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)

Nina Gupta

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, 2016

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			15

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, 2016, to June 30, 2016. 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 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$993.70		$2.73		0.55%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,022.13		$2.77		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 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS LARGE CAP ALPHA VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Common Stocks – 94.2%
Aerospace – 1.5%
General Dynamics Corp.		105,010	$	14,621,592

				14,621,592
Asset Management & Custodian – 0.9%
Franklin Resources, Inc.		251,040		8,377,205

				8,377,205
Banks: Diversified – 4.9%
Comerica, Inc.		243,210		10,003,227
The PNC Financial Services Group, Inc.		183,780		14,957,854
Wells Fargo & Co.		471,410		22,311,836

				47,272,917
Cable Television Services – 3.4%
Charter Communications, Inc., Class A⁽¹⁾		144,698		33,083,751

				33,083,751
Chemicals: Specialty – 2.1%
LyondellBasell Industries N.V., Class A		201,678		15,008,877
Praxair, Inc.		48,395		5,439,114

				20,447,991
Computer Services, Software & Systems – 11.1%
Alphabet, Inc., Class A⁽¹⁾		63,145		44,424,402
Intuit, Inc.		114,560		12,786,041
Microsoft Corp.		994,300		50,878,331

				108,088,774
Containers & Packaging – 2.1%
Ball Corp.		275,070		19,884,810

				19,884,810
Diversified Financial Services – 4.8%
JPMorgan Chase & Co.		640,120		39,777,057
The Goldman Sachs Group, Inc.		46,484		6,906,593

				46,683,650
Diversified Manufacturing Operations – 1.6%
General Electric Co.		499,410		15,721,427

				15,721,427
Diversified Media – 2.7%
Twenty-First Century Fox, Inc., Class A		966,565		26,145,583

				26,145,583
Diversified Retail – 3.6%
Liberty Interactive Corp. QVC Group, Class A⁽¹⁾		1,377,634		34,950,575

				34,950,575
Drug & Grocery Store Chains – 4.6%
CVS Health Corp.		463,915		44,415,222

				44,415,222


June 30, 2016 (unaudited)	Shares		Value
Financial Data & Systems – 2.7%
American Express Co.		434,090	$	26,375,308

				26,375,308
Foods – 2.8%
Mondelez International, Inc., Class A		601,790		27,387,463

				27,387,463
Gas Pipeline – 1.5%
Enterprise Products Partners L.P.		511,030		14,952,738

				14,952,738
Health Care Management Services – 1.9%
UnitedHealth Group, Inc.		127,445		17,995,234

				17,995,234
Insurance: Life – 3.5%
Aflac, Inc.		476,230		34,364,757

				34,364,757
Insurance: Multi-Line – 1.0%
The Hartford Financial Services Group, Inc.		219,800		9,754,724

				9,754,724
Insurance: Property - Casualty – 8.3%
FNF Group		303,890		11,395,875
The Progressive Corp.		1,499,080		50,219,180
XL Group PLC		577,000		19,219,870

				80,834,925
Medical Equipment – 3.5%
Agilent Technologies, Inc.		755,520		33,514,867

				33,514,867
Oil Well Equipment & Services – 1.1%
Schlumberger Ltd.		133,330		10,543,736

				10,543,736
Oil: Crude Producers – 4.4%
EOG Resources, Inc.		267,072		22,279,146
Noble Energy, Inc.		581,310		20,851,590

				43,130,736
Oil: Integrated – 5.5%
Chevron Corp.		407,120		42,678,390
Exxon Mobil Corp.		118,880		11,143,811

				53,822,201
Pharmaceuticals – 7.5%
Allergan PLC⁽¹⁾		146,867		33,939,495
Bristol-Myers Squibb Co.		226,570		16,664,224
Endo International PLC⁽¹⁾		458,700		7,151,133
Pfizer, Inc.		413,300		14,552,293

				72,307,145
Radio & TV Broadcasters – 3.9%
Sirius XM Holdings, Inc.⁽¹⁾		9,477,840		37,437,468

				37,437,468


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

RS LARGE CAP ALPHA VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Railroads – 1.6%
Union Pacific Corp.		173,770	$	15,161,432

				15,161,432
Utilities: Electrical – 1.7%
Edison International		209,320		16,257,884

				16,257,884
Total Common Stocks (Cost $806,732,157)				913,534,115

	Principal Amount		Value
Repurchase Agreements – 5.8%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $56,134,047, due 7/1/2016⁽²⁾	$	56,134,000		56,134,000
Total Repurchase Agreements (Cost $56,134,000)				56,134,000
Total Investments - 100.0% (Cost $862,866,157)				969,668,115
Other Liabilities, Net - 0.0%				(1,315	)
Total Net Assets - 100.0%			$	969,666,800

⁽¹⁾	Non-income-producing security.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.50%

5/15/2024

57,257,888

The following is a summary of the inputs used as of June 30, 2016, 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	$	913,534,115	$	—	$	—	$	913,534,115
Repurchase Agreements		—		56,134,000		—		56,134,000
Total	$	913,534,115	$	56,134,000	$	—	$	969,668,115


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, 2016 (unaudited)
Assets
Investments, at value	$	969,668,115
Cash		17
Foreign currency, at value		22
Dividends/interest receivable		836,055
Receivable for fund shares subscribed		414
Prepaid expenses		2,054

Total Assets		970,506,677


Liabilities
Payable to adviser		397,339
Payable for fund shares redeemed		218,526
Accrued trustees’ fees		18,701
Accrued expenses/other liabilities		205,311

Total Liabilities		839,877

Total Net Assets	$	969,666,800


Net Assets Consist of:
Paid-in capital	$	854,035,884
Accumulated undistributed net investment income		6,215,657
Accumulated net realized gain from investments		2,613,303
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		106,801,956

Total Net Assets	$	969,666,800

Investments, at Cost	$	862,866,157

Foreign Currency, at Cost	$	24


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		22,048,233
Net Asset Value Per Share		$43.98


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)

Investment Income
Dividends	$	8,803,182
Interest		13,963

Total Investment Income		8,817,145


Expenses
Investment advisory fees		2,403,970
Professional fees		69,114
Administrative service fees		44,677
Trustees’ fees		37,535
Custodian fees		30,469
Shareholder reports		27,371
Other expenses		41,534

Total Expenses		2,654,670

Net Investment Income		6,162,475


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments
Net realized gain from investments		2,630,970
Net change in unrealized appreciation/depreciation on investments		(15,977,073	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies		2

Net Loss on Investments		(13,346,101	)

Net Decrease in Net Assets Resulting from Operations	$	(7,183,626	)


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 6/30/16			For the Year Ended 12/31/15


Operations
Net investment income	$	6,162,475		$	12,979,122
Net realized gain from investments		2,630,970			43,251,446
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities in foreign currencies		(15,977,071	)		(77,236,650	)

Net Decrease in Net Assets Resulting from Operations		(7,183,626	)		(21,006,082	)


Distributions to Shareholders
Net investment income		—			(13,681,855	)
Net realized gain on investments		—			(95,707,224	)

Total Distributions		—			(109,389,079	)


Capital Share Transactions
Proceeds from sales of shares		8,781,754			19,239,300
Reinvestment of distributions		—			109,389,079
Cost of shares redeemed		(47,752,073	)		(131,110,318	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(38,970,319	)		(2,481,939	)

Net Decrease in Net Assets		(46,153,945	)		(132,877,100	)


Net Assets
Beginning of period		1,015,820,745			1,148,697,845

End of period	$	969,666,800		$	1,015,820,745

Accumulated Undistributed Net Investment Income Included in Net Assets	$	6,215,657		$	53,182


Other Information:
Shares
Sold		211,154			387,042
Reinvested		—			2,485,550
Redeemed		(1,112,538	)		(2,610,625	)

Net Increase/(Decrease)		(901,384	)		261,967


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 6/30/16¹	$	44.26	$	0.27	²	$	(0.55	)	$	(0.28	)	$	—		$	—		$	—
Year Ended 12/31/15		50.63		0.60	²		(1.64	)		(1.04	)		(0.67	)		(4.66	)		(5.33	)
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	)


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
$	43.98		(0.63)%	$	969,667		0.55%		0.55%		1.28%		1.28%		31%
	44.26		(2.01)%		1,015,821		0.55%		0.55%		1.20%		1.20%		47%
	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%

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, 2016 (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)

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, 2016, 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, 2016, 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, 2016, 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, 2016, 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 2012 and by state authorities for tax years before 2011.

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


				11

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

transactions are determined on the basis of specific identification.

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

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, 2015, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$18,403,184

90,985,895

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.


12

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

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Accumulated

Undistributed Net

Investment Income

Accumulated
Net Realized Loss

$473,181

(473,181

)

The tax basis of distributable earnings as of December 31, 2015, was as follows:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

$53,182

118,870

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.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $862,905,481. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $141,133,298 and $(34,370,664), respectively, resulting in net unrealized appreciation of $106,762,634.

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 $294,438,915 and $276,547,259, respectively, for the six months ended June 30, 2016.

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 $350 million committed revolving credit facility from State Street Bank and Trust Company and Northern Trust Company, 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. Under the term of the credit facility, in addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.11% per annum on its share of the unused portion of the credit facility.

For the six months ended June 30, 2016, the Fund did not borrow under the facility.

Note 6. Sales Transaction

On December 18, 2015, Victory Capital Management Inc. (“Victory Capital”) announced it had agreed to acquire RS Investments, subject to regulatory approvals in addition to customary closing conditions and consents, including approvals related to the Fund (the “Transaction”).

On January 19, 2016, the Board of Trustees of the Trust approved the reorganization of the Fund into a corresponding, newly-formed fund within the Victory family of funds (the “Acquiring Fund”) (the “Reorganization”), subject to shareholder approval of the Reorganization.


				13

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

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

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 other than the Transaction and the Reorganization.

Note 8. 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.


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

A special meeting of the shareholders of RS Variable Products Trust (the “Trust”) was held on May 19, 2016. At the meeting, the shareholders of each series of the Trust voted to approve the reorganization of each such series into a corresponding series of Victory Variable Insurance Funds.

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For	Votes Against/Withheld	Abstentions
RS Emerging Markets VIP Series	3,401,538.7903	121,554.1641	145,386.6036
RS High Yield VIP Series	5,793,195.7949	122,405.5448	178,960.0313
RS International VIP Series	11,622,369.8819	574,442.1452	541,818.2679
RS Investment Quality Bond VIP Series	54,956,162.2983	1,564,144.8878	2,175,970.0389
RS Large Cap Alpha VIP Series	20,943,611.9457	633,142.5830	1,076,570.0223
RS Low Duration Bond VIP Series	23,988,194.4220	478,209.0407	919,315.8373
RS S&P 500 Index VIP Series	7,275,687.8140	235,345.5598	322,672.9432
RS Small Cap Growth Equity VIP Series	6,570,019.8176	219,096.5872	381,825.6672

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.


				15

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			17

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$890.50		$4.28		0.91%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.34		$4.57		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 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Common Stocks – 98.7%
Aerospace – 1.5%
HEICO Corp., Class A		25,404	$	1,362,924

				1,362,924
Air Transport – 1.2%
Spirit Airlines, Inc.⁽¹⁾		24,607		1,104,116

				1,104,116
Back Office Support, HR and Consulting – 3.1%
Ritchie Bros. Auctioneers, Inc.		56,000		1,891,680
WNS Holdings Ltd., ADR⁽¹⁾		31,586		852,822

				2,744,502
Banks: Diversified – 1.5%
PrivateBancorp, Inc.		11,991		527,964
Western Alliance Bancorp⁽¹⁾		25,741		840,443

				1,368,407
Biotechnology – 10.1%
Aimmune Therapeutics, Inc.⁽¹⁾		16,161		174,862
Amicus Therapeutics, Inc.⁽¹⁾		104,399		570,019
Bluebird Bio, Inc.⁽¹⁾		14,982		648,571
Blueprint Medicines Corp.⁽¹⁾		23,666		479,237
Celyad S.A., ADR⁽¹⁾		9,931		248,076
Five Prime Therapeutics, Inc.⁽¹⁾		17,127		708,202
Ignyta, Inc.⁽¹⁾		62,367		338,029
Immune Design Corp.⁽¹⁾		37,424		305,380
Kite Pharma, Inc.⁽¹⁾		12,513		625,650
Ligand Pharmaceuticals, Inc.⁽¹⁾		13,168		1,570,547
Lion Biotechnologies, Inc.⁽¹⁾		66,654		539,897
Loxo Oncology, Inc.⁽¹⁾		44,716		1,036,517
REGENXBIO, Inc.⁽¹⁾		17,160		137,280
Sage Therapeutics, Inc.⁽¹⁾		18,116		545,835
Spark Therapeutics, Inc.⁽¹⁾		13,285		679,262
Ultragenyx Pharmaceutical, Inc.⁽¹⁾		490		23,966
Vital Therapies, Inc.⁽¹⁾		66,717		413,645

				9,044,975
Building Materials – 0.9%
Headwaters, Inc.⁽¹⁾		45,208		811,031

				811,031
Building: Roofing, Wallboard & Plumbing – 0.8%
Beacon Roofing Supply, Inc.⁽¹⁾		16,110		732,522

				732,522
Casinos & Gambling – 0.8%
Penn National Gaming, Inc.⁽¹⁾		52,926		738,318

				738,318
Chemicals: Diversified – 2.5%
Chemtura Corp.⁽¹⁾		41,968		1,107,116
Ingevity Corp.⁽¹⁾		34,172		1,163,215

				2,270,331


June 30, 2016 (unaudited)	Shares		Value
Communications Technology – 3.4%
Lumentum Holdings, Inc.⁽¹⁾		41,463	$	1,003,405
RingCentral, Inc., Class A⁽¹⁾		103,288		2,036,839

				3,040,244
Computer Services, Software & Systems – 15.0%
Benefitfocus, Inc.⁽¹⁾		36,290		1,383,375
Black Knight Financial Services, Inc., Class A⁽¹⁾		37,293		1,402,217
Cornerstone OnDemand, Inc.⁽¹⁾		10,350		393,921
Ellie Mae, Inc.⁽¹⁾		6,335		580,603
InterXion Holding N.V.⁽¹⁾		35,310		1,302,233
LogMeIn, Inc.⁽¹⁾		49,650		3,149,299
Proofpoint, Inc.⁽¹⁾		43,890		2,769,020
The Ultimate Software Group, Inc.⁽¹⁾		11,785		2,478,267

				13,458,935
Consumer Lending – 0.8%
LendingTree, Inc.⁽¹⁾		7,784		687,561

				687,561
Diversified Materials & Processing – 1.3%
Hexcel Corp.		27,873		1,160,632

				1,160,632
Diversified Retail – 1.3%
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾		46,018		1,145,388

				1,145,388
Drug & Grocery Store Chains – 0.9%
Casey’s General Stores, Inc.		6,113		803,921

				803,921
Education Services – 1.1%
Grand Canyon Education, Inc.⁽¹⁾		24,729		987,182

				987,182
Electronic Entertainment – 1.8%
Take-Two Interactive Software, Inc.⁽¹⁾		43,512		1,649,975

				1,649,975
Entertainment – 1.3%
IMAX Corp.⁽¹⁾		38,489		1,134,656

				1,134,656
Financial Data & Systems – 3.1%
Euronet Worldwide, Inc.⁽¹⁾		26,253		1,816,445
Fair Isaac Corp.		820		92,668
WEX, Inc.⁽¹⁾		9,720		861,873

				2,770,986
Foods – 3.5%
Pinnacle Foods, Inc.		54,906		2,541,599
Snyder’s-Lance, Inc.		17,508		593,346

				3,134,945
Glass – 1.1%
Apogee Enterprises, Inc.		22,051		1,022,064

				1,022,064


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

RS SMALL CAP GROWTH EQUITY VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Health Care Management Services – 1.2%
WellCare Health Plans, Inc.⁽¹⁾		10,216	$	1,095,972

				1,095,972
Health Care Services – 4.7%
Acadia Healthcare Co., Inc.⁽¹⁾		20,539		1,137,861
Amedisys, Inc.⁽¹⁾		25,539		1,289,209
HMS Holdings Corp.⁽¹⁾		57,420		1,011,166
WebMD Health Corp.⁽¹⁾		13,657		793,608

				4,231,844
Household Equipment & Products – 0.4%
Helen of Troy Ltd.⁽¹⁾		3,570		367,139

				367,139
Insurance: Life – 0.5%
Primerica, Inc.		7,940		454,486

				454,486
Insurance: Property – Casualty – 0.8%
AmTrust Financial Services, Inc.		30,635		750,557

				750,557
Machinery: Industrial – 1.8%
John Bean Technologies Corp.		17,902		1,095,961
Manitowoc Foodservice, Inc.⁽¹⁾		28,120		495,474

				1,591,435
Medical & Dental Instruments & Supplies – 4.0%
AtriCure, Inc.⁽¹⁾		64,900		917,037
Integra LifeSciences Holdings Corp.⁽¹⁾		12,640		1,008,419
West Pharmaceutical Services, Inc.		21,642		1,642,195

				3,567,651
Medical Equipment – 2.7%
NxStage Medical, Inc.⁽¹⁾		68,160		1,477,709
Zeltiq Aesthetics, Inc.⁽¹⁾		33,707		921,212

				2,398,921
Metal Fabricating – 0.6%
Rexnord Corp.⁽¹⁾		26,020		510,773

				510,773
Metals & Minerals: Diversified – 0.4%
U.S. Silica Holdings, Inc.		10,224		352,421

				352,421
Miscellaneous Consumer Staples – 0.8%
Energizer Holdings, Inc.		13,640		702,323

				702,323
Oil: Crude Producers – 1.0%
Carrizo Oil & Gas, Inc.⁽¹⁾		9,140		327,669
Diamondback Energy, Inc.⁽¹⁾		6,105		556,837

				884,506
Pharmaceuticals – 0.1%
Cambrex Corp.⁽¹⁾		1,690		87,424

				87,424
Power Transmission Equipment – 0.7%
BWX Technologies, Inc.		17,630		630,625

				630,625


June 30, 2016 (unaudited)	Shares		Value
Real Estate Investment Trusts – 1.1%
Sovran Self Storage, Inc.		9,149	$	959,913

				959,913
Recreational Vehicles & Boats – 0.1%
Drew Industries, Inc.		1,320		111,989

				111,989
Restaurants – 3.0%
Popeyes Louisiana Kitchen, Inc.⁽¹⁾		20,371		1,113,071
Sonic Corp.		29,429		796,055
Wingstop, Inc.⁽¹⁾		28,683		781,612

				2,690,738
Scientific Instruments: Electrical – 1.4%
Littelfuse, Inc.		10,279		1,214,875

				1,214,875
Securities Brokerage & Services – 0.6%
MarketAxess Holdings, Inc.		3,629		527,656

				527,656
Semiconductors & Components – 5.8%
Cavium, Inc.⁽¹⁾		13,227		510,562
Monolithic Power Systems, Inc.		36,817		2,515,337
Tower Semiconductor Ltd.⁽¹⁾		173,854		2,159,267

				5,185,166
Shipping – 1.0%
Kirby Corp.⁽¹⁾		13,539		844,698

				844,698
Specialty Retail – 4.5%
Burlington Stores, Inc.⁽¹⁾		25,418		1,695,635
Five Below, Inc.⁽¹⁾		30,934		1,435,647
Lithia Motors, Inc., Class A		13,143		934,073

				4,065,355
Textile Products – 0.8%
Interface, Inc.		46,542		709,765

				709,765
Textiles, Apparel & Shoes – 3.0%
Carter’s, Inc.		8,105		862,939
G-III Apparel Group Ltd.⁽¹⁾		18,662		853,227
Steven Madden Ltd.⁽¹⁾		27,839		951,537

				2,667,703
Truckers – 0.7%
Knight Transportation, Inc.		22,797		605,944

				605,944
Total Common Stocks (Cost $80,846,254)				88,383,494


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

SCHEDULE OF INVESTMENTS — RS SMALL CAP GROWTH EQUITY VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.5%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $1,315,001, due 7/1/2016⁽²⁾	$	1,315,000	$	1,315,000
Total Repurchase Agreements (Cost $1,315,000)				1,315,000
Total Investments - 100.2% (Cost $82,161,254)				89,698,494
Other Liabilities, Net - (0.2)%				(178,345	)
Total Net Assets - 100.0%			$	89,520,149

⁽¹⁾	Non-income-producing security.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.50%

5/15/2024

1,342,238

Legend:

ADR — American Depositary Receipt.


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	88,383,494	$	—	$	—	$	88,383,494
Repurchase Agreements		—		1,315,000		—		1,315,000
Total	$	88,383,494	$	1,315,000	$	—	$	89,698,494


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, 2016 (unaudited)
Assets
Investments, at value	$	89,698,494
Cash		599
Receivable for investments sold		2,650,820
Dividends/interest receivable		28,214
Receivable for fund shares subscribed		6,311
Prepaid expenses		220

Total Assets		92,384,658


Liabilities
Payable for investments purchased		2,761,354
Payable to adviser		55,837
Payable for fund shares redeemed		6,287
Accrued trustees’ fees		1,857
Accrued expenses/other liabilities		39,174

Total Liabilities		2,864,509

Total Net Assets	$	89,520,149


Net Assets Consist of:
Paid-in capital	$	88,593,664
Accumulated net investment loss		(223,114	)
Accumulated net realized loss from investments		(6,387,641	)
Net unrealized appreciation on investments		7,537,240

Total Net Assets	$	89,520,149

Investments, at Cost	$	82,161,254


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		6,882,289
Net Asset Value Per Share		$13.01


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Dividends	$	190,686
Interest		218
Withholding taxes on foreign dividends		(3,973	)

Total Investment Income		186,931


Expenses
Investment advisory fees		339,049
Custodian fees		27,364
Professional fees		14,510
Transfer agent fees		10,402
Shareholder reports		6,232
Administrative service fees		4,445
Trustees’ fees		3,713
Other expenses		4,330

Total Expenses		410,045

Net Investment Loss		(223,114	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments
Net realized loss from investments		(5,248,641	)
Net change in unrealized appreciation/depreciation on investments		(6,282,683	)

Net Loss on Investments		(11,531,324	)

Net Decrease in Net Assets Resulting from Operations	$	(11,754,438	)


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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment loss	$	(223,114	)	$	(644,683	)
Net realized gain/(loss) from investments		(5,248,641	)		14,669,124
Net change in unrealized appreciation/depreciation on investments		(6,282,683	)		(12,669,969	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		(11,754,438	)		1,354,472


Distributions to Shareholders
Net realized gain on investments		—			(18,368,178	)

Total Distributions		—			(18,368,178	)


Capital Share Transactions
Proceeds from sales of shares		2,700,518			7,140,279
Reinvestment of distributions		—			18,368,178
Cost of shares redeemed		(8,388,243	)		(19,676,294	)

Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(5,687,725	)		5,832,163

Net Decrease in Net Assets		(17,442,163	)		(11,181,543	)


Net Assets
Beginning of period		106,962,312			118,143,855

End of period	$	89,520,149		$	106,962,312

Accumulated Net Investment Loss Included in Net Assets	$	(223,114	)	$	—


Other Information:
Shares
Sold		217,906			384,270
Reinvested		—			1,242,773
Redeemed		(656,894	)		(1,066,518	)

Net Increase/(Decrease)		(438,988	)		560,525


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 6/30/16¹	$	14.61	$	(0.03	)²	$	(1.57	)	$	(1.60	)	$	—	$	—		$	—
Year Ended 12/31/15		17.47		(0.10	)²		0.24			0.14			—		(3.00	)		(3.00	)
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	)		—		—			—


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
$	13.01		(10.95)%	$	89,520		0.91%		0.91%		(0.49)%		(0.49)%		52%
	14.61		0.62%		106,962		0.88%		0.88%		(0.54)%		(0.54)%		88%
	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%

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, 2016 (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)

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.

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 sold (trade date). Realized gains or losses on securities


				13

NOTES TO FINANCIAL STATEMENTS — RS SMALL CAP GROWTH EQUITY 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

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 0.75%.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2015, which is the most recently completed tax year, was as follows:

Long-Term Capital Gains

$18,368,178

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Undistributed

Net Investment Income

Accumulated

Net Realized Loss

$(629,839)

644,683

(14,844

)


14

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

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, 2015, the Fund elected to defer net capital losses of $370,987.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $83,072,198. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $11,688,453 and $(5,062,157), respectively, resulting in net unrealized appreciation of $6,626,296.

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 $48,294,920 and $53,944,360, respectively, for the six months ended June 30, 2016.

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.

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, 2016, the Fund did not borrow under the facility.

Note 6. Sales Transaction

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 7. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and


				15

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

determined that no material events have occurred that require disclosure other than the Transaction and the Reorganization.

Note 8. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For		Votes Against/Withheld		Abstentions
RS Emerging Markets VIP Series		3,401,538.7903		121,554.1641		145,386.6036
RS High Yield VIP Series		5,793,195.7949		122,405.5448		178,960.0313
RS International VIP Series		11,622,369.8819		574,442.1452		541,818.2679
RS Investment Quality Bond VIP Series		54,956,162.2983		1,564,144.8878		2,175,970.0389
RS Large Cap Alpha VIP Series		20,943,611.9457		633,142.5830		1,076,570.0223
RS Low Duration Bond VIP Series		23,988,194.4220		478,209.0407		919,315.8373
RS S&P 500 Index VIP Series		7,275,687.8140		235,345.5598		322,672.9432
RS Small Cap Growth Equity VIP Series		6,570,019.8176		219,096.5872		381,825.6672

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.


				17

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

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 January 1, 2016, to June 30, 2016. The table below shows the Fund’s expenses in two ways:

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$1,037.10		$1.42		0.28%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,023.47		$1.41		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 182/366 (to reflect the one-half year period).


				3

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


June 30, 2016 (unaudited)	Shares		Value
Common Stocks – 98.2%
Advertising Agencies – 0.3%
Nielsen Holdings PLC		2,282	$	118,595
Omnicom Group, Inc.		1,514		123,376
The Interpublic Group of Companies, Inc.		2,540		58,674

				300,645
Aerospace – 2.0%
General Dynamics Corp.		1,848		257,315
L-3 Communications Holdings, Inc.		494		72,465
Lockheed Martin Corp.		1,657		411,218
Northrop Grumman Corp.		1,141		253,621
Raytheon Co.		1,886		256,402
Rockwell Collins, Inc.		828		70,496
Textron, Inc.		1,713		62,627
The Boeing Co.		3,934		510,909
United Technologies Corp.		4,912		503,726

				2,398,779
Air Transport – 0.7%
Alaska Air Group, Inc.		786		45,816
American Airlines Group, Inc.		3,809		107,833
Delta Air Lines, Inc.		4,917		179,126
FedEx Corp.		1,619		245,732
Southwest Airlines Co.		4,030		158,016
United Continental Holdings, Inc.⁽¹⁾		2,124		87,169

				823,692
Aluminum – 0.1%
Alcoa, Inc.		8,291		76,858

				76,858
Asset Management & Custodian – 0.7%
Affiliated Managers Group, Inc.⁽¹⁾		341		48,002
BlackRock, Inc.		796		272,654
Franklin Resources, Inc.		2,359		78,720
Invesco Ltd.		2,631		67,196
Legg Mason, Inc.		679		20,024
Northern Trust Corp.		1,360		90,113
State Street Corp.		2,527		136,256
T. Rowe Price Group, Inc.		1,568		114,417

				827,382
Auto Parts – 0.4%
BorgWarner, Inc.		1,381		40,767
Delphi Automotive PLC		1,753		109,738
Genuine Parts Co.		950		96,188
Johnson Controls, Inc.		4,094		181,200
LKQ Corp.⁽¹⁾		1,930		61,181

				489,074
Auto Services – 0.0%
The Goodyear Tire & Rubber Co.		1,684		43,211

				43,211
Automobiles – 0.5%
Ford Motor Co.		24,583		309,008
General Motors Co.		8,863		250,823

				559,831


June 30, 2016 (unaudited)	Shares		Value
Back Office Support, HR and Consulting – 0.8%
Accenture PLC, Class A		3,965	$	449,195
Automatic Data Processing, Inc.		2,890		265,504
Paychex, Inc.		2,022		120,309
Robert Half International, Inc.		836		31,902
Verisk Analytics, Inc.⁽¹⁾		982		79,620

				946,530
Banks: Diversified – 3.2%
Bank of America Corp.⁽²⁾		65,107		863,970
BB&T Corp.		5,128		182,608
Citizens Financial Group, Inc.		3,324		66,414
Comerica, Inc.		1,103		45,366
Fifth Third Bancorp		4,947		87,018
Huntington Bancshares, Inc.		5,019		44,870
KeyCorp		5,277		58,311
M&T Bank Corp.		1,008		119,176
Regions Financial Corp.		8,121		69,110
SunTrust Banks, Inc.		3,190		131,045
The PNC Financial Services Group, Inc.		3,165		257,599
U.S. Bancorp		10,298		415,318
Wells Fargo & Co.		29,130		1,378,723
Zions Bancorporation		1,287		32,342

				3,751,870
Banks: Savings, Thrift & Mortgage Lending – 0.0%
People’s United Financial, Inc.		1,955		28,660

				28,660
Beverage: Brewers & Distillers – 0.3%
Brown-Forman Corp., Class B		641		63,946
Constellation Brands, Inc., Class A		1,110		183,594
Molson Coors Brewing Co., Class B		1,161		117,412

				364,952
Beverage: Soft Drinks – 2.0%
Dr. Pepper Snapple Group, Inc.		1,190		114,990
Monster Beverage Corp.⁽¹⁾		945		151,871
PepsiCo, Inc.		9,114		965,537
The Coca-Cola Co.		24,569		1,113,713

				2,346,111
Biotechnology – 2.1%
AbbVie, Inc.		10,160		629,006
Alexion Pharmaceuticals, Inc.⁽¹⁾		1,420		165,799
Amgen, Inc.		4,743		721,648
Biogen, Inc.⁽¹⁾		1,382		334,195
Celgene Corp.⁽¹⁾		4,937		486,936
Regeneron Pharmaceuticals, Inc.⁽¹⁾		493		172,170

				2,509,754
Building Materials – 0.3%
Acuity Brands, Inc.		276		68,437
Martin Marietta Materials, Inc.		407		78,144
Masco Corp.		2,110		65,283
Vulcan Materials Co.		840		101,103

				312,967


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

RS S&P 500 INDEX VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Building: Climate Control – 0.1%
Ingersoll-Rand PLC		1,623	$	103,353

				103,353
Cable Television Services – 0.9%
Comcast Corp., Class A		15,341		1,000,080
Scripps Networks Interactive, Inc., Class A		597		37,175

				1,037,255
Chemicals: Diversified – 0.9%
E.I. du Pont de Nemours & Co.		5,506		356,789
Eastman Chemical Co.		937		63,622
Ecolab, Inc.		1,675		198,655
FMC Corp.		842		38,993
The Dow Chemical Co.		7,044		350,157

				1,008,216
Chemicals: Specialty – 0.5%
Air Products & Chemicals, Inc.		1,222		173,573
International Flavors & Fragrances, Inc.		506		63,792
LyondellBasell Industries N.V., Class A		2,184		162,533
Praxair, Inc.		1,795		201,740

				601,638
Commercial Services: Rental & Leasing – 0.1%
Ryder System, Inc.		337		20,604
United Rentals, Inc.⁽¹⁾		575		38,583

				59,187
Commercial Vehicles & Parts – 0.1%
PACCAR, Inc.		2,216		114,944

				114,944
Communications Technology – 1.3%
Cisco Systems, Inc.		31,730		910,333
Harris Corp.		784		65,417
Juniper Networks, Inc.		2,224		50,018
QUALCOMM, Inc.		9,426		504,951

				1,530,719
Computer Services, Software & Systems – 8.2%
Adobe Systems, Inc.⁽¹⁾		3,143		301,068
Akamai Technologies, Inc.⁽¹⁾		1,121		62,698
Alphabet, Inc., Class A⁽¹⁾		1,847		1,299,420
Alphabet, Inc., Class C⁽¹⁾		1,876		1,298,380
Autodesk, Inc.⁽¹⁾		1,425		77,149
CA, Inc.		1,864		61,195
Citrix Systems, Inc.⁽¹⁾		969		77,607
Cognizant Technology Solutions Corp., Class A⁽¹⁾		3,847		220,202
CSRA, Inc.		868		20,337
F5 Networks, Inc.⁽¹⁾		434		49,407
Facebook, Inc., Class A⁽¹⁾		14,471		1,653,746
Hewlett Packard Enterprise Co.		10,824		197,754
Intuit, Inc.		1,623		181,143
Microsoft Corp.⁽²⁾		49,871		2,551,899
Oracle Corp.		19,868		813,197
Red Hat, Inc.⁽¹⁾		1,152		83,635


June 30, 2016 (unaudited)	Shares		Value
Computer Services, Software & Systems (continued)
Salesforce.com, Inc.⁽¹⁾		3,983	$	316,290
Symantec Corp.		3,853		79,141
Teradata Corp.⁽¹⁾		838		21,009
VeriSign, Inc.⁽¹⁾		609		52,654
Yahoo!, Inc.⁽¹⁾		5,501		206,618

				9,624,549
Computer Technology – 4.1%
Apple, Inc.⁽²⁾		34,961		3,342,272
EMC Corp.		12,277		333,566
HP, Inc.		10,888		136,644
International Business Machines Corp.⁽²⁾		5,574		846,022
NetApp, Inc.		1,826		44,901
Seagate Technology PLC		1,873		45,626
Western Digital Corp.		1,771		83,698

				4,832,729
Consumer Electronics – 0.1%
Garmin Ltd.		744		31,561
Harman International Industries, Inc.		448		32,175

				63,736
Consumer Lending – 0.0%
Navient Corp.		2,166		25,884

				25,884
Consumer Services: Miscellaneous – 0.2%
eBay, Inc.⁽¹⁾		6,838		160,078
H & R Block, Inc.		1,486		34,178

				194,256
Containers & Packaging – 0.2%
Ball Corp.		895		64,700
Owens-Illinois, Inc.⁽¹⁾		1,014		18,262
Sealed Air Corp.		1,244		57,187
WestRock Co.		1,604		62,347

				202,496
Copper – 0.1%
Freeport-McMoRan, Inc.		7,894		87,939

				87,939
Cosmetics – 0.1%
The Estee Lauder Companies, Inc., Class A		1,403		127,701

				127,701
Diversified Financial Services – 2.9%
Ameriprise Financial, Inc.		1,068		95,960
Capital One Financial Corp.		3,331		211,552
Citigroup, Inc.		18,589		787,988
JPMorgan Chase & Co.⁽²⁾		23,143		1,438,106
Leucadia National Corp.		2,100		36,393
Morgan Stanley		9,633		250,265
The Bank of New York Mellon Corp.		6,784		263,558
The Goldman Sachs Group, Inc.		2,481		368,627

				3,452,449


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

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


June 30, 2016 (unaudited)	Shares		Value
Diversified Manufacturing Operations – 3.3%
3M Co.		3,822	$	669,309
Danaher Corp.		3,775		381,275
Dover Corp.		977		67,726
Eaton Corp. PLC		2,899		173,157
General Electric Co.⁽²⁾		58,833		1,852,063
Honeywell International, Inc.		4,855		564,733
Illinois Tool Works, Inc.		2,061		214,674

				3,922,937
Diversified Media – 0.6%
Discovery Communications, Inc., Class A⁽¹⁾		942		23,767
Discovery Communications, Inc., Class C⁽¹⁾		1,504		35,870
News Corp., Class A		2,404		27,285
News Corp., Class B		680		7,936
Time Warner, Inc.		4,991		367,038
Twenty-First Century Fox, Inc., Class A		7,059		190,946
Twenty-First Century Fox, Inc., Class B		2,717		74,038

				726,880
Diversified Retail – 3.1%
Amazon.com, Inc.⁽¹⁾		2,438		1,744,682
Costco Wholesale Corp.		2,777		436,100
Dollar General Corp.		1,833		172,302
Dollar Tree, Inc.⁽¹⁾		1,480		139,475
Kohl’s Corp.		1,196		45,352
Macy’s, Inc.		1,960		65,876
Nordstrom, Inc.		811		30,858
Target Corp.		3,804		265,595
Wal-Mart Stores, Inc.		9,893		722,387

				3,622,627
Drug & Grocery Store Chains – 1.2%
CVS Health Corp.		6,927		663,191
The Kroger Co.		6,146		226,111
Walgreens Boots Alliance, Inc.		5,451		453,905
Whole Foods Market, Inc.		2,051		65,673

				1,408,880
Electronic Components – 0.3%
Amphenol Corp., Class A		1,942		111,335
Corning, Inc.		7,017		143,708
TE Connectivity Ltd.		2,335		133,352

				388,395
Electronic Entertainment – 0.2%
Activision Blizzard, Inc.		3,203		126,935
Electronic Arts, Inc.⁽¹⁾		1,958		148,338

				275,273
Energy Equipment – 0.0%
First Solar, Inc.⁽¹⁾		477		23,125

				23,125
Engineering & Contracting Services – 0.1%
Fluor Corp.		878		43,268
Jacobs Engineering Group, Inc.⁽¹⁾		773		38,503


June 30, 2016 (unaudited)	Shares		Value
Engineering & Contracting Services (continued)
Quanta Services, Inc.⁽¹⁾		953	$	22,033

				103,804
Entertainment – 0.9%
The Walt Disney Co.		9,465		925,866
Viacom, Inc., Class B		2,187		90,695

				1,016,561
Environmental, Maintenance And Security Services – 0.1%
Cintas Corp.		551		54,070
Stericycle, Inc.⁽¹⁾		536		55,808

				109,878
Fertilizers – 0.3%
CF Industries Holdings, Inc.		1,469		35,403
Monsanto Co.		2,781		287,583
The Mosaic Co.		2,226		58,277

				381,263
Financial Data & Systems – 2.8%
Alliance Data Systems Corp.⁽¹⁾		375		73,470
American Express Co.		5,167		313,947
Discover Financial Services		2,617		140,245
Equifax, Inc.		747		95,915
Fidelity National Information Services, Inc.		1,748		128,793
Fiserv, Inc.⁽¹⁾		1,409		153,201
Global Payments, Inc.		971		69,310
MasterCard, Inc., Class A		6,183		544,475
Moody’s Corp.		1,071		100,363
PayPal Holdings, Inc.⁽¹⁾		7,016		256,154
S&P Global, Inc.		1,676		179,768
Synchrony Financial⁽¹⁾		5,266		133,124
The Dun & Bradstreet Corp.		228		27,779
The Western Union Co.		3,170		60,801
Total System Services, Inc.		1,067		56,668
Visa, Inc., Class A		12,101		897,531

				3,231,544
Foods – 1.8%
Campbell Soup Co.		1,132		75,312
ConAgra Foods, Inc.		2,741		131,047
General Mills, Inc.		3,748		267,307
Hormel Foods Corp.		1,700		62,220
Kellogg Co.		1,593		130,069
McCormick & Co., Inc.		733		78,189
Mead Johnson Nutrition Co.		1,175		106,631
Mondelez International, Inc., Class A		9,893		450,231
Sysco Corp.		3,308		167,848
The Hershey Co.		906		102,822
The JM Smucker Co.		754		114,917
The Kraft Heinz Co.		3,746		331,446
Tyson Foods, Inc., Class A		1,852		123,695

				2,141,734
Fruit & Grain Processing – 0.1%
Archer-Daniels-Midland Co.		3,759		161,224

				161,224


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

RS S&P 500 INDEX VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Gas Pipeline – 0.4%
Columbia Pipeline Group, Inc.		2,525	$	64,362
Kinder Morgan, Inc.		11,538		215,991
Spectra Energy Corp.		4,241		155,348

				435,701
Gold – 0.1%
Newmont Mining Corp.		3,334		130,426

				130,426
Health Care Facilities – 0.3%
DaVita HealthCare Partners, Inc.⁽¹⁾		1,051		81,263
HCA Holdings, Inc.⁽¹⁾		1,931		148,706
Universal Health Services, Inc., Class B		575		77,108

				307,077
Health Care Management Services – 1.5%
Aetna, Inc.		2,208		269,663
Anthem, Inc.		1,645		216,054
Centene Corp.⁽¹⁾		1,073		76,580
CIGNA Corp.		1,613		206,448
Humana, Inc.		934		168,008
UnitedHealth Group, Inc.		5,995		846,494

				1,783,247
Health Care Services – 0.6%
Cerner Corp.⁽¹⁾		1,918		112,395
Express Scripts Holding Co.⁽¹⁾		3,997		302,973
McKesson Corp.		1,450		270,642

				686,010
Home Building – 0.1%
D.R. Horton, Inc.		2,078		65,415
Lennar Corp., Class A		1,128		52,001
PulteGroup, Inc.		2,002		39,019

				156,435
Hotel/Motel – 0.2%
Marriott International, Inc., Class A		1,201		79,818
Starwood Hotels & Resorts Worldwide, Inc.		1,063		78,609
Wyndham Worldwide Corp.		711		50,645
Wynn Resorts Ltd.		512		46,408

				255,480
Household Appliances – 0.1%
Whirlpool Corp.		493		82,154

				82,154
Household Equipment & Products – 0.1%
Newell Brands, Inc.		2,884		140,076

				140,076
Household Furnishings – 0.1%
Leggett & Platt, Inc.		858		43,852
Mohawk Industries, Inc.⁽¹⁾		401		76,094

				119,946
Insurance: Life – 0.5%
Aflac, Inc.		2,653		191,440
Lincoln National Corp.		1,522		59,008


June 30, 2016 (unaudited)	Shares		Value
Insurance: Life (continued)
Principal Financial Group, Inc.		1,716	$	70,545
Prudential Financial, Inc.		2,817		200,965
Torchmark Corp.		713		44,078
Unum Group		1,509		47,971

				614,007
Insurance: Multi-Line – 2.7%
American International Group, Inc.		7,248		383,347
Aon PLC		1,706		186,346
Arthur J Gallagher & Co.		1,116		53,122
Assurant, Inc.		415		35,819
Berkshire Hathaway, Inc., Class B⁽¹⁾		11,814		1,710,549
Loews Corp.		1,692		69,524
Marsh & McLennan Companies, Inc.		3,286		224,960
MetLife, Inc.		6,915		275,424
The Hartford Financial Services Group, Inc.		2,506		111,216
Willis Towers Watson PLC		866		107,652

				3,157,959
Insurance: Property - Casualty – 0.9%
Chubb Ltd.		2,903		379,451
Cincinnati Financial Corp.		929		69,573
The Allstate Corp.		2,390		167,180
The Progressive Corp.		3,682		123,347
The Travelers Companies, Inc.		1,864		221,891
XL Group PLC		1,843		61,390

				1,022,832
Leisure Time – 0.6%
Carnival Corp.		2,847		125,837
Expedia, Inc.		742		78,875
Royal Caribbean Cruises Ltd.		1,070		71,850
The Priceline Group, Inc.⁽¹⁾		314		392,001
TripAdvisor, Inc.⁽¹⁾		712		45,782

				714,345
Luxury Items – 0.1%
Signet Jewelers Ltd.		501		41,287
Tiffany & Co.		703		42,630

				83,917
Machinery: Agricultural – 0.1%
Deere & Co.		1,892		153,328

				153,328
Machinery: Construction & Handling – 0.2%
Caterpillar, Inc.		3,668		278,071

				278,071
Machinery: Engines – 0.1%
Cummins, Inc.		1,024		115,139

				115,139
Machinery: Tools – 0.1%
Snap-on, Inc.		366		57,762
Stanley Black & Decker, Inc.		962		106,994

				164,756


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

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


June 30, 2016 (unaudited)	Shares		Value
Medical & Dental Instruments & Supplies – 1.2%
Becton Dickinson and Co.		1,337	$	226,742
Boston Scientific Corp.⁽¹⁾		8,502		198,692
CR Bard, Inc.		466		109,584
DENTSPLY SIRONA, Inc.		1,519		94,239
Edwards Lifesciences Corp.⁽¹⁾		1,359		135,533
Henry Schein, Inc.⁽¹⁾		523		92,466
Patterson Companies, Inc.		527		25,238
St. Jude Medical, Inc.		1,791		139,698
Stryker Corp.		1,979		237,144
Zimmer Biomet Holdings, Inc.		1,128		135,789

				1,395,125
Medical Equipment – 1.6%
Agilent Technologies, Inc.		2,071		91,870
Baxter International, Inc.		3,460		156,461
Hologic, Inc.⁽¹⁾		1,559		53,941
Illumina, Inc.⁽¹⁾		923		129,571
Intuitive Surgical, Inc.⁽¹⁾		236		156,093
Medtronic PLC		8,867		769,390
PerkinElmer, Inc.		694		36,379
Thermo Fisher Scientific, Inc.		2,503		369,843
Varian Medical Systems, Inc.⁽¹⁾		611		50,243

				1,813,791
Medical Services – 0.1%
Laboratory Corp. of America Holdings⁽¹⁾		638		83,112
Quest Diagnostics, Inc.		903		73,513

				156,625
Metal Fabricating – 0.1%
Fastenal Co.		1,825		81,012

				81,012
Office Supplies & Equipment – 0.1%
Avery Dennison Corp.		564		42,159
Pitney Bowes, Inc.		1,210		21,538
Xerox Corp.		6,013		57,063

				120,760
Offshore Drilling & Other Services – 0.0%
Diamond Offshore Drilling, Inc.		407		9,902
Transocean Ltd.		2,154		25,611

				35,513
Oil Well Equipment & Services – 1.0%
Baker Hughes, Inc.		2,765		124,784
FMC Technologies, Inc.⁽¹⁾		1,437		38,325
Halliburton Co.		5,421		245,517
Helmerich & Payne, Inc.		679		45,581
National Oilwell Varco, Inc.		2,367		79,650
Schlumberger Ltd.		8,767		693,294

				1,227,151
Oil: Crude Producers – 1.6%
Anadarko Petroleum Corp.		3,211		170,986
Apache Corp.		2,382		132,606
Cabot Oil & Gas Corp.		2,884		74,234


June 30, 2016 (unaudited)	Shares		Value
Oil: Crude Producers (continued)
Chesapeake Energy Corp.⁽¹⁾		3,261	$	13,957
Cimarex Energy Co.		596		71,115
Concho Resources, Inc.⁽¹⁾		813		96,967
Devon Energy Corp.		3,214		116,508
EOG Resources, Inc.		3,463		288,883
EQT Corp.		1,072		83,005
Marathon Oil Corp.		5,328		79,973
Murphy Oil Corp.		1,019		32,353
Newfield Exploration Co.⁽¹⁾		1,251		55,269
Noble Energy, Inc.		2,708		97,136
Occidental Petroleum Corp.		4,824		364,501
Pioneer Natural Resources Co.		1,031		155,898
Range Resources Corp.		1,067		46,030
Southwestern Energy Co.⁽¹⁾		2,461		30,959

				1,910,380
Oil: Integrated – 3.6%
Chevron Corp.		11,874		1,244,752
ConocoPhillips		7,795		339,862
Exxon Mobil Corp.⁽²⁾		26,185		2,454,582
Hess Corp.		1,672		100,487
The Williams Cos., Inc.		4,310		93,225

				4,232,908
Oil: Refining And Marketing – 0.5%
Marathon Petroleum Corp.		3,343		126,900
ONEOK, Inc.		1,319		62,587
Phillips 66		2,965		235,243
Tesoro Corp.		759		56,864
Valero Energy Corp.		2,971		151,521

				633,115
Paints & Coatings – 0.3%
PPG Industries, Inc.		1,685		175,493
The Sherwin-Williams Co.		499		146,541

				322,034
Paper – 0.1%
International Paper Co.		2,597		110,061

				110,061
Personal Care – 2.0%
Church & Dwight Co., Inc.		826		84,987
Colgate-Palmolive Co.		5,629		412,043
Kimberly-Clark Corp.		2,276		312,905
The Clorox Co.		814		112,649
The Procter & Gamble Co.⁽²⁾		16,726		1,416,190

				2,338,774
Pharmaceuticals – 7.1%
Abbott Laboratories		9,290		365,190
Allergan PLC⁽¹⁾		2,492		575,876
AmerisourceBergen Corp.		1,211		96,057
Bristol-Myers Squibb Co.		10,527		774,261
Cardinal Health, Inc.		2,073		161,715
Eli Lilly & Co.		6,138		483,367


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

RS S&P 500 INDEX VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Pharmaceuticals (continued)
Endo International PLC⁽¹⁾		1,292	$	20,142
Gilead Sciences, Inc.		8,619		718,997
Johnson & Johnson⁽²⁾		17,399		2,110,499
Mallinckrodt PLC⁽¹⁾		707		42,971
Merck & Co., Inc.		17,499		1,008,117
Mylan N.V.⁽¹⁾		2,603		112,554
Perrigo Co. PLC		923		83,688
Pfizer, Inc.		38,136		1,342,769
Shire PLC, ADR		637		117,259
Vertex Pharmaceuticals, Inc.⁽¹⁾		1,548		133,159
Zoetis, Inc.		2,886		136,970

				8,283,591
Producer Durables: Miscellaneous – 0.1%
W.W. Grainger, Inc.		359		81,583

				81,583
Production Technology Equipment – 0.3%
Applied Materials, Inc.		7,130		170,906
KLA-Tencor Corp.		983		72,005
Lam Research Corp.		998		83,892

				326,803
Radio & TV Broadcasters – 0.2%
CBS Corp., Class B		2,665		145,082
TEGNA, Inc.		1,386		32,114

				177,196
Railroads – 0.7%
CSX Corp.		6,073		158,384
Kansas City Southern		688		61,982
Norfolk Southern Corp.		1,881		160,130
Union Pacific Corp.		5,337		465,653

				846,149
Real Estate Investment Trusts – 3.1%
American Tower Corp.		2,669		303,225
Apartment Investment & Management Co., Class A		986		43,542
AvalonBay Communities, Inc.		863		155,677
Boston Properties, Inc.		968		127,679
Crown Castle International Corp.		2,103		213,307
Digital Realty Trust, Inc.		922		100,489
Equinix, Inc.		432		167,499
Equity Residential		2,306		158,837
Essex Property Trust, Inc.		416		94,885
Extra Space Storage, Inc.		789		73,014
Federal Realty Investment Trust		438		72,511
General Growth Properties, Inc.		3,678		109,678
HCP, Inc.		2,940		104,017
Host Hotels & Resorts, Inc.		4,751		77,014
Iron Mountain, Inc.		1,520		60,542
Kimco Realty Corp.		2,604		81,714
Prologis, Inc.		3,314		162,519
Public Storage		928		237,188
Realty Income Corp.		1,573		109,103


June 30, 2016 (unaudited)	Shares		Value
Real Estate Investment Trusts (continued)
Simon Property Group, Inc.		1,954	$	423,823
SL Green Realty Corp.		629		66,970
The Macerich Co.		801		68,397
UDR, Inc.		1,687		62,284
Ventas, Inc.		2,122		154,524
Vornado Realty Trust		1,117		111,834
Welltower, Inc.		2,243		170,849
Weyerhaeuser Co.		4,711		140,246

				3,651,367
Real Estate Services – 0.0%
CBRE Group, Inc., Class A⁽¹⁾		1,832		48,511

				48,511
Recreational Vehicles & Boats – 0.0%
Harley-Davidson, Inc.		1,163		52,684

				52,684
Restaurants – 1.3%
Chipotle Mexican Grill, Inc.⁽¹⁾		190		76,524
Darden Restaurants, Inc.		727		46,048
McDonald’s Corp.		5,685		684,133
Starbucks Corp.		9,320		532,359
Yum! Brands, Inc.		2,575		213,519

				1,552,583
Scientific Instruments: Control & Filter – 0.5%
Allegion PLC		605		42,005
FLIR Systems, Inc.		871		26,957
Flowserve Corp.		825		37,265
Parker-Hannifin Corp.		857		92,599
Rockwell Automation, Inc.		832		95,530
Roper Technologies, Inc.		635		108,306
Tyco International PLC		2,681		114,211
Waters Corp.⁽¹⁾		515		72,435

				589,308
Scientific Instruments: Electrical – 0.2%
AMETEK, Inc.		1,488		68,790
Emerson Electric Co.		4,062		211,874

				280,664
Scientific Instruments: Pollution Control – 0.3%
Pentair PLC		1,152		67,150
Republic Services, Inc.		1,510		77,478
Waste Management, Inc.		2,616		173,362
Xylem, Inc.		1,130		50,455

				368,445
Securities Brokerage & Services – 0.6%
CME Group, Inc.		2,131		207,559
E*TRADE Financial Corp.⁽¹⁾		1,786		41,953
Intercontinental Exchange, Inc.		748		191,458
Nasdaq, Inc.		725		46,886
The Charles Schwab Corp.		7,577		191,774

				679,630


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

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


June 30, 2016 (unaudited)	Shares		Value
Semiconductors & Components – 2.1%
Analog Devices, Inc.		1,955	$	110,731
Broadcom Ltd.		2,342		363,947
Intel Corp.		29,787		977,014
Linear Technology Corp.		1,507		70,121
Microchip Technology, Inc.		1,348		68,425
Micron Technology, Inc.⁽¹⁾		6,542		90,018
NVIDIA Corp.		3,220		151,372
Qorvo, Inc.⁽¹⁾		814		44,982
Skyworks Solutions, Inc.		1,205		76,252
Texas Instruments, Inc.		6,339		397,138
Xilinx, Inc.		1,619		74,684

				2,424,684
Specialty Retail – 2.7%
Advance Auto Parts, Inc.		462		74,673
AutoNation, Inc.⁽¹⁾		468		21,987
AutoZone, Inc.⁽¹⁾		191		151,623
Bed, Bath & Beyond, Inc.		1,034		44,690
Best Buy Co., Inc.		1,780		54,468
CarMax, Inc.⁽¹⁾		1,237		60,650
Foot Locker, Inc.		866		47,509
L Brands, Inc.		1,605		107,744
Lowe’s Companies, Inc.		5,779		457,523
Netflix, Inc.⁽¹⁾		2,703		247,270
O’Reilly Automotive, Inc.⁽¹⁾		613		166,184
Ross Stores, Inc.		2,552		144,673
Staples, Inc.		4,078		35,152
The Gap, Inc.		1,430		30,345
The Home Depot, Inc.		7,995		1,020,882
The TJX Companies, Inc.		4,228		326,528
Tractor Supply Co.		847		77,229
Ulta Salon, Cosmetics & Fragrance, Inc.⁽¹⁾		402		97,943
Urban Outfitters, Inc.⁽¹⁾		547		15,043

				3,182,116
Steel – 0.1%
Nucor Corp.		2,014		99,512

				99,512
Telecommunications Equipment – 0.1%
Motorola Solutions, Inc.		1,002		66,102

				66,102
Textiles, Apparel & Shoes – 0.8%
Coach, Inc.		1,749		71,254
Hanesbrands, Inc.		2,469		62,046
Michael Kors Holdings Ltd.⁽¹⁾		1,134		56,110
NIKE, Inc., Class B		8,512		469,863
PVH Corp.		520		49,000
Ralph Lauren Corp.		371		33,249
Under Armour, Inc., Class A⁽¹⁾		1,147		46,029
Under Armour, Inc., Class C⁽¹⁾		1,155		42,047
VF Corp.		2,149		132,142

				961,740


June 30, 2016 (unaudited)	Shares		Value
Tobacco – 1.8%
Altria Group, Inc.		12,346	$	851,380
Philip Morris International, Inc.		9,770		993,805
Reynolds American, Inc.		5,223		281,676

				2,126,861
Toys – 0.1%
Hasbro, Inc.		707		59,381
Mattel, Inc.		2,138		66,898

				126,279
Transportation Miscellaneous – 0.5%
Expeditors International of Washington, Inc.		1,151		56,445
United Parcel Service, Inc., Class B		4,352		468,797

				525,242
Truckers – 0.1%
C.H. Robinson Worldwide, Inc.		905		67,196
J.B. Hunt Transport Services, Inc.		571		46,211

				113,407
Utilities: Electrical – 3.2%
AES Corp.		4,167		52,004
Ameren Corp.		1,529		81,924
American Electric Power Co., Inc.		3,092		216,718
CMS Energy Corp.		1,746		80,072
Consolidated Edison, Inc.		1,847		148,573
Dominion Resources, Inc.		3,766		293,484
DTE Energy Co.		1,131		112,105
Duke Energy Corp.		4,347		372,929
Edison International		2,053		159,456
Entergy Corp.		1,124		91,437
Eversource Energy		1,999		119,740
Exelon Corp.		5,810		211,252
FirstEnergy Corp.		2,675		93,384
NextEra Energy, Inc.		2,902		378,421
NRG Energy, Inc.		1,980		29,680
PG&E Corp.		3,112		198,919
Pinnacle West Capital Corp.		699		56,661
PPL Corp.		4,255		160,626
Public Service Enterprise Group, Inc.		3,198		149,059
SCANA Corp.		901		68,170
TECO Energy, Inc.		1,482		40,962
The Southern Co.		5,765		309,177
WEC Energy Group, Inc.		1,989		129,882
Xcel Energy, Inc.		3,197		143,162

				3,697,797
Utilities: Gas Distributors – 0.3%
AGL Resources, Inc.		758		50,005
CenterPoint Energy, Inc.		2,711		65,064
NiSource, Inc.		2,019		53,544
Sempra Energy		1,486		169,434

				338,047


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

RS S&P 500 INDEX VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Utilities: Telecommunications – 2.9%
AT&T, Inc.⁽²⁾		38,787	$	1,675,986
CenturyLink, Inc.		3,435		99,649
Frontier Communications Corp.		7,359		36,354
Level 3 Communications, Inc.⁽¹⁾		1,818		93,609
Verizon Communications, Inc.		25,687		1,434,362

				3,339,960
Utilities: Water – 0.1%
American Water Works Co., Inc.		1,124		94,989

				94,989
Total Common Stocks (Cost $47,751,901)				115,174,897

	Principal Amount		Value
U.S. Government Securities – 0.1%

U.S. Treasury Note 3.125% due 5/15/2019	$	145,000		154,980
Total U.S. Government Securities (Cost $143,976)				154,980


June 30, 2016 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.5%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $1,767,001, due 7/1/2016⁽³⁾	$	1,767,000	$	1,767,000
Total Repurchase Agreements (Cost $1,767,000)				1,767,000
Total Investments - 99.8% (Cost $49,662,877)				117,096,877
Other Assets, Net - 0.2%				188,616
Total Net Assets - 100.0%			$	117,285,493

⁽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 Inflation Indexed Note

0.125%

4/15/2017

1,803,011

The table below presents futures contracts as of June 30, 2016:

Description

Counterparty

Number of

Contracts

Expiration

Face Value

(000s)

Unrealized

Appreciation

Purchased Futures Contracts

E-mini S&P 500 Futures

Goldman Sachs & Co.

9/16/2016

1,986

19,091


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	115,174,897	$	—	$	—	$	115,174,897
U.S. Government Securities		—		154,980		—		154,980
Repurchase Agreements		—		1,767,000		—		1,767,000
Other Financial Instruments:
Financial Futures Contracts		19,091		—		—		19,091
Total	$	115,193,988	$	1,921,980	$	—	$	117,115,968


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, 2016 (unaudited)
Assets
Investments, at value	$	117,096,877
Cash		738
Cash deposits with brokers for futures contracts		62,100
Dividends/interest receivable		130,581
Receivable for fund shares subscribed		64,267
Receivable for variation margin on futures contracts		23,099
Prepaid expenses		249

Total Assets		117,377,911


Liabilities
Payable for fund shares redeemed		25,923
Payable to adviser		14,139
Accrued trustees’ fees		2,346
Accrued expenses/other liabilities		50,010

Total Liabilities		92,418

Total Net Assets	$	117,285,493


Net Assets Consist of:
Paid-in capital	$	56,363,202
Accumulated undistributed net investment income		1,126,990
Accumulated net realized loss from investments and futures contracts		(7,657,790	)
Net unrealized appreciation on investments and futures contracts		67,453,091

Total Net Assets	$	117,285,493

Investments, at Cost	$	49,662,877


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		7,618,495
Net Asset Value Per Share		$15.39


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Dividends	$	1,286,400
Interest		2,823
Withholding taxes on foreign dividends		(300	)

Total Investment Income		1,288,923


Expenses
Investment advisory fees		142,714
Custodian fees		25,954
Professional fees		15,819
Transfer agent fees		11,944
Administrative service fees		7,264
Shareholder reports		6,403
Trustees’ fees		4,370
Other expenses		10,512

Total Expenses		224,980

Less: Fee waiver/reimbursement by adviser		(65,139	)

Total Expenses, Net		159,841

Net Investment Income		1,129,082


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Futures Contracts
Net realized gain from investments		2,803,226
Net realized gain from futures contracts		115,724
Net change in unrealized appreciation/depreciation on investments		76,429
Net change in unrealized appreciation/depreciation on futures contracts		7,006

Net Gain on Investments and Futures Contracts		3,002,385

Net Increase in Net Assets Resulting from Operations	$	4,131,467


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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment income	$	1,129,082		$	2,203,820
Net realized gain from investments and futures contracts		2,918,950			7,595,315
Net change in unrealized appreciation/depreciation on investments and futures contracts		83,435			(8,335,105	)

Net Increase in Net Assets Resulting from Operations		4,131,467			1,464,030


Distributions to Shareholders
Net investment income		—			(2,232,582	)

Total Distributions		—			(2,232,582	)


Capital Share Transactions
Proceeds from sales of shares		3,626,499			8,441,562
Reinvestment of distributions		—			2,232,582
Cost of shares redeemed		(9,224,397	)		(20,877,040	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,597,898	)		(10,202,896	)

Net Decrease in Net Assets		(1,466,431	)		(10,971,448	)


Net Assets
Beginning of period		118,751,924			129,723,372

End of period	$	117,285,493		$	118,751,924

Distributions in Excess of Net Investment Income Included in Net Assets	$	—		$	(2,092	)

Accumulated Undistributed Net Investment Income Included in Net Assets	$	1,126,990		$	—


Other Information:
Shares
Sold		246,592			562,845
Reinvested		—			150,646
Redeemed		(628,176	)		(1,378,663	)

Net Decrease		(381,584	)		(665,172	)


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/(Loss)			Total Operations		Distributions From Net Investment Income			Distributions From Net Realized Capital Gains		Total Distributions
Six Months Ended 6/30/16¹	$	14.84	$	0.14	²	$	0.41		$	0.55	$	—		$	—	$	—
Year Ended 12/31/15		14.97		0.27	²		(0.12	)		0.15		(0.28	)		—		(0.28	)
Year Ended 12/31/14		13.43		0.24	²		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	)


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
$	15.39		3.71%	$	117,285		0.28%		0.39%		1.98%		1.87%		2%
	14.84		1.03%		118,752		0.28%		0.39%		1.75%		1.64%		3%
	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%

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, 2016 (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”). Futures 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.

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.

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.


				17

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

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 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. Sub-investment advisory fees paid by RS Investments to Park Avenue 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, 2017, 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.

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.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2015, which is the most recently completed tax year, was as follows:

Ordinary Income

$2,232,582

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Distributions in

Excess of Net

Investment Income

Accumulated
Net Realized Loss

$103,318

26,670

(129,988

)

The tax basis of distributable earnings as of December 31, 2015, was as follows:

Undistributed

Ordinary Income

$146,889


18

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

During the year ended December 31, 2015, the Fund utilized $7,197,587 of capital loss carryovers. Capital loss carryovers available to the Fund at December 31, 2015, were as follows:


Expiring	Amount
2017	$	1,777,113
2018		2,431,713

Total	$	4,208,826

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $55,867,020. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $62,834,528 and $(1,604,671), respectively, resulting in net unrealized appreciation of $61,229,857.

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 $1,762,336 and $4,254,915, respectively, for the six months ended June 30, 2016.

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, 2016.


Derivative Instrument Type	Statement of Assets and Liabilities Location	Value
Financial Futures Contracts	Net unrealized appreciation on futures contracts*	$	19,091

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, 2016.

The Fund held an average monthly face value of $2,647,520 long position E-mini S&P 500 Futures Contracts for the six months ended June 30, 2016.

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, 2016, the Fund did not borrow under the facility.


				19

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

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 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. On March 29, 2016, the United States Court of Appeals for the Second Circuit affirmed the District Court’s dismissal. 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. Sales Transaction

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 8. Review for Subsequent Events

Note 9. Indemnifications


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For		Votes Against/Withheld		Abstentions
RS Emerging Markets VIP Series		3,401,538.7903		121,554.1641		145,386.6036
RS High Yield VIP Series		5,793,195.7949		122,405.5448		178,960.0313
RS International VIP Series		11,622,369.8819		574,442.1452		541,818.2679
RS Investment Quality Bond VIP Series		54,956,162.2983		1,564,144.8878		2,175,970.0389
RS Large Cap Alpha VIP Series		20,943,611.9457		633,142.5830		1,076,570.0223
RS Low Duration Bond VIP Series		23,988,194.4220		478,209.0407		919,315.8373
RS S&P 500 Index VIP Series		7,275,687.8140		235,345.5598		322,672.9432
RS Small Cap Growth Equity VIP Series		6,570,019.8176		219,096.5872		381,825.6672

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.


				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

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$ 975.70		$4.47		0.91%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.34		$4.57		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 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS INTERNATIONAL VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Common Stocks – 94.7%
Australia – 5.5%
BHP Billiton Ltd.		135,887	$	1,893,752
CSL Ltd.		29,105		2,454,499
Scentre Group		323,867		1,199,589
Westpac Banking Corp.		178,345		3,954,897

				9,502,737
Belgium – 2.4%
Anheuser-Busch InBev S.A.		19,287		2,550,442
Melexis N.V.		26,802		1,684,190

				4,234,632
Denmark – 2.7%
Pandora A/S		14,164		1,929,128
Royal Unibrew A/S		61,057		2,731,345

				4,660,473
France – 6.5%
Arkema S.A.		21,320		1,629,971
AXA S.A.		62,556		1,236,895
Bureau Veritas S.A.		105,109		2,206,766
Capgemini S.A.		11,441		987,275
Cie Generale des Etablissements Michelin		20,298		1,912,895
Societe Generale S.A.		31,003		969,956
TOTAL S.A.		48,611		2,331,189

				11,274,947
Germany – 8.7%
Bayer AG (Reg S)		16,830		1,690,318
Daimler AG (Reg S)		25,990		1,555,198
Deutsche Boerse AG		15,372		1,262,882
Deutsche Wohnen AG		45,216		1,539,516
HeidelbergCement AG		24,525		1,847,517
SAP SE		41,949		3,150,585
Siemens AG (Reg S)		39,088		4,011,255

				15,057,271
Hong Kong – 4.0%
AIA Group Ltd.		374,800		2,249,081
HKT Trust & HKT Ltd., SS		1,784,000		2,575,476
Power Assets Holdings Ltd.		117,000		1,075,759
The Wharf Holdings Ltd.		171,000		1,042,420

				6,942,736
Italy – 3.4%
Enel S.p.A.		556,000		2,468,331
Eni S.p.A.		91,058		1,466,687
Intesa Sanpaolo S.p.A.		219,683		418,432
Recordati S.p.A.		51,470		1,548,189

				5,901,639
Japan – 19.6%
Central Japan Railway Co.		6,300		1,120,540
Chubu Electric Power Co., Inc.		93,800		1,334,869
Fuji Electric Co. Ltd.		340,000		1,415,601


June 30, 2016 (unaudited)	Shares		Value
Japan (continued)
FUJIFILM Holdings Corp.		38,700	$	1,501,576
Hitachi Construction Machinery Co. Ltd.		96,400		1,407,058
Hoya Corp.		48,200		1,721,511
ITOCHU Corp.		144,900		1,772,592
Kao Corp.		32,800		1,910,341
Milbon Co. Ltd.		35,200		1,587,202
Mitsubishi UFJ Financial Group, Inc.		337,300		1,512,066
Mizuho Financial Group, Inc.		592,600		852,786
Murata Manufacturing Co. Ltd.		9,800		1,098,723
Nippon Building Fund, Inc.		272		1,675,530
Nippon Telegraph & Telephone Corp.		53,800		2,522,945
Nitori Holdings Co. Ltd.		14,900		1,807,132
Oracle Corp. Japan		23,000		1,226,430
Rohto Pharmaceutical Co. Ltd.		72,920		1,111,311
Sanwa Holdings Corp.		122,800		1,116,256
Tokio Marine Holdings, Inc.		35,200		1,171,845
Toyota Motor Corp.		95,700		4,717,866
USS Co. Ltd.		86,500		1,429,549

				34,013,729
Netherlands – 1.6%
ING Groep N.V., CVA		82,944		858,130
Wolters Kluwer N.V.		47,291		1,914,869

				2,772,999
New Zealand – 0.9%
Fisher & Paykel Healthcare Corp. Ltd.		220,381		1,583,370

				1,583,370
Singapore – 0.6%
Singapore Exchange Ltd.		177,800		1,012,803

				1,012,803
Spain – 2.1%
Banco Santander S.A.		319,991		1,241,780
Ferrovial S.A.		125,105		2,449,301

				3,691,081
Sweden – 1.8%
Intrum Justitia AB		48,263		1,513,652
Skandinaviska Enskilda Banken AB, Class A		181,649		1,586,827

				3,100,479
Switzerland – 11.6%
Actelion Ltd. (Reg S)⁽¹⁾		13,758		2,316,813
Nestle S.A. (Reg S)		29,864		2,313,812
Novartis AG (Reg S)		40,867		3,373,100
Roche Holding AG		20,685		5,458,353
Schindler Holding AG		13,314		2,410,471
Swiss Re AG		22,638		1,977,212
U-Blox AG⁽¹⁾		7,254		1,563,761
UBS Group AG (Reg S)		57,725		749,016

				20,162,538


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

RS INTERNATIONAL VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
United Kingdom – 23.3%
BP PLC		525,359	$	3,075,195
British American Tobacco PLC		75,451		4,891,414
BT Group PLC		213,113		1,171,396
Croda International PLC		43,587		1,829,710
Diageo PLC		126,908		3,545,258
Experian PLC		201,056		3,814,446
HSBC Holdings PLC		429,622		2,661,744
Legal & General Group PLC		314,366		804,807
National Grid PLC		164,274		2,415,702
Next PLC		17,498		1,156,195
RELX PLC		90,780		1,671,661
Rio Tinto PLC		77,592		2,410,513
Royal Dutch Shell PLC, Class A		126,420		3,472,143
Smith & Nephew PLC		157,813		2,679,847
Standard Chartered PLC		173,507		1,316,392
Unilever PLC		74,483		3,568,863

				40,485,286
Total Common Stocks (Cost $162,456,274)				164,396,720

	Shares		Value
Exchange-Traded Funds – 2.2%
iShares MSCI EAFE ETF		51,866		2,894,642
SPDR Gold Shares⁽¹⁾		6,852		866,915

Total Exchange-Traded Funds (Cost $3,818,103)				3,761,557

	Shares		Value
Preferred Stocks – 0.8%
Japan – 0.8%
Ito En Ltd.		79,000		1,482,521

				1,482,521
Total Preferred Stocks (Cost $1,246,076)				1,482,521

	Principal Amount		Value
Repurchase Agreements – 1.6%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $2,863,002, due 7/1/2016⁽²⁾	$	2,863,000		2,863,000
Total Repurchase Agreements (Cost $2,863,000)				2,863,000
Total Investments - 99.3% (Cost $170,383,453)				172,503,798
Other Assets, Net - 0.7%				1,131,331
Total Net Assets - 100.0%			$	173,635,129

⁽¹⁾	Non-income-producing security.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.50%

5/15/2024

2,924,550

Legend:

CVA — Certificaten Van Aandelen (Certificate of Shares).

SS — Stapled Security.


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	$	—	$	9,502,737	*	$	—	$	9,502,737
Belgium		—		4,234,632	*		—		4,234,632
Denmark		—		4,660,473	*		—		4,660,473
France		—		11,274,947	*		—		11,274,947
Germany		—		15,057,271	*		—		15,057,271
Hong Kong		2,575,476		4,367,260	*		—		6,942,736
Italy		—		5,901,639	*		—		5,901,639
Japan		—		34,013,729	*		—		34,013,729
Netherlands		—		2,772,999	*		—		2,772,999
New Zealand		—		1,583,370	*		—		1,583,370
Singapore		—		1,012,803	*		—		1,012,803
Spain		—		3,691,081	*		—		3,691,081
Sweden		—		3,100,479	*		—		3,100,479
Switzerland		—		20,162,538	*		—		20,162,538
United Kingdom		—		40,485,286	*		—		40,485,286
Exchange-Traded Funds		3,761,557		—			—		3,761,557
Preferred Stocks		—		1,482,521	*		—		1,482,521
Repurchase Agreements		—		2,863,000			—		2,863,000
Total	$	6,337,033	$	166,166,765		$	—	$	172,503,798

*	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, 2016 (unaudited)
Assets
Investments, at value	$	172,503,798
Cash		681
Foreign currency, at value		33,377
Receivable for investments sold		922,101
Dividends/interest receivable		494,052
Foreign tax reclaims receivable		408,265
Receivable for fund shares subscribed		9,616
Prepaid expenses		382

Total Assets		174,372,272


Liabilities
Payable for investments purchased		509,860
Payable to adviser		114,404
Payable for fund shares redeemed		50,893
Accrued trustees’ fees		3,430
Accrued expenses/other liabilities		58,556

Total Liabilities		737,143

Total Net Assets	$	173,635,129


Net Assets Consist of:
Paid-in capital	$	182,237,458
Accumulated undistributed net investment income		2,586,359
Accumulated net realized loss from investments and foreign currency transactions		(13,297,420	)
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		2,108,732

Total Net Assets	$	173,635,129

Investments, at Cost	$	170,383,453

Foreign Currency, at Cost	$	33,510


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		12,367,429
Net Asset Value Per Share		$14.04


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Dividends	$	4,005,006
Interest		80
Withholding taxes on foreign dividends		(381,665	)

Total Investment Income		3,623,421


Expenses
Investment advisory fees		694,282
Custodian fees		32,027
Professional fees		27,179
Shareholder reports		9,255
Administrative service fees		8,089
Trustees’ fees		6,829
Other expenses		16,339

Total Expenses		794,000

Net Investment Income		2,829,421


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Foreign Currency Transactions
Net realized loss from investments		(8,630,918	)
Net realized loss from foreign currency transactions		(15,690	)
Net change in unrealized appreciation/depreciation on investments		1,241,634
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies		13,218

Net Loss on Investments and Foreign Currency Transactions		(7,391,756	)

Net Decrease in Net Assets Resulting from Operations	$	(4,562,335	)


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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment income	$	2,829,421		$	4,048,502
Net realized loss from investments and foreign currency transactions		(8,646,608	)		(441,184	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities in foreign currencies		1,254,852			(916,324	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		(4,562,335	)		2,690,994


Distributions to Shareholders
Net investment income		—			(4,009,761	)
Net realized gain on investments		—			(522,629	)

Total Distributions		—			(4,532,390	)


Capital Share Transactions
Proceeds from sales of shares		3,530,588			6,675,807
Reinvestment of distributions		—			4,532,390
Cost of shares redeemed		(10,361,098	)		(27,868,426	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(6,830,510	)		(16,660,229	)

Net Decrease in Net Assets		(11,392,845	)		(18,501,625	)


Net Assets
Beginning of period		185,027,974			203,529,599

End of period	$	173,635,129		$	185,027,974

Distributions in Excess of Net Investment Income Included in Net Assets	$	—		$	(243,062	)

Accumulated Undistributed Net Investment Income Included in Net Assets	$	2,586,359		$	—


Other Information:
Shares
Sold		256,403			442,303
Reinvested		—			317,839
Redeemed		(747,275	)		(1,815,249	)

Net Decrease		(490,872	)		(1,055,107	)


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 6/30/16¹	$	14.39	$	0.22	²	$	(0.57	)	$	(0.35	)	$	—		$	—		$	—
Year Ended 12/31/15		14.63		0.31	²		(0.19	)		0.12			(0.32	)		(0.04	)		(0.36	)
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	)


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
$	14.04		(2.43)%	$	173,635		0.91%		0.91%		3.26%		3.26%		62%
	14.39		0.84%		185,028		0.92%		0.92%		2.00%		2.00%		117%
	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%

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, 2016 (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)

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. As of June 30, 2016, 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 Funds’ Board of Trustees. For the six months ended June 30, 2016, 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 2012 and by state authorities for tax years before 2011.

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

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 0.80%.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2015, which is the most recently completed tax year, was as follows:

Ordinary
Income

Long-Term

Capital Gains

$4,010,984

521,406


14

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

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Distributions in
Excess of
Net Investment Income

Accumulated

Net Realized Loss

$(192,529)

192,529

The tax basis of distributable earnings as of December 31, 2015, was as follows:

Undistributed

Ordinary

Income

$15,452

Capital loss carryovers available to the Fund at December 31, 2015 were $1,548,438, with no expiration date.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $175,574,215. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $5,259,247 and $(8,329,664), respectively, resulting in net unrealized depreciation of $(3,070,417).

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 $106,711,192 and $112,360,572, respectively, for the six months ended June 30, 2016.

some foreign companies may be less liquid and their prices more volatile than those of comparable U.S. companies.

Note 5. Temporary Borrowings

For the six months ended June 30, 2016, the Fund borrowed under the facility as follows:


Amount Outstanding at 6/30/16	Average Borrowing*		Days Borrowings Outstanding		Average Interest Rate*
$—	$	250,000		4		1.68%

*	For the six months ended June 30, 2016, based on the number of days borrowings were outstanding.


				15

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

Note 6. Sales Transaction

On January 19, 2016, the Board of Trustees of the Trust approved the reorganization of the Fund into a corresponding, newly-formed fund within the Victory family of funds (the ”Acquiring Fund”) (the “Reorganization”), subject to shareholder approval of the Reorganization.

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 7. Review for Subsequent Events

Note 8. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For		Votes Against/ Withheld		Abstentions
RS Emerging Markets VIP Series		3,401,538.7903		121,554.1641		145,386.6036
RS High Yield VIP Series		5,793,195.7949		122,405.5448		178,960.0313
RS International VIP Series		11,622,369.8819		574,442.1452		541,818.2679
RS Investment Quality Bond VIP Series		54,956,162.2983		1,564,144.8878		2,175,970.0389
RS Large Cap Alpha VIP Series		20,943,611.9457		633,142.5830		1,076,570.0223
RS Low Duration Bond VIP Series		23,988,194.4220		478,209.0407		919,315.8373
RS S&P 500 Index VIP Series		7,275,687.8140		235,345.5598		322,672.9432
RS Small Cap Growth Equity VIP Series		6,570,019.8176		219,096.5872		381,825.6672

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

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$1,054.20		$7.00		1.37%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,018.05		$6.87		1.37%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Common Stocks – 95.8%
Argentina – 1.4%
Grupo Financiero Galicia S.A., ADR		10,712	$	327,145
Pampa Energia S.A., ADR⁽¹⁾		8,050		220,087
YPF S.A., ADR		5,966		114,547

				661,779
Brazil – 6.3%
BB Seguridade Participacoes S.A.		30,000		262,522
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		35,613		319,092
Cia Paranaense de Energia, ADR		57,762		518,703
Cosan Ltd., Class A		40,601		264,312
EcoRodovias Infraestrutura e Logistica S.A.		168,700		440,092
Estacio Participacoes S.A.		44,400		234,419
M Dias Branco S.A.		8,200		270,330
Sao Martinho S.A.		24,800		412,111
Telefonica Brasil S.A., ADR		20,977		285,287

				3,006,868
Chile – 0.4%
Banco Santander Chile, ADR		10,205		197,671

				197,671
Czech Republic – 0.9%
Erste Group Bank AG⁽¹⁾		8,886		202,316
Moneta Money Bank A.S.⁽¹⁾		79,750		234,812

				437,128
Hong Kong – 0.5%
Man Wah Holdings Ltd.		161,200		232,156

				232,156
Hungary – 0.5%
OTP Bank PLC		9,527		213,189

				213,189
India – 8.9%
Bharat Petroleum Corp. Ltd.		17,004		271,775
Dewan Housing Finance Corp. Ltd.		147,976		448,935
HDFC Bank Ltd., ADR		6,625		439,569
Infosys Ltd.		31,949		554,976
IRB Infrastructure Developers Ltd.		134,968		428,143
ITC Ltd.		78,786		432,047
Power Grid Corp. of India Ltd.		184,456		446,333
Tata Motors Ltd., ADR⁽¹⁾		13,646		473,107
Welspun India Ltd.		216,500		350,340
Yes Bank Ltd.		24,267		397,990

				4,243,215
Indonesia – 4.4%
PT Adhi Karya (Persero) Tbk		798,100		169,063
PT Bank Negara Indonesia (Persero) Tbk		1,362,200		539,825
PT Bank Rakyat Indonesia (Persero) Tbk		345,000		283,877


June 30, 2016 (unaudited)	Shares		Value
Indonesia (continued)
PT Ciputra Development Tbk		1,452,900	$	160,360
PT Gudang Garam Tbk		53,400		279,398
PT Sri Rejeki Isman Tbk		9,551,900		188,938
PT Telekomunikasi Indonesia (Persero) Tbk		1,496,200		455,212

				2,076,673
Malaysia – 1.2%
AirAsia Bhd		844,100		546,524

				546,524
Mexico – 4.2%
Alsea S.A.B. de C.V.		58,300		221,943
Cemex S.A.B. de C.V., ADR⁽¹⁾		32,127		198,223
Controladora Vuela Cia de Aviacion S.A.B. de C.V., Class A⁽¹⁾		140,800		264,464
Gruma S.A.B. de C.V., Class B		16,097		231,560
Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR		2,560		262,733
Grupo Mexico S.A.B. de C.V., Series B		61,654		144,469
Macquarie Mexico Real Estate Management S.A. de C.V.⁽¹⁾		183,800		241,078
OHL Mexico S.A.B. de C.V.⁽¹⁾		205,500		251,781
Unifin Financiera S.A.B. de C.V. SOFOM ENR		77,300		193,688

				2,009,939
People’s Republic of China – 24.5%
AAC Technologies Holdings, Inc.		25,000		213,891
Alibaba Group Holding Ltd., ADR⁽¹⁾		8,186		651,033
Angang Steel Co. Ltd., H shares⁽¹⁾		388,000		173,639
Baidu, Inc., ADR⁽¹⁾		2,205		364,156
Bank of China Ltd., H shares		1,352,000		545,138
China Communications Construction Co. Ltd., H shares		441,000		478,083
China Construction Bank Corp., H shares		1,815,638		1,212,737
China Maple Leaf Educational Systems Ltd.		396,000		357,319
China Merchants Bank Co. Ltd., H shares		129,000		290,368
China Mobile Ltd.		74,758		864,744
China Petroleum & Chemical Corp., H shares		650,000		468,863
China Resources Gas Group Ltd.		82,000		250,434
China Resources Land Ltd.		224,000		527,844
Chinasoft International Ltd.⁽¹⁾		534,000		210,075
CNOOC Ltd.		369,000		461,072
CSPC Pharmaceutical Group Ltd.		456,000		405,648
NetEase, Inc., ADR		1,403		271,088
New Oriental Education & Technology Group, Inc., ADR		8,314		348,190
Nine Dragons Paper Holdings Ltd.		287,000		220,787


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

RS EMERGING MARKETS VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
People’s Republic of China (continued)
PICC Property & Casualty Co. Ltd., H shares		202,000	$	319,007
Ping An Insurance (Group) Co. of China Ltd., H shares		144,000		638,017
Tencent Holdings Ltd.		85,430		1,961,962
Weichai Power Co. Ltd., H shares		365,000		375,814

				11,609,909
Peru – 0.7%
Credicorp Ltd.		2,244		346,316

				346,316
Philippines – 0.3%
Vista Land & Lifescapes, Inc.		1,450,400		165,566

				165,566
Poland – 0.6%
Jeronimo Martins SGPS S.A.		17,512		276,195
KRUK S.A.		59		3,018

				279,213
Russia – 3.9%
Lukoil PJSC, ADR		10,486		438,124
Novolipetsk Steel PJSC, GDR		17,100		222,300
Rosneft PJSC, GDR (Reg S)		93,095		476,646
Sberbank of Russia PJSC, ADR		40,531		354,838
X5 Retail Group N.V., GDR (Reg S)⁽¹⁾		18,074		359,673

				1,851,581
Singapore – 0.7%
Golden Agri-Resources Ltd.		1,276,800		334,075

				334,075
South Africa – 6.3%
AngloGold Ashanti Ltd.⁽¹⁾		15,000		270,878
Barclays Africa Group Ltd.		35,453		347,729
Capitec Bank Holdings Ltd.		6,054		245,578
Naspers Ltd., N shares		6,821		1,041,532
Sanlam Ltd.		107,074		442,345
Steinhoff International Holdings N.V.		77,356		443,766
Telkom S.A. SOC Ltd.		46,436		209,528

				3,001,356
South Korea – 15.5%
Hite Jinro Co. Ltd.		12,372		257,473
Hyundai Development Co.		5,822		201,980
Hyundai Marine & Fire Insurance Co. Ltd.		18,836		480,309
Kia Motors Corp.		8,607		324,307
Korea Electric Power Corp.		4,711		247,290
Korea Zinc Co. Ltd.		803		356,090
LG Chem Ltd.		1,595		364,248
Mando Corp.		2,596		492,980
NAVER Corp.		640		396,490


June 30, 2016 (unaudited)	Shares		Value
South Korea (continued)
Osstem Implant Co. Ltd.⁽¹⁾		3,903	$	265,855
Partron Co. Ltd.		20,246		187,043
Samkee Automotive Co. Ltd.		40,791		143,418
Samsung Electronics Co. Ltd.		1,669		2,078,491
SFA Engineering Corp.		5,923		256,910
Shinhan Financial Group Co. Ltd.		14,527		477,488
SK Hynix, Inc.		19,305		549,362
SK Innovation Co. Ltd.		2,092		257,764

				7,337,498
Taiwan – 10.9%
Casetek Holdings Ltd.		40,000		141,035
Formosa Plastics Corp.		175,000		424,394
Fubon Financial Holding Co. Ltd.		489,000		576,546
Hon Hai Precision Industry Co. Ltd.		93,000		239,594
Hota Industrial Manufacturing Co. Ltd.		63,000		295,621
Land Mark Optoelectronics Corp.		13,000		184,295
Powertech Technology, Inc.		215,000		480,048
Taiwan Mobile Co. Ltd.		126,000		440,401
Taiwan Semiconductor Manufacturing Co. Ltd.		356,259		1,795,437
TCI Co. Ltd.		57,000		257,189
Tong Yang Industry Co. Ltd.		220,000		327,830

				5,162,390
Thailand – 1.9%
GFPT PCL (Reg F)⁽²⁾⁽³⁾		614,300		190,087
Supalai PCL (Reg F)⁽³⁾		266,700		181,850
Thai Union Group PCL (Reg F)⁽²⁾⁽³⁾		494,400		310,467
The Siam Cement PCL (Reg F)		17,300		234,964

				917,368
Turkey – 1.3%
Celebi Hava Servisi A.S.		20,218		163,392
TAV Havalimanlari Holding A.S.		51,252		220,107
Turkiye Garanti Bankasi A.S.		96,421		254,689

				638,188
United Arab Emirates – 0.5%
First Gulf Bank PJSC		67,369		231,601

				231,601
Total Common Stocks (Cost $41,496,392)				45,500,203

	Shares		Value
Preferred Stocks – 1.7%
Brazil – 1.7%
Itau Unibanco Holding S.A.		85,797		809,280

				809,280
Total Preferred Stocks (Cost $981,478)				809,280


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

SCHEDULE OF INVESTMENTS — RS EMERGING MARKETS VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.3%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $630,001, due 7/1/2016⁽⁴⁾	$	630,000	$	630,000
Total Repurchase Agreements (Cost $630,000)				630,000
Total Investments — 98.8% (Cost $43,107,870)				46,939,483
Other Assets, Net – 1.2%				546,622
Total Net Assets – 100.0%			$	47,486,105

⁽¹⁾	Non-income-producing security.

⁽²⁾	Foreign shares are valued based on the last trade price of the local shares.

⁽³⁾	Fair valued security. See 1a in Notes to Financial Statements.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Note

2.50%

5/15/2024

643,838

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	$	661,779	$	—		$	—	$	661,779
Brazil		3,006,868		—			—		3,006,868
Chile		197,671		—			—		197,671
Czech Republic		234,812		202,316	*		—		437,128
Hong Kong		—		232,156	*		—		232,156
Hungary		—		213,189	*		—		213,189
India		912,676		3,330,539	*		—		4,243,215
Indonesia		—		2,076,673	*		—		2,076,673
Malaysia		—		546,524	*		—		546,524
Mexico		2,009,939		—			—		2,009,939
People’s Republic of China		1,634,467		9,975,442	*		—		11,609,909
Peru		346,316		—			—		346,316
Philippines		—		165,566	*		—		165,566
Poland		3,018		276,195	*		—		279,213
Russia		1,450,324		401,257	*		—		1,851,581
Singapore		—		334,075	*		—		334,075
South Africa		—		3,001,356	*		—		3,001,356
South Korea		—		7,337,498	*		—		7,337,498
Taiwan		—		5,162,390	*		—		5,162,390
Thailand		—		917,368	*		—		917,368
Turkey		—		638,188	*		—		638,188
United Arab Emirates		—		231,601	*		—		231,601
Preferred Stocks		809,280		—			—		809,280
Repurchase Agreements		—		630,000			—		630,000
Total	$	11,267,150	$	35,672,333		$	—	$	46,939,483

*	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 EMERGING MARKETS VIP SERIES


Statement of Assets and Liabilities As of June 30, 2016 (unaudited)
Assets
Investments, at value	$	46,939,483
Cash		736
Foreign currency, at value		210,447
Dividends/interest receivable		362,084
Receivable for investments sold		297,285
Receivable for fund shares subscribed		31,564
Foreign tax reclaims receivable		1,428
Prepaid expenses		74

Total Assets		47,843,101


Liabilities
Payable for investments purchased		212,339
Accrued foreign capital gains tax		66,330
Payable to adviser		38,089
Accrued trustees’ fees		753
Payable for fund shares redeemed		362
Accrued expenses/other liabilities		39,123

Total Liabilities		356,996

Total Net Assets	$	47,486,105


Net Assets Consist of:
Paid-in capital	$	49,663,838
Accumulated undistributed net investment income		362,299
Accumulated net realized loss from investments, foreign currency transactions and foreign capital gains tax		(6,308,748	)
Net unrealized appreciation on investments, foreign capital gains tax and translation of assets and liabilities in foreign currencies		3,768,716

Total Net Assets	$	47,486,105

Investments, at Cost	$	43,107,870

Foreign Currency, at Cost	$	208,838


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		3,757,123
Net Asset Value Per Share		$12.64


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Dividends	$	759,697
Withholding taxes on foreign dividends		(82,283	)

Total Investment Income		677,414


Expenses
Investment advisory fees		229,935
Custodian fees		40,847
Professional fees		22,236
Shareholder reports		3,887
Administrative service fees		2,159
Trustees’ fees		1,895
Other expenses		13,929

Total Expenses		314,888

Net Investment Income		362,526


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax
Net realized loss from investments		(3,170,912	)
Net realized loss from foreign currency transactions		(26,804	)
Foreign capital gains taxes paid		(6,481	)
Net change in unrealized appreciation/depreciation on investments		5,294,384
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies		3,821
Net change in accrued foreign capital gains tax		(61,349	)

Net Gain on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax		2,032,659

Net Increase in Net Assets Resulting from Operations	$	2,395,185


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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment income	$	362,526		$	531,566
Net realized loss from investments, foreign currency transactions and foreign capital gains tax		(3,204,197	)		(2,857,807	)
Net change in unrealized appreciation/depreciation on investments, foreign capital gains tax and translation of assets and liabilities in foreign currencies		5,236,856			(4,834,529	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		2,395,185			(7,160,770	)


Distributions to Shareholders
Net investment income		—			(244,072	)

Total Distributions		—			(244,072	)

Capital Share Transactions
Proceeds from sales of shares		2,547,751			3,193,234
Reinvestment of distributions		—			244,072
Cost of shares redeemed		(5,882,770	)		(10,388,357	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(3,335,019	)		(6,951,051	)

Net Decrease in Net Assets		(939,834	)		(14,355,893	)

Net Assets
Beginning of period		48,425,939			62,781,832

End of period	$	47,486,105		$	48,425,939

Distributions in Excess of Net Investment Income Included in Net Assets	$	—		$	(227	)

Accumulated Undistributed Net Investment Income Included in Net Assets	$	362,299		$	—


Other Information:
Shares
Sold		214,257			234,520
Reinvested		—			20,356
Redeemed		(496,702	)		(761,046	)

Net Decrease		(282,445	)		(506,170	)


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 6/30/16¹	$	11.99	$	0.09	²	$	0.56		$	0.65		$	—		$	—		$	—
Year Ended 12/31/15		13.81		0.13	²		(1.89	)		(1.76	)		(0.06	)		—			(0.06	)
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	)


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
$	—	$	12.64		5.42%	$	47,486		1.37%		1.37%		1.58%		1.58%		52%
	—		11.99		(12.74)%		48,426		1.35%		1.35%		0.92%		0.92%		123%
	—		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%

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, 2016 (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)

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, 2016, the Fund had no securities classified as Level 3.

Transfers into and out of each level of the fair value hierarchy for the six months ended June 30, 2016, were as follows:


	Transfers into Level 1		Transfers (out) of Level 1			Transfers into Level 2		Transfers (out) of Level 2			Transfers into Level 3		Transfers (out) of Level 3
Common Stocks	$	262,522	$	(443,766	)	$	443,766	$	(262,522	)	$	—	$	—
Preferred Stocks		809,280		—			—		(809,280	)		—		—

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.

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.


				13

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

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.

e. 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.

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


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, 2015, which is the most recently completed tax year, was as follows:

Ordinary
Income

$244,072

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Distributions in

Excess of Net

Investment Income

Accumulated

Net Realized

Loss

$(107,232)

$107,232

Capital loss carryovers available to the Fund at December 31, 2015 were $1,724,725, with no expiration date.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was

$43,463,528. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $5,364,122 and $(1,888,167), respectively, resulting in net unrealized appreciation of $3,475,955.

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 $23,926,848 and $27,304,300, respectively, for the six months ended June 30, 2016.

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)

Note 5. Temporary Borrowings

For the six months ended June 30, 2016, the Fund borrowed under the facility as follows:


Amount Outstanding at 6/30/16		Average Borrowing*		Days Borrowings Outstanding		Average Interest Rate*
	$—	$	335,714		7		1.69%

*	For the six months ended June 30, 2016, based on the number of days borrowings were outstanding.

Note 6. Sales Transaction

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 7. Review for Subsequent Events

Note 8. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For		Votes Against/ Withheld		Abstentions
RS Emerging Markets VIP Series		3,401,538.7903		121,554.1641		145,386.6036
RS High Yield VIP Series		5,793,195.7949		122,405.5448		178,960.0313
RS International VIP Series		11,622,369.8819		574,442.1452		541,818.2679
RS Investment Quality Bond VIP Series		54,956,162.2983		1,564,144.8878		2,175,970.0389
RS Large Cap Alpha VIP Series		20,943,611.9457		633,142.5830		1,076,570.0223
RS Low Duration Bond VIP Series		23,988,194.4220		478,209.0407		919,315.8373
RS S&P 500 Index VIP Series		7,275,687.8140		235,345.5598		322,672.9432
RS Small Cap Growth Equity VIP Series		6,570,019.8176		219,096.5872		381,825.6672

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			10

Statement of Operations			10

Statements of Changes in Net Assets			11

Financial Highlights			12

Notes to Financial Statements			14

Supplemental Information			21

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.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$1,055.90		$2.86		0.56%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,022.08		$2.82		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 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 10.7%
FHLMC 4.00% due 1/1/2041⁽¹⁾	$	3,323,602	$	3,572,506
7.00% due 9/1/2038		102,853		125,990
1534 Z 5.00% due 6/15/2023		189,121		202,119
3227 PR 5.50% due 9/15/2035⁽¹⁾		1,419,401		1,463,609
FNMA
2.483% due 8/1/2046⁽²⁾		244,851		245,550
2.535% due 12/1/2036⁽²⁾		342,744		360,186
3.00% due 4/1/2043 - 7/1/2043		13,470,844		14,009,962
3.50% due 11/1/2042 - 2/1/2046		26,022,948		27,465,858
4.00% due 9/1/2040 - 1/1/2045		19,476,350		20,893,858
4.50% due 12/1/2038 - 3/1/2044		6,188,149		6,766,654
5.00% due 4/1/2023 - 12/1/2039		2,817,315		3,128,459
5.50% due 1/1/2038 - 2/1/2039		1,679,942		1,887,958
6.00% due 8/1/2021		106,129		115,782
7.00% due 2/1/2032 - 6/1/2032		64,910		79,394
7.50% due 12/1/2029		76,553		93,534
8.00% due 1/1/2030 - 9/1/2030		38,073		45,936
GNMA
6.00% due 10/15/2032 - 12/15/2033		195,712		228,683

Total Agency Mortgage-Backed Securities (Cost $78,353,747)				80,686,038

	Principal Amount		Value
Asset-Backed Securities – 3.2%
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.359% due 4/25/2033⁽²⁾		296,724		301,229
Avis Budget Rental Car Funding AESOP LLC 2014-1A A 2.46% due 7/20/2020⁽³⁾		4,000,000		4,056,500
CNH Equipment Trust 2012-C A4 0.87% due 9/16/2019⁽¹⁾		6,340,749		6,338,858
DB Master Finance LLC 2015-1A A2I 3.262% due 2/20/2045⁽³⁾		1,422,000		1,435,225
Domino’s Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042⁽¹⁾⁽³⁾		4,012,850		4,130,025
Ford Credit Floorplan Master Owner Trust 2012-5 A 1.49% due 9/15/2019⁽¹⁾		5,550,000		5,576,712


June 30, 2016 (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	$	2,305,825

Total Asset-Backed Securities (Cost $23,940,196)				24,144,374

	Principal Amount		Value
Commercial Mortgage-Backed Securities – 8.8%
Banc of America Commercial Mortgage Trust 2008-1 A4 6.436% due 2/10/2051⁽²⁾		1,297,476		1,365,537
Bear Stearns Commercial Mortgage Securities Trust 2007-PW16 AM 5.91% due 6/11/2040⁽²⁾		940,000		971,537
Citigroup Commercial Mortgage Trust 2013-375P B 3.635% due 5/10/2035^(1)(2)(3)		4,100,000		4,318,587
Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD3 AM 5.648% due 10/15/2048		5,785,000		5,827,930
Crown Castle Towers LLC Sr. Sec. Nt. 6.113% due 1/15/2040⁽¹⁾⁽³⁾		5,800,000		6,451,687
DBUBS Mortgage Trust 2011-LC1A A3 5.002% due 11/10/2046⁽¹⁾⁽³⁾		4,500,000		5,041,019
Fairway Outdoor Funding LLC 2012-1A A2 4.212% due 10/15/2042⁽³⁾		4,481,927		4,561,527
GMAC Commercial Mortgage Securities, Inc. 2006-C1 AM 5.29% due 11/10/2045⁽²⁾		767,815		767,190
Hilton U.S.A. Trust 2013-HLT AFX 2.662% due 11/5/2030⁽³⁾		6,000,000		6,025,619
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7 AM 6.184% due 4/17/2045⁽¹⁾⁽²⁾		3,912,091		3,906,890
2007-CB18 A4 5.44% due 6/12/2047⁽¹⁾		6,017,892		6,109,333
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 A2 2.936% due 11/15/2046		6,000,000		6,186,662
Morgan Stanley Capital I Trust 2007-IQ16 A4 5.809% due 12/12/2049		1,856,346		1,927,457
Queens Center Mortgage Trust 2013-QCA A 3.275% due 1/11/2037⁽³⁾		3,850,000		4,065,390


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

RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Commercial Mortgage-Backed Securities (continued)
SBA Tower Trust 2.24% due 4/15/2043⁽³⁾	$	1,050,000	$	1,052,873
3.156% due 10/15/2045⁽³⁾		3,000,000		3,041,250
Wachovia Bank Commercial Mortgage Trust 2007-C33 AM 6.147% due 2/15/2051⁽²⁾		4,350,000		4,479,337

Total Commercial Mortgage-Backed Securities (Cost $67,592,886)				66,099,825

	Principal Amount		Value
Corporate Bonds – 42.5%
Aerospace & Defense – 0.8%
Lockheed Martin Corp. Sr. Nt. 1.85% due 11/23/2018		5,000,000		5,067,830
Northrop Grumman Space & Mission Systems Corp. 7.75% due 6/1/2029		500,000		715,123

				5,782,953
Automotive – 2.5%
BorgWarner, Inc. Sr. Nt. 4.625% due 9/15/2020⁽¹⁾		1,500,000		1,632,731
Daimler Finance North America LLC 1.076% due 5/18/2018⁽²⁾⁽³⁾		5,000,000		4,969,990
Ford Motor Credit Co. LLC Sr. Nt. 4.25% due 9/20/2022		4,700,000		5,068,428
General Motors Financial Co., Inc. 2.625% due 7/10/2017		3,500,000		3,532,354
3.25% due 5/15/2018		3,500,000		3,572,548

				18,776,051
Banking – 14.6%
Ally Financial, Inc. 2.75% due 1/30/2017		3,000,000		3,014,022
Banco Bilbao Vizcaya Argentaria S.A. Sr. Nt. 3.00% due 10/20/2020		5,000,000		5,092,350
Bank of America Corp. Sr. Nt. 2.00% due 1/11/2018		3,000,000		3,019,179
5.70% due 1/24/2022⁽¹⁾		7,000,000		8,104,726
Citigroup, Inc. Sr. Nt. 4.50% due 1/14/2022⁽¹⁾		4,700,000		5,195,117
Cooperatieve Rabobank U.A. 3.95% due 11/9/2022⁽¹⁾		4,000,000		4,136,724
Credit Suisse/New York NY Sr. Nt. 5.30% due 8/13/2019		2,200,000		2,428,169


June 30, 2016 (unaudited)	Principal Amount		Value
Banking (continued)
Fifth Third Bank Sr. Nt. 1.15% due 11/18/2016⁽¹⁾	$	5,000,000	$	5,003,215
HSBC Holdings PLC Sr. Nt. 5.10% due 4/5/2021⁽¹⁾		5,000,000		5,517,020
Huntington Bancshares, Inc. Sub. Nt. 7.00% due 12/15/2020		1,500,000		1,760,106
Intesa Sanpaolo S.p.A. Sr. Nt. 3.875% due 1/16/2018		1,900,000		1,949,398
JPMorgan Chase & Co. Sub. Nt. 3.375% due 5/1/2023⁽¹⁾		6,700,000		6,830,844
Sr. Nt. 6.30% due 4/23/2019		3,000,000		3,372,345
Lloyds Bank PLC 5.80% due 1/13/2020⁽³⁾		1,300,000		1,454,276
Macquarie Bank Ltd. Sr. Nt. 2.00% due 8/15/2016⁽¹⁾⁽³⁾		4,000,000		4,004,880
Morgan Stanley Sr. Nt. 3.75% due 2/25/2023		3,000,000		3,177,525
5.95% due 12/28/2017⁽¹⁾		4,000,000		4,253,760
PNC Bank N.A. Sr. Nt. 1.80% due 11/5/2018		5,000,000		5,060,625
2.15% due 4/29/2021		4,500,000		4,584,204
Regions Bank/Birmingham AL Sub. Nt. 7.50% due 5/15/2018⁽¹⁾		4,000,000		4,386,780
Royal Bank of Scotland Group PLC Sub. Nt. 6.125% due 12/15/2022		3,500,000		3,670,492
Skandinaviska Enskilda Banken AB Sr. Nt. 1.75% due 3/19/2018⁽³⁾		5,250,000		5,275,924
Standard Chartered PLC Sub. Nt. 3.95% due 1/11/2023⁽¹⁾⁽³⁾		2,700,000		2,617,874
The Goldman Sachs Group, Inc. Sub. Nt. 5.625% due 1/15/2017		3,770,000		3,853,095
Sr. Nt. 5.75% due 1/24/2022⁽¹⁾		2,750,000		3,192,640
The Huntington National Bank Sr. Nt. 1.35% due 8/2/2016⁽¹⁾		5,200,000		5,200,286
2.00% due 6/30/2018		3,500,000		3,534,745

				109,690,321
Building Materials – 0.3%
Owens Corning 4.20% due 12/15/2022⁽¹⁾		2,400,000		2,559,204

				2,559,204


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

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Cable Satellite – 0.6%
Comcast Corp. 6.45% due 3/15/2037	$	2,000,000	$	2,751,954
Time Warner Cable, Inc. 5.85% due 5/1/2017		2,000,000		2,070,350

				4,822,304
Chemicals – 1.4%
Ecolab, Inc. Sr. Nt. 2.00% due 1/14/2019		4,500,000		4,558,707
5.50% due 12/8/2041⁽¹⁾		1,300,000		1,619,791
FMC Corp. Sr. Nt. 5.20% due 12/15/2019		500,000		541,280
LyondellBasell Industries N.V. Sr. Nt. 5.00% due 4/15/2019⁽¹⁾		3,600,000		3,896,582

				10,616,360
Electric – 1.8%
Nevada Power Co. Series N 6.65% due 4/1/2036⁽¹⁾		600,000		832,461
NextEra Energy Capital Holdings, Inc. 1.586% due 6/1/2017		4,500,000		4,510,845
PPL Electric Utilities Corp. 6.25% due 5/15/2039		1,455,000		2,046,824
Southern Power Co. Sr. Nt. 1.85% due 12/1/2017		5,000,000		5,039,455
Virginia Electric and Power Co. Sr. Nt. 8.875% due 11/15/2038		800,000		1,340,342

				13,769,927
Energy - Integrated – 1.3%
BP Capital Markets PLC 1.676% due 5/3/2019		4,500,000		4,536,094
4.50% due 10/1/2020⁽¹⁾		2,600,000		2,880,816
Suncor Energy, Inc. Sr. Nt. 6.50% due 6/15/2038		1,700,000		2,190,690

				9,607,600
Finance Companies – 0.5%
AerCap Ireland Capital Ltd. 3.75% due 5/15/2019		2,900,000		2,921,750
GE Capital International Funding Co. 4.418% due 11/15/2035⁽³⁾		987,000		1,107,005

				4,028,755
Food And Beverage – 2.3%
Anheuser-Busch InBev Finance, Inc. 1.90% due 2/1/2019		3,000,000		3,050,940
Anheuser-Busch InBev Worldwide, Inc. 3.75% due 7/15/2042⁽¹⁾		5,000,000		5,002,910
Kraft Heinz Foods Co. 2.00% due 7/2/2018⁽³⁾		4,500,000		4,556,556


June 30, 2016 (unaudited)	Principal Amount		Value
Food And Beverage (continued)
Mead Johnson Nutrition Co. Sr. Nt. 3.00% due 11/15/2020	$	3,000,000	$	3,134,040
4.90% due 11/1/2019		1,200,000		1,322,820

				17,067,266
Government Related – 1.0%
Dolphin Energy Ltd. Sr. Sec. Nt. 5.888% due 6/15/2019⁽³⁾		848,000		903,544
Petroleos Mexicanos 5.75% due 3/1/2018		4,000,000		4,182,640
Sinopec Group Overseas Development Ltd. 1.75% due 4/10/2017⁽³⁾		2,779,000		2,788,065

				7,874,249
Healthcare – 1.0%
Bio-Rad Laboratories, Inc. Sr. Nt. 4.875% due 12/15/2020		650,000		719,174
Fresenius Medical Care U.S. Finance, Inc. 6.875% due 7/15/2017		1,500,000		1,563,750
Thermo Fisher Scientific, Inc. Sr. Nt. 1.30% due 2/1/2017		5,000,000		5,003,720

				7,286,644
Home Construction – 0.4%
Toll Brothers Finance Corp. 5.875% due 2/15/2022		2,500,000		2,690,000

				2,690,000
Insurance - Life – 1.6%
MetLife, Inc. Jr. Sub. Nt. 6.40% due 12/15/2066		500,000		533,760
Prudential Financial, Inc. Sr. Nt. 7.375% due 6/15/2019		8,277,000		9,602,636
Teachers Insurance & Annuity Association of America Sub. Nt. 6.85% due 12/16/2039⁽³⁾		1,200,000		1,630,147

				11,766,543
Insurance: Property - Casualty – 0.3%
Berkshire Hathaway Finance Corp. 5.75% due 1/15/2040⁽¹⁾		1,500,000		1,991,691

				1,991,691
Media - Entertainment – 0.2%
Time Warner Cos., Inc. 7.57% due 2/1/2024		1,450,000		1,841,439

				1,841,439
Metals And Mining – 1.7%
Anglo American Capital PLC 2.625% due 9/27/2017⁽³⁾		4,000,000		3,980,000
BHP Billiton Finance U.S.A. Ltd. 1.875% due 11/21/2016		5,000,000		5,013,450


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

RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Metals And Mining (continued)
Vale Overseas Ltd. 6.25% due 1/23/2017	$	3,600,000	$	3,682,440

				12,675,890
Midstream – 1.3%
Energy Transfer Partners LP Sr. Nt. 5.15% due 2/1/2043⁽¹⁾		2,000,000		1,787,638
Enterprise Products Operating LLC Series A 8.375% due 8/1/2066⁽¹⁾⁽²⁾		1,600,000		1,409,680
Kinder Morgan Energy Partners LP 5.00% due 10/1/2021		2,600,000		2,753,392
Williams Partners LP Sr. Nt. 5.25% due 3/15/2020		3,900,000		4,012,578

				9,963,288
Oil Field Services – 0.4%
Nabors Industries, Inc. 4.625% due 9/15/2021		2,500,000		2,294,083
Weatherford International Ltd. 6.50% due 8/1/2036		1,200,000		861,000

				3,155,083
Packaging – 0.2%
Silgan Holdings, Inc. Sr. Nt. 5.00% due 4/1/2020		1,500,000		1,535,625

				1,535,625
Paper – 1.5%
Georgia-Pacific LLC 5.40% due 11/1/2020⁽³⁾		6,675,000		7,560,192
WestRock RKT Co. 4.90% due 3/1/2022		3,200,000		3,552,198

				11,112,390
Pharmaceuticals – 0.9%
Gilead Sciences, Inc. Sr. Nt. 4.40% due 12/1/2021⁽¹⁾		6,150,000		6,943,971

				6,943,971
Railroads – 0.2%
CSX Corp. Sr. Nt. 4.75% due 5/30/2042		1,250,000		1,446,960

				1,446,960
Real Estate Investment Trusts – 0.7%
DDR Corp. Sr. Nt. 4.75% due 4/15/2018		2,000,000		2,086,664
Simon Property Group LP Sr. Nt. 4.125% due 12/1/2021⁽¹⁾		3,100,000		3,436,744

				5,523,408
Restaurants – 0.3%
McDonald’s Corp. Sr. Nt. 2.10% due 12/7/2018		2,000,000		2,046,744

				2,046,744


June 30, 2016 (unaudited)	Principal Amount		Value
Wireless – 1.3%
America Movil S.A.B. de C.V. 5.00% due 10/16/2019⁽¹⁾	$	3,600,000	$	3,963,157
Sprint Communications, Inc. Sr. Nt. 6.00% due 12/1/2016		3,000,000		3,018,750
Vodafone Group PLC Sr. Nt. 6.15% due 2/27/2037⁽¹⁾		2,450,000		2,842,343

				9,824,250
Wirelines – 3.4%
AT&T, Inc. Sr. Nt. 2.30% due 3/11/2019⁽¹⁾		9,000,000		9,191,547
6.30% due 1/15/2038⁽¹⁾		2,200,000		2,645,328
Deutsche Telekom International Finance B.V. 8.75% due 6/15/2030⁽¹⁾		850,000		1,280,006
Orange S.A. Sr. Nt. 9.00% due 3/1/2031		335,000		518,822
Verizon Communications, Inc. Sr. Nt. 4.522% due 9/15/2048		1,618,000		1,684,823
6.55% due 9/15/2043⁽¹⁾		7,500,000		10,105,395

				25,425,921
Total Corporate Bonds (Cost $305,453,130)				319,824,837

	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		2,070,736
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Rev. Build America Bonds Ser. EE 6.011% due 6/15/2042		1,600,000		2,328,064
San Diego Cnty. California Wtr. Auth. Fing. Agcy. Wtr. Rev. Build America Bonds Ser. B 6.138% due 5/1/2049		1,500,000		2,153,625

Total Municipal Bonds (Cost $4,719,190)				6,552,425

	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 3.6%
Banc of America Alternative Loan Trust 2004-1 2A1 6.00% due 2/25/2034⁽¹⁾		1,794,754		1,864,278


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

SCHEDULE OF INVESTMENTS — RS INVESTMENT QUALITY BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Bear Stearns ALT-A Trust 2003-3 2A 2.833% due 10/25/2033⁽²⁾	$	2,088,333	$	2,072,482
Countrywide Alternative Loan Trust 2006-19CB A15 6.00% due 8/25/2036		760,932		660,840
Countrywide Home Loans Mortgage Pass-Through Trust 2002-19 1A1 6.25% due 11/25/2032		240,744		248,650
2004-5 2A9 5.25% due 5/25/2034		546,083		547,017
Deutsche Alt-A Securities Mortgage Loan Trust 2007-AR3 2A2B 0.693% due 6/25/2037⁽²⁾		3,174,970		2,665,674
Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN1 M2 2.653% due 2/25/2024⁽²⁾		4,500,000		4,560,517
GSR Mortgage Loan Trust 2004-10F 6A1 5.00% due 9/25/2034		710,976		730,791
Impac CMB Trust 2004-7 1A1 1.193% due 11/25/2034⁽²⁾		2,132,204		1,987,482
JPMorgan Mortgage Trust 2004-S2 1A3 4.75% due 11/25/2019		514,035		522,124
2005-A3 11A2 2.853% due 6/25/2035⁽¹⁾⁽²⁾		2,565,444		2,590,930
Master Adjustable Rate Mortgages Trust 2004-13 3A1 2.924% due 11/21/2034⁽²⁾		1,805,235		1,835,061
Master Asset Securitization Trust 2003-10 3A7 5.50% due 11/25/2033		307,067		308,794
2003-5 2A1 5.00% due 6/25/2018		152,530		155,791
Prime Mortgage Trust 2003-3 A9 5.50% due 1/25/2034⁽¹⁾		1,320,921		1,313,104
2004-2 A3 5.25% due 11/25/2019		135,743		136,932
Residential Asset Mortgage Products Trust 2005-SL1 A4 6.00% due 5/25/2032		24,315		24,262
Residential Funding Mortgage Securities I Trust 2005-S3 A1 4.75% due 3/25/2020		408,708		413,321
Structured Asset Securities Corp. 2004-20 7A1 5.25% due 11/25/2034		729,063		734,816
2004-21XS 2A6A 4.74% due 12/25/2034⁽²⁾		30,384		30,857
Wells Fargo Mortgage Backed Securities Trust 2004-6 A4 5.50% due 6/25/2034		706,225		718,481


June 30, 2016 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
2004-Y 3A1 2.80% due 11/25/2034⁽²⁾	$	2,371,286	$	2,374,593
2005-2 2A1 4.75% due 4/25/2020⁽¹⁾		213,171		217,015
2007-13 A7 6.00% due 9/25/2037		625,268		629,137

Total Non-Agency Mortgage-Backed Securities (Cost $27,406,065)				27,342,949

	Principal Amount		Value
U.S. Government Securities – 27.7%
U.S. Treasury Bonds 3.00% due 11/15/2044 - 11/15/2045		20,045,000		23,047,492
3.625% due 2/15/2044		17,000,000		21,919,375
5.375% due 2/15/2031		6,500,000		9,640,566
U.S. Treasury Notes 1.25% due 3/31/2021		37,000,000		37,430,717
1.375% due 4/30/2021		31,000,000		31,535,246
1.625% due 2/15/2026		5,000,000		5,056,250
1.75% due 5/15/2023		26,000,000		26,821,652
2.00% due 8/15/2025		11,500,000		12,022,445
2.375% due 8/15/2024		37,500,000		40,365,225

Total U.S. Government Securities (Cost $196,612,287)				207,838,968

	Principal Amount		Value
Repurchase Agreements – 1.9%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $14,261,012, due 7/1/2016⁽⁴⁾		14,261,000		14,261,000
Total Repurchase Agreements (Cost $14,261,000)				14,261,000
Total Investments - 99.3% (Cost $718,338,501)				746,750,416
Other Assets, Net - 0.7%				5,099,483
Total Net Assets - 100.0%			$	751,849,899

⁽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, 2016.

⁽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, 2016, the aggregate market value of these securities amounted to $85,028,155, representing 11.3% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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

Security

Coupon

Maturity
Date

Value

U.S. Treasury Inflation Indexed Note

0.125%

4/15/2017

14,551,363


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

RS INVESTMENT QUALITY BOND VIP SERIES

The table below presents futures contracts as of June 30, 2016:

Description (unaudited)

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Appreciation

Purchased Futures Contracts

5 YR U.S. Treasury Note

Goldman Sachs & Co.

270

9/30/2016

32,984

350,632


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	80,686,038	$	—	$	80,686,038
Asset-Backed Securities		—		24,144,374		—		24,144,374
Commercial Mortgage-Backed Securities		—		66,099,825		—		66,099,825
Corporate Bonds		—		319,824,837		—		319,824,837
Municipal Bonds		—		6,552,425		—		6,552,425
Non-Agency Mortgage-Backed Securities		—		27,342,949		—		27,342,949
U.S. Government Securities		—		207,838,968		—		207,838,968
Repurchase Agreements		—		14,261,000		—		14,261,000
Other Financial Instruments:
Financial Futures Contracts		350,632		—		—		350,632
Total	$	350,632	$	746,750,416	$	—	$	747,101,048


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

FINANCIAL INFORMATION — RS INVESTMENT QUALITY BOND VIP SERIES


Statement of Assets and Liabilities As of June 30, 2016 (unaudited)
Assets
Investments, at value	$	746,750,416
Cash		583
Cash deposits with brokers for futures contracts		246,000
Dividends/interest receivable		4,755,791
Receivable for investments sold		604,019
Receivable for fund shares subscribed		31,642
Receivable for variation margin on futures contracts		21,092
Prepaid expenses		1,703

Total Assets		752,411,246


Liabilities
Payable to adviser		306,375
Payable for fund shares redeemed		78,075
Accrued trustees’ fees		14,697
Accrued expenses/other liabilities		162,200

Total Liabilities		561,347

Total Net Assets	$	751,849,899


Net Assets Consist of:
Paid-in capital	$	716,221,558
Accumulated undistributed net investment income		8,546,264
Accumulated net realized loss from investments, futures contracts and written options		(1,680,470	)
Net unrealized appreciation on investments and futures contracts		28,762,547

Total Net Assets	$	751,849,899

Investments, at Cost	$	718,338,501


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		59,448,780
Net Asset Value Per Share		$12.65


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Interest	$	10,592,931

Total Investment Income		10,592,931


Expenses
Investment advisory fees		1,831,239
Professional fees		53,632
Custodian fees		40,757
Administrative service fees		35,004
Trustees’ fees		27,518
Shareholder reports		25,001
Other expenses		33,516

Total Expenses		2,046,667

Net Investment Income		8,546,264


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments, Futures Contracts and Written Options
Net realized loss from investments		(2,090,233	)
Net realized gain from futures contracts		1,579,824
Net realized loss from written options		(10,482	)
Net change in unrealized appreciation/depreciation on investments		31,382,465
Net change in unrealized appreciation/depreciation on futures contracts		655,671

Net Gain on Investments, Futures Contracts and Written Options		31,517,245

Net Increase in Net Assets Resulting from Operations	$	40,063,509


10				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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment income	$	8,546,264		$	19,395,379
Net realized gain/(loss) from investments, futures contracts and written options		(520,891	)		5,749,642
Net change in unrealized appreciation/depreciation on investments and futures contracts		32,038,136			(22,233,928	)

Net Increase in Net Assets Resulting from Operations		40,063,509			2,911,093


Distributions to Shareholders
Net investment income		—			(19,543,996	)
Net realized gain on investments		—			(7,387,765	)

Total Distributions		—			(26,931,761	)


Capital Share Transactions
Proceeds from sales of shares		33,015,447			52,368,773
Reinvestment of distributions		—			26,931,761
Cost of shares redeemed		(76,924,609	)		(101,961,522	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(43,909,162	)		(22,660,988	)

Net Decrease in Net Assets		(3,845,653	)		(46,681,656	)


Net Assets
Beginning of period		755,695,552			802,377,208

End of period	$	751,849,899		$	755,695,552

Accumulated Undistributed Net Investment Income Included in Net Assets	$	8,546,264		$	—


Other Information:
Shares
Sold		2,663,528			4,185,657
Reinvested		—			2,244,314
Redeemed		(6,305,443	)		(8,155,947	)

Net Decrease		(3,641,915	)		(1,725,976	)


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

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 6/30/16¹	$	11.98	$	0.14	²	$	0.53		$	0.67		$	—		$	—		$	—
Year Ended 12/31/15		12.38		0.31	²		(0.27	)		0.04			(0.32	)		(0.12	)		(0.44	)
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	)


12				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 Assets		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
$	12.65		5.59	%	$	751,850		0.56%		0.56%		2.33%		2.33%		81%
	11.98		0.33	%		755,696		0.56%		0.56%		2.47%		2.47%		41%
	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%

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.				13

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

June 30, 2016 (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)


14

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


				15

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, 2016.

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.

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.


16

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

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

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2015, which is the most recently completed tax year, was as follows:

Ordinary

Income

Long-Term

Capital Gains

$24,092,661

2,839,100

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Distributions in

Excess of Net

Investment Income

Accumulated

Net Realized Loss

$(84,201)

81,489

2,712

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $718,626,942. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $32,381,532 and $(4,258,058), respectively, resulting in net unrealized appreciation of $28,123,474.


				17

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

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, 2016, were as follows:


	Other Investments		U.S. Government and Agency Obligations
Purchases	$	17,517,905	$	619,800,198
Sales		98,479,396		520,831,680

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, 2016.


Derivative Instrument Type	Statement of Assets and Liabilities Location	Value
Financial Futures Contracts	Net unrealized appreciation on futures contracts*	$	350,632

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, 2016.


Derivative Instrument Type	Location of Gain/ (Loss) on Derivatives Recognized in Income	Amount
Financial Futures Contracts	Net realized gain from futures contracts	$	1,579,824

	Net realized loss from written options		(10,482	)

	Net change in unrealized appreciation/(depreciation) on futures contracts		655,671

The Fund held an average monthly face value of $38,386,959 in long position futures contracts for the six months ended June 30, 2016.

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 derivative 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 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, 2016, 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.


18

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

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 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, 2016, the Fund did not borrow under the facility.

Note 6. Sales Transaction


				19

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

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 7. Review for Subsequent Events

Note 8. Indemnifications


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For		Votes Against/Withheld		Abstentions
RS Emerging Markets VIP Series		3,401,538.7903		121,554.1641		145,386.6036
RS High Yield VIP Series		5,793,195.7949		122,405.5448		178,960.0313
RS International VIP Series		11,622,369.8819		574,442.1452		541,818.2679
RS Investment Quality Bond VIP Series		54,956,162.2983		1,564,144.8878		2,175,970.0389
RS Large Cap Alpha VIP Series		20,943,611.9457		633,142.5830		1,076,570.0223
RS Low Duration Bond VIP Series		23,988,194.4220		478,209.0407		919,315.8373
RS S&P 500 Index VIP Series		7,275,687.8140		235,345.5598		322,672.9432
RS Small Cap Growth Equity VIP Series		6,570,019.8176		219,096.5872		381,825.6672

Portfolio Holdings and Proxy Voting Procedures

information is also available, without charge, upon request, by calling toll-free 800-221-3253.

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 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			12

Statement of Operations			12

Statements of Changes in Net Assets			13

Financial Highlights			14

Notes to Financial Statements			16

Supplemental Information			22

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.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$1,018.80		$2.66		0.53%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,022.23		$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 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 3.6%
FHLMC 1534 Z 5.00% due 6/15/2023⁽¹⁾	$	25,822	$	27,597
5.00% due 8/1/2040⁽¹⁾		1,883,462		2,081,362
20 H 5.50% due 10/25/2023⁽¹⁾		13,822		15,005
7.00% due 9/1/2038⁽¹⁾		8,748		10,716
FNMA
2.483% due 8/1/2046⁽¹⁾⁽²⁾		18,379		18,431
5.00% due 2/1/2041 - 10/1/2041⁽¹⁾		7,018,449		7,816,703

Total Agency Mortgage-Backed Securities (Cost $9,985,412)				9,969,814

	Principal Amount		Value
Asset-Backed Securities – 17.1%
Ally Auto Receivables Trust 2012-5 A4 0.85% due 1/16/2018⁽¹⁾		290,054		290,011
2014-2 B 2.10% due 3/16/2020		1,000,000		1,010,904
Ally Master Owner Trust 2012-5 A 1.54% due 9/15/2019		2,000,000		2,006,281
American Express Credit Account Master Trust 2013-1 A 0.862% due 2/16/2021⁽¹⁾⁽²⁾		1,800,000		1,804,128
2013-3 A 0.98% due 5/15/2019		2,000,000		2,001,339
2014-1 B 0.942% due 12/15/2021⁽²⁾		2,100,000		2,083,839
Ameriquest Mortgage Securities, Inc. 2003-5 A6 4.359% due 4/25/2033⁽²⁾		27,208		27,621
Avis Budget Rental Car Funding AESOP LLC 2013-1A A 1.92% due 9/20/2019⁽¹⁾⁽³⁾		2,700,000		2,706,640
2014-1A A 2.46% due 7/20/2020⁽¹⁾⁽³⁾		1,250,000		1,267,656
Bank of America Credit Card Trust 2007-A4 A4 0.482% due 11/15/2019⁽²⁾		3,000,000		2,995,349
Capital One Multi-Asset Execution Trust 2007-A5 A5 0.482% due 7/15/2020⁽²⁾		3,000,000		2,990,544
CarMax Auto Owner Trust 2015-2 A3 1.37% due 3/16/2020		2,100,000		2,106,667
Chase Issuance Trust 2007-C1 C1 0.902% due 4/15/2019⁽²⁾		700,000		698,211


June 30, 2016 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust 2014-A2 A2 1.02% due 2/22/2019⁽¹⁾	$	2,500,000	$	2,502,604
CNH Equipment Trust 2014-B A4 1.61% due 5/17/2021⁽¹⁾		1,000,000		1,006,925
DB Master Finance LLC 2015-1A A2I 3.262% due 2/20/2045⁽¹⁾⁽³⁾		651,750		657,811
Discover Card Execution Note Trust 2015-A1 A1 0.792% due 8/17/2020⁽²⁾		2,500,000		2,505,031
Domino’s Pizza Master Issuer LLC 2012-1A A2 5.216% due 1/25/2042⁽¹⁾⁽³⁾		737,656		759,196
First Investors Auto Owner Trust 2015-2A A1 1.59% due 12/16/2019⁽³⁾		715,927		714,859
Ford Credit Auto Lease Trust 2014-B A3 0.89% due 9/15/2017⁽¹⁾		387,827		387,799
2015-B A2A 1.04% due 5/15/2018		2,093,386		2,093,519
Golden Credit Card Trust 2015-3A A 0.862% due 7/15/2019⁽²⁾⁽³⁾		2,400,000		2,396,974
Hyundai Auto Lease Securitization Trust 2014-B A4 1.26% due 9/17/2018⁽¹⁾⁽³⁾		900,000		901,516
Hyundai Auto Receivables Trust 2013-A B 1.13% due 9/17/2018		1,390,000		1,388,467
Kubota Credit Owner Trust 2014-1A A3 1.16% due 5/15/2018⁽¹⁾⁽³⁾		2,013,384		2,013,617
Mercedes Benz Auto Lease Trust 2015-B A2A 1.00% due 1/16/2018		448,258		448,389
2016-A A3 1.52% due 3/15/2019		1,100,000		1,102,038
Residential Asset Mortgage Products Trust 2002-RS4 AI5 6.163% due 8/25/2032⁽²⁾		20,695		19,723
Synchrony Credit Card Master Note Trust 2012-6 A 1.36% due 8/17/2020⁽¹⁾		2,215,000		2,220,610
2016-1 A 2.04% due 3/15/2022		1,150,000		1,171,045
Toyota Auto Receivables Owner Trust 2014-C A3 0.93% due 7/16/2018		1,262,477		1,261,956


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

RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
2016-A A3 1.25% due 3/16/2020	$	1,600,000	$	1,606,158

Total Asset-Backed Securities (Cost $47,035,002)				47,147,427

	Principal Amount		Value
Senior Secured Loans – 3.7%
Building Materials – 0.9%
ABC Supply Co., Inc. Term Loan 3.50% due 4/16/2020⁽²⁾		977,795		974,539
Generac Power Systems, Inc. Term Loan B 3.50% due 5/31/2020⁽²⁾		905,124		891,546
Quikrete Holdings, Inc. 1st Lien Term Loan 4.00% due 9/28/2020⁽²⁾		538,847		537,403

				2,403,488
Consumer Products – 0.3%
Bombardier Recreational Products, Inc. 2016 Term Loan B 3.75% due 6/21/2023⁽²⁾		977,143		963,707

				963,707
Gaming – 0.6%
Boyd Gaming Corp. Term Loan B 4.00% due 8/14/2020⁽²⁾		726,250		724,841
Scientific Games International, Inc. 2014 Term Loan B1 6.00% due 10/18/2020⁽²⁾		975,000		962,003

				1,686,844
Health Care – 0.4%
DaVita HealthCare Partners, Inc. Term Loan B 3.50% due 6/24/2021⁽²⁾		1,181,184		1,182,661

				1,182,661
Leisure – 0.6%
Kasima LLC New Term Loan B 3.25% due 5/17/2021⁽²⁾		1,539,338		1,535,013

				1,535,013
Lodging – 0.1%
Hilton Worldwide Finance LLC USD Term Loan B2 3.50% due 10/26/2020⁽²⁾		138,980		138,980

				138,980
Media - Entertainment – 0.7%
Tribune Media Co. Term Loan 3.75% due 12/27/2020⁽²⁾		312,131		310,961
WMG Acquisition Corp. New Term Loan 3.75% due 7/1/2020⁽²⁾		1,716,685		1,695,226

				2,006,187


June 30, 2016 (unaudited)	Principal Amount		Value
Pharmaceuticals – 0.1%
Amgen, Inc. Term Loan 1.631% due 9/18/2018⁽²⁾	$	345,000	$	343,493

				343,493
Total Senior Secured Loans (Cost $10,336,725)				10,260,373

	Principal Amount		Value
Commercial Mortgage-Backed Securities – 13.9%
American Tower Trust I 13 1A 1.551% due 3/15/2043⁽¹⁾⁽³⁾		1,000,000		1,002,118
Banc of America Commercial Mortgage Trust 2007-3 AM 5.723% due 6/10/2049⁽¹⁾⁽²⁾		950,000		974,293
2008-1 A4 6.436% due 2/10/2051⁽¹⁾⁽²⁾		1,513,722		1,593,127
Bear Stearns Commercial Mortgage Securities Trust 2006-T24 AM 5.568% due 10/12/2041⁽¹⁾⁽²⁾		1,700,000		1,706,443
2007-PW16 AM 5.91% due 6/11/2040⁽²⁾		160,000		165,368
Citigroup Commercial Mortgage Trust 2006-C5 A4 5.431% due 10/15/2049⁽¹⁾		701,869		703,216
Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD2 AM 5.506% due 1/15/2046⁽¹⁾⁽²⁾		10,375		10,365
2006-CD3 A5 5.617% due 10/15/2048⁽¹⁾		721,258		721,592
2006-CD3 AM 5.648% due 10/15/2048⁽¹⁾		1,350,000		1,360,018
Commercial Mortgage Trust 2014-CR15 A2 2.928% due 2/10/2047		2,200,000		2,274,150
Credit Suisse Commercial Mortgage Trust 2006-C4 AM 5.509% due 9/15/2039		1,202,809		1,202,199
2006-C5 AM 5.343% due 12/15/2039		1,950,000		1,968,084
GS Mortgage Securities Trust 2013-GC16 A2 3.033% due 11/10/2046		1,900,000		1,961,367
Hilton U.S.A. Trust 2013-HLT AFX 2.662% due 11/5/2030⁽¹⁾⁽³⁾		2,000,000		2,008,540
JPMBB Commercial Mortgage Securities Trust 2013-C15 A2 2.977% due 11/15/2045		764,530		789,361


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

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7 AM 6.184% due 4/17/2045⁽¹⁾⁽²⁾	$	1,007,886	$	1,006,546
2007-CB18 A4 5.44% due 6/12/2047⁽¹⁾		1,665,705		1,691,015
2007-LD12 AM 6.203% due 2/15/2051⁽¹⁾⁽²⁾		2,100,000		2,177,026
2013-C16 A2 3.07% due 12/15/2046		1,639,777		1,695,674
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 A2 3.085% due 8/15/2046		1,600,000		1,658,963
2013-C13 A2 2.936% due 11/15/2046⁽¹⁾		1,500,000		1,546,666
2013-C8 A2 1.689% due 12/15/2048⁽¹⁾		253,960		254,695
Morgan Stanley Capital I Trust 2007-IQ16 A4 5.809% due 12/12/2049⁽¹⁾		1,035,907		1,075,590
SBA Tower Trust 2.24% due 4/15/2043⁽³⁾		1,450,000		1,453,967
2.933% due 12/15/2042⁽¹⁾⁽³⁾		500,000		500,871
Wachovia Bank Commercial Mortgage Trust 2006-C28 AM 5.603% due 10/15/2048⁽²⁾		1,500,000		1,509,513
2007-C31 AM 5.591% due 4/15/2047⁽¹⁾⁽²⁾		1,300,000		1,328,369
2007-C33 AM 6.147% due 2/15/2051⁽¹⁾⁽²⁾		2,250,000		2,316,898
Wells Fargo Commercial Mortgage Trust 2012-LC5 A2 1.844% due 10/15/2045		1,510,000		1,519,029

Total Commercial Mortgage-Backed Securities (Cost $39,588,405)				38,175,063

	Principal Amount		Value
Corporate Bonds – 36.9%
Aerospace & Defense – 0.4%
Harris Corp. Sr. Nt. 1.999% due 4/27/2018⁽¹⁾		1,000,000		1,005,091
L-3 Communications Corp. 3.95% due 11/15/2016		200,000		202,088

				1,207,179
Automotive – 0.9%
General Motors Financial Co., Inc. 3.25% due 5/15/2018⁽¹⁾		2,500,000		2,551,820

				2,551,820
Banking – 6.5%
Ally Financial, Inc. 2.75% due 1/30/2017⁽¹⁾		1,600,000		1,607,478


June 30, 2016 (unaudited)	Principal Amount		Value
Banking (continued)
Bank of America Corp. Sr. Nt. 1.70% due 8/25/2017⁽¹⁾	$	2,500,000	$	2,509,357
Barclays Bank PLC Sub. Nt. 6.05% due 12/4/2017⁽¹⁾⁽³⁾		700,000		733,062
Capital One N.A. Sr. Nt. 1.50% due 3/22/2018		2,000,000		1,993,824
Citigroup, Inc. Sr. Nt. 1.85% due 11/24/2017⁽¹⁾		2,000,000		2,011,024
Deutsche Bank AG Sr. Nt. 1.875% due 2/13/2018⁽¹⁾		2,250,000		2,235,913
HSBC U.S.A., Inc. Sr. Nt. 1.625% due 1/16/2018⁽¹⁾		500,000		499,109
Lloyds Bank PLC 1.75% due 3/16/2018⁽¹⁾		1,500,000		1,496,100
4.20% due 3/28/2017⁽¹⁾		500,000		511,336
Morgan Stanley Sr. Nt. 2.45% due 2/1/2019		1,000,000		1,018,775
Regions Bank/Birmingham AL Sub. Nt. 7.50% due 5/15/2018⁽¹⁾		500,000		548,348
Societe Generale S.A. 2.75% due 10/12/2017⁽¹⁾		500,000		508,185
The Huntington National Bank Sr. Nt. 1.30% due 11/20/2016⁽¹⁾		1,000,000		1,001,122
UBS AG/Stamford CT Sr. Nt. 1.80% due 3/26/2018⁽¹⁾		1,250,000		1,261,893

				17,935,526
Brokerage Assetmanagers Exchanges – 0.7%
Nomura Holdings, Inc. Sr. Nt. 2.00% due 9/13/2016⁽¹⁾		1,000,000		1,001,726
S&P Global, Inc. Sr. Nt. 2.50% due 8/15/2018		895,000		913,442

				1,915,168
Building Materials – 0.2%
Martin Marietta Materials, Inc. Sr. Nt. 6.60% due 4/15/2018⁽¹⁾		500,000		538,577

				538,577
Cable Satellite – 0.7%
Time Warner Cable, Inc. 5.85% due 5/1/2017⁽¹⁾		1,750,000		1,811,556

				1,811,556


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

RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Communications – 0.7%
AT&T, Inc. Sr. Nt. 2.40% due 3/15/2017	$	1,950,000	$	1,966,489

				1,966,489
Construction Machinery – 0.2%
CNH Industrial Capital LLC 3.25% due 2/1/2017⁽¹⁾		500,000		503,000

				503,000
Consumer Products – 1.3%
Newell Rubbermaid, Inc. Sr. Nt. 2.60% due 3/29/2019		3,500,000		3,591,634

				3,591,634
Diversified Manufacturing – 0.2%
Pentair Finance S.A. 1.875% due 9/15/2017⁽¹⁾		500,000		499,092

				499,092
Electric – 2.7%
American Electric Power Co., Inc. Sr. Nt. 1.65% due 12/15/2017⁽¹⁾		300,000		300,865
CMS Energy Corp. Sr. Nt. 6.55% due 7/17/2017⁽¹⁾		500,000		526,421
DPL, Inc. Sr. Nt. 6.50% due 10/15/2016		15,000		15,000
Exelon Corp. Sr. Nt. 1.55% due 6/9/2017		1,250,000		1,252,164
FirstEnergy Corp. Sr. Nt. Series A 2.75% due 3/15/2018⁽¹⁾		1,100,000		1,113,698
GenOn Energy, Inc. Sr. Nt. 7.875% due 6/15/2017⁽¹⁾		1,000,000		840,000
NextEra Energy Capital Holdings, Inc. 1.586% due 6/1/2017⁽¹⁾		1,000,000		1,002,410
Southern Power Co. Sr. Nt. 1.85% due 12/1/2017		1,250,000		1,259,864
The Dayton Power & Light Co. 1.875% due 9/15/2016		1,200,000		1,201,561

				7,511,983
Finance Companies – 1.7%
AerCap Ireland Capital Ltd. 2.75% due 5/15/2017		1,600,000		1,601,077
Air Lease Corp. Sr. Nt. 2.125% due 1/15/2018⁽¹⁾		1,500,000		1,492,500
CIT Group, Inc. Sr. Nt. 4.25% due 8/15/2017⁽¹⁾		1,500,000		1,527,750

				4,621,327


June 30, 2016 (unaudited)	Principal Amount		Value
Financial - Other – 0.1%
Icahn Enterprises LP 3.50% due 3/15/2017⁽¹⁾	$	300,000	$	301,290

				301,290
Food And Beverage – 2.1%
Anheuser-Busch InBev Finance, Inc. 1.90% due 2/1/2019		1,500,000		1,525,470
Kraft Heinz Foods Co. 1.60% due 6/30/2017⁽³⁾		3,000,000		3,010,080
Molson Coors Brewing Co. 1.45% due 7/15/2019		1,250,000		1,253,165

				5,788,715
Government Related – 1.3%
Abu Dhabi National Energy Co. PJSC Sr. Nt. 2.50% due 1/12/2018⁽¹⁾⁽³⁾		500,000		502,760
CNOOC Nexen Finance 2014 ULC 1.625% due 4/30/2017⁽¹⁾		2,000,000		2,003,270
Petroleos Mexicanos 5.50% due 2/4/2019⁽³⁾		1,000,000		1,051,000

				3,557,030
Healthcare – 1.6%
Becton Dickinson and Co. Sr. Nt. 1.80% due 12/15/2017⁽¹⁾		1,500,000		1,512,262
Laboratory Corp. of America Holdings Sr. Nt. 2.50% due 11/1/2018⁽¹⁾		750,000		761,870
St. Jude Medical, Inc. Sr. Nt. 2.00% due 9/15/2018		2,000,000		2,022,850

				4,296,982
Home Construction – 0.4%
DR Horton, Inc. 3.625% due 2/15/2018⁽¹⁾		500,000		507,975
Lennar Corp. 4.50% due 6/15/2019⁽¹⁾		640,000		664,256

				1,172,231
Independent Energy – 0.4%
Canadian Natural Resources Ltd. Sr. Nt. 1.75% due 1/15/2018		1,000,000		991,247

				991,247
Industrial - Other – 0.7%
AECOM Global II LLC 3.85% due 4/1/2017⁽¹⁾		500,000		503,445
Hutchison Whampoa International 14 Ltd. 1.625% due 10/31/2017⁽¹⁾⁽³⁾		1,500,000		1,506,838

				2,010,283


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

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Insurance: Property - Casualty – 0.8%
Assurant, Inc. Sr. Nt. 2.50% due 3/15/2018⁽¹⁾	$	1,408,000	$	1,425,037
XLIT Ltd. 2.30% due 12/15/2018⁽¹⁾		750,000		757,723

				2,182,760
Media - Entertainment – 0.6%
The Interpublic Group of Cos., Inc. Sr. Nt. 2.25% due 11/15/2017⁽¹⁾		1,500,000		1,509,681

				1,509,681
Metals And Mining – 0.4%
Teck Resources Ltd. 2.50% due 2/1/2018⁽¹⁾		150,000		149,625
Vale Overseas Ltd. 6.25% due 1/23/2017		1,000,000		1,022,900

				1,172,525
Midstream – 1.2%
Buckeye Partners LP Sr. Nt. 2.65% due 11/15/2018⁽¹⁾		1,000,000		1,014,113
Columbia Pipeline Group, Inc. 2.45% due 6/1/2018		500,000		501,612
Kinder Morgan, Inc. 2.00% due 12/1/2017⁽¹⁾		1,700,000		1,690,907

				3,206,632
Oil Field Services – 0.2%
Nabors Industries, Inc. 2.35% due 9/15/2016⁽¹⁾		600,000		599,072

				599,072
Pharmaceuticals – 4.0%
AbbVie, Inc. Sr. Nt. 2.00% due 11/6/2018		2,500,000		2,525,522
Actavis Funding SCS 2.35% due 3/12/2018⁽¹⁾		2,200,000		2,229,984
Celgene Corp. Sr. Nt. 2.125% due 8/15/2018		1,200,000		1,217,935
Gilead Sciences, Inc. Sr. Nt. 1.85% due 9/4/2018		2,000,000		2,035,466
Mallinckrodt International Finance S.A. 3.50% due 4/15/2018⁽¹⁾		850,000		826,625
Mylan N.V. 2.50% due 6/7/2019⁽³⁾		1,500,000		1,519,917
Mylan, Inc. 1.35% due 11/29/2016⁽¹⁾		750,000		749,172

				11,104,621
Real Estate Investment Trusts – 0.5%
Realty Income Corp. Sr. Nt. 5.375% due 9/15/2017⁽¹⁾		560,000		586,080


June 30, 2016 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts (continued)
Select Income REIT Sr. Nt. 2.85% due 2/1/2018⁽¹⁾	$	750,000	$	755,875

				1,341,955
Refining – 0.4%
Marathon Petroleum Corp. Sr. Nt. 2.70% due 12/14/2018		1,000,000		1,022,454

				1,022,454
Restaurants – 0.3%
McDonald’s Corp. Sr. Nt. 2.10% due 12/7/2018		750,000		767,529

				767,529
Retailers – 1.5%
CVS Health Corp. Sr. Nt. 1.20% due 12/5/2016⁽¹⁾		1,250,000		1,251,980
Walgreens Boots Alliance, Inc. Sr. Nt. 1.75% due 11/17/2017 - 5/30/2018		2,950,000		2,971,721

				4,223,701
Technology – 2.5%
Diamond 1 Finance Corp. Sr. Sec. Nt. 3.48% due 6/1/2019⁽³⁾		1,250,000		1,280,513
Fidelity National Information Services, Inc. 1.45% due 6/5/2017		1,750,000		1,747,933
Hewlett Packard Enterprise Co. Sr. Nt. 2.45% due 10/5/2017⁽³⁾		2,500,000		2,532,400
KLA-Tencor Corp. Sr. Nt. 2.375% due 11/1/2017⁽¹⁾		1,000,000		1,008,523
NXP B.V. 3.50% due 9/15/2016⁽³⁾		236,000		236,244

				6,805,613
Tobacco – 0.7%
Reynolds American, Inc. 2.30% due 6/12/2018		2,000,000		2,032,084

				2,032,084
Wireless – 1.0%
American Tower Corp. Sr. Nt. 4.50% due 1/15/2018⁽¹⁾		2,690,000		2,806,423

				2,806,423
Total Corporate Bonds (Cost $100,931,534)				101,546,179

	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 7.1%
Banc of America Funding Trust 2005-D A1 2.926% due 5/25/2035⁽¹⁾⁽²⁾		597,854		609,493


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

RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Banc of America Mortgage Securities Trust 2003-J 2A2 3.039% due 11/25/2033⁽¹⁾⁽²⁾	$	494,238	$	491,426
Bear Stearns ALT-A Trust 2003-3 2A 2.833% due 10/25/2033⁽¹⁾⁽²⁾		884,999		878,282
2004-4 A1 1.053% due 6/25/2034⁽¹⁾⁽²⁾		490,004		464,808
2004-6 1A 1.093% due 7/25/2034⁽¹⁾⁽²⁾		426,871		405,043
2004-7 2A1 2.937% due 8/25/2034⁽¹⁾⁽²⁾		739,321		740,247
Chase Mortgage Finance Trust 2007-A1 2A1 3.044% due 2/25/2037⁽¹⁾⁽²⁾		155,772		155,320
Countrywide Home Loans Mortgage Pass-Through Trust 2002-19 1A1 6.25% due 11/25/2032		14,373		14,845
CS First Boston Mortgage Securities Corp. 2003-23 2A8 4.50% due 10/25/2018⁽¹⁾		24,816		24,773
2003-8 2A1 5.00% due 4/25/2018⁽¹⁾		17,224		17,458
2004-5 5A1 5.00% due 8/25/2019		78,341		79,113
2004-AR5 3A1 2.835% due 6/25/2034⁽¹⁾⁽²⁾		462,046		438,703
2004-AR5 6A1 3.06% due 6/25/2034⁽¹⁾⁽²⁾		974,799		968,235
2004-AR7 4A1 2.818% due 11/25/2034⁽¹⁾⁽²⁾		900,365		906,412
Fannie Mae Connecticut Avenue Securities 2015-C01 1M1 1.953% due 2/25/2025⁽²⁾		1,469,458		1,470,398
Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN4 M2 2.853% due 10/25/2024⁽²⁾		726,464		731,528
GSR Mortgage Loan Trust 2005-AR6 1A1 2.978% due 9/25/2035⁽¹⁾⁽²⁾		569,094		580,671
Impac CMB Trust 2004-7 1A1 1.193% due 11/25/2034⁽¹⁾⁽²⁾		995,012		927,476
JPMorgan Mortgage Trust 2004-S1 1A7 5.00% due 9/25/2034⁽¹⁾		12,770		13,068
2004-S2 1A3 4.75% due 11/25/2019⁽¹⁾		33,751		34,283
2005-A1 3A1 2.916% due 2/25/2035⁽¹⁾⁽²⁾		174,865		176,608
2006-A2 5A1 2.705% due 11/25/2033⁽¹⁾⁽²⁾		227,502		228,418
Master Adjustable Rate Mortgages Trust 2004-13 2A1 2.851% due 4/21/2034⁽¹⁾⁽²⁾		323,735		323,857


June 30, 2016 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
2004-13 3A7 2.924% due 11/21/2034⁽¹⁾⁽²⁾	$	996,647	$	1,013,010
Master Asset Securitization Trust 2003-5 2A1 5.00% due 6/25/2018		25,234		25,774
Merrill Lynch Mortgage Investors Trust 2004-B A1 0.953% due 5/25/2029⁽¹⁾⁽²⁾		485,815		471,841
2005-A2 A2 2.65% due 2/25/2035⁽¹⁾⁽²⁾		753,919		751,756
Morgan Stanley Mortgage Loan Trust 2004-1 1A9 4.50% due 11/25/2018⁽¹⁾		21,161		21,310
2004-7AR 2A1 2.669% due 9/25/2034⁽¹⁾⁽²⁾		645,271		630,056
2005-6AR 1A1 0.733% due 11/25/2035⁽¹⁾⁽²⁾		411,657		396,156
MortgageIT Trust 2004-1 A1 1.233% due 11/25/2034⁽¹⁾⁽²⁾		822,445		778,223
Prime Mortgage Trust 2003-3 A9 5.50% due 1/25/2034⁽¹⁾		118,288		117,588
2004-2 A2 4.75% due 11/25/2019⁽¹⁾		52,405		52,466
Residential Asset Mortgage Products Trust 2005-SL1 A4 6.00% due 5/25/2032⁽¹⁾		835		833
Residential Asset Securitization Trust 2003-A2 A1 4.25% due 5/25/2033⁽¹⁾		297,139		292,945
Residential Funding Mortgage Securities I Trust 2005-S3 A1 4.75% due 3/25/2020		23,189		23,450
Structured Adjustable Rate Mortgage Loan Trust 2004-6 4A1 2.945% due 6/25/2034⁽¹⁾⁽²⁾		484,703		480,757
Structured Asset Securities Corp. 2003-29 2A1 5.25% due 9/25/2023⁽¹⁾		141,170		142,858
2003-34A 3A2 2.876% due 11/25/2033⁽¹⁾⁽²⁾		661,910		645,698
2004-21XS 2A6A 4.74% due 12/25/2034⁽¹⁾⁽²⁾		5,399		5,483
2004-3 3A1 5.50% due 3/25/2019⁽¹⁾		37,532		38,048
Thornburg Mortgage Securities Trust 2004-3 A 1.193% due 9/25/2044⁽¹⁾⁽²⁾		729,206		664,812
Wells Fargo Mortgage Backed Securities Trust 2003-J 2A1 2.636% due 10/25/2033⁽¹⁾		48,998		49,094
2003-N 2A1 2.666% due 12/25/2033⁽¹⁾⁽²⁾		108,512		106,177


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

SCHEDULE OF INVESTMENTS — RS LOW DURATION BOND VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
2004-M A7 2.781% due 8/25/2034⁽¹⁾⁽²⁾	$	331,528	$	332,256
2004-O A1 2.757% due 8/25/2034⁽¹⁾⁽²⁾		178,411		176,895
2004-Z 2A2 2.851% due 12/25/2034⁽¹⁾		158,896		157,871
2005-AR10 2A6 2.88% due 6/25/2035⁽¹⁾⁽²⁾		192,028		194,122
2005-AR12 2A5 2.896% due 6/25/2035⁽¹⁾⁽²⁾		343,353		348,908
2005-AR12 2A6 2.896% due 6/25/2035⁽¹⁾⁽²⁾		294,232		296,772
2005-AR16 3A2 2.938% due 3/25/2035⁽¹⁾⁽²⁾		618,895		619,609

Total Non-Agency Mortgage-Backed Securities (Cost $19,697,033)				19,515,233

	Principal Amount		Value
U.S. Agencies – 0.2%
FHLMC 2.00% due 8/25/2016⁽¹⁾		600,000		601,403

Total U.S. Agencies (Cost $600,741)				601,403

	Principal Amount		Value
U.S. Government Securities – 12.0%
U.S. Treasury Notes 0.50% due 11/30/2016⁽¹⁾		5,800,000		5,803,121
0.75% due 1/15/2017⁽¹⁾		3,715,000		3,721,167
0.75% due 2/28/2018 - 4/30/2018		13,110,000		13,146,604
0.875% due 7/15/2017 - 4/15/2019		10,400,000		10,439,956

Total U.S. Government Securities (Cost $33,043,865)				33,110,848


June 30, 2016 (unaudited)	Principal Amount		Value
Repurchase Agreements – 5.5%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $15,167,013, due 7/1/2016⁽⁴⁾	$	15,167,000	$	15,167,000
Total Repurchase Agreements (Cost $15,167,000)				15,167,000
Total Investments - 100.0% (Cost $276,385,717)				275,493,340
Other Liabilities, Net - 0.0%				(106,787	)
Total Net Assets - 100.0%			$	275,386,553

⁽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, 2016.

⁽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, 2016, the aggregate market value of these securities amounted to $28,756,579, representing 10.4% 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 Inflation Indexed Note

0.125%

4/15/2017

15,474,080

The table below presents futures contracts as of June 30, 2016:

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Appreciation

Purchased Futures Contracts

2 YR U.S. Treasury Note

Goldman Sachs & Co.

374

9/30/2016

82,029

548,097

5 YR U.S. Treasury Note

Goldman Sachs & Co.

9/30/2016

10,140

121,070

Total

669,167

Description

Counterparty

Number of
Contracts

Expiration

Face Value
(000s)

Unrealized
Depreciation

Sold Futures Contracts

10 YR U.S. Treasury Note

Goldman Sachs & Co.

9/21/2016

4,920

(99,777

)


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

RS LOW DURATION BOND VIP SERIES


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	9,969,814	$	—	$	9,969,814
Asset-Backed Securities		—		47,147,427		—		47,147,427
Senior Secured Loans		—		10,260,373		—		10,260,373
Commercial Mortgage-Backed Securities		—		38,175,063		—		38,175,063
Corporate Bonds		—		101,546,179		—		101,546,179
Non-Agency Mortgage-Backed Securities		—		19,515,233		—		19,515,233
U.S. Agencies		—		601,403		—		601,403
U.S. Government Securities		—		33,110,848		—		33,110,848
Repurchase Agreements		—		15,167,000		—		15,167,000
Other Financial Instruments:
Financial Futures Contracts		569,390		—		—		569,390
Total	$	569,390	$	275,493,340	$	—	$	276,062,730


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

FINANCIAL INFORMATION — RS LOW DURATION BOND VIP SERIES


Statement of Assets and Liabilities As of June 30, 2016 (unaudited)
Assets
Investments, at value	$	275,493,340
Cash		314
Cash deposits with brokers for futures contracts		309,000
Interest receivable		950,119
Receivable for variation margin on futures contracts		61,970
Receivable for fund shares subscribed		25,829
Prepaid expenses		718

Total Assets		276,841,290


Liabilities
Payable for investments purchased		1,249,375
Payable to adviser		101,361
Payable for fund shares redeemed		24,764
Accrued trustees’ fees		5,861
Accrued expenses/other liabilities		73,376

Total Liabilities		1,454,737

Total Net Assets	$	275,386,553


Net Assets Consist of:
Paid-in capital	$	277,165,399
Accumulated undistributed net investment income		1,888,013
Accumulated net realized loss from investments and futures contracts		(3,343,872	)
Net unrealized depreciation on investments and futures contracts		(322,987	)

Total Net Assets	$	275,386,553

Investments, at Cost	$	276,385,717


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		26,686,052
Net Asset Value Per Share		$10.32


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Interest	$	2,599,463

Total Investment Income		2,599,463


Expenses
Investment advisory fees		598,722
Custodian fees		30,921
Professional fees		25,118
Administrative service fees		13,976
Shareholder reports		13,483
Transfer agent fees		11,120
Trustees’ fees		9,693
Other expenses		8,417

Total Expenses		711,450

Net Investment Income		1,888,013


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments and Futures Contracts
Net realized loss from investments		(880,557	)
Net realized gain from futures contracts		171,429
Net change in unrealized appreciation/depreciation on investments		3,041,113
Net change in unrealized appreciation/depreciation on futures contracts		676,980

Net Gain on Investments and Futures Contracts		3,008,965

Net Increase in Net Assets Resulting from Operations	$	4,896,978


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

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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment income	$	1,888,013		$	3,645,377
Net realized loss from investments and futures contracts		(709,128	)		(862,133	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		3,718,093			(1,493,879	)

Net Increase in Net Assets Resulting from Operations		4,896,978			1,289,365


Distributions to Shareholders
Net investment income		—			(3,703,445	)

Total Distributions		—			(3,703,445	)


Capital Share Transactions
Proceeds from sales of shares		23,420,364			34,018,772
Reinvestment of distributions		—			3,703,445
Cost of shares redeemed		(29,094,741	)		(24,658,158	)

Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(5,674,377	)		13,064,059

Net Increase/(Decrease) in Net Assets		(777,399	)		10,649,979


Net Assets
Beginning of period		276,163,952			265,513,973

End of period	$	275,386,553		$	276,163,952

Accumulated Undistributed Net Investment Income Included in Net Assets	$	1,888,013		$	—


Other Information:
Shares
Sold		2,286,526			3,303,142
Reinvested		—			365,592
Redeemed		(2,858,879	)		(2,393,868	)

Net Increase/(Decrease)		(572,353	)		1,274,866


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

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 6/30/16¹	$	10.13	$	0.07	²	$	0.12		$	0.19	$	—		$	—		$	—
Year Ended 12/31/15		10.22		0.14	²		(0.09	)		0.05		(0.14	)		—			(0.14	)
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	)


14				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		1.88%	$	275,387		0.53%		0.53%		1.42%		1.42%		21%
	10.13		0.47%		276,164		0.53%		0.53%		1.33%		1.33%		38%
	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%

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.				15

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

June 30, 2016 (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

•

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 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.


				17

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND 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

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 0.45%.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2015, which is the most recently completed tax year, was as follows:

Ordinary Income

$3,703,445


18

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

investments and foreign currency transactions may include temporary book and tax differences, which will reverse in a subsequent period.

As of December 31, 2015, the Fund made the following reclassifications of permanent book and tax basis differences:

Paid-in Capital

Distributions In
Excess of Net

Investment Income

$(58,068)

58,068

Capital loss carryovers available to the Fund at December 31, 2015 were $2,031,719, with no expiration date.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $276,388,665. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $1,159,641 and $(2,054,966), respectively, resulting in net unrealized depreciation of $(895,325).

Note 4. Investments


	Other Investments		U.S. Government and Agency Obligations
Purchases	$	33,688,316	$	43,283,568
Sales		20,252,852		33,310,407

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, 2016.

The cumulative appreciation/(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, 2016.

The Fund held an average monthly face value of $88,004,722 in long position futures contracts and $5,159,402 in short position futures contracts for the six months ended June 30, 2016.

The Fund used exchange-traded U.S. Treasury futures to manage interest rate exposure.


				19

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

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 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


20

NOTES TO FINANCIAL STATEMENTS — RS LOW DURATION BOND VIP SERIES (UNAUDITED)

borrowings by the Fund, each fund pays a commitment fee of 0.11% per annum on its share of the unused portion of the credit facility.

For the six months ended June 30, 2016, the Fund borrowed under the facility was as follows:

Amount

Outstanding

at 6/30/16

Average

Borrowing*

Days

Borrowings

Outstanding

Average

Interest Rate*

$—

550,000

1.68%

*	For the six months ended June 30, 2016, based on the number of days borrowings were outstanding.

Note 6. Sales Transaction

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 7. Review for Subsequent Events

Note 8. Indemnifications


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For		Votes Against/Withheld		Abstentions
RS Emerging Markets VIP Series		3,401,538.7903		121,554.1641		145,386.6036
RS High Yield VIP Series		5,793,195.7949		122,405.5448		178,960.0313
RS International VIP Series		11,622,369.8819		574,442.1452		541,818.2679
RS Investment Quality Bond VIP Series		54,956,162.2983		1,564,144.8878		2,175,970.0389
RS Large Cap Alpha VIP Series		20,943,611.9457		633,142.5830		1,076,570.0223
RS Low Duration Bond VIP Series		23,988,194.4220		478,209.0407		919,315.8373
RS S&P 500 Index VIP Series		7,275,687.8140		235,345.5598		322,672.9432
RS Small Cap Growth Equity VIP Series		6,570,019.8176		219,096.5872		381,825.6672

Portfolio Holdings and Proxy Voting Procedures

information is also available, without charge, upon request, by calling toll-free 800-221-3253.

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.


22

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

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.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


	Beginning Account Value 1/1/16	Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16-6/30/16		Expense Ratio During Period 1/1/16-6/30/16
Based on Actual Return	$1,000.00		$1,065.30		$4.67		0.91%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.34		$4.57		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 182/366 (to reflect the one-half year period).


				3

SCHEDULE OF INVESTMENTS — RS HIGH YIELD VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Senior Secured Loans – 14.7%
Automotive – 1.2%
Navistar International Corp. Term Loan B 6.50% due 8/7/2020⁽¹⁾	$	497,500	$	468,481

				468,481
Cable Satellite – 1.5%
Grande Communications Holdings Term Loan B 4.50% due 5/31/2020⁽¹⁾		586,416		574,688

				574,688
Food And Beverage – 1.3%
Hostess Brands LLC 2nd Lien Term Loan 8.50% due 8/3/2023⁽¹⁾		500,000		495,000

				495,000
Gaming – 1.2%
Caesars Entertainment Resort Properties LLC Term Loan B 7.00% due 10/11/2020⁽¹⁾		497,449		474,566

				474,566
Health Care – 1.7%
Connolly Corp. 2nd Lien Term Loan 8.00% due 5/14/2022⁽¹⁾		40,896		40,453
Phillips-Medisize Corp. 2nd Lien Term Loan 8.25% due 6/16/2022⁽¹⁾		650,000		614,250

				654,703
Industrial - Other – 1.2%
Gates Global, Inc. Term Loan B 4.25% due 7/6/2021⁽¹⁾		484,762		458,808

				458,808
Insurance: Property - Casualty – 1.0%
USI, Inc. Term Loan B 4.25% due 12/27/2019⁽¹⁾		389,205		383,487

				383,487
Media - Entertainment – 1.2%
Deluxe Entertainment Services Group, Inc. Term Loan 2014 6.50% due 2/28/2020⁽¹⁾		469,270		456,365

				456,365
Pharmaceuticals – 1.0%
PCI Pharma Services 2nd Lien Term Loan 9.75% due 6/24/2024⁽¹⁾		400,000		390,000

				390,000


June 30, 2016 (unaudited)	Principal Amount		Value
Restaurants – 1.3%
B.C. Unlimited Liability Co. Term Loan B2 3.75% due 12/10/2021⁽¹⁾	$	488,880	$	488,025

				488,025
Retailers – 1.2%
Petco Animal Supplies, Inc. 2016 Term Loan B2 4.888% due 1/26/2023⁽¹⁾		448,875		445,751

				445,751
Technology – 0.9%
Avaya, Inc. Term Loan B7 6.25% due 5/29/2020⁽¹⁾		486,830		345,245

				345,245
Total Senior Secured Loans (Cost $5,857,952)				5,635,119

	Principal Amount		Value
Corporate Bonds – 79.6%
Aerospace & Defense – 2.3%
StandardAero Aviation Holdings, Inc. 10.00% due 7/15/2023⁽²⁾		500,000		498,750
TransDigm, Inc. 6.375% due 6/15/2026⁽²⁾		400,000		399,000

				897,750
Automotive – 0.9%
Tenneco, Inc. 5.00% due 7/15/2026		330,000		334,742

				334,742
Building Materials – 4.5%
Builders FirstSource, Inc. 10.75% due 8/15/2023⁽²⁾⁽³⁾		500,000		543,750
NCI Building Systems, Inc. 8.25% due 1/15/2023⁽²⁾		500,000		537,395
RSI Home Products, Inc. Sec. Nt. 6.50% due 3/15/2023⁽²⁾		450,000		462,375
US Concrete, Inc. 6.375% due 6/1/2024⁽²⁾		170,000		170,000

				1,713,520
Cable Satellite – 3.0%
DigitalGlobe, Inc. 5.25% due 2/1/2021⁽²⁾		400,000		372,000
Intelsat Luxembourg S.A. 8.125% due 6/1/2023		950,000		235,125
Neptune Finco Corp. Sr. Nt. 6.625% due 10/15/2025⁽²⁾		500,000		525,000

				1,132,125


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

RS HIGH YIELD VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Construction Machinery – 0.9%
Ahern Rentals, Inc. Sec. Nt. 7.375% due 5/15/2023⁽²⁾⁽³⁾	$	500,000	$	345,000

				345,000
Consumer Products – 3.5%
Central Garden & Pet Co. 6.125% due 11/15/2023⁽³⁾		500,000		520,000
Kronos Acquisition Holdings, Inc. Sr. Nt. 9.00% due 8/15/2023⁽²⁾		330,000		323,400
NBTY, Inc. Sr. Nt. 7.625% due 5/15/2021⁽²⁾		330,000		330,413
Revlon Consumer Products Corp. 5.75% due 2/15/2021		170,000		164,050

				1,337,863
Diversified Manufacturing – 2.1%
Apex Tool Group LLC 7.00% due 2/1/2021⁽²⁾		400,000		345,000
Manitowoc Foodservice, Inc. Sr. Nt. 9.50% due 2/15/2024⁽²⁾		400,000		447,000

				792,000
Electric – 2.2%
DPL, Inc. Sr. Nt. 7.25% due 10/15/2021		400,000		384,000
GenOn Energy, Inc. Sr. Nt. 9.50% due 10/15/2018		600,000		477,000

				861,000
Food And Beverage – 8.7%
Aramark Services, Inc. Sr. Nt. 5.125% due 1/15/2024		600,000		612,000
Constellation Brands, Inc. 4.75% due 12/1/2025		600,000		632,250
Cott Beverages, Inc. 6.75% due 1/1/2020		500,000		521,250
Dean Foods Co. 6.50% due 3/15/2023⁽²⁾		500,000		516,250
FAGE Dairy Industry S.A. 9.875% due 2/1/2020⁽²⁾		500,000		520,310
Pinnacle Foods Finance LLC 5.875% due 1/15/2024⁽²⁾		330,000		345,262
US Foods, Inc. 5.875% due 6/15/2024⁽²⁾		170,000		174,250

				3,321,572
Gaming – 4.0%
Boyd Gaming Corp. 6.375% due 4/1/2026⁽²⁾		400,000		418,000
Golden Nugget Escrow, Inc. Sr. Nt. 8.50% due 12/1/2021⁽²⁾		400,000		409,000


June 30, 2016 (unaudited)	Principal Amount		Value
Gaming (continued)
Pinnacle Entertainment, Inc. Sr. Nt. 5.625% due 5/1/2024⁽²⁾	$	330,000	$	329,175
Scientific Games International, Inc. 6.625% due 5/15/2021		600,000		357,000

				1,513,175
Government Related – 1.9%
CITGO Petroleum Corp. Sr. Sec. Nt. 6.25% due 8/15/2022⁽²⁾⁽³⁾		750,000		718,125

				718,125
Healthcare – 8.6%
ConvaTec Finance International S.A. 8.25% due 1/15/2019⁽²⁾⁽⁴⁾		400,000		392,500
Crimson Merger Sub, Inc. Sr. Nt. 6.625% due 5/15/2022⁽²⁾		500,000		412,500
Kindred Healthcare, Inc. 8.00% due 1/15/2020		500,000		497,500
MPH Acquisition Holdings LLC Sr. Nt. 7.125% due 6/1/2024⁽²⁾		330,000		346,500
RegionalCare Hospital Partners Holdings, Inc. Sr. Sec. Nt. 8.25% due 5/1/2023⁽²⁾		170,000		174,250
Surgery Center Holdings, Inc. Sr. Nt. 8.875% due 4/15/2021⁽²⁾		400,000		411,000
Tenet Healthcare Corp. Sr. Nt. 8.125% due 4/1/2022		500,000		512,400
Universal Hospital Services, Inc. Sec. Nt. 7.625% due 8/15/2020		600,000		551,250

				3,297,900
Home Construction – 2.7%
WCI Communities, Inc. 6.875% due 8/15/2021		500,000		497,500
Woodside Homes Co. LLC 6.75% due 12/15/2021⁽²⁾⁽³⁾		600,000		555,000

				1,052,500
Independent Energy – 3.6%
Canadian Natural Resources Ltd. Sr. Nt. 6.45% due 6/30/2033		500,000		545,777
Clayton Williams Energy, Inc. 7.75% due 4/1/2019		500,000		377,500
Whiting Petroleum Corp. 6.25% due 4/1/2023		500,000		447,500

				1,370,777
Media - Entertainment – 2.7%
AMC Networks, Inc. 5.00% due 4/1/2024		230,000		227,671


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

SCHEDULE OF INVESTMENTS — RS HIGH YIELD VIP SERIES


June 30, 2016 (unaudited)	Principal Amount		Value
Media - Entertainment (continued)
Sinclair Television Group, Inc. 5.625% due 8/1/2024⁽²⁾	$	300,000	$	306,750
Tribune Media Co. 5.875% due 7/15/2022		500,000		497,500

				1,031,921
Metals And Mining – 1.9%
Freeport-McMoRan, Inc. 2.375% due 3/15/2018		400,000		392,000
Teck Resources Ltd. 8.00% due 6/1/2021⁽²⁾		330,000		339,900

				731,900
Midstream – 2.1%
AmeriGas Partners LP Sr. Nt. 5.625% due 5/20/2024		170,000		171,275
5.875% due 8/20/2026		170,000		170,425
The Williams Cos., Inc. Sr. Nt. 4.55% due 6/24/2024		500,000		459,250

				800,950
Packaging – 1.8%
Ardagh Packaging Finance PLC 7.25% due 5/15/2024⁽²⁾		170,000		173,506
Berry Plastics Corp. Sec. Nt. 6.00% due 10/15/2022		500,000		516,875

				690,381
Paper – 0.7%
Millar Western Forest Products Ltd. Sr. Nt. 8.50% due 4/1/2021		600,000		276,000

				276,000
Pharmaceuticals – 2.0%
JLL/Delta Dutch Pledgeco B.V. Sr. Nt. 8.75% due 5/1/2020⁽²⁾⁽⁴⁾		375,000		375,000
Valeant Pharmaceuticals International, Inc. 5.875% due 5/15/2023⁽²⁾		500,000		403,750

				778,750
Refining – 1.4%
Calumet Specialty Products Partners LP 7.625% due 1/15/2022⁽³⁾		750,000		530,625

				530,625
Restaurants – 1.2%
Yum! Brands, Inc. Sr. Nt. 5.35% due 11/1/2043		550,000		442,750

				442,750
Retailers – 4.8%
Argos Merger Sub, Inc. Sr. Nt. 7.125% due 3/15/2023⁽²⁾⁽³⁾		500,000		515,000


June 30, 2016 (unaudited)	Principal Amount		Value
Retailers (continued)
Asbury Automotive Group, Inc. 6.00% due 12/15/2024	$	500,000	$	503,750
Hanesbrands, Inc. 4.625% due 5/15/2024⁽²⁾		400,000		401,000
Party City Holdings, Inc. 6.125% due 8/15/2023⁽²⁾		400,000		414,000

				1,833,750
Supermarkets – 2.2%
Albertsons Cos. LLC Sr. Nt. 6.625% due 6/15/2024⁽²⁾		400,000		413,000
Tops Holding LLC Sr. Sec. Nt. 8.00% due 6/15/2022⁽²⁾		500,000		440,000

				853,000
Technology – 2.2%
Diamond 1 Finance Corp. 7.125% due 6/15/2024⁽²⁾		330,000		344,659
First Data Corp. 7.00% due 12/1/2023⁽²⁾		500,000		506,250

				850,909
Transportation Services – 1.0%
Avis Budget Car Rental LLC 6.375% due 4/1/2024⁽²⁾		400,000		396,000

				396,000
Wireless – 3.5%
Frontier Communications Corp. Sr. Nt. 10.50% due 9/15/2022		500,000		529,063
Sprint Corp. 7.125% due 6/15/2024		600,000		478,500
T-Mobile USA, Inc. 6.00% due 4/15/2024		330,000		341,550

				1,349,113
Wirelines – 3.2%
EarthLink Holdings Corp. Sr. Sec. Nt. 7.375% due 6/1/2020		250,000		260,000
8.875% due 5/15/2019		372,000		379,440
Windstream Services LLC 6.375% due 8/1/2023		700,000		588,000

				1,227,440
Total Corporate Bonds (Cost $31,978,093)				30,481,538

	Shares		Value
Common Stocks – 1.3%
Communications – 0.5%
Media General, Inc.⁽⁵⁾		11,000		189,090

				189,090
Consumer Cyclical – 0.4%
Gray Television, Inc.⁽⁵⁾		13,000		141,050

				141,050


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

RS HIGH YIELD VIP SERIES


June 30, 2016 (unaudited)	Shares		Value
Health Care – 0.4%
Acadia Healthcare Co., Inc.⁽⁵⁾		2,850	$	157,890

				157,890
Total Common Stocks (Cost $519,969)				488,030

	Principal Amount		Value
Repurchase Agreements – 2.2%

Fixed Income Clearing Corp. Repurchase Agreement, 0.03%, dated 6/30/2016, maturity value of $857,001, due 7/1/2016⁽⁶⁾	$	857,000		857,000
Total Repurchase Agreements (Cost $857,000)				857,000
Total Investments - 97.8% (Cost $39,213,014)				37,461,687
Other Assets, Net - 2.2%				826,696
Total Net Assets - 100.0%			$	38,288,383

⁽¹⁾	Variable rate security. The rate shown is the rate in effect at June 30, 2016.

⁽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, 2016, the aggregate market value of these securities amounted to $16,050,020, representing 41.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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

⁽⁴⁾	Payment-in-kind security, for which interest payments may be made in additional principal ranging from 0% to 100% of the full stated interest rate. As of June 30, 2016, interest payments had been made in cash.

⁽⁵⁾	Non-income producing security.

⁽⁶⁾	The table below presents collateral for repurchase agreements.

Security

Coupon

Maturity
Date

Value

U.S. Treasury Inflation Indexed Note

0.125%

4/15/2017

874,991


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	5,635,119	$	—	$	5,635,119
Corporate Bonds		—		30,481,538		—		30,481,538
Common Stocks		488,030		—		—		488,030
Repurchase Agreements		—		857,000		—		857,000
Total	$	488,030	$	36,973,657	$	—	$	37,461,687


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, 2016 (unaudited)
Assets
Investments, at value	$	37,461,687
Cash		2,540
Receivable for investments sold		643,906
Interest receivable		624,082
Receivable for fund shares subscribed		3,024
Prepaid expenses		76

Total Assets		38,735,315


Liabilities
Payable for investments purchased		388,000
Payable to adviser		18,878
Payable for fund shares redeemed		1,517
Accrued trustees’ fees		774
Accrued expenses/other liabilities		37,763

Total Liabilities		446,932

Total Net Assets	$	38,288,383


Net Assets Consist of:
Paid-in capital	$	43,863,539
Accumulated undistributed net investment income		1,216,886
Accumulated net realized loss from investments		(5,040,715	)
Net unrealized depreciation on investments		(1,751,327	)

Total Net Assets	$	38,288,383

Investments, at Cost	$	39,213,014


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		5,861,600
Net Asset Value Per Share		$6.53


Statement of Operations For the Six-Month Period Ended June 30, 2016 (unaudited)
Investment Income
Dividends	$	2,800
Interest		1,385,426

Total Investment Income		1,388,226


Expenses
Investment advisory fees		112,559
Custodian fees		23,913
Professional fees		12,069
Transfer agent fees		11,732
Administrative service fees		3,724
Shareholder reports		3,463
Trustees’ fees		1,466
Other expenses		2,414

Total Expenses		171,340

Net Investment Income		1,216,886


Realized Gain/(Loss) and Change in Unrealized Appreciation/Depreciation on Investments
Net realized loss from investments		(1,746,287	)
Net change in unrealized appreciation/depreciation on investments		2,931,292

Net Gain on Investments		1,185,005

Net Increase in Net Assets Resulting from Operations	$	2,401,891


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 6/30/16			For the Year Ended 12/31/15

Operations
Net investment income	$	1,216,886		$	2,632,158
Net realized loss from investments		(1,746,287	)		(3,110,232	)
Net change in unrealized appreciation/depreciation on investments		2,931,292			(1,302,365	)

Net Increase/(Decrease) in Net Assets Resulting from Operations		2,401,891			(1,780,439	)


Distributions to Shareholders
Net investment income		—			(2,632,158	)
Return of capital		—			(34,151	)

Total Distributions		—			(2,666,309	)


Capital Share Transactions
Proceeds from sales of shares		820,193			3,092,832
Reinvestment of distributions		—			2,666,309
Cost of shares redeemed		(3,436,491	)		(7,342,920	)

Net Decrease in Net Assets Resulting from Capital Share Transactions		(2,616,298	)		(1,583,779	)

Net Decrease in Net Assets		(214,407	)		(6,030,527	)


Net Assets
Beginning of period		38,502,790			44,533,317

End of period	$	38,288,383		$	38,502,790

Accumulated Undistributed Net Investment Income Included in Net Assets	$	1,216,886		$	—


Other Information:
Shares
Sold		132,714			444,996
Reinvested		—			435,671
Redeemed		(553,884	)		(1,050,278	)

Net Decrease		(421,170	)		(169,611	)


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				Distributions From Return of Capital				Total Distributions
Six Months Ended 6/30/16¹		$	6.13		$	0.20	²		$	0.20			$	0.40			$	—			$	—			$	—			$	—
Year Ended 12/31/15			6.90			0.43	²			(0.75	)			(0.32	)			(0.44	)			—				(0.01	)			(0.45	)
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	)


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

$	6.53		6.53	%	$	38,288		0.91%		0.91%		6.49%		6.49%		75%
	6.13		(4.58	)%		38,503		0.89%		0.89%		6.15%		6.15%		148%
	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%

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, 2016 (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.


				13

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD 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

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 0.60%.

Note 3. Federal Income Taxes

a. Distributions to Shareholders The tax character of distributions paid to shareholders during the year ended December 31, 2015, which is the most recently completed tax year, was as follows:

Ordinary

Income

Return of

Capital

$2,632,158

34,151


14

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

investments and foreign currency transactions may include temporary book and tax differences, which will reverse in a subsequent period.

Capital loss carryovers available to the Fund at December 31, 2015 were $3,037,218, with no expiration date.

b. Tax Basis of Investments The cost of investments for federal income tax purposes at June 30, 2016, was $39,213,014. The gross unrealized appreciation and depreciation on investments, on a tax basis, at June 30, 2016, aggregated $617,342 and $(2,368,669), respectively, resulting in net unrealized depreciation of $(1,751,327).

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 $26,947,694 and $27,160,215, respectively, for the six months ended June 30, 2016.

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 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


				15

NOTES TO FINANCIAL STATEMENTS — RS HIGH YIELD VIP SERIES (UNAUDITED)

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

For the six months ended June 30, 2016, the Fund borrowed under the facility was as follows:

Amount

Outstanding
at 6/30/16

Average
Borrowing*

Days
Borrowings
Outstanding

Average
Interest Rate*

$—

325,000

1.69%

*	For the six months ended June 30, 2016, based on the number of days borrowings were outstanding.

Note 6. Sales Transaction

Shareholder approval of the Reorganization was obtained as described further in the supplemental information section of this report.

On July 29, 2016, the Transaction and the Reorganization were consummated.

Note 7. Review for Subsequent Events

Note 8. Indemnifications


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Meeting of Shareholders

Proposal to Reorganize Series of the Trust into Corresponding Series of Victory Variable Insurance Funds


Series	Votes For	Votes Against/Withheld	Abstentions
RS Emerging Markets VIP Series	3,401,538.7903	121,554.1641	145,386.6036
RS High Yield VIP Series	5,793,195.7949	122,405.5448	178,960.0313
RS International VIP Series	11,622,369.8819	574,442.1452	541,818.2679
RS Investment Quality Bond VIP Series	54,956,162.2983	1,564,144.8878	2,175,970.0389
RS Large Cap Alpha VIP Series	20,943,611.9457	633,142.5830	1,076,570.0223
RS Low Duration Bond VIP Series	23,988,194.4220	478,209.0407	919,315.8373
RS S&P 500 Index VIP Series	7,275,687.8140	235,345.5598	322,672.9432
RS Small Cap Growth Equity VIP Series	6,570,019.8176	219,096.5872	381,825.6672

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/ Nina Gupta
		Nina Gupta, President
		(Principal Executive Officer)

Date: September 7, 2016

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/ Nina Gupta
		Nina Gupta, President
		(Principal Executive Officer)

Date: September 7, 2016


By (Signature and Title)*		/s/ Shelly Chu
		Shelly Chu, Treasurer
		(Principal Financial Officer)

Date: September 7, 2016

Derivative Instrument Type

Location of Gain/
(Loss) on Derivatives
Recognized in Income

Amount

Financial Futures Contracts

Net realized gain from futures contracts

Net change in unrealized appreciation/(depreciation) on futures contracts