affiliated Managers Group, Inc.⁽¹⁾		378		82,631
BlackRock, Inc.		856		296,159
Franklin Resources, Inc.		2,642		129,537
Invesco Ltd.		2,895		108,533
Legg Mason, Inc.		669		34,474
Northern Trust Corp.		1,480		113,161
State Street Corp.		2,781		214,137
T. Rowe Price Group, Inc.		1,759		136,727

				1,115,359
Auto Parts – 0.4%
BorgWarner, Inc.		1,527		86,795
Delphi Automotive PLC		1,958		166,606
Genuine Parts Co.		1,030		92,216
Johnson Controls, Inc.		4,433		219,566

				565,183
Auto Services – 0.0%
The Goodyear Tire & Rubber Co.		1,818		54,813

				54,813
Automobiles – 0.6%
Ford Motor Co.		26,676		400,407
General Motors Co.		9,122		304,036

				704,443
Back Office Support, HR and Consulting – 0.6%
Accenture PLC, Class A		4,236		409,960


June 30, 2015 (unaudited)	Shares		Value
Back Office Support, HR and Consulting (continued)
Automatic Data Processing, Inc.		3,204	$	257,057
Paychex, Inc.		2,204		103,323
Robert Half International, Inc.		912		50,616

				820,956
Banks: Diversified – 3.8%
Bank of America Corp.⁽²⁾		70,935		1,207,314
BB&T Corp.		4,861		195,947
Comerica, Inc.		1,203		61,738
Fifth Third Bancorp		5,495		114,406
Huntington Bancshares, Inc.		5,463		61,787
KeyCorp		5,768		86,635
M&T Bank Corp.		911		113,811
Regions Financial Corp.		9,056		93,820
SunTrust Banks, Inc.		3,538		152,205
The PNC Financial Services Group, Inc.		3,512		335,923
U.S. Bancorp		12,011		521,277
Wells Fargo & Co.		31,616		1,778,084
Zions Bancorporation		1,369		43,445

				4,766,392
Banks: Savings, Thrift & Mortgage Lending – 0.1%
Hudson City Bancorp, Inc.		3,246		32,070
People’s United Financial, Inc.		2,079		33,701

				65,771
Beverage: Brewers & Distillers – 0.2%
Brown-Forman Corp., Class B		1,051		105,289
Constellation Brands, Inc., Class A		1,135		131,683
Molson Coors Brewing Co., Class B		1,078		75,255

				312,227
Beverage: Soft Drinks – 1.8%
Coca-Cola Enterprises, Inc.		1,464		63,596
Dr. Pepper Snapple Group, Inc.		1,302		94,916
Keurig Green Mountain, Inc.		818		62,683
Monster Beverage Corp.⁽¹⁾		986		132,144
PepsiCo, Inc.		9,996		933,027
The Coca-Cola Co.		26,498		1,039,516

				2,325,882
Biotechnology – 2.6%
AbbVie, Inc.		10,748		722,158
Alexion Pharmaceuticals, Inc.⁽¹⁾		1,364		246,570
Amgen, Inc.		5,118		785,716
Biogen, Inc.⁽¹⁾		1,583		639,437
Celgene Corp.⁽¹⁾		5,399		624,853
Regeneron Pharmaceuticals, Inc.⁽¹⁾		498		254,045

				3,272,779
Building Materials – 0.2%
Martin Marietta Materials, Inc.		431		60,991
Masco Corp.		2,357		62,861
Vulcan Materials Co.		904		75,873

				199,725


4				The accompanying notes are an integral part of these financial statements.

RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Building: Climate Control – 0.1%
Ingersoll-Rand PLC		1,776	$	119,738

				119,738
Cable Television Services – 1.4%
Cablevision Systems Corp., Class A		1,480		35,431
Comcast Corp., Class A		17,135		1,030,499
DIRECTV⁽¹⁾		3,391		314,651
Scripps Networks Interactive, Inc., Class A		657		42,948
Time Warner Cable, Inc.		1,895		337,632

				1,761,161
Chemicals: Diversified – 1.0%
Airgas, Inc.		463		48,976
E.I. du Pont de Nemours & Co.		6,106		390,479
Eastman Chemical Co.		1,003		82,066
Ecolab, Inc.		1,817		205,448
FMC Corp.		899		47,242
Sigma-Aldrich Corp.		806		112,316
The Dow Chemical Co.		7,339		375,537

				1,262,064
Chemicals: Specialty – 0.6%
Air Products & Chemicals, Inc.		1,301		178,016
International Flavors & Fragrances, Inc.		545		59,563
LyondellBasell Industries N.V., Class A		2,671		276,502
Praxair, Inc.		1,948		232,883

				746,964
Coal – 0.0%
CONSOL Energy, Inc.		1,553		33,762

				33,762
Commercial Services: Rental & Leasing – 0.1%
Ryder System, Inc.		367		32,065
United Rentals, Inc.⁽¹⁾		651		57,040

				89,105
Commercial Vehicles & Parts – 0.1%
PACCAR, Inc.		2,391		152,570

				152,570
Communications Technology – 1.4%
Cisco Systems, Inc.		34,422		945,228
Harris Corp.		703		54,068
Juniper Networks, Inc.		2,443		63,445
QUALCOMM, Inc.		11,124		696,696

				1,759,437
Computer Services, Software & Systems – 6.8%
Adobe Systems, Inc.⁽¹⁾		3,209		259,961
Akamai Technologies, Inc.⁽¹⁾		1,206		84,203
Autodesk, Inc.⁽¹⁾		1,529		76,565
CA, Inc.		2,150		62,974
Citrix Systems, Inc.⁽¹⁾		1,078		75,632
Cognizant Technology Solutions Corp., Class A⁽¹⁾		4,111		251,141
Computer Sciences Corp.⁽¹⁾		952		62,489


June 30, 2015 (unaudited)	Shares		Value
Computer Services, Software & Systems (continued)
F5 Networks, Inc.⁽¹⁾		499	$	60,055
Facebook, Inc., Class A⁽¹⁾		14,156		1,214,089
Google, Inc., Class A⁽¹⁾		1,926		1,040,117
Google, Inc., Class C⁽¹⁾		1,935		1,007,187
Intuit, Inc.		1,866		188,037
Microsoft Corp.⁽²⁾		55,319		2,442,334
Oracle Corp.		21,617		871,165
Red Hat, Inc.⁽¹⁾		1,237		93,925
Salesforce.com, Inc.⁽¹⁾		4,080		284,090
Symantec Corp.		4,602		106,997
Teradata Corp.⁽¹⁾		979		36,223
VeriSign, Inc.⁽¹⁾		710		43,821
Yahoo!, Inc.⁽¹⁾		5,871		230,672

				8,491,677
Computer Technology – 5.6%
Apple, Inc.⁽²⁾		39,277		4,926,318
EMC Corp.		13,406		353,784
Hewlett-Packard Co.		12,256		367,803
International Business Machines Corp.⁽²⁾		6,199		1,008,329
NetApp, Inc.		2,103		66,371
SanDisk Corp.		1,437		83,662
Seagate Technology PLC		2,214		105,165
Western Digital Corp.		1,465		114,885

				7,026,317
Consumer Electronics – 0.1%
Garmin Ltd.		815		35,803
Harman International Industries, Inc.		470		55,902

				91,705
Consumer Lending – 0.0%
Navient Corp.		2,708		49,313

				49,313
Consumer Services: Miscellaneous – 0.4%
eBay, Inc.⁽¹⁾		7,426		447,342
H & R Block, Inc.		1,857		55,060

				502,402
Containers & Packaging – 0.2%
Ball Corp.		927		65,029
MeadWestvaco Corp.		1,130		53,325
Owens-Illinois, Inc.⁽¹⁾		1,108		25,417
Sealed Air Corp.		1,418		72,857

				216,628
Copper – 0.1%
Freeport-McMoRan, Inc.		7,012		130,563

				130,563
Cosmetics – 0.1%
The Estee Lauder Companies, Inc., Class A		1,505		130,423

				130,423
Diversified Financial Services – 3.7%
Ameriprise Financial, Inc.		1,231		153,789


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Diversified Financial Services (continued)
Capital One Financial Corp.		3,720	$	327,248
Citigroup, Inc.		20,458		1,130,100
JPMorgan Chase & Co.⁽²⁾		25,141		1,703,554
Leucadia National Corp.		2,127		51,643
Morgan Stanley		10,397		403,300
The Bank of New York Mellon Corp.		7,512		315,279
The Goldman Sachs Group, Inc.		2,732		570,414

				4,655,327
Diversified Manufacturing Operations – 3.1%
3M Co.		4,281		660,558
Danaher Corp.		4,141		354,428
Dover Corp.		1,100		77,198
Eaton Corp. PLC		3,201		216,036
General Electric Co.⁽²⁾		67,869		1,803,279
Honeywell International, Inc.		5,278		538,198
Illinois Tool Works, Inc.		2,354		216,074

				3,865,771
Diversified Media – 0.8%
Discovery Communications, Inc., Class A⁽¹⁾		1,003		33,360
Discovery Communications, Inc., Class C⁽¹⁾		1,823		56,659
News Corp., Class A⁽¹⁾		3,368		49,139
Time Warner, Inc.		5,601		489,583
Twenty-First Century Fox, Inc., Class A		12,330		401,280

				1,030,021
Diversified Retail – 2.6%
Amazon.com, Inc.⁽¹⁾		2,568		1,114,743
Costco Wholesale Corp.		2,967		400,723
Dollar General Corp.		2,047		159,134
Dollar Tree, Inc.⁽¹⁾		1,387		109,559
Family Dollar Stores, Inc.		661		52,093
Kohl’s Corp.		1,363		85,337
Macy’s, Inc.		2,297		154,979
Nordstrom, Inc.		949		70,701
Target Corp.		4,296		350,682
Wal-Mart Stores, Inc.		10,650		755,405

				3,253,356
Drug & Grocery Store Chains – 1.3%
CVS Health Corp.		7,588		795,829
The Kroger Co.		3,314		240,298
Walgreens Boots Alliance, Inc.		5,880		496,507
Whole Foods Market, Inc.		2,433		95,958

				1,628,592
Electronic Components – 0.4%
Amphenol Corp., Class A		2,092		121,273
Corning, Inc.		8,573		169,146
TE Connectivity Ltd.		2,740		176,182

				466,601


June 30, 2015 (unaudited)	Shares		Value
Electronic Entertainment – 0.1%
Electronic Arts, Inc.⁽¹⁾		2,097	$	139,450

				139,450
Energy Equipment – 0.0%
First Solar, Inc.⁽¹⁾		519		24,383

				24,383
Engineering & Contracting Services – 0.1%
Fluor Corp.		997		52,851
Jacobs Engineering Group, Inc.⁽¹⁾		866		35,177
Quanta Services, Inc.⁽¹⁾		1,426		41,097

				129,125
Entertainment – 1.1%
The Walt Disney Co.		10,544		1,203,492
Viacom, Inc., Class B		2,463		159,208

				1,362,700
Environmental, Maintenance, And Security Services – 0.1%
Cintas Corp.		667		56,422
Stericycle, Inc.⁽¹⁾		586		78,471

				134,893
Fertilizers – 0.4%
CF Industries Holdings, Inc.		1,655		106,383
Monsanto Co.		3,259		347,377
The Mosaic Co.		2,097		98,245

				552,005
Financial Data & Systems – 2.4%
Alliance Data Systems Corp.⁽¹⁾		424		123,783
American Express Co.		5,911		459,403
Discover Financial Services		3,016		173,782
Equifax, Inc.		806		78,255
Fidelity National Information Services, Inc.		1,923		118,841
Fiserv, Inc.⁽¹⁾		1,610		133,356
MasterCard, Inc., Class A		6,583		615,379
McGraw Hill Financial, Inc.		1,845		185,330
Moody’s Corp.		1,199		129,444
The Dun & Bradstreet Corp.		251		30,622
The Western Union Co.		3,517		71,501
Total System Services, Inc.		1,111		46,406
Visa, Inc., Class A		13,082		878,456

				3,044,558
Foods – 1.5%
Campbell Soup Co.		1,199		57,132
ConAgra Foods, Inc.		2,872		125,564
General Mills, Inc.		4,072		226,892
Hormel Foods Corp.		909		51,240
Kellogg Co.		1,708		107,092
Kraft Foods Group, Inc.		3,965		337,580
McCormick & Co., Inc.		865		70,022
Mead Johnson Nutrition Co.		1,365		123,150
Mondelez International, Inc., Class A		11,123		457,600
Sysco Corp.		3,995		144,220


6				The accompanying notes are an integral part of these financial statements.

RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Foods (continued)
The Hershey Co.		998	$	88,652
The JM Smucker Co.		659		71,442
Tyson Foods, Inc., Class A		1,971		84,024

				1,944,610
Fruit & Grain Processing – 0.2%
Archer-Daniels-Midland Co.		4,278		206,285

				206,285
Gas Pipeline – 0.5%
EQT Corp.		1,025		83,374
Kinder Morgan, Inc.		11,491		441,139
Spectra Energy Corp.		4,526		147,548

				672,061
Gold – 0.1%
Newmont Mining Corp.		3,364		78,583

				78,583
Health Care Facilities – 0.3%
DaVita HealthCare Partners, Inc.⁽¹⁾		1,165		92,583
HCA Holdings, Inc.⁽¹⁾		1,986		180,170
Tenet Healthcare Corp.⁽¹⁾		676		39,127
Universal Health Services, Inc., Class B		614		87,249

				399,129
Health Care Management Services – 1.5%
Aetna, Inc.		2,372		302,335
Anthem, Inc.		1,799		295,288
CIGNA Corp.		1,743		282,366
Humana, Inc.		1,009		193,001
UnitedHealth Group, Inc.		6,431		784,582

				1,857,572
Health Care Services – 0.7%
Cerner Corp.⁽¹⁾		2,056		141,987
Express Scripts Holding Co.⁽¹⁾		4,902		435,984
McKesson Corp.		1,571		353,177

				931,148
Home Building – 0.1%
D.R. Horton, Inc.		2,243		61,369
Lennar Corp., Class A		1,204		61,452
PulteGroup, Inc.		2,235		45,035

				167,856
Hotel/Motel – 0.3%
Marriott International, Inc., Class A		1,399		104,072
Starwood Hotels & Resorts Worldwide, Inc.		1,158		93,902
Wyndham Worldwide Corp.		813		66,593
Wynn Resorts Ltd.		560		55,255

				319,822
Household Appliances – 0.1%
Whirlpool Corp.		539		93,274

				93,274
Household Equipment & Products – 0.1%
Newell Rubbermaid, Inc.		1,829		75,190

				75,190


June 30, 2015 (unaudited)	Shares		Value
Household Furnishings – 0.1%
Leggett & Platt, Inc.		933	$	45,419
Mohawk Industries, Inc.⁽¹⁾		419		79,987

				125,406
Insurance: Life – 0.6%
Aflac, Inc.		2,960		184,112
Lincoln National Corp.		1,729		102,391
Principal Financial Group, Inc.		1,845		94,630
Prudential Financial, Inc.		3,062		267,986
Torchmark Corp.		858		49,953
Unum Group		1,696		60,632

				759,704
Insurance: Multi-Line – 2.6%
American International Group, Inc.		9,255		572,144
Aon PLC		1,890		188,395
Assurant, Inc.		476		31,892
Berkshire Hathaway, Inc., Class B⁽¹⁾		12,298		1,673,881
Genworth Financial, Inc., Class A⁽¹⁾		3,350		25,359
Loews Corp.		2,014		77,559
Marsh & McLennan Companies, Inc.		3,634		206,048
MetLife, Inc.		7,535		421,885
The Hartford Financial Services Group, Inc.		2,839		118,017

				3,315,180
Insurance: Property–Casualty – 0.8%
ACE Ltd.		2,208		224,509
Cincinnati Financial Corp.		997		50,030
The Allstate Corp.		2,808		182,155
The Chubb Corp.		1,557		148,133
The Progressive Corp.		3,614		100,578
The Travelers Companies, Inc.		2,168		209,559
XL Group PLC		1,722		64,058

				979,022
Leisure Time – 0.6%
Carnival Corp.		3,038		150,047
Expedia, Inc.		667		72,936
Royal Caribbean Cruises Ltd.		1,111		87,425
The Priceline.com, Inc.⁽¹⁾		351		404,131
TripAdvisor, Inc.⁽¹⁾		752		65,529

				780,068
Luxury Items – 0.1%
Fossil Group, Inc.⁽¹⁾		312		21,641
Tiffany & Co.		759		69,676

				91,317
Machinery: Agricultural – 0.2%
Deere & Co.		2,290		222,244

				222,244
Machinery: Construction & Handling – 0.3%
Caterpillar, Inc.		4,088		346,744

				346,744


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Machinery: Engines – 0.1%
Cummins, Inc.		1,136	$	149,032

				149,032
Machinery: Industrial – 0.0%
Joy Global, Inc.		657		23,783

				23,783
Machinery: Tools – 0.1%
Snap-on, Inc.		402		64,018
Stanley Black & Decker, Inc.		1,062		111,765

				175,783
Medical & Dental Instruments & Supplies – 0.9%
Becton Dickinson and Co.		1,408		199,443
Boston Scientific Corp.⁽¹⁾		8,972		158,804
CR Bard, Inc.		501		85,521
DENTSPLY International, Inc.		947		48,818
Edwards Lifesciences Corp.⁽¹⁾		728		103,689
Henry Schein, Inc.⁽¹⁾		578		82,145
Patterson Companies, Inc.		578		28,120
St. Jude Medical, Inc.		1,897		138,614
Stryker Corp.		2,018		192,860
Zimmer Biomet Holdings, Inc.		1,146		125,178

				1,163,192
Medical Equipment – 1.3%
Agilent Technologies, Inc.		2,265		87,384
Baxter International, Inc.		3,659		255,874
Intuitive Surgical, Inc.⁽¹⁾		255		123,547
Medtronic PLC		9,610		712,101
PerkinElmer, Inc.		763		40,164
Thermo Fisher Scientific, Inc.		2,676		347,238
Varian Medical Systems, Inc.⁽¹⁾		675		56,923

				1,623,231
Medical Services – 0.1%
Laboratory Corp. of America Holdings⁽¹⁾		677		82,066
Quest Diagnostics, Inc.		974		70,634

				152,700
Metal Fabricating – 0.2%
Fastenal Co.		1,834		77,358
Precision Castparts Corp.		956		191,076

				268,434
Office Supplies & Equipment – 0.1%
Avery Dennison Corp.		611		37,234
Pitney Bowes, Inc.		1,360		28,302
Xerox Corp.		7,050		75,012

				140,548
Offshore Drilling & Other Services – 0.1%
Diamond Offshore Drilling, Inc.		464		11,976
Noble Corp. PLC		1,632		25,116
Transocean Ltd.		2,297		37,028

				74,120


June 30, 2015 (unaudited)	Shares		Value
Oil: Crude Producers – 1.5%
Anadarko Petroleum Corp.		3,417	$	266,731
Apache Corp.		2,541		146,438
Cabot Oil & Gas Corp.		2,787		87,902
Chesapeake Energy Corp.		3,489		38,972
Cimarex Energy Co.		601		66,296
Devon Energy Corp.		2,606		155,031
EOG Resources, Inc.		3,699		323,848
Newfield Exploration Co.⁽¹⁾		1,085		39,190
Noble Energy, Inc.		2,608		111,309
Occidental Petroleum Corp.		5,196		404,093
Pioneer Natural Resources Co.		1,005		139,384
QEP Resources, Inc.		1,090		20,176
Range Resources Corp.		1,119		55,256
Southwestern Energy Co.⁽¹⁾		2,593		58,939

				1,913,565
Oil: Integrated – 3.7%
Chevron Corp.		12,679		1,223,143
ConocoPhillips		8,304		509,949
Exxon Mobil Corp.⁽²⁾		28,286		2,353,395
Hess Corp.		1,639		109,616
Marathon Oil Corp.		4,552		120,810
Murphy Oil Corp.		1,126		46,808
The Williams Cos., Inc.		4,539		260,493

				4,624,214
Oil: Refining And Marketing – 0.7%
Marathon Petroleum Corp.		3,684		192,710
ONEOK, Inc.		1,406		55,509
Phillips 66		3,665		295,252
Tesoro Corp.		843		71,158
Valero Energy Corp.		3,472		217,347

				831,976
Oil Well Equipment & Services – 1.2%
Baker Hughes, Inc.		2,931		180,843
Cameron International Corp.⁽¹⁾		1,307		68,447
Ensco PLC, Class A		1,580		35,187
FMC Technologies, Inc.⁽¹⁾		1,561		64,766
Halliburton Co.		5,730		246,791
Helmerich & Payne, Inc.		726		51,125
National Oilwell Varco, Inc.		2,765		133,494
Schlumberger Ltd.		8,600		741,234

				1,521,887
Paints & Coatings – 0.3%
PPG Industries, Inc.		1,836		210,626
The Sherwin-Williams Co.		558		153,461

				364,087
Paper – 0.1%
International Paper Co.		2,852		135,727

				135,727
Personal Care – 1.7%
Colgate-Palmolive Co.		5,750		376,108


8				The accompanying notes are an integral part of these financial statements.

RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Personal Care (continued)
Kimberly-Clark Corp.		2,465	$	261,216
The Clorox Co.		885		92,058
The Procter & Gamble Co.⁽²⁾		18,210		1,424,750

				2,154,132
Pharmaceuticals – 7.5%
Abbott Laboratories		10,176		499,438
Allergan PLC⁽¹⁾		2,634		799,314
AmerisourceBergen Corp.		1,407		149,620
Bristol-Myers Squibb Co.		11,208		745,780
Cardinal Health, Inc.		2,227		186,289
Eli Lilly & Co.		6,594		550,533
Endo International PLC⁽¹⁾		1,197		95,341
Gilead Sciences, Inc.		10,044		1,175,952
Hospira, Inc.⁽¹⁾		1,156		102,549
Johnson & Johnson⁽²⁾		18,750		1,827,375
Mallinckrodt PLC⁽¹⁾		786		92,528
Merck & Co., Inc.		19,139		1,089,583
Mylan N.V.⁽¹⁾		2,743		186,140
Perrigo Co. PLC		950		175,588
Pfizer, Inc.		41,328		1,385,728
Vertex Pharmaceuticals, Inc.⁽¹⁾		1,633		201,643
Zoetis, Inc.		3,377		162,839

				9,426,240
Producer Durables: Miscellaneous – 0.1%
W.W. Grainger, Inc.		415		98,210

				98,210
Production Technology Equipment – 0.2%
Applied Materials, Inc.		8,286		159,257
KLA-Tencor Corp.		1,097		61,663
Lam Research Corp.		1,075		87,451

				308,371
Publishing – 0.0%
Gannett Co., Inc.⁽¹⁾		765		10,702

				10,702
Radio & TV Broadcasters – 0.2%
CBS Corp., Class B		3,085		171,218
TEGNA, Inc.		1,530		49,067

				220,285
Railroads – 0.8%
CSX Corp.		6,680		218,102
Kansas City Southern		745		67,944
Norfolk Southern Corp.		2,073		181,097
Union Pacific Corp.		5,943		566,784

				1,033,927
Real Estate Investment Trusts – 2.4%
American Tower Corp.		2,850		265,877
Apartment Investment & Management Co., Class A		1,054		38,924
AvalonBay Communities, Inc.		891		142,444
Boston Properties, Inc.		1,033		125,034


June 30, 2015 (unaudited)	Shares		Value
Real Estate Investment Trusts (continued)
Crown Castle International Corp.		2,252	$	180,836
Equinix, Inc.		390		99,060
Equity Residential		2,454		172,197
Essex Property Trust, Inc.		444		94,350
General Growth Properties, Inc.		4,237		108,721
HCP, Inc.		3,107		113,312
Health Care REIT, Inc.		2,357		154,690
Host Hotels & Resorts, Inc.		5,108		101,292
Iron Mountain, Inc.		1,261		39,091
Kimco Realty Corp.		2,783		62,729
Plum Creek Timber Co., Inc.		1,188		48,197
Prologis, Inc.		3,454		128,143
Public Storage, Inc.		979		180,498
Realty Income Corp.		1,517		67,340
Simon Property Group, Inc.		2,097		362,823
SL Green Realty Corp.		666		73,187
The Macerich Co.		950		70,870
Ventas, Inc.		2,231		138,523
Vornado Realty Trust		1,179		111,922
Weyerhaeuser Co.		3,541		111,542

				2,991,602
Real Estate Services – 0.1%
CBRE Group, Inc., Class A⁽¹⁾		1,887		69,819

				69,819
Recreational Vehicles & Boats – 0.1%
Harley-Davidson, Inc.		1,427		80,411

				80,411
Restaurants – 1.3%
Chipotle Mexican Grill, Inc.⁽¹⁾		215		130,073
Darden Restaurants, Inc.		837		59,494
McDonald’s Corp.		6,481		616,148
Starbucks Corp.		10,112		542,155
Yum! Brands, Inc.		2,921		263,124

				1,610,994
Scientific Instruments: Control & Filter – 0.6%
Allegion PLC		648		38,971
FLIR Systems, Inc.		943		29,063
Flowserve Corp.		909		47,868
Pall Corp.		720		89,604
Parker-Hannifin Corp.		961		111,793
Rockwell Automation, Inc.		914		113,921
Roper Technologies, Inc.		691		119,170
The ADT Corp.		1,155		38,773
Tyco International PLC		2,833		109,014
Waters Corp.⁽¹⁾		560		71,893

				770,070
Scientific Instruments: Electrical – 0.3%
AMETEK, Inc.		1,626		89,072
Emerson Electric Co.		4,621		256,142

				345,214


The accompanying notes are an integral part of these financial statements.				9

SCHEDULE OF INVESTMENTS — RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Scientific Instruments: Pollution Control – 0.3%
Pentair PLC		1,231	$	84,631
Republic Services, Inc.		1,691		66,237
Waste Management, Inc.		2,880		133,488
Xylem, Inc.		1,230		45,596

				329,952
Securities Brokerage & Services – 0.6%
CME Group, Inc.		2,139		199,055
E*TRADE Financial Corp.⁽¹⁾		1,948		58,343
Intercontinental Exchange, Inc.		756		169,049
The Charles Schwab Corp.		7,780		254,017
The NASDAQ OMX Group, Inc.		797		38,902

				719,366
Semiconductors & Components – 2.1%
Altera Corp.		2,029		103,885
Analog Devices, Inc.		2,102		134,917
Avago Technologies Ltd.		1,731		230,102
Broadcom Corp., Class A		3,676		189,277
Intel Corp.		31,936		971,333
Linear Technology Corp.		1,613		71,343
Microchip Technology, Inc.		1,359		64,450
Micron Technology, Inc.⁽¹⁾		7,265		136,873
NVIDIA Corp.		3,482		70,023
Qorvo, Inc.⁽¹⁾		1,000		80,270
Skyworks Solutions, Inc.		1,287		133,977
Texas Instruments, Inc.		7,061		363,712
Xilinx, Inc.		1,763		77,854

				2,628,016
Specialty Retail – 2.5%
AutoNation, Inc.⁽¹⁾		517		32,561
AutoZone, Inc.⁽¹⁾		221		147,385
Bed, Bath & Beyond, Inc.⁽¹⁾		1,252		86,363
Best Buy Co., Inc.		1,964		64,046
CarMax, Inc.⁽¹⁾		1,417		93,820
GameStop Corp., Class A		732		31,447
L Brands, Inc.		1,658		142,140
Lowe’s Companies, Inc.		6,561		439,390
Netflix, Inc.⁽¹⁾		415		272,630
O’Reilly Automotive, Inc.⁽¹⁾		686		155,022
Ross Stores, Inc.		2,792		135,719
Staples, Inc.		4,319		66,124
The Gap, Inc.		1,789		68,286
The Home Depot, Inc.		8,887		987,612
The TJX Companies, Inc.		4,604		304,647
Tractor Supply Co.		919		82,655
Urban Outfitters, Inc.⁽¹⁾		675		23,625

				3,133,472
Steel – 0.1%
Allegheny Technologies, Inc.		733		22,136
Nucor Corp.		2,152		94,839

				116,975


June 30, 2015 (unaudited)	Shares		Value
Telecommunications Equipment – 0.1%
Motorola Solutions, Inc.		1,286	$	73,739

				73,739
Textiles, Apparel & Shoes – 0.9%
Coach, Inc.		1,860		64,375
Hanesbrands, Inc.		2,703		90,064
Michael Kors Holdings Ltd.⁽¹⁾		1,354		56,990
NIKE, Inc., Class B		4,719		509,746
PVH Corp.		569		65,549
Ralph Lauren Corp.		419		55,459
Under Armour, Inc., Class A⁽¹⁾		1,126		93,953
VF Corp.		2,309		161,030

				1,097,166
Tobacco – 1.3%
Altria Group, Inc.		13,280		649,525
Philip Morris International, Inc.		10,432		836,334
Reynolds American, Inc.		2,784		207,853

				1,693,712
Toys – 0.1%
Hasbro, Inc.		755		56,466
Mattel, Inc.		2,281		58,599

				115,065
Transportation Miscellaneous – 0.4%
Expeditors International of Washington, Inc.		1,293		59,614
United Parcel Service, Inc., Class B		4,687		454,217

				513,831
Truckers – 0.0%
C.H. Robinson Worldwide, Inc.		987		61,579

				61,579
Utilities: Electrical – 2.5%
AES Corp.		4,359		57,800
Ameren Corp.		1,637		61,682
American Electric Power Co., Inc.		3,302		174,907
CMS Energy Corp.		1,858		59,159
Consolidated Edison, Inc.		1,975		114,313
Dominion Resources, Inc.		3,966		265,206
DTE Energy Co.		1,196		89,269
Duke Energy Corp.		4,772		336,999
Edison International		2,197		122,109
Entergy Corp.		1,217		85,799
Eversource Energy		2,137		97,041
Exelon Corp.		5,798		182,173
FirstEnergy Corp.		2,841		92,475
NextEra Energy, Inc.		2,991		293,208
NRG Energy, Inc.		2,278		52,121
Pepco Holdings, Inc.		1,705		45,933
PG&E Corp.		3,213		157,758
Pinnacle West Capital Corp.		746		42,440
PPL Corp.		4,498		132,556
Public Service Enterprise Group, Inc.		3,414		134,102


10				The accompanying notes are an integral part of these financial statements.

RS S&P 500 INDEX VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Utilities: Electrical (continued)
SCANA Corp.		964	$	48,827
TECO Energy, Inc.		1,589		28,062
The Southern Co.		6,136		257,098
WEC Energy Group, Inc.		2,127		95,639
Xcel Energy, Inc.		3,412		109,798

				3,136,474
Utilities: Gas Distributors – 0.3%
AGL Resources, Inc.		807		37,574
CenterPoint Energy, Inc.		2,899		55,168
NiSource, Inc.		2,133		97,244
Sempra Energy		1,562		154,544

				344,530
Utilities: Telecommunications – 2.2%
AT&T, Inc.⁽²⁾		34,998		1,243,129
CenturyLink, Inc.		3,820		112,231
Frontier Communications Corp.		6,760		33,462
Level 3 Communications, Inc.⁽¹⁾		1,934		101,864
Verizon Communications, Inc.		28,021		1,306,059

				2,796,745
Total Common Stocks (Cost $50,540,810)				123,203,654


June 30, 2015 (unaudited)	Principal Amount		Value
U.S. Government Securities – 0.1%

U.S. Treasury Note 3.125% due 5/15/2019	$	145,000	$	154,731
Total U.S. Government Securities (Cost $143,642)				154,731

	Principal Amount		Value
Repurchase Agreements – 1.8%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $2,217,000, due 7/1/2015⁽³⁾		2,217,000		2,217,000
Total Repurchase Agreements (Cost $2,217,000)				2,217,000
Total Investments - 100.0% (Cost $52,901,452)				125,575,385
Other Liabilities, Net - 0.0%				(4,354	)
Total Net Assets - 100.0%			$	125,571,031

⁽¹⁾	Non-income-producing security.

⁽²⁾	Securities are segregated to cover anticipated or existing derivative positions.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

1.75%

2/28/2022

2,261,375

The table below presents futures contracts as of June 30, 2015:

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Depreciation

Purchased Futures Contracts

E-mini S&P 500 Futures

Goldman Sachs & Co.

9/18/2015

2,465

(26,959

)


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Common Stocks	$	123,203,654		$	—	$	—	$	123,203,654
U.S. Government Securities		—			154,731		—		154,731
Repurchase Agreements		—			2,217,000		—		2,217,000
Other Financial Instruments:
Financial Futures Contracts		(26,959	)		—		—		(26,959	)
Total	$	123,176,695		$	2,371,731	$	—	$	125,548,426


The accompanying notes are an integral part of these financial statements.				11

FINANCIAL INFORMATION — RS S&P 500 INDEX VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	125,575,385
Cash		12,065
Cash deposits with brokers		121,440
Dividends/interest receivable		142,831
Receivable for fund shares subscribed		11,829
Receivable for investments sold		9,621
Prepaid expenses		2,589

Total Assets		125,875,760


Liabilities
Payable for fund shares redeemed		161,651
Payable for investments purchased		80,280
Payable to adviser		15,635
Payable for variation margin		10,660
Accrued trustees’ fees		1,918
Accrued expenses/other liabilities		34,585

Total Liabilities		304,729

Total Net Assets	$	125,571,031


Net Assets Consist of:
Paid-in capital	$	66,432,031
Accumulated undistributed net investment income		1,133,985
Accumulated net realized loss from investments and futures contracts		(14,641,959	)
Net unrealized appreciation on investments and futures contracts		72,646,974

Total Net Assets	$	125,571,031

Investments, at Cost	$	52,901,452


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		8,296,647
Net Asset Value Per Share		$15.14


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Dividends	$	1,311,717
Interest		2,419
Withholding taxes on foreign dividends		(173	)

Total Investment Income		1,313,963

Expenses
Investment advisory fees		160,694
Custodian fees		24,952
Professional fees		16,565
Transfer agent fees		10,818
Administrative service fees		6,916
Shareholder reports		6,552
Trustees’ fees		4,025
Other expenses		9,507

Total Expenses		240,029

Less: Fee waiver/reimbursement by adviser		(60,051	)

Total Expenses, Net		179,978

Net Investment Income		1,133,985


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Futures Contracts
Net realized gain from investments		3,322,953
Net realized gain from futures contracts		77,155
Net change in unrealized appreciation/depreciation on investments		(2,989,995	)
Net change in unrealized appreciation/depreciation on futures contracts		(67,792	)

Net Gain on Investments and Futures Contracts		342,321

Net Increase in Net Assets Resulting from Operations	$	1,476,306


12				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS S&P 500 INDEX VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	1,133,985		$	2,253,839
Net realized gain from investments and futures contracts		3,400,108			11,950,623
Net change in unrealized appreciation/depreciation on investments and futures contracts		(3,057,787	)		2,157,492

Net Increase in Net Assets Resulting from Operations		1,476,306			16,361,954


Distributions to Shareholders
Net investment income		—			(2,238,303	)

Total Distributions		—			(2,238,303	)


Capital Share Transactions
Proceeds from sales of shares		4,125,225			6,803,590
Reinvestment of distributions		—			2,238,303
Cost of shares redeemed		(9,753,872	)		(26,482,288	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,628,647	)		(17,440,395	)

Net Decrease in Net Assets		(4,152,341	)		(3,316,744	)


Net Assets
Beginning of period		129,723,372			133,040,116

End of period	$	125,571,031		$	129,723,372

Accumulated Undistributed Net Investment Income Included in Net Assets	$	1,133,985		$	—


Other Information:
Shares
Sold		272,049			478,413
Reinvested		—			149,419
Redeemed		(640,653	)		(1,865,113	)

Net Decrease		(368,604	)		(1,237,281	)


The accompanying notes are an integral part of these financial statements.				13

FINANCIAL INFORMATION — RS S&P 500 INDEX VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized and Unrealized Gain		Total Operations		Distributions From Net Investment Income			Distributions From Net Realized Capital Gains		Total Distributions
Six Months Ended 6/30/15¹	$	14.97	$	0.13²	$	0.04	$	0.17	$	—		$	—	$	—
Year Ended 12/31/14		13.43		0.24²		1.56		1.80		(0.26	)		—		(0.26	)
Year Ended 12/31/13		10.35		0.23		3.08		3.31		(0.23	)		—		(0.23	)
Year Ended 12/31/12		9.12		0.20		1.23		1.43		(0.20	)		—		(0.20	)
Year Ended 12/31/11		9.12		0.17		—		0.17		(0.17	)		—		(0.17	)
Year Ended 12/31/10		8.08		0.15		1.04		1.19		(0.15	)		—		(0.15	)


14				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS S&P 500 INDEX VIP SERIES



Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	15.14		1.14%	$	125,571		0.28%		0.37%		1.76%		1.67%		1%
	14.97		13.42%		129,723		0.28%		0.37%		1.73%		1.64%		3%
	13.43		32.01%		133,040		0.28%		0.36%		1.80%		1.72%		2%
	10.35		15.68%		112,834		0.28%		0.41%		1.97%		1.84%		3%
	9.12		1.95%		100,293		0.28%		0.38%		1.76%		1.66%		3%
	9.12		14.77%		109,801		0.28%		0.37%		1.74%		1.65%		5%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.


The accompanying notes are an integral part of these financial statements.				15

NOTES TO FINANCIAL STATEMENTS — RS S&P 500 INDEX VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS S&P 500 Index VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

a. Investment Valuations Marketable securities are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices . Securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”) are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices . Repurchase agreements are carried at cost, which approximates market value (see Note 4c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”). Future contracts shall be valued at the settlement prices

established each day by the boards of trade or exchange on which they are traded.

•

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

•

Level 3 — significant unobservable inputs (including the Fund’s 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.


16

NOTES TO FINANCIAL STATEMENTS — RS S&P 500 INDEX VIP SERIES (UNAUDITED)

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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 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 Fund’s 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.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.

d. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

e. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

f. Expenses Many expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the


				17

NOTES TO FINANCIAL STATEMENTS — RS S&P 500 INDEX VIP SERIES (UNAUDITED)

Trust are generally apportioned among all the series in the Trust, based on relative net assets.

Note 2. Transactions with Affiliates

a. Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to RS Investment Management Co. LLC (“RS Investments”). Guardian Investor Services LLC (“GIS”), a subsidiary of Guardian Life, holds a majority interest in RS Investments. RS Investments receives an investment advisory fee based on the average daily net assets of the Fund at an annual rate of 0.25%.

RS Investments has entered into a Sub-Advisory Agreement as of May 1, 2015 with Park Avenue Institutional Advisers LLC (“Park Avenue”), a wholly-owned subsidiary of GIS. Park Avenue is responsible for providing day-to-day investment advisory services to the Fund, subject to the oversight of the Board of Trustees of the Trust and RS Investments. Prior to May 1, 2015, GIS served as the sub-adviser to the Fund pursuant to a Sub-Advisory, Sub-Administration and Accounting Services Agreement. GIS and Park Avenue informed the Trust that there would be no changes in the investment strategies of the Fund or in the portfolio management personnel currently responsible for the day-to-day management of the Fund as a result of the change in sub-adviser. Sub-investment advisory fees paid by RS Investments to Park Avenue and previously to GIS do not represent a separate or additional expense to the Fund.

An expense limitation has been imposed pursuant to a written agreement between RS Investments and the Trust in effect through April 30, 2016, to limit the Fund’s total annual fund operating expenses (excluding expenses

indirectly incurred by the Fund through investments in pooled investment vehicles, interest, taxes, investment-related expenses (e.g., brokerage commissions), and extraordinary expenses) to 0.28% of the average daily net assets of the Fund.

RS Investments does not intend to recoup any reimbursed expenses or waived advisory fees from a prior year under expense limitations then in effect for the Fund.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary Income

$2,236,424


18

NOTES TO FINANCIAL STATEMENTS — RS S&P 500 INDEX VIP SERIES (UNAUDITED)

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Undistributed

Net Investment Loss

Accumulated
Net Realized Gain

$(7,026)

(15,536

)

22,562

During the year ended December 31, 2014, the Fund utilized $11,251,538 of capital loss carryovers. Capital loss carryovers available to the Fund at December 31, 2014, were as follows:


Expiring	Amount
2017	$	8,974,265
2018		2,431,713

Total	$	11,405,978

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $59,362,755. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $67,178,534 and $(965,904), respectively, resulting in net unrealized appreciation of $66,212,630.

Note 4. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $1,374,478 and $4,135,564, respectively, for the six months ended June 30, 2015.

b. Derivative Instruments and Hedging Activities The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure at June 30, 2015.


Derivative Instrument Type	Statement of Assets and Liabilities Location	Value
Financial Futures Contracts	Net unrealized appreciation on futures contracts*	$	(26,959	)

The cumulative depreciation of financial futures contracts is reported in the notes to the Schedule of Investments. Only the daily change in variation margin as of the reporting date is presented in the Statement of Assets and Liabilities. See Note 1d for additional information on futures contracts.

The following is a summary of the effect of the Fund’s derivative instruments on the Statement of Operations for the six months ended June 30, 2015.


Derivative Instrument Type	Location of Gain/ (Loss) on Derivatives Recognized in Income	Amount
Financial Futures Contracts	Net realized gain from futures contracts	$	77,155
	Net change in unrealized appreciation/(depreciation) on futures contracts		(67,792	)

The Fund held an average daily face value of $1,503,591 long position E-mini S&P 500 Futures Contracts for the six months ended June 30, 2015.

The Fund entered into financial futures contracts as a substitute for the purchase or sale of securities or when there was significant cash received from fund shares sold.

c. Repurchase Agreements The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller.

Note 5. Temporary Borrowings

For the six months ended June 30, 2015, the Fund did not borrow under the facility.

Note 6. Legal Matters

Two lawsuits have been filed relating to the Fund’s investment in Tribune Company in connection with a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007. One was


				19

NOTES TO FINANCIAL STATEMENTS — RS S&P 500 INDEX VIP SERIES (UNAUDITED)

filed in the U.S. Bankruptcy Court for the District of Delaware; the other was filed in Delaware Superior Court. Both have since been transferred to a consolidated proceeding in the U.S. District Court for the Southern District of New York. The action originally filed in Delaware Superior Court has been dismissed and is now on appeal to the Circuit Court of Appeals for the Second Circuit. In the action originally filed in the U.S. Bankruptcy Court, a global motion to dismiss all shareholder defendants (including the Fund) is pending. The plaintiffs seek to recover amounts paid to Tribune shareholders in the leveraged buyout transaction. The Fund received $218,212 in the leveraged buyout transaction. The Fund cannot predict the outcomes of these proceedings. If the proceedings were to be decided or settled in a manner adverse to the Fund, the payment of such judgments or settlements could have a material adverse effect on the Fund’s net asset value.

Note 7. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 8. Indemnifications


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of the Sub-Advisory Agreement for the RS Funds

The Boards of Trustees of RS Investment Trust and RS Variable Products Trust (each, a “Trust,” and together, the “Trusts”), including all of the Independent Trustees, met in person on March 4, 2015 to consider the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between RS Investment Management Co. LLC (“RS Investments”) and Park Avenue Institutional Advisers LLC (“Park Avenue”), proposed to replace the existing sub-advisory agreement between RS Investments and Guardian Investor Services LLC (“GIS”) with respect to a number of the funds (the “Funds”)¹ for a one-year period commencing on its date of execution. Before the meeting, the Independent Trustees met among themselves and with independent counsel to prepare for the meeting. In determining to approve the Sub-Advisory Agreement, the Trustees considered and reviewed all of the information provided to them in connection with this matter by RS Investments, GIS, and Park Avenue prior to and at their March 4, 2015 meeting. In all of their deliberations, the Independent Trustees were advised by independent counsel for the Independent Trustees.

The Trustees considered that all of GIS’s investment advisory activities would be moved to Park Avenue, a new, wholly owned subsidiary of GIS, the prior sub-adviser to the Funds. The Trustees took into consideration that such restructuring would not result in any change in the investment sub-advisory services provided to the Funds, in the personnel providing the services, in the persons overseeing them, or in the investment strategies, processes, or techniques employed by the portfolio managers and other investment professionals in managing the Funds.

The Trustees considered that the Sub-Advisory Agreement with Park Avenue is substantially identical to the Sub-Advisory, Sub-Administration and Accounting Services Agreement between RS Investments and GIS. The Trustees considered that there would be no change in sub-advisory fees paid by RS Investments to Park Avenue for the sub-advisory services to be provided to the Funds. The Trustees noted that the Sub-Advisory

Agreement reflects removal of references to the sub-administration and accounting services that GIS had previously provided to the Funds and that were taken on by RS Investments in late 2007. On the basis of these factors and considerations, the Trustees determined that the services to be provided and the fee to be paid under the Sub-Advisory Agreement appeared reasonable and appropriate.

The Trustees considered the nature and extent of Park Avenue’s compliance program, the qualifications of the firm’s compliance and financial personnel, and the legal and compliance resources otherwise available to the firm. The Trustees noted that all of the compliance policies and procedures previously in place at GIS would be adopted by Park Avenue.

On the basis of these factors, the Boards of Trustees of the Trusts voted unanimously, including the unanimous vote of the Independent Trustees, to approve the Sub-Advisory Agreement, including the sub-advisory fees set forth in the Sub-Advisory Agreement, for a one-year period from its date of execution.

Portfolio Holdings and Proxy Voting Procedures

The Funds are RS Investment Quality Bond Fund, RS Low Duration Bond Fund, RS High Yield Fund, RS Tax-Exempt Fund, RS High Income Municipal Bond Fund, RS Floating Rate Fund, RS Strategic Income Fund, RS Investment Quality Bond VIP Series, RS Low Duration Bond VIP Series, RS High Yield VIP Series, and RS S&P 500 Index VIP Series.

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


				21

LOGO

RS VARIABLE

PRODUCTS TRUST

RS INTERNATIONAL VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS International VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			7

Statement of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			10

Notes to Financial Statements			12

Supplemental Information			17

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,069.70		$4.67		0.91%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.28		$4.56		0.91%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Common Stocks – 96.2%
Australia – 6.2%
Australia & New Zealand Banking Group Ltd.		62,455	$	1,549,956
BHP Billiton Ltd.		139,095		2,837,374
Commonwealth Bank of Australia		38,561		2,528,711
CSL Ltd.		33,787		2,252,457
Macquarie Group Ltd.		36,716		2,300,456
South32 Ltd.⁽¹⁾		139,095		192,100
Woodside Petroleum Ltd.		39,563		1,043,935

				12,704,989
Belgium – 1.2%
KBC Groep N.V.		17,404		1,166,731
Melexis N.V.		22,215		1,291,148

				2,457,879
Denmark – 3.5%
Danske Bank A/S		82,122		2,414,139
Pandora A/S		19,902		2,135,568
Royal Unibrew A/S		76,520		2,615,377

				7,165,084
France – 8.7%
AXA S.A.		48,955		1,241,099
Bureau Veritas S.A.		128,712		2,967,063
Cap Gemini S.A.		28,328		2,513,160
Cie Generale des Etablissements Michelin		21,570		2,269,676
Natixis S.A.		150,487		1,086,116
Pernod Ricard S.A.		22,347		2,583,366
Rexel S.A.		148,163		2,390,850
TOTAL S.A.		56,649		2,778,687

				17,830,017
Germany – 7.0%
Allianz SE (Reg S)		5,997		935,238
Bayer AG (Reg S)		26,273		3,679,272
Deutsche Boerse AG		24,919		2,063,980
Drillisch AG		33,204		1,479,072
HeidelbergCement AG		28,922		2,292,266
HUGO BOSS AG		23,113		2,583,943
SAP SE		21,255		1,489,471

				14,523,242
Hong Kong – 5.1%
BOC Hong Kong Holdings Ltd.		611,000		2,550,886
Cheung Kong Property Holdings Ltd.⁽¹⁾		106,000		876,547
CK Hutchison Holdings Ltd.		174,500		2,576,757
Hengan International Group Co. Ltd.		249,500		2,959,979
Power Assets Holdings Ltd.		159,500		1,452,168

				10,416,337
Italy – 2.3%
Enel S.p.A.		753,824		3,416,551
Intesa Sanpaolo S.p.A.		386,502		1,403,576

				4,820,127


June 30, 2015 (unaudited)	Shares		Value
Japan – 21.1%
Alps Electric Co. Ltd.		54,600	$	1,683,836
Asahi Kasei Corp.		230,000		1,886,594
Central Japan Railway Co.		15,100		2,724,864
Chubu Electric Power Co., Inc.		140,200		2,089,561
DCM Holdings Co. Ltd.		241,800		2,367,655
Dowa Holdings Co. Ltd.		191,801		1,812,564
Fujitsu Ltd.		272,000		1,519,758
Hoya Corp.		66,900		2,679,326
Matsumotokiyoshi Holdings Co. Ltd.		58,800		2,712,670
Milbon Co. Ltd.		29,900		951,436
Mitsubishi Electric Corp.		261,000		3,370,213
Mitsubishi UFJ Financial Group, Inc.		478,200		3,440,392
Nippon Telegraph & Telephone Corp.		86,400		3,129,040
Obic Co. Ltd.		37,500		1,671,851
Rohto Pharmaceutical Co. Ltd.		78,420		1,293,575
Sumitomo Mitsui Financial Group, Inc.		24,395		1,086,046
The Musashino Bank Ltd.		21,400		844,378
Tokio Marine Holdings, Inc.		49,000		2,037,865
Toyota Motor Corp.		78,600		5,259,697
Zenkoku Hosho Co. Ltd.		27,800		989,496

				43,550,817
Netherlands – 1.8%
ING Groep N.V., CVA		121,783		2,022,251
Wolters Kluwer N.V.		59,912		1,783,206

				3,805,457
New Zealand – 0.8%
Fisher & Paykel Healthcare Corp. Ltd.		340,910		1,583,705

				1,583,705
Singapore – 0.6%
Singapore Exchange Ltd.		219,100		1,272,784

				1,272,784
Spain – 2.6%
Banco Bilbao Vizcaya Argentaria S.A.		193,640		1,908,119
Ferrovial S.A.		108,570		2,358,836
Mediaset Espana Comunicacion S.A.		76,931		1,010,004

				5,276,959
Sweden – 2.8%
Intrum Justitia AB		106,405		3,222,271
Skandinaviska Enskilda Banken AB, Class A		193,384		2,473,640

				5,695,911
Switzerland – 11.4%
Actelion Ltd. (Reg S)⁽¹⁾		18,502		2,709,644
Bossard Holding AG, Class A (Reg S)⁽¹⁾		13,177		1,519,680
Novartis AG (Reg S)		58,858		5,789,300
Roche Holding AG		23,343		6,545,177
U-Blox AG⁽¹⁾		12,637		2,554,785
UBS Group AG (Reg S)⁽¹⁾		100,010		2,121,860
Zurich Insurance Group AG⁽¹⁾		7,503		2,284,135

				23,524,581


4				The accompanying notes are an integral part of these financial statements.

RS INTERNATIONAL VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
United Kingdom – 21.1%
Barclays PLC		685,806	$	2,810,877
BP PLC		545,303		3,618,998
British American Tobacco PLC		90,072		4,849,702
BT Group PLC		310,709		2,200,237
Croda International PLC		49,356		2,134,109
Diageo PLC		101,583		2,941,820
Direct Line Insurance Group PLC		462,588		2,441,794
Experian PLC		165,520		3,010,542
GlaxoSmithKline PLC		20,503		426,297
HSBC Holdings PLC		267,365		2,394,095
National Grid PLC		192,447		2,476,952
Next PLC		35,671		4,175,000
Reed Elsevier PLC		176,630		2,870,357
Rio Tinto PLC		25,341		1,042,351
Royal Dutch Shell PLC, Class A		141,833		4,010,206
Smith & Nephew PLC		123,201		2,084,225

				43,487,562
Total Common Stocks (Cost $189,677,907)				198,115,451


	Shares		Value
Exchange-Traded Funds – 1.4%
iShares MSCI EAFE ETF		44,196		2,806,004

Total Exchange-Traded Funds (Cost $2,819,930)				2,806,004

	Principal Amount		Value
Repurchase Agreements – 1.8%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $3,748,000, due 7/1/2015⁽²⁾	$	3,748,000		3,748,000
Total Repurchase Agreements (Cost $3,748,000)				3,748,000
Total Investments - 99.4% (Cost $196,245,837)				204,669,455
Other Assets, Net - 0.6%				1,259,863
Total Net Assets - 100.0%			$	205,929,318

⁽¹⁾	Non-income-producing security.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.25%

11/15/2024

3,825,775

Legend:

CVA — Certificaten Van Aandelen (Certificate of Shares).


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL VIP SERIES


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Australia	$	192,100	$	12,512,889	*	$	—	$	12,704,989
Belgium		—		2,457,879	*		—		2,457,879
Denmark		—		7,165,084	*		—		7,165,084
France		—		17,830,017	*		—		17,830,017
Germany		—		14,523,242	*		—		14,523,242
Hong Kong		876,547		9,539,790	*		—		10,416,337
Italy		—		4,820,127	*		—		4,820,127
Japan		—		43,550,817	*		—		43,550,817
Netherlands		—		3,805,457	*		—		3,805,457
New Zealand		—		1,583,705	*		—		1,583,705
Singapore		—		1,272,784	*		—		1,272,784
Spain		—		5,276,959	*		—		5,276,959
Sweden		—		5,695,911	*		—		5,695,911
Switzerland		—		23,524,581	*		—		23,524,581
United Kingdom		2,441,794		41,045,768	*		—		43,487,562
Exchange-Traded Funds		2,806,004		—			—		2,806,004
Repurchase Agreements		—		3,748,000			—		3,748,000
Total	$	6,316,445	$	198,353,010		$	—	$	204,669,455

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See 1a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS INTERNATIONAL VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	204,669,455
Cash		128
Foreign currency, at value		19
Receivable for investments sold		3,302,767
Dividends receivable		773,327
Foreign tax reclaims receivable		372,195
Receivable for fund shares subscribed		97,913
Prepaid expenses		4,061

Total Assets		209,219,865


Liabilities
Payable for investments purchased		3,023,005
Payable to adviser		137,986
Payable for fund shares redeemed		86,984
Accrued trustees’ fees		3,169
Accrued expenses/other liabilities		39,403

Total Liabilities		3,290,547

Total Net Assets	$	205,929,318


Net Assets Consist of:
Paid-in capital	$	193,962,185
Accumulated undistributed net investment income		3,363,893
Accumulated net realized gain from investments and foreign currency transactions		207,626
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		8,395,614

Total Net Assets	$	205,929,318

Investments, at Cost	$	196,245,837

Foreign Currency, at Cost	$	19


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		13,156,117
Net Asset Value Per Share		$15.65


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Dividends	$	4,766,409
Withholding taxes on foreign dividends		(370,161	)

Total Investment Income		4,396,248


Expenses
Investment advisory fees		833,536
Custodian fees		40,251
Professional fees		26,753
Shareholder reports		9,439
Administrative service fees		7,920
Trustees’ fees		6,537
Other expenses		18,645

Total Expenses		943,081

Net Investment Income		3,453,167


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Foreign Currency Transactions
Net realized gain from investments		4,292,512
Net realized loss from foreign currency transactions		(205,358	)
Net change in unrealized appreciation/depreciation on investments		6,627,055
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies		(1,645	)

Net Gain on Investments and Foreign Currency Transactions		10,712,564

Net Increase in Net Assets Resulting from Operations	$	14,165,731


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — RS INTERNATIONAL VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	3,453,167		$	4,928,659
Net realized gain from investments and foreign currency transactions		4,087,154			9,635,322
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities in foreign currencies		6,625,410			(26,031,903	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		14,165,731			(11,467,922	)


Distributions to Shareholders
Net investment income		—			(4,431,347	)
Net realized gain on investments		—			(17,184,765	)

Total Distributions		—			(21,616,112	)


Capital Share Transactions
Proceeds from sales of shares		2,480,205			12,355,603
Reinvestment of distributions		—			21,616,112
Cost of shares redeemed		(14,246,217	)		(32,010,813	)

Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(11,766,012	)		1,960,902

Net Increase/(Decrease) in Net Assets		2,399,719			(31,123,132	)


Net Assets
Beginning of period		203,529,599			234,652,731

End of period	$	205,929,318		$	203,529,599

Distributions in Excess of Net Investment Income Included in Net Assets	$	—		$	(89,274	)

Accumulated Undistributed Net Investment Income Included in Net Assets	$	3,363,893		$	—


Other Information:
Shares
Sold		159,996			729,093
Reinvested		—			1,467,489
Redeemed		(917,287	)		(1,877,578	)

Net Increase/(Decrease)		(757,291	)		319,004


8				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				9

FINANCIAL INFORMATION — RS INTERNATIONAL VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain/(Loss)			Total Operations			Distributions From Net Investment Income			Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	14.63	$	0.25	²	$	0.77		$	1.02		$	—		$	—		$	—
Year Ended 12/31/14		17.26		0.39			(1.30	)		(0.91	)		(0.35	)		(1.37	)		(1.72	)
Year Ended 12/31/13		19.88		0.33			3.44			3.77			(0.31	)		(6.08	)		(6.39	)
Year Ended 12/31/12		16.99		0.23			2.88			3.11			(0.22	)		—			(0.22	)
Year Ended 12/31/11		19.68		0.27			(2.58	)		(2.31	)		(0.22	)		(0.16	)		(0.38	)
Year Ended 12/31/10		17.51		0.25			2.23			2.48			(0.31	)		—			(0.31	)


10				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS INTERNATIONAL VIP SERIES



Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	15.65		6.97%	$	205,929		0.91%		0.91%		3.31%		3.31%		59%
	14.63		(5.30)%		203,530		0.92%		0.92%		2.23%		2.23%		193%
	17.26		20.11%		234,653		0.92%		0.92%		1.45%		1.45%		205%	⁵
	19.88		18.35%		220,996		0.92%		0.92%		1.18%		1.18%		21%
	16.99		(11.65)%		208,247		0.91%		0.91%		1.40%		1.40%		14%
	19.68		14.19%		255,934		0.91%		0.91%		1.33%		1.33%		87%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.

⁵	The portfolio turnover rate was significantly higher than in prior periods due to trading in the Fund by the Fund’s new portfolio management team, effective as of July 1, 2013.


The accompanying notes are an integral part of these financial statements.				11

NOTES TO FINANCIAL STATEMENTS — RS INTERNATIONAL VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS International VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

a. Investment Valuations Marketable securities are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”) are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates market value (see Note 4d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”). Forward foreign currency contracts are valued at the mean

between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market may be fair valued in accordance with guidelines and procedures adopted by the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities.

•

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

•

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


12

NOTES TO FINANCIAL STATEMENTS — RS INTERNATIONAL VIP SERIES (UNAUDITED)

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. As of June 30, 2015, the Fund had no securities classified as Level 3.

The Fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. Transfers between Levels 1 and 2 related to certain exchange-traded foreign securities whose prices may have been affected by events occurring after the close of trading on the exchange and, as a result, whose values were determined by a pricing service using pricing models in accordance with methods approved by the Fund’s Board of Trustees. For the six months ended June 30, 2015, there were no transfers between Level 1, Level 2 and Level 3.

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.


				13

NOTES TO FINANCIAL STATEMENTS — RS INTERNATIONAL VIP SERIES (UNAUDITED)

examination by U.S. federal tax authorities for tax years before 2011 and by state authorities for tax years before 2010.

e. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward exchange rate. Risks may arise from the potential inability of the Fund’s counterparty to meet the terms of a contract and from unanticipated movements in the value of a currency relative to another currency. Fluctuations in the values of forward foreign currency contracts are recorded for book purposes as unrealized gains or losses from translation of other assets and liabilities denominated in foreign currencies by the Fund. When a forward contract is closed, the Fund will record a realized gain or loss equal to the increase or decrease in the value of such forward contract between the time it was opened and the time it was closed. Such amounts are recorded as net realized gains or losses on foreign currency related transactions.

f. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

g. Expenses Many expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets.

h. Distributions to Shareholders The Fund intends to declare and distribute substantially all net investment income, if any, at least once a year. Distributions of net realized capital gains, if any, are declared and paid at least once a year. Unless the Fund is instructed otherwise, all distributions to shareholders are credited in the form of additional shares of the Fund at the net asset value, recorded on the ex-dividend date.

i. Capital Accounts Due to the timing of dividend distributions and the differences in accounting for income and realized gains/(losses) for financial statement purposes versus federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains/(losses) were recorded by the Fund.

Note 2. Transactions with Affiliates

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$16,044,704

5,571,408


14

NOTES TO FINANCIAL STATEMENTS — RS INTERNATIONAL VIP SERIES (UNAUDITED)

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:


Undistributed Net Investment Income	Accumulated Net Realized Gain
$(579,583)	$	579,583

The tax basis of distributable earnings as of December 31, 2014, was as follows:


		Undistributed Long-Term Capital Gains
			$521,406

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $198,554,090. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $12,427,231 and $(6,311,866), respectively, resulting in net unrealized appreciation of $6,115,365.

Note 4. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $121,723,610 and $133,315,514, respectively, for the six months ended June 30, 2015.

Note 5. Temporary Borrowings


				15

NOTES TO FINANCIAL STATEMENTS — RS INTERNATIONAL VIP SERIES (UNAUDITED)

For the six months ended June 30, 2015, the Fund borrowed under the facility as follows:


Amount Outstanding at 6/30/15	Average Borrowing*		Days Borrowings Outstanding		Average Interest Rate*
$—	$	568,531		5		1.38%

*	For the six months ended June 30, 2015, based on the number of days borrowings were outstanding.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


				17

LOGO

RS VARIABLE

PRODUCTS TRUST

RS EMERGING MARKETS VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS Emerging Markets VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			7

Statement of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			10

Notes to Financial Statements			12

Supplemental Information			17

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,042.00		$6.73		1.33%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,018.20		$6.66		1.33%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Common Stocks – 95.5%
Argentina – 0.6%
YPF S.A., ADR		13,963	$	383,005

				383,005
Brazil – 3.0%
BB Seguridade Participacoes S.A.		36,100		395,938
Cia Paranaense de Energia, ADR		39,810		437,910
CVC Brasil Operadora e Agencia de Viagens S.A.		39,500		238,847
Fibria Celulose S.A.		30,700		418,865
Sao Martinho S.A.		30,300		365,460

				1,857,020
Chile – 0.5%
Banco Santander Chile, ADR		14,618		296,014

				296,014
Greece – 0.5%
Tsakos Energy Navigation Ltd.		34,582		329,566

				329,566
Hong Kong – 0.7%
Xinyi Solar Holdings Ltd.		1,084,000		446,308

				446,308
India – 6.3%
Bharat Petroleum Corp. Ltd.		36,184		498,621
Cadila Healthcare Ltd.		17,145		484,896
Dewan Housing Finance Corp. Ltd.		59,599		391,849
Exide Industries Ltd.		78,682		182,925
HCL Technologies Ltd.		34,630		500,362
Idea Cellular Ltd.		116,793		322,628
IRB Infrastructure Developers Ltd.		66,069		240,501
Tata Motors Ltd., ADR		14,115		486,544
Yes Bank Ltd.		55,895		740,685

				3,849,011
Indonesia – 1.3%
PT Bank Negara Indonesia (Persero) Tbk		834,100		330,689
PT Pakuwon Jati Tbk		8,209,200		263,985
PT Sri Rejeki Isman Tbk		7,455,600		169,439

				764,113
Mexico – 6.8%
America Movil S.A.B. de C.V., ADR, Series L		40,504		863,140
Banregio Grupo Financiero S.A.B. de C.V.		90,600		527,431
Gruma S.A.B. de C.V., Class B		37,697		486,278
Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR		4,896		335,327
Grupo Financiero Interacciones S.A. de C.V., Class O		51,100		311,298
Grupo Mexico S.A.B. de C.V., Series B		186,154		560,090
Grupo Televisa S.A.B., ADR		18,780		729,040


June 30, 2015 (unaudited)	Shares		Value
Mexico (continued)
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		152,000	$	328,709

				4,141,313
People’s Republic of China – 26.1%
Alibaba Group Holding Ltd., ADR⁽¹⁾		3,533		290,660
Bank of China Ltd., H shares		2,686,000		1,746,622
China Communications Construction Co. Ltd., H shares		363,000		540,151
China Construction Bank Corp., H shares		1,981,638		1,810,115
China Galaxy Securities Co. Ltd., H shares		228,500		298,174
China Merchants Bank Co. Ltd., H shares		197,000		574,750
China Mobile Ltd.		116,758		1,496,048
China Petroleum & Chemical Corp., H shares		786,000		673,428
China Resources Gas Group Ltd.		118,000		348,668
China Resources Land Ltd.		254,000		822,033
Chinasoft International Ltd.⁽¹⁾		602,000		328,108
Chongqing Changan Automobile Co. Ltd., Class B		198,700		507,431
CNOOC Ltd.		432,000		613,896
Hengan International Group Co. Ltd.		39,500		468,614
New China Life Insurance Co. Ltd., H shares		135,700		811,349
Nine Dragons Paper Holdings Ltd.		198,000		172,208
PAX Global Technology Ltd.⁽¹⁾		228,000		326,590
Ping An Insurance (Group) Co. of China Ltd., H shares		85,500		1,150,561
Shenzhen International Holdings Ltd.		406,000		706,182
Sino Biopharmaceutical Ltd.		264,000		306,754
Tencent Holdings Ltd.		69,530		1,391,256
Vipshop Holdings Ltd., ADR⁽¹⁾		17,226		383,278
ZTE Corp., H shares		95,280		241,441

				16,008,317
Peru – 0.5%
Credicorp Ltd.		2,124		295,066

				295,066
Philippines – 0.9%
Puregold Price Club, Inc.		395,100		324,047
Vista Land & Lifescapes, Inc.		1,563,600		220,167

				544,214
Qatar – 1.0%
Al Meera Consumer Goods Co.		8,566		592,258

				592,258
Russia – 4.1%
Gazprom OAO, ADR		65,557		345,485
Lukoil OAO, ADR		16,901		744,653
MMC Norilsk Nickel PJSC, ADR		22,721		382,832
Sberbank of Russia, ADR		118,305		617,936


4				The accompanying notes are an integral part of these financial statements.

RS EMERGING MARKETS VIP SERIES


June 30, 2015 (unaudited)	Shares		Value
Russia (continued)
X5 Retail Group N.V., GDR (Reg S)⁽¹⁾		23,810	$	396,437

				2,487,343
South Africa – 6.6%
Capitec Bank Holdings Ltd.		14,586		580,932
Mondi Ltd.		21,552		472,419
Naspers Ltd., N shares		8,399		1,306,081
Sasol Ltd.		8,672		321,122
Standard Bank Group Ltd.		41,847		550,681
Steinhoff International Holdings Ltd.		89,209		564,579
Telkom S.A. SOC Ltd.⁽¹⁾		46,436		244,704

				4,040,518
South Korea – 16.1%
BNK Financial Group, Inc.		49,634		631,035
CJ CheilJedang Corp.		1,261		498,137
CJ Corp.		1,725		457,011
GS Retail Co. Ltd.		14,915		624,003
Hana Tour Service, Inc.		5,722		653,015
Hanwha Life Insurance Co. Ltd.		42,754		303,988
Hyundai Development Co.		7,920		469,183
Hyundai Elevator Co. Ltd.⁽¹⁾		4,544		307,580
KB Financial Group, Inc.		17,986		594,040
Korea Electric Power Corp.		16,656		680,816
LG Chem Ltd.		1,796		447,897
NCSoft Corp.		1,839		326,785
POSCO, ADR		4,667		229,103
Samkee Automotive Co. Ltd.		61,974		212,812
Samsung Electro-Mechanics Co. Ltd.		2,985		136,536
Samsung Electronics Co. Ltd.		1,978		2,244,209
Silicon Works Co. Ltd.		6,932		233,293
SK Hynix, Inc.		6,987		264,818
Soulbrain Co. Ltd.		3,883		169,825
Wonik IPS Co. Ltd.⁽¹⁾		31,138		395,554

				9,879,640
Taiwan – 13.5%
CTBC Financial Holding Co. Ltd.		1,092,676		860,667
Fubon Financial Holding Co. Ltd.		296,000		588,266
Fulgent Sun International Holding Co. Ltd.		147,000		393,002
Hota Industrial Manufacturing Co. Ltd.		197,000		633,036
Largan Precision Co. Ltd.		6,000		684,904
Lion Travel Service Co. Ltd.		36,000		195,434
Nan Ya Plastics Corp.		212,000		497,607
Powertech Technology, Inc.		150,000		324,575
Primax Electronics Ltd.		341,000		431,663
Taishin Financial Holding Co. Ltd.		1,253,000		522,036
Taiwan Mobile Co. Ltd.		143,000		477,488
Taiwan Paiho Ltd.		201,000		566,680
Taiwan Semiconductor Manufacturing Co. Ltd.		455,259		2,070,799

				8,246,157
Thailand – 3.4%
AP Thailand PCL (Reg F)⁽²⁾		1,664,800		354,278
Bangkok Dusit Medical Services PCL (Reg F)⁽²⁾		471,900		274,825


June 30, 2015 (unaudited)	Shares		Value
Thailand (continued)
GFPT PCL (Reg F)⁽²⁾		688,000	$	243,809
Thai Oil PCL (Reg F)⁽²⁾		223,800		363,593
Thai Union Frozen Products PCL (Reg F)⁽²⁾		595,500		383,576
The Siam Cement PCL (Reg F)		29,700		454,584

				2,074,665
Turkey – 2.3%
Celebi Hava Servisi A.S.		31,547		402,308
Tat Gida Sanayi A.S.⁽¹⁾		133,619		332,041
Turkiye Garanti Bankasi A.S.		216,193		674,274

				1,408,623
United Arab Emirates – 1.3%
Air Arabia PJSC		947,803		415,680
Dubai Islamic Bank PJSC		206,466		382,148

				797,828
Total Common Stocks (Cost $52,076,097)				58,440,979

	Shares		Value
Preferred Stocks – 2.9%
Brazil – 2.9%
Banco Bradesco S.A.		98,380		901,814
Itau Unibanco Holding S.A.		79,634		876,484

				1,778,298
Total Preferred Stocks (Cost $2,229,555)				1,778,298

	Rights		Value
Rights – 0.0%
South Korea – 0.0%
Hyundai Elevator Co. Ltd.⁽¹⁾		925		14,222

				14,222
Total Rights (Cost $0)				14,222

	Principal Amount		Value
Repurchase Agreements – 0.9%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $567,000, due 7/1/2015⁽³⁾	$	567,000		567,000
Total Repurchase Agreements (Cost $567,000)				567,000
Total Investments – 99.3% (Cost $54,872,652)				60,800,499
Other Assets, Net – 0.7%				423,435
Total Net Assets – 100.0%			$	61,223,934


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS VIP SERIES

⁽¹⁾	Non-income-producing security.

⁽²⁾	Fair valued security. See 1a in Notes to Financial Statements.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.25%

11/15/2024

582,075

Legend:

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks:
Argentina	$	383,005	$	—		$	—	$	383,005
Brazil		1,857,020		—			—		1,857,020
Chile		296,014		—			—		296,014
Greece		329,566		—			—		329,566
Hong Kong		—		446,308	*		—		446,308
India		1,471,802		2,377,209	*		—		3,849,011
Indonesia		169,439		594,674	*		—		764,113
Mexico		4,141,313		—			—		4,141,313
People’s Republic of China		673,938		15,334,379	*		—		16,008,317
Peru		295,066		—			—		295,066
Philippines		—		544,214	*		—		544,214
Qatar		—		592,258	*		—		592,258
Russia		798,224		1,689,119	*		—		2,487,343
South Africa		—		4,040,518	*		—		4,040,518
South Korea		229,103		9,650,537	*		—		9,879,640
Taiwan		—		8,246,157	*		—		8,246,157
Thailand		—		2,074,665	*		—		2,074,665
Turkey		332,041		1,076,582	*		—		1,408,623
United Arab Emirates		—		797,828	*		—		797,828
Preferred Stocks		1,778,298		—			—		1,778,298
Rights		14,222		—			—		14,222
Repurchase Agreements		—		567,000			—		567,000
Total	$	12,769,051	$	48,031,448		$	—	$	60,800,499

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See 1a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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


	Investment in Securities (unaudited)
Balance as of 12/31/2014	$	386,404
Change in unrealized appreciation/depreciation		—
Net realized loss		—
Purchases		—
Sales		—
Transfers into/out of Level 3		(386,404	)
Balance as of 6/30/2015	$	—


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS EMERGING MARKETS VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	60,800,499
Cash		399
Foreign currency, at value		169,837
Dividends receivable		384,980
Receivable for fund shares subscribed		41,010
Prepaid expenses		1,222

Total Assets		61,397,947


Liabilities
Payable to adviser		50,779
Accrued foreign capital gains tax		47,695
Payable for fund shares redeemed		17,639
Accrued trustees’ fees		937
Payable for investments purchased		5
Accrued expenses/other liabilities		56,958

Total Liabilities		174,013

Total Net Assets	$	61,223,934


Net Assets Consist of:
Paid-in capital	$	55,764,841
Accumulated undistributed net investment income		116,116
Accumulated net realized loss from investments, foreign currency transactions and foreign capital gains tax		(537,477	)
Net unrealized appreciation on investments, foreign capital gains tax and translation of assets and liabilities in foreign currencies		5,880,454

Total Net Assets	$	61,223,934

Investments, at Cost	$	54,872,652

Foreign Currency, at Cost	$	169,873


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		4,253,882
Net Asset Value Per Share		$14.39


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Dividends	$	789,356
Withholding taxes on foreign dividends		(74,933	)

Total Investment Income		714,423


Expenses
Investment advisory fees		313,373
Custodian fees		55,295
Professional fees		26,399
Transfer agent fees		11,352
Shareholder reports		4,827
Administrative service fees		2,388
Trustees’ fees		1,953
Other expenses		2,231

Total Expenses		417,818

Net Investment Income		296,605


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax
Net realized loss from investments		(16,189	)
Net realized loss from foreign currency transactions		(99,627	)
Foreign capital gains taxes paid		(67,685	)
Net change in unrealized appreciation/depreciation on investments		2,424,701
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies		10,189
Net change in accrued foreign capital gains tax		79,175

Net Gain on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax		2,330,564

Net Increase in Net Assets Resulting from Operations	$	2,627,169


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — RS EMERGING MARKETS VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	296,605		$	655,710
Net realized gain/(loss) from investments, foreign currency transactions and foreign capital gains tax		(183,501	)		1,175,689
Net change in unrealized appreciation/depreciation on investments, foreign capital gains tax and translation of assets and liabilities in foreign currencies		2,514,065			(4,291,462	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		2,627,169			(2,460,063	)


Distributions to Shareholders
Net investment income		—			(684,590	)
Net realized gain on investments		—			(1,202,347	)

Total Distributions		—			(1,886,937	)


Capital Share Transactions
Proceeds from sales of shares		1,867,470			7,244,865
Reinvestment of distributions		—			1,886,937
Cost of shares redeemed		(6,052,537	)		(16,910,688	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(4,185,067	)		(7,778,886	)

Net Decrease in Net Assets		(1,557,898	)		(12,125,886	)


Net Assets
Beginning of period		62,781,832			74,907,718

End of period	$	61,223,934		$	62,781,832

Distributions in Excess of Net Investment Income Included in Net Assets	$	—		$	(180,489	)

Accumulated Undistributed Net Investment Income Included in Net Assets	$	116,116		$	—


Other Information:
Shares
Sold		128,871			489,159
Reinvested		—			138,237
Redeemed		(420,727	)		(1,145,353	)

Net Decrease		(291,856	)		(517,957	)


8				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				9

FINANCIAL INFORMATION — RS EMERGING MARKETS VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain/(Loss)			Total Operations			Distributions From Net Investment Income			Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	13.81	$	0.07	²	$	0.51		$	0.58		$	—		$	—		$	—
Year Ended 12/31/14		14.79		0.14			(0.70	)		(0.56	)		(0.15	)		(0.27	)		(0.42	)
Year Ended 12/31/13		18.02		0.14			(0.94	)		(0.80	)		(0.04	)		(2.51	)		(2.55	)
Year Ended 12/31/12		16.56		0.09			2.15			2.24			(0.13	)		(0.65	)		(0.78	)
Year Ended 12/31/11		24.48		0.09			(5.30	)		(5.21	)		—			(2.71	)		(2.71	)
Year Ended 12/31/10		21.22		0.04			3.99			4.03			(0.65	)		(0.12	)		(0.77	)


10				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS EMERGING MARKETS VIP SERIES



Increase from Contribution by Adviser		Net Asset Value, End of Period		Total Return³			Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	—	$	14.39		4.20%		$	61,224		1.33%		1.33%		0.95%		0.95%		57%
	—		13.81		(3.71)%			62,782		1.35%		1.35%		0.94%		0.94%		135%
	0.12		14.79		(3.47)%	⁵		74,908		1.33%		1.33%		0.91%		0.91%		248%	⁶
	—		18.02		13.59%			92,080		1.27%		1.27%		0.66%		0.66%		47%
	—		16.56		(20.97)%			97,133		1.19%		1.19%		0.60%		0.60%		41%
	—		24.48		19.13%			152,531		1.19%		1.19%		0.35%		0.35%		36%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.

⁵	Without the effect of the contribution by the adviser, total return would have been (4.00)%.

⁶	The portfolio turnover rate was significantly higher than in prior periods due to trading in the Fund by the Fund’s new portfolio management team effective as of March 1, 2013.


The accompanying notes are an integral part of these financial statements.				11

NOTES TO FINANCIAL STATEMENTS — RS EMERGING MARKETS VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS Emerging Markets VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

a. Investment Valuations Marketable securities are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”) are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates market value (see Note 4d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”). Forward

foreign currency contracts are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market may be fair valued in accordance with guidelines and procedures adopted by the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities.

•

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

•

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


12

NOTES TO FINANCIAL STATEMENTS — RS EMERGING MARKETS VIP SERIES (UNAUDITED)

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.

Transfers into and out of each level of the fair value hierarchy for the six months ended June 30, 2015, were as follows:


	Common Stocks
Transfers into Level 1	$	896,300
Transfers (out) of Level 1	$	(507,432	)
Transfers into Level 2	$	893,836
Transfers (out) of Level 2	$	(896,300	)
Transfers into Level 3	$	—
Transfers (out) of Level 3	$	(386,404	)

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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.

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 Fund’s Board of Trustees.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.


				13

NOTES TO FINANCIAL STATEMENTS — RS EMERGING MARKETS VIP SERIES (UNAUDITED)

recorded as net realized gains or losses on foreign currency related transactions.

f. Foreign Capital Gains Tax Gains realized by the Fund on the sale of securities in certain foreign countries are subject to non-U.S. taxes. The Fund records a liability based on unrealized gains to provide for non-U.S. taxes likely to be payable upon the sale of such securities.

g. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

h. Expenses Many expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets.

i. Distributions to Shareholders The Fund intends to declare and distribute substantially all net investment income, if any, at least once a year. Distributions of net realized capital gains, if any, are declared and paid at least once a year. Unless the Fund is instructed otherwise, all distributions to shareholders are credited in the form of additional shares of the Fund at the net asset value, recorded on the ex-dividend date.

j. Capital Accounts Due to the timing of dividend distributions and the differences in accounting for income and realized gains/(losses) for financial statement purposes versus federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains/(losses) were recorded by the Fund.

Note 2. Transactions with Affiliates


14

NOTES TO FINANCIAL STATEMENTS — RS EMERGING MARKETS VIP SERIES (UNAUDITED)

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$684,590

1,202,347

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:


Undistributed Net Investment Income	Accumulated Net Realized Gain
$(123,886)	$	123,886

In determining its taxable income, current tax law permits the Fund to elect to treat all or a portion of any net capital or currency loss realized after October 31 as occurring

on the first day of the following fiscal year. For the year ended December 31, 2014, the Fund elected to defer net capital losses of $140,143.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $55,372,195. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $7,915,348 and $(2,487,044), respectively, resulting in net unrealized appreciation of $5,428,304.

Note 4. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $35,162,571 and $38,703,870, respectively, for the six months ended June 30, 2015.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar. Transaction costs are often higher and there may be delays in settlement procedures.


				15

NOTES TO FINANCIAL STATEMENTS — RS EMERGING MARKETS VIP SERIES (UNAUDITED)

the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller.

Note 5. Temporary Borrowings

For the six months ended June 30, 2015, the Fund borrowed under the facility as follows:


Amount Outstanding at 6/30/15		Average Borrowing*		Days Borrowings Outstanding		Average Interest Rate*
	$—	$	482,545		30		1.38%

*	For the six months ended June 30, 2015, based on the number of days borrowings were outstanding.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


				17

LOGO

RS VARIABLE

PRODUCTS TRUST

RS INVESTMENT QUALITY BOND VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS Investment Quality Bond VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			12

Statement of Operations			12

Statements of Changes in Net Assets			13

Financial Highlights			14

Notes to Financial Statements			16

Supplemental Information			23

RS Funds are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at www.rsinvestments.com/VIP.htm or to obtain a printed copy, call 800.221.3253.

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,004.80		$2.78		0.56%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,022.02		$2.81		0.56%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 7.5%
FHLMC 4.00% due 1/1/2041⁽¹⁾	$	4,108,920	$	4,358,711
7.00% due 9/1/2038		160,027		195,477
1534 Z 5.00% due 6/15/2023		234,894		252,405
3227 PR 5.50% due 9/15/2035⁽¹⁾		2,877,097		3,046,837
FNMA
2.285% due 12/1/2036⁽²⁾		355,632		378,901
2.315% due 8/1/2046⁽²⁾		249,765		250,681
3.00% due 4/1/2043 - 7/1/2043		14,926,212		14,936,863
3.50% due 11/1/2042 - 7/14/2045		14,027,754		14,456,352
4.00% due 9/1/2040 - 11/1/2040		5,400,801		5,740,584
4.50% due 12/1/2038 - 3/1/2044		8,164,193		8,842,404
5.00% due 4/1/2023 - 12/1/2039		3,581,127		3,953,060
5.50% due 1/1/2038 - 2/1/2039		2,199,996		2,467,455
6.00% due 8/1/2021		145,286		158,414
7.00% due 2/1/2032 - 6/1/2032		77,530		93,004
7.50% due 12/1/2029		89,912		106,370
8.00% due 1/1/2030 - 9/1/2030		41,209		49,127
GNMA
6.00% due 10/15/2032 - 12/15/2033		240,750		279,476

Total Agency Mortgage-Backed Securities (Cost $57,762,933)				59,566,121

	Principal Amount		Value
Asset-Backed Securities – 3.8%
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.433% due 4/25/2033⁽²⁾		423,021		430,117
Avis Budget Rental Car Funding AESOP LLC
2012-1A A
2.054% due 8/20/2016⁽¹⁾⁽³⁾		1,200,000		1,201,489
2014-1A A
2.46% due 7/20/2020⁽³⁾		4,000,000		4,026,260
CNH Equipment Trust 2012-C A4 0.87% due 9/16/2019⁽¹⁾		8,000,000		8,005,624
DB Master Finance LLC 2015-1A A2I 3.262% due 2/20/2045⁽³⁾		1,436,400		1,441,842
Domino’s Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042⁽¹⁾⁽³⁾		6,570,500		6,782,208
Ford Credit Floorplan Master Owner Trust 2012-5 A 1.49% due 9/15/2019⁽¹⁾		5,550,000		5,561,916


June 30, 2015 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Synchrony Credit Card Master Note Trust 2012-6 A 1.36% due 8/17/2020	$	2,300,000	$	2,298,438

Total Asset-Backed Securities (Cost $29,525,065)				29,747,894

	Principal Amount		Value
Senior Secured Loans – 4.8%
Building Materials – 0.4%
Generac Power Systems, Inc. Term Loan B 3.25% due 5/31/2020⁽²⁾		1,351,500		1,338,553
Quikrete Holdings, Inc. 1st Lien Term Loan 4.00% due 9/28/2020⁽²⁾		1,517,279		1,516,642

				2,855,195
Environmental – 0.5%
Granite Acquisition, Inc. Term Loan B 5.00% due 12/19/2021⁽²⁾		3,812,261		3,850,307
Term Loan C 5.00% due 12/19/2021⁽²⁾		168,582		170,265

				4,020,572
Food And Beverage – 0.4%
H.J. Heinz Co. Term Loan B1 3.00% due 6/7/2019⁽²⁾		2,888,373		2,887,160

				2,887,160
Gaming – 1.1%
MGM Resorts International Term Loan B 3.50% due 12/20/2019⁽²⁾		3,919,598		3,889,221
Scientific Games International, Inc. 2014 Term Loan B1 6.00% due 10/18/2020⁽²⁾		4,925,000		4,921,651

				8,810,872
Leisure – 0.2%
WMG Acquisition Corp. New Term Loan 3.75% due 7/1/2020⁽²⁾		1,962,538		1,930,960

				1,930,960
Pharmaceuticals – 1.1%
Amgen, Inc. Term Loan 1.282% due 9/18/2018⁽²⁾		1,869,000		1,861,206
RPI Finance Trust Term Loan B4 3.50% due 11/9/2020⁽²⁾		6,860,762		6,865,016

				8,726,222
Refining – 0.1%
Tesoro Corp. Delayed Draw Term Loan 2.437% due 5/30/2016⁽²⁾		1,272,000		1,266,441

				1,266,441


4				The accompanying notes are an integral part of these financial statements.

RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Retailers – 0.5%
BJ’s Wholesale Club, Inc. New 1st Lien Term Loan 4.50% due 9/26/2019⁽²⁾	$	3,973,194	$	3,965,486

				3,965,486
Wireless – 0.5%
Crown Castle Operating Co. Term Loan B2 3.00% due 1/31/2021⁽²⁾		3,920,267		3,895,060

				3,895,060
Total Senior Secured Loans (Cost $38,309,532)				38,357,968

	Principal Amount		Value
Commercial Mortgage-Backed Securities – 15.2%
Banc of America Commercial Mortgage Trust 2006-1 A4
5.372% due 9/10/2045⁽¹⁾⁽²⁾		3,610,230		3,628,664
2006-2 A4 5.916% due 5/10/2045⁽¹⁾⁽²⁾		3,400,000		3,456,522
2008-1 A4 6.43% due 2/10/2051⁽²⁾		1,435,818		1,562,881
Banc of America Merrill Lynch Commercial Mortgage, Inc. 2005-6 A4 5.328% due 9/10/2047⁽¹⁾⁽²⁾		4,233,372		4,254,797
Bear Stearns Commercial Mortgage Securities Trust 2005-PW10 A4 5.405% due 12/11/2040⁽¹⁾⁽²⁾		2,220,677		2,233,437
2005-PW10 AM 5.449% due 12/11/2040⁽¹⁾⁽²⁾		3,466,000		3,518,160
2007-PW16 AM 5.896% due 6/11/2040⁽²⁾		5,350,000		5,729,465
Citigroup Commercial Mortgage Trust 2013-375P B 3.635% due 5/10/2035^(1)(2)(3)		4,100,000		4,121,447
2014-388G B 1.236% due 6/15/2033⁽²⁾⁽³⁾		4,000,000		3,970,992
Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD3 AM 5.648% due 10/15/2048		5,785,000		6,076,466
Credit Suisse Commercial Mortgage Trust 2006-C3 A3 6.00% due 6/15/2038⁽²⁾		3,431,191		3,504,299
Credit Suisse First Boston Mortgage Securities Corp. 2005-C5 AM 5.10% due 8/15/2038⁽¹⁾⁽²⁾		2,080,000		2,083,576


June 30, 2015 (unaudited)	Principal Amount		Value
Commercial Mortgage-Backed Securities (continued)
Crown Castle Towers LLC Sr. Sec. Nt. 6.113% due 1/15/2020⁽¹⁾⁽³⁾	$	5,800,000	$	6,603,961
DBUBS Mortgage Trust 2011-LC1A A3 5.002% due 11/10/2046⁽¹⁾⁽³⁾		4,500,000		5,021,838
Fairway Outdoor Funding LLC 2012-1A A2 4.212% due 10/15/2042⁽³⁾		4,626,506		4,631,271
GE Capital Commercial Mortgage Corp. 2006-C1 A4 5.449% due 3/10/2044⁽¹⁾⁽²⁾		6,462,927		6,534,639
GMAC Commercial Mortgage Securities, Inc. 2006-C1 AM 5.29% due 11/10/2045⁽²⁾		2,100,000		2,125,735
Hilton U.S.A. Trust 2013-HLT AFX 2.662% due 11/5/2030⁽³⁾		6,000,000		5,962,026
JPMorgan Chase Commercial Mortgage Securities Trust 2005-CB13 AM 5.462% due 1/12/2043⁽²⁾		5,400,000		5,440,057
2005-LDP3 A4A 4.936% due 8/15/2042⁽¹⁾⁽²⁾		434,245		434,068
2005-LDP5 A4 5.412% due 12/15/2044⁽¹⁾⁽²⁾		2,466,344		2,471,881
2006-LDP7 AM 6.10% due 4/15/2045⁽¹⁾⁽²⁾		5,240,000		5,429,405
2007-CB18 A4 5.44% due 6/12/2047⁽¹⁾		6,649,247		6,971,609
2011-PLSD A2 3.364% due 11/13/2028⁽³⁾		5,000,000		5,130,840
Merrill Lynch Mortgage Trust 2005-CKI1 A6 5.46% due 11/12/2037⁽¹⁾⁽²⁾		593,568		593,625
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 A2 2.936% due 11/15/2046		6,000,000		6,190,554
Morgan Stanley Capital I Trust 2007-IQ16 A4 5.809% due 12/12/2049		2,139,632		2,296,249
Queens Center Mortgage Trust 2013-QCA A 3.275% due 1/11/2037⁽³⁾		3,850,000		3,805,171
SBA Tower Trust 2.24% due 4/15/2043⁽³⁾		1,500,000		1,492,176
Wachovia Bank Commercial Mortgage Trust 2004-C11 A5 5.215% due 1/15/2041⁽¹⁾⁽²⁾		486,045		486,890
2007-C33 AM 6.15% due 2/15/2051⁽²⁾		4,350,000		4,663,130

Total Commercial Mortgage-Backed Securities (Cost $123,835,607)				120,425,831


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Corporate Bonds – 47.1%
Aerospace & Defense – 0.1%
Northrop Grumman Space & Mission Systems Corp. 7.75% due 6/1/2029	$	500,000	$	640,303

				640,303
Automotive – 2.6%
BorgWarner, Inc. Sr. Nt. 4.625% due 9/15/2020⁽¹⁾		1,500,000		1,644,608
Daimler Finance North America LLC 0.726% due 5/18/2018⁽²⁾⁽³⁾		5,000,000		5,004,180
Ford Motor Credit Co. LLC Sr. Nt. 4.25% due 9/20/2022		4,700,000		4,894,754
General Motors Financial Co., Inc. 2.625% due 7/10/2017		3,500,000		3,538,087
3.25% due 5/15/2018		3,500,000		3,579,604
RCI Banque S.A. Sr. Nt. 4.60% due 4/12/2016⁽³⁾		1,500,000		1,536,619

				20,197,852
Banking – 17.0%
Ally Financial, Inc. 2.75% due 1/30/2017		3,000,000		2,986,500
Bank of America Corp. Sr. Nt. 1.50% due 10/9/2015		500,000		501,148
2.00% due 1/11/2018		3,000,000		3,009,831
Sub. Nt. 4.25% due 10/22/2026		3,600,000		3,526,571
Sr. Nt. 5.70% due 1/24/2022⁽¹⁾		7,000,000		7,946,127
BB&T Corp. Sub. Nt. 5.20% due 12/23/2015		5,275,000		5,381,697
Citigroup, Inc. Sr. Nt. 4.50% due 1/14/2022⁽¹⁾		4,700,000		5,062,643
6.125% due 11/21/2017⁽¹⁾		3,700,000		4,069,896
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.95% due 11/9/2022⁽¹⁾		2,100,000		2,099,719
Countrywide Financial Corp. Sub. Nt. 6.25% due 5/15/2016		4,000,000		4,157,060
Credit Suisse/New York NY Sr. Nt. 5.30% due 8/13/2019		2,200,000		2,450,094
Discover Bank/Greenwood DE Sub. Nt. 7.00% due 4/15/2020		2,350,000		2,735,024
Fifth Third Bank Sr. Nt. 1.15% due 11/18/2016⁽¹⁾		5,000,000		4,988,865


June 30, 2015 (unaudited)	Principal Amount		Value
Banking (continued)
HSBC Holdings PLC Sr. Nt. 5.10% due 4/5/2021⁽¹⁾	$	5,000,000	$	5,573,585
HSBC U.S.A., Inc. Sr. Nt. 0.733% due 3/3/2017⁽²⁾		10,000,000		9,994,640
Huntington Bancshares, Inc. Sub. Nt. 7.00% due 12/15/2020		1,500,000		1,786,688
Intesa Sanpaolo S.p.A. Sr. Nt. 3.625% due 8/12/2015⁽³⁾		2,200,000		2,205,452
3.875% due 1/16/2018		1,900,000		1,961,433
JPMorgan Chase & Co. Sub. Nt. 3.375% due 5/1/2023⁽¹⁾		6,700,000		6,505,827
Sr. Nt. 3.45% due 3/1/2016		1,600,000		1,627,104
Sub. Nt. 5.15% due 10/1/2015		2,300,000		2,321,293
Lloyds Bank PLC 5.80% due 1/13/2020⁽³⁾		1,300,000		1,485,241
Macquarie Bank Ltd. Sr. Nt. 2.00% due 8/15/2016⁽¹⁾⁽³⁾		4,000,000		4,040,080
Morgan Stanley Sr. Nt. 3.75% due 2/25/2023		3,000,000		3,033,420
5.95% due 12/28/2017⁽¹⁾		4,000,000		4,396,860
Regions Bank/Birmingham AL Sub. Nt. 7.50% due 5/15/2018⁽¹⁾		4,000,000		4,591,312
Royal Bank of Scotland Group PLC Sr. Nt. 2.55% due 9/18/2015		3,000,000		3,008,388
Sub. Nt. 6.125% due 12/15/2022		2,600,000		2,799,633
Skandinaviska Enskilda Banken AB Sr. Nt. 1.75% due 3/19/2018⁽³⁾		5,250,000		5,249,564
Standard Chartered PLC Sub. Nt. 3.95% due 1/11/2023⁽¹⁾⁽³⁾		2,700,000		2,634,892
The Bear Stearns Cos. LLC Sr. Nt. 5.30% due 10/30/2015		1,000,000		1,014,301
The Goldman Sachs Group, Inc. Sub. Nt. 5.625% due 1/15/2017		3,770,000		3,992,117
Sr. Nt. 5.75% due 1/24/2022⁽¹⁾		2,750,000		3,128,040
The Huntington National Bank Sr. Nt. 1.35% due 8/2/2016⁽¹⁾		5,200,000		5,203,583
2.00% due 6/30/2018		3,500,000		3,503,433


6				The accompanying notes are an integral part of these financial statements.

RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Banking (continued)
UBS AG/Stamford CT Sr. Nt. 4.875% due 8/4/2020⁽¹⁾	$	2,500,000	$	2,764,897
Wells Fargo Bank N.A. Sub. Nt. 5.75% due 5/16/2016⁽¹⁾		2,700,000		2,803,029

				134,539,987
Building Materials – 0.3%
Owens Corning 4.20% due 12/15/2022⁽¹⁾		2,400,000		2,432,563

				2,432,563
Cable Satellite – 0.6%
Comcast Corp. 6.45% due 3/15/2037		2,000,000		2,471,590
Cox Communications, Inc. Sr. Nt. 5.50% due 10/1/2015		435,000		439,901
Time Warner Cable, Inc. 5.85% due 5/1/2017		2,000,000		2,135,736

				5,047,227
Chemicals – 1.2%
Cabot Corp. Sr. Nt. 3.70% due 7/15/2022		3,200,000		3,233,271
Ecolab, Inc. Sr. Nt. 5.50% due 12/8/2041⁽¹⁾		1,300,000		1,420,255
FMC Corp. Sr. Nt. 5.20% due 12/15/2019		500,000		547,442
LyondellBasell Industries N.V. Sr. Nt. 5.00% due 4/15/2019⁽¹⁾		3,600,000		3,899,754

				9,100,722
Electric – 1.3%
Duquesne Light Holdings, Inc. Sr. Nt. 5.50% due 8/15/2015		1,515,000		1,522,157
Nevada Power Co. 6.65% due 4/1/2036⁽¹⁾		600,000		773,318
NextEra Energy Capital Holdings, Inc. 1.586% due 6/1/2017		4,500,000		4,509,774
PPL Electric Utilities Corp. 6.25% due 5/15/2039		1,455,000		1,849,220
Virginia Electric and Power Co. Sr. Nt. 8.875% due 11/15/2038		800,000		1,232,816

				9,887,285
Energy - Integrated – 0.6%
BP Capital Markets PLC 4.50% due 10/1/2020⁽¹⁾		2,600,000		2,844,062
Suncor Energy, Inc. Sr. Nt. 6.50% due 6/15/2038		1,700,000		2,071,292

				4,915,354


June 30, 2015 (unaudited)	Principal Amount		Value
Finance Companies – 1.0%
AerCap Ireland Capital Ltd. 3.75% due 5/15/2019⁽³⁾	$	2,900,000	$	2,867,375
General Electric Capital Corp. 6.75% due 3/15/2032⁽¹⁾		1,000,000		1,298,250
International Lease Finance Corp. Sr. Nt. 4.625% due 4/15/2021		3,800,000		3,838,000

				8,003,625
Food And Beverage – 1.2%
Anheuser-Busch InBev Worldwide, Inc. 3.75% due 7/15/2042⁽¹⁾		4,200,000		3,708,197
H.J. Heinz Co. 2.00% due 7/2/2018⁽³⁾		4,500,000		4,498,578
Mead Johnson Nutrition Co. Sr. Nt. 4.90% due 11/1/2019		1,200,000		1,302,998

				9,509,773
Government Related – 1.6%
Dolphin Energy Ltd. Sr. Sec. Nt. 5.888% due 6/15/2019⁽³⁾		1,050,600		1,138,630
Petrobras Global Finance B.V. 5.875% due 3/1/2018		4,000,000		4,080,000
Petroleos Mexicanos 5.75% due 3/1/2018		4,000,000		4,351,320
Sinopec Group Overseas Development Ltd. 1.75% due 4/10/2017⁽³⁾		2,779,000		2,780,584

				12,350,534
Health Insurance – 0.2%
UnitedHealth Group, Inc. Sr. Nt. 6.50% due 6/15/2037		1,500,000		1,892,697

				1,892,697
Healthcare – 1.2%
Amsurg Corp. 5.625% due 11/30/2020		2,000,000		2,035,000
Bio-Rad Laboratories, Inc. Sr. Nt. 4.875% due 12/15/2020		650,000		704,612
Fresenius Medical Care U.S. Finance, Inc. 6.875% due 7/15/2017		1,500,000		1,623,750
Thermo Fisher Scientific, Inc. Sr. Nt. 1.30% due 2/1/2017		5,000,000		4,991,695

				9,355,057
Home Construction – 0.5%
Toll Brothers Finance Corp. 5.875% due 2/15/2022		3,500,000		3,753,750

				3,753,750


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Independent Energy – 1.5%
Anadarko Petroleum Corp. Sr. Nt. 5.95% due 9/15/2016⁽¹⁾	$	4,000,000	$	4,219,656
Chesapeake Energy Corp. 7.25% due 12/15/2018		2,000,000		2,060,000
Marathon Oil Corp. Sr. Nt. 0.90% due 11/1/2015		1,000,000		999,751
Talisman Energy, Inc. Sr. Nt. 5.50% due 5/15/2042		3,200,000		2,880,300
Whiting Petroleum Corp. 6.50% due 10/1/2018		1,600,000		1,620,000

				11,779,707
Insurance - Life – 0.7%
American International Group, Inc. Sr. Nt. 5.85% due 1/16/2018		1,000,000		1,102,487
MetLife, Inc. Jr. Sub. Nt. 6.40% due 12/15/2066		500,000		548,750
Prudential Financial, Inc. Sr. Nt. 7.375% due 6/15/2019		1,100,000		1,304,229
Symetra Financial Corp. Sr. Nt. 6.125% due 4/1/2016⁽³⁾		800,000		823,814
Teachers Insurance & Annuity Association of America Sub. Nt. 6.85% due 12/16/2039⁽³⁾		1,200,000		1,502,584
UnumProvident Finance Co. PLC 6.85% due 11/15/2015⁽³⁾		563,000		574,771

				5,856,635
Insurance: Property - Casualty – 0.4%
Berkshire Hathaway Finance Corp. 5.75% due 1/15/2040⁽¹⁾		1,500,000		1,751,221
ZFS Finance U.S.A. Trust II Jr. Sub. Nt. 6.45% due 12/15/2065⁽²⁾⁽³⁾		1,600,000		1,636,432

				3,387,653
Media - Entertainment – 0.2%
Time Warner Cos., Inc. 7.57% due 2/1/2024		1,450,000		1,788,984

				1,788,984
Metals And Mining – 2.3%
Allegheny Technologies, Inc. Sr. Nt. 9.375% due 6/1/2019⁽¹⁾		1,500,000		1,762,500
Anglo American Capital PLC 2.625% due 9/27/2017⁽³⁾		4,000,000		4,021,952
ArcelorMittal Sr. Nt. 4.50% due 8/5/2015		3,000,000		3,000,930


June 30, 2015 (unaudited)	Principal Amount		Value
Metals And Mining (continued)
Freeport-McMoRan, Inc. Sr. Nt. 3.55% due 3/1/2022	$	2,300,000	$	2,128,944
Steel Dynamics, Inc. 5.25% due 4/15/2023		1,750,000		1,736,875
Vale Overseas Ltd. 6.25% due 1/23/2017		5,600,000		5,922,448

				18,573,649
Midstream – 1.5%
DCP Midstream Operating LP 3.25% due 10/1/2015		1,093,000		1,092,955
Energy Transfer Partners LP Sr. Nt. 5.15% due 2/1/2043⁽¹⁾		2,000,000		1,781,094
Enterprise Products Operating LLC Series A 8.375% due 8/1/2066⁽¹⁾⁽²⁾		1,600,000		1,676,000
Kinder Morgan Energy Partners LP 4.10% due 11/15/2015		231,000		233,403
5.00% due 10/1/2021		1,600,000		1,693,029
Kinder Morgan Finance Co. LLC 5.70% due 1/5/2016		1,285,000		1,313,437
Williams Partners LP Sr. Nt. 5.25% due 3/15/2020		3,900,000		4,239,058

				12,028,976
Oil Field Services – 1.6%
Nabors Industries, Inc. 4.625% due 9/15/2021		3,150,000		3,129,434
Transocean, Inc. 3.00% due 10/15/2017		3,000,000		2,910,000
6.00% due 3/15/2018		3,550,000		3,585,500
Weatherford International Ltd. 5.125% due 9/15/2020		1,500,000		1,528,512
6.50% due 8/1/2036		1,200,000		1,091,061

				12,244,507
Packaging – 0.2%
Silgan Holdings, Inc. Sr. Nt. 5.00% due 4/1/2020		1,500,000		1,541,250

				1,541,250
Paper – 0.8%
Georgia-Pacific LLC 5.40% due 11/1/2020⁽³⁾		2,675,000		2,986,046
Rock Tenn Co. 4.90% due 3/1/2022		3,200,000		3,445,696

				6,431,742
Pharmaceuticals – 0.9%
Gilead Sciences, Inc. Sr. Nt. 4.40% due 12/1/2021⁽¹⁾		6,150,000		6,716,833

				6,716,833


8				The accompanying notes are an integral part of these financial statements.

RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Railroads – 0.2%
CSX Corp. Sr. Nt. 4.75% due 5/30/2042	$	1,250,000	$	1,251,179

				1,251,179
Real Estate Investment Trusts – 0.9%
DDR Corp. Sr. Nt. 4.75% due 4/15/2018		2,000,000		2,133,940
Equity Commonwealth Sr. Nt. 5.875% due 9/15/2020		1,200,000		1,317,979
ProLogis LP 6.875% due 3/15/2020		541,000		624,947
Simon Property Group LP Sr. Nt. 4.125% due 12/1/2021⁽¹⁾		3,100,000		3,329,633

				7,406,499
Supermarkets – 0.4%
The Kroger Co. 3.90% due 10/1/2015		3,000,000		3,022,860

				3,022,860
Technology – 1.0%
First Data Corp. Sr. Sec. Nt. 7.375% due 6/15/2019⁽³⁾		2,830,000		2,941,785
Hewlett-Packard Co. Sr. Nt. 3.75% due 12/1/2020⁽¹⁾		5,000,000		5,152,530

				8,094,315
Wireless – 1.3%
America Movil S.A.B. de C.V. 5.00% due 10/16/2019⁽¹⁾		3,600,000		3,962,664
Sprint Communications, Inc. Sr. Nt. 6.00% due 12/1/2016		3,000,000		3,082,500
Vodafone Group PLC Sr. Nt. 6.15% due 2/27/2037⁽¹⁾		3,350,000		3,577,673

				10,622,837
Wirelines – 3.8%
AT&T, Inc. Sr. Nt. 2.30% due 3/11/2019⁽¹⁾		6,000,000		6,004,836
2.50% due 8/15/2015		6,000,000		6,011,280
6.30% due 1/15/2038⁽¹⁾		2,200,000		2,442,893
Deutsche Telekom International Finance B.V. 8.75% due 6/15/2030⁽¹⁾		850,000		1,195,890
Orange S.A. Sr. Nt. 9.00% due 3/1/2031		335,000		472,705
Telecom Italia Capital S.A. 5.25% due 10/1/2015		3,550,000		3,579,642


June 30, 2015 (unaudited)	Principal Amount		Value
Wirelines (continued)
Verizon Communications, Inc. Sr. Nt. 0.70% due 11/2/2015	$	380,000	$	379,468
4.522% due 9/15/2048⁽³⁾		1,618,000		1,421,441
6.55% due 9/15/2043⁽¹⁾		7,500,000		8,773,155

				30,281,310
Total Corporate Bonds (Cost $364,510,365)				372,655,665

	Principal Amount		Value
Municipal Bonds – 0.9%
Chicago Illinois Metropolitan Wtr. Reclamation Dist. Greater Chicago G.O. Build America Bonds Taxable Direct Payment 5.72% due 12/1/2038⁽¹⁾		1,600,000		1,890,368
Illinois St. Toll Hwy. Auth. Toll Hwy. Rev. Build America Bonds Ser. A 6.184% due 1/1/2034		1,000,000		1,246,140
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Rev. Build America Bonds Ser. EE 6.011% due 6/15/2042		1,600,000		2,064,784
San Diego Cnty. California Wtr. Auth. Fing. Agcy. Wtr. Rev. Build America Bonds Ser. B 6.138% due 5/1/2049		1,500,000		1,894,755

Total Municipal Bonds (Cost $5,719,612)				7,096,047

	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 3.8%
Banc of America Alternative Loan Trust 2004-1 2A1 6.00% due 2/25/2034⁽¹⁾		2,169,583		2,289,727
Bear Stearns ALT-A Trust 2003-3 2A 2.609% due 10/25/2033⁽²⁾		2,682,547		2,696,580
Countrywide Alternative Loan Trust 2006-19CB A15 6.00% due 8/25/2036		914,677		835,907
Countrywide Home Loans Mortgage Pass-Through Trust 2002-19 1A1 6.25% due 11/25/2032		258,944		267,610
2004-5 2A9 5.25% due 5/25/2034		721,779		746,584
Deutsche Alt-A Securities Mortgage Loan Trust 2007-AR3 2A2B 0.427% due 6/25/2037⁽²⁾		4,235,280		3,525,049


The accompanying notes are an integral part of these financial statements.				9

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
GSR Mortgage Loan Trust 2004-10F 6A1 5.00% due 9/25/2034	$	905,012	$	936,949
Impac CMB Trust 2004-7 1A1 0.927% due 11/25/2034⁽²⁾		2,602,861		2,469,108
JPMorgan Mortgage Trust
2004-S2 1A3
4.75% due 11/25/2019		763,209		772,467
2005-A3 11A2
2.578% due 6/25/2035⁽¹⁾⁽²⁾		3,323,155		3,377,598
Master Adjustable Rate Mortgages Trust 2004-13 3A1 2.702% due 11/21/2034⁽²⁾		2,377,779		2,432,171
Master Asset Securitization Trust 2003-10 3A7 5.50% due 11/25/2033		393,757		410,658
2003-5 2A1 5.00% due 6/25/2018		264,114		272,279
Prime Mortgage Trust 2003-3 A9 5.50% due 1/25/2034⁽¹⁾		1,657,479		1,656,144
2004-2 A3 5.25% due 11/25/2019		200,023		205,907
Residential Asset Mortgage Products Trust 2005-SL1 A4 6.00% due 5/25/2032		143,851		144,922
Residential Funding Mortgage Securities I Trust 2005-S3 A1 4.75% due 3/25/2020		594,720		604,320
Structured Asset Securities Corp. 2004-20 7A1 5.25% due 11/25/2034		1,029,456		1,042,774
2004-21XS 2A6A 4.74% due 12/25/2034⁽²⁾		65,269		66,618
Wells Fargo Mortgage Backed Securities Trust 2004-6 A4 5.50% due 6/25/2034		942,538		988,132
2004-Y 3A1 2.596% due 11/25/2034⁽²⁾		3,209,407		3,236,655
2005-2 2A1 4.75% due 4/25/2020⁽¹⁾		348,681		357,917
2007-13 A7 6.00% due 9/25/2037		823,511		828,100

Total Non-Agency Mortgage-Backed Securities (Cost $30,055,559)				30,164,176


June 30, 2015 (unaudited)	Principal Amount		Value
U.S. Government Securities – 15.2%
U.S. Treasury Bonds
3.625% due 2/15/2044	$	29,700,000	$	32,653,754
3.75% due 11/15/2043		5,000,000		5,624,220
5.375% due 2/15/2031		6,500,000		8,737,931
U.S. Treasury Notes
1.375% due 4/30/2020		22,000,000		21,759,364
1.75% due 5/15/2023		31,000,000		29,985,246
2.00% due 2/15/2025		7,800,000		7,578,184
2.375% due 8/15/2024		13,500,000		13,572,778

Total U.S. Government Securities (Cost $120,749,651)				119,911,477

	Principal Amount		Value
Repurchase Agreements – 3.3%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $26,013,000, due 7/1/2015⁽⁴⁾		26,013,000		26,013,000
Total Repurchase Agreements (Cost $26,013,000)				26,013,000
Total Investments - 101.6% (Cost $796,481,324)				803,938,179
Other Liabilities, Net - (1.6)%				(12,741,742	)
Total Net Assets - 100.0%			$	791,196,437

⁽¹⁾	Securities are segregated to cover anticipated or existing derivative positions or to be announced securities (TBA).

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2015.

⁽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 June 30, 2015, the aggregate market value of these securities amounted to $103,541,541, representing 13.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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

Security

Coupon

Maturity
Date

Value

FHLB

2.96%

2/7/2028

14,468,963

U.S. Treasury Note

2.125%

1/31/2021

12,066,982


10				The accompanying notes are an integral part of these financial statements.

RS INVESTMENT QUALITY BOND VIP SERIES

The tables below present futures contracts as of June 30, 2015:

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Depreciation

Purchased Futures Contracts

5 YR U.S. Treasury Note

Goldman Sachs & Co.

1,000

9/30/2015

119,257

(98,141

)

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Depreciation

Sold Futures Contracts

10 YR U.S. Treasury Note

Goldman Sachs & Co.

9/21/2015

10,094

(24,485

)


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	59,566,121	$	—	$	59,566,121
Asset-Backed Securities		—			29,747,894		—		29,747,894
Senior Secured Loans		—			38,357,968		—		38,357,968
Commercial Mortgage-Backed Securities		—			120,425,831		—		120,425,831
Corporate Bonds		—			372,655,665		—		372,655,665
Municipal Bonds		—			7,096,047		—		7,096,047
Non-Agency Mortgage-Backed Securities		—			30,164,176		—		30,164,176
U.S. Government Securities		—			119,911,477		—		119,911,477
Repurchase Agreements		—			26,013,000		—		26,013,000
Other Financial Instruments:
Financial Futures Contracts		(122,626	)		—		—		(122,626	)
Total	$	(122,626	)	$	803,938,179	$	—	$	803,815,553


The accompanying notes are an integral part of these financial statements.				11

FINANCIAL INFORMATION — RS INVESTMENT QUALITY BOND VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	803,938,179
Cash		168,770
Cash deposits with brokers		825,600
Dividends/interest receivable		5,611,805
Receivable for investments sold		2,619,708
Receivable for variation margin		290,730
Receivable for fund shares subscribed		59,583
Prepaid expenses		16,068

Total Assets		813,530,443


Liabilities
Payable for investments purchased		21,477,435
Payable for fund shares redeemed		409,082
Payable to adviser		326,086
Accrued trustees’ fees		11,633
Accrued expenses/other liabilities		109,770

Total Liabilities		22,334,006

Total Net Assets	$	791,196,437


Net Assets Consist of:
Paid-in capital	$	767,366,878
Accumulated undistributed net investment income		10,959,868
Accumulated net realized gain from investments, futures contracts and written options		5,535,462
Net unrealized appreciation on investments and futures contracts		7,334,229

Total Net Assets	$	791,196,437

Investments, at Cost	$	796,481,324


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		63,578,685
Net Asset Value Per Share		$12.44


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Interest	$	13,106,033

Total Investment Income		13,106,033


Expenses
Investment advisory fees		1,988,132
Professional fees		59,310
Custodian fees		43,914
Administrative service fees		32,876
Shareholder reports		30,320
Trustees’ fees		24,833
Transfer agent fees		14,743
Insurance expense		9,699
Other expenses		9,466

Total Expenses		2,213,293

Net Investment Income		10,892,740


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments, Futures Contracts and Written Options
Net realized gain from investments		2,834,860
Net realized gain from futures contracts		2,112,972
Net realized gain from written options		111,798
Net change in unrealized appreciation/depreciation on investments		(11,108,800	)
Net change in unrealized appreciation/depreciation on futures contracts		(419,137	)
Net change in unrealized appreciation/depreciation on written options		(96,173	)

Net Loss on Investments, Futures Contracts and Written Options		(6,564,480	)

Net Increase in Net Assets Resulting from Operations	$	4,328,260


12				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS INVESTMENT QUALITY BOND VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	10,892,740		$	23,649,161
Net realized gain from investments, futures contracts and written options		5,059,630			6,689,565
Net change in unrealized appreciation/depreciation on investments and futures contracts		(11,624,110	)		12,887,107

Net Increase in Net Assets Resulting from Operations		4,328,260			43,225,833


Distributions to Shareholders
Net investment income		—			(23,582,033	)
Net realized gain on investments		—			(6,092,756	)

Total Distributions		—			(29,674,789	)


Capital Share Transactions
Proceeds from sales of shares		29,445,855			57,351,427
Reinvestment of distributions		—			29,674,789
Cost of shares redeemed		(44,954,886	)		(92,926,748	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,509,031	)		(5,900,532	)

Net Increase/(Decrease) in Net Assets		(11,180,771	)		7,650,512


Net Assets
Beginning of period		802,377,208			794,726,696

End of period	$	791,196,437		$	802,377,208

Accumulated Undistributed Net Investment Income Included in Net Assets	$	10,959,868		$	67,128


Other Information:
Shares
Sold		2,349,378			4,550,063
Reinvested		—			2,406,714
Redeemed		(3,587,364	)		(7,368,341	)

Net Decrease		(1,237,986	)		(411,564	)


The accompanying notes are an integral part of these financial statements.				13

FINANCIAL INFORMATION — RS INVESTMENT QUALITY BOND VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain/(Loss)			Total Operations			Distributions From Net Investment Income			Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	12.38	$	0.17	²	$	(0.11	)	$	0.06		$	—		$	—		$	—
Year Ended 12/31/14		12.18		0.38			0.30			0.68			(0.38	)		(0.10	)		(0.48	)
Year Ended 12/31/13		12.78		0.34			(0.54	)		(0.20	)		(0.34	)		(0.06	)		(0.40	)
Year Ended 12/31/12		12.57		0.38			0.42			0.80			(0.38	)		(0.21	)		(0.59	)
Year Ended 12/31/11		12.32		0.49			0.38			0.87			(0.49	)		(0.13	)		(0.62	)
Year Ended 12/31/10		12.02		0.48			0.44			0.92			(0.48	)		(0.14	)		(0.62	)


14				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS INVESTMENT QUALITY BOND VIP SERIES



Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	12.44		0.48%	$	791,196		0.56%		0.56%		2.74%		2.74%		21%
	12.38		5.55%		802,377		0.56%		0.56%		2.93%		2.93%		47%
	12.18		(1.63)%		794,727		0.56%		0.56%		2.72%		2.72%		199%
	12.78		6.37%		760,801		0.56%		0.56%		2.97%		2.97%		135%
	12.57		7.08%		671,882		0.57%		0.57%		3.75%		3.75%		102%
	12.32		7.72%		631,137		0.56%		0.56%		3.90%		3.90%		121%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.


The accompanying notes are an integral part of these financial statements.				15

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS Investment Quality Bond VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

a. Investment Valuations The Fund is responsible for the valuation of portfolio securities. The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a “Service”). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer.

Other marketable securities are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”) are generally valued at the NASDAQ

official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates market value (see Note 4c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or for which market quotations may be considered unreliable or for which a Service or independent broker-dealer does not provide a valuation are valued at their fair values as determined in accordance with guidelines and procedures adopted by the Trust’s Board of Trustees.

•

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

•

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


16

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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, loans, state, municipal and provincial obligations, certain foreign equity securities and commercial paper and other short-term securities valued at amortized cost in accordance with Rule 2a-7 under the 1940 Act.

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 Fund’s results of operations.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.

c. Securities Transactions Securities transactions are accounted for on the date securities are purchased or


				17

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

e. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund’s asset allocation or risk exposure, or (iii) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract.

Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss.

The Fund enters into credit default swaps primarily for asset allocation and risk exposure management.

There were no credit default swaps held during the six months ended June 30, 2015.

f. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of their investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value.

g. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.


18

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

Note 2. Transactions with Affiliates

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$26,731,731

2,943,058

The tax basis of distributable earnings as of December 31, 2014, was as follows:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

$815,678

456,261

In determining its taxable income, current tax law permits the Fund to elect to treat all or a portion of any net capital or currency loss realized after October 31 as occurring


				19

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

on the first day of the following fiscal year. For the year ended December 31, 2014, the Fund had no such losses.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $796,817,628. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $16,232,379 and $(9,111,828), respectively, resulting in net unrealized appreciation of $7,120,551.

Note 4. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments) for the six months ended June 30, 2015, were as follows:


	Other Investments		U.S. Government and Agency Obligations
Purchases	$	49,831,743	$	171,136,957
Sales		45,664,027		115,248,445

b. Derivative Instruments and Hedging Activities The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure at June 30, 2015.


Derivative Instrument Type	Statement of Assets and Liabilities Location	Value
Financial Futures Contracts	Net unrealized depreciation on futures contracts*	$	(122,626	)

The cumulative appreciation of financial futures contracts is reported in the notes to the Schedule of Investments. Only the daily change in variation margin as of the reporting date is presented in the Statement of Assets and Liabilities. See Note 1d for additional information on futures contracts.

The following is a summary of the effect of the Fund’s derivative instruments on the Statement of Operations for the six months ended June 30, 2015.


Derivative Instrument Type	Location of Gain/ (Loss) on Derivatives Recognized in Income	Amount
Financial Futures Contracts	Net realized gain from futures contracts	$	2,112,972

	Net change in unrealized appreciation/(depreciation) on futures contracts		(419,137	)
Option Contracts	Net realized gain from written options		111,798

	Net change in unrealized appreciation/(depreciation) on written options		(96,173	)

Transactions in written options for the six months ended June 30, 2015:


	Contracts			Premiums
Options outstanding, December 31, 2014		200		$	111,798
Written options		—			—
Options terminated in closing transactions		—			—
Options exercised		—			—
Options expired		(200	)		(111,798	)
Options outstanding, June 30, 2015		—		$	—

The Fund held an average daily face value of $39,094,795 in long position futures contracts, an average daily face value of $(8,109,589) in short position futures contracts and an average daily face value of $56,354 in written option contracts for the six months ended June 30, 2015.

The Fund used exchange-traded U.S. Treasury futures and options on U.S. Treasury futures to generate income and manage interest rate exposure.

The Fund has entered into ISDA Master Agreements (“ISDA Agreements”) with various counterparties, which govern many types of derivatives transactions (the “Transactions”). An ISDA Agreement is a single contract with a counterparty that typically permits multiple Transactions governed by that contract to be net settled upon the designation by the non-defaulting party of an early termination date (the “Early Termination Date”) under such contract upon the occurrence of certain events of default or termination events. Upon the designation of such Early Termination Date, all Transactions governed by the applicable agreement may typically be terminated and a net settlement amount may


20

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

be calculated. In addition, the Fund may receive and post cash and securities collateral under the ISDA Agreements, subject to the terms of the related credit support agreement. Such credit support agreement grants the non-defaulting party designating the Early Termination Date the right to liquidate the collateral that has been posted to it and apply the proceeds to the calculation of the net settlement amount. As of June 30, 2015, no derivative assets or liabilities are available for offset.

d. Loans Floating rate loans in which the Fund invests are primarily “senior” loans. Senior floating rate loans typically hold a senior position in the capital structure of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of the Fund’s floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See Note 4(g) regarding below investment grade securities.

The Fund may purchase second lien loans (secured loans with a claim on collateral subordinate to a senior lender’s claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations.

Transactions in loans often settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan or pay for a loan purchase for a substantial period of time after entering into the transactions.

e. Securities Purchased on a When-Issued or Delayed-Delivery Basis The Fund may purchase securities on a when-issued or delayed delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a Fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

f. 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 the 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 Fund’s Schedule of Investments.

g. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

h. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith


				21

NOTES TO FINANCIAL STATEMENTS — RS INVESTMENT QUALITY BOND VIP SERIES (UNAUDITED)

and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Note 5. Temporary Borrowings

For the six months ended June 30, 2015, the Fund did not borrow from the Facility.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of the Sub-Advisory Agreement for the RS Funds

Portfolio Holdings and Proxy Voting Procedures

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


				23

LOGO

RS VARIABLE

PRODUCTS TRUST

RS LOW DURATION BOND VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS Low Duration Bond VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			13

Statement of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			16

Notes to Financial Statements			18

Supplemental Information			24

RS Funds are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the RS Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at www.rsinvestments.com/VIP.htm or to obtain a printed copy, call 800.221.3253.

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,000.00		$2.63		0.53%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,022.17		$2.66		0.53%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 4.7%
FHLMC
1534 Z
5.00% due 6/15/2023⁽¹⁾	$	32,072	$	34,463
5.00% due 8/1/2040⁽¹⁾		2,414,958		2,679,618
20 H
5.50% due 10/25/2023⁽¹⁾		18,014		19,675
7.00% due 9/1/2038⁽¹⁾		13,611		16,627
FNMA
2.315% due 8/1/2046⁽¹⁾⁽²⁾		18,748		18,816
5.00% due 2/1/2041-10/1/2041⁽¹⁾		9,142,030		10,125,307

Total Agency Mortgage-Backed Securities (Cost $13,004,144)				12,894,506

	Principal Amount		Value
Asset-Backed Securities – 8.3%
Ally Auto Receivables Trust 2012-5 A4 0.85% due 1/16/2018⁽¹⁾		835,000		835,366
Ally Master Owner Trust 2013-1 A1 0.636% due 2/15/2018⁽²⁾		1,550,000		1,550,304
American Express Credit Account Master Trust 2013-1 A 0.606% due 2/16/2021⁽¹⁾⁽²⁾		1,800,000		1,805,377
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.433% due 4/25/2033⁽²⁾		38,789		39,440
Avis Budget Rental Car Funding AESOP LLC
2013-1A A
1.92% due 9/20/2019⁽¹⁾⁽³⁾		2,700,000		2,691,309
2014-1A A
2.46% due 7/20/2020⁽¹⁾⁽³⁾		1,250,000		1,258,206
Citibank Credit Card Issuance Trust 2014-A2 A2 1.02% due 2/22/2019⁽¹⁾		2,500,000		2,498,842
CNH Equipment Trust 2014-B A4 1.61% due 5/17/2021⁽¹⁾		1,000,000		1,003,828
DB Master Finance LLC 2015-1A A2I 3.262% due 2/20/2045⁽¹⁾⁽³⁾		658,350		660,844
Domino’s Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042⁽¹⁾⁽³⁾		1,207,812		1,246,729
Enterprise Fleet Financing LLC 2012-2 A2 0.72% due 4/20/2018⁽¹⁾⁽³⁾		48,377		48,378
Ford Credit Auto Lease Trust 2014-B A3 0.89% due 9/15/2017⁽¹⁾		900,000		901,081


June 30, 2015 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Harley-Davidson Motorcycle Trust 2012-1 A3 0.68% due 4/15/2017⁽¹⁾	$	91,680	$	91,680
Hyundai Auto Lease Securitization Trust 2014-B A4 1.26% due 9/17/2018⁽¹⁾⁽³⁾		900,000		901,497
Kubota Credit Owner Trust 2014-1A A3 1.16% due 5/15/2018⁽¹⁾⁽³⁾		2,600,000		2,604,417
Mercedes-Benz Auto Lease Trust 2013-B A4 0.76% due 7/15/2019⁽¹⁾		500,000		500,207
Mercedes-Benz Master Owner Trust 2012-AA A 0.79% due 11/15/2017⁽¹⁾⁽³⁾		1,400,000		1,401,484
Nissan Auto Receivables Owner Trust 2013-A A3 0.50% due 5/15/2017⁽¹⁾		701,741		701,530
Residential Asset Mortgage Products Trust 2002-RS4 AI5 6.163% due 8/25/2032⁽²⁾		20,695		19,686
Synchrony Credit Card Master Note Trust 2012-6 A 1.36% due 8/17/2020⁽¹⁾		2,215,000		2,213,496

Total Asset-Backed Securities (Cost $22,948,415)				22,973,701

	Principal Amount		Value
Senior Secured Loans – 6.6%
Building Materials – 1.0%
ABC Supply Co., Inc. Term Loan 3.50% due 4/16/2020⁽²⁾		1,235,606		1,229,119
Generac Power Systems, Inc. Term Loan B 3.25% due 5/31/2020⁽²⁾		905,123		896,452
Quikrete Holdings, Inc. 1st Lien Term Loan 4.00% due 9/28/2020⁽²⁾		538,847		538,621

				2,664,192
Consumer Products – 0.4%
Bombardier Recreational Products, Inc. New Term Loan B 3.75% due 1/30/2019⁽²⁾		977,143		975,677

				975,677
Food And Beverage – 0.3%
H.J. Heinz Co. Term Loan B1 3.00% due 6/7/2019⁽²⁾		866,512		866,148

				866,148


4				The accompanying notes are an integral part of these financial statements.

RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Gaming – 1.4%
Boyd Gaming Corp. Term Loan B 4.00% due 8/14/2020⁽²⁾	$	813,000	$	814,236
MGM Resorts International Term Loan B 3.50% due 12/20/2019⁽²⁾		2,124,327		2,107,863
Scientific Games International, Inc. 2014 Term Loan B1 6.00% due 10/18/2020⁽²⁾		985,000		984,330

				3,906,429
Healthcare – 1.1%
DaVita HealthCare Partners, Inc. Term Loan B 3.50% due 6/24/2021⁽²⁾		1,193,237		1,192,199
Fresenius SE & Co. KGaA USD Term Loan B 2.282% due 8/7/2019⁽²⁾		1,965,000		1,965,000

				3,157,199
Leisure – 1.4%
Kasima LLC New Term Loan B 3.25% due 5/17/2021⁽²⁾		2,143,382		2,135,345
WMG Acquisition Corp. New Term Loan 3.75% due 7/1/2020⁽²⁾		1,734,337		1,706,431

				3,841,776
Lodging – 0.1%
Hilton Worldwide Finance LLC USD Term Loan B2 3.50% due 10/26/2020⁽²⁾		153,783		153,808

				153,808
Media - Entertainment – 0.1%
Tribune Media Co. Term Loan 3.75% due 12/27/2020⁽²⁾		315,284		315,186

				315,186
Pharmaceuticals – 0.2%
Amgen, Inc. Term Loan 1.282% due 9/18/2018⁽²⁾		445,000		443,144
RPI Finance Trust Term Loan A 2.282% due 8/9/2016⁽²⁾		226,424		226,237

				669,381
Refining – 0.2%
Tesoro Corp. Delayed Draw Term Loan 2.437% due 5/30/2016⁽²⁾		397,500		395,763

				395,763


June 30, 2015 (unaudited)	Principal Amount		Value
Wireless – 0.4%
Crown Castle Operating Co. Term Loan B2 3.00% due 1/31/2021⁽²⁾	$	1,217,748	$	1,209,918

				1,209,918
Total Senior Secured Loans (Cost $18,236,846)				18,155,477

	Principal Amount		Value
Commercial Mortgage-Backed Securities – 21.3%
American Tower Trust I 13 1A 1.551% due 3/15/2043⁽¹⁾⁽³⁾		1,000,000		994,974
Banc of America Commercial Mortgage Trust
2006-1 A4
5.372% due 9/10/2045⁽¹⁾⁽²⁾		1,900,121		1,909,823
2006-1 AM
5.421% due 9/10/2045⁽¹⁾⁽²⁾		500,000		506,525
2007-3 AM
5.749% due 6/10/2049⁽¹⁾⁽²⁾		950,000		1,015,257
2008-1 A4
6.43% due 2/10/2051⁽¹⁾⁽²⁾		1,675,122		1,823,361
Banc of America Merrill Lynch Commercial Mortgage, Inc.
2005-4 A5B
4.997% due 7/10/2045⁽¹⁾⁽²⁾		2,000,000		1,998,850
2005-5 A4
5.115% due 10/10/2045⁽¹⁾⁽²⁾		944,947		945,487
2005-6 A4
5.328% due 9/10/2047⁽¹⁾⁽²⁾		886,818		891,307
Bear Stearns Commercial Mortgage Securities Trust
2005-PW10 A4
5.405% due 12/11/2040⁽¹⁾⁽²⁾		963,186		968,720
2006-T24 AM
5.568% due 10/12/2041⁽¹⁾⁽²⁾		1,700,000		1,780,497
2007-PW16 AM
5.896% due 6/11/2040⁽¹⁾⁽²⁾		900,000		963,835
Citigroup Commercial Mortgage Trust
2006-C5 A4
5.431% due 10/15/2049⁽¹⁾		1,000,000		1,040,744
2014-388G B
1.236% due 6/15/2033^(1)(2)(3)		1,200,000		1,191,298
Citigroup/Deutsche Bank Commercial Mortgage Trust
2006-CD2 AM
5.527% due 1/15/2046⁽¹⁾⁽²⁾		1,000,000		1,018,372
2006-CD3 A5
5.617% due 10/15/2048⁽¹⁾		1,554,301		1,611,576
2006-CD3 AM
5.648% due 10/15/2048⁽¹⁾		1,350,000		1,418,017


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Commercial Mortgage-Backed Securities (continued)
Credit Suisse Commercial Mortgage Trust
2006-C3 A3
6.00% due 6/15/2038⁽¹⁾⁽²⁾	$	1,523,634	$	1,556,098
2006-C4 AM
5.509% due 9/15/2039		1,800,000		1,877,587
2006-C5 AM
5.343% due 12/15/2039		1,950,000		2,046,486
GE Capital Commercial Mortgage Corp. 2006-C1 A4 5.449% due 3/10/2044⁽¹⁾⁽²⁾		457,714		462,793
GS Mortgage Securities Trust 2006-GG8 AM 5.591% due 11/10/2039⁽¹⁾		1,525,000		1,596,820
Hilton U.S.A. Trust 2013-HLT AFX 2.662% due 11/5/2030⁽¹⁾⁽³⁾		2,000,000		1,987,342
JPMorgan Chase Commercial Mortgage Securities Trust
2005-CB13 AM
5.462% due 1/12/2043⁽¹⁾⁽²⁾		1,500,000		1,511,127
2005-LDP5 A4
5.412% due 12/15/2044⁽¹⁾⁽²⁾		864,924		866,866
2005-LDP5 AM
5.454% due 12/15/2044⁽¹⁾⁽²⁾		855,000		866,937
2006-LDP7 AM
6.10% due 4/15/2045⁽¹⁾⁽²⁾		1,350,000		1,398,797
2007-CB18 A4
5.44% due 6/12/2047⁽¹⁾		1,840,459		1,929,686
2007-LD12 AM
6.208% due 2/15/2051⁽¹⁾⁽²⁾		800,000		859,374
LB UBS Commercial Mortgage Trust 2006-C6 AM 5.413% due 9/15/2039⁽¹⁾		3,600,000		3,761,032
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C13 A2
2.936% due 11/15/2046⁽¹⁾		1,500,000		1,547,638
2013-C8 A2
1.689% due 12/15/2048⁽¹⁾		1,500,000		1,499,967
Morgan Stanley Capital I Trust
2006-HQ8 A4
5.601% due 3/12/2044⁽¹⁾⁽²⁾		1,772,917		1,783,750
2007-IQ16 A4
5.809% due 12/12/2049⁽¹⁾		1,193,991		1,281,389
SBA Tower Trust
2.24% due 4/15/2043⁽¹⁾⁽³⁾		2,000,000		1,989,568
2.933% due 12/15/2042⁽¹⁾⁽³⁾		500,000		507,382
Wachovia Bank Commercial Mortgage Trust
2004-C11 A5
5.215% due 1/15/2041⁽¹⁾⁽²⁾		97,512		97,682
2005-C22 A4
5.448% due 12/15/2044⁽¹⁾⁽²⁾		1,156,445		1,157,882
2006-C28 AM
5.603% due 10/15/2048⁽¹⁾⁽²⁾		3,000,000		3,144,759


June 30, 2015 (unaudited)	Principal Amount		Value
Commercial Mortgage-Backed Securities (continued)
2007-C31 AM
5.591% due 4/15/2047⁽¹⁾⁽²⁾	$	1,300,000	$	1,379,236
2007-C33 AM
6.15% due 2/15/2051⁽¹⁾⁽²⁾		2,250,000		2,411,964
Wells Fargo Commercial Mortgage Trust 2012-LC5 A2 1.844% due 10/15/2045		1,510,000		1,521,713

Total Commercial Mortgage-Backed Securities (Cost $61,330,383)				59,122,518

	Principal Amount		Value
Corporate Bonds – 31.9%
Aerospace & Defense – 0.6%
Harris Corp. Sr. Nt. 1.999% due 4/27/2018⁽¹⁾		1,000,000		997,087
L-3 Communications Corp. 3.95% due 11/15/2016		500,000		516,266

				1,513,353
Automotive – 0.6%
Ford Motor Credit Co. LLC Sr. Nt. 1.70% due 5/9/2016⁽¹⁾		600,000		600,782
General Motors Financial Co., Inc. 3.25% due 5/15/2018⁽¹⁾		1,000,000		1,022,744

				1,623,526
Banking – 7.3%
Ally Financial, Inc.
2.75% due 1/30/2017⁽¹⁾		600,000		597,300
3.125% due 1/15/2016⁽¹⁾		400,000		401,500
Bank of America Corp. Sr. Nt. 1.70% due 8/25/2017⁽¹⁾		1,000,000		1,001,149
Barclays Bank PLC Sub. Nt. 6.05% due 12/4/2017⁽¹⁾⁽³⁾		700,000		761,627
Citigroup, Inc. Sr. Nt. 1.85% due 11/24/2017⁽¹⁾		500,000		501,220
Credit Agricole S.A. Sr. Nt. 1.625% due 4/15/2016⁽¹⁾⁽³⁾		500,000		502,741
Deutsche Bank AG Sr. Nt. 1.875% due 2/13/2018⁽¹⁾		2,250,000		2,243,115
HSBC U.S.A., Inc. Sr. Nt. 1.625% due 1/16/2018⁽¹⁾		500,000		498,634
Intesa Sanpaolo S.p.A. 3.125% due 1/15/2016⁽¹⁾		700,000		705,336
JPMorgan Chase & Co. Sr. Nt. 1.10% due 10/15/2015⁽¹⁾		500,000		500,453


6				The accompanying notes are an integral part of these financial statements.

RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Banking (continued)
Lloyds Bank PLC
1.75% due 3/16/2018⁽¹⁾	$	1,500,000	$	1,500,147
4.20% due 3/28/2017⁽¹⁾		500,000		524,732
Macquarie Bank Ltd. Sr. Nt. 3.45% due 7/27/2015⁽¹⁾⁽³⁾		750,000		751,500
Morgan Stanley
Sr. Nt.
1.75% due 2/25/2016⁽¹⁾		1,000,000		1,004,070
3.45% due 11/2/2015⁽¹⁾		500,000		504,534
Regions Bank/Birmingham AL Sub. Nt. 7.50% due 5/15/2018⁽¹⁾		500,000		573,914
Royal Bank of Scotland Group PLC Sr. Nt. 1.875% due 3/31/2017⁽¹⁾		2,500,000		2,487,290
Societe Generale S.A. 2.75% due 10/12/2017⁽¹⁾		500,000		512,479
Sumitomo Mitsui Banking Corp. 1.35% due 7/18/2015⁽¹⁾		500,000		500,082
SunTrust Banks, Inc. Sr. Nt. 3.60% due 4/15/2016⁽¹⁾		800,000		815,154
The Huntington National Bank Sr. Nt. 1.30% due 11/20/2016⁽¹⁾		1,000,000		998,370
U.S. Bancorp Jr. Sub. Nt. 3.442% due 2/1/2016⁽¹⁾		1,000,000		1,013,257
UBS AG/Stamford CT Sr. Nt. 1.80% due 3/26/2018⁽¹⁾		1,250,000		1,248,140
Wells Fargo Bank N.A. Sub. Nt. 5.75% due 5/16/2016⁽¹⁾		100,000		103,816

				20,250,560
Brokerage – 0.7%
Jefferies Group LLC Sr. Nt. 3.875% due 11/9/2015⁽¹⁾		900,000		907,570
Nomura Holdings, Inc. Sr. Nt. 2.00% due 9/13/2016⁽¹⁾		1,000,000		1,007,286

				1,914,856
Building Materials – 0.2%
Martin Marietta Materials, Inc. Sr. Nt. 6.60% due 4/15/2018⁽¹⁾		500,000		559,668

				559,668
Cable Satellite – 0.7%
Time Warner Cable, Inc. 5.85% due 5/1/2017⁽¹⁾		1,750,000		1,868,769

				1,868,769


June 30, 2015 (unaudited)	Principal Amount		Value
Construction Machinery – 0.4%
CNH Industrial Capital LLC
3.25% due 2/1/2017⁽¹⁾	$	500,000	$	498,125
3.875% due 11/1/2015⁽¹⁾		500,000		501,250

				999,375
Consumer Cyclical Services – 0.4%
The ADT Corp. Sr. Nt. 2.25% due 7/15/2017⁽¹⁾		1,000,000		990,200

				990,200
Diversified Manufacturing – 0.4%
Eaton Corp. 0.95% due 11/2/2015⁽¹⁾		400,000		400,260
Pentair Finance S.A.
1.35% due 12/1/2015⁽¹⁾		250,000		250,335
1.875% due 9/15/2017⁽¹⁾		500,000		501,875

				1,152,470
Electric – 2.3%
American Electric Power Co., Inc. Sr. Nt. 1.65% due 12/15/2017⁽¹⁾		300,000		300,348
CMS Energy Corp. Sr. Nt. 6.55% due 7/17/2017⁽¹⁾		500,000		551,292
DPL, Inc. Sr. Nt. 6.50% due 10/15/2016⁽¹⁾		35,000		36,400
Exelon Corp. Sr. Nt. 1.55% due 6/9/2017		1,250,000		1,251,776
FirstEnergy Corp. Sr. Nt. Series A 2.75% due 3/15/2018⁽¹⁾		1,100,000		1,116,200
GenOn Energy, Inc. Sr. Nt. 7.875% due 6/15/2017⁽¹⁾		1,000,000		1,012,500
NextEra Energy Capital Holdings, Inc. 1.586% due 6/1/2017⁽¹⁾		1,000,000		1,002,172
The Dayton Power & Light Co. 1.875% due 9/15/2016		1,200,000		1,206,495

				6,477,183
Finance Companies – 1.8%
AerCap Ireland Capital Ltd. 2.75% due 5/15/2017⁽¹⁾⁽³⁾		1,600,000		1,590,000
Air Lease Corp. Sr. Nt. 2.125% due 1/15/2018⁽¹⁾		1,500,000		1,485,000
CIT Group, Inc. Sr. Nt. 4.25% due 8/15/2017⁽¹⁾		1,500,000		1,522,500
International Lease Finance Corp. Sr. Nt. 2.236% due 6/15/2016⁽¹⁾⁽²⁾		500,000		499,375

				5,096,875


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Financial - Other – 0.1%
Icahn Enterprises LP 3.50% due 3/15/2017⁽¹⁾	$	300,000	$	301,875

				301,875
Food And Beverage – 0.9%
ConAgra Foods, Inc. Sr. Nt. 1.30% due 1/25/2016⁽¹⁾		1,000,000		1,000,140
H.J. Heinz Co. 1.60% due 6/30/2017⁽³⁾		1,500,000		1,500,153

				2,500,293
Government Related – 1.2%
Abu Dhabi National Energy Co. PJSC Sr. Nt. 2.50% due 1/12/2018⁽¹⁾⁽³⁾		500,000		502,627
CNOOC Nexen Finance 2014 ULC 1.625% due 4/30/2017⁽¹⁾		1,500,000		1,502,139
Petrobras Global Finance B.V.
2.00% due 5/20/2016⁽¹⁾		650,000		642,311
3.25% due 3/17/2017⁽¹⁾		750,000		739,582

				3,386,659
Healthcare – 0.9%
Becton Dickinson and Co. Sr. Nt. 1.80% due 12/15/2017⁽¹⁾		1,500,000		1,500,183
Laboratory Corp. of America Holdings Sr. Nt. 2.50% due 11/1/2018⁽¹⁾		750,000		756,290
McKesson Corp. Sr. Nt. 0.95% due 12/4/2015⁽¹⁾		250,000		250,351

				2,506,824
Home Construction – 0.4%
DR Horton, Inc. 3.625% due 2/15/2018⁽¹⁾		500,000		509,375
Lennar Corp. 4.50% due 6/15/2019⁽¹⁾		640,000		652,800

				1,162,175
Independent Energy – 0.3%
Southwestern Energy Co. Sr. Nt. 3.30% due 1/23/2018⁽¹⁾		750,000		769,085

				769,085
Industrial - Other – 0.7%
AECOM Global II LLC 3.85% due 4/1/2017⁽¹⁾		500,000		497,500
Hutchison Whampoa International 14 Ltd. 1.625% due 10/31/2017⁽¹⁾⁽³⁾		1,500,000		1,495,500

				1,993,000


June 30, 2015 (unaudited)	Principal Amount		Value
Insurance - Life – 0.1%
Prudential Financial, Inc. Sr. Nt. 4.75% due 9/17/2015⁽¹⁾	$	300,000	$	302,321

				302,321
Insurance: Property - Casualty – 0.8%
Assurant, Inc. Sr. Nt. 2.50% due 3/15/2018⁽¹⁾		1,408,000		1,428,806
XLIT Ltd. 2.30% due 12/15/2018⁽¹⁾		750,000		755,052

				2,183,858
Media - Entertainment – 0.6%
The Interpublic Group of Cos., Inc. Sr. Nt. 2.25% due 11/15/2017⁽¹⁾		1,500,000		1,512,566

				1,512,566
Metals And Mining – 1.6%
Freeport-McMoRan, Inc. 2.30% due 11/14/2017⁽¹⁾		2,000,000		1,993,840
Glencore Finance Canada Ltd. 2.05% due 10/23/2015⁽¹⁾⁽³⁾		250,000		250,640
Teck Resources Ltd. 2.50% due 2/1/2018⁽¹⁾		150,000		146,718
Vale Overseas Ltd.
6.25% due 1/11/2016-1/23/2017⁽¹⁾		2,000,000		2,098,895

				4,490,093
Midstream – 2.0%
Buckeye Partners LP Sr. Nt. 2.65% due 11/15/2018⁽¹⁾		1,000,000		996,349
Columbia Pipeline Group, Inc. 2.45% due 6/1/2018⁽³⁾		500,000		503,861
Enterprise Products Operating LLC
1.25% due 8/13/2015⁽¹⁾		300,000		300,141
Series A
8.375% due 8/1/2066⁽¹⁾⁽²⁾		2,400,000		2,514,000
Kinder Morgan, Inc. 2.00% due 12/1/2017⁽¹⁾		1,200,000		1,196,358

				5,510,709
Oil Field Services – 0.9%
Nabors Industries, Inc. 2.35% due 9/15/2016⁽¹⁾		600,000		601,753
Transocean, Inc. 3.00% due 10/15/2017⁽¹⁾		1,050,000		1,018,500
Weatherford International LLC 6.35% due 6/15/2017⁽¹⁾		850,000		910,296

				2,530,549
Pharmaceuticals – 2.0%
AbbVie, Inc. Sr. Nt. 1.20% due 11/6/2015⁽¹⁾		1,250,000		1,251,141
Actavis Funding SCS 2.35% due 3/12/2018⁽¹⁾		2,200,000		2,211,614


8				The accompanying notes are an integral part of these financial statements.

RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Pharmaceuticals (continued)
Mallinckrodt International Finance S.A. 3.50% due 4/15/2018⁽¹⁾	$	850,000	$	852,125
Mylan, Inc. 1.35% due 11/29/2016⁽¹⁾		750,000		747,723
Zoetis, Inc. Sr. Nt. 1.15% due 2/1/2016⁽¹⁾		600,000		600,132

				5,662,735
Real Estate Investment Trusts – 1.0%
BioMed Realty LP 3.85% due 4/15/2016⁽¹⁾		300,000		305,639
Prologis LP 4.50% due 8/15/2017⁽¹⁾		1,000,000		1,060,169
Realty Income Corp. Sr. Nt. 5.375% due 9/15/2017⁽¹⁾		560,000		604,765
Select Income REIT Sr. Nt. 2.85% due 2/1/2018⁽¹⁾		750,000		760,124

				2,730,697
Retailers – 0.5%
CVS Health Corp. Sr. Nt. 1.20% due 12/5/2016⁽¹⁾		1,250,000		1,251,751

				1,251,751
Technology – 0.7%
Avnet, Inc. Sr. Nt. 6.00% due 9/1/2015⁽¹⁾		350,000		352,651
KLA-Tencor Corp. Sr. Nt. 2.375% due 11/1/2017⁽¹⁾		1,000,000		1,006,873
NXP B.V. 3.50% due 9/15/2016⁽¹⁾⁽³⁾		600,000		606,000

				1,965,524
Tobacco – 0.7%
Reynolds American, Inc. 2.30% due 6/12/2018		2,000,000		2,014,952

				2,014,952
Transportation Services – 0.2%
Ryder System, Inc. Sr. Nt. 3.60% due 3/1/2016⁽¹⁾		500,000		508,394

				508,394
Wireless – 0.6%
American Tower Corp. Sr. Nt. 4.50% due 1/15/2018⁽¹⁾		1,690,000		1,788,334

				1,788,334


June 30, 2015 (unaudited)	Principal Amount		Value
Wirelines – 0.3%
Verizon Communications, Inc. Sr. Nt. 2.50% due 9/15/2016⁽¹⁾	$	823,000	$	836,354

				836,354
Total Corporate Bonds (Cost $88,235,059)				88,355,583

	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 8.0%
Banc of America Funding Trust 2005-D A1 2.699% due 5/25/2035⁽¹⁾⁽²⁾		738,391		751,255
Banc of America Mortgage Securities Trust 2003-J 2A2 2.829% due 11/25/2033⁽¹⁾⁽²⁾		611,812		611,501
Bear Stearns ALT-A Trust
2003-3 2A
2.609% due 10/25/2033⁽¹⁾⁽²⁾		1,136,817		1,142,763
2004-4 A1
0.787% due 6/25/2034⁽¹⁾⁽²⁾		672,976		644,315
2004-6 1A
0.827% due 7/25/2034⁽¹⁾⁽²⁾		572,721		548,041
2004-7 2A1
2.557% due 8/25/2034⁽¹⁾⁽²⁾		888,354		897,994
Chase Mortgage Finance Trust 2007-A1 2A1 2.642% due 2/25/2037⁽¹⁾⁽²⁾		195,844		196,003
Countrywide Home Loans Mortgage Pass-Through Trust 2002-19 1A1 6.25% due 11/25/2032		15,459		15,977
CS First Boston Mortgage Securities Corp.
2003-23 2A8
4.50% due 10/25/2018⁽¹⁾		43,276		43,433
2003-8 2A1
5.00% due 4/25/2018⁽¹⁾		35,091		35,845
2004-5 5A1
5.00% due 8/25/2019		112,974		114,918
2004-AR5 3A1
2.777% due 6/25/2034⁽¹⁾⁽²⁾		541,319		525,221
2004-AR5 6A1
2.611% due 6/25/2034⁽¹⁾⁽²⁾		1,179,532		1,184,160
2004-AR7 4A1
2.499% due 11/25/2034⁽¹⁾⁽²⁾		1,091,084		1,094,336
GSR Mortgage Loan Trust 2005-AR6 1A1 2.703% due 9/25/2035⁽¹⁾⁽²⁾		718,434		724,600
Impac CMB Trust 2004-7 1A1 0.927% due 11/25/2034⁽¹⁾⁽²⁾		1,214,648		1,152,231
JPMorgan Mortgage Trust
2004-S1 1A7
5.00% due 9/25/2034⁽¹⁾		21,130		21,889


The accompanying notes are an integral part of these financial statements.				9

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
2004-S2 1A3
4.75% due 11/25/2019⁽¹⁾	$	50,112	$	50,720
2005-A1 3A1
2.586% due 2/25/2035⁽¹⁾⁽²⁾		224,792		227,786
2006-A2 5A1
2.442% due 11/25/2033⁽¹⁾⁽²⁾		303,231		305,714
Master Adjustable Rate Mortgages Trust
2004-13 2A1
2.666% due 4/21/2034⁽¹⁾⁽²⁾		425,642		428,408
2004-13 3A7
2.702% due 11/21/2034⁽¹⁾⁽²⁾		1,312,741		1,342,770
Master Asset Securitization Trust 2003-5 2A1 5.00% due 6/25/2018		43,694		45,045
Merrill Lynch Mortgage Investors Trust
2004-B A1
0.687% due 5/25/2029⁽¹⁾⁽²⁾		577,742		560,747
2005-A2 A2
2.46% due 2/25/2035⁽¹⁾⁽²⁾		948,724		953,671
Morgan Stanley Mortgage Loan Trust
2004-1 1A9
4.50% due 11/25/2018⁽¹⁾		42,413		43,123
2004-7AR 2A1
2.434% due 9/25/2034⁽¹⁾⁽²⁾		830,474		820,200
2005-6AR 1A1
0.467% due 11/25/2035⁽¹⁾⁽²⁾		635,386		612,687
MortgageIT Trust 2004-1 A1 0.967% due 11/25/2034⁽¹⁾⁽²⁾		985,022		941,420
Prime Mortgage Trust
2003-3 A9
5.50% due 1/25/2034⁽¹⁾		148,427		148,307
2004-2 A2
4.75% due 11/25/2019⁽¹⁾		82,930		85,131
Residential Asset Mortgage Products Trust 2005-SL1 A4 6.00% due 5/25/2032⁽¹⁾		4,940		4,977
Residential Asset Securitization Trust 2003-A2 A1 4.25% due 5/25/2033⁽¹⁾		366,044		365,502
Residential Funding Mortgage Securities I Trust 2005-S3 A1 4.75% due 3/25/2020		33,742		34,287
Structured Adjustable Rate Mortgage Loan Trust 2004-6 4A1 2.445% due 6/25/2034⁽¹⁾⁽²⁾		711,959		711,111
Structured Asset Securities Corp.
2003-29 2A1
5.25% due 9/25/2023⁽¹⁾		172,701		176,418
2003-34A 3A2
2.46% due 11/25/2033⁽¹⁾⁽²⁾		767,298		754,489


June 30, 2015 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
2004-21XS 2A6A
4.74% due 12/25/2034⁽¹⁾⁽²⁾	$	11,597	$	11,836
2004-3 3A1
5.50% due 3/25/2019⁽¹⁾		59,415		61,098
Thornburg Mortgage Securities Trust 2004-3 A 0.927% due 9/25/2044⁽¹⁾⁽²⁾		881,043		844,356
Wells Fargo Mortgage Backed Securities Trust
2003-J 2A1
2.507% due 10/25/2033⁽¹⁾⁽²⁾		64,732		65,059
2003-N 2A1
2.491% due 12/25/2033⁽¹⁾⁽²⁾		138,443		135,889
2004-M A7
2.627% due 8/25/2034⁽¹⁾⁽²⁾		435,615		442,069
2004-O A1
2.62% due 8/25/2034⁽¹⁾⁽²⁾		245,088		243,634
2004-Z 2A2
2.615% due 12/25/2034⁽¹⁾⁽²⁾		208,998		209,990
2005-AR10 2A6
2.652% due 6/25/2035⁽¹⁾⁽²⁾		245,829		247,471
2005-AR12 2A5
2.648% due 6/25/2035⁽¹⁾⁽²⁾		454,900		465,138
2005-AR12 2A6
2.648% due 6/25/2035⁽¹⁾⁽²⁾		389,820		398,441
2005-AR16 3A2
2.642% due 3/25/2035⁽¹⁾⁽²⁾		785,071		791,098

Total Non-Agency Mortgage-Backed Securities (Cost $22,259,108)				22,233,074

	Principal Amount		Value
U.S. Agencies – 0.2%
FHLMC 2.00% due 8/25/2016⁽¹⁾		600,000		610,634

Total U.S. Agencies (Cost $605,628)				610,634

	Principal Amount		Value
U.S. Government Securities – 14.9%
U.S. Treasury Notes
0.375% due 3/31/2016⁽¹⁾		800,000		800,813
0.50% due 11/30/2016⁽¹⁾		5,200,000		5,203,250
0.625% due 12/15/2016-4/30/2018⁽¹⁾		8,680,000		8,674,883
0.75% due 1/15/2017⁽¹⁾		5,215,000		5,234,556
0.875% due 7/15/2017⁽¹⁾		8,250,000		8,284,163
1.00% due 3/31/2017-9/15/2017⁽¹⁾		13,030,000		13,112,452

Total U.S. Government Securities (Cost $41,162,855)				41,310,117


10				The accompanying notes are an integral part of these financial statements.

RS LOW DURATION BOND VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Repurchase Agreements – 4.2%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $11,646,000, due 7/1/2015⁽⁴⁾	$	11,646,000	$	11,646,000
Total Repurchase Agreements (Cost $11,646,000)				11,646,000
Total Investments - 100.1% (Cost $279,428,438)				277,301,610
Other Liabilities, Net - (0.1)%				(318,211	)
Total Net Assets - 100.0%			$	276,983,399

⁽¹⁾	Securities are segregated to cover anticipated or existing derivative positions or to be announced securities (TBA).

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2015.

⁽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 June 30, 2015, the aggregate market value of these securities amounted to $25,948,077, representing 9.4% 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

U.S. Treasury Note

2.125%

1/31/2021

11,882,754

The tables below present futures contracts as of June 30, 2015:


Description	Counterparty		Number of Contracts		Expiration		Face Value (000s)		Unrealized Appreciation (Depreciation)
Purchased Futures Contracts
2 YR U.S. Treasury Note		Goldman Sachs & Co.		288		9/30/2015	$	63,054	$	23,977
5 YR U.S. Treasury Note		Goldman Sachs & Co.		37		9/30/2015		4,412		(8,750	)
30-Day Federal Funds		Goldman Sachs & Co.		4		8/31/2015		1,665		(179	)

Total									$	15,048

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Appreciation

Sold Futures Contracts

10 YR U.S. Treasury Note

Goldman Sachs & Co.

9/21/2015

7,318

86,180

U.S. Long Bond

Goldman Sachs & Co.

9/21/2015

754

8,649

Total

94,829


The accompanying notes are an integral part of these financial statements.				11

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	12,894,506	$	—	$	12,894,506
Asset-Backed Securities		—		22,973,701		—		22,973,701
Senior Secured Loans		—		18,155,477		—		18,155,477
Commercial Mortgage-Backed Securities		—		59,122,518		—		59,122,518
Corporate Bonds		—		88,355,583		—		88,355,583
Non-Agency Mortgage-Backed Securities		—		22,233,074		—		22,233,074
U.S. Agencies		—		610,634		—		610,634
U.S. Government Securities		—		41,310,117		—		41,310,117
Repurchase Agreements		—		11,646,000		—		11,646,000
Other Financial Instruments:
Financial Futures Contracts		109,877		—		—		109,877
Total	$	109,877	$	277,301,610	$	—	$	277,411,487


12				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS LOW DURATION BOND VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	277,301,610
Cash		22,521
Cash deposits with brokers		171,327
Dividends/interest receivable		1,139,240
Receivable for fund shares subscribed		17,770
Receivable for variation margin		10,307
Prepaid expenses		5,489

Total Assets		278,668,264


Liabilities
Payable for investments purchased		1,499,055
Payable to adviser		102,331
Payable for fund shares redeemed		15,271
Accrued trustees’ fees		3,918
Accrued expenses/other liabilities		64,290

Total Liabilities		1,684,865

Total Net Assets	$	276,983,399


Net Assets Consist of:
Paid-in capital	$	278,657,587
Accumulated undistributed net investment income		2,195,587
Accumulated net realized loss from investments and futures contracts		(1,852,824	)
Net unrealized depreciation on investments and futures contracts		(2,016,951	)

Total Net Assets	$	276,983,399

Investments, at Cost	$	279,428,438


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		26,840,926
Net Asset Value Per Share		$10.32


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Interest	$	2,912,036

Total Investment Income		2,912,036


Expenses
Investment advisory fees		605,631
Custodian fees		33,137
Professional fees		26,249
Shareholder reports		13,279
Administrative service fees		12,255
Transfer agent fees		11,387
Trustees’ fees		8,289
Other expenses		6,222

Total Expenses		716,449

Net Investment Income		2,195,587


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Futures Contracts
Net realized loss from investments		(209,455	)
Net realized gain from futures contracts		129,242
Net change in unrealized appreciation/depreciation on investments		381,547
Net change in unrealized appreciation/depreciation on futures contracts		148,703

Net Gain on Investments and Futures Contracts		450,037

Net Increase in Net Assets Resulting from Operations	$	2,645,624


The accompanying notes are an integral part of these financial statements.				13

FINANCIAL INFORMATION — RS LOW DURATION BOND VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	2,195,587		$	4,443,718
Net realized loss from investments and futures contracts		(80,213	)		(422,246	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		530,250			(1,802,305	)

Net Increase in Net Assets Resulting from Operations		2,645,624			2,219,167


Distributions to Shareholders
Net investment income		—			(4,468,479	)

Total Distributions		—			(4,468,479	)


Capital Share Transactions
Proceeds from sales of shares		18,402,162			37,803,950
Reinvestment of distributions		—			4,468,479
Cost of shares redeemed		(9,578,360	)		(18,495,466	)

Net Increase in Net Assets Resulting from Capital Share Transactions		8,823,802			23,776,963

Net Increase in Net Assets		11,469,426			21,527,651


Net Assets
Beginning of period		265,513,973			243,986,322

End of period	$	276,983,399		$	265,513,973

Accumulated Undistributed Net Investment Income Included in Net Assets	$	2,195,587		$	—


Other Information:
Shares
Sold		1,788,387			3,641,094
Reinvested		—			437,657
Redeemed		(931,000	)		(1,781,853	)

Net Increase		857,387			2,296,898


14				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				15

FINANCIAL INFORMATION — RS LOW DURATION BOND VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain/(Loss)			Total Operations		Distributions From Net Investment Income			Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	10.22	$	0.08	²	$	0.02		$	0.10	$	—		$	—		$	—
Year Ended 12/31/14		10.30		0.18			(0.08	)		0.10		(0.18	)		—			(0.18	)
Year Ended 12/31/13		10.45		0.17			(0.15	)		0.02		(0.17	)		—	⁵		(0.17	)
Year Ended 12/31/12		10.33		0.20			0.12			0.32		(0.20	)		—	⁵		(0.20	)
Year Ended 12/31/11		10.39		0.25			(0.05	)		0.20		(0.25	)		(0.01	)		(0.26	)
Year Ended 12/31/10		10.31		0.32			0.15			0.47		(0.32	)		(0.07	)		(0.39	)


16				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS LOW DURATION BOND VIP SERIES



Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	10.32		0.98%	$	276,983		0.53%		0.53%		1.63%		1.63%		21%
	10.22		0.92%		265,514		0.55%		0.55%		1.74%		1.74%		39%
	10.30		0.24%		243,986		0.55%		0.55%		1.75%		1.75%		60%
	10.45		3.16%		209,164		0.56%		0.56%		2.17%		2.17%		66%
	10.33		1.91%		146,318		0.57%		0.57%		2.71%		2.71%		58%
	10.39		4.57%		104,541		0.58%		0.58%		3.33%		3.33%		103%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.

⁵	Rounds to $0.00 per share.


The accompanying notes are an integral part of these financial statements.				17

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS Low Duration Bond VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates market value (see Note 4b). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”).

•

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

•

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


18

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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, loans, state, municipal and provincial obligations, certain foreign equity securities and commercial paper and other short-term securities valued at amortized cost in accordance with Rule 2a-7 under the 1940 Act.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.

c. Securities Transactions Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities


				19

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

transactions are determined on the basis of specific identification.

e. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

Note 2. Transactions with Affiliates

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary Income

$4,468,479

Permanent book and tax basis differences will result in reclassifications to paid-in capital, undistributed net investment income and accumulated undistributed net


20

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

realized gain/(loss) on investments and foreign currency transactions. Undistributed net investment income and accumulated undistributed net realized gain/(loss) on investments and foreign currency transactions may include temporary book and tax differences, which will reverse in a subsequent period.

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Undistributed
Net Investment

Income

$(24,761)

24,761

Capital loss carryovers available to the Fund at December 31, 2014 were $1,761,794.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $279,449,427. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $707,111 and $(2,854,928), respectively, resulting in net unrealized depreciation of $(2,147,817).

Note 4. Investments


	Other Investments		U.S. Government and Agency Obligations
Purchases	$	53,750,332	$	23,510,226
Sales		37,925,354		18,629,048

b. Derivative Instruments and Hedging Activities The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure at June 30, 2015.

The following is a summary of the effect of the Fund’s derivative instruments on the Statement of Operations for the six months ended June 30, 2015.

The Fund held an average daily face value of $19,581,768 in long position futures contracts and $(1,939,227) in short position futures contracts for the six months ended June 30, 2015.

The Fund used exchange-traded U.S. Treasury futures to manage interest rate exposure.


				21

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

support agreement. Such credit support agreement grants the non-defaulting party designating the Early Termination Date the right to liquidate the collateral that has been posted to it and apply the proceeds to the calculation of the net settlement amount. As of June 30, 2015, no derivative assets or liabilities are available for offset.

e. Securities Purchased on a When-Issued or Delayed-Delivery Basis The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date.

These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a Fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.


22

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Note 5. Temporary Borrowings

For the six months ended June 30, 2015, the Fund did not borrow under the facility.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications


				23

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of the Sub-Advisory Agreement for the RS Funds

Portfolio Holdings and Proxy Voting Procedures

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


24

LOGO

RS VARIABLE

PRODUCTS TRUST

RS HIGH YIELD VIP SERIES


NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS


RS High Yield VIP Series

Understanding Your Fund’s Expenses			3

Financial Information

Schedule of Investments			4

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Supplemental Information			17

As with all mutual funds, the value of an investment in the Fund could decline, in which case you could lose money.

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2015.

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Expense Ratio During Period 1/1/15-6/30/15
Based on Actual Return	$1,000.00		$1,034.80		$4.34		0.86%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.53		$4.31		0.86%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS HIGH YIELD VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Senior Secured Loans – 24.9%
Cable Satellite – 1.4%
Grande Communications Holdings Term Loan B 4.50% due 5/31/2020⁽¹⁾	$	592,453	$	588,383

				588,383
Healthcare – 3.3%
ADMI Corp. 2015 Term Loan B 5.50% due 4/30/2022⁽¹⁾		300,000		300,750
Connolly Corp. 2nd Lien Term Loan 8.00% due 5/14/2022⁽¹⁾		500,000		501,250
Phillips-Medisize Corp. 2nd Lien Term Loan 8.25% due 6/16/2022⁽¹⁾		650,000		647,562

				1,449,562
Independent Energy – 1.1%
Chief Exploration & Development LLC 2nd Lien Term Loan 7.50% due 5/12/2021⁽¹⁾		500,000		469,000

				469,000
Industrial - Other – 1.1%
Gates Global, Inc. Term Loan B 4.25% due 7/5/2021⁽¹⁾		496,872		488,798

				488,798
Insurance: Property - Casualty – 1.1%
USI, Inc. Term Loan B 4.25% due 12/27/2019⁽¹⁾		493,719		492,692

				492,692
Media - Entertainment – 2.7%
Deluxe Entertainment Services Group, Inc. Term Loan 2014 6.50% due 2/28/2020⁽¹⁾		469,270		452,062
Getty Images, Inc. Term Loan B 4.75% due 10/18/2019⁽¹⁾		98,721		72,930
William Morris Endeavor Entertainment LLC 2nd Lien Term Loan 8.25% due 5/1/2022⁽¹⁾		650,000		631,040

				1,156,032
Oil Field Services – 2.3%
Caelus Energy Alaska O3 LLC 2nd Lien Term Loan 8.75% due 4/15/2020⁽¹⁾		400,000		324,000
Drillships Financing Holding, Inc. Term Loan B1 6.00% due 3/31/2021⁽¹⁾		512,947		417,195
Floatel International Ltd. USD Term Loan B 6.00% due 6/27/2020⁽¹⁾		294,255		232,462

				973,657


June 30, 2015 (unaudited)	Principal Amount		Value
Restaurants – 1.3%
B.C. Unlimited Liability Co. 2015 Term Loan B 3.75% due 12/10/2021⁽¹⁾	$	569,234	$	568,442

				568,442
Retailers – 1.7%
The Neiman Marcus Group, Inc. 2020 Term Loan 4.25% due 10/25/2020⁽¹⁾		745,600		740,477

				740,477
Technology – 8.9%
AF Borrower LLC 2nd Lien Term Loan 10.00% due 1/28/2023⁽¹⁾		500,000		498,335
Air Newco LLC USD 2nd Lien Term Loan 10.50% due 3/20/2023⁽¹⁾		500,000		485,000
Avaya, Inc. Term Loan B7 6.25% due 4/16/2020⁽¹⁾		492,683		475,617
Interactive Data Corp. 2014 Term Loan 4.75% due 5/2/2021⁽¹⁾		643,500		645,109
ION Trading Technologies S.a.r.l. New 2nd Lien Term Loan 7.25% due 6/10/2022⁽¹⁾		650,000		648,375
Regit Eins GmbH USD 2nd Lien Term Loan 9.50% due 7/8/2021⁽¹⁾		650,000		637,000
Renaissance Learning, Inc. New 2nd Lien Term Loan 8.00% due 4/11/2022⁽¹⁾		500,000		487,915

				3,877,351
Total Senior Secured Loans (Cost $11,099,690)				10,804,394

	Principal Amount		Value
Corporate Bonds – 70.2%
Aerospace & Defense – 4.4%
Bombardier, Inc. 5.50% due 9/15/2018⁽²⁾		200,000		198,000
Sr. Nt. 7.50% due 3/15/2025⁽²⁾		600,000		544,500
DAE Aviation Holdings, Inc. Sr. Nt. 10.00% due 7/15/2023⁽²⁾		500,000		493,250
KLX, Inc. 5.875% due 12/1/2022⁽²⁾		650,000		656,428

				1,892,178
Building Materials – 2.8%
NCI Building Systems, Inc. 8.25% due 1/15/2023⁽²⁾		500,000		532,500
RSI Home Products, Inc. Sec. Nt. 6.50% due 3/15/2023⁽²⁾		600,000		604,500


4				The accompanying notes are an integral part of these financial statements.

RS HIGH YIELD VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Building Materials (continued)
Summit Materials LLC Sr. Nt. 6.125% due 7/15/2023⁽²⁾	$	75,000	$	75,000

				1,212,000
Cable Satellite – 3.8%
Cablevision Systems Corp. Sr. Nt. 5.875% due 9/15/2022		200,000		194,000
CSC Holdings LLC Sr. Nt. 5.25% due 6/1/2024		500,000		480,000
DISH DBS Corp. 5.875% due 11/15/2024		500,000		480,313
Intelsat Luxembourg S.A. 8.125% due 6/1/2023		600,000		498,000

				1,652,313
Chemicals – 1.0%
Hexion, Inc. Sr. Sec. Nt. 8.875% due 2/1/2018		500,000		451,250

				451,250
Construction Machinery – 1.1%
Ahern Rentals, Inc. Sec. Nt. 7.375% due 5/15/2023⁽²⁾		500,000		493,750

				493,750
Consumer Cyclical Services – 1.7%
Monitronics International, Inc. 9.125% due 4/1/2020⁽³⁾		750,000		723,750

				723,750
Electric – 4.6%
Calpine Corp. Sr. Sec. Nt. 5.875% due 1/15/2024⁽²⁾		600,000		634,500
DPL, Inc. Sr. Nt. 7.25% due 10/15/2021⁽³⁾		700,000		738,500
GenOn Energy, Inc. Sr. Nt. 9.50% due 10/15/2018		600,000		612,000

				1,985,000
Food And Beverage – 2.5%
FAGE Dairy Industry S.A. 9.875% due 2/1/2020⁽²⁾		500,000		521,250
Post Holdings, Inc. 6.00% due 12/15/2022⁽²⁾		600,000		577,500

				1,098,750
Gaming – 4.2%
Boyd Gaming Corp. 9.00% due 7/1/2020		700,000		759,500
Golden Nugget Escrow, Inc. Sr. Nt. 8.50% due 12/1/2021⁽²⁾⁽³⁾		600,000		621,000


June 30, 2015 (unaudited)	Principal Amount		Value
Gaming (continued)
Scientific Games International, Inc. 6.625% due 5/15/2021	$	600,000	$	465,000

				1,845,500
Government Related – 1.7%
CITGO Petroleum Corp. Sr. Sec. Nt. 6.25% due 8/15/2022⁽²⁾		750,000		736,875

				736,875
Healthcare – 4.5%
Kindred Healthcare, Inc. 8.00% due 1/15/2020⁽²⁾		700,000		749,000
Tenet Healthcare Corp. Sr. Nt. 8.125% due 4/1/2022		600,000		656,100
Universal Hospital Services, Inc. Sec. Nt. 7.625% due 8/15/2020		600,000		555,000

				1,960,100
Home Construction – 3.7%
K Hovnanian Enterprises, Inc. 8.00% due 11/1/2019⁽²⁾		250,000		231,250
WCI Communities, Inc. 6.875% due 8/15/2021		800,000		826,000
Woodside Homes Co. LLC 6.75% due 12/15/2021⁽²⁾⁽³⁾		600,000		567,000

				1,624,250
Independent Energy – 8.2%
Clayton Williams Energy, Inc. 7.75% due 4/1/2019		500,000		475,000
Denbury Resources, Inc. 5.50% due 5/1/2022		500,000		446,250
Energy XXI Gulf Coast, Inc. Sec. Nt. 11.00% due 3/15/2020⁽²⁾		500,000		437,500
EV Energy Partners LP 8.00% due 4/15/2019		360,000		334,800
Halcon Resources Corp. Sec. Nt. 8.625% due 2/1/2020⁽²⁾		500,000		493,750
Jupiter Resources, Inc. Sr. Nt. 8.50% due 10/1/2022⁽²⁾		500,000		418,750
Linn Energy LLC 7.75% due 2/1/2021		500,000		388,750
Sanchez Energy Corp. 6.125% due 1/15/2023		610,000		545,950

				3,540,750
Insurance: Property - Casualty – 1.1%
Hub Holdings LLC Sr. Nt. 8.125% due 7/15/2019⁽²⁾⁽⁴⁾		500,000		497,500

				497,500


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — RS HIGH YIELD VIP SERIES


June 30, 2015 (unaudited)	Principal Amount		Value
Media - Entertainment – 6.0%
AMC Networks, Inc. 4.75% due 12/15/2022	$	600,000	$	600,000
Netflix, Inc. Sr. Nt. 5.75% due 3/1/2024		600,000		616,500
Sinclair Television Group, Inc. 5.625% due 8/1/2024⁽²⁾		450,000		439,875
Tribune Media Co. 5.875% due 7/15/2022⁽²⁾		300,000		302,250
Univision Communications, Inc. Sr. Sec. Nt. 6.75% due 9/15/2022⁽²⁾⁽³⁾		607,000		641,902

				2,600,527
Paper – 1.3%
Millar Western Forest Products Ltd. Sr. Nt. 8.50% due 4/1/2021		600,000		577,500

				577,500
Pharmaceuticals – 1.2%
JLL/Delta Dutch Pledgeco B.V. Sr. Nt. 8.75% due 5/1/2020⁽²⁾⁽⁴⁾		500,000		507,500

				507,500
Refining – 1.8%
Calumet Specialty Products Partners LP 7.625% due 1/15/2022⁽³⁾		750,000		765,000

				765,000
Retailers – 1.1%
Argos Merger Sub, Inc. Sr. Nt. 7.125% due 3/15/2023⁽²⁾		450,000		471,375

				471,375
Supermarkets – 1.0%
Tops Holding LLC Sr. Sec. Nt. 8.00% due 6/15/2022⁽²⁾		450,000		450,563

				450,563
Technology – 5.9%
Advanced Micro Devices, Inc. Sr. Nt. 7.00% due 7/1/2024		600,000		507,000
Avaya, Inc. Sec. Nt. 10.50% due 3/1/2021⁽²⁾		420,000		346,500
Blue Coat Holdings, Inc. Sr. Nt. 8.375% due 6/1/2023⁽²⁾		500,000		508,750
First Data Corp. 12.625% due 1/15/2021⁽³⁾		600,000		693,000
Infor U.S., Inc. 6.50% due 5/15/2022⁽²⁾		500,000		508,750

				2,564,000


June 30, 2015 (unaudited)	Principal Amount		Value
Wireless – 2.4%
SBA Communications Corp. Sr. Nt. 4.875% due 7/15/2022	$	500,000	$	486,875
Sprint Corp. 7.125% due 6/15/2024		600,000		556,560

				1,043,435
Wirelines – 4.2%
Communications Sales & Leasing, Inc. 8.25% due 10/15/2023⁽²⁾		600,000		589,500
EarthLink Holdings Corp. Sr. Sec. Nt. 7.375% due 6/1/2020		250,000		260,000
8.875% due 5/15/2019		372,000		387,810
Windstream Services LLC 6.375% due 8/1/2023		700,000		569,625

				1,806,935
Total Corporate Bonds (Cost $31,294,135)				30,500,801

	Shares		Value
Convertible Preferred Stocks – 0.6%
Wirelines – 0.6%
Frontier Communications Corp. Series A, 11.125%		2,500		249,750

Total Convertible Preferred Stocks (Cost $250,000)				249,750

	Principal Amount		Value
Repurchase Agreements – 6.0%

Fixed Income Clearing Corp. Repurchase Agreement, 0.00%, dated 6/30/2015, maturity value of $2,602,000, due 7/1/2015⁽⁵⁾	$	2,602,000		2,602,000
Total Repurchase Agreements (Cost $2,602,000)				2,602,000
Total Investments - 101.7% (Cost $45,245,825)				44,156,945
Other Liabilities, Net - (1.7)%				(716,845	)
Total Net Assets - 100.0%			$	43,440,100

⁽¹⁾	Variable rate security. The rate shown is the rate in effect at June 30, 2015.

⁽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 June 30, 2015, the aggregate market value of these securities amounted to $14,850,768, representing 34.2% 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.


6				The accompanying notes are an integral part of these financial statements.

RS HIGH YIELD VIP SERIES

⁽³⁾	Securities are segregated to cover anticipated or existing derivative positions.

⁽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 June 30, 2015, interest payments had been made in cash.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.125%

1/31/2021

2,655,964


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	10,804,394	$	—	$	10,804,394
Corporate Bonds		—		30,500,801		—		30,500,801
Convertible Preferred Stocks		249,750		—		—		249,750
Repurchase Agreements		—		2,602,000		—		2,602,000
Total	$	249,750	$	43,907,195	$	—	$	44,156,945


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — RS HIGH YIELD VIP SERIES


Statement of Assets and Liabilities As of June 30, 2015 (unaudited)
Assets
Investments, at value	$	44,156,945
Cash		49,981
Interest receivable		684,810
Receivable for investments sold		452,750
Receivable for fund shares subscribed		8,416
Prepaid expenses		842

Total Assets		45,353,744


Liabilities
Payable for investments purchased		1,781,424
Payable for fund shares redeemed		80,874
Payable to adviser		21,768
Accrued trustees’ fees		691
Accrued expenses/other liabilities		28,887

Total Liabilities		1,913,644

Total Net Assets	$	43,440,100


Net Assets Consist of:
Paid-in capital	$	45,464,552
Accumulated undistributed net investment income		1,338,580
Accumulated net realized loss from investments		(2,274,152	)
Net unrealized depreciation on investments		(1,088,880	)

Total Net Assets	$	43,440,100

Investments, at Cost	$	45,245,825


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		6,082,298
Net Asset Value Per Share		$7.14


Statement of Operations For the Six-Month Period Ended June 30, 2015 (unaudited)
Investment Income
Interest	$	1,529,401

Total Investment Income		1,529,401


Expenses
Investment advisory fees		132,968
Custodian fees		24,941
Professional fees		11,841
Transfer agent fees		9,830
Shareholder reports		4,508
Administrative service fees		3,709
Trustees’ fees		1,404
Other expenses		1,620

Total Expenses		190,821

Net Investment Income		1,338,580


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments
Net realized loss from investments		(2,089,956	)
Net change in unrealized appreciation/depreciation on investments		2,291,374

Net Gain on Investments		201,418

Net Increase in Net Assets Resulting from Operations	$	1,539,998


8				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS HIGH YIELD VIP SERIES


Statements of Changes in Net Assets Six-Months-Ended Numbers are unaudited

	For the Six Months Ended 6/30/15			For the Year Ended 12/31/14

Operations
Net investment income	$	1,338,580		$	2,877,232
Net realized gain/(loss) from investments		(2,089,956	)		2,876,153
Net change in unrealized appreciation/depreciation on investments		2,291,374			(5,843,378	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		1,539,998			(89,993	)


Distributions to Shareholders
Net investment income		—			(3,071,047	)
Net realized gain on investments		—			(1,202,349	)

Total Distributions		—			(4,273,396	)


Capital Share Transactions
Proceeds from sales of shares		1,520,402			5,648,566
Reinvestment of distributions		—			4,273,396
Cost of shares redeemed		(4,153,617	)		(23,404,192	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(2,633,215	)		(13,482,230	)

Net Decrease in Net Assets		(1,093,217	)		(17,845,619	)


Net Assets
Beginning of period		44,533,317			62,378,936

End of period	$	43,440,100		$	44,533,317

Accumulated Undistributed Net Investment Income Included in Net Assets	$	1,338,580		$	—


Other Information:
Shares
Sold		216,887			714,373
Reinvested		—			622,944
Redeemed		(586,970	)		(2,985,811	)

Net Decrease		(370,083	)		(1,648,494	)


The accompanying notes are an integral part of these financial statements.				9

FINANCIAL INFORMATION — RS HIGH YIELD VIP SERIES


Financial Highlights Six-Months-Ended Numbers are unaudited
	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized and Unrealized Gain/(Loss)			Total Operations			Distributions From Net Investment Income			Distributions From Net Realized Capital Gains			Total Distributions
Six Months Ended 6/30/15¹	$	6.90	$	0.21²	$	0.03		$	0.24		$	—		$	—		$	—
Year Ended 12/31/14		7.70		0.50		(0.56	)		(0.06	)		(0.53	)		(0.21	)		(0.74	)
Year Ended 12/31/13		7.71		0.54		(0.01	)		0.53			(0.54	)		—			(0.54	)
Year Ended 12/31/12		7.19		0.53		0.52			1.05			(0.53	)		—			(0.53	)
Year Ended 12/31/11		7.51		0.63		(0.32	)		0.31			(0.63	)		—			(0.63	)
Year Ended 12/31/10		7.20		0.67		0.31			0.98			(0.67	)		—			(0.67	)


10				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — RS HIGH YIELD VIP SERIES



Net Asset Value, End of Period		Total Return³		Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁴		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets⁴		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	7.14		3.48%	$	43,440		0.86%		0.86%		6.04%		6.04%		105%
	6.90		(0.84)%		44,533		0.82%		0.82%		5.68%		5.68%		212%
	7.70		6.94%		62,379		0.74%		0.74%		5.90%		5.90%		92%
	7.71		14.57%		72,372		0.76%		0.76%		6.56%		6.56%		91%
	7.19		4.19%		67,455		0.74%		0.74%		7.22%		7.22%		92%
	7.51		13.72%		79,078		0.74%		0.74%		7.85%		7.85%		99%

Distributions reflect actual per-share amounts distributed for the period.

¹	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

²	Calculated based on the average shares outstanding during the period.

³	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁴	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations and exclude the effect of custody credits, if applicable.


The accompanying notes are an integral part of these financial statements.				11

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

June 30, 2015 (unaudited)

RS Variable Products Trust (the “Trust”), a Massachusetts business trust organized on May 18, 2006, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently offers eight series. RS High Yield VIP Series (the “Fund”) is a series of the Trust. The Fund is a diversified fund. The financial statements for the other remaining series of the Trust are presented in separate reports.

Note 1. Significant Accounting Policies

price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices . Repurchase agreements are carried at cost, which approximates market value (see Note 4b). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”).

•

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

•

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


12

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

In determining a security’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio 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, loans, state, municipal and provincial obligations, certain foreign equity securities and commercial paper and other short-term securities valued at amortized cost in accordance with Rule 2a-7 under the 1940 Act.

From time to time, however, the Fund may choose to pay an excise tax if the cost of making the required distribution exceeds the amount of the excise tax.

c. Securities Transactions Securities transactions are accounted for on the date securities are purchased or


				13

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

e. Investment Income Dividend income is generally recorded on the ex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is accrued and recorded daily.

Note 2. Transactions with Affiliates

investment advisory fee based on the average daily net assets of the Fund at an annual rate of 0.60%.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2014, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$3,071,530

1,201,866


14

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

As of December 31, 2014, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in-Capital

Undistributed

Net Investment

Income

Accumulated
Net Realized

Loss

$(194,923)

193,815

1,108

During the year ended December 31, 2014, the Fund utilized $1,826,208 of capital loss carryovers.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2015, was $45,245,825. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2015, aggregated $306,648 and $(1,395,528), respectively, resulting in net unrealized depreciation of $(1,088,880).

Note 4. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $45,061,891 and $44,077,875, respectively, for the six months ended June 30, 2015.

b. Repurchase Agreements The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon)

and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller.

c. Loans Floating rate loans in which the Fund invests are primarily “senior” loans. Senior floating rate loans typically hold a senior position in the capital structure of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of the Fund’s floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See Note 4(g) regarding below investment grade securities.

d. Payment-In-Kind Securities The Fund may invest in payment-in-kind securities. Payment-in-kind securities give the issuer the option at each interest payment date to pay all or a portion of their interest or dividends in the form of additional securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds.

e. 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


				15

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

the 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 Fund’s Schedule of Investments.

f. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

g. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Note 5. Temporary Borrowings

that otherwise might require the untimely disposition of securities. Interest is calculated based on market rates at the time of borrowing.

For the six months ended June 30, 2015, the Fund did not borrow under the facility.

Note 6. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

Note 7. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of the Sub-Advisory Agreement for the RS Funds

Portfolio Holdings and Proxy Voting Procedures

The Statement of Additional Information includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free 800-221-3253.


				17

Item 2.

Code of Ethics.

Not required.

Item 3.

Audit Committee Financial Expert.

Not required.

Item 4.

Principal Accountant Fees and Services.

Not required.

Item 5.

Audit Committee of Listed registrants.

Not applicable to the registrant.

Item 6.

Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)

None.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A) or this Item.

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers have concluded that 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)) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms, based on their evaluation of these disclosure controls and procedures 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 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is 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 Variable Products Trust

By (Signature and Title)*		/s/ Matthew H. Scanlan
		Matthew H. Scanlan, President
		(Principal Executive Officer)

Date: September 3, 2015

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 (Signature and Title)*		/s/ Matthew H. Scanlan
		Matthew H. Scanlan, President
		(Principal Executive Officer)

Date: September 3, 2015


By (Signature and Title)*		/s/ Shelly Chu
		Shelly Chu, Treasurer
		(Principal Financial Officer)

Date: September 3, 2015

Derivative Instrument Type

Statement of Assets
and Liabilities Location

Amount

Financial Futures Contracts

Net unrealized appreciation on futures contracts*

Net unrealized depreciation on futures contracts*