UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21922

RS VARIABLE PRODUCTS TRUST

(Exact name of registrant as specified in charter)

388 Market Street

San Francisco, CA 94111

(Address of principal executive offices) (Zip code)

Terry R. Otton

c/o RS Investments

388 Market Street

San Francisco, CA 94111

(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: March 31, 2011

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

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

TABLE OF CONTENTS

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

Item 1. Schedule of Investments

Schedule of Investments — RS Partners VIP Series

March 31, 2011 (unaudited)	Foreign Currency		Shares		Value
Common Stocks — 87.5%
Advertising Agencies — 0.7%
Groupe Aeroplan, Inc.		CAD		9,110	$	123,377
						123,377
Auto Parts — 2.1%
BorgWarner, Inc.(1)				4,463		355,656
						355,656
Banks: Diversified — 10.1%
Associated Banc-Corp.				35,604		528,719
Commerce Bancshares, Inc.				8,047		325,421
First Horizon National Corp.				47,584		533,417
Susquehanna Bancshares, Inc.				32,065		299,808
						1,687,365
Biotechnology — 3.4%
Myriad Genetics, Inc.(1)				27,819		560,553
						560,553
Computer Services, Software & Systems — 8.8%
ACI Worldwide, Inc.(1)				18,570		609,096
Acxiom Corp.(1)				16,103		231,078
DST Systems, Inc.				7,439		392,928
Parametric Technology Corp.(1)				10,427		234,503
						1,467,605
Consumer Electronics — 1.4%
Harman International Industries, Inc.				4,948		231,665
						231,665
Consumer Lending — 4.0%
MGIC Investment Corp.(1)				42,669		379,328
MoneyGram International, Inc.(1)				81,563		279,761
						659,089
Entertainment — 1.0%
Live Nation Entertainment, Inc.(1)				16,130		161,300
						161,300
Financial Data & Systems — 5.2%
Euronet Worldwide, Inc.(1)				19,762		381,999
Jack Henry & Associates, Inc.				14,291		484,322
						866,321
Health Care Management Services — 1.7%
Magellan Health Services, Inc.(1)				5,668		278,185
						278,185
Insurance: Life — 4.8%
StanCorp Financial Group, Inc.				8,843		407,839
Torchmark Corp.				5,903		392,432
						800,271
Insurance: Multi-Line — 1.4%
eHealth, Inc.(1)				12,352		164,282
PICO Holdings, Inc.(1)				2,390		71,843
						236,125
Insurance: Property-Casualty — 2.3%
Genworth MI Canada, Inc.		CAD		14,000		377,906
						377,906
Medical & Dental Instruments & Supplies — 1.0%
The Cooper Cos., Inc.				2,355		163,555
						163,555
Medical Equipment — 2.4%
Sirona Dental Systems, Inc.(1)				7,812		391,850
						391,850
Metals & Minerals: Diversified — 3.6%
Compass Minerals International, Inc.				6,452		603,456
						603,456
Oil Well Equipment & Services — 2.8%
Key Energy Services, Inc.(1)				30,425		473,109
						473,109
Oil: Crude Producers — 7.9%
Concho Resources, Inc.(1)				5,504		590,579
Denbury Resources, Inc.(1)				30,010		732,244
						1,322,823
Precious Metals & Minerals — 4.0%
New Gold, Inc.(1)				56,220		658,336
						658,336
Scientific Instruments: Pollution Control — 2.0%
Waste Connections, Inc.				11,346		326,651
						326,651
Securities Brokerage & Services — 3.0%
MF Global Holdings Ltd.(1)				59,556		493,124
						493,124
Semiconductors & Components — 5.4%
Atmel Corp.(1)				48,394		659,610
Integrated Device Technology, Inc.(1)				32,672		240,793
						900,403
Specialty Retail — 3.5%
GameStop Corp., Class A(1)				26,236		590,835
						590,835
Utilities: Gas Distributors — 1.9%
Questar Corp.				17,850		311,483
						311,483
Utilities: Miscellaneous — 3.1%
Calpine Corp.(1)				32,214		511,236
						511,236
Total Common Stocks
(Cost $10,656,257)						14,552,279
			Principal Amount
Repurchase Agreements — 12.2%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $2,025,001, due 4/1/2011(2)			$	2,025,000		2,025,000
Total Repurchase Agreements (Cost $2,025,000)						2,025,000
Total Investments — 99.7% (Cost $12,681,257)						16,577,279
Other Assets, Net — 0.3%						48,614
Total Net Assets — 100.0%					$	16,625,893

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.00	%		4/30/2012	$	2,067,829

Legend:

Foreign-Denominated Security

CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Partners VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	14,552,279	$	—	$	—	$	14,552,279
Repurchase Agreements		—		2,025,000		—		2,025,000
Total	$	14,552,279	$	2,025,000	$	—	$	16,577,279

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Value VIP Series

March 31, 2011 (unaudited)	Foreign Currency		Shares		Value
Common Stocks — 92.9%
Aerospace — 2.1%
Rockwell Collins, Inc.				1,006	$	65,219
						65,219
Auto Parts — 2.3%
BorgWarner, Inc.(1)				882		70,287
						70,287
Banks: Diversified — 9.8%
Associated Banc-Corp.				5,991		88,966
First Horizon National Corp.				9,461		106,058
KeyCorp				11,682		103,736
						298,760
Beverage: Brewers & Distillers — 1.3%
Molson Coors Brewing Co., Class B				854		40,044
						40,044
Building Materials — 3.5%
Martin Marietta Materials, Inc.				1,197		107,335
						107,335
Chemicals: Diversified — 6.1%
Eastman Chemical Co.				802		79,655
FMC Corp.				1,263		107,266
						186,921
Chemicals: Specialty — 4.2%
Praxair, Inc.				1,267		128,727
						128,727
Coal — 3.1%
Peabody Energy Corp.				1,300		93,548
						93,548
Computer Services, Software & Systems — 5.3%
Symantec Corp.(1)				5,480		101,599
Synopsys, Inc.(1)				2,195		60,692
						162,291
Consumer Services: Miscellaneous — 3.5%
eBay, Inc.(1)				3,494		108,454
						108,454
Diversified Financial Services — 3.6%
Ameriprise Financial, Inc.				1,819		111,105
						111,105
Electronic Entertainment — 3.0%
Activision Blizzard, Inc.				8,483		93,058
						93,058
Insurance: Life — 3.9%
Aflac, Inc.				2,284		120,549
						120,549
Insurance: Multi-Line — 3.6%
Genworth Financial, Inc., Class A(1)				8,224		110,695
Willis Group Holdings PLC				10		404
						111,099
Medical Equipment — 2.0%
CareFusion Corp.(1)				2,130		60,066
						60,066
Oil: Crude Producers — 9.6%
ARC Resources Ltd.		CAD		2,630		71,481
Southwestern Energy Co.(1)				2,440		104,847
Talisman Energy, Inc.		CAD		4,760		117,686
						294,014
Pharmaceuticals — 3.7%
Warner Chilcott PLC, Class A				4,877		113,537
						113,537
Scientific Instruments: Gauges & Meters — 2.3%
Agilent Technologies, Inc.(1)				1,540		68,961
						68,961
Securities Brokerage & Services — 3.1%
E*TRADE Financial Corp.(1)				6,053		94,608
						94,608
Semiconductors & Components — 4.3%
Atmel Corp.(1)				9,639		131,380
						131,380
Specialty Retail — 4.3%
Advance Auto Parts, Inc.				661		43,375
GameStop Corp., Class A(1)				3,954		89,044
						132,419
Toys — 5.0%
Hasbro, Inc.				1,972		92,368
Mattel, Inc.				2,478		61,777
						154,145
Utilities: Miscellaneous — 3.3%
Calpine Corp.(1)				6,410		101,727
						101,727
Total Common Stocks (Cost $2,060,726)						2,848,254
			Principal Amount
Repurchase Agreements — 11.6%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $358,000, due 4/1/2011(2)			$	358,000		358,000
Total Repurchase Agreements (Cost $358,000)						358,000
Total Investments — 104.5% (Cost $2,418,726)						3,206,254
Other Liabilities, Net — (4.5)%						(139,512	)
Total Net Assets — 100.0%					$	3,066,742
(1)    Non-income producing security.
(2)    The table below presents collateral for repurchase agreements.

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.00	%		4/30/2012	$	369,075
Legend:
Foreign-Denominated Security
CAD — Canadian Dollar

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Value VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,848,254	$	—	$	—	$	2,848,254
Repurchase Agreements		—		358,000		—		358,000
Total	$	2,848,254	$	358,000	$	—	$	3,206,254

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Large Cap Alpha VIP Series

March 31, 2011 (unaudited)	Shares		Value
Common Stocks — 98.2%
Asset Management & Custodian — 2.1%
State Street Corp.		460,250	$	20,683,635
				20,683,635
Banks: Diversified — 6.6%
KeyCorp		3,719,000		33,024,720
Regions Financial Corp.		4,527,268		32,867,966
				65,892,686
Building Materials — 3.6%
Martin Marietta Materials, Inc.		394,695		35,392,301
				35,392,301
Chemicals: Specialty — 4.3%
Praxair, Inc.		425,577		43,238,623
				43,238,623
Computer Services, Software & Systems — 10.3%
Microsoft Corp.		1,145,277		29,044,225
Symantec Corp.(1)		2,329,800		43,194,492
Synopsys, Inc.(1)		1,085,722		30,020,213
				102,258,930
Consumer Services: Miscellaneous — 4.3%
eBay, Inc.(1)		1,380,670		42,855,997
				42,855,997
Diversified Financial Services — 4.3%
Citigroup, Inc.(1)		9,744,985		43,072,834
				43,072,834
Diversified Manufacturing Operations — 2.9%
Honeywell International, Inc.		486,355		29,040,257
				29,040,257
Drug & Grocery Store Chains — 3.7%
CVS Caremark Corp.		1,076,430		36,943,078
				36,943,078
Electronic Entertainment — 3.5%
Activision Blizzard, Inc.		3,133,740		34,377,128
				34,377,128
Health Care Facilities — 0.6%
HCA Holdings, Inc.(1)		167,000		5,656,290
				5,656,290
Insurance: Life — 6.4%
Aflac, Inc.		727,371		38,390,641
Prudential Financial, Inc.		412,800		25,420,224
				63,810,865
Insurance: Multi-Line — 5.3%
Genworth Financial, Inc., Class A(1)		1,705,181		22,951,736
MetLife, Inc.		676,000		30,237,480
				53,189,216
Insurance: Property-Casualty — 2.0%
The Allstate Corp.		638,300		20,285,174
				20,285,174
Medical & Dental Instruments & Supplies — 3.0%
Covidien PLC		572,700		29,746,038
				29,746,038
Metals & Minerals: Diversified — 2.3%
BHP Billiton Ltd., ADR		239,137		22,928,455
				22,928,455
Oil: Crude Producers — 13.3%
Canadian Natural Resources Ltd.		502,962		24,861,412
Occidental Petroleum Corp.		343,900		35,934,111
Southwestern Energy Co.(1)		771,832		33,165,621
Talisman Energy, Inc.		1,566,600		38,695,020
				132,656,164
Pharmaceuticals — 8.6%
Merck & Co., Inc.		864,421		28,534,537
Pfizer, Inc.		1,818,300		36,929,673
Warner Chilcott PLC, Class A		867,500		20,195,400
				85,659,610
Precious Metals & Minerals — 2.5%
Goldcorp, Inc.		494,109		24,606,628
				24,606,628
Scientific Instruments: Gauges & Meters — 2.2%
Agilent Technologies, Inc.(1)		491,194		21,995,667
				21,995,667
Specialty Retail — 1.9%
The Gap, Inc.		569,200		12,898,072
Urban Outfitters, Inc.(1)		203,388		6,067,064
				18,965,136
Toys — 3.2%
Hasbro, Inc.		683,092		31,996,029
				31,996,029
Transportation Miscellaneous — 1.3%
United Parcel Service, Inc., Class B		179,300		13,325,576
				13,325,576
Total Common Stocks (Cost $799,045,156)				978,576,317
	Principal Amount
Repurchase Agreements — 0.8%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $7,677,002, due 4/1/2011(2)	$	7,677,000		7,677,000
Total Repurchase Agreements (Cost $7,677,000)				7,677,000
Total Investments — 99.0% (Cost $806,722,156)				986,253,317
Other Assets, Net — 1.0%				10,425,998
Total Net Assets — 100.0%			$	996,679,315

(1)    Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		4.75	%		2/15/2041	$	7,835,300

Legend:

ADR— American Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Large Cap Alpha VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	978,576,317	$	—	$	—	$	978,576,317
Repurchase Agreements		—		7,677,000		—		7,677,000
Total	$	978,576,317	$	7,677,000	$	—	$	986,253,317

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Natural Resources VIP Series

March 31, 2011 (unaudited)	Foreign Currency		Shares		Value
Common Stocks — 87.1%
Building Materials — 3.4%
Martin Marietta Materials, Inc.				7,842	$	703,192
						703,192
Chemicals: Diversified — 5.0%
Eastman Chemical Co.				4,003		397,578
FMC Corp.				7,635		648,440
						1,046,018
Chemicals: Specialty — 2.4%
Praxair, Inc.				4,878		495,605
						495,605
Coal — 2.1%
Peabody Energy Corp.				6,120		440,395
						440,395
Copper — 5.1%
Antofagasta PLC		GBP		22,174		484,128
Taseko Mines Ltd.(1)				97,131		575,987
						1,060,115
Fertilizers — 1.2%
Potash Corp. of Saskatchewan, Inc.				4,180		246,327
						246,327
Gas Pipeline — 2.9%
EQT Corp.				12,153		606,435
						606,435
Insurance: Multi-Line — 1.2%
PICO Holdings, Inc.(1)				8,337		250,610
						250,610
Metals & Minerals: Diversified — 8.7%
BHP Billiton Ltd., ADR				4,720		452,554
Compass Minerals International, Inc.				7,559		706,993
Consolidated Thompson Iron Mines Ltd.(1)		CAD		21,580		381,517
Vale S.A., ADR				7,740		258,129
						1,799,193
Oil Well Equipment & Services — 1.4%
Key Energy Services, Inc.(1)				18,207		283,119
						283,119
Oil: Crude Producers — 38.9%
ARC Resources Ltd.		CAD		21,270		578,097
Canadian Natural Resources Ltd.				8,240		407,303
Concho Resources, Inc.(1)				5,617		602,704
Denbury Resources, Inc.(1)				32,963		804,297
Occidental Petroleum Corp.				7,810		816,067
Oil Search Ltd.		AUD		107,854		794,298
QEP Resources, Inc.				14,169		574,411
Range Resources Corp.				14,111		824,929
Salamander Energy PLC(1)		GBP		79,671		370,644
Southwestern Energy Co.(1)				24,668		1,059,984
Talisman Energy, Inc.		CAD		34,696		857,827
Tullow Oil PLC		GBP		17,109		397,422
						8,087,983
Precious Metals & Minerals — 11.5%
Agnico-Eagle Mines Ltd.				5,120		339,712
Barrick Gold Corp.				9,150		474,977
Goldcorp, Inc.		CAD		16,220		808,741
New Gold, Inc.(1)				64,322		753,211
						2,376,641
Utilities: Miscellaneous — 3.3%
Calpine Corp.(1)				43,517		690,615
						690,615
Total Common Stocks (Cost $12,563,784)						18,086,248
			Principal Amount
Repurchase Agreements — 12.1%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $2,512,001, due 4/1/2011(2)			$	2,512,000		2,512,000
Total Repurchase Agreements (Cost $2,512,000)						2,512,000
Total Investments — 99.2% (Cost $15,075,784)						20,598,248
Other Assets, Net — 0.8%						172,213
Total Net Assets — 100.0%					$	20,770,461

(1) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		4.50	%		8/15/2039	$	2,566,925

Legend:

Foreign-Denominated Security

AUD — Australian Dollar

CAD — Canadian Dollar

GBP — Great British Pound

ADR— American Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Global Natural Resources VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	18,086,248	$	—	$	—	$	18,086,248
Repurchase Agreements		—		2,512,000		—		2,512,000
Total	$	18,086,248	$	2,512,000	$	—	$	20,598,248

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Growth Equity VIP Series

March 31, 2011 (unaudited)	Shares		Value
Common Stocks — 98.3%
Advertising Agencies — 1.2%
Velti PLC(1)		98,100	$	1,235,079
				1,235,079
Aerospace — 1.9%
HEICO Corp., Class A		44,131		1,985,012
				1,985,012
Asset Management & Custodian — 0.5%
Financial Engines, Inc.(1)		19,100		526,396
				526,396
Auto Parts — 1.4%
LKQ Corp.(1)		62,600		1,508,660
				1,508,660
Back Office Support, HR and Consulting — 2.4%
Dice Holdings, Inc.(1)		64,232		970,546
ICF International, Inc.(1)		31,600		649,064
Robert Half International, Inc.		30,400		930,240
				2,549,850
Banks: Diversified — 1.1%
IBERIABANK Corp.		18,800		1,130,444
				1,130,444
Biotechnology — 5.7%
Aveo Pharmaceuticals, Inc.(1)		37,570		503,062
Medivation, Inc.(1)		29,700		553,608
Myriad Genetics, Inc.(1)		41,345		833,102
Nektar Therapeutics(1)		99,500		942,265
Pharmasset, Inc.(1)		22,000		1,731,620
Savient Pharmaceuticals, Inc.(1)		53,300		564,980
Seattle Genetics, Inc.(1)		64,000		996,480
				6,125,117
Chemicals: Diversified — 1.9%
LSB Industries, Inc.(1)		32,200		1,276,408
Rockwood Holdings, Inc.(1)		14,500		713,690
				1,990,098
Chemicals: Specialty — 1.0%
Balchem Corp.		29,800		1,118,096
				1,118,096
Commercial Vehicles & Parts — 0.5%
Commercial Vehicle Group, Inc.(1)		27,722		494,560
				494,560
Communications Technology — 7.1%
ADTRAN, Inc.		26,300		1,116,698
Aruba Networks, Inc.(1)		42,800		1,448,352
NETGEAR, Inc.(1)		44,100		1,430,604
Oclaro, Inc.(1)		99,787		1,148,548
Polycom, Inc.(1)		32,800		1,700,680
Riverbed Technology, Inc.(1)		19,500		734,175
				7,579,057
Computer Services, Software & Systems — 12.4%
comScore, Inc.(1)		52,287		1,542,990
Concur Technologies, Inc.(1)		26,400		1,463,880
Cornerstone OnDemand, Inc.(1)		4,200		76,566
Digital River, Inc.(1)		31,965		1,196,450
Fortinet, Inc.(1)		36,500		1,606,000
Gartner, Inc.(1)		36,400		1,516,788
Informatica Corp.(1)		29,540		1,542,874
Sapient Corp.(1)		59,100		676,695
Smith Micro Software, Inc.(1)		92,400		864,864
The Ultimate Software Group, Inc.(1)		28,700		1,686,125
VeriFone Systems, Inc.(1)		20,394		1,120,650
				13,293,882
Computer Technology — 0.9%
Super Micro Computer, Inc.(1)		62,400		1,000,896
				1,000,896
Consumer Electronics — 1.7%
RealD, Inc.(1)		64,486		1,764,337
				1,764,337
Consumer Lending — 1.3%
Portfolio Recovery Associates, Inc.(1)		16,152		1,375,020
				1,375,020
Consumer Services: Miscellaneous — 1.3%
Ancestry.com, Inc.(1)		40,700		1,442,815
				1,442,815
Containers & Packaging — 1.1%
Rock-Tenn Co., Class A		17,600		1,220,560
				1,220,560
Diversified Retail — 1.2%
GSI Commerce, Inc.(1)		43,529		1,274,094
				1,274,094
Education Services — 1.2%
American Public Education, Inc.(1)		31,096		1,257,833
				1,257,833
Fertilizers — 0.8%
The Scotts Miracle-Gro Co., Class A		14,200		821,470
				821,470
Financial Data & Systems — 2.3%
Higher One Holdings, Inc.(1)		62,934		909,396
Wright Express Corp.(1)		30,223		1,566,761
				2,476,157
Foods — 1.2%
Diamond Foods, Inc.		23,800		1,328,040
				1,328,040
Health Care Services — 4.0%
Healthways, Inc.(1)		48,300		742,371
HMS Holdings Corp.(1)		14,700		1,203,195
Medidata Solutions, Inc.(1)		40,500		1,035,585
Team Health Holdings, Inc.(1)		73,093		1,277,666
				4,258,817
Hotel/Motel — 0.9%
Gaylord Entertainment Co.(1)		29,200		1,012,656
				1,012,656
Machinery: Industrial — 2.4%
Altra Holdings, Inc.(1)		50,500		1,192,810
Gardner Denver, Inc.		17,700		1,381,131
				2,573,941
Medical & Dental Instruments & Supplies — 2.3%
Align Technology, Inc.(1)		47,800		978,944
Neogen Corp.(1)		21,400		885,532
Volcano Corp.(1)		23,726		607,386
				2,471,862
Medical Equipment — 4.3%
Accuray, Inc.(1)		142,736		1,288,906
Dexcom, Inc.(1)		87,607		1,359,661
Masimo Corp.		31,900		1,055,890
Zoll Medical Corp.(1)		19,900		891,719
				4,596,176
Metal Fabricating — 1.4%
RBC Bearings, Inc.(1)		39,700		1,517,731
				1,517,731

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Growth Equity VIP Series

March 31, 2011 (unaudited)	Shares		Value
Metals & Minerals: Diversified — 1.0%
Compass Minerals International, Inc.		11,400	$	1,066,242
				1,066,242
Oil Well Equipment & Services — 3.9%
Complete Production Services, Inc.(1)		45,800		1,456,898
Core Laboratories N.V.		11,402		1,164,943
Dril-Quip, Inc.(1)		19,510		1,541,875
				4,163,716
Oil: Crude Producers — 0.8%
Comstock Resources, Inc.(1)		28,529		882,687
				882,687
Pharmaceuticals — 1.2%
Amarin Corp. PLC, ADR(1)		68,300		498,590
BioMarin Pharmaceutical, Inc.(1)		31,613		794,435
				1,293,025
Printing and Copying Services — 0.7%
VistaPrint N.V.(1)		14,925		774,607
				774,607
Producer Durables: Miscellaneous — 1.4%
BE Aerospace, Inc.(1)		41,900		1,488,707
				1,488,707
Railroad Equipment — 0.9%
Greenbrier Cos., Inc.(1)		34,540		980,245
				980,245
Real Estate — 0.6%
FirstService Corp.(1)		15,700		597,071
				597,071
Restaurants — 1.1%
BJ’s Restaurants, Inc.(1)		30,748		1,209,319
				1,209,319
Scientific Instruments: Electrical — 0.8%
GrafTech International Ltd.(1)		41,532		856,805
				856,805
Securities Brokerage & Services — 1.0%
MarketAxess Holdings, Inc.		44,935		1,087,427
				1,087,427
Semiconductors & Components — 4.8%
Hittite Microwave Corp.(1)		24,400		1,555,988
Netlogic Microsystems, Inc.(1)		35,338		1,484,903
O2Micro International Ltd., ADR(1)		33,708		256,181
Power Integrations, Inc.		18,681		716,042
Silicon Laboratories, Inc.(1)		26,900		1,162,349
				5,175,463
Specialty Retail — 5.1%
Tractor Supply Co.		29,600		1,771,856
Ulta Salon, Cosmetics & Fragrance, Inc.(1)		30,600		1,472,778
Vitamin Shoppe, Inc.(1)		39,400		1,332,902
Zumiez, Inc.(1)		33,264		879,168
				5,456,704
Textiles, Apparel & Shoes — 5.7%
Deckers Outdoor Corp.(1)		13,500		1,163,025
G-III Apparel Group Ltd.(1)		37,500		1,409,250
Guess?, Inc.		18,100		712,235
Steven Madden Ltd.(1)		31,300		1,468,909
Under Armour, Inc., Class A(1)		19,625		1,335,481
				6,088,900
Truckers — 2.3%
Old Dominion Freight Line, Inc.(1)		34,400		1,207,096
Roadrunner Transportation Systems, Inc.(1)		80,400		1,206,000
				2,413,096
Utilities: Telecommunications — 1.6%
j2 Global Communications, Inc.(1)		56,334		1,662,416
				1,662,416
Total Common Stocks (Cost $77,254,164)				105,125,086
	Principal Amount
Repurchase Agreements — 2.5%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $2,667,001, due 4/1/2011 (2)	$	2,667,000		2,667,000
Total Repurchase Agreements (Cost $2,667,000)				2,667,000
Total Investments — 100.8% (Cost $79,921,164)				107,792,086
Other Liabilities, Net — (0.8)%				(877,331	)
Total Net Assets — 100.0%			$	106,914,755

(1)    Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		4.50	%		8/15/2039	$	2,723,568

Legend:

ADR— American Depositary Receipt.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Small Cap Growth Equity VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	105,125,086	$	—	$	—	$	105,125,086
Repurchase Agreements		—		2,667,000		—		2,667,000
Total	$	105,125,086	$	2,667,000	$	—	$	107,792,086

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS International Growth VIP Series

March 31, 2011 (unaudited)	Shares		Value
Common Stocks — 94.0%
Australia — 6.1%
Brambles Ltd.		541,904	$	3,966,501
Fortescue Metals Group Ltd.		378,066		2,505,077
James Hardie Industries N.V.(1)		142,882		899,849
Woodside Petroleum Ltd.		108,468		5,251,223
Woolworths Ltd.		112,644		3,130,750
				15,753,400
Brazil — 2.2%
B2W Companhia Global do Varejo		66,300		907,607
BM&F BOVESPA S.A.		254,000		1,843,567
OGX Petroleo e Gas Participacoes S.A.(1)		242,100		2,913,831
				5,665,005
Denmark — 3.4%
Novo Nordisk A/S, Class B		31,302		3,930,986
Novozymes A/S, Class B		12,992		1,984,912
Vestas Wind Systems A/S(1)		66,888		2,903,312
				8,819,210
France — 5.8%
Essilor International S.A.		55,200		4,095,589
L’Oreal S.A.		37,525		4,372,029
PPR		42,856		6,563,775
				15,031,393
Germany — 5.8%
Adidas AG		58,913		3,703,967
Aixtron AG		41,500		1,819,461
Axel Springer AG		1,032		166,804
HeidelbergCement AG		31,191		2,168,945
SAP AG		58,560		3,581,549
SMA Solar Technology AG		10,948		1,377,376
TUI AG(1)		187,816		2,242,255
				15,060,357
Hong Kong — 2.0%
Hong Kong Exchanges & Clearing Ltd.		146,900		3,181,828
Li & Fung Ltd.		390,000		1,991,954
				5,173,782
India — 0.8%
Housing Development Finance Corp. Ltd.		82,500		1,291,944
Reliance Capital Ltd.		64,826		851,949
				2,143,893
Israel — 1.1%
Teva Pharmaceutical Industries Ltd., ADR		54,400		2,729,248
				2,729,248
Japan — 11.6%
Canon, Inc.		91,200		3,922,490
Hoya Corp.		91,100		2,078,989
Japan Tobacco, Inc.		105		379,615
Kyocera Corp.		14,200		1,439,135
Nintendo Co. Ltd.		18,300		4,975,947
Rakuten, Inc.		7,329		6,575,327
Rohm Co. Ltd.		24,200		1,520,552
SMC Corp.		25,400		4,180,659
Yamada Denki Co. Ltd.		40,070		2,692,794
Yamaha Motor Co. Ltd.(1)		134,600		2,343,642
				30,109,150
Mexico — 0.5%
Wal-Mart de Mexico S.A.B. de C.V., Series V		441,200		1,324,218
				1,324,218
People’s Republic of China — 8.5%
Baidu, Inc., ADR(1)		83,300		11,479,573
China Merchants Bank Co. Ltd., H shares		607,000		1,677,977
CNOOC Ltd.		1,154,000		2,922,135
Ports Design Ltd.		166,500		383,779
Tencent Holdings Ltd.		226,000		5,506,682
				21,970,146
Singapore — 0.7%
Singapore Exchange Ltd.		295,000		1,836,150
				1,836,150
South Africa — 0.5%
Impala Platinum Holdings Ltd.		42,800		1,236,625
				1,236,625
South Korea — 1.7%
Celltrion, Inc.		54,813		1,738,476
Samsung Electronics Co. Ltd.		3,234		2,742,319
				4,480,795
Spain — 5.1%
Banco Santander S.A.		647,760		7,555,477
Industria de Diseno Textil S.A.		68,736		5,515,398
				13,070,875
Sweden — 8.9%
Alfa Laval AB		134,371		2,918,714
Atlas Copco AB, Class B		396,721		9,582,255
Oriflame Cosmetics S.A., SDR		25,515		1,319,214
Sandvik AB		224,959		4,245,534
Svenska Handelsbanken AB, Class A		154,516		5,068,011
				23,133,728
Switzerland — 6.8%
ABB Ltd. (Reg S)(1)		121,694		2,922,232
Compagnie Financiere Richemont S.A., Class A		125,974		7,263,662
Geberit AG		14,434		3,139,675
Syngenta AG (Reg S)		12,914		4,201,260
				17,526,829
Taiwan — 1.1%
Taiwan Semiconductor Mfg. Co. Ltd., ADR		224,266		2,731,560
				2,731,560
Turkey — 1.1%
Turkiye Garanti Bankasi A.S.		633,866		2,957,537
				2,957,537
United Kingdom — 20.3%
ARM Holdings PLC		218,301		2,025,679
Autonomy Corp. PLC(1)		122,867		3,130,954
BG Group PLC		122,790		3,048,316
BHP Billiton PLC		202,000		7,997,422
British American Tobacco PLC		146,500		5,874,294
Lloyds Banking Group PLC(1)		1,930,000		1,793,360
Meggitt PLC		560,608		3,087,165
Prudential PLC		354,000		4,008,932
Rolls-Royce Group PLC(1)		421,000		4,174,452
SABMiller PLC		125,600		4,444,846
Signet Jewelers Ltd.(1)		47,325		2,130,829
Standard Chartered PLC		260,000		6,744,104
Tesco PLC		692,000		4,227,189
				52,687,542
Total Common Stocks (Cost $183,689,526)				243,441,443
Preferred Stocks — 4.0%
Brazil — 3.5%
Itau Unibanco Holding S.A., ADR		147,440		3,545,932
Petroleo Brasileiro S.A., ADR		159,400		5,665,076
				9,211,008

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS International Growth VIP Series

March 31, 2011 (unaudited)	Shares		Value
Germany — 0.5%
Porsche Automobil Holding SE		20,100	$	1,308,811
				1,308,811
Total Preferred Stocks (Cost $9,378,082)				10,519,819
	Rights
Rights — 0.1%
Brazil — 0.0%
B2W Companhia Global Do Varejo(1)		27,806		19,075
				19,075
Germany — 0.1%
Porsche Automobil Holding SE(1)		20,100		174,247
				174,247
Total Rights (Cost $258,903)				193,322
	Principal Amount
Repurchase Agreements — 1.2%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $3,048,001, due 4/1/2011(2)	$	3,048,000		3,048,000
Total Repurchase Agreements (Cost $3,048,000)				3,048,000
Total Investments — 99.3% (Cost $196,374,511)				257,202,584
Other Assets, Net — 0.7%				1,764,491
Total Net Assets — 100.0%			$	258,967,075

(1)    Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Bond		4.50	%		8/15/2039	$	3,112,650

Legend:

ADR— American Depositary Receipt.

SDR— Swedish Depository Receipt.

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	24,096,408	$	219,345,035	*	$	—	$	243,441,443
Preferred Stocks		9,211,008		1,308,811	*		—		10,519,819
Rights		193,322		—			—		193,322
Repurchase Agreements		—		3,048,000			—		3,048,000
Total	$	33,500,738	$	223,701,846		$	—	$	257,202,584

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

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Emerging Markets VIP Series

March 31, 2011 (unaudited)	Shares		Value
Common Stocks — 90.3%
Brazil — 10.2%
All America Latina Logistica		154,940	$	1,271,673
BM&F BOVESPA S.A.		89,000		645,974
MercadoLibre, Inc.		12,900		1,053,027
OGX Petroleo e Gas Participacoes S.A.(1)		112,800		1,357,621
Petroleo Brasileiro S.A., ADR		178,324		7,209,639
Vale S.A., ADR		85,100		2,838,085
				14,376,019
India — 6.4%
ACC Ltd.		38,000		919,606
GAIL India Ltd.		145,834		1,501,696
Hero Honda Motors Ltd.		30,500		1,094,677
Housing Development Finance Corp. Ltd.		103,500		1,620,803
IFCI Ltd.		605,979		718,099
Infosys Technologies Ltd.		10,500		762,136
Infrastructure Development Finance Co. Ltd.		241,100		834,947
Tata Power Co. Ltd.		54,700		1,630,994
				9,082,958
Indonesia — 4.7%
PT Astra International Tbk		193,000		1,262,287
PT Bakrieland Development Tbk		30,280,500		486,325
PT Bank Rakyat Indonesia Tbk		1,561,000		1,029,434
PT Bumi Resources Tbk		5,362,500		2,057,864
PT Semen Gresik (Persero) Tbk		904,500		944,577
PT Tambang Batubara Bukit Asam Tbk		368,000		886,425
				6,666,912
Malaysia — 0.6%
Public Bank Berhad		193,300		838,588
				838,588
Mexico — 4.0%
America Movil S.A.B. de C.V., ADR, Series L		40,300		2,341,430
Cemex S.A.B. de C.V., ADR(1)		152,464		1,361,503
Wal-Mart de Mexico S.A.B. de C.V.		651,984		1,956,865
				5,659,798
People’s Republic of China — 18.7%
Alibaba.com Ltd.		574,500		986,241
Aluminum Corp. of China Ltd., H shares(1)		1,880,000		1,790,510
Baidu, Inc., ADR(1)		30,100		4,148,081
Bank of China Ltd., H shares		3,511,900		1,952,921
China Construction Bank Corp., H shares		2,216,830		2,075,363
China Life Insurance Co. Ltd., H shares		204,000		763,661
China Mobile Ltd.		364,500		3,364,698
China Railway Construction Corp. Ltd., H shares		1,377,000		1,439,222
China Shenhua Energy Co. Ltd., H shares		604,000		2,846,762
China South Locomotive and Rolling Stock Corp., H shares		1,188,000		1,218,253
China Taiping Insurance Holdings Co. Ltd.(1)		384,000		1,131,564
Parkson Retail Group Ltd.		455,000		625,067
Ping An Insurance Group Co. of China Ltd., H shares		196,500		1,990,738
Renhe Commercial Holdings		4,254,000		798,395
Want Want China Holdings Ltd.		1,668,000		1,308,567
				26,440,043
Peru — 1.0%
Credicorp Ltd.		13,700		1,437,541
				1,437,541
Russia — 6.6%
Evraz Group S.A., GDR (Reg S)(1)		33,800		1,342,483
LUKOIL, ADR		31,000		2,219,491
Petropavlovsk PLC		85,400		1,366,742
Severstal, GDR (Reg S)		78,600		1,540,994
United Co. RUSAL PLC(1)		484,000		838,422
VTB Bank OJSC, GDR (Reg S)		138,995		972,295
X5 Retail Group N.V., GDR (Reg S)(1)		25,020		1,051,203
				9,331,630
South Africa — 8.1%
AngloGold Ashanti Ltd.		11,100		531,927
Gold Fields Ltd.		124,600		2,173,908
Gold Fields Ltd., ADR		38,800		677,448
Impala Platinum Holdings Ltd.		48,600		1,404,205
Lonmin PLC		44,318		1,209,808
Massmart Holdings Ltd.		72,528		1,503,682
Naspers Ltd., N shares		24,390		1,311,979
Sasol		46,800		2,707,746
				11,520,703
South Korea — 11.6%
Cheil Industries, Inc.		11,400		1,208,987
GLOVIS Co. Ltd.		12,700		1,803,830
Hyundai Mobis		8,430		2,513,399
KB Financial Group, Inc.		24,808		1,297,715
NHN Corp.(1)		8,300		1,448,132
Samsung Electronics Co. Ltd.		5,786		4,906,325
Samsung Fire & Marine Insurance Co. Ltd.(1)		8,500		1,877,839
Shinsegae Co. Ltd.		5,700		1,356,156
				16,412,383
Taiwan — 8.3%
Advanced Semiconductor Engineering, Inc.		830,205		898,529
China Life Insurance Co. Ltd.		1,734,554		1,748,781
Far Eastern Department Stores Ltd.		1,015,400		1,603,509
Hon Hai Precision Industry Co. Ltd.		836,990		2,928,615
MediaTek, Inc.		142,282		1,634,739
Taiwan Semiconductor Manufacturing Co. Ltd.		1,241,385		2,974,685
				11,788,858
Thailand — 1.4%
Bank of Ayudhya Public Co. Ltd.		2,475,800		2,030,338
				2,030,338
Turkey — 1.2%
Turkiye Garanti Bankasi A.S.		352,955		1,646,843
				1,646,843
Other African Countries — 3.5%
Chariot Oil & Gas Ltd.(1)		322,542		1,297,637
Kenmare Resources PLC(1)		2,843,348		2,025,421
Tullow Oil PLC		69,700		1,617,364
				4,940,422
Other Emerging Markets Countries — 4.0%
Desire Petroleum PLC(1)		81,925		49,519
Dragon Oil PLC(1)		491,690		4,716,837
Gulf Keystone Petroleum Ltd.(1)		342,599		835,726
Rockhopper Exploration PLC(1)		15,758		62,629
				5,664,711
Total Common Stocks (Cost $86,007,006)				127,837,747
Preferred Stocks — 8.3%
Brazil — 7.1%
Banco Bradesco S.A.		103,342		2,110,958
Bradespar S.A.		94,300		2,472,079
Compahia Brasileira de Distribuicao Grupo Pao de Acucar, A Shares		35,500		1,459,443
Companhia Energetica de Minas Gerais		78,437		1,498,454
Itausa-Investimentos Itau S.A.		319,932		2,508,272
				10,049,206

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Emerging Markets VIP Series

March 31, 2011 (unaudited)	Shares		Value
South Korea — 1.2%
Samsung Electronics Co. Ltd.		3,074	$	1,749,944
				1,749,944
Total Preferred Stocks (Cost $5,819,696)				11,799,150
	Principal Amount
Repurchase Agreements — 0.1%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $72,000, due 4/1/2011(2)	$	72,000		72,000
Total Repurchase Agreements (Cost $72,000)				72,000
Total Investments — 98.7% (Cost $91,898,702)				139,708,897
Other Assets, Net — 1.3%				1,803,354
Total Net Assets — 100.0%			$	141,512,251

(1)    Non-income producing security.

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

Security	Coupon	Maturity Date		Value
U.S. Treasury Note	1.00%		4/30/2012	$	75,837
Legend: ADR— American Depositary Receipt. GDR— Global Depositary Receipt.

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	31,078,353	$	96,759,394	*	$	—	$	127,837,747
Preferred Stocks		10,049,206		1,749,944	*		—		11,799,150
Repurchase Agreements		—		72,000			—		72,000
Total	$	41,127,559	$	98,581,338		$	—	$	139,708,897

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

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Asset Backed Securities — 3.9%
Ally Master Owner Trust
2011-1 A2
2.15% due 1/15/2016	$	6,250,000	$	6,250,552
Ameriquest Mortgage Securities, Inc.
2003-5 A6
4.541% due 4/25/2033 (1)		1,518,202		1,369,099
Chase Funding Mortgage Loan Trust
2004-1 1A6
4.266% due 6/25/2015		325,299		321,829
CitiFinancial Mortgage Securities, Inc.
2003-3 AF5
4.553% due 8/25/2033 (1)		769,467		774,586
CNH Equipment Trust
2009-C A4
3.00% due 8/17/2015		5,600,000		5,760,863
GE Capital Credit Card Master Note Trust
2010-3 A
2.21% due 6/15/2016		650,000		660,372
Hertz Vehicle Financing LLC
2009-2A A1
4.26% due 3/25/2014 (2)		3,975,000		4,164,663
Hyundai Auto Receivables Trust
2009-A A4
3.15% due 3/15/2016		1,300,000		1,349,549
World Omni Auto Receivables Trust
2010-A A4
2.21% due 5/15/2015		4,800,000		4,883,865
Total Asset Backed Securities (Cost $25,208,428)				25,535,378
Collateralized Mortgage Obligations — 16.4%
Banc of America Alternative Loan Trust
2004-1 2A1
6.00% due 2/25/2034		4,420,184		4,475,785
Cendant Mortgage Corp.
2003-4 1A1
4.85% due 5/25/2033		997,178		1,018,820
Chase Mortgage Finance Corp.
2003-S11 3A1
5.50% due 10/25/2033		1,560,996		1,592,219
Citicorp Mortgage Securities, Inc.
2007-8 1A3
6.00% due 9/25/2037		2,006,599		1,989,814
Countrywide Alternative Loan Trust
2004-35T2 A1
6.00% due 2/25/2035		1,212,025		1,206,510
2006-19CB A15
6.00% due 8/25/2036		1,676,907		1,426,224
Countrywide Home Loans Mortgage Pass Through Trust
2003-11 A31
5.50% due 5/25/2033		4,759,576		4,953,624
Countrywide Home Loans Trust
2003-J7 2A12
5.00% due 8/25/2033		3,759,899		3,849,080
2002-19 1A1
6.25% due 11/25/2032		660,758		706,575
FHLMC
2663 VQ
5.00% due 6/15/2022		2,800,000		3,000,298
1534 Z
5.00% due 6/15/2023		638,205		638,056
3227 PR
5.50% due 9/15/2035		8,458,331		9,237,788
FNMA
2002-77 QG
5.50% due 12/25/2032		4,110,000		4,621,181
2006-45 AC
5.50% due 6/25/2036		543,045		536,565
2002-52 PB
6.00% due 2/25/2032		1,486,499		1,523,479
GMAC Mortgage Corp. Loan Trust
2004-J6 2A1
5.25% due 2/25/2035		502,324		503,496
GNMA
1997-19 PG
6.50% due 12/20/2027		2,778,821		3,077,677
J.P. Morgan Mortgage Trust
2005-A3 11A2
4.485% due 6/25/2035 (1)		5,913,000		5,840,081
2004-S2 1A3
4.75% due 11/25/2019		2,058,361		2,096,578
Master Asset Securitization Trust
2003-5 2A1
5.00% due 6/25/2018		1,518,255		1,567,305
2003-10 3A7
5.50% due 11/25/2033		1,569,454		1,640,486
Prime Mortgage Trust
2004-2 A3
5.25% due 11/25/2019		1,289,182		1,336,461
2003-3 A9
5.50% due 1/25/2034		4,744,821		5,021,160
Residential Asset Mortgage Products, Inc.
2005-SL1 A4
6.00% due 5/25/2032		1,064,777		1,079,433
Residential Funding Mortgage Securities I, Inc.
2005-S1 2A1
4.75% due 2/25/2020		2,679,324		2,749,228
2005-S3 A1
4.75% due 3/25/2020		4,426,508		4,488,151
2003-S20 1A4
5.50% due 12/25/2033		1,216,810		1,229,611
Residential Funding Mortgage Securities Trust
2006-S3 A7
5.50% due 3/25/2036		1,738,609		1,514,776
Structured Asset Securities Corp.
2005-1 4A1
5.00% due 2/25/2020		2,688,814		2,741,181
Wells Fargo Mortgage Backed Securities Trust
2005-1 1A1
4.75% due 1/25/2020		3,210,931		3,291,702
2005-2 2A1
4.75% due 4/25/2020 (3)		2,908,329		3,022,778
2004-2 A1
5.00% due 1/25/2019		1,793,641		1,857,713
2006-1 A3
5.00% due 3/25/2021		4,145,643		4,165,310
2003-2 A7
5.25% due 2/25/2018 (3)		4,494,604		4,638,009
2006-7 1A1
5.25% due 6/25/2021		1,218,593		1,232,952
2003-9 1A3
5.25% due 8/25/2033		2,079,615		2,160,211
2005-6 A1
5.25% due 8/25/2035		5,084,329		5,164,926
2004-6 A4
5.50% due 6/25/2034		3,262,188		3,458,536
2007-13 A7

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
6.00% due 9/25/2037	$	2,359,732	$	2,288,517
Total Collateralized Mortgage Obligations (Cost $105,160,498)				106,942,296
Senior Secured Loans — 1.0%
Finance Companies — 0.1%
Springleaf Finance Corp.
Term Loan B
7.25% due 4/21/2015 (1)		750,000		750,472
				750,472
Food — 0.1%
Dole Food Co., Inc.
Term Loan B
5.50% due 3/2/2017 (1)		209,647		210,695
Term Loan C
5.00% due 3/2/2017 (1)		520,711		523,315
				734,010
Healthcare — 0.4%
Grifols, Inc.
Term Loan B
6.00% due 11/23/2016 (1)		2,000,000		2,012,000
IMS Health, Inc.
New Term Loan B
4.50% due 8/25/2017 (1)		742,507		746,086
				2,758,086
Metals And Mining — 0.3%
Novelis, Inc.
New Term Loan B
4.00% due 3/10/2017 (1)		1,596,000		1,598,155
				1,598,155
Technology — 0.1%
Dealer Computer Services, Inc.
Term Loan B
5.25% due 4/21/2017 (1)		632,555		631,448
				631,448
Total Senior Secured Loans (Cost $6,438,629)				6,472,171
Commercial Mortgage-Backed Securities — 18.9%
Adams Outdoor Advertising LP
2010-1 A
5.438% due 12/20/2040 (2)		4,785,813		4,869,497
American Tower Trust
2007-1A AFX
5.42% due 4/15/2037 (2)(3)		4,420,000		4,740,083
Banc of America Commercial Mortgage, Inc.
2003-1 A2
4.648% due 9/11/2036		2,350,000		2,446,187
2005-6 A4
5.196% due 9/10/2047 (1)		5,800,000		6,255,501
2006-2 A4
5.741% due 5/10/2045 (1)		3,400,000		3,692,696
Bear Stearns Commercial Mortgage Securities
2003-T10 A2
4.74% due 3/13/2040		4,500,000		4,701,936
1999-C1 B
6.20% due 2/14/2031 (1)		2,699,132		2,786,110
Chase Commercial Mortgage Securities Corp.
1998-1 F
6.56% due 5/18/2030 (1)(2)		3,255,353		3,433,760
Citigroup/Deutsche Bank Commercial Mortgage Trust
2005-CD1 AM
5.222% due 7/15/2044 (1)		4,295,000		4,542,276
Crown Castle Towers LLC
Sr. Sec. Nt.
6.113% due 1/15/2020 (2)(3)		5,800,000		6,286,347
CS First Boston Mortgage Securities Corp.
2004-C5 A2
4.183% due 11/15/2037		1,467,521		1,466,507
2005-C1 AJ
5.075% due 2/15/2038 (1)		2,765,000		2,851,788
2001-CP4 A4
6.18% due 12/15/2035		254,937		255,170
GE Capital Commercial Mortgage Corp.
2003-C2 A4
5.145% due 7/10/2037		4,975,000		5,272,585
GMAC Commercial Mortgage Securities, Inc.
2006 C1 AM
5.29% due 11/10/2045 (1)		2,100,000		2,084,326
Greenwich Capital Commercial Funding Corp.
2003-C2 A4
4.915% due 1/5/2036		3,900,000		4,126,649
2004-GG1 A7
5.317% due 6/10/2036 (1)		3,764,000		4,029,562
J.P. Morgan Chase Commercial Mortgage Securities Corp.
2005-LDP3 A4
4.936% due 8/15/2042 (1)(3)		4,000,000		4,260,914
2005-LDP5 A4
5.202% due 12/15/2044 (1)(3)		2,880,000		3,086,284
2001-C1 A3
5.857% due 10/12/2035 (3)		3,283,086		3,307,606
LB Commercial Conduit Mortgage Trust
1998-C1 F
6.30% due 2/18/2030 (2)		5,000,000		5,156,334
LB UBS Commercial Mortgage Trust
2002-C7 A4
4.96% due 12/15/2031		4,400,000		4,616,760
2003-C8 A4
5.124% due 11/15/2032 (1)		1,000,000		1,065,126
2002-C1 A4
6.462% due 3/15/2031		844,741		870,915
Merrill Lynch Mortgage Trust
2004-BPC1 A5
4.855% due 10/12/2041 (1)		3,750,000		3,987,330
Morgan Stanley Capital I Trust
2004-HQ3 A3
4.49% due 1/13/2041		175,422		179,514
2005-HQ7 AAB
5.18% due 11/14/2042 (1)		4,922,187		5,127,934
2004-IQ7 A4
5.409% due 6/15/2038 (1)		3,000,000		3,215,565
NCUA Guaranteed Notes
2010-C1 A2
2.90% due 10/29/2020		2,190,000		2,132,097
Salomon Brothers Mortgage Securities VII, Inc.
1999-C1 G
7.08% due 5/18/2032 (1)(2)		4,237,000		4,436,448
SBA Tower Trust
Sec. Nt.
4.254% due 4/15/2015 (2)		5,500,000		5,731,103
Wachovia Bank Commercial Mortgage Trust

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
2004-C10 A4
4.748% due 2/15/2041	$	1,989,000	$	2,094,268
2005-C18 A4
4.935% due 4/15/2042		2,495,000		2,658,845
2004-C11 A5
5.215% due 1/15/2041 (1)		3,477,000		3,715,055
WF-RBS Commercial Mortgage Trust
2011-C2 A4
4.869% due 2/15/2044 (1)(2)		4,100,000		4,194,334
Total Commercial Mortgage-Backed Securities (Cost $119,599,657)				123,677,412
Corporate Bonds — 32.9%
Aerospace & Defense — 0.2%
L-3 Communications Corp.
5.20% due 10/15/2019		500,000		521,532
TRW, Inc.
7.75% due 6/1/2029		500,000		629,984
				1,151,516
Automotive — 1.0%
Banque PSA Finance
Sr. Nt.
5.75% due 4/4/2021 (2)		1,600,000		1,585,155
BorgWarner, Inc.
Sr. Nt.
4.625% due 9/15/2020		1,500,000		1,499,393
Ford Motor Credit Co. LLC
Sr. Nt.
8.00% due 6/1/2014		3,000,000		3,336,537
				6,421,085
Banking — 5.7%
American Express Bank FSB
6.00% due 9/13/2017		500,000		554,015
Bank of America Corp.
Sr. Nt.
7.375% due 5/15/2014		1,500,000		1,693,986
Bank One Corp.
5.25% due 1/30/2013		600,000		636,181
Barclays Bank PLC
Sr. Nt.
5.125% due 1/8/2020		1,600,000		1,627,690
Citigroup, Inc.
Sr. Nt.
6.125% due 11/21/2017 -5/15/2018		3,400,000		3,706,940
City National Corp.
5.125% due 2/15/2013		700,000		735,032
Credit Suisse First Boston USA, Inc.
6.50% due 1/15/2012		800,000		836,809
Credit Suisse/New York NY
Sr. Nt.
3.50% due 3/23/2015		1,000,000		1,021,200
5.30% due 8/13/2019		1,200,000		1,261,406
Deutsche Bank AG London
6.00% due 9/1/2017		800,000		886,899
Discover Bank
Sub. Nt.
7.00% due 4/15/2020		1,600,000		1,760,323
HSBC USA, Inc.
4.625% due 4/1/2014		700,000		744,232
Huntington BancShares, Inc.
Sub. Nt.
7.00% due 12/15/2020		1,500,000		1,656,011
JPMorgan Chase Bank N.A.
6.00% due 10/1/2017		1,500,000		1,640,652
Lloyds TSB Bank PLC
5.80% due 1/13/2020 (2)		1,500,000		1,501,479
Merrill Lynch & Co., Inc.
Sr. Nt. Ser. C
6.05% due 8/15/2012		1,000,000		1,062,718
Morgan Stanley
5.95% due 12/28/2017		2,300,000		2,470,517
PNC Bank N.A.
6.875% due 4/1/2018		800,000		907,112
Regions Financial Corp.
Sr. Nt.
4.875% due 4/26/2013		1,500,000		1,522,833
Santander U.S. Debt S.A. Unipersonal
3.724% due 1/20/2015 (2)		1,300,000		1,257,165
The Bear Stearns Cos. LLC
Sub. Nt.
5.55% due 1/22/2017		800,000		849,786
The Goldman Sachs Group, Inc.
5.125% due 1/15/2015		1,600,000		1,709,728
5.625% due 1/15/2017		370,000		389,910
Sr. Nt.
5.375% due 3/15/2020		2,000,000		2,030,670
UBS AG Stamford CT
Sr. Nt.
4.875% due 8/4/2020		1,600,000		1,613,264
USB Realty Corp.
6.091% due 1/15/2012 (1)(2)(4)		950,000		798,000
Wachovia Corp.
5.25% due 8/1/2014		700,000		748,630
Wells Fargo Bank N.A.
5.75% due 5/16/2016		1,200,000		1,317,376
				36,940,564
Brokerage — 0.8%
BlackRock, Inc.
Sr. Nt.
3.50% due 12/10/2014		1,200,000		1,254,693
Jefferies Group, Inc.
Sr. Nt.
3.875% due 11/9/2015		1,200,000		1,197,410
Lehman Brothers Holdings Capital Trust VII
5.857% due 5/31/2012 (4)(5)		1,000,000		100
Nomura Holdings, Inc.
Sr. Nt.
5.00% due 3/4/2015		1,600,000		1,656,736
The Charles Schwab Corp.
Sr. Nt.
4.95% due 6/1/2014		1,000,000		1,086,603
				5,195,542
Building Materials — 0.5%
CRH America, Inc.
6.00% due 9/30/2016		1,350,000		1,455,200
Masco Corp.
Sr. Nt.
5.875% due 7/15/2012		1,500,000		1,570,352
				3,025,552
Chemicals — 0.6%
FMC Corp.
Sr. Nt.
5.20% due 12/15/2019		500,000		518,001
Incitec Pivot Finance LLC
6.00% due 12/10/2019 (2)		1,200,000		1,257,395
Lubrizol Corp.
Sr. Nt.
8.875% due 2/1/2019		500,000		642,623

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
The Dow Chemical Co.
Sr. Nt.
5.70% due 5/15/2018	$	1,500,000	$	1,616,401
				4,034,420
Construction Machinery — 0.2%
Joy Global, Inc.
6.00% due 11/15/2016		1,200,000		1,308,464
				1,308,464
Consumer Products — 0.2%
Whirlpool Corp.
Nt.
8.00% due 5/1/2012		1,000,000		1,065,693
				1,065,693
Diversified Manufacturing — 0.1%
Siemens Financieringsmat N.V.
6.125% due 8/17/2026 (2)		750,000		845,381
				845,381
Electric — 1.0%
Alabama Power Co.
5.65% due 3/15/2035		750,000		733,799
Duquesne Light Holdings, Inc.
Sr. Nt.
5.50% due 8/15/2015		1,515,000		1,551,340
Florida Power & Light Co.
4.95% due 6/1/2035		750,000		707,790
Nevada Power Co.
6.65% due 4/1/2036		600,000		678,226
PacifiCorp
5.25% due 6/15/2035		350,000		339,800
PPL Electric Utilities Corp.
6.25% due 5/15/2039		1,455,000		1,601,677
Virginia Electric and Power Co.
Sr. Nt.
8.875% due 11/15/2038		800,000		1,160,282
				6,772,914
Energy - Integrated — 0.8%
BP Capital Markets PLC
4.50% due 10/1/2020		1,600,000		1,587,771
Hess Corp.
Sr. Nt.
5.60% due 2/15/2041		2,000,000		1,910,664
Suncor Energy, Inc.
Sr. Nt.
6.50% due 6/15/2038		1,200,000		1,295,425
Tosco Corp.
8.125% due 2/15/2030		500,000		638,968
				5,432,828
Entertainment — 0.4%
Time Warner, Inc.
7.57% due 2/1/2024		1,450,000		1,730,213
Viacom, Inc.
6.875% due 4/30/2036		800,000		875,995
				2,606,208
Food And Beverage — 0.5%
Anheuser-Busch InBev Worldwide, Inc.
4.125% due 1/15/2015		1,650,000		1,742,824
Kraft Foods, Inc.
Sr. Nt.
6.50% due 2/9/2040		500,000		534,043
Mead Johnson Nutrition Co.
Sr. Nt.
4.90% due 11/1/2019		1,200,000		1,242,424
				3,519,291
Gaming — 0.2%
Seminole Indian Tribe of Florida
Sr. Sec. Nt.
5.798% due 10/1/2013 (2)		1,500,000		1,503,960
				1,503,960
Government Related — 1.0%
Korea Electric Power Corp.
Sr. Nt.
5.50% due 7/21/2014 (2)		1,500,000		1,618,929
Pemex Project Funding Master Trust
5.75% due 3/1/2018		700,000		740,599
Petrobras International Finance Co.
5.875% due 3/1/2018		1,250,000		1,324,061
RAS Laffan Liquefied Natural Gas Co. Ltd.
Sr. Sec. Nt.
6.75% due 9/30/2019 (2)		2,300,000		2,585,041
				6,268,630
Health Insurance — 0.3%
UnitedHealth Group, Inc.
6.50% due 6/15/2037		500,000		536,212
WellPoint, Inc.
Sr. Nt.
4.35% due 8/15/2020		1,200,000		1,197,203
				1,733,415
Healthcare — 0.9%
Beckman Coulter, Inc.
Sr. Nt.
7.00% due 6/1/2019		750,000		865,682
Becton Dickinson and Co.
Sr. Nt.
5.00% due 5/15/2019		1,000,000		1,077,261
Bio-Rad Laboratories, Inc.
Sr. Nt.
4.875% due 12/15/2020		1,300,000		1,278,875
FMC Finance III SA
6.875% due 7/15/2017		1,500,000		1,584,375
McKesson Corp.
Sr. Nt.
7.50% due 2/15/2019		600,000		725,715
				5,531,908
Independent Energy — 1.0%
Canadian Natural Resources Ltd.
6.25% due 3/15/2038		600,000		646,177
Chesapeake Energy Corp.
6.125% due 2/15/2021		1,400,000		1,445,500
Dolphin Energy Ltd.
Sr. Sec. Nt.
5.888% due 6/15/2019 (2)		1,845,800		1,961,162
Nexen, Inc.
Sr. Nt.
6.20% due 7/30/2019		900,000		995,003
Whiting Petroleum Corp.
6.50% due 10/1/2018		1,600,000		1,656,000
				6,703,842
Industrial - Other — 0.3%
Princeton University
Sr. Nt.
5.70% due 3/1/2039		1,600,000		1,731,936
				1,731,936
Insurance - Life — 2.4%
American International Group, Inc.
Sr. Nt.
5.85% due 1/16/2018		1,000,000		1,041,636
AXA SA
6.463% due 12/14/2018 (1)(2)(4)		800,000		698,000

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Genworth Financial, Inc.
Sr. Nt.
7.20% due 2/15/2021	$	2,400,000	$	2,383,541
ING Groep N.V.
Jr. Sub. Nt.
5.775% due 12/8/2015 (1)(4)		2,000,000		1,850,000
MetLife, Inc.
6.40% due 12/15/2036		500,000		481,550
Sr. Nt. Series A
6.817% due 8/15/2018		1,400,000		1,618,768
New York Life Insurance Co.
Sub. Nt.
6.75% due 11/15/2039 (2)		1,000,000		1,147,024
Prudential Financial, Inc.
Sr. Nt.
7.375% due 6/15/2019		1,500,000		1,761,174
Symetra Financial Corp.
6.125% due 4/1/2016 (2)(6)		800,000		831,374
Teachers Insurance & Annuity Association of America
Nt.
6.85% due 12/16/2039 (2)		1,200,000		1,353,032
The Hartford Financial Services Group, Inc.
Sr. Nt.
5.50% due 3/30/2020		1,500,000		1,525,515
UnumProvident Finance Co.
Sr. Nt.
6.85% due 11/15/2015 (2)		1,100,000		1,224,345
				15,915,959
Insurance P&C — 1.5%
Ace INA Holdings, Inc.
5.80% due 3/15/2018		1,000,000		1,099,596
Allied World Assurance Co. Hldgs. Ltd.
7.50% due 8/1/2016		1,100,000		1,226,874
Allstate Life Global Funding Trust Nt.
5.375% due 4/30/2013		750,000		809,151
Berkshire Hathaway Finance Corp.
5.75% due 1/15/2040		1,500,000		1,570,728
Liberty Mutual Group, Inc.
7.50% due 8/15/2036 (2)		400,000		428,000
The Northwestern Mutual Life Insurance Co.
Nt.
6.063% due 3/30/2040 (2)		1,500,000		1,583,832
The Travelers Cos., Inc.
Sr. Nt.
5.75% due 12/15/2017		1,000,000		1,102,395
ZFS Finance USA Trust II
Jr. Sub. Nt.
6.45% due 12/15/2065 (1)(2)		1,600,000		1,632,000
				9,452,576
Media Cable — 1.2%
Comcast Corp.
6.45% due 3/15/2037		1,000,000		1,024,430
6.50% due 1/15/2017		1,100,000		1,252,631
Time Warner Cable, Inc.
5.40% due 7/2/2012		1,000,000		1,051,526
5.85% due 5/1/2017		2,900,000		3,171,727
Virgin Media Secured Finance PLC
Sr. Sec. Nt.
6.50% due 1/15/2018		1,500,000		1,638,750
				8,139,064
Media Noncable — 0.2%
Scholastic Corp.
Sr. Nt.
5.00% due 4/15/2013		1,500,000		1,516,875
				1,516,875
Metals And Mining — 2.1%
Allegheny Technologies, Inc.
Sr. Nt.
9.375% due 6/1/2019		1,500,000		1,900,329
ArcelorMittal
Sr. Nt.
6.125% due 6/1/2018		750,000		794,441
Cliffs Natural Resources, Inc.
Sr. Nt.
5.90% due 3/15/2020		2,250,000		2,399,546
FMG Resources August 2006 Pty. Ltd.
6.375% due 2/1/2016 (2)		2,000,000		2,015,000
Freeport-McMoRan Copper & Gold, Inc.
Sr. Nt.
8.375% due 4/1/2017		1,200,000		1,323,000
Steel Dynamics, Inc.
6.75% due 4/1/2015		1,500,000		1,535,625
Teck Resources Ltd.
Sr. Nt.
5.375% due 10/1/2015		1,500,000		1,626,850
United States Steel Corp.
Sr. Nt.
7.00% due 2/1/2018		1,500,000		1,558,125
Vale Overseas Ltd.
6.25% due 1/23/2017		400,000		445,251
				13,598,167
Non Captive Consumer — 0.4%
Household Finance Corp.
6.375% due 11/27/2012		1,000,000		1,076,157
SLM Corp.
Sr. Nt.
6.25% due 1/25/2016		1,200,000		1,251,000
				2,327,157
Non Captive Diversified — 1.2%
Ally Financial, Inc.
4.50% due 2/11/2014		1,500,000		1,500,000
CIT Group, Inc.
Sec. Nt.
5.25% due 4/1/2014 (2)		1,500,000		1,509,405
GATX Corp.
Sr. Nt.
4.75% due 10/1/2012		650,000		679,483
General Electric Capital Corp.
6.75% due 3/15/2032		1,000,000		1,098,841
Sr. Nt.
5.625% due 5/1/2018		1,200,000		1,297,343
KKR Group Finance Co.
6.375% due 9/29/2020 (2)		1,600,000		1,636,624
				7,721,696
Oil Field Services — 0.4%
Transocean, Inc.
Sr. Nt.
6.00% due 3/15/2018		550,000		593,822
Weatherford International Ltd.
5.15% due 3/15/2013		700,000		740,914
6.50% due 8/1/2036		1,500,000		1,499,821
				2,834,557
Paper — 0.5%
Georgia-Pacific LLC
5.40% due 11/1/2020 (2)		2,000,000		1,974,946
Rock-Tenn Co.
Sr. Sec. Nt.
8.20% due 8/15/2011		1,300,000		1,326,000
				3,300,946

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Pharmaceuticals — 0.8%
Abbott Laboratories
Sr. Nt.
5.125% due 4/1/2019	$	1,400,000	$	1,512,755
Amgen, Inc.
5.85% due 6/1/2017		400,000		455,196
Eli Lilly & Co.
Sr. Nt.
4.20% due 3/6/2014		1,500,000		1,607,912
Pfizer, Inc.
Sr. Nt.
6.20% due 3/15/2019		800,000		921,882
Wyeth
5.95% due 4/1/2037		475,000		507,800
				5,005,545
Pipelines — 1.1%
Boardwalk Pipelines LP
5.75% due 9/15/2019		1,600,000		1,702,176
Energy Transfer Partners LP
Sr. Nt.
8.50% due 4/15/2014		750,000		876,379
Enterprise Products Operating LLC
5.20% due 9/1/2020		2,000,000		2,062,946
8.375% due 8/1/2066 (1)		400,000		432,000
Magellan Midstream Partners LP
6.55% due 7/15/2019		1,200,000		1,368,342
Williams Partners LP
Sr. Nt.
5.25% due 3/15/2020		1,000,000		1,043,172
				7,485,015
Railroads — 0.1%
Canadian National Railway Co.
Sr. Nt.
5.85% due 11/15/2017		800,000		904,978
				904,978
Refining — 0.4%
Motiva Enterprises LLC
Nt.
5.75% due 1/15/2020 (2)		1,500,000		1,639,871
Valero Energy Corp.
Sr. Nt.
9.375% due 3/15/2019		600,000		766,973
				2,406,844
REITs — 0.9%
CommonWealth REIT
Sr. Nt.
5.875% due 9/15/2020		1,200,000		1,223,903
Equity One, Inc.
6.25% due 12/15/2014		1,100,000		1,180,115
ERP Operating LP
5.375% due 8/1/2016		775,000		842,787
ProLogis
Sr. Sec. Nt.
6.875% due 3/15/2020		1,500,000		1,641,344
WEA Finance LLC
5.40% due 10/1/2012 (2)		900,000		952,242
				5,840,391
Retailers — 0.8%
Macy’s Retail Holdings, Inc.
5.90% due 12/1/2016		1,500,000		1,612,500
6.625% due 4/1/2011		1,280,000		1,280,000
Nordstrom, Inc.
Sr. Nt.
6.25% due 1/15/2018		1,500,000		1,716,649
Target Corp.
Sr. Nt.
7.00% due 1/15/2038		600,000		708,435
				5,317,584
Technology — 0.7%
Computer Sciences Corp.
Sr. Nt. Series WI
6.50% due 3/15/2018		800,000		869,281
Corning, Inc.
Sr. Nt.
6.625% due 5/15/2019		1,000,000		1,153,295
International Business Machines Corp.
5.70% due 9/14/2017		400,000		452,738
Kla-Tencor Corp.
Sr. Nt.
6.90% due 5/1/2018		1,500,000		1,654,311
National Semiconductor Corp.
6.60% due 6/15/2017		500,000		550,197
				4,679,822
Wireless — 1.0%
America Movil S.A.B. de C.V.
5.00% due 10/16/2019		1,500,000		1,544,693
American Tower Corp.
Sr. Nt.
4.625% due 4/1/2015		1,500,000		1,557,215
Cellco Partnership
Sr. Nt.
5.55% due 2/1/2014		800,000		878,432
New Cingular Wireless Services, Inc.
8.125% due 5/1/2012		1,250,000		1,345,366
Vodafone Group PLC
Sr. Nt.
5.45% due 6/10/2019		1,000,000		1,092,671
6.15% due 2/27/2037		350,000		373,233
				6,791,610
Wirelines — 1.5%
AT&T, Inc.
6.30% due 1/15/2038		1,200,000		1,209,481
Deutsche Telekom International Finance BV
8.75% due 6/15/2030		850,000		1,114,431
France Telecom S.A.
8.50% due 3/1/2031		335,000		450,769
Qwest Communications International, Inc.
7.125% due 4/1/2018		1,500,000		1,618,125
Qwest Corp.
Sr. Nt.
7.875% due 9/1/2011		1,600,000		1,644,000
Telecom Italia Capital SA
5.25% due 11/15/2013 - 10/1/2015		2,050,000		2,153,196
Verizon Communications, Inc.
6.40% due 2/15/2038		1,250,000		1,309,660
				9,499,662
Total Corporate Bonds (Cost $203,031,831)				214,531,597
Hybrid ARMS — 0.3%
FNMA
5.737% due 12/1/2036 (1)		1,077,493		1,139,882
6.228% due 8/1/2046 (1)		1,017,114		1,062,942
Total Hybrid ARMS (Cost $2,109,370)				2,202,824

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Mortgage Pass-Through Securities — 17.0%
FHLMC
4.00% due 12/1/2040 - 1/1/2041	$	18,400,653	$	18,093,526
5.50% due 2/1/2037 - 6/1/2038		4,419,619		4,726,058
7.00% due 9/1/2038		937,340		1,068,642
FNMA
4.00% due 11/1/2040		17,830,607		17,564,295
4.50% due 12/1/2041 (7)		14,700,000		14,959,543
5.00% due 4/1/2023 - 12/1/2039		22,613,077		23,706,165
5.00% due 12/1/2041 (7)		4,000,000		4,184,376
5.50% due 1/1/2038 - 5/1/2038		16,764,258		17,949,765
5.50% due 12/1/2041 (7)		6,000,000		6,416,250
6.00% due 8/1/2021		616,569		677,263
6.50% due 2/1/2013 - 12/1/2014		129,579		139,048
7.00% due 9/1/2014 - 6/1/2032		260,281		296,660
7.50% due 12/1/2029		244,023		283,101
8.00% due 1/1/2030 - 9/1/2030		83,811		98,162
GNMA
6.00% due 10/15/2032 -12/15/2033		635,642		703,311
Total Mortgage Pass-Through Securities (Cost $110,388,461)				110,866,165
Municipal Bonds — 1.8%
Arizona Water Infrastructure Finance Authority
Revenue
Water Quality-Series A
5.00% due 10/1/2027		1,200,000		1,253,292
California State General Obligation
5.25% due 4/1/2014		800,000		835,928
Chicago Illinois Metropolitan Water Reclamation District Greater Chicago General Obligation Build America Bonds-Taxable Direct Payment
5.72% due 12/1/2038		1,600,000		1,579,328
Illinois State Toll Highway Authority Toll Highway
Revenue
Build America Bonds-Series A
6.184% due 1/1/2034		1,000,000		960,860
Massachusetts Bay Transportation Authority
Revenue
Series A
5.25% due 7/1/2034		2,400,000		2,465,208
Massachusetts State Health & Educational
Facilities Authority Revenue
Harvard University-Series A
5.50% due 11/15/2036		1,190,000		1,257,271
New York City Municipal Water Finance Authority
Water & Sewer Revenue
Build America Bonds-Series EE
6.011% due 6/15/2042		1,600,000		1,637,072
Oregon School Board Association
4.759% due 6/30/2028		450,000		402,804
San Diego County California Water Authority
Financing Agency Water Revenue
Build America Bonds-Series B
6.138% due 5/1/2049		1,500,000		1,487,790
Total Municipal Bonds (Cost $11,839,250)				11,879,553
U.S. Government Securities — 6.0%
U.S. Treasury Bonds
3.875% due 8/15/2040		5,750,000		5,145,353
4.25% due 11/15/2040		10,825,000		10,353,095
4.375% due 5/15/2040		2,805,000		2,742,336
6.625% due 2/15/2027		2,500,000		3,235,937
U.S. Treasury Notes
1.875% due 8/31/2017 - 10/31/2017		3,600,000		3,409,781
2.00% due 1/31/2016		10,550,000		10,473,344
2.125% due 2/29/2016		1,430,000		1,425,531
2.25% due 11/30/2017		800,000		772,750
2.625% due 11/15/2020		935,000		872,472
3.625% due 2/15/2021		405,000		410,759
Total U.S. Government Securities (Cost $39,796,208)				38,841,358
Short-Term Investments — 3.9%
Barclays U.S. Funding LLC
0.18% due 4/13/2011 (3)		7,650,000		7,649,541
John Deere Credit Ltd.
0.19% due 4/13/2011 (3)		8,000,000		7,999,493
NetJets, Inc.
0.16% due 4/13/2011 (3)		2,500,000		2,499,867
Private Export Funding Corp.
0.15% due 4/13/2011 (3)		5,000,000		4,999,750
Toyota Motor Credit Corp.
0.10% due 4/13/2011 (3)		2,500,000		2,499,917
Total Short-Term Investments (Cost $25,648,568)				25,648,568
Repurchase Agreements — 1.8%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $11,800,003, due 4/1/2011(8)		11,800,000		11,800,000
Total Repurchase Agreements (Cost $11,800,000)				11,800,000
Total Investments — 103.9% (Cost $661,020,900)				678,397,322
Other Liabilities, Net — (3.9)%				(25,558,482	)
Total Net Assets — 100.0%			$	652,838,840

(1) Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2011.

(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 March 31, 2011, the aggregate market value of these securities amounted to $76,551,931, representing 11.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3) Securities are segregated to cover to be announced securities, TBA.

(4) Maturity is perpetual. Maturity date presented represents the next call date.

(5) Non-income producing security. In case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. The following table presents bonds that are in default.

Security	Coupon			Maturity Date		Principal Amount		Acquisition Cost		Value
Lehman
Brothers
Holdings
Capital
Trust VII		5.857	%		5/31/2012	$	1,000,000	$	996,693	$	100
(6)    The table below presents securities deemed illiquid by the investment adviser.

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Investment Quality Bond VIP Series

Security	Principal Amount		Acquisition Cost		Value		Acquisition Date		% of Fund’s Net Assets
Symetra Financial Corp.	$	800,000	$	794,799	$	831,374		3/23/2006- 7/20/2006		0.13	%

(7) TBA - To be announced.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Bill		0.00	%		4/21/2011	$	12,039,663

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	25,535,378	$	—	$	25,535,378
Collateralized Mortgage Obligations		—		106,942,296		—		106,942,296
Senior Secured Loans		—		6,472,171		—		6,472,171
Commercial Mortgage-Backed Securities		—		123,677,412		—		123,677,412
Corporate Bonds		—		214,531,597		—		214,531,597
Hybrid ARMS		—		2,202,824		—		2,202,824
Mortgage Pass-Through Securities		—		110,866,165		—		110,866,165
Municipal Bonds		—		11,879,553		—		11,879,553
U.S. Government Securities		—		38,841,358		—		38,841,358
Short-Term Investments		—		25,648,568		—		25,648,568
Repurchase Agreements		—		11,800,000		—		11,800,000
Total	$	—	$	678,397,322	$	—	$	678,397,322

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Asset Backed Securities — 17.0%
Ally Auto Receivables Trust
2010-3 A3
1.11% due 10/15/2014	$	1,000,000	$	997,833
Ally Master Owner Trust
2011-1 A2
2.15% due 1/15/2016		250,000		250,022
2010-3 A
2.88% due 4/15/2015 (1)		800,000		818,509
AmeriCredit Automobile Receivables Trust
2010-3 A3
1.14% due 4/8/2015		900,000		898,090
Ameriquest Mortgage Securities, Inc.
2003-5 A6
4.541% due 4/25/2033 (2)		139,212		125,540
Bank of America Auto Trust
2010-1A A4
2.18% due 2/15/2017 (1)		450,000		457,249
2009-2A A4
3.03% due 10/15/2016 (1)		740,000		761,581
BMW Vehicle Lease Trust
2009-1 A4
3.66% due 8/15/2013		100,000		101,110
Capital One Multi-Asset Execution Trust
2005-A10 A
0.335% due 9/15/2015 (2)		260,000		258,763
2005-A7 A7
4.70% due 6/15/2015		850,000		894,667
Chase Funding Mortgage Loan Trust
2004-1 1A6
4.266% due 6/25/2015		251,845		249,158
Citibank Credit Card Issuance Trust
2004-A8 A8
4.90% due 12/12/2016		950,000		1,038,583
CitiFinancial Mortgage Securities, Inc.
2003-3 AF5
4.553% due 8/25/2033 (2)		153,564		154,586
CNH Equipment Trust
2007-C A4B
1.405% due 3/17/2014 (2)		610,477		611,979
2009-C A4
3.00% due 8/17/2015 (3)		700,000		720,108
2007-C A4A
5.42% due 3/17/2014		126,202		127,757
Ford Credit Floorplan Master Owner Trust
2010-3 A2
1.955% due 2/15/2017 (1)(2)		985,000		1,023,490
GE Capital Credit Card Master Note Trust
2010-3 A
2.21% due 6/15/2016		750,000		761,967
Harley-Davidson Motorcycle Trust
2009-2 A4
3.32% due 2/15/2017		1,000,000		1,028,359
Hertz Vehicle Financing LLC
2009-2A A1
4.26% due 3/25/2014 (1)		950,000		995,328
Honda Auto Receivables Owner Trust
2010-3 A4
0.94% due 12/21/2016		954,000		938,489
Hyundai Auto Receivables Trust
2009-A A4
3.15% due 3/15/2016		600,000		622,869
John Deere Owner Trust
2009-B A4
2.33% due 5/16/2016 (3)		850,000		865,012
Navistar Financial Corp. Owner Trust
2010-A A3
1.99% due 1/21/2014 (1)		950,000		960,344
Nissan Auto Lease Trust
2009-B A3
2.07% due 1/15/2015		316,559		317,844
PG&E Energy Recovery Funding LLC
2005-1 A4
4.37% due 6/25/2014		676,862		694,395
2005-1 A5
4.47% due 12/25/2014		420,000		441,715
Residential Asset Mortgage Products, Inc.
2002-RS4 AI5
6.163% due 8/25/2032 (2)		20,695		11,717
Toyota Auto Receivables Owner Trust
2010-C A4
1.09% due 12/15/2014		500,000		496,480
Volkswagen Auto Lease Trust
2010-A A4
1.18% due 10/20/2015		900,000		896,279
World Omni Auto Receivables Trust
2010-A A4
2.21% due 9/15/2013		600,000		610,483
World Omni Automobile Lease Securitization Trust
2009-A A3
1.65% due 2/15/2013		600,000		602,258
Total Asset Backed Securities (Cost $19,626,184)				19,732,564
Collateralized Mortgage Obligations — 11.4%
Cendant Mortgage Corp.
2003-4 1A1
4.85% due 5/25/2033		244,379		249,683
Chase Mortgage Finance Corp.
2003-S10 A1
4.75% due 11/25/2018		574,627		590,164
2003-S14 3A1
5.50% due 1/25/2034		335,870		335,594
Citicorp Mortgage Securities, Inc.
2005-1 1A9
5.25% due 2/25/2035		381,957		386,967
2003-5 1A9
5.50% due 4/25/2033		873,166		892,924
Countrywide Alternative Loan Trust
2004-35T2 A1
6.00% due 2/25/2035		262,607		261,412
Countrywide Home Loans Trust
2003-11 A31
5.50% due 5/25/2033		834,070		868,076
2002-19 1A1
6.25% due 11/25/2032		39,448		42,184
CS First Boston Mortgage Securities Corp.
2003-8 2A1
5.00% due 4/25/2018		568,478		577,149
2004-5 5A1
5.00% due 8/25/2019		808,327		817,997
FHLMC
1534 Z
5.00% due 6/15/2023		87,139		87,119
20 H
5.50% due 10/25/2023		43,088		45,860
First Horizon Mortgage Pass-Through Trust
2004-4 2A3
4.50% due 7/25/2019		627,744		634,755

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
FNMA
2003-63 GU
4.00% due 7/25/2033	$	4,913	$	5,077
2005-39 CL
5.00% due 12/25/2021		30,008		30,221
2006-45 AC
5.50% due 6/25/2036		38,925		38,460
2002-52 PB
6.00% due 2/25/2032		110,001		112,737
GMAC Mortgage Corp. Loan Trust
2004-J3 A6
5.25% due 7/25/2034		135,742		135,469
2004-J6 2A1
5.25% due 2/25/2035		130,265		130,569
GNMA
2002-93 NV
4.75% due 2/20/2032		623		624
J.P. Morgan Mortgage Trust
2005-A1 5A1
4.479% due 2/25/2035 (2)		205,719		209,342
2004-S2 1A3
4.75% due 11/25/2019		305,148		310,813
Master Asset Securitization Trust
2003-5 2A1
5.00% due 6/25/2018		184,563		190,526
Morgan Stanley Mortgage Loan Trust
2004-1 1A9
4.50% due 11/25/2018		315,910		321,370
Prime Mortgage Trust
2004-2 A2
4.75% due 11/25/2019		576,316		592,313
2003-3 A9
5.50% due 1/25/2034		424,898		449,644
Residential Asset Mortgage Products, Inc.
2005-SL1
A4 6.00% due 5/25/2032		36,565		37,068
Residential Asset Securitization Trust
2003-A2 A1
4.25% due 5/25/2033		782,311		801,587
Residential Funding Mortgage Securities I, Inc.
2004-S9 2A1
4.75% due 12/25/2019		410,232		416,219
2005-S1 2A1
4.75% due 2/25/2020		405,973		416,565
2003-S20 1A4
5.50% due 12/25/2033		94,058		95,047
Structured Asset Securities Corp.
2005-1 4A1
5.00% due 2/25/2020		435,304		443,782
Wells Fargo Mortgage Backed Securities Trust
2003-J 2A1
4.423% due 10/25/2033 (2)		292,239		299,119
2003-8 A1
4.50% due 8/25/2018		222,051		226,762
2003-N 2A1
4.729% due 12/25/2033 (2)		654,929		677,486
2005-1 1A1
4.75% due 1/25/2020		429,235		440,032
2003-6 1A1
5.00% due 6/25/2018		288,381		298,250
2004-2 A1
5.00% due 1/25/2019		525,138		543,897
2006-7 1A1
5.25% due 6/25/2021		190,250		192,491
Total Collateralized Mortgage Obligations (Cost $13,066,777)				13,205,354
Senior Secured Loans — 2.2%
Energy — 0.3%
CITGO Petroleum Corp.
Term Loan C
9.00% due 6/23/2017 (2)		297,750		312,218
				312,218
Finance Companies — 0.2%
Springleaf Finance Corp.
Term Loan B
7.25% due 4/21/2015 (2)		200,000		200,126
				200,126
Food — 0.2%
Dole Food Co., Inc.
Term Loan C
5.00% - 5.50% due 3/2/2017 (2)		173,570		174,438
Term Loan B
5.50% due 3/2/2017 (2)		69,883		70,232
				244,670
Healthcare — 0.4%
Grifols, Inc.
Term Loan B
6.00% due 11/23/2016 (2)		250,000		251,500
IMS Health, Inc.
New Term Loan B
4.50% due 8/25/2017 (2)		247,502		248,695
				500,195
Real Estate Investment Trusts — 0.7%
Istar Financial, Inc.
Term Loan A1
5.00% due 6/28/2013 (2)		850,000		841,857
				841,857
Technology — 0.1%
Dealer Computer Services, Inc.
Term Loan B
5.25% due 4/21/2017 (2)		168,681		168,386
				168,386
Textiles, Apparel & Shoes — 0.3%
J Crew Operating Corp.
New Term Loan B
4.75% due 3/7/2018 (2)		300,000		298,950
				298,950
Total Senior Secured Loans (Cost $2,537,819)				2,566,402
Commercial Mortgage-Backed Securities — 21.6%
American Tower Trust
2007-1A AFX
5.42% due 4/15/2037 (1)		580,000		622,002
Asset Securitization Corp.
1996-D3 A4
7.441% due 10/13/2026 (2)		600,000		615,263
Banc of America Commercial Mortgage, Inc.
2005-6 A4
5.196% due 9/10/2047 (2)		500,000		539,267
Bear Stearns Commercial Mortgage Securities
2004-PWR3 A4
4.715% due 2/11/2041		500,000		524,616
2003-T10 A2
4.74% due 3/13/2040		550,000		574,681
2003-PWR2 A4

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
5.186% due 5/11/2039 (2)	$	700,000	$	739,562
1999-C1 B
6.20% due 2/14/2031 (2)		269,868		278,565
CDC Commercial Mortgage Trust
2002-FX1 B
5.856% due 5/15/2035		650,000		663,713
Chase Commercial Mortgage Securities Corp.
1998-1 F
6.56% due 5/18/2030 (1)(2)		391,572		413,032
Commercial Mortgage Asset Trust
1999-C1 A3
6.64% due 1/17/2032		11,555		11,569
1999-C1 B
7.23% due 1/17/2032 (2)		1,000,000		1,096,001
Commercial Mortgage Pass-Through Certificates
2003-LB1A A1
3.251% due 6/10/2038		247,740		251,100
Crown Castle Towers LLC
Sr. Sec. Nt.
3.214% due 8/15/2015 (1)		350,000		349,048
4.523% due 1/15/2015 (1)		550,000		569,665
CS First Boston Mortgage Securities Corp.
2003-C3 A5
3.936% due 5/15/2038		1,135,000		1,171,879
2002-CP5 A1
4.106% due 12/15/2035		253,240		256,267
2004-C5 A2
4.183% due 11/15/2037		82,676		82,619
2004-C2 A2
5.416% due 5/15/2036 (2)		1,002,000		1,075,278
2001-CP4 A4
6.18% due 12/15/2035		36,420		36,453
1997-C2 F
7.46% due 1/17/2035 (2)		575,000		630,368
First Union-Lehman Brothers-Bank of America
1998-C2 E
6.778% due 11/18/2035		872,000		925,579
GE Capital Commercial Mortgage Corp.
2004-C1 A3
4.596% due 11/10/2038		115,000		120,321
2004-C1 B
4.692% due 11/10/2038 (2)		385,000		399,526
2003-C2 A4
5.145% due 7/10/2037		545,000		577,600
GMAC Commercial Mortgage Securities, Inc.
2003-C2 A2
5.472% due 5/10/2040 (2)		730,000		780,065
Greenwich Capital Commercial Funding Corp.
2005-GG3 A2
4.305% due 8/10/2042		152,475		152,583
2005-GG3 A3
4.569% due 8/10/2042		890,000		898,121
2004-GG1 A7
5.317% due 6/10/2036 (2)		1,075,000		1,150,845
GS Mortgage Securities Corp. II
2004-GG2 A3
4.602% due 8/10/2038		40,070		40,168
J.P. Morgan Chase Commercial Mortgage Securities Corp.
2002-C1 A2
4.914% due 7/12/2037		25,406		25,526
2003-CB6 A2
5.255% due 7/12/2037 (2)		800,000		848,306
LB UBS Commercial Mortgage Trust
2003-C7 A4
4.931% due 9/15/2035 (2)		1,005,000		1,062,026
2002-C7 A4
4.96% due 12/15/2031		600,000		629,558
2003-C8 A4
5.124% due 11/15/2032 (2)		500,000		532,563
Merrill Lynch Mortgage Trust
2003-KEY1 A4
5.236% due 11/12/2035 (2)		500,000		531,716
Morgan Stanley Capital I Trust
2004-HQ3 A4
4.80% due 1/13/2041		415,000		439,862
2003-T11 A3
4.85% due 6/13/2041		120,322		122,219
2005-HQ7 AAB
5.18% due 11/14/2042 (2)		492,219		512,793
2004-IQ7 A4
5.409% due 6/15/2038 (2)		500,000		535,928
Morgan Stanley Dean Witter Capital I Trust
2002-IQ2 B
5.93% due 12/15/2035		347,000		360,874
Nomura Asset Securities Corp.
1998-D6 B1
6.00% due 3/15/2030 (1)		580,000		605,193
Prudential Securities Secured Financing Corp.
1998-C1 D
7.109% due 1/15/2013 (2)		2,732		2,731
Salomon Brothers Mortgage Securities VII, Inc.
2002-KEY2 A2
4.467% due 3/18/2036		343,609		349,774
2002-KEY2 A3
4.865% due 3/18/2036		270,000		278,688
1999-C1 G
7.08% due 5/18/2032 (1)(2)		450,500		471,706
Wachovia Bank Commercial Mortgage Trust
2003-C8 A3
4.445% due 11/15/2035		745,000		754,376
2004-C10 A4
4.748% due 2/15/2041		596,000		627,543
2005-C21 A4
5.209% due 10/15/2044 (2)		200,000		215,016
2004-C11 A5
5.215% due 1/15/2041 (2)		575,000		614,368
Total Commercial Mortgage-Backed Securities (Cost $24,833,942)				25,066,522
Corporate Bonds — 36.7%
Aerospace/Defense — 0.4%
L-3 Communications Corp.
Ser. B
6.375% due 10/15/2015		500,000		515,000
				515,000
Automotive — 0.9%
Banque PSA Finance
Sr. Nt.
3.375% due 4/4/2014 (1)		500,000		499,773
Ford Motor Credit Co. LLC
Sr. Nt.
7.50% due 8/1/2012		500,000		533,133
				1,032,906
Banking — 6.3%
American Express Travel Related Services Co., Inc.
Sr. Nt.
5.25% due 11/21/2011 (1)		500,000		513,963

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
ANZ National Int’l Ltd.
2.375% due 12/21/2012 (1)	$	500,000	$	506,485
Barclays Bank PLC
Sr. Nt.
2.50% due 1/23/2013		300,000		305,252
Capital One Financial Corp.
Sr. Nt.
5.70% due 9/15/2011		350,000		357,754
Citigroup, Inc.
Sr. Nt.
5.10% due 9/29/2011		300,000		306,138
Credit Suisse/New York NY
Sr. Nt.
3.45% due 7/2/2012		200,000		206,070
5.00% due 5/15/2013		250,000		266,899
Deutsche Bank AG
Sr. Nt.
2.375% due 1/11/2013		300,000		304,861
Fifth Third Capital Trust IV
6.50% due 4/15/2037 (2)		500,000		486,875
Merrill Lynch & Co., Inc.
Sr. Nt. Ser. C
6.05% due 8/15/2012		350,000		371,951
Morgan Stanley
Sr. Nt.
2.875% due 1/24/2014		250,000		250,673
5.30% due 3/1/2013		250,000		265,717
PNC Preferred Funding Trust III
Jr. Sub. Nt.
8.70% due 3/15/2013 (1)(2)(4)		400,000		427,768
Rabobank Nederland N.V.
Nt.
2.65% due 8/17/2012 (1)		250,000		255,601
Regions Financial Corp.
Sr. Nt.
4.875% due 4/26/2013		500,000		507,611
Royal Bank of Scotland PLC
3.25% due 1/11/2014		500,000		506,056
The Goldman Sachs Group, Inc.
Sr. Nt.
3.625% due 8/1/2012		500,000		515,630
UBS AG Stamford CT
Sr. Nt.
2.25% due 8/12/2013		300,000		302,904
Union Bank N.A.
Sr. Nt.
2.125% due 12/16/2013		300,000		302,176
Westpac Banking Corp.
Sr. Nt.
2.10% due 8/2/2013		300,000		302,824
				7,263,208
Building Materials — 0.6%
CRH America, Inc.
5.625% due 9/30/2011		163,000		166,630
Lafarge S.A.
Sr. Nt.
6.15% due 7/15/2011		300,000		304,453
Masco Corp.
Sr. Nt.
5.875% due 7/15/2012		250,000		261,725
				732,808
Chemicals — 0.5%
Airgas, Inc.
Sr. Nt.
2.85% due 10/1/2013		300,000		304,310
The Dow Chemical Co.
Sr. Nt.
4.85% due 8/15/2012		300,000		314,271
				618,581
Construction Machinery — 0.2%
Case New Holland, Inc.
7.75% due 9/1/2013		250,000		272,188
				272,188
Consumer Products — 0.2%
Whirlpool Corp.
Nt.
8.00% due 5/1/2012		250,000		266,423
				266,423
Distributors — 0.2%
ONEOK, Inc.
7.125% due 4/15/2011		240,000		240,373
				240,373
Electric — 2.9%
AEP Texas North Co.
Sr. Nt. Ser. B
5.50% due 3/1/2013		150,000		159,750
Edison Mission Energy
Sr. Nt.
7.50% due 6/15/2013		500,000		497,500
EDP Finance BV
Sr. Nt.
5.375% due 11/2/2012 (1)		500,000		510,722
FirstEnergy Corp.
Sr. Nt. Ser. B
6.45% due 11/15/2011		200,000		205,990
Great Plains Energy, Inc.
Sr. Nt.
2.75% due 8/15/2013		200,000		202,491
MidAmerican Energy Holdings Co.
Sr. Nt.
3.15% due 7/15/2012		200,000		205,044
Mirant Mid Atlantic Pass Through Trust
Ser. A
8.625% due 6/30/2012		322,272		332,746
National Rural Utilities Cooperative Finance Corp.
1.125% due 11/1/2013		500,000		495,848
Sr. Sec. Nt.
2.625% due 9/16/2012		200,000		204,497
Oncor Electric Delivery Co.
Sr. Sec. Nt.
6.375% due 5/1/2012		250,000		262,678
The AES Corp.
Sr. Nt.
7.75% due 3/1/2014		250,000		270,000
				3,347,266
Energy - Integrated — 0.7%
BP Capital Markets PLC
3.125% due 3/10/2012		500,000		510,989
Chevron Corp.
3.45% due 3/3/2012		350,000		359,583
				870,572
Environmental — 0.1%
Allied Waste North America, Inc.
6.375% due 4/15/2011		100,000		100,141
				100,141
Food And Beverage — 2.1%
Anheuser-Busch InBev Worldwide, Inc.
2.50% due 3/26/2013		250,000		255,076
3.00% due 10/15/2012		200,000		205,729

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Coca-Cola Enterprises, Inc.
Sr. Nt.
1.125% due 11/12/2013	$	300,000	$	295,760
Diageo Finance BV
3.875% due 4/1/2011		250,000		250,000
Dr. Pepper Snapple Group, Inc.
1.70% due 12/21/2011		300,000		302,326
Kraft Foods, Inc.
Sr. Nt.
2.625% due 5/8/2013		300,000		307,033
PepsiAmericas, Inc.
5.625% due 5/31/2011		200,000		201,481
SABMiller PLC
6.20% due 7/1/2011 (1)		300,000		303,941
Wm. Wrigley Jr. Co.
2.45% due 6/28/2012 (1)		150,000		150,509
3.05% due 6/28/2013 (1)		150,000		152,436
				2,424,291
Gaming — 0.3%
Seminole Indian Tribe of Florida
Sr. Sec.
Nt. 5.798% due 10/1/2013 (1)		300,000		300,792
				300,792
Government Related — 0.2%
Ras Laffan Liquefied Natural Gas Co. Ltd.
Sr. Sec. Nt.
4.50% due 9/30/2012 (1)		250,000		258,432
				258,432
Health Insurance — 0.5%
UnitedHealth Group, Inc.
Sr. Nt.
4.875% due 4/1/2013		500,000		531,710
				531,710
Healthcare — 1.4%
AmerisourceBergen Corp.
5.625% due 9/15/2012		250,000		264,449
CareFusion Corp.
Sr. Nt.
4.125% due 8/1/2012		250,000		258,243
Express Scripts, Inc.
Sr. Nt.
5.25% due 6/15/2012		300,000		314,331
Fresenius Medical Care Capital Trust IV
7.875% due 6/15/2011		100,000		100,750
Life Technologies Corp.
Sr. Nt.
3.375% due 3/1/2013		350,000		359,504
Thermo Fisher Scientific, Inc.
Sr. Nt.
2.15% due 12/28/2012		300,000		304,838
				1,602,115
Independent Energy — 0.7%
Chesapeake Energy Corp. 7.625% due 7/15/2013		350,000		392,000
Woodside Finance Ltd. 5.00% due 11/15/2013 (1)		350,000		374,682
				766,682
Insurance - Life — 3.1%
American International Group, Inc.
Sr. Nt.
3.65% due 1/15/2014		400,000		406,856
Assurant, Inc.
Sr. Nt.
5.625% due 2/15/2014		500,000		528,858
Genworth Financial, Inc.
Sr. Nt.
5.65% due 6/15/2012		500,000		520,328
Lincoln National Corp.
Sr. Nt.
5.65% due 8/27/2012		600,000		634,634
Metropolitan Life Global Funding I
Nt.
2.875% due 9/17/2012 (1)		500,000		509,869
New York Life Global Funding
2.25% due 12/14/2012 (1)		200,000		204,111
Prudential Financial, Inc.
Sr. Nt.
3.625% due 9/17/2012		200,000		205,978
5.10% due 12/14/2011		300,000		308,530
The Hartford Financial Services Group, Inc.
Sr. Nt.
5.25% due 10/15/2011		250,000		255,766
				3,574,930
Insurance P&C — 1.4%
Axis Capital Holdings Ltd.
Sr. Nt.
5.75% due 12/1/2014		300,000		322,307
Berkshire Hathaway Finance Corp.
1.50% due 1/10/2014		250,000		249,339
Marsh & McLennan Cos., Inc.
Sr. Nt.
4.85% due 2/15/2013		500,000		519,132
XL Capital Finance Europe PLC
Sr. Nt.
6.50% due 1/15/2012		500,000		520,617
				1,611,395
Lodging — 0.3%
Royal Caribbean Cruises Ltd.
Sr. Nt.
7.00% due 6/15/2013		300,000		319,500
				319,500
Media Cable — 0.4%
Time Warner Cable, Inc.
5.40% due 7/2/2012		500,000		525,763
				525,763
Media Noncable — 0.8%
NBC Universal, Inc.
Sr. Nt.
2.10% due 4/1/2014 (1)		500,000		497,677
Rainbow National Services LLC
8.75% due 9/1/2012 (1)		200,000		200,750
Scholastic Corp.
Sr. Nt.
5.00% due 4/15/2013		250,000		252,812
				951,239
Metals And Mining — 2.0%
Alcoa, Inc.
Sr. Nt.
6.00% due 1/15/2012		300,000		311,380
Anglo American Capital PLC
2.15% due 9/27/2013 (1)		300,000		302,278
ArcelorMittal
Sr. Nt.
5.375% due 6/1/2013		250,000		265,878
Freeport-McMoRan Copper & Gold, Inc.
Sr. Nt.
8.375% due 4/1/2017		450,000		496,125
Steel Dynamics, Inc.
7.375% due 11/1/2012		300,000		319,500

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
United States Steel Corp.
Sr. Nt.
5.65% due 6/1/2013	$	300,000	$	315,000
Xstrata Finance Canada Ltd.
5.50% due 11/16/2011 (1)		250,000		257,185
				2,267,346
Non Captive Consumer — 0.2%
SLM Corp.
Sr. Nt. Ser. A
5.40% due 10/25/2011		250,000		255,069
				255,069
Non Captive Diversified — 1.4%
Ally Financial, Inc.
4.50% due 2/11/2014		450,000		450,000
CIT Group, Inc.
Sec. Nt.
5.25% due 4/1/2014 (1)		300,000		301,881
GATX Corp.
Sr. Nt.
4.75% due 10/1/2012		300,000		313,608
General Electric Capital Corp.
Sr. Nt.
2.80% due 1/8/2013		500,000		511,598
				1,577,087
Oil Field Services — 0.3%
Transocean Ltd.
Sr. Nt.
5.25% due 3/15/2013		300,000		318,470
				318,470
Packaging — 0.8%
Bemis Co., Inc.
Sr. Nt.
4.875% due 4/1/2012		210,000		216,390
Owens-Brockway Glass Container, Inc.
6.75% due 12/1/2014		300,000		306,375
Pactiv Corp.
Sr. Nt.
5.875% due 7/15/2012		400,000		412,000
				934,765
Paper — 0.3%
Rock-Tenn Co.
Sr. Sec. Nt.
8.20% due 8/15/2011		300,000		306,000
				306,000
Pharmaceuticals — 0.6%
Eli Lilly & Co.
Sr. Nt.
3.55% due 3/6/2012		350,000		360,153
Pfizer, Inc.
Sr. Nt.
4.45% due 3/15/2012		350,000		362,958
				723,111
Pipelines — 1.8%
Energy Transfer Partners LP
Sr. Nt.
5.65% due 8/1/2012		200,000		210,190
Enterprise Products Operating LLC
4.60% due 8/1/2012		300,000		312,191
Kinder Morgan Energy Partners LP
7.125% due 3/15/2012		300,000		316,919
Kinder Morgan, Inc.
Sr. Nt.
6.50% due 9/1/2012		400,000		424,000
NGPL PipeCo LLC
Sr. Nt.
6.514% due 12/15/2012 (1)		300,000		321,372
Plains All American Pipeline LP
4.25% due 9/1/2012		500,000		519,017
				2,103,689
REITs — 0.7%
Camden Property Trust
Sr. Nt.
5.875% due 11/30/2012		250,000		265,177
CommonWealth REIT
Sr. Nt.
6.95% due 4/1/2012		300,000		310,426
Liberty Property LP
Sr. Nt.
6.375% due 8/15/2012		200,000		212,332
				787,935
Retailers — 0.3%
Macy’s Retail Holdings, Inc.
5.35% due 3/15/2012		350,000		360,500
				360,500
Supermarkets — 0.2%
The Kroger Co.
6.80% due 4/1/2011		250,000		250,000
				250,000
Technology — 2.2%
Agilent Technologies, Inc.
Sr. Nt.
2.50% due 7/15/2013		200,000		201,782
4.45% due 9/14/2012		300,000		311,071
Broadcom Corp.
Sr. Nt.
1.50% due 11/1/2013 (1)		500,000		495,572
Hewlett-Packard Co.
Sr. Nt.
4.25% due 2/24/2012		200,000		206,784
Lexmark International, Inc.
Sr. Nt.
5.90% due 6/1/2013		350,000		373,222
Maxim Integrated Products, Inc.
Sr. Nt.
3.45% due 6/14/2013		250,000		258,697
National Semiconductor Corp.
Sr. Nt.
6.15% due 6/15/2012		250,000		262,639
Pitney Bowes, Inc.
Sr. Nt.
3.875% due 6/15/2013		400,000		415,194
				2,524,961
Transportation Services — 0.4%
ERAC USA Finance LLC
2.25% due 1/10/2014 (1)		500,000		498,799
				498,799
Wireless — 0.4%
Cellco Partnership
Sr. Nt.
5.25% due 2/1/2012		400,000		414,624
				414,624
Wirelines — 0.9%
Qwest Corp.
Sr. Nt.
7.875% due 9/1/2011		250,000		256,875
Telecom Italia Capital SA
5.25% due 11/15/2013		500,000		527,971

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Telefonica Emisiones SAU
2.582% due 4/26/2013	$	250,000	$	252,388
				1,037,234
Total Corporate Bonds (Cost $41,896,504)				42,485,905
Government Agencies — 0.3%
PNC Funding Corp.
2.30% due 6/22/2012 (5)		350,000		357,583
Total Government Agencies (Cost $350,734)				357,583
Hybrid ARMS — 0.1%
FNMA
6.228% due 8/1/2046 (2)		76,346		79,786
Total Hybrid ARMS (Cost $77,021)				79,786
Mortgage-Backed Securities — 0.1%
FHLMC
7.00% due 9/1/2038		79,727		90,895
Total Mortgage-Backed Securities (Cost $82,857)				90,895
U.S. Government Securities — 8.8%
U.S. Treasury Notes
0.50% due 11/30/2012		1,300,000		1,297,258
0.625% due 1/31/2013 - 2/28/2013		6,203,000		6,189,118
1.25% due 3/15/2014		2,715,000		2,714,159
Total U.S. Government Securities (Cost $10,205,147)				10,200,535
Repurchase Agreements — 3.9%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $4,548,001, due 4/1/2011(6)		4,548,000		4,548,000
Total Repurchase Agreements (Cost $4,548,000)				4,548,000
Total Investments — 102.1% (Cost $117,224,985)				118,333,546
Other Liabilities, Net — (2.1)%				(2,458,657	)
Total Net Assets — 100.0%			$	115,874,889
(1)    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 March 31, 2011, the aggregate market value of these securities amounted to $15,891,745, representing 13.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees. (2)    Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2011. (3)    Securities are segregated for anticipated collateral requirements. (4)    Maturity is perpetual. Maturity date presented represents the next call date.
(5)    Classified under Government Agencies as a result of participation in a program issuing debt guaranteed by FDIC. (6)    The table below presents collateral for repurchase agreements.

Security	Coupon			Maturity Date		Value
U.S. Treasury Note		1.00	%		4/30/2012	$	4,641,240

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Low Duration Bond VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	19,732,564	$	—	$	19,732,564
Collateralized Mortgage Obligations		—		13,205,354		—		13,205,354
Senior Secured Loans		—		2,566,402		—		2,566,402
Commercial Mortgage-Backed Securities		—		25,066,522		—		25,066,522
Corporate Bonds		—		42,485,905		—		42,485,905
Government Agencies		—		357,583		—		357,583
Hybrid ARMS		—		79,786		—		79,786
Mortgage-Backed Securities		—		90,895		—		90,895
U.S. Government Securities		—		10,200,535		—		10,200,535
Repurchase Agreements		—		4,548,000		—		4,548,000
Total	$	—	$	118,333,546	$	—	$	118,333,546

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Corporate Bonds — 94.5%
Aerospace/Defense — 0.9%
Moog, Inc.
Sr. Sub. Nt.
7.25% due 6/15/2018	$	325,000	$	345,313
Spirit AeroSystems, Inc.
6.75% due 12/15/2020		180,000		184,050
Triumph Group, Inc.
8.00% due 11/15/2017		210,000		224,700
				754,063
Airlines — 0.9%
American Airlines, Inc.
Sr. Sec. Nt.
7.50% due 3/15/2016 (1)		700,000		692,125
				692,125
Automotive — 3.1%
American Axle & Manufacturing, Inc.
7.875% due 3/1/2017		200,000		203,000
Ford Motor Credit Co. LLC
Sr. Nt.
7.00% due 4/15/2015		220,000		238,134
8.00% due 12/15/2016		300,000		340,555
8.125% due 1/15/2020		440,000		503,992
Goodyear Tire & Rubber Co.
8.75% due 8/15/2020		220,000		242,550
Uncle Acquisition 2010 Corp.
Sr. Nt.
8.625% due 2/15/2019 (1)		550,000		577,500
Visteon Corp.
Sr. Nt.
6.75% due 4/15/2019 (1)		370,000		370,000
				2,475,731
Banking — 1.3%
AmSouth Bank
Sub. Nt., Ser. AI
5.20% due 4/1/2015		400,000		396,000
Royal Bank of Scotland Group PLC
Jr. Sub. Nt.
7.648% due 9/30/2031 (2)(3)		200,000		187,000
Zions Bancorporation
Sr. Nt.
7.75% due 9/23/2014		450,000		488,707
				1,071,707
Brokerage — 1.9%
E*Trade Financial Corp.
Sr. Nt.
7.875% due 12/1/2015		150,000		151,875
12.50% due 11/30/2017 (4)		578,000		689,265
Penson Worldwide, Inc.
Sr. Sec. Nt.
12.50% due 5/15/2017 (1)		660,000		683,100
				1,524,240
Building Materials — 0.8%
American Standard Americas
Sr. Sec. Nt.
10.75% due 1/15/2016 (1)		400,000		427,000
Roofing Supply Group LLC
Sr. Sec. Nt.
8.625% due 12/1/2017 (1)		180,000		189,450
				616,450
Construction Machinery — 1.0%
RSC Equipment Rental, Inc.
Sr. Nt.
8.25% due 2/1/2021 (1)		150,000		156,000
The Manitowoc Co., Inc.
8.50% due 11/1/2020		600,000		643,500
				799,500
Consumer Cyclical Services — 1.5%
Live Nation Entertainment, Inc.
Sr. Nt.
8.125% due 5/15/2018 (1)		170,000		174,675
Service Corp. International
Sr. Nt.
7.00% due 5/15/2019		180,000		189,000
The Geo Group, Inc.
6.625% due 2/15/2021 (1)		200,000		198,000
Travelport LLC
4.936% due 9/1/2014 (2)		370,000		335,312
West Corp.
Sr. Nt.
7.875% due 1/15/2019 (1)		320,000		326,000
				1,222,987
Consumer Products — 1.2%
Armored Autogroup, Inc.
Sr. Nt.
9.25% due 11/1/2018 (1)		300,000		305,250
NBTY, Inc.
9.00% due 10/1/2018 (1)		600,000		651,000
				956,250
Diversified Manufacturing — 0.4%
Griffon Corp.
7.125% due 4/1/2018 (1)		310,000		315,425
				315,425
Electric — 4.9%
Calpine Corp.
Sr. Sec. Nt.
7.50% due 2/15/2021 (1)		200,000		207,000
7.875% due 7/31/2020 (1)		400,000		425,000
Edison Mission Energy
Sr. Nt.
7.50% due 6/15/2013		380,000		378,100
Energy Future Intermediate Holding Co. LLC
Sr. Sec. Nt.
10.00% due 12/1/2020		250,000		264,919
GenOn Energy, Inc.
Sr. Nt.
7.875% due 6/15/2017		300,000		297,750
Mirant Americas Generation LLC
Sr. Nt.
8.50% due 10/1/2021		110,000		114,400
Mirant Mid Atlantic Pass Through Trust
Ser. A
8.625% due 6/30/2012		88,088		90,951
Ser. B
9.125% due 6/30/2017		375,660		408,530
North American Energy Alliance LLC
Sr. Sec. Nt.
10.875% due 6/1/2016 (1)		490,000		548,800
NRG Energy, Inc.
8.25% due 9/1/2020 (1)		150,000		156,000
8.50% due 6/15/2019		600,000		631,500
The AES Corp.
Sr. Nt.
8.00% due 10/15/2017 - 6/1/2020		390,000		420,550
				3,943,500

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Entertainment — 0.4%
NAI Entertainment Holdings LLC
Sr. Sec. Nt.
8.25% due 12/15/2017 (1)	$	300,000	$	321,000
				321,000
Food And Beverage — 2.6%
Aramark Corp.
3.804% due 2/1/2015 (2)		108,000		106,920
8.50% due 2/1/2015		398,000		414,915
Darling International, Inc.
8.50% due 12/15/2018 (1)		150,000		163,125
Michael Foods, Inc.
Sr. Nt.
9.75% due 7/15/2018 (1)		750,000		819,375
Reddy Ice Corp.
Sr. Sec. Nt.
11.25% due 3/15/2015		550,000		573,375
				2,077,710
Gaming — 2.9%
Ameristar Casinos, Inc.
Sr. Nt.
7.50% due 4/15/2021 (1)		300,000		297,375
MGM Resorts International
6.875% due 4/1/2016		200,000		186,000
Sr. Sec. Nt.
9.00% due 3/15/2020		170,000		186,362
Sr. Nt.
11.375% due 3/1/2018		140,000		155,400
Pinnacle Entertainment, Inc.
8.75% due 5/15/2020		350,000		364,000
Pokagon Gaming Authority
Sr. Nt.
10.375% due 6/15/2014 (1)		158,000		163,530
Scientific Games International, Inc.
9.25% due 6/15/2019		480,000		526,800
Wynn Las Vegas LLC
7.75% due 8/15/2020		400,000		424,000
				2,303,467
Healthcare — 7.8%
Alliance HealthCare Services, Inc.
Sr. Nt.
8.00% due 12/1/2016		780,000		770,250
Apria Healthcare Group, Inc.
Sr. Sec. Nt.
12.375% due 11/1/2014		390,000		423,637
Bio-Rad Laboratories, Inc.
Sr. Sub. Nt.
8.00% due 9/15/2016		325,000		359,938
ConvaTec Healthcare E S.A.
Sr. Nt.
10.50% due 12/15/2018 (1)		600,000		630,000
DaVita, Inc.
6.625% due 11/1/2020		400,000		405,000
HCA Holdings, Inc.
Sr. Nt.
7.75% due 5/15/2021 (1)		180,000		187,650
HCA, Inc.
Sr. Sec. Nt.
7.875% due 2/15/2020		200,000		217,500
8.50% due 4/15/2019		260,000		288,600
Sec. Nt.
9.125% due 11/15/2014		277,000		290,504
Sr. Sec. Nt.
9.875% due 2/15/2017		220,000		246,400
Health Management Associates, Inc.
Sr. Nt.
6.125% due 4/15/2016		395,000		407,838
IMS Health, Inc.
Sr. Nt.
12.50% due 3/1/2018 (1)		330,000		386,925
Omega Healthcare Investors, Inc.
6.75% due 10/15/2022 (1)		500,000		510,625
STHI Holding Corp.
Sec. Nt.
8.00% due 3/15/2018 (1)		270,000		279,450
Universal Hospital Services, Inc.
Sec. Nt.
8.50% due 6/1/2015 (4)		300,000		313,125
Vanguard Health Holding Co. II LLC
8.00% due 2/1/2018 (1)		570,000		582,112
				6,299,554
Home Construction — 1.0%
Beazer Homes USA, Inc.
Sr. Nt.
9.125% due 5/15/2019 (1)		250,000		252,813
Meritage Homes Corp.
7.15% due 4/15/2020		550,000		549,312
				802,125
Independent Energy — 9.1%
Alta Mesa Holdings
Sr. Nt.
9.625% due 10/15/2018 (1)		300,000		304,500
Carrizo Oil & Gas, Inc.
8.625% due 10/15/2018 (1)		400,000		424,000
Chaparral Energy, Inc.
8.25% due 9/1/2021 (1)		600,000		618,000
Chesapeake Energy Corp.
6.625% due 8/15/2020		200,000		213,000
6.875% due 8/15/2018		300,000		326,250
9.50% due 2/15/2015		400,000		496,000
Clayton Williams Energy, Inc.
7.75% due 4/1/2019 (1)		320,000		320,400
Concho Resources, Inc.
Sr. Nt.
7.00% due 1/15/2021		300,000		315,750
Connacher Oil and Gas Ltd.
Sr. Sec. Nt.
10.25% due 12/15/2015 (1)		200,000		212,000
11.75% due 7/15/2014 (1)		290,000		311,750
Continental Resources, Inc.
8.25% due 10/1/2019		230,000		254,437
Energy XXI Gulf Coast, Inc.
Sr. Nt.
7.75% due 6/15/2019 (1)		100,000		100,250
9.25% due 12/15/2017 (1)		100,000		107,000
EV Energy Partners L.P.
8.00% due 4/15/2019 (1)		160,000		162,800
Harvest Operations Corp.
6.875% due 10/1/2017 (1)		200,000		207,500
Linn Energy LLC
7.75% due 2/1/2021 (1)		330,000		352,275
OPTI Canada, Inc.
Sr. Sec. Nt.
8.25% due 12/15/2014		300,000		160,125
9.00% due 12/15/2012 (1)		130,000		132,113
Plains Exploration & Production Co.
6.625% due 5/1/2021		460,000		460,000

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Bond VIP Series

—March 31, 2011 (unaudited)	Principal Amount		Value
Quicksilver Resources, Inc.
7.125% due 4/1/2016	$	540,000	$	533,250
Rosetta Resources, Inc.
9.50% due 4/15/2018		220,000		244,200
SandRidge Energy, Inc.
7.50% due 3/15/2021 (1)		350,000		363,125
9.875% due 5/15/2016 (1)		200,000		222,000
Venoco, Inc.
11.50% due 10/1/2017		440,000		487,300
				7,328,025
Industrial - Other — 0.3%
Belden, Inc.
Nt.
9.25% due 6/15/2019		260,000		288,275
				288,275
Insurance - Life — 2.1%
CNO Financial Group, Inc.
Sr. Sec. Nt.
9.00% due 1/15/2018 (1)		300,000		318,000
Genworth Financial, Inc.
Sr. Nt. Ser. MTN
6.515% due 5/22/2018		440,000		435,292
ING Groep N.V.
Jr. Sub. Nt.
5.775% due 12/8/2015 (2)(3)		500,000		462,500
Symetra Financial Corp.
8.30% due 10/15/2037 (1)(2)		440,000		443,300
				1,659,092
Media Cable — 1.8%
CCO Holdings LLC
7.875% due 4/30/2018		550,000		584,375
DISH DBS Corp.
7.875% due 9/1/2019		770,000		833,525
				1,417,900
Media Noncable — 7.4%
Block Communications, Inc.
Sr. Nt.
8.25% due 12/15/2015 (1)		880,000		904,200
Entravision Communications Corp.
Sr. Sec. Nt.
8.75% due 8/1/2017		400,000		426,000
Gannett Co., Inc.
7.125% due 9/1/2018 (1)		200,000		200,500
9.375% due 11/15/2017		110,000		124,300
Hughes Network Systems LLC
9.50% due 4/15/2014		440,000		454,300
Inmarsat Finance PLC
7.375% due 12/1/2017 (1)		100,000		105,500
Intelsat Jackson Holdings S.A.
7.25% due 4/1/2019 (1)		200,000		200,250
7.50% due 4/1/2021 (1)		460,000		461,150
11.25% due 6/15/2016		410,000		437,163
Intelsat Subsidiary Holding Co. S.A.
8.875% due 1/15/2015		140,000		144,550
8.875% due 1/15/2015 (1)		110,000		113,025
Lamar Media Corp.
6.625% due 8/15/2015		370,000		378,050
7.875% due 4/15/2018		360,000		386,100
Quebecor Media, Inc.
Sr. Nt.
7.75% due 3/15/2016		635,000		658,812
Sinclair Television Group, Inc.
Sr. Sec. Nt.
9.25% due 11/1/2017 (1)		140,000		156,100
Univision Communications, Inc.
Sr. Sec. Nt.
7.875% due 11/1/2020 (1)		320,000		338,400
Valassis Communications, Inc.
6.625% due 2/1/2021 (1)		470,000		456,487
				5,944,887
Metals And Mining — 1.7%
APERAM
Sr. Nt.
7.375% due 4/1/2016 (1)		200,000		203,500
Boart Longyear Management Pty. Ltd.
7.00% due 4/1/2021 (1)		230,000		235,750
JMC Steel Group
Sr. Nt.
8.25% due 3/15/2018 (1)		300,000		306,750
Novelis, Inc.
8.375% due 12/15/2017 (1)		300,000		324,750
Penn Virginia Resource Partners L.P.
8.25% due 4/15/2018		270,000		288,900
				1,359,650
Natural Gas - Distributors — 0.7%
Ferrellgas L.P.
Sr. Nt.
6.50% due 5/1/2021 (1)		280,000		271,600
Inergy L.P.
Sr. Nt.
6.875% due 8/1/2021 (1)		140,000		145,950
7.00% due 10/1/2018 (1)		150,000		156,000
				573,550
Non Captive Consumer — 0.4%
Springleaf Finance Corp.
Sr. Nt. Ser. I
5.40% due 12/1/2015		150,000		136,875
Sr. Nt. Ser. J
6.90% due 12/15/2017		200,000		182,750
				319,625
Non Captive Diversified — 5.6%
Ally Financial, Inc.
8.00% due 3/15/2020 - 11/1/2031		920,000		1,002,025
CIT Group, Inc.
Sr. Sec. Nt.
6.625% due 4/1/2018 (1)		200,000		202,924
7.00% due 5/1/2013 - 5/1/2017		1,560,571		1,579,332
International Lease Finance Corp.
Sr. Nt. Ser. MTN
5.65% due 6/1/2014		840,000		844,200
Sr. Nt.
8.875% due 9/15/2015 (1)		270,000		297,000
9.00% due 3/15/2017 (1)		320,000		360,000
PHH Corp.
Sr. Nt.
9.25% due 3/1/2016		200,000		217,500
				4,502,981
Oil Field Services — 3.0%
Allis-Chalmers Energy, Inc.
9.00% due 1/15/2014		430,000		439,137
Complete Production Services, Inc.
8.00% due 12/15/2016		260,000		274,300
Frac Tech Services LLC
7.125% due 11/15/2018 (1)		200,000		205,000
Key Energy Services, Inc.
6.75% due 3/1/2021		400,000		407,000

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Stallion Oilfield Holdings Ltd.
Sr. Sec. Nt.
10.50% due 2/15/2015	$	978,000	$	1,056,240
				2,381,677
Packaging — 3.1%
Berry Plastics Corp.
Sr. Sec. Nt.
9.75% due 1/15/2021 (1)		670,000		663,300
Owens-Brockway Glass Container, Inc.
7.375% due 5/15/2016		260,000		285,025
Packaging Dynamics Corp.
Sr. Sec. Nt.
8.75% due 2/1/2016 (1)		150,000		153,375
Reynolds Group Issuer, Inc.
Sr. Sec. Nt.
7.125% due 4/15/2019 (1)		400,000		410,000
7.75% due 10/15/2016 (1)		100,000		105,750
8.50% due 5/15/2018 (1)		440,000		445,500
9.00% due 4/15/2019 (1)		400,000		414,000
				2,476,950
Paper — 1.2%
Cascades, Inc.
7.75% due 12/15/2017		200,000		211,250
7.875% due 1/15/2020		310,000		327,050
Millar Western Forest Products Ltd.
Sr. Nt.
8.50% due 4/1/2021 (1)		400,000		400,000
				938,300
Pharmaceuticals — 0.2%
Giant Funding Corp.
Sr. Nt.
8.25% due 2/1/2018 (1)		200,000		205,250
				205,250
Pipelines — 4.2%
Atlas Pipeline Partners L.P.
8.75% due 6/15/2018		520,000		559,000
Copano Energy LLC
7.125% due 4/1/2021		400,000		405,000
Crosstex Energy L.P.
8.875% due 2/15/2018		530,000		577,700
Energy Transfer Equity L.P.
Sr. Sec. Nt.
7.50% due 10/15/2020		200,000		217,500
MarkWest Energy Partners L.P.
6.50% due 8/15/2021		400,000		399,500
Martin Midstream Partners L.P.
8.875% due 4/1/2018		250,000		265,000
Niska Gas Storage US LLC
8.875% due 3/15/2018		440,000		478,500
Regency Energy Partners L.P.
9.375% due 6/1/2016		260,000		295,750
Targa Resources Partners L.P.
6.875% due 2/1/2021 (1)		150,000		148,500
				3,346,450
Railroads — 0.3%
RailAmerica, Inc.
Sr. Sec. Nt.
9.25% due 7/1/2017		250,000		276,563
				276,563
Refining — 1.7%
Alon Refining Krotz Springs, Inc.
Sr. Sec. Nt.
13.50% due 10/15/2014		280,000		289,800
Citgo Petroleum Corp.
Sr. Sec. Nt.
11.50% due 7/1/2017 (1)		525,000		611,625
Northern Tier Energy LLC
Sr. Sec. Nt.
10.50% due 12/1/2017 (1)		200,000		226,500
Tesoro Corp.
9.75% due 6/1/2019		220,000		249,700
				1,377,625
REITs — 0.4%
Sabra Health Care L.P.
8.125% due 11/1/2018		320,000		337,600
				337,600
Restaurants — 0.5%
DineEquity, Inc.
Sr. Nt.
9.50% due 10/30/2018 (1)		400,000		434,000
				434,000
Retailers — 1.9%
Burlington Coat Factory Warehouse Corp.
10.00% due 2/15/2019 (1)		700,000		679,000
Sonic Automotive, Inc.
Ser. B
9.00% due 3/15/2018		170,000		180,625
Susser Holdings LLC
8.50% due 5/15/2016		450,000		487,125
YCC Holdings LLC
Sr. Nt.
10.25% due 2/15/2016 (1)(4)		200,000		201,500
				1,548,250
Supermarkets — 1.0%
BI-LO LLC
Sr. Sec. Nt.
9.25% due 2/15/2019 (1)		280,000		290,150
Tops Holding Corp.
Sr. Sec. Nt.
10.125% due 10/15/2015		470,000		505,250
				795,400
Technology — 5.0%
Amkor Technology, Inc.
Sr. Nt.
7.375% due 5/1/2018		360,000		372,600
CDW Escrow Corp.
Sr. Nt.
8.50% due 4/1/2019 (1)		450,000		450,562
CDW LLC
11.50% due 10/12/2015 (4)		300,000		324,000
DuPont Fabros Technology L.P.
8.50% due 12/15/2017		380,000		418,475
First Data Corp.
Sr. Sec. Nt.
8.75% due 1/15/2022 (1)(4)		706,000		702,470
GXS Worldwide, Inc.
Sr. Sec. Nt.
9.75% due 6/15/2015		380,000		386,650
Sitel LLC
Sr. Nt.
11.50% due 4/1/2018 (1)		330,000		307,313
Terremark Worldwide, Inc.
Sr. Sec. Nt.
12.00% due 6/15/2017		250,000		309,375
Trans Union LLC
11.375% due 6/15/2018 (1)		400,000		457,000

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Bond VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Viasystems, Inc.
Sr. Sec. Nt.
12.00% due 1/15/2015 (1)	$	280,000	$	316,400
				4,044,845
Textile — 0.1%
Hanesbrands, Inc.
Sr. Nt.
8.00% due 12/15/2016		100,000		108,375
				108,375
Transportation Services — 2.9%
Avis Budget Car Rental LLC
7.75% due 5/15/2016		255,000		262,969
8.25% due 1/15/2019		200,000		209,500
9.625% due 3/15/2018		350,000		386,750
Hertz Corp.
6.75% due 4/15/2019 (1)		200,000		198,250
7.50% due 10/15/2018 (1)		300,000		310,500
Navios Maritime Acquisition Corp.
Sr. Sec. Nt.
8.625% due 11/1/2017		400,000		414,000
Navios Maritime Holdings, Inc.
Sr. Sec. Nt.
8.875% due 11/1/2017		280,000		303,450
Teekay Corp.
Sr. Nt.
8.50% due 1/15/2020		200,000		216,750
				2,302,169
Wireless — 5.6%
Cricket Communications, Inc.
7.75% due 10/15/2020		190,000		191,425
Digicel Ltd.
Sr. Nt.
8.25% due 9/1/2017 (1)		600,000		636,000
MetroPCS Wireless, Inc.
7.875% due 9/1/2018		500,000		535,000
Nextel Communications, Inc.
Ser. E
6.875% due 10/31/2013		200,000		201,500
Ser. D
7.375% due 8/1/2015		100,000		100,375
NII Capital Corp.
8.875% due 12/15/2019		660,000		726,000
10.00% due 8/15/2016		270,000		307,800
SBA Telecommunications, Inc.
8.00% due 8/15/2016		320,000		348,400
Sprint Capital Corp.
6.90% due 5/1/2019		655,000		676,287
Trilogy International Partners LLC
Sr. Sec. Nt.
10.25% due 8/15/2016 (1)		300,000		310,500
Wind Acquisition Finance S.A.
Sr. Sec. Nt.
7.25% due 2/15/2018 (1)		450,000		470,250
				4,503,537
Wirelines — 1.7%
Frontier Communications Corp.
Sr. Nt.
8.125% due 10/1/2018		460,000		495,075
8.25% due 4/15/2017		220,000		237,600
Windstream Corp.
7.75% due 10/1/2021 (1)		400,000		406,500
7.875% due 11/1/2017		240,000		257,400
				1,396,575
Total Corporate Bonds
(Cost $71,781,941)				76,043,385
Senior Secured Loans — 1.7%
Gaming — 0.6%
Harrah’s Propco
Senior Note
3.253% due 2/13/2013 (2)		600,000		505,878
				505,878
Media Noncable — 1.1%
Clear Channel Communication, Inc.
Term Loan B
3.896% due 1/28/2016 (2)		964,025		848,448
				848,448
Total Senior Secured Loans (Cost $1,369,996)				1,354,326
	Shares
Common Stocks — 0.7%
Banking — 0.7%
Citigroup, Inc. (5)		125,692		555,559
				555,559
Total Common Stocks (Cost $378,408)				555,559
Preferred Stocks — 0.3%
Banking — 0.3%
GMAC Capital Trust I (5)		10,000		255,000
				255,000
Total Preferred Stocks (Cost $250,000)				255,000
	Principal Amount
Repurchase Agreements — 2.7%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $2,133,001, due 4/1/2011 (6)	$	2,133,000		2,133,000
Total Repurchase Agreements (Cost $2,133,000)				2,133,000
Total Investments — 99.9% (Cost $75,913,345)				80,341,270
Other Assets, Net — 0.1%				93,148
Total Net Assets — 100.0%			$	80,434,418

(1) 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 March 31, 2011, the aggregate market value of these securities amounted to $31,194,349, representing 38.8% 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.

(2) Variable rate security. The rate shown is the rate in effect at March 31, 2011.

(3) Maturity is perpetual. Maturity date presented represents the next call date.

(4) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(5) Non-income producing security.

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

Security	Coupon			Maturity Date		Value
U.S. Treasury Bill		0.00	%		4/21/2011	$	2,179,939

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS High Yield Bond VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	76,043,385	$	—	$	76,043,385
Senior Secured Loans		—		1,354,326		—		1,354,326
Common Stocks		555,559		—		—		555,559
Preferred Stocks		255,000		—		—		255,000
Repurchase Agreements		—		2,133,000		—		2,133,000
Total	$	810,559	$	79,530,711	$	—	$	80,341,270

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Money Market VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Commercial Paper — 64.9%
Agricultural — 3.5%
Archer Daniels Midland Co.
0.19% due 5/5/2011 (1)	$	1,400,000	$	1,399,749
0.28% due 5/5/2011 (1)		1,600,000		1,599,577
Cargill Global Funding
0.20% due 4/5/2011 (1)		2,500,000		2,499,944
				5,499,270
Chemicals — 3.1%
BASF SE
0.18% due 5/3/2011 (1)		2,500,000		2,499,600
Ecolab, Inc.
0.19% due 4/6/2011 (1)		2,500,000		2,499,934
				4,999,534
Computers — 6.0%
Hewlett-Packard Co.
0.13% due 4/21/2011 (1)		5,000,000		4,999,639
International Business Machines Corp.
0.11% due 4/14/2011 (1)		2,000,000		1,999,920
0.12% due 4/14/2011 (1)		2,500,000		2,499,892
				9,499,451
Conglomerates — 1.6%
General Electric Capital Corp.
0.24% due 6/27/2011		2,500,000		2,498,550
				2,498,550
Education Revenue — 4.7%
Duke University
0.28% due 6/2/2011		2,500,000		2,498,795
President and Fellows of Harvard College
0.21% due 6/15/2011		2,500,000		2,498,906
Yale University
0.23% due 5/18/2011		2,500,000		2,499,249
				7,496,950
Electric — 6.6%
American Transmission Co., LLC
0.18% due 4/1/2011 (1)		3,500,000		3,500,000
Electricite de France
0.25% due 4/29/2011 (1)		2,500,000		2,499,514
Emerson Electric Co.
0.10% due 4/1/2011 (1)		2,500,000		2,500,000
Hydro-Quebec
0.18% due 5/25/2011 (1)		2,000,000		1,999,460
				10,498,974
Entertainment — 1.6%
The Walt Disney Co.
0.13% due 5/2/2011 (1)		2,500,000		2,499,720
				2,499,720
Finance Companies — 3.1%
Metlife Funding, Inc.
0.18% due 5/5/2011		2,500,000		2,499,575
Private Export Funding Corp.
0.24% due 5/4/2011 (1)		2,500,000		2,499,450
				4,999,025
Food And Beverage — 6.3%
Nestle Finance International Ltd.
0.16% due 5/3/2011		2,500,000		2,499,644
Pepsico, Inc.
0.16% due 5/23/2011 (1)		2,500,000		2,499,422
The Coca-Cola Co.
0.22% due 6/6/2011 (1)		2,500,000		2,498,992
Unilever Capital Corp.
0.14% due 4/11/2011 (1)		2,500,000		2,499,903
				9,997,961
Household Products - Wares — 3.1%
Proctor & Gamble Co.
0.13% due 4/18/2011 (1)		2,500,000		2,499,846
0.19% due 5/4/2011 (1)		2,500,000		2,499,565
				4,999,411
Internet — 1.6%
Google, Inc.
0.19% due 4/21/2011 (1)		2,500,000		2,499,736
				2,499,736
Life Insurance — 3.1%
Massachusetts Mutual Life Insurance Co.
0.20% due 4/6/2011 (1)		2,500,000		2,499,931
Prudential PLC
0.30% due 4/26/2011 (1)		2,500,000		2,499,479
				4,999,410
Machinery — 4.7%
Caterpillar Financial Services Corp.
0.05% due 4/1/2011		2,500,000		2,500,000
0.18% due 4/12/2011		2,500,000		2,499,862
John Deere Bank S.A.
0.19% due 4/19/2011 (1)		2,500,000		2,499,763
				7,499,625
Oil & Gas Services — 1.6%
Total Capital Canada Ltd.
0.14% due 4/20/2011 (1)		2,500,000		2,499,815
				2,499,815
Pharmaceuticals — 6.3%
Abbott Laboratories
0.17% due 4/12/2011 (1)		2,500,000		2,499,870
Johnson & Johnson
0.19% due 5/16/2011 (1)		2,500,000		2,499,406
Novartis Finance Corp.
0.19% due 4/19/2011 (1)		2,500,000		2,499,763
Roche Holdings, Inc.
0.16% due 4/4/2011 (1)		2,500,000		2,499,967
				9,999,006
Retailers — 1.6%
Wal-Mart Stores, Inc.
0.15% due 4/14/2011 (1)		2,500,000		2,499,865
				2,499,865
Telecommunications — 1.6%
Cisco Systems, Inc.
0.20% due 4/15/2011 (1)		2,500,000		2,499,806
				2,499,806
Tobacco — 1.6%
Philip Morris International, Inc.
0.15% due 4/21/2011 (1)		2,500,000		2,499,792
				2,499,792
Transportation — 1.6%
NetJets, Inc.
0.15% due 4/4/2011 (1)		2,500,000		2,499,969
				2,499,969

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Money Market VIP Series

March 31, 2011 (unaudited)	Principal Amount		Value
Utilities - Electric & Water — 1.6%
National Rural Utilities Cooperative Finance Corp.
0.23% due 4/19/2011	$	2,500,000	$	2,499,712
				2,499,712
Total Commercial Paper (Cost $102,985,582)				102,985,582
Municipal Securities — 16.3%
California — 1.6%
Univ. of California
Ser. B
0.21% due 4/26/2011		2,500,000		2,499,635
				2,499,635
Connecticut — 4.1%
Connecticut St. Housing Fin. Auth.
Ser. B-4
0.33% due 4/7/2011 (2)		6,550,000		6,550,000
				6,550,000
District of Columbia — 0.6%
District of Columbia Univ. Rev.
Ref-Georgetown Univ. Ser. C
0.20% due 4/7/2011 (2)		1,000,000		1,000,000
				1,000,000
Iowa — 2.1%
Iowa Fin. Auth. Single Family Mtg. Rev.
Mtg. Bkd. Secs. Prog. Ser. C
0.24% due 4/7/2011 (2)		3,240,000		3,240,000
				3,240,000
Nebraska — 1.6%
Nebraska Pub. Pwr. Dist.
0.27% due 5/13/2011		2,500,000		2,499,213
				2,499,213
New York — 6.3%
New York St. Pwr. Auth.
0.24% due 4/14/2011		2,500,000		2,499,783
New York St. Urban Dev. Corp. Rev.
St. Facs. Ser. A3A
0.28% due 4/7/2011 (2)		2,500,000		2,500,000
St. Facs. Ser. A3C
0.28% due 4/7/2011 (2)		5,000,000		5,000,000
				9,999,783
Total Municipal Securities (Cost $25,788,631)				25,788,631
U.S. Government Securities — 15.7%
U.S. Treasury Bills
0.10% due 6/30/2011		2,500,000		2,499,375
0.116% due 5/12/2011		2,500,000		2,499,670
0.125% due 6/16/2011		2,500,000		2,499,340
0.142% due 4/14/2011		5,000,000		4,999,744
0.145% due 10/20/2011		2,500,000		2,497,966
0.155% due 8/25/2011		2,500,000		2,498,428
0.175% due 7/28/2011		2,500,000		2,498,566
0.245% due 9/22/2011		5,000,000		4,994,079
Total U.S. Government Securities (Cost $24,987,168)				24,987,168
Repurchase Agreements — 3.1%
State Street Bank and Trust Co. Repurchase Agreement, 0.01% dated 3/31/2011, maturity value of $4,979,001, due 4/1/2011 (3)		4,979,000		4,979,000
Total Repurchase Agreements (Cost $4,979,000)				4,979,000
Total Investments — 100.0% (Cost $158,740,381)				158,740,381
Other Liabilities, Net — 0.0%				(50,518	)
Total Net Assets — 100.0%			$	158,689,863

(1) Security issued in an exempt transaction without registration under the Securities Act of 1933. At March 31, 2011, the aggregate market value of these securities amounted to $80,491,289, representing 50.7% of the 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.

(2) Variable rate demand note. The rate shown is the rate in effect at March 31, 2011.

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

Security	Coupon	Maturity Date		Value
U.S. Treasury Bill	0.00%		4/21/2011	$	5,079,858

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS Money Market VIP Series

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	102,985,582	$	—	$	102,985,582
Municipal Securities		—		25,788,631		—		25,788,631
U.S. Government Securities		—		24,987,168		—		24,987,168
Repurchase Agreements		—		4,979,000		—		4,979,000
Total	$	—	$	158,740,381	$	—	$	158,740,381

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

March 31, 2011 (unaudited)	Shares		Value
Common Stocks — 97.3%
Advertising Agencies — 0.2%
Omnicom Group, Inc.		2,547	$	124,956
The Interpublic Group of Companies, Inc.		4,391		55,195
				180,151
Aerospace — 2.1%
FLIR Systems, Inc.		1,405		48,627
General Dynamics Corp.		3,396		259,998
Goodrich Corp.		1,125		96,221
L-3 Communications Holdings, Inc.		1,030		80,659
Lockheed Martin Corp.		2,660		213,864
Northrop Grumman Corp.		2,626		164,677
Raytheon Co.		3,265		166,091
Rockwell Collins, Inc.		1,434		92,966
Textron, Inc.		2,472		67,708
The Boeing Co.		6,583		486,681
United Technologies Corp.		8,303		702,849
				2,380,341
Air Transport — 0.3%
FedEx Corp.		2,832		264,934
Southwest Airlines Co.		6,711		84,760
				349,694
Aluminum — 0.1%
Alcoa, Inc.		9,184		162,098
				162,098
Asset Management & Custodian — 0.7%
Federated Investors, Inc., Class B		843		22,550
Franklin Resources, Inc.		1,308		163,605
Invesco Ltd.		4,149		106,048
Janus Capital Group, Inc.		1,647		20,538
Legg Mason, Inc.		1,376		49,660
Northern Trust Corp.		2,178		110,534
State Street Corp.		4,510		202,679
T. Rowe Price Group, Inc.		2,306		153,165
				828,779
Auto Parts — 0.3%
Genuine Parts Co.		1,415		75,901
Johnson Controls, Inc.		6,058		251,831
				327,732
Auto Services — 0.0%
The Goodyear Tire & Rubber Co.(1)		2,175		32,581
				32,581
Automobiles — 0.4%
Ford Motor Co.(1)		33,668		501,990
				501,990
Back Office Support, HR and Consulting — 0.4%
Automatic Data Processing, Inc.		4,422		226,893
Iron Mountain, Inc.		1,778		55,527
Monster Worldwide, Inc.(1)		1,167		18,555
Paychex, Inc.		2,907		91,163
Robert Half International, Inc.		1,318		40,331
				432,469
Banks: Diversified — 3.9%
Bank of America Corp.(2)		90,605		1,207,765
BB&T Corp.		6,240		171,288
Comerica, Inc.		1,568		57,577
Fifth Third Bancorp		8,286		115,010
First Horizon National Corp.		2,348		26,321
Huntington Bancshares, Inc.		7,739		51,387
KeyCorp		7,862		69,815
M&T Bank Corp.		1,087		96,167
Marshall & Ilsley Corp.		4,748		37,936
PNC Financial Services Group, Inc.		4,712		296,809
Regions Financial Corp.		11,302		82,052
SunTrust Banks, Inc.		4,829		139,268
U.S. Bancorp		17,239		455,627
Wells Fargo & Co.		47,457		1,504,387
Zions Bancorporation		1,600		36,896
				4,348,305
Banks: Savings, Thrift & Mortgage Lending — 0.1%
Hudson City Bancorp, Inc.		4,767		46,145
People’s United Financial, Inc.		3,262		41,036
				87,181
Beverage: Brewers & Distillers — 0.1%
Brown-Forman Corp., Class B		946		64,612
Constellation Brands, Inc., Class A(1)		1,603		32,509
Molson Coors Brewing Co., Class B		1,437		67,381
				164,502
Beverage: Soft Drinks — 2.2%
Coca-Cola Enterprises, Inc.		3,047		83,183
Dr. Pepper Snapple Group, Inc.		2,042		75,881
PepsiCo, Inc.		14,259		918,422
The Coca-Cola Co.		20,676		1,371,853
				2,449,339
Biotechnology — 1.3%
Amgen, Inc.(1)		8,503		454,485
Baxter International, Inc.		5,230		281,217
Biogen Idec, Inc.(1)		2,139		156,981
Celgene Corp.(1)		4,226		243,122
Cephalon, Inc.(1)		664		50,318
Genzyme Corp.(1)		2,327		177,201
Life Technologies Corp.(1)		1,683		88,223
				1,451,547
Building Materials — 0.1%
Masco Corp.		3,230		44,962
Vulcan Materials Co.		1,151		52,485
				97,447
Cable Television Services — 1.2%
Cablevision Systems Corp., Class A		2,161		74,792
Comcast Corp., Class A		25,065		619,607
DIRECTV, Class A(1)		7,149		334,573
Scripps Networks Interactive, Inc., Class A		825		41,324
Time Warner Cable, Inc.		3,198		228,146
				1,298,442
Casinos & Gambling — 0.0%
International Game Technology		2,674		43,399
				43,399
Chemicals: Diversified — 1.1%
Airgas, Inc.		674		44,767
E.I. du Pont de Nemours & Co.		8,203		450,919
Eastman Chemical Co.		660		65,551
Ecolab, Inc.		2,063		105,254
FMC Corp.		665		56,479
Sigma-Aldrich Corp.		1,105		70,322
The Dow Chemical Co.		10,419		393,317
				1,186,609
Chemicals: Specialty — 0.4%
Air Products & Chemicals, Inc.		1,925		173,597
International Flavors & Fragrances, Inc.		711		44,295
Praxair, Inc.		2,755		279,908
				497,800
Coal — 0.3%
CONSOL Energy, Inc.		2,026		108,655
Massey Energy Co.		937		64,053
Peabody Energy Corp.		2,421		174,215
				346,923

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

March 31, 2011 (unaudited)	Shares		Value
Commercial Services: Rental & Leasing — 0.0%
Ryder System, Inc.		462	$	23,377
				23,377
Commercial Vehicles & Parts — 0.2%
PACCAR, Inc.		3,275		171,446
				171,446
Communications Technology — 1.8%
Cisco Systems, Inc.		49,797		854,019
Harris Corp.		1,167		57,883
JDS Uniphase Corp.(1)		1,999		41,659
Juniper Networks, Inc.(1)		4,703		197,902
QUALCOMM, Inc.		14,802		811,594
Tellabs, Inc.		3,297		17,276
				1,980,333
Computer Services, Software & Systems — 5.4%
Adobe Systems, Inc.(1)		4,554		151,011
Akamai Technologies, Inc.(1)		1,641		62,358
Autodesk, Inc.(1)		2,042		90,073
BMC Software, Inc.(1)		1,586		78,888
CA, Inc.		3,462		83,711
Citrix Systems, Inc.(1)		1,689		124,074
Cognizant Technology Solutions Corp., Class A(1)		2,727		221,978
Computer Sciences Corp.		1,392		67,832
Compuware Corp.(1)		1,987		22,950
F5 Networks, Inc.(1)		740		75,902
Google, Inc., Class A(1)		2,259		1,324,248
Intuit, Inc.(1)		2,512		133,387
Microsoft Corp.(2)		66,612		1,689,280
Novell, Inc.(1)		3,198		18,964
Oracle Corp.		35,041		1,169,318
Red Hat, Inc.(1)		1,715		77,844
SAIC, Inc.(1)		2,647		44,787
Salesforce.com, Inc.(1)		1,062		141,862
Symantec Corp.(1)		6,970		129,224
Teradata Corp.(1)		1,503		76,202
VeriSign, Inc.		1,543		55,872
Yahoo! Inc.(1)		11,714		195,038
				6,034,803
Computer Technology — 5.9%
Apple, Inc.(1)(2)		8,297		2,891,090
Dell, Inc.(1)		15,066		218,608
EMC Corp.(1)		18,507		491,361
Hewlett-Packard Co.		19,581		802,233
International Business Machines Corp.(2)		10,987		1,791,650
NetApp, Inc.(1)		3,246		156,392
NVIDIA Corp.(1)		5,215		96,269
SanDisk Corp.(1)		2,107		97,112
Western Digital Corp.(1)		2,063		76,929
				6,621,644
Consumer Electronics — 0.0%
Harman International Industries, Inc.		629		29,450
				29,450
Consumer Lending — 0.1%
SLM Corp.(1)		4,727		72,323
				72,323
Consumer Services: Miscellaneous — 0.3%
eBay, Inc.(1)		10,310		320,022
H & R Block, Inc.		2,769		46,353
				366,375
Containers & Packaging — 0.2%
Ball Corp.		1,608		57,647
Bemis Co., Inc.		948		31,104
Owens-Illinois, Inc.(1)		1,473		44,470
Sealed Air Corp.		1,432		38,177
				171,398
Copper — 0.4%
Freeport-McMoran Copper & Gold, Inc., Class B		8,462		470,064
				470,064
Cosmetics — 0.2%
Avon Products, Inc.		3,825		103,428
Estee Lauder Companies, Inc., Class A		1,019		98,191
				201,619
Diversified Financial Services — 4.2%
Ameriprise Financial, Inc.		2,226		135,964
Bank of New York Mellon Corp.		11,135		332,602
Capital One Financial Corp.		4,103		213,192
Citigroup, Inc.(1)		261,009		1,153,660
JPMorgan Chase & Co.(2)		35,865		1,653,377
Leucadia National Corp.		1,765		66,258
Morgan Stanley		13,911		380,049
The Goldman Sachs Group, Inc.		4,690		743,224
				4,678,326
Diversified Manufacturing Operations — 3.7%
3M Co.		6,405		598,868
Danaher Corp.		4,825		250,418
Dover Corp.		1,679		110,377
Eaton Corp.		3,025		167,706
General Electric Co.(2)		95,714		1,919,066
Honeywell International, Inc.		7,009		418,507
Illinois Tool Works, Inc.		4,459		239,537
Ingersoll-Rand PLC		2,913		140,727
ITT Corp.		1,647		98,902
Tyco International Ltd.		4,400		196,988
				4,141,096
Diversified Media — 0.7%
Discovery Communications, Inc., Class A(1)		2,557		102,024
News Corp., Class A		20,492		359,840
Time Warner, Inc.		9,989		356,607
				818,471
Diversified Retail — 2.3%
Amazon.com, Inc.(1)		3,185		573,714
Big Lots, Inc.(1)		684		29,706
Costco Wholesale Corp.		3,884		284,775
Family Dollar Stores, Inc.		1,151		59,069
J.C. Penney Co., Inc.		2,120		76,129
Kohl’s Corp.		2,628		139,389
Macy’s, Inc.		3,802		92,236
Nordstrom, Inc.		1,512		67,859
Sears Holdings Corp.(1)		397		32,812
Target Corp.		6,375		318,814
Wal-Mart Stores, Inc.		17,614		916,809
				2,591,312
Drug & Grocery Store Chains — 1.0%
CVS Caremark Corp.		12,211		419,082
Safeway, Inc.		3,345		78,741
SUPERVALU, Inc.		1,904		17,003
The Kroger Co.		5,752		137,875
Walgreen Co.		8,324		334,125
Whole Foods Market, Inc.		1,321		87,054
				1,073,880
Education Services — 0.1%
Apollo Group, Inc., Class A(1)		1,141		47,591
DeVry, Inc.		570		31,390
				78,981

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

March 31, 2011 (unaudited)	Shares		Value
Electronic Components — 0.4%
Amphenol Corp., Class A		1,572	$	85,501
Corning, Inc.		14,034		289,521
Molex, Inc.		1,230		30,898
				405,920
Electronic Entertainment — 0.1%
Electronic Arts, Inc.(1)		2,996		58,512
				58,512
Energy Equipment — 0.1%
First Solar, Inc.(1)		483		77,686
				77,686
Engineering & Contracting Services — 0.2%
Fluor Corp.		1,609		118,519
Jacobs Engineering Group, Inc.(1)		1,155		59,401
Quanta Services, Inc.(1)		1,955		43,851
				221,771
Entertainment — 0.9%
The Walt Disney Co.		17,008		732,875
Viacom, Inc., Class B		5,431		252,650
				985,525
Environmental, Maintenance, And Security Services — 0.0%
Cintas Corp.		1,166		35,295
				35,295
Fertilizers — 0.4%
CF Industries Holdings, Inc.		651		89,050
Monsanto Co.		4,817		348,077
				437,127
Financial Data & Systems — 1.4%
American Express Co.		9,430		426,236
Discover Financial Services		4,899		118,164
Equifax, Inc.		1,114		43,279
Fidelity National Information Services, Inc.		2,381		77,835
Fiserv, Inc.(1)		1,331		83,480
MasterCard, Inc., Class A		886		223,024
Moody’s Corp.		1,829		62,021
The Dun & Bradstreet Corp.		444		35,626
Total System Services, Inc.		1,486		26,778
Visa, Inc., Class A		4,377		322,235
Western Union Co.		5,897		122,481
				1,541,159
Foods — 1.6%
Campbell Soup Co.		1,627		53,870
ConAgra Foods, Inc.		3,986		94,668
Dean Foods Co.(1)		1,638		16,380
General Mills, Inc.		5,784		211,405
H.J. Heinz Co.		2,900		141,578
Hormel Foods Corp.		1,219		33,937
Kellogg Co.		2,308		124,586
Kraft Foods, Inc., Class A		15,729		493,262
McCormick & Co., Inc.		1,182		56,535
Mead Johnson Nutrition Co.		1,838		106,475
Sara Lee Corp.		5,746		101,532
Sysco Corp.		5,143		142,461
The Hershey Co.		1,383		75,166
The J.M. Smucker Co.		1,070		76,387
Tyson Foods, Inc., Class A		2,658		51,007
				1,779,249
Forms And Bulk Printing Services — 0.0%
R.R. Donnelley & Sons Co.		1,864		35,267
				35,267
Fruit & Grain Processing — 0.2%
Archer-Daniels-Midland Co.		5,734		206,481
				206,481
Gas Pipeline — 0.3%
El Paso Corp.		6,328		113,904
EQT Corp.		1,341		66,916
Spectra Energy Corp.		5,824		158,296
				339,116
Gold — 0.2%
Newmont Mining Corp.		4,426		241,571
				241,571
Health Care Facilities — 0.1%
DaVita, Inc.(1)		890		76,104
Tenet Healthcare Corp.(1)		4,353		32,430
				108,534
Health Care Management Services — 1.0%
Aetna, Inc.		3,598		134,673
CIGNA Corp.		2,432		107,689
Coventry Health Care, Inc.(1)		1,356		43,243
Humana, Inc.(1)		1,518		106,169
UnitedHealth Group, Inc.		9,883		446,712
WellPoint, Inc.		3,385		236,239
				1,074,725
Health Care Services — 0.7%
Cerner Corp.(1)		638		70,946
Express Scripts, Inc.(1)		4,729		262,980
McKesson Corp.		2,278		180,076
Medco Health Solutions, Inc.(1)		3,815		214,250
				728,252
Home Building — 0.1%
D.R. Horton, Inc.		2,510		29,242
Lennar Corp., Class A		1,431		25,930
Pulte Group, Inc.(1)		3,021		22,355
				77,527
Hotel/Motel — 0.3%
Marriott International, Inc., Class A		2,587		92,045
Starwood Hotels & Resorts Worldwide, Inc.		1,713		99,560
Wyndham Worldwide Corp.		1,584		50,387
Wynn Resorts Ltd.		679		86,403
				328,395
Household Appliances — 0.1%
Whirlpool Corp.		696		59,411
				59,411
Household Equipment & Products — 0.3%
Fortune Brands, Inc.		1,393		86,213
Newell Rubbermaid, Inc.		2,588		49,508
Snap-On, Inc.		543		32,612
Stanley Black & Decker, Inc.		1,486		113,828
				282,161
Household Furnishings — 0.0%
Leggett & Platt, Inc.		1,313		32,168
				32,168
Insurance: Life — 0.7%
AFLAC, Inc.		4,238		223,682
Lincoln National Corp.		2,839		85,283
Principal Financial Group, Inc.		2,879		92,445
Prudential Financial, Inc.		4,350		267,873
Torchmark Corp.		736		48,929
Unum Group		2,867		75,259
				793,471
Insurance: Multi-Line — 2.1%
American International Group, Inc.(1)		1,289		45,296
Aon Corp.		2,972		157,397
Assurant, Inc.		887		34,158
Berkshire Hathaway, Inc., Class B(1)		15,559		1,301,199
Genworth Financial, Inc., Class A(1)		4,408		59,332

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

March 31, 2011 (unaudited)	Shares		Value
Loews Corp.		2,846	$	122,634
Marsh & McLennan Companies, Inc.		4,883		145,562
MetLife, Inc.		9,460		423,146
The Hartford Financial Services Group, Inc.		4,008		107,935
				2,396,659
Insurance: Property-Casualty — 0.9%
ACE Ltd.		3,035		196,364
Cincinnati Financial Corp.		1,430		46,904
The Allstate Corp.		4,859		154,419
The Chubb Corp.		2,747		168,419
The Progressive Corp.		5,968		126,104
The Travelers Companies, Inc.		3,912		232,686
XL Group PLC		2,904		71,438
				996,334
Leisure Time — 0.4%
Carnival Corp.		3,870		148,453
Expedia, Inc.		1,812		41,060
Priceline.com, Inc.(1)		441		223,340
				412,853
Luxury Items — 0.1%
Tiffany & Co.		1,154		70,902
				70,902
Machinery: Agricultural — 0.3%
Deere & Co.		3,807		368,860
				368,860
Machinery: Construction & Handling — 0.6%
Caterpillar, Inc.		5,697		634,361
				634,361
Machinery: Engines — 0.2%
Cummins, Inc.		1,777		194,795
				194,795
Machinery: Industrial — 0.1%
Joy Global, Inc.		929		91,794
				91,794
Medical & Dental Instruments & Supplies — 1.0%
Becton, Dickinson and Co.		2,073		165,052
Boston Scientific Corp.(1)		13,674		98,316
C.R. Bard, Inc.		756		75,078
Covidien PLC		4,500		233,730
DENTSPLY International, Inc.		1,296		47,939
Patterson Companies, Inc.		897		28,875
St. Jude Medical, Inc.		3,097		158,752
Stryker Corp.		3,069		186,595
Zimmer Holdings, Inc.(1)		1,796		108,712
				1,103,049
Medical Equipment — 0.8%
CareFusion Corp.(1)		2,010		56,682
Intuitive Surgical, Inc.(1)		354		118,045
Medtronic, Inc.		9,699		381,656
PerkinElmer, Inc.		1,076		28,266
Thermo Fisher Scientific, Inc.(1)		3,580		198,869
Varian Medical Systems, Inc.(1)		1,086		73,457
				856,975
Medical Services — 0.1%
Laboratory Corp. of America Holdings(1)		913		84,115
Quest Diagnostics, Inc.		1,393		80,404
				164,519
Metal Fabricating — 0.2%
Fastenal Co.		1,326		85,964
Precision Castparts Corp.		1,283		188,832
				274,796
Metals & Minerals: Diversified — 0.1%
Cliffs Natural Resources, Inc.		1,217		119,607
Titanium Metals Corp.(1)		821		15,254
				134,861
Office Supplies & Equipment — 0.2%
Avery Dennison Corp.		983		41,247
Lexmark International Group, Inc., Class A(1)		716		26,521
Pitney Bowes, Inc.		1,850		47,526
Xerox Corp.		12,423		132,305
				247,599
Offshore Drilling & Other Services — 0.0%
Diamond Offshore Drilling, Inc.		636		49,417
				49,417
Oil Well Equipment & Services — 2.4%
Baker Hughes, Inc.		3,873		284,394
Cameron International Corp.(1)		2,182		124,592
FMC Technologies, Inc.(1)		1,074		101,472
Halliburton Co.		8,172		407,292
Helmerich & Payne, Inc.		971		66,698
Nabors Industries Ltd.(1)		2,559		77,742
National-Oilwell Varco, Inc.		3,770		298,848
Noble Corp.(1)		2,297		104,789
Rowan Companies, Inc.(1)		1,137		50,233
Schlumberger Ltd.		12,260		1,143,368
				2,659,428
Oil: Crude Producers — 2.9%
Anadarko Petroleum Corp.		4,452		364,708
Apache Corp.		3,434		449,579
Cabot Oil & Gas Corp.		949		50,269
Chesapeake Energy Corp.		5,874		196,896
Denbury Resources, Inc.(1)		3,590		87,596
Devon Energy Corp.		3,881		356,159
EOG Resources, Inc.		2,411		285,728
Newfield Exploration Co.(1)		1,200		91,212
Noble Energy, Inc.		1,572		151,934
Occidental Petroleum Corp.		7,304		763,195
Pioneer Natural Resources Co.		1,062		108,239
QEP Resources, Inc.		1,567		63,526
Range Resources Corp.		1,435		83,890
Southwestern Energy Co.(1)		3,114		133,809
				3,186,740
Oil: Integrated — 6.8%
Chevron Corp.		18,079		1,942,227
ConocoPhillips		12,876		1,028,277
Exxon Mobil Corp.(2)		44,661		3,757,330
Hess Corp.		2,697		229,811
Marathon Oil Corp.		6,380		340,118
Murphy Oil Corp.		1,730		127,017
Williams Companies, Inc.		5,251		163,726
				7,588,506
Oil: Refining And Marketing — 0.2%
Sunoco, Inc.		1,103		50,286
Tesoro Corp.(1)		1,308		35,093
Valero Energy Corp.		5,084		151,605
				236,984
Paints & Coatings — 0.2%
PPG Industries, Inc.		1,465		139,482
The Sherwin-Williams Co.		817		68,620
				208,102
Paper — 0.1%
International Paper Co.		3,943		119,000
MeadWestvaco Corp.		1,514		45,919
				164,919
Personal Care — 2.0%
Clorox Co.		1,234		86,467
Colgate-Palmolive Co.		4,350		351,306

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

March 31, 2011 (unaudited)	Shares		Value
Kimberly-Clark Corp.		3,686	$	240,585
The Procter & Gamble Co.(2)		25,177		1,550,903
				2,229,261
Pharmaceuticals — 5.6%
Abbott Laboratories		13,899		681,746
Allergan, Inc.		2,768		196,583
AmerisourceBergen Corp.		2,484		98,267
Bristol-Myers Squibb Co.		15,384		406,599
Cardinal Health, Inc.		3,124		128,490
Eli Lilly & Co.		9,148		321,735
Forest Laboratories, Inc.(1)		2,551		82,397
Gilead Sciences, Inc.(1)		7,297		309,685
Hospira, Inc.(1)		1,537		84,843
Johnson & Johnson(2)		24,610		1,458,143
Merck & Co., Inc.		27,694		914,179
Mylan, Inc.(1)		3,896		88,322
Pfizer, Inc.		71,958		1,461,467
Watson Pharmaceuticals, Inc.(1)		1,125		63,011
				6,295,467
Producer Durables: Miscellaneous — 0.1%
W.W. Grainger, Inc.		519		71,456
				71,456
Production Technology Equipment — 0.3%
Applied Materials, Inc.		12,008		187,565
KLA-Tencor Corp.		1,521		72,050
Novellus Systems, Inc.(1)		821		30,484
Teradyne, Inc.(1)		1,624		28,923
				319,022
Publishing — 0.1%
Gannett Co., Inc.		2,165		32,973
The McGraw-Hill Companies, Inc.		2,759		108,705
The Washington Post Co., Class B		52		22,753
				164,431
Radio & TV Broadcasters — 0.1%
CBS Corp., Class B		6,127		153,420
				153,420
Railroads — 0.8%
CSX Corp.		3,363		264,332
Norfolk Southern Corp.		3,264		226,097
Union Pacific Corp.		4,428		435,405
				925,834
Real Estate — 0.1%
CB Richard Ellis Group, Inc., Class A(1)		2,615		69,820
				69,820
Real Estate Investment Trusts — 1.5%
Apartment Investment & Management Co., Class A		1,065		27,126
AvalonBay Communities, Inc.		780		93,662
Boston Properties, Inc.		1,258		119,321
Equity Residential		2,555		144,128
HCP, Inc.		3,604		136,736
Health Care REIT, Inc.		1,510		79,184
Host Hotels & Resorts, Inc.		5,992		105,519
Kimco Realty Corp.		3,630		66,574
Plum Creek Timber Co., Inc.		1,461		63,714
ProLogis		5,103		81,546
Public Storage, Inc.		1,254		139,081
Simon Property Group, Inc.		2,631		281,938
Ventas, Inc.		1,415		76,835
Vornado Realty Trust		1,482		129,675
Weyerhaeuser Co.		4,810		118,326
				1,663,365
Recreational Vehicles & Boats — 0.1%
Harley-Davidson, Inc.		2,114		89,824
				89,824
Restaurants — 1.1%
Darden Restaurants, Inc.		1,239		60,872
McDonald’s Corp.		9,487		721,866
Starbucks Corp.		6,659		246,050
Yum! Brands, Inc.		4,208		216,207
				1,244,995
Scientific Instruments: Control & Filter — 0.5%
Flowserve Corp.		504		64,915
Pall Corp.		1,033		59,511
Parker Hannifin Corp.		1,451		137,381
Rockwell Automation, Inc.		1,274		120,584
Roper Industries, Inc.		865		74,788
Waters Corp.(1)		836		72,648
				529,827
Scientific Instruments: Electrical — 0.4%
Emerson Electric Co.		6,755		394,695
				394,695
Scientific Instruments: Gauges & Meters — 0.1%
Agilent Technologies, Inc.(1)		3,111		139,311
				139,311
Scientific Instruments: Pollution Control — 0.3%
Republic Services, Inc.		2,779		83,481
Stericycle, Inc.(1)		767		68,010
Waste Management, Inc.		4,255		158,882
				310,373
Securities Brokerage & Services — 0.5%
CME Group, Inc.		612		184,549
E*TRADE Financial Corp.(1)		1,977		30,901
IntercontinentalExchange, Inc.(1)		657		81,166
NYSE Euronext		2,343		82,403
The Charles Schwab Corp.		8,917		160,773
The NASDAQ OMX Group, Inc.(1)		1,342		34,677
				574,469
Semiconductors & Components — 2.0%
Advanced Micro Devices, Inc.(1)		5,163		44,402
Altera Corp.		2,807		123,564
Analog Devices, Inc.		2,686		105,775
Broadcom Corp., Class A		4,095		161,261
Intel Corp.		49,444		997,285
Linear Technology Corp.		2,024		68,067
LSI Corp.(1)		5,520		37,536
MEMC Electronic Materials, Inc.(1)		2,052		26,594
Microchip Technology, Inc.		1,672		63,553
Micron Technology, Inc.(1)		7,699		88,231
National Semiconductor Corp.		2,210		31,691
Texas Instruments, Inc.		10,555		364,781
Xilinx, Inc.		2,323		76,194
				2,188,934
Shipping — 0.0%
Huntington Ingalls Industries, Inc.(1)		437		18,135
				18,135
Specialty Retail — 1.8%
Abercrombie & Fitch Co., Class A		802		47,077
AutoNation, Inc.(1)		586		20,727
AutoZone, Inc.(1)		258		70,578
Bed, Bath & Beyond, Inc.(1)		2,327		112,324
Best Buy Co., Inc.		2,967		85,212
CarMax, Inc.(1)		2,019		64,810
GameStop Corp., Class A(1)		1,350		30,402
Limited Brands, Inc.		2,373		78,024

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

March 31, 2011 (unaudited)	Shares		Value
Lowe’s Companies, Inc.		12,395	$	327,600
Netflix, Inc.(1)		390		92,559
O’Reilly Automotive, Inc.(1)		1,252		71,940
RadioShack Corp.		955		14,335
Ross Stores, Inc.		1,101		78,303
Staples, Inc.		6,506		126,347
The Gap, Inc.		3,949		89,484
The Home Depot, Inc.		14,713		545,264
The TJX Companies, Inc.		3,558		176,939
Urban Outfitters, Inc.(1)		1,153		34,394
				2,066,319
Steel — 0.2%
AK Steel Holding Corp.		1,007		15,890
Allegheny Technologies, Inc.		884		59,865
Nucor Corp.		2,843		130,835
United States Steel Corp.		1,313		70,823
				277,413
Technology: Miscellaneous — 0.0%
Jabil Circuit, Inc.		1,759		35,936
				35,936
Telecommunications Equipment — 0.3%
American Tower Corp., Class A(1)		3,576		185,308
Motorola Mobility Holdings, Inc.(1)		2,647		64,587
Motorola Solutions, Inc.(1)		3,018		134,875
				384,770
Textiles, Apparel & Shoes — 0.5%
Coach, Inc.		2,665		138,687
NIKE, Inc., Class B		3,431		259,727
Polo Ralph Lauren Corp.		590		72,953
VF Corp.		797		78,528
				549,895
Tobacco — 1.6%
Altria Group, Inc.		18,776		488,739
Lorillard, Inc.		1,329		126,269
Philip Morris International, Inc.		16,302		1,069,900
Reynolds American, Inc.		3,040		108,011
				1,792,919
Toys — 0.1%
Hasbro, Inc.		1,228		57,519
Mattel, Inc.		3,230		80,524
				138,043
Transportation Miscellaneous — 0.7%
Expeditors International of Washington, Inc.		1,907		95,617
United Parcel Service, Inc., Class B		8,874		659,516
				755,133
Truckers — 0.1%
C.H. Robinson Worldwide, Inc.		1,491		110,528
				110,528
Utilities: Electrical — 2.8%
Ameren Corp.		2,160		60,631
American Electric Power, Inc.		4,334		152,297
CMS Energy Corp.		2,192		43,051
Consolidated Edison, Inc.		2,610		132,379
Constellation Energy Group		1,811		56,376
Dominion Resources, Inc.		5,221		233,379
DTE Energy Co.		1,544		75,594
Duke Energy Corp.		11,951		216,911
Edison International		2,937		107,465
Entergy Corp.		1,597		107,334
Exelon Corp.		5,956		245,626
FirstEnergy Corp.		3,743		138,828
NextEra Energy, Inc.		3,745		206,424
Northeast Utilities		1,587		54,910
NRG Energy, Inc.(1)		2,209		47,582
Pepco Holdings, Inc.		2,014		37,561
PG&E Corp.		3,536		156,221
Pinnacle West Capital Corp.		942		40,308
PPL Corp.		4,366		110,460
Progress Energy, Inc.		2,645		122,040
Public Service Enterprise Group, Inc.		4,482		141,228
SCANA Corp.		1,033		40,669
Southern Co.		7,539		287,311
TECO Energy, Inc.		1,969		36,938
The AES Corp.(1)		5,929		77,077
Wisconsin Energy Corp.		2,099		64,020
Xcel Energy, Inc.		4,134		98,761
				3,091,381
Utilities: Gas Distributors — 0.3%
CenterPoint Energy, Inc.		3,824		67,149
Nicor, Inc.		413		22,178
NiSource, Inc.		2,499		47,931
ONEOK, Inc.		971		64,941
Sempra Energy		2,128		113,848
				316,047
Utilities: Miscellaneous — 0.0%
Integrys Energy Group, Inc.		708		35,761
				35,761
Utilities: Telecommunications — 2.8%
AT&T, Inc.(2)		53,113		1,625,258
CenturyLink, Inc.		2,713		112,725
Frontier Communications Corp.		8,967		73,709
MetroPCS Communications, Inc.(1)		2,355		38,245
Qwest Communications International, Inc.		15,671		107,033
Sprint Nextel Corp.(1)		26,801		124,357
Verizon Communications, Inc.		25,404		979,070
Windstream Corp.		4,352		56,010
				3,116,407
Total Common Stocks (Cost $67,882,959)				108,637,194
	Principal Amount
U.S. Government Securities — 0.3%
U.S. Treasury Bills
0.067% due 6/16/2011(2)	$	37,000		36,995
0.144% due 4/28/2011		25,000		24,997
U.S. Treasury Notes
1.00% due 8/31/2011 (2)		75,000		75,258
3.125% due 5/15/2019 (2)		145,000		144,989
Total U.S. Government Securities (Cost $278,983)				282,239
Repurchase Agreements — 2.3%
State Street Bank and Trust Co. Repurchase Agreement, 0.01%, dated 3/31/2011, maturity value of $2,601,001, due 4/1/2011(3)		2,601,000		2,601,000
Total Repurchase Agreements (Cost $2,601,000)				2,601,000
Total Investments — 99.9% (Cost $70,762,942)				111,520,433
Other Assets, Net — 0.1%				128,706
Total Net Assets — 100.0%			$	111,649,139

(1) Non-income producing security.

(2) Security is segregated as collateral to cover margin requirements on open futures contracts.

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

See accompanying notes to Schedule of Investments.

Schedule of Investments — RS S&P 500 Index VIP Series

Security	Coupon			Maturity Date		Value
FNMA		5.375	%		6/12/2017	$	2,653,538

The table below presents futures contracts as of March 31, 2011.

Description	Counterparty	Number of Contracts		Expiration		Face Value (000s)		Unrealized Appreciation
Purchased Futures Contracts
S&P 500 E Mini Index	Goldman,   Sachs & Co.		44		06/17/2011	$	2,906	$	48,218

The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	108,637,194	$	—	$	—	$	108,637,194
U.S. Government Securities		—		282,239		—		282,239
Repurchase Agreements		—		2,601,000		—		2,601,000
Other Financial Instruments
Financial Futures Contracts		48,218		—		—		48,218
Total	$	108,685,412	$	2,883,239	$	—	$	111,568,651

See accompanying notes to Schedule of Investments.

Notes to Schedule of Investments

Tax Basis of Investments

The cost of investments (excluding foreign currency related transactions) for federal income tax purposes at March 31, 2011, for each Fund is listed in the chart below. The net unrealized appreciation/(depreciation) on investments, which consists of gross unrealized appreciation and depreciation, is also disclosed in the chart below.

Tax Basis of Investments

Fund	Cost of Investments		Net Unrealized Appreciation on Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation
RS Partners VIP Series	$	12,855,390	$	3,721,889	$	3,784,269	$	(62,380	)
RS Value VIP Series		2,453,302		752,952		754,921		(1,969	)
RS Large Cap Alpha VIP Series		807,164,086		179,089,231		180,195,360		(1,106,129	)
RS Global Natural Resources VIP Series		15,538,308		5,059,940		5,059,940		—
RS Small Cap Growth Equity VIP Series		80,295,691		27,496,395		28,651,206		(1,154,811	)
RS International Growth VIP Series		197,457,048		59,745,536		63,084,692		(3,339,156	)
RS Emerging Markets VIP Series		96,781,566		42,927,331		45,469,901		(2,542,570	)
RS Investment Quality Bond VIP Series		661,071,039		17,326,283		21,463,426		(4,137,143	)
RS Low Duration Bond VIP Series		117,235,517		1,098,029		1,401,441		(303,412	)
RS High Yield Bond VIP Series		75,913,345		4,427,925		4,720,265		(292,340	)
RS Money Market VIP Series		158,740,381		—		—		—
RS S&P 500 Index VIP Series		78,850,676		32,669,757		37,128,072		(4,458,315	)

Restricted and Illiquid Securities

A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to a Fund. Restricted and illiquid securities are valued according to the guidelines and procedures adopted by the Trust’s Board of Trustees and are noted on each Fund’s schedule of investments.

Fair Value Measurements

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

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

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

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

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

In January 2010, the Financial Accounting Standards Board issued new guidance requiring reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances and settlements of Level 3 securities on a gross basis. The new and revised disclosures are required to be implemented for annual and interim periods beginning after December 15, 2009, except for the disclosures surrounding purchases, sales, issuances and settlements of Level 3 fair value measurements on a gross basis, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years.

For the three-month period ended March 31, 2011, there were no significant transfers between Level 1 and Level 2. The Funds recognize transfers between the levels as of the end of the period.

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

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. The Trust does not adjust the quoted price for such instruments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

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.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among other things, 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 the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs

may significantly impact the resulting fair value and therefore the Funds’ results of operations.

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

Derivative Instruments and Hedging Activities

The following is a summary of the fair valuation of the Funds’ derivative instruments categorized by risk exposure at March 31, 2011.

Derivative Instrument Type	RS S&P 500 Index  VIP Series
Financial Futures Contracts	$	48,218

RS S&P 500 Index VIP Series may, but will not necessarily, enter into derivative transactions, such as financial futures contracts, as a substitute for the purchase or sale of securities or when there is significant cash received from fund shares sold.

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

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) RS Variable Products Trust

By:	/s/ Terry R. Otton
	Terry R. Otton, President
	(Principal Executive Officer)
Date:	May 24, 2011

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

By:	/s/ Terry R. Otton
	Terry R. Otton, President
	(Principal Executive Officer)
Date:	May 24, 2011

By:	/s/ James E. Klescewski
	James E. Klescewski, Treasurer
	(Principal Financial Officer)
Date:	May 24, 2011