N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22127

COLUMBIA FUNDS VARIABLE SERIES TRUST II

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center, Minneapolis, Minnesota	55474
(Address of principal executive offices)	(Zip code)

Scott R. Plummer — 5228 Ameriprise Financial Center, Minneapolis, MN 55474
(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 671-1947

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011

Item 1. Schedule of Investments

Investments in Affiliated Funds
Disciplined Asset Allocation Portfolios — Aggressive
March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (83.0%)

	Shares		Value(a)
International (19.5%)
RiverSource Disciplined International Equity Fund		859,447	$	6,523,205
U.S. Large Cap (54.8%)
Columbia Large Core Quantitative Fund		1,606,682		9,318,757
Columbia Large Growth Quantitative Fund		486,435		4,538,439
Columbia Large Value Quantitative Fund		590,425		4,481,329
Total				18,338,525
U.S. Small Mid Cap (8.7%)
RiverSource Disciplined Small and Mid Cap Equity Fund		303,420		2,906,762
Total Equity Funds (Cost: $23,041,084)			$	27,768,492

Fixed Income Funds (15.9%)

	Shares		Value(a)
Emerging Markets (0.5%)
Columbia Emerging Markets Bond Fund		15,704	$	176,831
Global Bond (1.4%)
Columbia Global Bond Fund		63,955		461,112
High Yield (2.4%)
Columbia High Yield Bond Fund		283,190		804,259
Inflation Protected Securities (0.8%)
Columbia Inflation Protected Securities Fund		24,113		252,707
Investment Grade (10.8%)
Columbia Diversified Bond Fund		723,735		3,640,389
Total Fixed Income Funds (Cost: $5,169,347)			$	5,335,298

Alternative Investments (0.8%)

	Shares			Value(a)
Columbia Absolute Return Currency and Income Fund		26,955	(b)	$	275,484
Total Alternative Investments (Cost: $269,518)				$	275,484

Cash Equivalents (0.4%)

	Shares		Value(a)
Money Market
Columbia Money Market Fund, 0.106%		138,343	$	138,343
Total Cash Equivalents (Cost: $138,343)			$	138,343
Total Investments in Affiliated Funds (Cost: $28,618,292)			$	33,517,617

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2010.
(b)	Non-income producing.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets(a)		inputs		inputs		Total
Investments in Affiliated Funds	$	33,517,617	$	—	$	—	$	33,517,617

(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds
Disciplined Asset Allocation Portfolios — Conservative
March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (27.0%)

	Shares		Value(a)
International (4.7%)
RiverSource Disciplined International Equity Fund		393,737	$	2,988,466
U.S. Large Cap (19.6%)
Columbia Large Core Quantitative Fund		1,127,694		6,540,626
Columbia Large Growth Quantitative Fund		312,605		2,916,602
Columbia Large Value Quantitative Fund		385,167		2,923,416
Total				12,380,644
U.S. Small Mid Cap (2.7%)
RiverSource Disciplined Small and Mid Cap Equity Fund		174,834		1,674,908
Total Equity Funds (Cost: $14,232,136)			$	17,044,018

Fixed Income Funds (67.1%)

	Shares		Value(a)
Emerging Markets (2.0%)
Columbia Emerging Markets Bond Fund		112,383	$	1,265,430
Global Bond (4.8%)
Columbia Global Bond Fund		416,409		3,002,306
High Yield (8.9%)
Columbia High Yield Bond Fund		1,968,830		5,591,477
Inflation Protected Securities (3.0%)
Columbia Inflation Protected Securities Fund		180,884		1,895,669
Investment Grade (48.4%)
Columbia Diversified Bond Fund		6,071,888		30,541,595
Total Fixed Income Funds (Cost: $40,847,599)			$	42,296,477

Alternative Investments (5.5%)

	Shares			Value(a)
Columbia Absolute Return Currency and Income Fund		338,725	(b)	$	3,461,767
Total Alternative Investments (Cost: $3,384,801)				$	3,461,767

Cash Equivalents (0.5%)

	Shares		Value(a)
Money Market
Columbia Money Market Fund, 0.106%		334,280	$	334,280
Total Cash Equivalents (Cost: $334,280)			$	334,280
Total Investments in Affiliated Funds (Cost: $58,798,816)			$	63,136,542

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2010.
(b)	Non-income producing.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets(a)		inputs		inputs		Total
Investments in Affiliated Funds	$	63,136,542	$	—	$	—	$	63,136,542

(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds
Disciplined Asset Allocation Portfolios — Moderate
March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (56.6%)

	Shares			Value(a)
International (12.7%)
RiverSource Disciplined International Equity Fund		2,349,463		$	17,832,422
U.S. Large Cap (38.1%)
Columbia Large Core Quantitative Fund		4,743,061			27,509,752
Columbia Large Growth Quantitative Fund		1,393,580			13,002,101
Columbia Large Value Quantitative Fund		1,708,740			12,969,339
Total					53,481,192
U.S. Small Mid Cap (5.8%)
RiverSource Disciplined Small and Mid Cap Equity Fund		848,117	(c)		8,124,963
Total Equity Funds (Cost: $65,827,095)				$	79,438,577

Fixed Income Funds (40.4%)

	Shares		Value(a)
Emerging Markets (1.3%)
Columbia Emerging Markets Bond Fund		161,098	$	1,813,964
Global Bond (3.6%)
Columbia Global Bond Fund		698,775		5,038,166
High Yield (4.9%)
Columbia High Yield Bond Fund		2,414,069		6,855,957
Inflation Protected Securities (2.1%)
Columbia Inflation Protected Securities Fund		278,207		2,915,608
Investment Grade (28.5%)
Columbia Diversified Bond Fund		7,949,828		39,987,637
Total Fixed Income Funds (Cost: $54,427,586)			$	56,611,332

Alternative Investments (2.6%)

	Shares			Value(a)
Columbia Absolute Return Currency and Income Fund		354,600	(b)	$	3,624,013
Total Alternative Investments (Cost: $3,533,350)				$	3,624,013

Cash Equivalents (0.5%)

	Shares		Value(a)
Money Market
Columbia Money Market Fund, 0.106%		685,255	$	685,255
Total Cash Equivalents (Cost: $685,255)			$	685,255
Total Investments in Affiliated Funds (Cost: $124,473,286)			$	140,359,177

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2010.
(b)	Non-income producing.
(c)	The fund does not invest in underlying funds for the purpose of exercising management or control. At March 31, 2011, the fund held the following positions, which exceed 5% of the underlying fund’s shares outstanding:

Underlying fund	Percent of shares held
RiverSource Disciplined Small and Mid Cap Equity Fund		5.591	%

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets(a)		inputs		inputs		Total
Investments in Affiliated Funds	$	140,359,177	$	—	$	—	$	140,359,177

(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds
Disciplined Asset Allocation Portfolios — Moderately Aggressive
March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (69.9%)

	Shares		Value(a)
International (16.0%)
RiverSource Disciplined International Equity Fund		1,749,624	$	13,279,647
U.S. Large Cap (46.6%)
Columbia Large Core Quantitative Fund		3,399,281		19,715,828
Columbia Large Growth Quantitative Fund		1,021,005		9,525,974
Columbia Large Value Quantitative Fund		1,239,162		9,405,242
Total				38,647,044
U.S. Small Mid Cap (7.3%)
RiverSource Disciplined Small and Mid Cap Equity Fund		629,137		6,027,134
Total Equity Funds (Cost: $47,804,424)			$	57,953,825

Fixed Income Funds (28.1%)

	Shares		Value(a)
Emerging Markets (0.9%)
Columbia Emerging Markets Bond Fund		68,421	$	770,425
Global Bond (2.5%)
Columbia Global Bond Fund		287,959		2,076,182
High Yield (3.6%)
Columbia High Yield Bond Fund		1,045,808		2,970,094
Inflation Protected Securities (1.8%)
Columbia Inflation Protected Securities Fund		139,769		1,464,775
Investment Grade (19.3%)
Columbia Diversified Bond Fund		3,181,889		16,004,899
Total Fixed Income Funds (Cost: $22,471,642)			$	23,286,375

Alternative Investments (1.7%)

	Shares			Value(a)
Columbia Absolute Return Currency and Income Fund		137,566	(b)	$	1,405,922
Total Alternative Investments (Cost: $1,378,801)				$	1,405,922

Cash Equivalents (0.4%)

	Shares		Value(a)
Money Market
Columbia Money Market Fund, 0.106%		365,101	$	365,101
Total Cash Equivalents (Cost: $365,101)			$	365,101
Total Investments in Affiliated Funds (Cost: $72,019,968)			$	83,011,223

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2010.
(b)	Non-income producing.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets(a)		inputs		inputs		Total
Investments in Affiliated Funds	$	83,011,223	$	—	$	—	$	83,011,223

(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds
Disciplined Asset Allocation Portfolios — Moderately Conservative
March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (42.1%)

	Shares		Value(a)
International (8.7%)
RiverSource Disciplined International Equity Fund		836,450	$	6,348,654
U.S. Large Cap (29.1%)
Columbia Large Core Quantitative Fund		1,901,180		11,026,846
Columbia Large Growth Quantitative Fund		547,222		5,105,585
Columbia Large Value Quantitative Fund		674,889		5,122,409
Total				21,254,840
U.S. Small Mid Cap (4.3%)
RiverSource Disciplined Small and Mid Cap Equity Fund		327,987		3,142,118
Total Equity Funds (Cost: $25,859,970)			$	30,745,612

Fixed Income Funds (53.8%)

	Shares		Value(a)
Emerging Markets (1.3%)
Columbia Emerging Markets Bond Fund		81,725	$	920,224
Global Bond (4.6%)
Columbia Global Bond Fund		465,069		3,353,147
High Yield (6.3%)
Columbia High Yield Bond Fund		1,630,686		4,631,147
Inflation Protected Securities (3.0%)
Columbia Inflation Protected Securities Fund		210,245		2,203,370
Investment Grade (38.6%)
Columbia Diversified Bond Fund		5,605,606		28,196,197
Total Fixed Income Funds (Cost: $37,840,218)			$	39,304,085

Alternative Investments (3.6%)

	Shares			Value(a)
Columbia Absolute Return Currency and Income Fund		257,417	(b)	$	2,630,799
Total Alternative Investments (Cost: $2,562,014)				$	2,630,799

Cash Equivalents (0.6%)

	Shares		Value(a)
Money Market
Columbia Money Market Fund, 0.106%		404,363	$	404,363
Total Cash Equivalents (Cost: $404,363)			$	404,363
Total Investments in Affiliated Funds (Cost: $66,666,565)			$	73,084,859

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2010.
(b)	Non-income producing.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets(a)		inputs		inputs		Total
Investments in Affiliated Funds	$	73,084,859	$	—	$	—	$	73,084,859

(a) There were no significant transfers between Levels 1 and 2 during the period.

Portfolio of Investments

Columbia Variable Portfolio - Balanced Fund

(formerly known as RiverSource Variable Portfolio - Balanced Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (68.0%)
CONSUMER DISCRETIONARY (5.7%)
Auto Components (0.1%)
Johnson Controls, Inc.		24,142	$	1,003,583
Automobiles (0.7%)
Ford Motor Co.(a)		470,459		7,014,544
Hotels, Restaurants & Leisure (0.7%)
Carnival Corp.(b)		173,618		6,659,987
Household Durables (0.1%)
Lennar Corp., Class A		47,104		853,524
Media (1.6%)
Comcast Corp., Class A		162,329		4,012,773
Time Warner, Inc.		86,952		3,104,186
Viacom, Inc., Class B		167,072		7,772,190
Total				14,889,149
Multiline Retail (1.3%)
Kohl’s Corp.		116,022		6,153,807
Target Corp.		132,658		6,634,226
Total				12,788,033
Specialty Retail (1.2%)
Best Buy Co., Inc.(c)		105,217		3,021,832
Home Depot, Inc.(c)		186,019		6,893,864
Staples, Inc.		86,131		1,672,664
Total				11,588,360
TOTAL CONSUMER DISCRECTIONARY				54,797,180
CONSUMER STAPLES (3.8%)
Food & Staples Retailing (1.2%)
CVS Caremark Corp.		159,592		5,477,198
Wal-Mart Stores, Inc.(c)		115,182		5,995,223
Total				11,472,421
Tobacco (2.6%)
Lorillard, Inc.(c)		174,856		16,613,068
Philip Morris International, Inc.		130,803		8,584,601
Total				25,197,669
TOTAL CONSUMER STAPLES				36,670,090

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (11.7%)
Energy Equipment & Services (2.9%)
Baker Hughes, Inc.		116,892	$	8,583,380
Halliburton Co.		258,639		12,890,568
National Oilwell Varco, Inc.		47,631		3,775,709
Schlumberger Ltd.(b)		32,354		3,017,334
Total				28,266,991
Oil, Gas & Consumable Fuels (8.8%)
Alpha Natural Resources, Inc.(a)		28,387		1,685,336
Anadarko Petroleum Corp.		98,861		8,098,693
Apache Corp.		94,982		12,435,043
Chevron Corp.		204,772		21,998,656
ConocoPhillips		112,064		8,949,431
Devon Energy Corp.		54,228		4,976,504
Exxon Mobil Corp.		266,912		22,455,307
Occidental Petroleum Corp.		43,195		4,513,445
Total				85,112,415
TOTAL ENERGY				113,379,406
FINANCIALS (12.5%)
Capital Markets (3.8%)
Bank of New York Mellon Corp. (The)(c)		137,578		4,109,455
Goldman Sachs Group, Inc. (The)		122,221		19,368,362
Morgan Stanley		480,152		13,117,752
Total				36,595,569
Commercial Banks (0.4%)
Wells Fargo & Co.		124,136		3,935,111
Diversified Financial Services (4.8%)
Bank of America Corp.		1,585,999		21,141,367
JPMorgan Chase & Co.		545,020		25,125,422
Total				46,266,789
Insurance (3.5%)
ACE Ltd.(b)		142,876		9,244,078
Everest Re Group Ltd.(b)		48,434		4,270,910
MetLife, Inc.		150,892		6,749,399
Travelers Companies, Inc. (The)(c)		82,227		4,890,862
XL Group PLC(b)(c)		353,672		8,700,331
Total				33,855,580
TOTAL FINANCIALS				120,653,049

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (7.1%)
Biotechnology (0.9%)
Gilead Sciences, Inc.(a)		207,313	$	8,798,364
Health Care Providers & Services (1.1%)
HCA Holdings, Inc.(a)		71,945		2,436,777
UnitedHealth Group, Inc.		86,836		3,924,987
WellPoint, Inc.		60,375		4,213,572
Total				10,575,336
Life Sciences Tools & Services (1.7%)
Agilent Technologies, Inc.(a)		107,719		4,823,657
Life Technologies Corp.(a)		80,832		4,237,213
Thermo Fisher Scientific, Inc.(a)		133,378		7,409,148
Total				16,470,018
Pharmaceuticals (3.4%)
Bristol-Myers Squibb Co.(c)		285,907		7,556,522
Merck & Co., Inc.		271,750		8,970,467
Novartis AG, ADR(b)(c)		94,940		5,159,989
Pfizer, Inc.		537,529		10,917,214
Total				32,604,192
TOTAL HEALTH CARE				68,447,910
INDUSTRIALS (12.0%)
Aerospace & Defense (2.7%)
Boeing Co. (The)		93,693		6,926,724
Honeywell International, Inc.		119,641		7,143,764
Lockheed Martin Corp.		32,795		2,636,718
United Technologies Corp.		117,696		9,962,966
Total				26,670,172
Air Freight & Logistics (0.6%)
United Parcel Service, Inc., Class B		75,724		5,627,808
Airlines (0.7%)
Delta Air Lines, Inc.(a)		160,985		1,577,653
U.S. Airways Group, Inc.(a)(c)		151,988		1,323,815
United Continental Holdings, Inc.(a)(c)		166,736		3,833,261
Total				6,734,729
Electrical Equipment (0.9%)
ABB Ltd., ADR(a)(b)		222,112		5,372,889
Emerson Electric Co.		54,620		3,191,447
Total				8,564,336

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Industrial Conglomerates (3.0%)
General Electric Co.		340,266	$	6,822,333
Siemens AG, ADR(b)		114,050		15,663,627
Tyco International Ltd.(b)		141,821		6,349,326
Total				28,835,286
Machinery (3.8%)
Caterpillar, Inc.(c)		88,993		9,909,371
Deere & Co.		61,559		5,964,451
Eaton Corp.		110,438		6,122,683
Illinois Tool Works, Inc.(c)		196,235		10,541,744
Parker Hannifin Corp.		47,419		4,489,631
Total				37,027,880
Road & Rail (0.3%)
CSX Corp.		32,369		2,544,203
TOTAL INDUSTRIALS				116,004,414
INFORMATION TECHNOLOGY (7.9%)
Communications Equipment (0.2%)
Nokia OYJ, ADR(b)(c)		276,009		2,348,836
Computers & Peripherals (0.2%)
Hewlett-Packard Co.		48,211		1,975,205
Electronic Equipment, Instruments & Components (0.1%)
TE Connectivity Ltd.(b)		39,464		1,374,136
IT Services (2.4%)
Accenture PLC, Class A(b)		134,020		7,367,079
IBM Corp.(c)		49,180		8,019,783
Mastercard, Inc., Class A		30,201		7,602,196
Total				22,989,058
Semiconductors & Semiconductor Equipment (1.7%)
Intel Corp.		394,052		7,948,029
LSI Corp.(a)		806,407		5,483,568
Microchip Technology, Inc.(c)		66,331		2,521,241
Total				15,952,838
Software (3.3%)
Microsoft Corp.		643,437		16,317,562
Oracle Corp.		450,674		15,038,992
Total				31,356,554
TOTAL INFORMATION TECHNOLOGY				75,996,627

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (4.1%)
Chemicals (2.2%)
Air Products & Chemicals, Inc.		21,755	$	1,961,866
Dow Chemical Co. (The)		176,274		6,654,343
EI du Pont de Nemours & Co.		238,671		13,119,745
Total				21,735,954
Metals & Mining (1.9%)
Freeport-McMoRan Copper & Gold, Inc.		130,782		7,264,940
Nucor Corp.(c)		61,745		2,841,505
Rio Tinto PLC, ADR(b)(c)		42,020		2,988,462
Vale SA, ADR(b)(c)		71,062		2,369,918
Xstrata PLC(b)		109,669		2,563,314
Total				18,028,139
TOTAL MATERIALS				39,764,093
TELECOMMUNICATION SERVICES (2.6%)
Diversified Telecommunication Services (2.3%)
AT&T, Inc.		545,368		16,688,261
Verizon Communications, Inc.		150,347		5,794,373
Total				22,482,634
Wireless Telecommunication Services (0.3%)
Sprint Nextel Corp.(a)		586,412		2,720,952
TOTAL TELECOMMUNICATION SERVICES				25,203,586
UTILITIES (0.6%)
Multi-Utilities (0.6%)
Dominion Resources, Inc.		138,674		6,198,728
TOTAL UTILITIES				6,198,728
Total Common Stocks (Cost: $483,438,148)			$	657,115,083

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (9.3%)
Aerospace & Defense (—%)
ADS Tactical, Inc. Senior Secured(d)
04/01/18		11.000	%	$	110,000	$	112,750
Huntington Ingalls Industries, Inc.(d)
03/15/18		6.875	%		36,000		37,575
03/15/21		7.125	%		47,000		48,998

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Aerospace & Defense (continued)
Kratos Defense & Security Solutions, Inc. Senior Secured(d)
06/01/17		10.000	%	$	9,000	$	9,945
Oshkosh Corp.
03/01/17		8.250	%		64,000		70,400
03/01/20		8.500	%		78,000		87,457
TransDigm, Inc.
Senior Subordinated Notes(d)
12/15/18		7.750	%		39,000		41,876
Total							409,001
Automotive (0.1%)
Dana Holding Corp.
Senior Unsecured
02/15/19		6.500	%		20,000		19,850
02/15/21		6.750	%		65,000		64,838
Lear Corp.
03/15/18		7.875	%		201,000		219,090
03/15/20		8.125	%		77,000		84,700
Visteon Corp.
Senior Notes(d)(e)
04/15/19		6.750	%		31,000		31,000
Total							419,478
Banking (1.2%)
Bank of America Corp.
Senior Unsecured
01/05/21		5.875	%		1,480,000		1,545,384
Bank of Montreal(b)(d)
06/09/15		2.850	%		760,000		767,591
Bank of Nova Scotia(b)(d)
10/29/15		1.650	%		2,360,000		2,257,075
HSBC Holdings PLC
Subordinated Notes(b)
06/01/38		6.800	%		600,000		628,265
JPMorgan Chase & Co.
Senior Unsecured
10/15/20		4.250	%		1,245,000		1,189,861
Morgan Stanley
Senior Unsecured
01/25/21		5.750	%		1,790,000		1,806,640
National Bank of Canada(b)(d)
01/30/14		1.650	%		612,000		612,819
Santander U.S. Debt SA Unipersonal Bank Guaranteed(b)(d)
10/07/15		3.781	%		300,000		288,282
Toronto-Dominion Bank (The)(b)(d)
07/29/15		2.200	%		2,325,000		2,295,180
Total							11,391,097

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Building Materials (—%)
Associated Materials LLC
Senior Secured(d)
11/01/17		9.125	%	$	12,000	$	12,750
Euramax International, Inc.
Senior Secured(d)
04/01/16		9.500	%		45,000		45,563
Interface, Inc.(d)
12/01/18		7.625	%		25,000		26,375
Total							84,688
Chemicals (0.2%)
Airgas, Inc.
10/01/18		7.125	%		325,000		351,000
Ashland, Inc.
06/01/17		9.125	%		85,000		97,537
CF Industries, Inc.
05/01/18		6.875	%		215,000		240,800
05/01/20		7.125	%		45,000		50,963
Celanese U.S. Holdings LLC(d)
10/15/18		6.625	%		74,000		76,220
Chemtura Corp.(d)
09/01/18		7.875	%		32,000		33,840
Hexion U.S. Finance Corp./Nova Scotia ULC
Senior Secured
02/01/18		8.875	%		50,000		52,875
Lyondell Chemical Co.
Senior Secured(d)
11/01/17		8.000	%		345,000		381,225
Nalco Co.(d)
01/15/19		6.625	%		103,000		105,961
Nova Chemicals Corp.
Senior Unsecured(b)
11/01/16		8.375	%		84,000		92,190
Polypore International, Inc.(d)
11/15/17		7.500	%		75,000		78,750
Total							1,561,361
Construction Machinery (0.1%)
Case New Holland, Inc.
Senior Notes(d)
12/01/17		7.875	%		145,000		160,950
Columbus McKinnon Corp.(d)
02/01/19		7.875	%		26,000		26,910
Manitowoc Co., Inc. (The)
11/01/13		7.125	%		315,000		318,544
11/01/20		8.500	%		50,000		53,625
Total							560,029

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Consumer Cyclical Services (—%)
Garda World Security Corp.
Senior Unsecured(b)(d)
03/15/17		9.750	%	$	12,000	$	12,930
Consumer Products (—%)
Central Garden and Pet Co.
03/01/18		8.250	%		35,000		36,575
Spectrum Brands Holdings, Inc.
Senior Secured(d)
06/15/18		9.500	%		154,000		169,400
Total							205,975
Diversified Manufacturing (—%)
Pinafore LLC/Inc. Secured(b)(d)
10/01/18		9.000	%		20,000		21,600
SPX Corp.(d)
09/01/17		6.875	%		214,000		230,050
Total							251,650
Electric (1.6%)
Arizona Public Service Co.
Senior Unsecured
08/01/16		6.250	%		420,000		473,857
CMS Energy Corp.
Senior Unsecured
09/30/15		4.250	%		405,000		406,519
12/15/15		6.875	%		440,000		483,136
02/01/20		6.250	%		265,000		277,587
CenterPoint Energy Houston Electric LLC
03/01/14		7.000	%		700,000		793,823
DTE Energy Co.
Senior Unsecured
05/15/14		7.625	%		1,430,000		1,642,855
Detroit Edison Co. (The)
Senior Secured
10/01/13		6.400	%		780,000		871,909
Dominion Resources, Inc.
Senior Unsecured
08/15/19		5.200	%		160,000		170,548
08/01/33		5.250	%		640,000		691,706
Duke Energy Corp.
Senior Unsecured
02/01/14		6.300	%		830,000		925,227
Edison Mission Energy
Senior Unsecured
05/15/17		7.000	%		60,000		48,150

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Indiana Michigan Power Co.
Senior Unsecured
03/15/37		6.050	%	$	485,000	$	503,268
KCP&L Greater Missouri Operations Co.
Senior Unsecured
07/01/12		11.875	%		205,000		228,674
Majapahit Holding BV(b)(d)
10/17/16		7.750	%		100,000		112,500
Midwest Generation LLC
Pass-Through Certificates
01/02/16		8.560	%		307,244		313,389
NRG Energy, Inc.
01/15/17		7.375	%		132,000		137,610
Nevada Power Co.
01/15/15		5.875	%		405,000		450,545
05/15/18		6.500	%		430,000		491,823
08/01/18		6.500	%		605,000		692,641
Ohio Edison Co.
Senior Unsecured
05/01/15		5.450	%		170,000		183,272
PPL Electric Utilities Corp.
1st Mortgage
11/30/13		7.125	%		970,000		1,105,064
PacifiCorp
1st Mortgage
09/15/13		5.450	%		1,475,000		1,612,262
Progress Energy, Inc.
Senior Unsecured
03/15/14		6.050	%		480,000		530,796
12/01/19		4.875	%		385,000		399,597
Sierra Pacific Power Co.
05/15/16		6.000	%		515,000		580,378
Tampa Electric Co.
Senior Unsecured
05/15/18		6.100	%		720,000		815,886
Toledo Edison Co. (The)
Senior Secured
05/15/37		6.150	%		10,000		10,265
TransAlta Corp.
Senior Unsecured(b)
01/15/15		4.750	%		605,000		640,399
Total							15,593,686
Entertainment (0.1%)
Regal Cinemas Corp.
07/15/19		8.625	%		39,000		41,876
Speedway Motorsports, Inc.
06/01/16		8.750	%		245,000		268,275
Speedway Motorsports, Inc.(d)
Senior Notes
02/01/19		6.750	%		10,000		10,075

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Entertainment (continued)
United Artists Theatre Circuit, Inc.
1995-A Pass-Through Trust(f)(g)
07/01/15		9.300	%	$	748,021	$	748,994
Total							1,069,220
Environmental (—%)
Clean Harbors, Inc.
Senior Secured(d)
08/15/16		7.625	%		20,000		21,225
Food and Beverage (0.8%)
Anheuser-Busch InBev Worldwide, Inc.(b)
11/15/14		5.375	%		1,825,000		2,011,104
Bacardi Ltd.(b)(d)
04/01/14		7.450	%		150,000		172,607
Dean Foods Co.
06/01/16		7.000	%		1,000		954
Dean Foods Co.(d)
Senior Notes
12/15/18		9.750	%		47,000		48,234
Kraft Foods, Inc.
Senior Unsecured
08/11/17		6.500	%		1,165,000		1,327,834
02/01/18		6.125	%		830,000		927,824
08/23/18		6.125	%		405,000		452,921
SABMiller PLC(b)(d)
Senior Unsecured
01/15/14		5.700	%		2,195,000		2,408,453
07/15/18		6.500	%		490,000		566,846
Total							7,916,777
Gaming (—%)
MGM Resorts International
Senior Secured
03/15/20		9.000	%		210,000		231,000
Seneca Gaming Corp.(d)
12/01/18		8.250	%		72,000		74,160
Total							305,160
Gas Distributors (—%)
Energy Transfer Equity LP
10/15/20		7.500	%		76,000		82,840
Gas Pipelines (1.3%)
Colorado Interstate Gas Co.
Senior Unsecured
11/15/15		6.800	%		3,859,000		4,435,558
Copano Energy LLC/Finance Corp.(e)
04/01/21		7.125	%		25,000		25,312

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (continued)
El Paso Corp.
01/15/32		7.750	%	$	55,000	$	61,632
El Paso Corp.(d)
Senior Unsecured
09/15/20		6.500	%		195,000		210,112
Nisource Finance Corp.
03/01/13		6.150	%		1,800,000		1,951,312
09/15/17		5.250	%		1,740,000		1,852,910
09/15/20		5.450	%		200,000		207,548
Northwest Pipeline GP
Senior Unsecured
06/15/16		7.000	%		135,000		159,144
04/15/17		5.950	%		950,000		1,072,976
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		110,000		125,125
12/01/18		6.875	%		52,000		55,250
Southern Star Central Corp.
Senior Unsecured
03/01/16		6.750	%		455,000		461,825
Transcontinental Gas Pipe Line Co. LLC
Senior Unsecured
08/15/11		7.000	%		535,000		547,434
04/15/16		6.400	%		1,052,000		1,208,186
Total							12,374,324
Health Care (—%)
American Renal Holdings Co., Inc.
Senior Unsecured PIK(d)
03/01/16		9.750	%		10,000		9,825
Fresenius Medical Care U.S. Finance, Inc.(d)
02/15/21		5.750	%		43,000		41,603
HCA, Inc.
Senior Secured
09/15/20		7.250	%		243,000		260,010
Healthsouth Corp.
09/15/22		7.750	%		5,000		5,200
STHI Holding Corp.
Secured(d)
03/15/18		8.000	%		18,000		18,630
Total							335,268
Home Construction (—%)
K Hovnanian Enterprises, Inc.
Senior Secured
10/15/16		10.625	%		39,000		41,438

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (0.7%)
Anadarko Petroleum Corp.
Senior Unsecured
09/15/16		5.950	%	$	1,635,000	$	1,777,874
Berry Petroleum Co.
Senior Unsecured
11/01/20		6.750	%		30,000		30,900
Chesapeake Energy Corp.
08/15/20		6.625	%		120,000		127,500
02/15/21		6.125	%		240,000		247,800
Comstock Resources, Inc.
04/01/19		7.750	%		19,000		19,333
Concho Resources, Inc.
Senior Notes
01/15/21		7.000	%		145,000		152,612
Continental Resources, Inc.
04/01/21		7.125	%		42,000		44,625
Denbury Resources, Inc.
03/01/16		9.750	%		220,000		248,050
EXCO Resources, Inc.
09/15/18		7.500	%		86,000		87,398
Encana Corp.
Senior Unsecured(b)
11/01/11		6.300	%		2,290,000		2,363,578
MEG Energy Corp.(b)(d)
03/15/21		6.500	%		50,000		50,813
Petrohawk Energy Corp.
08/01/14		10.500	%		150,000		171,750
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		110,000		115,500
Range Resources Corp.
05/15/19		8.000	%		405,000		446,512
Woodside Finance Ltd.(b)(d)
11/10/14		4.500	%		825,000		872,055
Total							6,756,300
Integrated Energy (—%)
Petro-Canada
Senior Unsecured(b)
07/15/13		4.000	%		120,000		125,822
TNK-BP Finance SA(b)(d)
03/13/18		7.875	%		200,000		228,627
Total							354,449
Media Cable (0.2%)
CCO Holdings LLC/Capital Corp.
01/15/19		7.000	%		140,000		143,500
CSC Holdings LLC
Senior Unsecured
02/15/18		7.875	%		60,000		66,600

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Media Cable (continued)
Cablevision Systems Corp.
Senior Unsecured
09/15/17		8.625	%	$	71,000	$	78,988
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16		3.125	%		770,000		758,833
DISH DBS Corp.
02/01/16		7.125	%		295,000		314,913
09/01/19		7.875	%		120,000		129,900
Time Warner Cable, Inc.
11/15/40		5.875	%		210,000		197,326
Total							1,690,060
Media Non-Cable (0.4%)
Entravision Communications Corp.
Senior Secured
08/01/17		8.750	%		80,000		85,200
Intelsat Jackson Holdings SA(b)(d)
10/15/20		7.250	%		167,000		167,209
Lamar Media Corp.
04/01/14		9.750	%		95,000		109,725
RR Donnelley & Sons Co.
Senior Unsecured
04/01/14		4.950	%		235,000		243,697
01/15/17		6.125	%		975,000		1,013,485
Reed Elsevier Capital, Inc.
08/01/11		6.750	%		543,000		553,207
TCM Sub LLC(d)
01/15/15		3.550	%		1,185,000		1,212,950
XM Satellite Radio, Inc.(d)
11/01/18		7.625	%		141,000		148,755
Total							3,534,228
Metals (0.1%)
ArcelorMittal
Senior Unsecured
03/01/21		5.500	%		85,000		83,760
ArcelorMittal(b)
Senior Unsecured
03/01/41		6.750	%		60,000		58,802
Arch Coal, Inc.
10/01/20		7.250	%		10,000		10,713
Arch Western Finance LLC
07/01/13		6.750	%		139,000		140,390
Consol Energy, Inc.
04/01/20		8.250	%		138,000		153,007
FMG Resources August 2006 Proprietary Ltd.(b)(d)
11/01/15		7.000	%		160,000		165,046
02/01/16		6.375	%		75,000		75,562
02/01/18		6.875	%		25,000		26,063

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Metals (continued)
JMC Steel Group
Senior Notes(d)
03/15/18		8.250	%	$	22,000	$	22,495
Novelis, Inc.(b)(d)
12/15/17		8.375	%		39,000		42,218
12/15/20		8.750	%		78,000		85,800
Peabody Energy Corp.
09/15/20		6.500	%		155,000		166,237
Rain CII Carbon LLC/Corp.
Senior Secured(d)
12/01/18		8.000	%		90,000		96,075
United States Steel Corp.
Senior Unsecured
02/01/18		7.000	%		49,000		50,899
04/01/20		7.375	%		73,000		76,467
Total							1,253,534
Non-Captive Consumer (—%)
SLM Corp.
Senior Notes
01/25/16		6.250	%		43,000		44,828
Non-Captive Diversified (0.4%)
Ally Financial, Inc.
03/15/20		8.000	%		317,000		345,134
CIT Group, Inc.
Secured
05/01/16		7.000	%		140,000		140,175
CIT Group, Inc.(d)
Secured
04/01/18		6.625	%		34,000		34,510
General Electric Capital Corp.
Senior Unsecured
09/16/20		4.375	%		3,045,000		2,959,131
International Lease Finance Corp.
Senior Unsecured
12/15/20		8.250	%		145,000		158,956
Total							3,637,906
Oil Field Services (—%)
Gazprom OAO Via Gaz Capital SA
Senior Unsecured(b)(d)
11/22/16		6.212	%		350,000		379,750
Key Energy Services, Inc.
03/01/21		6.750	%		36,000		36,630
Total							416,380

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Other Industry (—%)
Interline Brands, Inc.
11/15/18		7.000	%	$	42,000	$	43,050
Valmont Industries, Inc.
04/20/20		6.625	%		205,000		211,646
Total							254,696
Packaging (0.1%)
Ardagh Packaging Finance PLC
Senior Secured(b)(d)
10/15/17		7.375	%		68,000		72,760
Ball Corp.
09/01/19		7.375	%		56,000		60,620
09/15/20		6.750	%		59,000		61,802
Crown Americas LLC/Capital Corp. III
Senior Notes(d)
02/01/21		6.250	%		142,000		144,840
Greif, Inc.
Senior Unsecured
02/01/17		6.750	%		85,000		89,675
Reynolds Group Issuer, Inc./LLC(d)
Senior Secured
04/15/19		7.125	%		82,000		84,050
02/15/21		6.875	%		30,000		30,150
Total							543,897
Paper (—%)
Cascades, Inc.(b)
12/15/17		7.750	%		133,000		140,481
Graphic Packaging International, Inc.
06/15/17		9.500	%		95,000		105,450
10/01/18		7.875	%		21,000		22,470
Total							268,401
Pharmaceuticals (0.1%)
Grifols, Inc.
Secured(d)
02/01/18		8.250	%		96,000		98,400
Mylan, Inc.(d)
11/15/18		6.000	%		85,000		85,000
Valeant Pharmaceuticals International(b)(d)
10/01/20		7.000	%		231,000		224,070
Warner Chilcott Co./Finance LLC(d)
09/15/18		7.750	%		49,000		51,327
Total							458,797
Railroads (0.1%)
CSX Corp.
Senior Unsecured
03/15/12		6.300	%		760,000		798,986

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Refining (—%)
United Refining Co.
Senior Secured(d)
02/28/18		10.500	%	$	44,000	$	44,000
Retailers (0.1%)
CVS Caremark Corp.
Senior Unsecured
06/01/17		5.750	%		450,000		495,670
Ltd Brands, Inc.
04/01/21		6.625	%		35,000		35,787
Needle Merger Sub Corp.
Senior Unsecured(d)
03/15/19		8.125	%		53,000		53,530
QVC, Inc.
Senior Secured(d)
10/15/20		7.375	%		207,000		215,539
Toys R Us - Delaware, Inc.
Senior Secured(d)
09/01/16		7.375	%		81,000		85,657
Total							886,183
Technology (0.1%)
Amkor Technology, Inc.
Senior Unsecured
05/01/18		7.375	%		161,000		166,635
Avaya, Inc.
11/01/15		9.750	%		27,000		27,439
Avaya, Inc.(d)
Senior Secured
04/01/19		7.000	%		90,000		87,750
Brocade Communications Systems, Inc.
Senior Secured
01/15/18		6.625	%		228,000		241,395
01/15/20		6.875	%		43,000		46,440
CDW Escrow Corp.
Senior Notes(d)(e)
04/01/19		8.500	%		45,000		45,056
Cardtronics, Inc.
09/01/18		8.250	%		140,000		152,075
CommScope, Inc.(d)
01/15/19		8.250	%		32,000		33,440
First Data Corp.
Senior Secured(d)(e)
06/15/19		7.375	%		59,000		60,254
Total							860,484

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Transportation Services (0.1%)
ERAC USA Finance LLC(d)
10/15/37		7.000	%	$	470,000	$	512,078
Hertz Corp. (The)(d)
10/15/18		7.500	%		81,000		83,835
01/15/21		7.375	%		40,000		40,900
Total							636,813
Wireless (0.3%)
CC Holdings GS V LLC/Crown Castle GS III Corp.
Senior Secured(d)
05/01/17		7.750	%		489,000		533,010
Cricket Communications, Inc.
Senior Secured
05/15/16		7.750	%		191,000		202,937
MetroPCS Wireless, Inc.
09/01/18		7.875	%		40,000		42,800
11/15/20		6.625	%		43,000		42,946
NII Capital Corp.
04/01/21		7.625	%		50,000		51,125
Nextel Communications, Inc.
08/01/15		7.375	%		120,000		120,450
SBA Telecommunications, Inc.
08/15/16		8.000	%		150,000		163,313
08/15/19		8.250	%		133,000		146,965
Sprint Nextel Corp.
Senior Unsecured
08/15/17		8.375	%		166,000		184,883
United States Cellular Corp.
Senior Unsecured
12/15/33		6.700	%		1,405,000		1,346,775
Total							2,835,204
Wirelines (1.2%)
AT&T, Inc.
Senior Unsecured
02/15/39		6.550	%		1,725,000		1,797,861
Embarq Corp.
Senior Unsecured
06/01/36		7.995	%		915,000		1,031,572
Frontier Communications Corp.
Senior Unsecured
04/15/15		7.875	%		39,000		42,023
04/15/17		8.250	%		28,000		30,240
04/15/20		8.500	%		45,000		48,769
Level 3 Financing, Inc.(d)
04/01/19		9.375	%		10,000		9,675
Qwest Communications International, Inc.
04/01/18		7.125	%		155,000		167,206

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
TELUS Corp.
Senior Unsecured(b)
06/01/11		8.000	%	$	1,603,500	$	1,622,635
Telecom Italia Capital SA(b)
07/18/36		7.200	%		340,000		341,209
Telefonica Emisiones SAU(b)
01/15/15		4.949	%		1,290,000		1,361,106
Tw telecom holdings, inc.
03/01/18		8.000	%		87,000		93,851
Verizon New York, Inc.
Senior Unsecured
04/01/12		6.875	%		2,585,000		2,736,584
04/01/32		7.375	%		1,795,000		2,013,893
Verizon Pennsylvania, Inc.
Senior Unsecured
11/15/11		5.650	%		475,000		489,891
Windstream Corp.
11/01/17		7.875	%		76,000		81,510
Total							11,868,025
Total Corporate Bonds & Notes
(Cost: $85,700,792)						$	89,779,318
Residential Mortgage-Backed Securities - Agency (12.0%)
Federal Home Loan Mortgage Corp.(e)(h)
04/01/26		3.500	%	$	2,300,000	$	2,306,829
04/01/41		4.000	%		3,000,000		2,945,625
04/01/41		6.000	%		7,500,000		8,146,875
Federal Home Loan Mortgage Corp.(h)
07/01/15		7.500	%		21,548		21,887
02/01/17-07/01/32		6.500	%		1,854,985		2,104,787
05/01/18-12/01/30		5.500	%		2,041,972		2,201,280
08/01/18-01/01/34		5.000	%		3,325,736		3,548,032
11/01/22-08/01/24		8.000	%		46,588		54,676
12/01/23-04/01/32		6.000	%		1,631,963		1,801,616
04/01/32		7.000	%		270,587		311,681
CMO IO Series 2795 Class IY
07/15/17		5.000	%		124,854		909
CMO IO Series 3775 Class GI
09/15/34		6.380	%		1,491,429		194,303
CMO IO Series 3800 Class HI
01/15/40		1.000	%		1,046,038		201,818
Federal Home Loan Mortgage Corp.(h)(i)
CMO IO Series 2817 Class SA
06/15/32		6.745	%		468,904		34,816
CMO IO Series 2936 Class AS
02/15/35		5.845	%		478,607		56,746

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
CMO IO Series 2950 Class SM
03/15/35		6.445	%	$	633,001	$	74,498
Federal National Mortgage Association(e)(h)
04/01/26-04/01/41		4.500	%		15,510,000		15,949,050
04/01/26-04/01/41		5.500	%		5,725,000		6,132,090
04/01/41		4.000	%		5,895,000		5,797,367
04/01/41		6.000	%		20,935,000		22,768,448
04/01/41		6.500	%		3,500,000		3,923,281
Federal National Mortgage Association(h)
11/01/16-12/01/28		6.000	%		732,009		807,022
06/01/17-09/01/32		6.500	%		828,030		931,944
04/01/18-10/01/40		4.500	%		3,281,306		3,357,783
11/01/18-12/01/32		7.000	%		2,182,332		2,512,865
04/01/23-05/01/25		8.500	%		149,858		172,036
07/01/23-08/01/40		5.000	%		9,177,965		9,663,937
08/01/23-03/01/38		5.500	%		7,001,579		7,540,372
06/01/24		9.000	%		40,188		47,282
08/01/25-05/01/32		7.500	%		189,253		219,174
CMO IO Series 2003-63 Class IP
07/25/33		6.000	%		1,782,727		327,133
CMO IO Series 2003-71 Class IM
12/25/31		5.500	%		774,506		87,514
CMO IO Series 2004-84 Class GI
12/25/22		5.000	%		212,521		12,915
CMO IO Series 2007-30 Class MI
04/25/37		6.000	%		2,209,583		411,900
Federal National Mortgage Association(h)(i)
08/01/34		5.470	%		391,920		414,695
Federal National Mortgage Association(h)(j)
08/01/17		6.500	%		170,476		187,364
12/01/32		7.000	%		260,326		299,839
03/01/33		5.500	%		399,712		430,418
Government National Mortgage Association(e)(h)
04/01/41		4.000	%		3,000,000		3,000,000
04/01/41		4.500	%		4,750,000		4,899,178
Government National Mortgage Association(h)
09/15/33		5.000	%		1,050,171		1,121,222
10/15/33		5.500	%		966,338		1,053,410
Government National Mortgage Association(h)(i)
CMO IO Series 2009-106 Class CM
01/16/34		6.347	%		1,438,218		185,613
CMO IO Series 2010-14 Class AV
02/16/40		6.047	%		648,335		96,047
Total Residential Mortgage-Backed Securities - Agency
(Cost: $114,316,974)						$	116,356,277

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non-Agency (0.8%)
BCAP LLC Trust
CMO Series 2006-RR1 Class PB(h)
11/25/36		5.000	%	$	1,605,661	$	1,626,772
ChaseFlex Trust
CMO Series 2005-2 Class 2A2(h)
06/25/35		6.500	%		1,561,747		1,471,741
Citigroup Mortgage Loan Trust, Inc.
CMO Series 2010-6 Class 1A1(d)(h)
05/25/35		4.750	%		1,439,981		1,466,549
Countrywide Alternative Loan Trust
CMO Series 2003-11T1 Class A1(h)
07/25/18		4.750	%		390,737		402,087
Countrywide Home Loan Mortgage Pass-Through Trust
CMO Series 2005-R2 Class 2A1(d)(h)
06/25/35		7.000	%		944,217		951,626
GSR Mortgage Loan Trust
CMO Series 2004-6F Class 2A4(h)
05/25/34		5.500	%		727,468		735,085
Morgan Stanley Reremic Trust
CMO Series 2010-R9 Class 3B(d)(g)(h)
11/26/36		5.000	%		850,000		850,000
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost: $7,650,139)						$	7,503,860
Commercial Mortgage-Backed Securities (3.5%)
Americold LLC Trust
Series 2010-ARTA Class A1(d)(h)
01/14/29		3.847	%	$	641,592	$	641,529
Banc of America Commercial Mortgage, Inc.(h)
Series 2005-3 Class A3A
07/10/43		4.621	%		675,000		687,332
Series 2005-3 Class A4
07/10/43		4.668	%		625,000		656,254
Bear Stearns Commercial Mortgage Securities
Series 2007-PW18 Class A1(h)
06/13/50		5.038	%		81,068		82,012
CDC Commercial Mortgage Trust
Series 2002-FX1 Class A2(h)
11/15/30		5.676	%		1,318,724		1,334,657
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4 Class A4(h)
12/11/49		5.322	%		1,075,000		1,108,674
Credit Suisse First Boston Mortgage Securities Corp.(h)
Series 2004-C2 Class A1
05/15/36		3.819	%		139,486		140,952
Credit Suisse First Boston Mortgage Securities Corp.(h)(i)
Series 2004-C1 Class A4
01/15/37		4.750	%		705,000		741,055

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
DBUBS Mortgage Trust
Series 2011-LC1A Class A3(d)(h)
11/10/46		5.002	%	$	225,000	$	233,292
Federal National Mortgage Association
CMO Series 2002-M2 Class C(h)
08/25/12		4.717	%		185,827		192,700
GE Capital Commercial Mortgage Corp.
Series 2001-3 Class A2(h)
06/10/38		6.070	%		576,045		585,676
GS Mortgage Securities Corp. II(h)
Series 2004-GG2 Class A3
08/10/38		4.602	%		89,045		89,263
GS Mortgage Securities Corp. II(h)(i)
Series 2007-GG10 Class F
08/10/45		5.808	%		1,050,000		87,158
General Electric Capital Assurance Co.(d)(h)(i)
Series 2003-1 Class A4
05/12/35		5.254	%		849,917		904,840
Series 2003-1 Class A5
05/12/35		5.743	%		400,000		436,173
Greenwich Capital Commercial Funding Corp.(h)
Series 2003-C1 Class A3
07/05/35		3.858	%		446,373		454,533
Series 2004-GG1 Class A5
06/10/36		4.883	%		169,219		170,487
Series 2007-GG9 Class A4
03/10/39		5.444	%		4,250,000		4,498,469
JP Morgan Chase Commercial Mortgage Securities Corp.(d)(h)
Series 2009-IWST Class A2
12/05/27		5.633	%		500,000		539,437
Series 2010-C1 Class A1
06/15/43		3.853	%		491,930		503,670
Series 2010-C2 Class A3
11/15/43		4.070	%		300,000		288,407
Series 2010-CNTR Class A2
08/05/32		4.311	%		700,000		673,378
Series 2011-C3 Class A4
02/15/46		4.717	%		650,000		654,670
JP Morgan Chase Commercial Mortgage Securities Corp.(h)
Series 2003-LN1 Class A1
10/15/37		4.134	%		487,311		500,990
Series 2003-ML1A Class A1
03/12/39		3.972	%		274,503		279,508
Series 2004-CBX Class A3
01/12/37		4.184	%		382,880		382,693
Series 2005-LDP2 Class A3
07/15/42		4.697	%		333,481		340,590
JP Morgan Chase Commercial Mortgage Securities Corp.(h)(i)
Series 2005-LDP3 Class ASB
08/15/42		4.893	%		710,476		738,834
Series 2005-LDP4 Class AM
10/15/42		4.999	%		400,000		411,964
Series 2005-LDP5 Class A4
12/15/44		5.202	%		950,000		1,017,091
Series 2006-LDP6 Class ASB
04/15/43		5.490	%		265,201		278,769

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
LB-UBS Commercial Mortgage Trust(h)
Series 2004-C2 Class A3
03/15/29		3.973	%	$	616,615	$	631,790
LB-UBS Commercial Mortgage Trust(h)(i)
Series 2006-C4 Class AAB
06/15/32		5.851	%		1,075,000		1,144,831
Series 2007-C7 Class A3
09/15/45		5.866	%		850,000		911,675
Merrill Lynch Mortgage Trust
Series 2008-C1 Class A1(h)
02/12/51		4.706	%		173,433		175,817
Morgan Stanley Capital I(d)(h)(i)
Series 2011-C1 Class A4
09/15/47		5.033	%		450,000		466,432
Morgan Stanley Capital I(h)
Series 2004-HQ4 Class A5
04/14/40		4.590	%		20,648		20,631
Morgan Stanley Capital I(h)(i)
Series 2006-T23 Class AAB
08/12/41		5.793	%		850,000		911,196
Morgan Stanley Reremic Trust(d)(h)(i)
Series 2009-GG10 Class A4A
08/12/45		5.808	%		1,325,000		1,431,429
Series 2010-GG10 Class A4A
08/15/45		5.808	%		4,775,000		5,158,547
Wachovia Bank Commercial Mortgage Trust(h)
Series 2006-C24 Class APB
03/15/45		5.576	%		647,561		679,045
Series 2006-C27 Class APB
07/15/45		5.727	%		900,000		938,864
Wachovia Bank Commercial Mortgage Trust(h)(i)
Series 2005- C22 Class AM
12/15/44		5.320	%		300,000		315,448
Series 2005-C20 Class A5
07/15/42		5.087	%		1,250,000		1,266,717
Total Commercial Mortgage-Backed Securities
(Cost: $33,675,961)						$	33,707,479
Asset-Backed Securities (1.7%)
Access Group, Inc.
Series 2005-1 Class A1(i)
06/22/18		0.389	%	$	426,886	$	426,454
AmeriCredit Automobile Receivables Trust
Series 2010-1 Class A3
03/17/14		1.660	%		550,000		552,723
Avis Budget Rental Car Funding AESOP LLC
Series 2010-2A Class A(d)
08/20/14		3.630	%		400,000		411,550
Chrysler Financial Lease Trust
Series 2010-A Class C(d)
09/16/13		4.490	%		1,350,000		1,351,466
CitiFinancial Auto Issuance Trust
Series 2009-1 Class A2(d)
11/15/12		1.830	%		1,282,747		1,285,587

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust
Series 2008-C6 Class C6
06/20/14		6.300	%	$	800,000	$	845,261
Crown Castle Towers LLC
Senior Secured(d)
01/15/15		4.523	%		1,000,000		1,033,750
DT Auto Owner Trust(d)
Series 2009-1 Class A1
10/15/15		2.980	%		874,004		878,193
Series 2010-1A Class A2
12/17/12		0.990	%		1,030,000		1,030,256
Deutsche Mortgage Securities, Inc.
CMO Series 2009-RS2 Class 4A1(d)(i)
04/26/37		0.392	%		541,338		533,401
Ford Credit Floorplan Master Owner Trust
Series 2006-4 Class A(i)
06/15/13		0.505	%		500,000		499,312
GTP Towers Issuer LLC(d)
02/15/15		4.436	%		300,000		317,076
Hertz Vehicle Financing LLC(d)
Series 2009-2A Class A1
03/25/14		4.260	%		900,000		944,587
Series 2010-1A Class A1
02/25/15		2.600	%		500,000		506,455
Morgan Stanley Resecuritization Trust
Series 2010-F Class A(d)(i)
06/17/13		0.504	%		700,000		699,230
National Collegiate Student Loan Trust
CMO IO Series 2006-2 Class AIO
08/25/11		6.000	%		2,292,483		34,605
CMO IO Series 2006-3 Class AIO
01/25/12		7.100	%		3,400,000		130,566
Renaissance Home Equity Loan Trust
Series 2005-4 Class A3(i)
02/25/36		5.565	%		528,191		527,216
SBA Tower Trust(d)
04/15/40		4.254	%		1,000,000		1,049,284
SLM Student Loan Trust
Series 2006-C Class A2(i)
09/15/20		0.360	%		531,761		525,582
Santander Drive Auto Receivables Trust
Series 2010-2 Class A2
08/15/13		0.950	%		1,097,589		1,098,334
Sierra Receivables Funding Co. LLC(d)
Series 2010-1A Class A1
07/20/26		4.480	%		145,709		148,149
Series 2010-2A Class A
11/20/25		3.840	%		296,864		295,758
Series 2010-3A Class A
11/20/25		3.510	%		284,527		282,102

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Sierra Receivables Funding Co. LLC(d)(i)
Series 2007-2A Class A2 (NPFGC)
09/20/19		1.254	%	$	579,684	$	566,540
Triad Auto Receivables Owner Trust
Series 2006-C Class A4 (AMBAC)
05/13/13		5.310	%		848,959		853,337
Total Asset-Backed Securities
(Cost: $16,584,779)						$	16,826,774
Inflation-Indexed Bonds (0.3%)
U.S. Treasury Inflation-Indexed Bond
07/15/15		1.875	%	$	665,628	$	732,411
07/15/17		2.625	%		1,062,400		1,220,367
01/15/29		2.500	%		794,817		900,456
Total Inflation-Indexed Bonds
(Cost: $2,736,335)						$	2,853,234
U.S. Treasury Obligations (5.7%)
U.S. Treasury
08/31/12		0.375	%	$	180,000	$	179,698
11/15/12		1.375	%		3,595,000		3,639,096
01/15/13		1.375	%		810,000		819,587
02/15/13		1.375	%		475,000		480,566
03/15/13		1.375	%		895,000		905,382
02/15/14		1.250	%		155,000		155,073
02/15/14		4.000	%		1,780,000		1,923,374
02/29/16		2.125	%		12,895,000		12,854,703
08/31/16		3.000	%		378,000		389,754
07/31/17		2.375	%		2,600,000		2,548,000
08/15/20		2.625	%		3,000,000		2,814,375
02/15/21		3.625	%		8,193,000		8,309,496
05/15/40		4.375	%		4,000,000		3,910,640
08/15/40		3.875	%		8,166,000		7,307,296
11/15/40		4.250	%		5,811,000		5,557,675
U.S. Treasury(e)
03/31/16		2.250	%		3,075,000		3,078,598
Total U.S. Treasury Obligations
(Cost: $55,691,453)						$	54,873,313
U.S. Government & Agency Obligations (0.6%)
Federal Home Loan Banks
12/28/11		1.000	%	$	1,000,000	$	1,005,451
Federal Home Loan Mortgage Corp.
04/18/16		5.250	%		4,000,000		4,527,028
Federal National Mortgage Association
10/26/15		1.625	%		430,000		418,409
04/01/22		8.000	%		46,012		53,582
Total U.S. Government & Agency Obligations
(Cost: $5,700,889)						$	6,004,470

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(k) (0.9%)
ARGENTINA (0.1%)
Argentina Bonos
Senior Unsecured(b)
09/12/13		7.000	%		$	585,000	$	595,610
Argentina Government International Bond
Senior Unsecured(b)
12/15/35		0.000	%			631,000		101,907
Total								697,517
BRAZIL (0.1%)
Brazil Notas do Tesouro Nacional(b)
01/01/13		10.000	%	BRL		150,000		903,173
COLOMBIA (—%)
Colombia Government International Bond
Senior Unsecured(b)
01/27/17		7.375	%			305,000		359,138
EL SALVADOR (—%)
El Salvador Government International Bond
Senior Unsecured(b)(d)
06/15/35		7.650	%			119,000		118,584
INDONESIA (0.1%)
Indonesia Government International Bond(b)(d)
Senior Unsecured
01/17/18		6.875	%			288,000		324,720
10/12/35		8.500	%			235,000		302,562
Indonesia Treasury Bond
Senior Unsecured(b)
07/15/22		10.250	%	IDR		3,307,000,000		431,144
Total								1,058,426
MEXICO (0.3%)
Mexican Bonos(b)
12/17/15		8.000	%	MXN		2,305,000		2,021,498
Pemex Project Funding Master Trust(b)
03/01/18		5.750	%			245,000		259,210
06/15/35		6.625	%			384,000		385,195
Total								2,665,903
PHILIPPINES (0.1%)
Philippine Government International Bond
Senior Unsecured(b)
01/14/31		7.750	%			329,000		396,856
RUSSIAN FEDERATION (—%)
Russian Foreign Bond — Eurobond(b)(d)(i)
03/31/30		7.500	%			279,240		326,292

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(k) (continued)
TURKEY (0.1%)
Turkey Government International Bond(b)
Senior Unsecured
09/26/16		7.000	%	$	100,000	$	113,250
04/03/18		6.750	%		309,000		344,226
03/17/36		6.875	%		527,000		557,829
Total							1,015,305
URUGUAY (—%)
Uruguay Government International Bond(b)
05/17/17		9.250	%		146,000		186,880
Senior Unsecured
03/21/36		7.625	%		143,000		170,885
Total							357,765
VENEZUELA (0.1%)
Petroleos de Venezuela SA(b)
04/12/17		5.250	%		663,000		400,452
Venezuela Government International Bond(b)
Senior Unsecured
10/08/14		8.500	%		154,000		140,448
Venezuela Government International Bond(b)(d)
Senior Unsecured
02/26/16		5.750	%		154,000		113,960
Total							654,860
Total Foreign Government Obligations
(Cost: $7,947,344)						$	8,553,819

	Shares		Value
Money Market Fund (3.9%)
Columbia Short-Term Cash Fund, 0.229%(l)(m)		38,153,650	$	38,153,650
Total Money Market Fund
(Cost: $38,153,650)			$	38,153,650

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (7.3%)
Asset-Backed Commercial Paper (0.3%)
Royal Park Investments Funding Corp.
06/17/11		0.601	%	$	2,995,400	$	2,995,400
Certificates of Deposit (4.0%)
Clydesdale Bank PLC
04/21/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		3,000,000		3,000,000
DZ Bank AG
04/08/11		0.400	%		2,000,000		2,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
05/09/11		0.350	%	$	2,000,000	$	2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		3,000,000		3,000,000
05/09/11		0.400	%		1,000,000		1,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		3,000,000		3,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		3,000,000		3,000,000
KBC Bank NV
04/29/11		0.450	%		3,000,000		3,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		3,000,000		3,000,000
Mitsubishi UFJ Trust and Banking Corp.
04/05/11		0.350	%		3,000,000		3,000,000
Norinchukin Bank
04/06/11		0.350	%		4,000,000		4,000,000
Societe Generale
07/01/11		0.364	%		3,000,000		3,000,000
Total							38,000,000
Commercial Paper (0.5%)
Macquarie Bank Ltd.
06/30/11		0.400	%		1,997,956		1,997,956
PB Capital Corp.
05/16/11		0.591	%		2,995,329		2,995,329
Total							4,993,285

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Other Short-Term Obligations (0.2%)
Natixis Financial Products LLC
04/01/11		0.470	%	$	2,000,000	$	2,000,000
Repurchase Agreements (2.3%)
Barclays Capital, Inc.(n)
dated 10/13/10, matures 04/15/11, repurchase price $4,000,450
		0.270	%		4,000,000		4,000,000
dated 11/04/10, matures 04/15/11, repurchase price $5,000,563
		0.270	%		5,000,000		5,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,032(n)
		0.230	%		5,000,000		5,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $8,152,740(n)
		0.160	%		8,152,704		8,152,704
Total							22,152,704
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $70,141,389)						$	70,141,389
Total Investments (Cost: $921,737,853)						$	1,101,868,666(o)
Other Assets & Liabilities, Net							(135,114,777)
Net Assets						$	966,753,889

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		Depreciation
U.S. Treasury Long Bond, 20-year		37		$	4,446,938		June 2011	$	12,952	$	—
U.S. Treasury Note, 2-year		(92	)		(20,067,500	)	July 2011		—		(10,201	)
U.S. Treasury Note, 5-year		(109	)		(12,730,008	)	July 2011		28,868		—
U.S. Treasury Note, 10-year		10			1,190,313		June 2011		—		(3,390	)
U.S. Treasury Ultra Bond, 30-year		(49	)		(6,054,563	)	June 2011		—		(100,230	)
Total								$	41,820	$	(113,821	)

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 11.72% of net assets.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $45,502,615 or 4.71% of net assets.
(e)	Represents a security purchased on a when-issued or delayed delivery basis.
(f)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $748,994, representing 0.08% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates	Cost
United Artist Theater Circuit, Inc. 1995-A Pass-Through Trust
9.300% 2015	12/08/95 thru 08/12/96	$	733,727

(g)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $1,598,994, which represents 0.17% of net assets.
(h)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(i)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(j)	At March 31, 2011, investments in securities included securities valued at $477,680 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
(k)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(l)	The rate shown is the seven-day current annualized yield at March 31, 2011.

^(m)  Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	15,311,808	$	69,487,539	$	(46,645,697	)	$	—	$	38,153,650	$	9,468	$	38,153,650

⁽ⁿ⁾  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	265,038
Arabella Ltd		376,795
BP Capital Markets PLC		136,587
BPCE		533,313
Dexia Delaware LLC		610,350
Electricite De France		479,775
European Investment Bank		380,640
Nationwide Building		260,819
Skandin Ens Banken AG		463,731
Societe Generale		692,952
Total Market Value of Collateral Securities	$	4,200,000
Barclays Capital, Inc. (0.270%)
Security Description	Value
Abbey National NA	$	331,297
Arabella Ltd		470,994
BP Capital Markets PLC		170,734
BPCE		666,641
Dexia Delaware LLC		762,938
Electricite De France		599,720
European Investment Bank		475,799
Nationwide Building		326,024
Skandin Ens Banken AG		579,663
Societe Generale		866,190
Total Market Value of Collateral Securities	$	5,250,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	694
Fannie Mae Interest Strip		270,238
Fannie Mae Pool		2,380,178
Fannie Mae Principal Strip		25,470
Fannie Mae REMICS		79,257
Federal Farm Credit Bank		45,461
Federal Home Loan Banks		67,453
Federal Home Loan Mortgage Corp		39,517
Federal National Mortgage Association		30,910
FHLMC Structured Pass Through Securities		13,841
Freddie Mac Coupon Strips		300
Freddie Mac Gold Pool		337,315
Freddie Mac Non Gold Pool		1,022,033
Freddie Mac REMICS		101,247
Freddie Mac Strips		26,329
Ginnie Mae I Pool		71,532
Ginnie Mae II Pool		217,591
Government National Mortgage Association		84,496
LMA SA & LMA Americas		239
Metlife Short Term Funding		329
Sanofi-Aventis		1,021
Silver Tower US Fund		228
Suncorp-Metway Ltd		701
United States Treasury Inflation Indexed Bonds		15,023
United States Treasury Strip Coupon		244,780
United States Treasury Strip Principal		23,818
Total Market Value of Collateral Securities	$	5,100,001
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	8,315,758
Total Market Value of Collateral Securities	$	8,315,758

^(o)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR	American Depositary Receipt
AMBAC	Ambac Assurance Corporation
CMO	Collateralized Mortgage Obligation
IO	Interest Only
NPFGC	National Public Finance Guarantee Corporation
PIK	Payment-in-Kind

Currency Legend

BRL	Brazilian Real
IDR	Indonesian Rupiah
MXN	Mexican Peso

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1			Level 2		Level 3
Description(a)	quoted prices			other		significant		Total
	in active			significant		unobservable
	markets for			observable		inputs
	identical assets			inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	54,797,180		$	—	$	—	$	54,797,180
Consumer Staples		36,670,090			—		—		36,670,090
Energy		113,379,406			—		—		113,379,406
Financials		120,653,049			—		—		120,653,049
Health Care		68,447,910			—		—		68,447,910
Industrials		116,004,414			—		—		116,004,414
Information Technology		75,996,627			—		—		75,996,627
Materials		37,200,779			2,563,314		—		39,764,093
Telecommunication Services		25,203,586			—		—		25,203,586
Utilities		6,198,728			—		—		6,198,728
Total Equity Securities		654,551,769			2,563,314		—		657,115,083
Bonds
Corporate Bonds & Notes
Entertainment		—			320,226		748,994		1,069,220
All Other Industries		—			88,710,098		—		88,710,098
Residential Mortgage-Backed Securities - Agency		—			116,356,277		—		116,356,277
Residential Mortgage-Backed Securities - Non-Agency		—			6,653,860		850,000		7,503,860
Commercial Mortgage-Backed Securities		—			33,707,479		—		33,707,479
Asset-Backed Securities		—			16,826,774		—		16,826,774
Inflation-Indexed Bonds		—			2,853,234		—		2,853,234
U.S. Treasury Obligations		54,873,313			—		—		54,873,313
U.S. Government & Agency Obligations		—			6,004,470		—		6,004,470
Foreign Government Obligations		—			8,553,819		—		8,553,819
Total Bonds		54,873,313			279,986,237		1,598,994		336,458,544
Other
Affiliated Money Market Fund(c)		38,153,650			—		—		38,153,650
Investments of Cash Collateral Received for Securities on Loan		—			70,141,389		—		70,141,389
Total Other		38,153,650			70,141,389		—		108,295,039
Investments in Securities		747,578,732			352,690,940		1,598,994		1,101,868,666
Derivatives(d)
Assets
Futures Contracts		41,820			—		—		41,820
Liabilities
Futures Contracts		(113,821	)		—		—		(113,821	)
Total	$	747,506,731		$	352,690,940	$	1,598,994	$	1,101,796,665

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Residential
				Mortgage-Backed
	Corporate			Securities - Non -
	Bonds & Notes			Agency		Total
Balance as of December 31, 2010	$	813,215		$	850,000	$	1,663,215
Accrued discounts/premiums		526			—		526
Realized gain (loss)		—			—		—
Change in unrealized appreciation (depreciation)*		1,016			—		1,016
Sales		(65,763	)		—		(65,763	)
Purchases		—			—		—
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—
Balance as of March 31, 2011	$	748,994		$	850,000	$	1,598,994

*  Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $1,016, which is comprised of Corporate Bonds & Notes.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - Cash Management Fund

(formerly known as RiverSource Variable Portfolio - Cash Management Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Effective			Par/
Issuer	Yield			Principal		Value
U.S. Government & Agency Obligations (19.9%)
Federal Home Loan Banks
03/06/12		0.450	%	$	7,000,000	$	7,000,000
03/14/12		0.460	%		10,000,000		10,000,000
Federal Home Loan Banks(a)
01/19/12		0.250	%		4,000,000		4,000,000
01/24/12		0.250	%		8,000,000		8,000,000
02/02/12		0.230	%		9,000,000		9,000,000
Federal Home Loan Banks(b)
04/27/12		0.410	%		8,000,000		8,000,000
U.S. Treasury Bills
04/28/11		0.060	%		40,000,000		39,998,200
05/19/11		0.180	%		15,000,000		14,996,300
06/16/11		0.080	%		35,000,000		34,994,236
08/11/11		0.160	%		20,000,000		19,988,267
Total U.S. Government & Agency Obligations (Cost: $155,977,003)						$	155,977,003
U.S. Government-Insured Debt (16.2%)
Straight-A Funding LLC(c)(d)
U.S. Treasury Government Guaranty
04/07/11		0.190	%	$	5,000,000	$	4,999,817
04/18/11		0.230	%		23,000,000		22,997,393
04/20/11		0.220	%		16,443,000		16,441,004
05/17/11		0.250	%		19,000,000		18,993,931
06/01/11		0.250	%		8,038,000		8,034,595
06/02/11		0.250	%		8,000,000		7,996,556
06/03/11		0.250	%		9,000,000		8,996,062
Straight-A Funding LLC(d)
U.S. Treasury Government Guaranty
06/07/11		0.240	%		10,000,000		9,995,533
06/08/11		0.240	%		8,565,000		8,561,117
06/10/11		0.240	%		15,000,000		14,993,000
06/13/11		0.230	%		5,000,000		4,997,668
Total U.S. Government-Insured Debt (Cost: $127,006,676)						$	127,006,676
Certificates of Deposit (10.2%)
Bank Of Montreal
04/05/11		0.140	%	$	20,000,000	$	20,000,000
Canadian Imperial Bank of Commerce
04/04/11		0.120	%		27,000,000		27,000,000
Harris
04/04/11		0.240	%		7,000,000		7,000,000
Toronto Dominion Bank
04/11/11		0.220	%		8,000,000		8,000,000
04/27/11		0.220	%		18,000,000		18,000,000
Total Certificates of Deposit (Cost: $80,000,000)						$	80,000,000
Asset-Backed Commercial Paper (27.2%)
Amsterdam Funding Corp.(e)
05/10/11		0.260	%	$	7,000,000	$	6,998,028
06/20/11		0.280	%		6,000,000		5,996,267

	Effective			Par/
Issuer	Yield			Principal		Value
Asset-Backed Commercial Paper (continued)
Argento Variable Funding Co. LLC
04/12/11		0.280	%	$	10,000,000	$	9,999,083
05/25/11		0.290	%		6,000,000		5,997,390
Bryant Park Funding LLC(e)
04/01/11		0.150	%		27,000,000		27,000,000
04/25/11		0.250	%		4,266,000		4,265,261
Chariot Funding LLC(e)
04/13/11		0.200	%		18,000,000		17,998,740
FCAR Owner Trust Series I
04/04/11		0.200	%		4,000,000		3,999,913
04/12/11		0.240	%		5,000,000		4,999,603
05/02/11		0.280	%		7,000,000		6,998,312
Fairway Finance Co. LLC(e)
05/12/11		0.270	%		4,000,000		3,998,770
Falcon Asset Securitization Co. LLC(e)
04/11/11		0.220	%		13,000,000		12,999,133
04/19/11		0.230	%		15,000,000		14,998,200
Jupiter Securitization Co. LLC
04/28/11		0.190	%		13,000,000		12,998,148
Jupiter Securitization Co. LLC(c)
05/10/11		0.260	%		14,000,000		13,996,057
Market Street Funding LLC
05/09/11		0.230	%		7,000,000		6,998,301
Old Line Funding LLC(e)
06/06/11		0.260	%		8,000,000		7,996,187
Regency Markets No. 1 LLC
04/01/11		0.200	%		22,000,000		22,000,000
Regency Markets No. 1 LLC(c)
04/15/11		0.260	%		3,800,000		3,799,586
Salisbury Receivables Co. LLC
04/14/11		0.220	%		7,000,000		6,999,419
Thunder Bay Funding LLC(e)
04/06/11		0.190	%		10,000,000		9,999,694
Windmill Funding Corp.(e)
04/14/11		0.240	%		2,000,000		1,999,819
Total Asset-Backed Commercial Paper (Cost: $213,035,911)						$	213,035,911
Commercial Paper (23.7%)
Banking (17.9%)
BNP Paribas Finance, Inc.
04/01/11		0.080	%	$	9,500,000	$	9,500,000
04/12/11		0.210	%		20,000,000		19,998,595
Bank Of Nova Scotia
04/08/11		0.200	%		10,000,000		9,999,553
04/13/11		0.130	%		9,000,000		8,999,580
Barclays U.S. Funding Corp.
04/07/11		0.090	%		25,999,567		25,999,567
HSBC U.S.A, Inc.
04/07/11		0.110	%		9,999,783		9,999,783
HSBC U.S.A., Inc.
05/11/11		0.250	%		19,994,444		19,994,444

	Effective			Par/
Issuer	Yield			Principal		Value
Commercial Paper (continued)
Banking (continued)
Royal Bank Of Scotland PLC (The)
04/25/11		0.230	%	$	14,997,600	$	14,997,600
Scotiabanc, Inc.
04/21/11		0.180	%		6,999,261		6,999,261
State Street Corp.
04/13/11		0.220	%		8,000,000		7,999,387
06/08/11		0.250	%		5,700,000		5,697,308
Total							140,185,078
Life Insurance (4.3%)
Metlife Short Term Funding LLC(e)
04/26/11		0.250	%		9,000,000		8,998,375
05/03/11		0.260	%		12,000,000		11,997,227
05/16/11		0.270	%		3,000,000		2,998,987
New York Life Capital Corp.
05/25/11		0.210	%		5,000,000		4,998,425
New York Life Capital Corp.(e)
05/18/11		0.210	%		5,000,000		4,998,629
Total							33,991,643
Non-Captive Diversified (1.5%)
General Electric Capital Services, Inc.
04/05/11		0.180	%		11,999,707		11,999,707
Total Commercial Paper (Cost: $186,176,428)						$	186,176,428

	Effective			Par/
Issuer	Yield			Principal		Value
Repurchase Agreements (0.4%)
Barclays Bank PLC
dated 03/31/11, matures 04/01/11, repurchase price $32,200,098 (collateralized by: U.S. Treasury Bond total market value $32,200,031)
		0.625	%	$	2,900,000	$	2,900,000
Total Repurchase Agreements (Cost: $2,900,000)						$	2,900,000
Asset-Backed Securities (3.6%)
Car Loan (3.6%)
Honda Auto Receivables Owner Trust
Series 2010-3 Class A1
06/21/11		0.310	%	$	5,527,266	$	5,527,266
SMART Trust
Series 2011-1USA Class A1(e)
03/14/12		0.432	%		8,000,000		8,000,000
Santander Drive Auto Receivables Trust Series 2010-3 Class A1
12/15/11		0.357	%		3,383,267		3,382,589
Santander Drive Auto Receivables Trust(a)(e)
Series 2010-B Class A1
12/15/11		0.374	%		11,302,521		11,302,521
Total							28,212,376
Total Asset-Backed Securities (Cost: $28,212,376)						$	28,212,376
Total Investments
(Cost: $793,308,394)(f)						$	793,308,394(g)
Other Assets & Liabilities, Net							(9,307,266)
Net Assets						$	784,001,128

Notes to Portfolio of Investments

(a)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(b)	Represents a security purchased on a when-issued or delayed delivery basis.
(c)	Represents a security sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” This security may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $106,255,001 or 13.55% of net assets.
(d)	Funding for this debt is provided by the Federal Financing Bank, which is funded by the U.S. Department of the Treasury.
(e)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $162,545,838 or 20.73% of net assets.
(f)	Also represents the cost of securities for federal income tax purposes at March 31, 2011.
(g)	Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as

Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Short-Term Securities
U.S. Government & Agency Obligations	$	—	$	155,977,003	$	—	$	155,977,003
U.S. Government-Insured Debt		—		127,006,676		—		127,006,676
Certificates of Deposit		—		80,000,000		—		80,000,000
Asset-Backed Commercial Paper		—		213,035,911		—		213,035,911
Commercial Paper		—		186,176,428		—		186,176,428
Repurchase Agreements		—		2,900,000		—		2,900,000
Total Short-Term Securities		—		765,096,018		—		765,096,018
Bonds
Asset-Backed Securities		—		28,212,376		—		28,212,376
Total Bonds		—		28,212,376		—		28,212,376
Total	$	—	$	793,308,394	$	—	$	793,308,394

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

Portfolio of Investments

Columbia Variable Portfolio - Core Equity Fund

(formerly known as RiverSource Variable Portfolio - Core Equity Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.2%)
CONSUMER DISCRETIONARY (10.1%)
Automobiles (0.4%)
Ford Motor Co.(a)		47,837	$	713,250
Diversified Consumer Services (0.9%)
Apollo Group, Inc., Class A(a)		23,500		980,185
H&R Block, Inc.		47,500		795,150
Total				1,775,335
Media (3.3%)
Comcast Corp., Class A		116,200		2,872,464
DIRECTV, Class A(a)(b)		74,100		3,467,880
Time Warner Cable, Inc.		2,400		171,216
Total				6,511,560
Specialty Retail (5.4%)
Advance Auto Parts, Inc.(b)		15,100		990,862
AutoZone, Inc.(a)		11,800		3,228,008
GameStop Corp., Class A(a)(b)		19,200		432,384
Limited Brands, Inc.(b)		107,784		3,543,938
PetSmart, Inc.(b)		3,400		139,230
Ross Stores, Inc.		25,100		1,785,112
TJX Companies, Inc.		6,700		333,191
Total				10,452,725
Textiles, Apparel & Luxury Goods (0.1%)
Coach, Inc.		2,500		130,100
TOTAL CONSUMER DISCRECTIONARY				19,582,970
CONSUMER STAPLES (9.8%)
Beverages (–%)
Coca-Cola Co. (The)		1,281		84,994
Food & Staples Retailing (2.8%)
Wal-Mart Stores, Inc.		94,101		4,897,957
Walgreen Co.		14,200		569,988
Total				5,467,945
Food Products (1.3%)
Hershey Co. (The)		40,600		2,206,610
Hormel Foods Corp.		14,600		406,464
Total				2,613,074
Household Products (0.7%)
Procter & Gamble Co. (The)		21,600		1,330,560
Personal Products (0.9%)
Herbalife Ltd.(c)		20,200		1,643,472

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Tobacco (4.1%)
Altria Group, Inc.		51,259	$	1,334,272
Lorillard, Inc.		12,300		1,168,623
Philip Morris International, Inc.		81,800		5,368,534
Total				7,871,429
TOTAL CONSUMER STAPLES				19,011,474
ENERGY (13.2%)
Energy Equipment & Services (1.9%)
National Oilwell Varco, Inc.		45,583		3,613,364
Noble Corp.(c)		2,100		95,802
Total				3,709,166
Oil, Gas & Consumable Fuels (11.3%)
Apache Corp.		31,479		4,121,231
Chevron Corp.(d)		66,806		7,176,968
ConocoPhillips		41,953		3,350,367
Devon Energy Corp.		18,300		1,679,391
Exxon Mobil Corp.		50,831		4,276,412
Marathon Oil Corp.		17,097		911,441
Valero Energy Corp.		11,300		336,966
Total				21,852,776
TOTAL ENERGY				25,561,942
FINANCIALS (15.3%)
Capital Markets (2.5%)
Franklin Resources, Inc.		27,500		3,439,700
Goldman Sachs Group, Inc. (The)		8,500		1,346,995
T Rowe Price Group, Inc.		1,300		86,346
Total				4,873,041
Commercial Banks (0.7%)
KeyCorp		151,000		1,340,880
Consumer Finance (3.1%)
Capital One Financial Corp.		43,662		2,268,677
Discover Financial Services		160,897		3,880,836
Total				6,149,513
Diversified Financial Services (3.9%)
Citigroup, Inc.(a)		269,052		1,189,210
JPMorgan Chase & Co.		138,200		6,371,020
Total				7,560,230
Insurance (4.0%)
Aflac, Inc.		59,844		3,158,567
Hartford Financial Services Group, Inc.(b)		65,011		1,750,746
Lincoln National Corp.		4,900		147,196
Prudential Financial, Inc.		21,500		1,323,970
Reinsurance Group of America, Inc.(b)		22,400		1,406,272
Total				7,786,751

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Real Estate Investment Trusts (REITs) (1.1%)
Apartment Investment & Management Co., Class A(b)		27,600	$	702,972
Simon Property Group, Inc.		13,171		1,411,404
Total				2,114,376
TOTAL FINANCIALS				29,824,791
HEALTH CARE (10.9%)
Biotechnology (3.7%)
Biogen Idec, Inc.(a)		47,200		3,464,008
Cephalon, Inc.(a)(b)		2,056		155,803
Gilead Sciences, Inc.(a)		84,700		3,594,668
Total				7,214,479
Health Care Equipment & Supplies (–%)
CR Bard, Inc.(b)		100		9,931
Health Care Providers & Services (3.1%)
Humana, Inc.(a)		5,609		392,294
Medco Health Solutions, Inc.(a)		21,700		1,218,672
UnitedHealth Group, Inc.		97,482		4,406,186
Total				6,017,152
Pharmaceuticals (4.1%)
Eli Lilly & Co.		98,589		3,467,375
Johnson & Johnson		74,195		4,396,054
Total				7,863,429
TOTAL HEALTH CARE				21,104,991
INDUSTRIALS (10.9%)
Aerospace & Defense (3.9%)
General Dynamics Corp.		12,988		994,361
Huntington Ingalls Industries, Inc.(a)		1,717		71,242
Lockheed Martin Corp.		11,382		915,113
Northrop Grumman Corp.		10,300		645,913
Raytheon Co.		56,370		2,867,542
United Technologies Corp.		25,210		2,134,026
Total				7,628,197
Air Freight & Logistics (0.8%)
United Parcel Service, Inc., Class B		21,274		1,581,084
Commercial Services & Supplies (1.1%)
Pitney Bowes, Inc.(b)		22,208		570,524
RR Donnelley & Sons Co.		88,083		1,666,530
Total				2,237,054

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Electrical Equipment (0.7%)
Emerson Electric Co.		21,745	$	1,270,560
Industrial Conglomerates (2.9%)
General Electric Co.		276,878		5,551,404
Professional Services (1.5%)
Dun & Bradstreet Corp.(b)		35,700		2,864,568
TOTAL INDUSTRIALS				21,132,867
INFORMATION TECHNOLOGY (17.9%)
Computers & Peripherals (7.1%)
Apple, Inc.(a)		24,468		8,525,875
Dell, Inc.(a)		11,900		172,669
Lexmark International, Inc., Class A(a)(b)		22,600		837,104
SanDisk Corp.(a)(b)		65,200		3,005,068
Western Digital Corp.(a)		32,400		1,208,196
Total				13,748,912
IT Services (2.9%)
IBM Corp.		35,300		5,756,371
Semiconductors & Semiconductor Equipment (4.8%)
Intel Corp.		172,700		3,483,359
NVIDIA Corp.(a)		35,200		649,792
Teradyne, Inc.(a)(b)		53,400		951,054
Texas Instruments, Inc.		121,900		4,212,864
Total				9,297,069
Software (3.1%)
Microsoft Corp.		235,334		5,968,070
TOTAL INFORMATION TECHNOLOGY				34,770,422
MATERIALS (3.9%)
Chemicals (1.9%)
CF Industries Holdings, Inc.		22,900		3,132,491
Eastman Chemical Co.		5,476		543,876
Total				3,676,367
Metals & Mining (2.0%)
Freeport-McMoRan Copper & Gold, Inc.		69,178		3,842,838
Newmont Mining Corp.		800		43,664
Total				3,886,502
TOTAL MATERIALS				7,562,869

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (3.2%)
Diversified Telecommunication Services (3.2%)
AT&T, Inc.		62,991	$	1,927,525
Verizon Communications, Inc.		109,656		4,226,142
Total				6,153,667
TOTAL TELECOMMUNICATION SERVICES				6,153,667
UTILITIES (3.0%)
Electric Utilities (1.7%)
Exelon Corp.		79,575		3,281,673
Multi-Utilities (1.3%)
Public Service Enterprise Group, Inc.		80,900		2,549,159
TOTAL UTILITIES				5,830,832
Total Common Stocks (Cost: $157,846,872)			$	190,536,825

	Shares		Value
Money Market Fund (1.6%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		3,098,261	$	3,098,261
Total Money Market Fund (Cost: $3,098,261)			$	3,098,261

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (3.3%)
Repurchase Agreements (3.3%)
Goldman Sachs & Co. dated 03/31/11, matures 04/01/11, repurchase price $1,479,062(g)
		0.160	%	$	1,479,055	$	1,479,055
Pershing LLC dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(g)
		0.220	%		5,000,000		5,000,000
Total							6,479,055
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $6,479,055)						$	6,479,055
Total Investments (Cost: $167,424,188)						$	200,114,141(h	)
Other Assets & Liabilities, Net							(6,054,090	)
Net Assets						$	194,060,051

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts		Notional		Expiration	Unrealized		Unrealized
Contract Description	Long (Short)		Market Value		Date	Appreciation		Depreciation
S&P 500 Index		12	$	3,963,000	June 2011	$	68,462	$	—

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 0.90% of net assets.
(d)	At March 31, 2011, investments in securities included securities valued at $536,375 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.
(e)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(f)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends or
					Proceeds			Realized				Interest
Issuer	Beginning Cost		Purchase Cost		from Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	917,545	$	6,807,300	$	(4,626,584	)	$	—	$	3,098,261	$	1,354	$	3,098,261

^(g) The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	1,508,636
Total Market Value of Collateral Securities	$	1,508,636

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(h) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	19,582,970	$	—	$	—	$	19,582,970
Consumer Staples		19,011,474		—		—		19,011,474
Energy		25,561,942		—		—		25,561,942
Financials		29,824,791		—		—		29,824,791
Health Care		21,104,991		—		—		21,104,991
Industrials		21,132,867		—		—		21,132,867
Information Technology		34,770,422		—		—		34,770,422
Materials		7,562,869		—		—		7,562,869
Telecommunication Services		6,153,667		—		—		6,153,667
Utilities		5,830,832		—		—		5,830,832
Total Equity Securities		190,536,825		—		—		190,536,825
Other
Affiliated Money Market Fund(c)		3,098,261		—		—		3,098,261
Investments of Cash Collateral Received for Securities on Loan		—		6,479,055		—		6,479,055
Total Other		3,098,261		6,479,055		—		9,577,316
Investments in Securities		193,635,086		6,479,055		—		200,114,141
Derivatives(d)
Assets
Futures Contracts		68,462		—		—		68,462
Total	$	193,703,548	$	6,479,055	$	—	$	200,182,603

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Columbia Variable Portfolio - Diversified Bond Fund

(formerly known as RiverSource Variable Portfolio - Diversified Bond Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (31.8%)
Aerospace & Defense (0.2%)
ADS Tactical, Inc.
Senior Secured(a)(b)
04/01/18		11.000	%	$	995,000	$	1,019,875
Huntington Ingalls Industries, Inc.(a)(b)
03/15/18		6.875	%		320,000		334,000
03/15/21		7.125	%		432,000		450,360
Kratos Defense & Security Solutions, Inc.
Senior Secured(a)
06/01/17		10.000	%		80,000		88,400
L-3 Communications Corp.
10/15/15		6.375	%		3,397,000		3,498,910
Oshkosh Corp.(b)
03/01/17		8.250	%		932,000		1,025,200
03/01/20		8.500	%		1,301,000		1,458,746
TransDigm, Inc.
Senior Subordinated Notes(a)(b)
12/15/18		7.750	%		349,000		374,739
Total							8,250,230
Automotive (0.1%)
Dana Holding Corp.
Senior Unsecured
02/15/19		6.500	%		295,000		292,787
Dana Holding Corp.(b)
Senior Unsecured
02/15/21		6.750	%		850,000		847,875
Lear Corp.(b)
03/15/18		7.875	%		2,487,000		2,710,830
03/15/20		8.125	%		1,361,000		1,497,100
Visteon Corp.
Senior Notes(a)(d)
04/15/19		6.750	%		278,000		278,000
Total							5,626,592
Banking (5.4%)
Bank of America Corp.
Senior Unsecured
01/05/21		5.875	%		8,195,000		8,557,039
Bank of America Corp.(b)
Senior Unsecured
07/01/20		5.625	%		13,030,000		13,304,823
Bank of Montreal(a)(c)
06/09/15		2.850	%		9,520,000		9,615,089
Bank of Nova Scotia(a)(b)(c)
10/29/15		1.650	%		30,190,000		28,873,345
Canadian Imperial Bank of Commerce(a)(c)
07/02/15		2.600	%		8,695,000		8,647,188
Goldman Sachs Group, Inc. (The)
Senior Notes
06/15/20		6.000	%		10,735,000		11,348,237
Senior Unsecured
02/07/16		3.625	%		13,890,000		13,758,754

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Banking (continued)
HSBC Holdings PLC
Senior Unsecured(c)(d)
04/05/21		5.100	%	$	2,520,000	$	2,532,930
JPMorgan Chase & Co.
Senior Unsecured
03/01/16		3.450	%		26,210,000		26,116,404
10/15/20		4.250	%		12,020,000		11,487,658
Morgan Stanley
Senior Unsecured
01/25/21		5.750	%		25,920,000		26,160,952
National Bank of Canada(a)(c)
01/30/14		1.650	%		7,482,000		7,492,011
Santander U.S. Debt SA Unipersonal
Bank Guaranteed(a)(b)(c)
10/07/15		3.781	%		3,500,000		3,363,284
Toronto-Dominion Bank (The)(a)(b)(c)
07/29/15		2.200	%		29,185,000		28,810,684
Wells Fargo & Co.
Senior Unsecured
04/01/21		4.600	%		13,335,000		13,187,048
Total							213,255,446
Building Materials (—%)
Associated Materials LLC
Senior Secured(a)
11/01/17		9.125	%		137,000		145,562
Euramax International, Inc.
Senior Secured(a)
04/01/16		9.500	%		420,000		425,250
Interface, Inc.(a)(b)
12/01/18		7.625	%		321,000		338,655
Total							909,467
Chemicals (0.6%)
Airgas, Inc.
10/01/18		7.125	%		3,770,000		4,071,600
Ashland, Inc.
06/01/17		9.125	%		939,000		1,077,502
CF Industries, Inc.
05/01/18		6.875	%		3,440,000		3,852,800
05/01/20		7.125	%		805,000		911,662
Celanese U.S. Holdings LLC(a)
10/15/18		6.625	%		817,000		841,510
Chemtura Corp.(a)
09/01/18		7.875	%		446,000		471,645
Dow Chemical Co. (The)
Senior Unsecured
02/15/15		5.900	%		4,320,000		4,788,111
Hexion U.S. Finance Corp./Nova Scotia ULC
Senior Secured(b)
02/01/18		8.875	%		825,000		872,438

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Chemicals (continued)
Lyondell Chemical Co.
Senior Secured(a)(b)
11/01/17		8.000	%	$	4,291,000	$	4,741,555
Nalco Co.(a)(b)
01/15/19		6.625	%		1,037,000		1,066,814
Nova Chemicals Corp.
Senior Unsecured(c)
11/01/16		8.375	%		1,448,000		1,589,180
Polypore International, Inc.(a)
11/15/17		7.500	%		887,000		931,350
Total							25,216,167
Construction Machinery (0.2%)
Case New Holland, Inc.
Senior Notes(a)
12/01/17		7.875	%		1,182,000		1,312,020
Columbus McKinnon Corp.(a)(b)
02/01/19		7.875	%		382,000		395,370
Manitowoc Co., Inc. (The)
11/01/13		7.125	%		3,375,000		3,412,969
Manitowoc Co., Inc. (The)(b)
11/01/20		8.500	%		645,000		691,762
Total							5,812,121
Consumer Cyclical Services (—%)
Garda World Security Corp.
Senior Unsecured(a)(c)
03/15/17		9.750	%		105,000		113,138
Consumer Products (0.1%)
Central Garden and Pet Co.
03/01/18		8.250	%		485,000		506,825
Spectrum Brands Holdings, Inc.
Senior Secured(a)
06/15/18		9.500	%		1,571,000		1,728,100
Total							2,234,925
Diversified Manufacturing (0.1%)
Pinafore LLC/Inc.
Secured(a)(b)(c)
10/01/18		9.000	%		240,000		259,200
SPX Corp.(a)
09/01/17		6.875	%		2,522,000		2,711,150
Total							2,970,350
Electric (4.7%)
Arizona Public Service Co.
Senior Unsecured
08/01/16		6.250	%		5,685,000		6,413,993
CMS Energy Corp.
Senior Unsecured
09/30/15		4.250	%		7,210,000		7,237,038
12/15/15		6.875	%		1,515,000		1,663,526
02/01/20		6.250	%		6,000,000		6,285,000

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
DTE Energy Co.
Senior Unsecured
06/01/11		7.050	%	$	1,220,000	$	1,231,309
05/15/14		7.625	%		16,980,000		19,507,473
Detroit Edison Co. (The)
Senior Secured
10/01/13		6.400	%		7,450,000		8,327,848
Dominion Resources, Inc.
Senior Unsecured
08/01/33		5.250	%		9,775,000		10,564,732
Dominion Resources, Inc.(b)
Senior Unsecured
08/15/19		5.200	%		6,190,000		6,598,057
Duke Energy Corp.
Senior Unsecured
06/15/18		6.250	%		4,310,000		4,880,842
Duke Energy Ohio, Inc.
1st Mortgage(b)
04/01/19		5.450	%		8,145,000		8,955,134
Edison Mission Energy
Senior Unsecured(b)
05/15/17		7.000	%		395,000		316,988
Florida Power Corp.
1st Mortgage
06/15/18		5.650	%		3,730,000		4,172,042
Indiana Michigan Power Co.
Senior Unsecured
03/15/37		6.050	%		5,795,000		6,013,275
KCP&L Greater Missouri Operations Co.
Senior Unsecured
07/01/12		11.875	%		2,430,000		2,710,621
Majapahit Holding BV(a)(b)(c)
10/17/16		7.750	%		620,000		697,500
Midwest Generation LLC
Pass-Through Certificates(b)
01/02/16		8.560	%		4,426,331		4,514,858
NRG Energy, Inc.(b)
01/15/17		7.375	%		1,123,000		1,170,728
Nevada Power Co.
04/15/12		6.500	%		1,000,000		1,056,573
01/15/15		5.875	%		9,959,000		11,078,969
05/15/18		6.500	%		7,270,000		8,315,237
08/01/18		6.500	%		1,469,000		1,681,800
Ohio Power Co.
Senior Unsecured
01/15/14		4.850	%		950,000		1,013,980
Oncor Electric Delivery Co. LLC
Senior Secured(a)
09/30/40		5.250	%		1,645,000		1,507,511

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
PPL Electric Utilities Corp.
1st Mortgage
11/30/13		7.125	%	$	6,860,000	$	7,815,196
PacifiCorp 1st Mortgage
09/15/13		5.450	%		5,605,000		6,126,596
Power Sector Assets & Liabilities Management Corp.
Government Guaranteed(a)(c)
12/02/24		7.390	%		860,000		978,796
Progress Energy, Inc.(b)
Senior Unsecured
12/01/19		4.875	%		2,400,000		2,490,994
01/15/21		4.400	%		6,735,000		6,675,736
Sierra Pacific Power Co.
05/15/16		6.000	%		12,141,000		13,682,264
Tampa Electric Co.
Senior Unsecured
05/15/18		6.100	%		7,510,000		8,510,144
Toledo Edison Co. (The)
Senior Secured(b)
05/15/37		6.150	%		3,255,000		3,341,362
TransAlta Corp.
Senior Unsecured(c)
01/15/15		4.750	%		9,770,000		10,341,651
Total							185,877,773
Entertainment (0.2%)
Regal Cinemas Corp.
07/15/19		8.625	%		334,000		358,632
Speedway Motorsports, Inc.
06/01/16		8.750	%		2,760,000		3,022,200
Speedway Motorsports, Inc.(a)
Senior Notes
02/01/19		6.750	%		221,000		222,658
Time Warner, Inc.(d)
03/29/41		6.250	%		3,850,000		3,825,167
United Artists Theatre Circuit, Inc.
1995-A Pass-Through Certificates(e)(f)
07/01/15		9.300	%		1,387,238		1,389,042
Total							8,817,699
Environmental (—%)
Clean Harbors, Inc.
Senior Secured(a)
08/15/16		7.625	%		170,000		180,412
Food and Beverage (2.1%)
Anheuser-Busch InBev Worldwide, Inc.(c)
11/15/14		5.375	%		24,516,000		27,016,019
Dean Foods Co.(a)(b)
Senior Notes
12/15/18		9.750	%		645,000		661,931

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Food and Beverage (continued)
Dean Foods Co.(b)
06/01/16		7.000	%	$	13,000	$	12,399
Kraft Foods, Inc.
Senior Unsecured
08/11/17		6.500	%		16,325,000		18,606,774
02/01/18		6.125	%		8,328,000		9,309,538
08/23/18		6.125	%		5,640,000		6,307,342
SABMiller PLC(a)(c)
Senior Unsecured
01/15/14		5.700	%		14,835,000		16,277,630
07/15/18		6.500	%		4,414,000		5,106,243
Total							83,297,876
Gaming (0.1%)
MGM Resorts International
Senior Secured
03/15/20		9.000	%		1,835,000		2,018,500
Seneca Gaming Corp.(a)
12/01/18		8.250	%		925,000		952,750
Total							2,971,250
Gas Distributors (—%)
Energy Transfer Equity LP
Senior Secured
10/15/20		7.500	%		670,000		730,300
Gas Pipelines (4.2%)
AK Transneft OJSC Via TransCapitalInvest Ltd.
Senior Unsecured(a)(c)
08/07/18		8.700	%		950,000		1,175,625
Colorado Interstate Gas Co.
Senior Unsecured
11/15/15		6.800	%		44,670,000		51,343,966
Copano Energy LLC/Finance Corp.(d)
04/01/21		7.125	%		220,000		222,750
El Paso Corp.
01/15/32		7.750	%		505,000		565,894
El Paso Corp.(a)(b)
Senior Unsecured
09/15/20		6.500	%		2,420,000		2,607,550
Nisource Finance Corp.
03/01/13		6.150	%		22,425,000		24,310,090
09/15/17		5.250	%		15,350,000		16,346,077
09/15/20		5.450	%		10,900,000		11,311,344
Northern Natural Gas Co.
Senior Unsecured(a)
06/01/11		7.000	%		660,000		666,067
Northwest Pipeline GP
Senior Unsecured
06/15/16		7.000	%		1,895,000		2,233,904
04/15/17		5.950	%		8,185,000		9,244,539

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (continued)
Plains All American Pipeline LP/Finance Corp.
02/01/21		5.000	%	$	8,510,000	$	8,535,300
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		90,000		102,375
12/01/18		6.875	%		610,000		648,125
Southern Natural Gas Co.
Senior Unsecured(a)(b)
04/01/17		5.900	%		4,728,000		5,260,425
Southern Star Central Corp.
Senior Unsecured
03/01/16		6.750	%		1,750,000		1,776,250
Transcontinental Gas Pipe Line Co. LLC(b)
Senior Unsecured
08/15/11		7.000	%		6,972,000		7,134,036
04/15/16		6.400	%		19,510,000		22,406,572
Total							165,890,889
Health Care (0.4%)
American Renal Holdings Co., Inc.
Senior Unsecured PIK(a)(g)
03/01/16		9.750	%		100,000		98,250
Cardinal Health, Inc.
Senior Unsecured
12/15/20		4.625	%		11,335,000		11,273,916
Fresenius Medical Care U.S. Finance, Inc.(a)(b)
02/15/21		5.750	%		384,000		371,520
HCA, Inc.
Senior Secured
09/15/20		7.250	%		2,183,000		2,335,810
Healthsouth Corp.
09/15/22		7.750	%		45,000		46,800
STHI Holding Corp.
Secured(a)
03/15/18		8.000	%		158,000		163,530
Total							14,289,826
Healthcare Insurance (0.2%)
CIGNA Corp.
Senior Unsecured
03/15/41		5.875	%		4,365,000		4,289,132
Unitedhealth Group, Inc.
Senior Unsecured
02/15/41		5.950	%		1,700,000		1,711,734
Total							6,000,866
Home Construction (—%)
K Hovnanian Enterprises, Inc.
Senior Secured
10/15/16		10.625	%		325,000		345,312

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (1.9%)
Anadarko Petroleum Corp.
Senior Unsecured(b)
09/15/16		5.950	%	$	24,775,000	$	26,939,963
Berry Petroleum Co.
Senior Unsecured(b)
11/01/20		6.750	%		360,000		370,800
Chesapeake Energy Corp.(b)
08/15/20		6.625	%		1,086,000		1,153,875
02/15/21		6.125	%		3,195,000		3,298,837
Comstock Resources, Inc.(b)
04/01/19		7.750	%		125,000		127,188
Concho Resources, Inc.
Senior Notes
01/15/21		7.000	%		1,907,000		2,007,117
Continental Resources, Inc.
04/01/21		7.125	%		503,000		534,438
Denbury Resources, Inc.
03/01/16		9.750	%		1,580,000		1,781,450
EXCO Resources, Inc.(b)
09/15/18		7.500	%		778,000		790,643
Encana Corp.
Senior Unsecured(c)
11/01/11		6.300	%		22,855,000		23,589,331
MEG Energy Corp.(a)(c)
03/15/21		6.500	%		460,000		467,475
Nexen, Inc.
Senior Unsecured(b)(c)
05/15/37		6.400	%		4,575,000		4,569,990
Petrohawk Energy Corp.
08/01/14		10.500	%		1,605,000		1,837,725
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		1,265,000		1,328,250
Range Resources Corp.
05/15/19		8.000	%		5,560,000		6,129,900
Range Resources Corp.(b)
05/15/16		7.500	%		1,241,000		1,287,538
Total							76,214,520
Integrated Energy (0.1%)
Marathon Petroleum Corp.(a)(b)
03/01/41		6.500	%		4,890,000		4,940,675
TNK-BP Finance SA(a)(c)
03/13/18		7.875	%		705,000		805,912
Total							5,746,587
Life Insurance (0.1%)
Prudential Financial, Inc.
Senior Unsecured
12/01/17		6.000	%		1,960,000		2,156,588
Prudential Financial, Inc.(b)
Senior Unsecured
11/15/20		4.500	%		2,315,000		2,267,552
Total							4,424,140

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Media Cable (1.3%)
CCO Holdings LLC/Capital Corp.(b)
01/15/19		7.000	%	$	1,495,000	$	1,532,375
CSC Holdings LLC
Senior Unsecured(b)
02/15/18		7.875	%		1,005,000		1,115,550
Cablevision Systems Corp.
Senior Unsecured(b)
09/15/17		8.625	%		396,000		440,550
Comcast Corp.
02/15/18		5.875	%		3,565,000		3,930,052
03/01/40		6.400	%		5,135,000		5,259,313
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16		3.125	%		10,150,000		10,002,805
03/01/21		5.000	%		10,075,000		10,110,464
DISH DBS Corp.
02/01/16		7.125	%		4,115,000		4,392,763
DISH DBS Corp.(b)
09/01/19		7.875	%		1,075,000		1,163,688
Kabel BW Erste Beteiligungs GmbH/Co. KG
Senior Secured(a)(b)(c)
03/15/19		7.500	%		270,000		276,643
Time Warner Cable, Inc.(b)
02/15/21		4.125	%		9,195,000		8,591,872
11/15/40		5.875	%		5,805,000		5,454,662
Total							52,270,737
Media Non-Cable (1.1%)
Entravision Communications Corp.
Senior Secured(b)
08/01/17		8.750	%		702,000		747,630
Intelsat Jackson Holdings SA(a)(c)
10/15/20		7.250	%		1,475,000		1,476,844
Lamar Media Corp.(b)
04/01/14		9.750	%		1,535,000		1,772,925
News America, Inc.(a)(b)
02/15/41		6.150	%		7,825,000		7,759,614
RR Donnelley & Sons Co.
Senior Unsecured(b)
01/15/17		6.125	%		14,916,000		15,504,765
Reed Elsevier Capital, Inc.
08/01/11		6.750	%		3,494,000		3,559,676
TCM Sub LLC(a)
01/15/15		3.550	%		9,605,000		9,831,545
XM Satellite Radio, Inc.(a)
11/01/18		7.625	%		1,720,000		1,814,600
Total							42,467,599

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Metals (0.8%)
ArcelorMittal(b)
Senior Unsecured
03/01/21		5.500	%	$	14,765,000	$	14,549,534
ArcelorMittal(b)(c)
Senior Unsecured
03/01/41		6.750	%		4,505,000		4,415,085
Arch Coal, Inc.(b)
10/01/20		7.250	%		121,000		129,621
Arch Western Finance LLC
07/01/13		6.750	%		1,665,000		1,681,650
Consol Energy, Inc.
04/01/20		8.250	%		1,380,000		1,530,075
FMG Resources August 2006 Proprietary Ltd.(a)(b)(c)
11/01/15		7.000	%		1,990,000		2,052,760
02/01/16		6.375	%		945,000		952,088
02/01/18		6.875	%		198,000		206,415
JMC Steel Group
Senior Notes(a)(b)
03/15/18		8.250	%		194,000		198,365
Novelis, Inc.(a)(b)(c)
12/15/17		8.375	%		341,000		369,133
12/15/20		8.750	%		688,000		756,800
Peabody Energy Corp.(b)
09/15/20		6.500	%		1,825,000		1,957,312
Rain CII Carbon LLC/Corp.
Senior Secured(a)
12/01/18		8.000	%		1,170,000		1,248,975
United States Steel Corp.
Senior Unsecured
02/01/18		7.000	%		743,000		771,791
United States Steel Corp.(b)
Senior Unsecured
04/01/20		7.375	%		664,000		695,540
Total							31,515,144
Non-Captive Consumer (—%)
SLM Corp.
Senior Notes(b)
01/25/16		6.250	%		570,000		594,225
Non-Captive Diversified (1.3%)
Ally Financial, Inc.(b)
03/15/20		8.000	%		2,850,000		3,102,937
CIT Group, Inc.
Secured
05/01/16		7.000	%		1,547,000		1,548,934
CIT Group, Inc.(a)(b)
Secured
04/01/18		6.625	%		50,000		50,750
CIT Group, Inc.(d)
Secured
04/01/18		6.625	%		235,000		238,525

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Non-Captive Diversified (continued)
Ford Motor Credit Co. LLC
Senior Unsecured(b)
02/01/21		5.750	%	$	1,430,000	$	1,412,122
General Electric Capital Corp.
Senior Unsecured
09/16/20		4.375	%		36,705,000		35,669,919
General Electric Capital Corp.(b)
Senior Unsecured
01/07/21		4.625	%		5,440,000		5,357,432
International Lease Finance Corp.
Senior Unsecured(b)
12/15/20		8.250	%		1,749,000		1,917,341
Total							49,297,960
Oil Field Services (0.2%)
Gazprom OAO Via Gaz Capital SA(a)(c)
Senior Unsecured
11/22/16		6.212	%		2,425,000		2,631,125
04/11/18		8.146	%		3,000,000		3,536,100
KazMunayGas National Co.
Senior Unsecured(a)(c)
07/02/18		9.125	%		980,000		1,180,900
Key Energy Services, Inc.(b)
03/01/21		6.750	%		316,000		321,530
Total							7,669,655
Other Industry (0.1%)
Interline Brands, Inc.
11/15/18		7.000	%		528,000		541,200
Valmont Industries, Inc.
04/20/20		6.625	%		2,691,000		2,778,238
Total							3,319,438
Packaging (0.1%)
Ardagh Packaging Finance PLC
Senior Secured(a)(b)(c)
10/15/17		7.375	%		1,181,000		1,263,670
Ball Corp.
09/15/20		6.750	%		1,045,000		1,094,637
Crown Americas LLC/Capital Corp. III
Senior Notes(a)
02/01/21		6.250	%		1,388,000		1,415,760
Greif, Inc.
Senior Unsecured
02/01/17		6.750	%		829,000		874,595
Reynolds Group Issuer, Inc./LLC(a)
Senior Secured
04/15/19		7.125	%		724,000		742,100
Reynolds Group Issuer, Inc./LLC(a)(b)
Senior Secured
02/15/21		6.875	%		390,000		391,950
Total							5,782,712

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Paper (0.1%)
Cascades, Inc.(c)
12/15/17		7.750	%	$	1,728,000	$	1,825,200
Graphic Packaging International, Inc.(b)
10/01/18		7.875	%		273,000		292,110
Total							2,117,310
Pharmaceuticals (0.2%)
Grifols, Inc.
Secured(a)(b)
02/01/18		8.250	%		1,257,000		1,288,425
Mylan, Inc.(a)
11/15/18		6.000	%		1,075,000		1,075,000
Valeant Pharmaceuticals International(a)(c)
10/01/20		7.000	%		3,088,000		2,995,360
Warner Chilcott Co./Finance LLC(a)
09/15/18		7.750	%		442,000		462,995
Total							5,821,780
Railroads (0.4%)
CSX Corp.
Senior Unsecured
03/15/12		6.300	%		4,310,000		4,531,094
03/15/18		6.250	%		8,685,000		9,906,033
Canadian Pacific Railway Co.
Senior Unsecured(c)
05/15/18		6.500	%		1,040,000		1,189,525
Total							15,626,652
Refining (—%)
United Refining Co.
Senior Secured(a)
02/28/18		10.500	%		386,000		386,000
Restaurants (0.1%)
Yum! Brands, Inc.
Senior Unsecured
03/15/18		6.250	%		4,899,000		5,499,152
Retailers (0.3%)
Best Buy Co., Inc.
Senior Unsecured
03/15/21		5.500	%		1,585,000		1,555,219
CVS Caremark Corp.
Senior Unsecured
06/01/17		5.750	%		330,000		363,491
09/15/39		6.125	%		2,500,000		2,545,720
Home Depot, Inc.
Senior Unsecured
04/01/41		5.950	%		2,880,000		2,871,976

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Retailers (continued)
Ltd Brands, Inc.
04/01/21		6.625	%	$	295,000	$	301,638
Needle Merger Sub Corp.
Senior Unsecured(a)(b)
03/15/19		8.125	%		411,000		415,110
QVC, Inc.
Senior Secured(a)
10/15/20		7.375	%		2,149,000		2,237,646
Toys R Us — Delaware, Inc.
Senior Secured(a)(b)
09/01/16		7.375	%		733,000		775,148
Total							11,065,948
Technology (0.2%)
Amkor Technology, Inc.
Senior Unsecured(b)
05/01/18		7.375	%		2,290,000		2,370,150
Avaya, Inc.
11/01/15		9.750	%		356,000		361,785
Avaya, Inc.(a)(b)
Senior Secured
04/01/19		7.000	%		1,196,000		1,166,100
Brocade Communications Systems, Inc.
Senior Secured
01/15/18		6.625	%		531,000		562,196
01/15/20		6.875	%		724,000		781,920
CDW Escrow Corp.
Senior Notes(a)(d)
04/01/19		8.500	%		410,000		410,513
Cardtronics, Inc.
09/01/18		8.250	%		1,610,000		1,748,862
CommScope, Inc.(a)(b)
01/15/19		8.250	%		422,000		440,990
First Data Corp.
Senior Secured(a)(d)
06/15/19		7.375	%		531,000		542,284
Total							8,384,800
Transportation Services (0.2%)
ERAC USA Finance LLC(a)
10/15/37		7.000	%		6,306,000		6,870,564
Hertz Corp. (The)(a)
01/15/21		7.375	%		346,000		353,785
Hertz Corp. (The)(a)(b)
10/15/18		7.500	%		714,000		738,990
Total							7,963,339
Wireless (0.9%)
CC Holdings GS V LLC/Crown Castle GS III Corp.
Senior Secured(a)(b)
05/01/17		7.750	%		4,406,000		4,802,540

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wireless (continued)
Cricket Communications, Inc.
Senior Secured
05/15/16		7.750	%	$	1,685,000	$	1,790,312
MetroPCS Wireless, Inc.(b)
09/01/18		7.875	%		359,000		384,130
11/15/20		6.625	%		381,000		380,524
NII Capital Corp.
04/01/21		7.625	%		425,000		434,563
Nextel Communications, Inc.(b)
08/01/15		7.375	%		1,430,000		1,435,362
SBA Telecommunications, Inc.
08/15/16		8.000	%		2,460,000		2,678,325
08/15/19		8.250	%		750,000		828,750
Sprint Nextel Corp.
Senior Unsecured(b)
08/15/17		8.375	%		358,000		398,723
United States Cellular Corp.
Senior Unsecured
12/15/33		6.700	%		22,433,000		21,503,354
Wind Acquisition Finance SA
Senior Secured(a)(b)(c)
02/15/18		7.250	%		1,250,000		1,312,500
Total							35,949,083
Wirelines (3.8%)
AT&T, Inc.
Senior Unsecured(b)
02/15/39		6.550	%		27,265,000		28,416,619
Embarq Corp.
Senior Unsecured
06/01/36		7.995	%		12,340,000		13,912,128
Frontier Communications Corp.
Senior Unsecured
04/15/15		7.875	%		332,000		357,730
Frontier Communications Corp.(b)
Senior Unsecured
04/15/17		8.250	%		260,000		280,800
04/15/20		8.500	%		275,000		298,031
Level 3 Financing, Inc.(a)
04/01/19		9.375	%		90,000		87,075
Qwest Communications International, Inc.
04/01/18		7.125	%		1,393,000		1,502,699
TELUS Corp.
Senior Unsecured(c)
06/01/11		8.000	%		28,980,000		29,325,818
Telefonica Emisiones SAU(b)(c)
06/20/11		5.984	%		1,575,000		1,592,158
01/15/15		4.949	%		13,790,000		14,550,119
tw telecom holdings, inc.(b)
03/01/18		8.000	%		831,000		896,441

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
Verizon New York, Inc.
Senior Unsecured
04/01/32		7.375	%	$	27,678,000	$	31,053,221
Verizon New York, Inc.(b)
Senior Unsecured
04/01/12		6.875	%		24,260,000		25,682,607
Windstream Corp.(b)
11/01/17		7.875	%		644,000		690,690
Total							148,646,136
Total Corporate Bonds & Notes (Cost: $1,211,913,826)						$	1,253,553,556
Residential Mortgage-Backed Securities - Agency(h) (34.8%)
Federal Home Loan Mortgage Corp.(b)(i)
07/01/37		6.000	%	$	26,766,802	$	29,522,454
Federal Home Loan Mortgage Corp.(d)(i)
04/01/26		3.500	%		31,500,000		31,593,523
04/01/41		4.000	%		33,000,000		32,401,875
04/01/41		4.500	%		9,500,000		9,651,411
04/01/41		5.500	%		16,000,000		17,064,992
04/01/41		6.000	%		13,300,000		14,447,125
Federal Home Loan Mortgage Corp.(g)(i)
08/01/37		5.834	%		1,456,196		1,569,653
CMO IO Series 2817 Class SA
06/15/32		20.000	%		2,535,014		188,222
CMO IO Series 2936 Class AS
02/15/35		0.001	%		5,864,247		695,291
CMO IO Series 2950 Class SM
03/15/35		13.990	%		7,592,272		893,535
CMO IO Series 3517 Class JI
12/15/12		15.422	%		9,686,454		78,922
CMO IO Series 3630 Class AI
03/15/17		13.082	%		64,090,617		2,656,473
Federal Home Loan Mortgage Corp.(i)
11/01/40		4.500	%		14,842,998		15,142,586
08/01/18-07/01/39		5.000	%		14,698,522		15,529,401
05/01/18-06/01/33		5.500	%		2,700,686		2,911,198
12/01/18-09/01/37		6.000	%		12,673,180		13,795,547
02/01/17-10/01/34		6.500	%		1,692,158		1,871,314
04/01/30-04/01/32		7.000	%		919,197		1,056,944
08/01/24		8.000	%		68,686		80,906
01/01/25		9.000	%		29,825		35,728
CMO IO Series 2795 Class IY
07/15/17		85.440	%		13,498		98
CMO IO Series 3430 Class IA
07/15/12		92.599	%		22,720,699		110,302
CMO IO Series 3447 Class AI
03/15/12		5.474	%		11,364,171		93,340
CMO IO Series 3775 Class GI
09/15/34		6.380	%		19,536,732		2,545,240

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency(h) (continued)
CMO IO Series 3800 Class HI
01/15/40		1.000	%	$	13,473,961	$	2,599,612
Federal National Mortgage Association(b)(i)
04/01/34		5.500	%		21,220,733		22,850,906
Federal National Mortgage Association(d)(i)
04/01/41		4.000	%		65,420,000		64,336,514
04/01/26-04/01/41		4.500	%		129,435,000		132,838,096
04/01/26-04/01/41		5.500	%		53,875,000		57,799,952
04/01/26-04/01/41		6.000	%		252,445,000		274,575,912
04/01/41		6.500	%		51,500,000		57,728,281
Federal National Mortgage Association(g)(i)
05/01/35		2.621	%		5,367,803		5,649,333
07/01/36		5.981	%		1,417,938		1,518,112
CMO IO Series 2008-40 Class AI
08/25/12		12.909	%		38,674,916		468,879
Federal National Mortgage Association(i)
04/01/18-10/01/40		4.500	%		67,881,277		70,191,824
06/01/18-08/01/40		5.000	%		119,281,956		125,548,740
09/01/13		5.322	%		101,290		107,644
12/01/17-02/01/38		5.500	%		102,248,794		110,209,603
08/01/16-08/01/35		6.000	%		38,815,680		42,658,157
03/01/17-10/01/37		6.500	%		22,892,710		25,910,064
04/01/13-07/01/38		7.000	%		31,992,254		36,633,183
02/01/27-09/01/31		7.500	%		352,442		408,218
11/01/21		8.000	%		10,715		12,450
04/01/23		8.500	%		84,301		93,706
06/01/24		9.000	%		99,506		117,071
CMO IO Series 2003-63 Class IP
07/25/33		1.000	%		9,111,114		1,671,901
07/25/33		20.000	%		393,249		72,162
CMO IO Series 2003-71 Class IM
12/25/31		20.000	%		940,991		106,326
CMO IO Series 2004-84 Class GI
12/25/22		24.840	%		425,042		25,831
Federal National Mortgage Association(i)(j)
02/01/19-11/01/19		5.000	%		4,582,799		4,909,805
01/01/36		5.500	%		25,727,058		27,687,327
Government National Mortgage Association(d)(i)
04/01/41		4.000	%		35,000,000		35,000,000
04/01/41		4.500	%		68,000,000		70,135,608
Government National Mortgage Association(g)(i)
CMO IO Series 2009-106 Class CM
01/16/34		22.870	%		16,827,502		2,171,712
CMO IO Series 2010-14 Class AV
02/16/40		15.920	%		7,486,057		1,109,017
Government National Mortgage Association(i)
10/15/33		5.500	%		2,088,538		2,276,724
CMO IO Series 2002-70 Class IC
08/20/32		5.083	%		1,089,869		129,370
Total Residential Mortgage-Backed Securities - Agency (Cost: $1,344,253,170)						$	1,371,488,120

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (4.2%)
American General Mortgage Loan Trust
CMO Series 2009-1 Class A7(a)(g)(i)
09/25/48		5.750	%	$	13,705,000	$	13,939,630
Banc of America Funding Corp.
CMO Series 2010-R4 Class 4A1(a)(g)(i)
06/26/37		0.458	%		7,783,594		7,587,770
Castle Peak Loan Trust
CMO Series 2010-NPL1 Class A(a)(i)
12/25/50		7.750	%		7,311,138		7,311,138
ChaseFlex Trust
CMO Series 2005-2 Class 2A2(i)
06/25/35		6.500	%		223,107		210,249
Citigroup Mortgage Loan Trust, Inc.(a)(g)(i)
CMO Series 2010-3 Class 5A2
10/25/35		8.410	%		5,435,000		5,054,550
CMO Series 2010-4 Class 4A4
10/25/35		7.761	%		7,705,000		6,703,350
CMO Series 2010-4 Class 4A6
10/25/35		8.451	%		2,345,005		2,087,054
Citigroup Mortgage Loan Trust, Inc.(a)(i)
CMO Series 2010-4 Class 4A5
10/25/35		5.000	%		19,869,126		19,771,865
Countrywide Alternative Loan Trust(g)(i)
CMO Series 2005-14 Class 2A2
05/25/35		0.500	%		3,755,577		1,799,327
CMO Series 2005-42CB Class A9
10/25/35		0.500	%		42,326		42,182
CMO Series 2006-OA11 Class A3B1
09/25/46		0.430	%		13,824		13,644
CMO Series 2007-OH1 Class A1A
04/25/47		0.340	%		1,769,706		1,692,712
Countrywide Alternative Loan Trust(i)
CMO Series 2003-11T1 Class A1
07/25/18		4.750	%		877,464		902,953
Countrywide Home Loan Mortgage Pass-Through Trust
CMO Series 2005-R2 Class 2A1(a)(i)
06/25/35		7.000	%		2,356,765		2,375,258
Credit Suisse Mortgage Capital Certificates(a)(g)(i)
CMO Series 2009-12R Class 30A1
12/27/36		5.300	%		4,357,150		4,425,878
CMO Series 2010-11R Class A1
06/28/47		1.261	%		17,991,834		17,767,430
CMO Series 2010-12R Class 13A1
12/26/37		4.250	%		16,968,767		17,102,510
Credit Suisse Mortgage Capital Certificates(a)(i)
CMO Series 2009-12R Class 13A1
08/27/37		6.000	%		5,054,763		5,286,946
CMO Series 2010-6R Class 1A2
02/27/37		5.500	%		4,650,000		4,669,456

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
Fadr LLC
Series 2009-2 Class A(a)(g)(i)
01/28/40		2.511	%	$	4,678,608	$	4,432,252
GSR Mortgage Loan Trust
CMO Series 2004-6F Class 2A4(i)
05/25/34		5.500	%		10,184,558		10,291,200
Indymac Index Mortgage Loan Trust(g)(i)
CMO Series 2006-AR13 Class A1
07/25/36		5.482	%		104,142		87,541
Indymac Index Mortgage Loan Trust(i)
CMO IO Series 2006-AR25 Class 3A3
09/25/36		42.490	%		31,749,642		183,545
JP Morgan Alternative Loan Trust
CMO Series 2006-A4 Class A1(g)(i)
09/25/36		5.950	%		6,468,077		6,496,058
JP Morgan Reremic
CMO Series 2010-1 Class 1A6(a)(i)
02/26/37		6.000	%		7,185,000		7,181,094
LVII Resecuritization Trust
CMO Series 2009-3 Class A1(a)(g)(i)
11/27/37		5.684	%		6,082,381		6,123,679
Lehman XS Trust
Series 2006-15 Class A1(g)(i)
10/25/36		0.330	%		1,807,076		1,786,947
Morgan Stanley Reremic Trust
CMO Series 2010-R9 Class 3B(a)(f)(i)
11/26/36		5.000	%		12,000,000		12,000,000
Thornburg Mortgage Securities Trust
CMO IO Series 2006-5 Class AX(g)(i)
10/25/46		22.660	%		8,277,952		131,427
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost: $167,868,884)						$	167,457,645
Commercial Mortgage-Backed Securities (10.1%)
Americold LLC Trust
Series 2010-ARTA Class A1(a)(i)
01/14/29		3.847	%	$	8,790,803	$	8,789,929
Banc of America Commercial Mortgage, Inc.(i)
Series 2005-3 Class A3A
07/10/43		4.621	%		8,050,000		8,197,066
Series 2005-3 Class A4
07/10/43		4.668	%		10,284,000		10,798,266
Bear Stearns Commercial Mortgage Securities(g)(i)
Series 2005-T18 Class A4
02/13/42		4.933	%		2,000,000		2,121,183
Bear Stearns Commercial Mortgage Securities(i)
Series 2007-PW18 Class A1
06/13/50		5.038	%		1,216,017		1,230,184
Series 2007-T28 Class A1
09/11/42		5.422	%		142,983		145,125

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
CDC Commercial Mortgage Trust
Series 2002-FX1 Class A2(i)
11/15/30		5.676	%	$	7,836,057	$	7,930,732
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4 Class A4(b)(i)
12/11/49		5.322	%		11,050,000		11,396,136
Credit Suisse First Boston Mortgage Securities Corp.(g)(i)
Series 2004-C1 Class A4
01/15/37		4.750	%		11,155,000		11,725,488
Credit Suisse First Boston Mortgage Securities Corp.(i)
Series 2001-CP4 Class A4
12/15/35		6.180	%		2,185,171		2,187,173
Series 2004-C2 Class A1
05/15/36		3.819	%		891,427		900,798
DBUBS Mortgage Trust
Series 2011-LC1A Class A3(a)(i)
11/10/46		5.002	%		3,925,000		4,069,643
Federal National Mortgage Association(i)
03/01/16		4.855	%		1,487,150		1,538,525
CMO Series 2002-M2 Class C
08/25/12		4.717	%		58,071		60,219
GE Capital Commercial Mortgage Corp.(g)(i)
Series 2005-C1 Class A5
06/10/48		4.772	%		3,900,000		4,116,406
GE Capital Commercial Mortgage Corp.(i)
Series 2001-3 Class A2
06/10/38		6.070	%		9,393,367		9,550,431
GS Mortgage Securities Corp. II(g)(i)
Series 2007-GG10 Class F
08/10/45		5.808	%		5,700,000		473,144
GS Mortgage Securities Corp. II(i)
Series 2004-GG2 Class A3
08/10/38		4.602	%		1,287,441		1,290,596
Series 2005-GG4 Class A4A
07/10/39		4.751	%		5,575,000		5,865,886
General Electric Capital Assurance Co.(a)(g)(i)
Series 2003-1 Class A4
05/12/35		5.254	%		9,770,181		10,401,552
Series 2003-1 Class A5
05/12/35		5.743	%		6,500,000		7,087,813
Greenwich Capital Commercial Funding Corp.(b)(i)
Series 2007-GG9 Class A2
03/10/39		5.381	%		9,399,139		9,606,171
Series 2007-GG9 Class A4
03/10/39		5.444	%		63,000,000		66,683,188
Greenwich Capital Commercial Funding Corp.(i)
Series 2003-C1 Class A3
07/05/35		3.858	%		6,869,888		6,995,478
Series 2003-C2 Class A3
01/05/36		4.533	%		1,830,656		1,865,622
Series 2004-GG1 Class A5
06/10/36		4.883	%		376,649		379,471
JP Morgan Chase Commercial Mortgage Securities Corp.(a)(i)
Series 2009-IWST Class A2
12/05/27		5.633	%		5,750,000		6,203,524
Series 2010-C2 Class A3
11/15/43		4.070	%		3,350,000		3,220,544

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
Series 2010-CNTR Class A2
08/05/32		4.311	%	$	8,500,000	$	8,176,731
Series 2011-C3 Class A4
02/15/46		4.717	%		8,375,000		8,435,178
JP Morgan Chase Commercial Mortgage Securities Corp.(g)(i)
Series 2005-LDP3 Class ASB
08/15/42		4.893	%		8,233,169		8,561,786
Series 2005-LDP4 Class AM
10/15/42		4.999	%		5,650,000		5,818,987
Series 2005-LDP5 Class AM
12/15/44		5.244	%		2,750,000		2,880,386
Series 2006-LDP6 Class ASB
04/15/43		5.490	%		9,662,968		10,157,325
JP Morgan Chase Commercial Mortgage Securities Corp.(i)
Series 2003-CB6 Class A1
07/12/37		4.393	%		1,119,196		1,150,980
Series 2003-LN1 Class A1
10/15/37		4.134	%		1,006,297		1,034,543
Series 2003-ML1A Class A1
03/12/39		3.972	%		549,005		559,016
Series 2004-CBX Class A3
01/12/37		4.184	%		1,338,164		1,337,512
Series 2004-LN2 Class A1
07/15/41		4.475	%		6,278,913		6,342,407
Series 2005-LDP2 Class A3
07/15/42		4.697	%		5,716,822		5,838,684
Series 2007-CB20 Class ASB
02/12/51		5.688	%		3,665,000		3,863,954
LB-UBS Commercial Mortgage Trust(g)(i)
Series 2004-C6 Class A6
08/15/29		5.020	%		4,000,000		4,254,341
Series 2006-C4 Class AAB
06/15/32		5.851	%		7,200,000		7,667,706
Series 2007-C7 Class A3
09/15/45		5.866	%		3,475,000		3,727,141
LB-UBS Commercial Mortgage Trust(i)
Series 2004-C2 Class A3
03/15/29		3.973	%		1,233,230		1,263,579
Merrill Lynch Mortgage Trust
Series 2008-C1 Class A1(i)
02/12/51		4.706	%		1,586,275		1,608,087
Morgan Stanley Capital I(a)(g)(i)
Series 2011-C1 Class A4
09/15/47		5.033	%		5,850,000		6,063,613
Morgan Stanley Capital I(g)(i)
Series 2006-T23 Class AAB
08/12/41		5.793	%		5,575,000		5,976,377
Morgan Stanley Capital I(i)
Series 2004-HQ4 Class A5
04/14/40		4.590	%		131,086		130,976
Morgan Stanley Reremic Trust(a)(b)(g)(i)
Series 2010-GG10 Class A4A
08/15/45		5.808	%		35,850,000		38,729,612
Morgan Stanley Reremic Trust(a)(g)(i)
Series 2009-GG10 Class A4A
08/12/45		5.808	%		18,150,000		19,607,879

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
TIAA Seasoned Commercial Mortgage Trust(g)(i)
Series 2007-C4 Class A2
08/15/39		5.702	%	$	2,100,000	$	2,184,462
Series 2007-C4 Class A3
08/15/39		5.983	%		3,605,000		3,914,740
Wachovia Bank Commercial Mortgage Trust(g)(i)
Series 2005- C22 Class AM
12/15/44		5.320	%		4,000,000		4,205,975
Series 2005-C20 Class A5
07/15/42		5.087	%		3,150,000		3,192,127
Series 2006-C24 Class A3
03/15/45		5.558	%		9,850,000		10,715,383
Series 2006-C27 Class APB
07/15/45		5.727	%		4,550,000		4,746,481
Wachovia Bank Commercial Mortgage Trust(i)
Series 2005-C16 Class A2
10/15/41		4.380	%		2,149,025		2,164,698
Series 2006-C24 Class APB
03/15/45		5.576	%		3,984,994		4,178,737
Series 2006-C29 Class A4
11/15/48		5.308	%		2,800,000		2,999,578
Total Commercial Mortgage-Backed Securities (Cost: $385,830,894)						$	396,319,274
Asset-Backed Securities (9.4%)
321 Henderson Receivables I LLC
CMO Series 2010-3A Class A(a)
12/15/48		3.820	%	$	2,455,956	$	2,373,359
Access Group, Inc.
Series 2005-1 Class A1(g)
06/22/18		0.389	%		7,330,668		7,323,247
AmeriCredit Automobile Receivables Trust
Series 2010-1 Class A3
03/17/14		1.660	%		9,750,000		9,798,272
AmeriCredit Automobile Receivables Trust(g)
Series 2007-AX Class A4 (XLCA)
10/06/13		0.280	%		2,686,374		2,675,126
Avis Budget Rental Car Funding AESOP LLC
Series 2010-2A Class A(a)
08/20/14		3.630	%		6,800,000		6,996,349
Banc of America Funding Corp.
CMO Series 2009-R14A Class 1A1(a)(g)
09/26/37		1.359	%		24,621,167		24,445,148
Bear Stearns Asset-Backed Securities Trust
Series 2006-HE9 Class 1A1(g)
11/25/36		0.300	%		3,288,347		3,221,763
Carrington Mortgage Loan Trust
Series 2006-RFC1 Class A2(g)
05/25/36		0.350	%		2,150,056		2,086,708
Chrysler Financial Lease Trust
Series 2010-A Class C(a)
09/16/13		4.490	%		23,850,000		23,875,892
CitiFinancial Auto Issuance Trust
Series 2009-1 Class A2(a)
11/15/12		1.830	%		18,946,653		18,988,597

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust
Series 2008-C6 Class C6
06/20/14		6.300	%	$	14,495,000	$	15,315,074
Citigroup Mortgage Loan Trust, Inc.
Series 2007-AMC3 Class A2A(g)
03/25/37		0.360	%		7,954,161		7,775,781
Countrywide Asset-Backed Certificates
Series 2005-1 Class MV1(g)
07/25/35		0.650	%		2,157,028		2,153,305
Crown Castle Towers LLC
Senior Secured(a)
01/15/15		4.523	%		16,900,000		17,470,375
DT Auto Owner Trust(a)
Series 2009-1 Class A1
10/15/15		2.980	%		10,263,943		10,313,140
Series 2010-1A Class A2
12/17/12		0.990	%		12,350,000		12,353,073
Series 2011-1A Class A
05/15/13		0.990	%		8,936,500		8,936,937
Deutsche Mortgage Securities, Inc.
CMO Series 2009-RS2 Class 4A1(a)(g)
04/26/37		0.392	%		6,498,434		6,403,162
First National Master Note Trust
Series 2009-1 Class A(g)
05/15/14		1.605	%		7,850,000		7,855,048
Ford Credit Floorplan Master Owner Trust
Series 2006-4 Class A(g)
06/15/13		0.505	%		5,550,000		5,542,368
GTP Towers Issuer LLC(a)
02/15/15		4.436	%		5,350,000		5,654,517
HSI Asset Securitization Corp. Trust(g)
Series 2006-HE2 Class 2A1
12/25/36		0.300	%		869,348		863,253
Series 2007-WF1 Class 2A1
05/25/37		0.310	%		2,257,356		2,209,053
Hertz Vehicle Financing LLC(a)
Series 2009-2A Class A1
03/25/14		4.260	%		13,350,000		14,011,374
Series 2009-2A Class A2
03/25/16		5.290	%		6,500,000		7,095,457
Series 2010-1A Class A1
02/25/15		2.600	%		5,600,000		5,672,292
JP Morgan Mortgage Acquisition Corp.
Series 2007-CH2 Class AV2(g)
09/25/29		0.320	%		3,122,394		2,994,554
Morgan Stanley Resecuritization Trust
Series 2010-F Class A(a)(g)
06/17/13		0.504	%		12,100,000		12,086,686
National Collegiate Student Loan Trust
CMO IO Series 2006-2 Class AIO
08/25/11		10.040	%		6,310,491		95,256
08/25/11		20.000	%		591,609		8,930
CMO IO Series 2006-3 Class AIO
01/25/12		5.880	%		12,400,000		476,182
CMO IO Series 2006-4 Class AIO
02/27/12		7.420	%		11,633,000		557,165

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Navistar Financial Corp. Owner Trust
Series 2010-A Class A2(a)
10/18/12		1.470	%	$	11,737,205	$	11,760,424
Northstar Education Finance, Inc.
Series 2004-1 Class A3(g)
04/28/17		0.474	%		4,905,000		4,900,433
Option One Mortgage Loan Trust
Series 2007-HL1 Class 2A1 (XLCA)(g)
02/25/38		0.370	%		2,066,008		2,015,504
RAAC Series
Series 2007-SP1 Class A1(g)
03/25/37		0.400	%		1,405,405		1,396,268
Renaissance Home Equity Loan Trust(g)
Series 2005-4 Class A3
02/25/36		5.565	%		1,398,408		1,395,825
Series 2006-1 Class AF3
05/25/36		5.608	%		328,951		269,409
Series 2006-2 Class AF3
08/25/36		5.797	%		150,000		79,532
Series 2007-2 Class AF3
06/25/37		5.744	%		175,000		94,256
Residential Asset Mortgage Products, Inc.
Series 2005-RS1 Class AI4
01/25/35		4.630	%		5,785,068		5,404,815
Residential Asset Securities Corp.
Series 2004-KS9 Class AI4 (FGIC)(g)
02/25/32		4.610	%		2,032,215		1,767,704
SBA Tower Trust(a)
04/15/40		4.254	%		19,420,000		20,377,097
SLM Student Loan Trust(g)
Series 2006-A Class A2
12/15/20		0.390	%		1,094,353		1,091,256
Series 2006-C Class A2
09/15/20		0.360	%		6,048,776		5,978,499
Santander Drive Auto Receivables Trust
Series 2010-2 Class A2
08/15/13		0.950	%		13,027,900		13,036,752
Sierra Receivables Funding Co. LLC(a)
Series 2010-1A Class A1
07/20/26		4.480	%		2,536,901		2,579,376
Series 2010-2A Class A
11/20/25		3.840	%		3,595,356		3,581,955
Series 2010-3A Class A
11/20/25		3.510	%		3,495,621		3,465,820
Sierra Receivables Funding Co. LLC(a)(g)
Series 2007-2A Class A2 (NPFGC)
MBIA
09/20/19		1.254	%		8,005,154		7,823,653
Soundview Home Equity Loan Trust(g)
Series 2006-EQ1 Class A2
10/25/36		0.360	%		1,961,687		1,920,671
Series 2006-WF2 Class A2B
12/25/36		0.350	%		4,048,525		3,983,595
Triad Auto Receivables Owner Trust
Series 2006-C Class A4 (AMBAC)
05/13/13		5.310	%		11,506,511		11,565,859

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Series 2007-B Class A3A (AGM)
10/12/12		5.240	%	$	464,201	$	466,106
Triad Auto Receivables Owner Trust(g)
Series 2007-A Class A4 (AGM)
02/12/14		0.316	%		18,583,131		18,484,189
Total Asset-Backed Securities (Cost: $365,444,551)						$	371,066,441
Inflation-Indexed Bonds (1.0%)
U.S. Treasury Inflation-Indexed Bond(b)
07/15/15		1.875	%	$	34,121,347	$	37,544,774
Total Inflation-Indexed Bonds (Cost: $37,447,550)						$	37,544,774
U.S. Treasury Obligations (11.6%)
U.S. Treasury Bills(d)
03/31/16		2.250	%	$	41,510,000	$	41,558,567
U.S. Treasury Bills(b)
03/15/14		1.250	%		4,245,000		4,243,673
02/15/21		3.625	%		92,636,000		93,953,191
11/15/40		4.250	%		164,251,000		157,090,642
U.S. Treasury(b)
08/31/12		0.375	%		2,785,000		2,780,321
02/15/14		1.250	%		3,720,000		3,721,744
02/29/16		2.125	%		128,354,000		127,952,894
07/31/17		2.375	%		28,000,000		27,440,000
Total U.S. Treasury Obligations (Cost: $462,749,358)						$	458,741,032
U.S. Government & Agency Obligations (0.5%)
Federal National Mortgage Association
09/17/13		1.125	%	$	14,550,000	$	14,541,386
04/01/22		8.000	%		42,418		49,396
Federal National Mortgage Association(g)
07/28/15		1.750	%		6,500,000		6,508,639
Total U.S. Government & Agency Obligations (Cost: $21,092,153)						$	21,099,421
Foreign Government Obligations(k) (2.7%)
ARGENTINA (0.1%)
Argentina Bonos(c)
Senior Unsecured
09/12/13		7.000	%	$	2,881,000	$	2,933,253
10/03/15		7.000	%		1,860,000		1,748,400
Argentina Republic Government International Bond
Senior Unsecured(c)(g)
12/15/35		0.000	%		4,660,000		752,590
Total							5,434,243

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(k) (continued)
BRAZIL (0.5%)
Brazil Notas do Tesouro Nacional(c)
01/01/13	10.000		% BRL		2,973,000	$	17,900,892
EL SALVADOR (—%)
El Salvador Government International Bond
Senior Unsecured(a)(c)
06/15/35		7.650	%	$	1,800,000		1,793,700
INDONESIA (0.3%)
Indonesia Government International Bond(a)(c)
Senior Unsecured
01/17/18		6.875	%		2,109,000		2,377,897
10/12/35		8.500	%		1,338,000		1,722,675
01/17/38		7.750	%		1,150,000		1,371,375
Indonesia Treasury Bond
Senior Unsecured(c)
07/15/22	10.250		% IDR		32,545,000,000		4,242,990
Total							9,714,937
MEXICO (1.1%)
Mexican Bonos(c)
12/17/15	8.000		% MXN		40,330,000		35,369,638
Pemex Project Funding Master Trust(c)
03/01/18		5.750	%		2,425,000		2,565,645
01/21/21		5.500	%		1,930,000		1,958,950
06/15/35		6.625	%		3,368,000		3,378,485
Total							43,272,718
PHILIPPINES (0.1%)
Philippine Government International Bond(b)(c)
Senior Unsecured
01/15/21		4.000	%		743,000		698,420
Philippine Government International Bond(c)
Senior Unsecured
01/14/31		7.750	%		2,732,000		3,295,475
Total							3,993,895
RUSSIAN FEDERATION (0.1%)
Russian Foreign Bond — Eurobond(a)(b)(c)
Senior Unsecured
04/29/20		5.000	%		2,600,000		2,632,500
Russian Foreign Bond — Eurobond(a)(c)(g)
03/31/30		7.500	%		2,068,215		2,416,709
Total							5,049,209
TURKEY (0.2%)
Turkey Government International Bond(c)
Senior Unsecured
09/26/16		7.000	%		590,000		668,175
04/03/18		6.750	%		1,857,000		2,068,698
11/07/19		7.500	%		900,000		1,047,150
03/17/36		6.875	%		4,585,000		4,853,223
Total							8,637,246

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(k) (continued)
URUGUAY (0.1%)
Uruguay Government International Bond(b)(c)
Senior Unsecured
03/21/36		7.625	%	$	2,184,000	$	2,609,880
Uruguay Government International Bond(c)
05/17/17		9.250	%		876,000		1,121,280
Total							3,731,160
VENEZUELA (0.2%)
Petroleos de Venezuela SA(c)
04/12/17		5.250	%		6,094,000		3,680,776
Venezuela Government International Bond(a)(c)
Senior Unsecured
02/26/16		5.750	%		2,181,000		1,613,940
05/07/23		9.000	%		2,200,000		1,507,000
Venezuela Government International Bond(b)(c)
Senior Unsecured
10/08/14		8.500	%		944,000		860,928
Total							7,662,644
Total Foreign Government Obligations (Cost: $98,499,091)						$	107,190,644

	Shares		Value
Money Market Fund (12.1%)
Columbia Short-Term Cash Fund, 0.229%(l)(m)		476,735,819	$	476,735,819
Total Money Market Fund (Cost: $476,735,819)			$	476,735,819

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (12.2%)
Asset-Backed Commercial Paper (0.6%)
Rhein-Main Securitisation Ltd.
04/12/11		0.551	%	$	1,997,250	$	1,997,250
Royal Park Investments Funding Corp.
04/21/11		0.510	%		4,996,954		4,996,954
06/17/11		0.601	%		14,977,000		14,977,000
Total							21,971,204
Certificates of Deposit (7.2%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		20,000,000		20,000,000
Bank of Nova Scotia
05/12/11		0.220	%		15,000,000		15,000,000
Canadian Imperial Bank
04/07/11		0.240	%		15,000,000		15,000,000
Credit Agricole
04/21/11		0.400	%		20,000,494		20,000,494

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Credit Industrial et Commercial
05/23/11		0.400	%	$	7,000,000	$	7,000,000
06/13/11		0.400	%		2,000,000		2,000,000
07/01/11		0.430	%		10,000,000		10,000,000
Credit Suisse
04/15/11		0.240	%		12,000,000		12,000,000
Den Danske Bank
04/01/11		0.190	%		15,000,000		15,000,000
Deutsche Bank AG
07/08/11		0.320	%		20,000,000		20,000,000
KBC Bank NV
04/29/11		0.450	%		12,000,000		12,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		19,000,000		19,000,000
Norinchukin Bank
04/06/11		0.350	%		16,000,000		16,000,000
05/13/11		0.350	%		5,000,000		5,000,000
Overseas Chinese Banking Corp.
04/12/11		0.400	%		10,000,000		10,000,000
Rabobank Group
04/27/11		0.298	%		15,000,000		15,000,000
Societe Generale
07/01/11		0.363	%		15,000,000		15,000,000
Sumitomo Trust & Banking Co., Ltd.
04/21/11		0.510	%		10,000,000		10,000,000
Union Bank of Switzerland
04/18/11		0.334	%		12,000,000		12,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		10,000,000		10,000,000
Westpac Banking Corp.
05/09/11		0.230	%		20,000,000		20,000,000
Total							285,000,494
Commercial Paper (0.5%)
Cancara Asset Securitisation LLC
04/20/11		0.250	%		9,998,055		9,998,055
Macquarie Bank Ltd.
06/30/11		0.400	%		9,989,778		9,989,778
Total							19,987,833

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Money Market Fund (1.0%)
JP Morgan Prime Money Market Fund, 0.010%(l)				$	40,000,000		$40,000,000
Other Short-Term Obligations (0.2%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		7,000,000		7,000,000
Repurchase Agreements (2.7%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $20,002,250(n)
		0.270	%		20,000,000		20,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $50,000,319(n)
		0.230	%		50,000,000		50,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,554,188(n)
		0.160	%		5,554,163		5,554,163
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11, repurchase price $5,000,750(n)
		0.300	%		5,000,000		5,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $15,000,117(n)
		0.280	%		15,000,000		15,000,000
RBS Securities, Inc.
dated 08/18/10, matures 05/05/11, repurchase price $10,002,625(n)
		0.270	%		10,000,000		10,000,000
Total							105,554,163
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $479,513,694)							$479,513,694
Total Investments
(Cost: $5,051,348,990)(o)							$5,140,710,420(p)
Other Assets & Liabilities, Net							(1,199,199,911)
Net Assets							$3,941,510,509

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		Depreciation
U.S. Treasury Note, 2-year		(411	)	$	(89,649,375	)	July 2011	$	—	$	(45,572	)
U.S. Treasury Note, 5-year		(358	)		(41,810,483	)	July 2011		369,324		—
U.S. Treasury Note, 10-year		(149	)		(17,735,656	)	June 2011		—		(21,176	)
U.S. Treasury Ultra Bond, 30-year		189			23,353,313		June 2011		140,373		—
Total								$	509,697	$	(66,748	)

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Goldman, Sachs & Co.	April 20, 2011		22,977,000		22,995,726	$	—	$	(723,725	)
		(AUD)		(USD)
HSBC Securities (USA), Inc.	April 20, 2011		35,781,000		38,679,026		—		(280,726	)
		(CHF)		(USD)
HSBC Securities (USA), Inc.	April 20, 2011		353,000		385,455		1,095		—
		(CHF)		(USD)
Goldman, Sachs & Co.	April 20, 2011		1,285,861,000		15,737,655		277,492		—
		(JPY)		(USD)
State Street Bank & Trust Company	April 20, 2011		23,570,273		23,032,000		177,944		—
		(USD)		(CAD)
Barclays Bank PLC	April 20, 2011		16,007,719		9,831,000		—		(239,616	)
		(USD)		(GBP)
HSBC Securities (USA), Inc.	April 20, 2011		39,132,880		219,836,000		585,826		—
		(USD)		(NOK)
Total						$	1,042,357	$	(1,244,067	)

Notes to Portfolio of Investments

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $718,794,273 or 18.24% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 9.17% of net assets.
(d)	Represents a security purchased on a when-issued or delayed delivery basis.
(e)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $1,389,042, representing 0.04% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
United Artists Theatre Circuit, Inc.		12/08/95	$	1,387,238
1995-A Pass-Through Certificates
9.300% 2015

(f)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $13,389,042, which represents 0.34% of net assets.
(g)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(h)	Represents comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at March 31, 2011:

Security	Principal		Settlement		Proceeds
Description	Amount		Date		Receivable		Value
Federal National Mortgage Association
04/01/41 5.000%	$	16,685,000		04/13/11	$	17,427,352	$	17,456,681

(i)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(j)	At March 31, 2011, investments in securities included securities valued at $5,155,081 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
(k)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(l)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(m)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/						Dividends
					Proceeds from		Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales		Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	322,075,929	$	462,317,897	$	(307,658,007)	$	—	$	476,735,819	$	250,605	$	476,735,819

⁽ⁿ⁾  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	1,325,188
Arabella Ltd		1,883,977
BP Capital Markets PLC		682,937
BPCE		2,666,563
Dexia Delaware LLC		3,051,751
Electricite De France		2,398,880
European Investment Bank		1,903,198
Nationwide Building		1,304,094
Skandin Ens Banken AG		2,318,653
Societe Generale		3,464,759
Total Market Value of Collateral Securities	$	21,000,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	6,944
Fannie Mae Interest Strip		2,702,384
Fannie Mae Pool		23,801,781
Fannie Mae Principal Strip		254,702
Fannie Mae REMICS		792,570
Federal Farm Credit Bank		454,611
Federal Home Loan Banks		674,531
Federal Home Loan Mortgage Corp		395,172
Federal National Mortgage Association		309,096
FHLMC Structured Pass Through Securities		138,408
Freddie Mac Coupon Strips		2,995
Freddie Mac Gold Pool		3,373,147
Freddie Mac Non Gold Pool		10,220,333
Freddie Mac REMICS		1,012,473
Freddie Mac Strips		263,288
Ginnie Mae I Pool		715,321
Ginnie Mae II Pool		2,175,908
Government National Mortgage Association		844,956
LMA SA & LMA Americas		2,392
Metlife Short Term Funding		3,285
Sanofi-Aventis		10,212
Silver Tower US Fund		2,280
Suncorp-Metway Ltd		7,011
United States Treasury Inflation Indexed Bonds		150,224
United States Treasury Strip Coupon		2,447,803
United States Treasury Strip Principal		238,178
Total Market Value of Collateral Securities	$	51,000,005
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	5,665,246
Total Market Value of Collateral Securities	$	5,665,246
Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)
Security Description	Value
Breeds Hill Capital Ltd	$	2,386,690
LMA SA & LMA Americas		80,684
Metlife Short Term Funding		709,608
Sanofi-Aventis		743,018
Silver Tower US Fund		707,367
Suncorp-Metway Ltd		622,633
Total Market Value of Collateral Securities	$	5,250,000
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	138,334
Fannie Mae Pool		7,766,249
Fannie Mae Principal Strip		132,966
Fannie Mae Whole Loan		126,408
Federal Farm Credit Bank		1,592,984
Federal Farm Credit Discount Notes		193,375
Federal Home Loan Bank Discount Notes		715,181
Federal Home Loan Banks		1,098,182
Federal Home Loan Mortgage Corp		78,763
Federal National Mortgage Association		909,596
FHLMC Structured Pass Through Securities		109,445
Freddie Mac Gold Pool		727,607
Freddie Mac Non Gold Pool		1,705,637
Government National Mortgage Association		5,273
Total Market Value of Collateral Securities	$	15,300,000
RBS Securities, Inc. (0.270%)
Security Description	Value
Fannie Mae REMICS	$	1,546,474
FHLMC Structured Pass Through Securities		3,529,088
Freddie Mac REMICS		3,936,888
Freddie Mac Strips		1,081,557
Government National Mortgage Association		106,027
Total Market Value of Collateral Securities	$	10,200,034

^(o)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $5,051,349,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	116,814,000
Unrealized Depreciation		(27,453,000	)
Net Unrealized Appreciation	$	89,361,000

^(p)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
CMO	Collateralized Mortgage Obligation
FGIC	Financial Guaranty Insurance Company
IO	Interest Only
NPFGC	National Public Finance Guarantee Corporation
PIK	Payment-in-Kind
XLCA	XL Capital Assurance

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
GBP	Pound Sterling
IDR	Indonesian Rupiah

JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011

	Fair value at March 31, 2011
	Level 1			Level 2			Level 3
Description(a)	quoted prices			other			significant		Total
	in active			significant			unobservable
	markets for			observable			inputs
	identical assets			inputs(b)
Bonds
Corporate Bonds & Notes
Entertainment	$	—		$	7,428,657		$	1,389,042	$	8,817,699
All Other Industries		—			1,244,735,857			—		1,244,735,857
Residential Mortgage-Backed Securities - Agency		—			1,371,488,120			—		1,371,488,120
Residential Mortgage-Backed Securities - Non-Agency		—			129,685,756			37,771,889		167,457,645
Commercial Mortgage-Backed Securities		—			396,319,274			—		396,319,274
Asset-Backed Securities		—			371,066,441			—		371,066,441
Inflation-Indexed Bonds		—			37,544,774			—		37,544,774
U.S. Treasury Obligations		458,741,032			—			—		458,741,032
U.S. Government & Agency Obligations		—			21,099,421			—		21,099,421
Foreign Government Obligations		—			107,190,644			—		107,190,644
Total Bonds		458,741,032			3,686,558,944			39,160,931		4,184,460,907
Other
Affiliated Money Market Fund(c)		476,735,819			—			—		476,735,819
Investments of Cash Collateral Received for Securities on Loan		40,000,000			439,513,694			—		479,513,694
Total Other		516,735,819			439,513,694			—		956,249,513
Investments in Securities		975,476,851			4,126,072,638			39,160,931		5,140,710,420
Derivatives(d)
Assets
Futures Contracts		509,697			—			—		509,697
Forward Foreign Currency Exchange Contracts		—			1,042,357			—		1,042,357
Liabilities
Futures Contracts		(66,748	)		—			—		(66,748	)
Forward Foreign Currency Exchange Contracts		—			(1,244,067	)		—		(1,244,067	)
Total	$	975,919,800		$	4,125,870,928		$	39,160,931	$	5,140,951,659

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Residential
	Corporate			Mortgage-Backed
	Bonds			Securities - Non-			Asset-Backed
	& Notes			Agency			Securities			Total
Balance as of December 31, 2010	$	1,508,144		$	26,338,013		$	12,547,813		$	40,393,970
Accrued discounts/premiums		—			(20,193	)		9,795			(10,398	)
Realized gain (loss)		—			26,551			(1,777	)		24,774
Change in unrealized appreciation (depreciation)*		2,860			239,489			(103,605	)		138,744
Sales		(121,962	)		(2,440,105	)		(12,452,226	)		(15,014,293	)
Purchases		—			13,628,134			—			13,628,134
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Balance as of March 31, 2011	$	1,389,042		$	37,771,889		$	—		$	39,160,931

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $242,349, which is comprised of Corporate Bonds & Notes of $2,860 and Residential Mortgage-Backed Securities - Non-Agency of $239,489.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - Diversified Equity Income Fund

(formerly known as RiverSource Variable Portfolio - Diversified Equity Income Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.7%)
CONSUMER DISCRETIONARY (7.6%)
Auto Components (0.1%)
Johnson Controls, Inc.		100,890	$	4,193,997
Automobiles (1.1%)
Ford Motor Co.(a)(b)		2,414,674		36,002,789
Hotels, Restaurants & Leisure (0.9%)
Carnival Corp.(c)		770,760		29,566,354
Household Durables (0.5%)
DR Horton, Inc.(a)		213,222		2,484,036
KB Home(a)		139,818		1,739,336
Lennar Corp., Class A(a)		228,889		4,147,469
Pulte Group, Inc.(a)(b)		400,090		2,960,666
Stanley Black & Decker, Inc.		79,413		6,083,036
Total				17,414,543
Media (1.7%)
Comcast Corp., Class A		406,058		10,037,754
Regal Entertainment Group, Class A(a)		1,126,092		15,202,242
Time Warner, Inc.(a)		310,163		11,072,819
Viacom, Inc., Class B		383,616		17,845,816
Total				54,158,631
Multiline Retail (1.9%)
Macy’s, Inc.		704,706		17,096,168
Nordstrom, Inc.(a)		219,359		9,844,832
Target Corp.		677,814		33,897,478
Total				60,838,478
Specialty Retail (1.4%)
Home Depot, Inc.		962,620		35,674,697
Staples, Inc.		571,036		11,089,519
Total				46,764,216
TOTAL CONSUMER DISCRECTIONARY				248,939,008
CONSUMER STAPLES (5.2%)
Food & Staples Retailing (0.9%)
Wal-Mart Stores, Inc.		533,365		27,761,648
Tobacco (4.3%)
Lorillard, Inc.		1,169,779		111,140,703
Philip Morris International, Inc.		440,018		28,878,381
Total				140,019,084
TOTAL CONSUMER STAPLES				167,780,732

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (16.8%)
Energy Equipment & Services (4.6%)
Baker Hughes, Inc.		342,061	$	25,117,539
Halliburton Co.		1,016,109		50,642,873
McDermott International, Inc.(b)(c)		1,280,666		32,516,110
National Oilwell Varco, Inc.		239,713		19,002,049
Schlumberger Ltd.(c)		100,513		9,373,842
Tenaris SA, ADR(a)(c)		251,445		12,436,470
Total				149,088,883
Oil, Gas & Consumable Fuels (12.2%)
Anadarko Petroleum Corp.		445,099		36,462,510
Apache Corp.		561,259		73,480,028
Chevron Corp.		756,959		81,320,106
ConocoPhillips		378,677		30,241,145
Devon Energy Corp.		141,109		12,949,573
Exxon Mobil Corp.		1,179,408		99,223,595
Marathon Oil Corp.		555,774		29,628,312
Occidental Petroleum Corp.		168,700		17,627,463
Total SA, ADR(c)		274,320		16,725,291
Total				397,658,023
TOTAL ENERGY				546,746,906
FINANCIALS (17.1%)
Capital Markets (3.8%)
Artio Global Investors, Inc.(a)		331,149		5,351,368
Goldman Sachs Group, Inc. (The)		454,932		72,093,074
Morgan Stanley		1,640,808		44,826,874
Total				122,271,316
Commercial Banks (0.6%)
U.S. Bancorp(a)		202,946		5,363,863
Wells Fargo & Co.		455,301		14,433,042
Total				19,796,905
Diversified Financial Services (6.1%)
Bank of America Corp.		7,301,552		97,329,688
JPMorgan Chase & Co.		2,207,622		101,771,374
Total				199,101,062
Insurance (5.5%)
ACE Ltd.(c)		463,034		29,958,300
Axis Capital Holdings Ltd.(c)		178,446		6,231,334
Endurance Specialty Holdings Ltd.(a)(c)		193,134		9,428,802
MetLife, Inc.		609,580		27,266,513
PartnerRe Ltd.(c)		96,961		7,683,190
Travelers Companies, Inc. (The)		318,725		18,957,763
XL Group PLC(c)		3,303,232		81,259,507
Total				180,785,409

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Real Estate Investment Trusts (REITs) (1.1%)
AvalonBay Communities, Inc.(a)		52,154	$	6,262,652
Equity Residential(a)		114,140		6,438,637
Pebblebrook Hotel Trust(a)		316,224		7,004,362
ProLogis		567,229		9,064,320
Ventas, Inc.(a)		114,260		6,204,318
Total				34,974,289
TOTAL FINANCIALS				556,928,981
HEALTH CARE (10.0%)
Biotechnology (0.7%)
Gilead Sciences, Inc.(b)		497,184		21,100,489
Health Care Providers & Services (1.5%)
HCA Holdings, Inc.(b)		343,428		11,631,906
UnitedHealth Group, Inc.		503,703		22,767,376
WellPoint, Inc.		224,086		15,638,962
Total				50,038,244
Life Sciences Tools & Services (3.5%)
Agilent Technologies, Inc.(b)		468,357		20,973,026
Life Technologies Corp.(b)		949,721		49,784,375
Thermo Fisher Scientific, Inc.(b)		777,016		43,163,239
Total				113,920,640
Pharmaceuticals (4.3%)
Bristol-Myers Squibb Co.(a)		1,374,985		36,340,854
Merck & Co., Inc.		926,227		30,574,753
Novartis AG, ADR(a)(c)		413,449		22,470,953
Pfizer, Inc.		1,847,132		37,515,251
Teva Pharmaceutical Industries Ltd., ADR(c)		290,513		14,575,037
Total				141,476,848
TOTAL HEALTH CARE				326,536,221
INDUSTRIALS (18.1%)
Aerospace & Defense (2.5%)
Boeing Co. (The)(a)		342,646		25,331,819
Goodrich Corp.		206,463		17,658,780
Honeywell International, Inc.		365,007		21,794,568
Lockheed Martin Corp.(a)		206,154		16,574,782
Total				81,359,949
Air Freight & Logistics (0.6%)
United Parcel Service, Inc., Class B		240,795		17,895,885
Airlines (0.6%)
Delta Air Lines, Inc.(b)		571,984		5,605,443
U.S. Airways Group, Inc.(a)(b)		293,128		2,553,145

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Airlines (cont.)
United Continental Holdings, Inc.(a)(b)		565,001	$	12,989,373
Total				21,147,961
Construction & Engineering (0.4%)
Fluor Corp.		198,453		14,618,048
Electrical Equipment (4.1%)
ABB Ltd., ADR(a)(b)(c)		1,510,694		36,543,688
Babcock & Wilcox Co. (The)(b)		535,958		17,890,278
Cooper Industries PLC(c)		653,181		42,391,447
Emerson Electric Co.		350,609		20,486,084
Hubbell, Inc., Class B		212,184		15,071,429
Total				132,382,926
Industrial Conglomerates (3.8%)
3M Co.(a)		349,822		32,708,357
Siemens AG, ADR(c)		443,830		60,955,612
Tyco International Ltd.(c)		637,862		28,557,082
Total				122,221,051
Machinery (5.4%)
Caterpillar, Inc.(a)		304,717		33,930,238
Deere & Co.(a)		359,402		34,822,460
Eaton Corp.		493,064		27,335,468
Illinois Tool Works, Inc.(a)		585,847		31,471,701
Ingersoll-Rand PLC(a)(c)		412,725		19,938,745
Parker Hannifin Corp.		304,701		28,849,090
Total				176,347,702
Road & Rail (0.7%)
Union Pacific Corp.		222,283		21,857,087
TOTAL INDUSTRIALS				587,830,609
INFORMATION TECHNOLOGY (10.5%)
Communications Equipment (0.5%)
Nokia OYJ, ADR(a)(c)		1,847,811		15,724,872
Computers & Peripherals (0.8%)
Hewlett-Packard Co.		109,706		4,494,655
Western Digital Corp.(b)		522,504		19,484,174
Total				23,978,829
Electronic Equipment, Instruments & Components (0.4%)
TE Connectivity Ltd.(c)		389,657		13,567,857

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
IT Services (3.8%)
Accenture PLC, Class A(c)		495,284	$	27,225,761
Computer Sciences Corp.		241,020		11,744,904
IBM Corp.(a)		286,953		46,793,426
Mastercard, Inc., Class A		150,733		37,942,511
Total				123,706,602
Semiconductors & Semiconductor Equipment (1.9%)
Intel Corp.		2,043,138		41,210,093
Microchip Technology, Inc.(a)		524,454		19,934,497
Total				61,144,590
Software (3.1%)
Microsoft Corp.		2,577,337		65,361,266
Oracle Corp.		1,096,846		36,601,751
Total				101,963,017
TOTAL INFORMATION TECHNOLOGY				340,085,767
MATERIALS (6.2%)
Chemicals (3.6%)
Air Products & Chemicals, Inc.		158,995		14,338,169
Dow Chemical Co. (The)(a)		903,404		34,103,501
EI du Pont de Nemours & Co.		931,025		51,178,444
Huntsman Corp.(a)		1,069,526		18,588,362
Total				118,208,476
Construction Materials (0.3%)
Cemex SAB de CV, ADR(a)(b)(c)		1,163,357		10,388,781
Metals & Mining (2.3%)
Alcoa, Inc.(a)		397,809		7,021,329
Freeport-McMoRan Copper & Gold, Inc.		513,670		28,534,369
Nucor Corp.(a)		233,014		10,723,304
Rio Tinto PLC, ADR(a)(c)		167,269		11,896,171
Vale SA, ADR(a)(c)		287,046		9,572,984
Xstrata PLC(c)		287,280		6,714,648
Total				74,462,805
TOTAL MATERIALS				203,060,062
TELECOMMUNICATION SERVICES (4.9%)
Diversified Telecommunication Services (4.7%)
AT&T, Inc.		2,488,244		76,140,266
CenturyLink, Inc.(a)		135,403		5,625,995
Deutsche Telekom AG, ADR(a)(c)		582,181		8,968,498
Frontier Communications Corp.(a)		415,727		3,417,276
Qwest Communications International, Inc.		2,951,224		20,156,860
Verizon Communications, Inc.(a)		688,499		26,534,752

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (CONTINUED)
Diversified Telecommunication Services (cont.)
Windstream Corp.(a)		869,959	$	11,196,372
Total				152,040,019
Wireless Telecommunication Services (0.2%)
Sprint Nextel Corp.(a)(b)		1,698,386		7,880,511
TOTAL TELECOMMUNICATION SERVICES				159,920,530
UTILITIES (2.3%)
Electric Utilities (1.3%)
American Electric Power Co., Inc.		338,637		11,899,704
Entergy Corp.		153,700		10,330,177
FirstEnergy Corp.		256,983		9,531,499
NextEra Energy, Inc.		161,222		8,886,557
Total				40,647,937
Multi-Utilities (1.0%)
Dominion Resources, Inc.(a)		447,421		19,999,719
Sempra Energy		242,208		12,958,128
Total				32,957,847
TOTAL UTILITIES				73,605,784
Total Common Stocks (Cost: $2,401,793,645)			$	3,211,434,600

	Coupon			Principal
Issuer	Rate			Amount		Value
Convertible Bonds (0.2%)
BUILDING MATERIALS (0.2%)
Cemex SAB de CV Subordinated Notes(c)(d)
03/15/18		3.750	%	$	5,139,000	$	5,308,587
Total Convertible Bonds (Cost: $5,139,000)						$	5,308,587

	Shares		Value
Money Market Fund (0.9%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		28,342,867	$	28,342,867
Total Money Market Fund (Cost: $28,342,867)			$	28,342,867

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (14.7%)
Asset-Backed Commercial Paper (0.9%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	14,999,133	$	14,999,133
Royal Park Investments Funding Corp.
06/17/11		0.601	%		14,977,000		14,977,000
Total							29,976,133
Certificates of Deposit (9.0%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		15,000,000		15,000,000
Bank of Nova Scotia
05/12/11		0.220	%		15,000,000		15,000,000
Canadian Imperial Bank
04/07/11		0.240	%		10,000,000		10,000,000
Credit Agricole
04/21/11		0.400	%		15,000,370		15,000,370
Credit Industrial et Commercial
04/04/11		0.500	%		5,000,000		5,000,000
07/01/11		0.430	%		5,000,000		5,000,000
Credit Suisse
04/15/11		0.240	%		15,000,000		15,000,000
DZ Bank AG
04/08/11		0.400	%		3,000,000		3,000,000
Deutsche Bank AG
07/08/11		0.320	%		15,000,000		15,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		9,991,355		9,991,355
06/08/11		0.340	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		20,000,000		20,000,000
Norinchukin Bank
04/06/11		0.350	%		15,000,000		15,000,000
05/09/11		0.350	%		5,000,000		5,000,000
Nykredit Bank
04/18/11		0.450	%		14,000,000		14,000,000
Pohjola Bank PLC
06/10/11		0.470	%		10,000,000		10,000,000
06/16/11		0.460	%		10,000,000		10,000,000
Rabobank Group
04/27/11		0.298	%		15,000,000		15,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		4,000,000		4,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,430		4,995,430
Svenska Handelsbank
04/01/11		0.110	%		20,000,000		20,000,000
Swedbank AB
04/05/11		0.170	%		15,000,000		15,000,000
Union Bank of Switzerland
04/18/11		0.333	%		15,000,000		15,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		6,000,000		6,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
05/23/11		0.400	%	$	5,000,000	$	5,000,000
Westpac Banking Corp.
05/09/11		0.230	%		20,000,000		20,000,000
Total							291,987,155
Commercial Paper (0.7%)
ASB Finance Ltd.
05/03/11		0.391	%		4,990,575		4,990,575
Cancara Asset Securitisation LLC
04/20/11		0.250	%		11,997,667		11,997,667
Macquarie Bank Ltd.
06/30/11		0.400	%		4,994,889		4,994,889
Total							21,983,131
Other Short-Term Obligations (0.3%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		7,000,000		7,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		4,000,000		4,000,000
Total							11,000,000
Repurchase Agreements (3.8%)
Barclays Capital, Inc.
dated 11/04/10, matures 04/15/11, repurchase price $3,000,338(g)
		0.270	%		3,000,000		3,000,000
Citigroup Global Markets, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $23,000,083(g)
		0.130	%		23,000,000		23,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $9,889,018(g)
		0.160	%		9,888,974		9,888,974
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $25,000,174(g)
		0.250	%		25,000,000		25,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $16,000,124(g)
		0.280	%		16,000,000		16,000,000
Natixis Financial Products, Inc.
dated 3/31/11, matures 04/01/11, repurchase price $20,000,072(g)
		0.130	%		20,000,000		20,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $28,000,171(g)
		0.220	%	$	28,000,000	$	28,000,000
Total							124,888,974

	Effective	Par/
Issuer	Yield	Principal	Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $479,835,393)			$	479,835,393
Total Investments (Cost: $2,915,110,905)			$	3,724,921,447(h)
Other Assets & Liabilities, Net				(470,435,119)
Net Assets			$	3,254,486,328

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 17.51% of net assets.
(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $5,308,587 or 0.16% of net assets.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	72,031,834	$	118,015,890	$	(161,704,857	)	$	—	$	28,342,867	$	29,417	$	28,342,867

(f)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(g)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	198,778
Arabella Ltd		282,597
BP Capital Markets PLC		102,440
BPCE		399,985
Dexia Delaware LLC		457,763
Electricite De France		359,831
European Investment Bank		285,480
Nationwide Building		195,614
Skandin Ens Banken AG		347,798
Societe Generale		519,714
Total Market Value of Collateral Securities	$	3,150,000

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	101,498
Fannie Mae REMICS		7,506,841
Fannie Mae Whole Loan		174,959
Fannie Mae-Aces		47,184
Freddie Mac Reference REMIC		703,457
Freddie Mac REMICS		11,467,303
Government National Mortgage Association		3,458,758
Total Market Value of Collateral Securities	$	23,460,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	10,086,753
Total Market Value of Collateral Securities	$	10,086,753

MF Global Holdings Ltd. (0.250%)

Security Description	Value
Ginnie Mae I Pool	$	15,232,869
Ginnie Mae II Pool		10,267,438
Total Market Value of Collateral Securities	$	25,500,307

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	147,556
Fannie Mae Pool		8,283,999
Fannie Mae Principal Strip		141,830
Fannie Mae Whole Loan		134,836
Federal Farm Credit Bank		1,699,183
Federal Farm Credit Discount Notes		206,267
Federal Home Loan Bank Discount Notes		762,859
Federal Home Loan Banks		1,171,395
Federal Home Loan Mortgage Corp		84,014
Federal National Mortgage Association		970,235
FHLMC Structured Pass Through Securities		116,742
Freddie Mac Gold Pool		776,114
Freddie Mac Non Gold Pool		1,819,346
Government National Mortgage Association		5,624
Total Market Value of Collateral Securities	$	16,320,000

Natixis Financial Products, Inc. (0.130%)

Security Description	Value
Fannie Mae Interest Strip	$	398,076
Fannie Mae Pool		279,772
Fannie Mae REMICS		10,441,368
Freddie Mac REMICS		5,942,880
Government National Mortgage Association		756,877
United States Treasury Note/Bond		2,581,105
Total Market Value of Collateral Securities	$	20,400,078

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	49,867
Fannie Mae REMICS		8,166,295
Fannie Mae Whole Loan		30,328
Freddie Mac REMICS		11,790,976
Government National Mortgage Association		7,003,974
United States Treasury Bill		1,518,560
Total Market Value of Collateral Securities	$	28,560,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	248,939,008	$	—	$	—	$	248,939,008
Consumer Staples		167,780,732		—		—		167,780,732
Energy		546,746,906		—		—		546,746,906
Financials		556,928,981		—		—		556,928,981
Health Care		326,536,221		—		—		326,536,221
Industrials		587,830,609		—		—		587,830,609
Information Technology		340,085,767		—		—		340,085,767
Materials		196,345,414		6,714,648		—		203,060,062
Telecommunication Services		150,952,032		8,968,498		—		159,920,530
Utilities		73,605,784		—		—		73,605,784
Total Equity Securities		3,195,751,454		15,683,146		—		3,211,434,600
Bonds
Convertible Bonds		—		5,308,587		—		5,308,587
Total Bonds		—		5,308,587		—		5,308,587
Other
Affiliated Money Market Fund(c)		28,342,867		—		—		28,342,867
Investments of Cash Collateral Received for Securities on Loan		—		479,835,393		—		479,835,393
Total Other		28,342,867		479,835,393		—		508,178,260
Total	$	3,224,094,321	$	500,827,126	$	—	$	3,724,921,447

^(a)  See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b)  There were no significant transfers between Levels 1 and 2 during the period.

^(c)  Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - Dynamic Equity Fund

(formerly known as RiverSource Variable Portfolio - Dynamic Equity Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (99.4%)
CONSUMER DISCRETIONARY (10.4%)
Auto Components (1.4%)
Lear Corp.		391,000	$	19,108,170
TRW Automotive Holdings Corp.(a)(b)		14,900		820,692
Total				19,928,862
Automobiles (0.3%)
Ford Motor Co.(a)(b)		268,257		3,999,712
Media (0.7%)
Comcast Corp., Class A		275,000		6,798,000
Viacom, Inc., Class B		78,355		3,645,074
Total				10,443,074
Multiline Retail (1.8%)
Dillard’s, Inc., Class A(a)		425,687		17,078,562
Dollar Tree, Inc.(b)		140,800		7,817,216
Total				24,895,778
Specialty Retail (5.2%)
Advance Auto Parts, Inc.(a)		244,000		16,011,280
Aeropostale, Inc.(a)(b)		297,700		7,240,064
AutoZone, Inc.(b)		50,900		13,924,204
Finish Line, Inc., Class A (The)(a)		345,500		6,858,175
Gap, Inc. (The)(a)		29,963		678,962
Limited Brands, Inc.		110,035		3,617,951
Rent-A-Center, Inc.(a)		387,879		13,540,856
Ross Stores, Inc.(a)		128,700		9,153,144
TJX Companies, Inc.		58,617		2,915,023
Total				73,939,659
Textiles, Apparel & Luxury Goods (1.0%)
Deckers Outdoor Corp.(a)(b)		96,130		8,281,600
Nike, Inc., Class B		66,620		5,043,134
VF Corp.(a)		4,459		439,345
Total				13,764,079
TOTAL CONSUMER DISCRECTIONARY				146,971,164
CONSUMER STAPLES (9.8%)
Food & Staples Retailing (2.3%)
Wal-Mart Stores, Inc.		563,810		29,346,311
Walgreen Co.		78,689		3,158,576
Total				32,504,887
Food Products (2.2%)
Hershey Co. (The)(a)		360,800		19,609,480
Hormel Foods Corp.(a)		24,460		680,966
Tyson Foods, Inc., Class A(a)		597,600		11,467,944
Total				31,758,390

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Household Products (1.0%)
Procter & Gamble Co. (The)		228,235	$	14,059,276
Personal Products (0.5%)
Herbalife Ltd.(c)		60,500		4,922,280
Nu Skin Enterprises, Inc., Class A(a)		56,485		1,623,944
Total				6,546,224
Tobacco (3.8%)
Lorillard, Inc.(a)		289,100		27,467,391
Philip Morris International, Inc.		400,084		26,257,513
Total				53,724,904
TOTAL CONSUMER STAPLES				138,593,681
ENERGY (12.8%)
Energy Equipment & Services (2.1%)
Diamond Offshore Drilling, Inc.(a)		17,497		1,359,517
Halliburton Co.		102,244		5,095,841
National Oilwell Varco, Inc.		183,572		14,551,753
Noble Corp.(a)(c)		9,518		434,211
Oceaneering International, Inc.(a)(b)		100,300		8,971,835
Total				30,413,157
Oil, Gas & Consumable Fuels (10.7%)
Apache Corp.		144,739		18,949,230
Chevron Corp.		456,314		49,021,813
ConocoPhillips		527,042		42,089,574
Exxon Mobil Corp.		338,414		28,470,770
Marathon Oil Corp.		29,784		1,587,785
QEP Resources, Inc.		135,249		5,482,994
Valero Energy Corp.		82,722		2,466,770
W&T Offshore, Inc.(a)		104,400		2,379,276
Total				150,448,212
TOTAL ENERGY				180,861,369
FINANCIALS (15.6%)
Capital Markets (1.2%)
Franklin Resources, Inc.		40,458		5,060,486
Goldman Sachs Group, Inc. (The)		49,900		7,907,653
T Rowe Price Group, Inc.(a)		52,223		3,468,652
Waddell & Reed Financial, Inc., Class A		27,300		1,108,653
Total				17,545,444
Commercial Banks (1.2%)
CIT Group, Inc.(a)(b)		268,028		11,404,591
Fifth Third Bancorp		163,029		2,262,843
KeyCorp		321,335		2,853,455
Total				16,520,889

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Consumer Finance (2.9%)
Capital One Financial Corp.(a)		549,200	$	28,536,432
Discover Financial Services		481,304		11,609,053
Total				40,145,485
Diversified Financial Services (3.2%)
Citigroup, Inc.(b)		3,773,060		16,676,925
JPMorgan Chase & Co.		535,400		24,681,940
NASDAQ OMX Group, Inc. (The)(b)		167,200		4,320,448
Total				45,679,313
Insurance (4.7%)
Allstate Corp. (The)		46,141		1,466,361
American Equity Investment Life Holding Co.(a)		104,000		1,364,480
AON Corp.		26,768		1,417,633
Brown & Brown, Inc.(a)		387,900		10,007,820
CNO Financial Group, Inc.(a)(b)		94,345		708,531
Hartford Financial Services Group, Inc.(a)		539,843		14,537,972
Lincoln National Corp.(a)		268,019		8,051,291
Protective Life Corp.		378,500		10,049,175
Reinsurance Group of America, Inc.(a)		274,300		17,220,554
Torchmark Corp.		23,000		1,529,040
Total				66,352,857
Real Estate Investment Trusts (REITs) (2.4%)
Apartment Investment & Management Co., Class A(a)		638,200		16,254,954
CBL & Associates Properties, Inc.(a)		282,119		4,914,513
Colonial Properties Trust(a)		103,200		1,986,600
MFA Financial, Inc.		170,679		1,399,568
Simon Property Group, Inc.		82,622		8,853,773
Total				33,409,408
TOTAL FINANCIALS				219,653,396
HEALTH CARE (11.3%)
Biotechnology (3.0%)
Biogen Idec, Inc.(b)		343,700		25,224,143
Cephalon, Inc.(a)(b)		19,352		1,466,494
Gilead Sciences, Inc.(b)		363,500		15,426,940
Total				42,117,577
Health Care Equipment & Supplies (0.2%)
Becton Dickinson and Co.		16,572		1,319,463
CR Bard, Inc.(a)		8,989		892,697
Total				2,212,160

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Health Care Providers & Services (3.5%)
Cardinal Health, Inc.		20,573	$	846,168
Express Scripts, Inc.(b)		42,630		2,370,654
Humana, Inc.(b)		210,870		14,748,248
McKesson Corp.		18,754		1,482,504
UnitedHealth Group, Inc.		664,887		30,052,892
Total				49,500,466
Pharmaceuticals (4.6%)
Abbott Laboratories		305,530		14,986,246
Bristol-Myers Squibb Co.(a)		229,878		6,075,676
Eli Lilly & Co.		685,112		24,095,389
Forest Laboratories, Inc.(b)		128,182		4,140,279
Johnson & Johnson		270,560		16,030,680
Total				65,328,270
TOTAL HEALTH CARE				159,158,473
INDUSTRIALS (11.5%)
Aerospace & Defense (3.0%)
General Dynamics Corp.		109,901		8,414,021
Huntington Ingalls Industries, Inc.(b)		3,574		148,307
Lockheed Martin Corp.(a)		102,652		8,253,221
Northrop Grumman Corp.		21,442		1,344,628
Raytheon Co.		231,278		11,765,112
United Technologies Corp.		150,462		12,736,608
Total				42,661,897
Air Freight & Logistics (0.3%)
United Parcel Service, Inc., Class B		47,800		3,552,496
Commercial Services & Supplies (1.5%)
Pitney Bowes, Inc.(a)		141,639		3,638,706
RR Donnelley & Sons Co.(a)		945,774		17,894,044
Total				21,532,750
Electrical Equipment (1.3%)
Emerson Electric Co.		302,345		17,666,018
Industrial Conglomerates (2.9%)
3M Co.		35,211		3,292,228
General Electric Co.		1,892,736		37,949,357
Total				41,241,585
Machinery (0.7%)
Illinois Tool Works, Inc.(a)		31,469		1,690,515
Toro Co. (The)		120,000		7,946,400
Total				9,636,915
Professional Services (1.3%)
Dun & Bradstreet Corp.(a)		224,800		18,037,952

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Road & Rail (0.5%)
CSX Corp.(a)		29,570	$	2,324,202
Ryder System, Inc.		101,602		5,141,061
Total				7,465,263
TOTAL INDUSTRIALS				161,794,876
INFORMATION TECHNOLOGY (18.0%)
Communications Equipment (0.1%)
Harris Corp.		32,338		1,603,965
Computers & Peripherals (5.3%)
Apple, Inc.(b)(d)		165,674		57,729,105
Dell, Inc.(b)		461,894		6,702,082
Hewlett-Packard Co.		81,000		3,318,570
Lexmark International, Inc., Class A(a)(b)		184,948		6,850,474
Total				74,600,231
Electronic Equipment, Instruments & Components (1.3%)
Vishay Intertechnology, Inc.(a)(b)		1,004,955		17,827,902
Internet Software & Services (0.5%)
Google, Inc., Class A(b)		12,800		7,503,488
IT Services (3.8%)
DST Systems, Inc.		27,500		1,452,550
IBM Corp.(a)		290,900		47,437,063
Teradata Corp.(b)		83,100		4,213,170
Total System Services, Inc.(a)		42,766		770,643
Total				53,873,426
Semiconductors & Semiconductor Equipment (3.9%)
Intel Corp.		1,164,900		23,496,033
Texas Instruments, Inc.(a)		901,700		31,162,752
Total				54,658,785
Software (3.1%)
Intuit, Inc.(b)		17,200		913,320
Microsoft Corp.		1,544,769		39,175,342
Oracle Corp.		101,500		3,387,055
Total				43,475,717
TOTAL INFORMATION TECHNOLOGY				253,543,514

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (3.7%)
Chemicals (1.3%)
Eastman Chemical Co.(a)		14,651	$	1,455,137
Lubrizol Corp.		90,000		12,056,400
NewMarket Corp.(a)		3,656		578,452
PPG Industries, Inc.		41,264		3,928,746
Total				18,018,735
Metals & Mining (0.9%)
Freeport-McMoRan Copper & Gold, Inc.		220,672		12,258,330
Paper & Forest Products (1.5%)
Domtar Corp.(a)		228,792		20,998,530
TOTAL MATERIALS				51,275,595
TELECOMMUNICATION SERVICES (3.1%)
Diversified Telecommunication Services (3.1%)
AT&T, Inc.		696,721		21,319,663
Verizon Communications, Inc.(a)		591,110		22,781,379
Total				44,101,042
TOTAL TELECOMMUNICATION SERVICES				44,101,042
UTILITIES (3.2%)
Electric Utilities (2.1%)
DPL, Inc.		52,300		1,433,543
Edison International		34,626		1,266,966
El Paso Electric Co.(a)(b)		51,000		1,550,400
Entergy Corp.		58,300		3,918,343
Exelon Corp.(a)		505,476		20,845,830
Total				29,015,082
Gas Utilities (0.3%)
Questar Corp.		282,219		4,924,721
Multi-Utilities (0.8%)
NSTAR		41,100		1,901,697
OGE Energy Corp.		102,600		5,187,456
Public Service Enterprise Group, Inc.		111,000		3,497,610
Total				10,586,763
TOTAL UTILITIES				44,526,566
Total Common Stocks (Cost: $1,135,238,530)			$	1,400,479,676

	Shares		Value
Money Market Fund (0.8%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		11,209,251	$	11,209,251
Total Money Market Fund (Cost: $11,209,251)			$	11,209,251

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (17.5%)
Asset-Backed Commercial Paper (0.7%)
Ebbets Funding LLC
04/12/11		0.480	%	$	4,997,867	$	4,997,867
Royal Park Investments Funding Corp.
06/17/11		0.601	%		4,992,333		4,992,333
Total							9,990,200
Certificates of Deposit (12.2%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		4,000,000		4,000,000
Bank of Nova Scotia
05/12/11		0.220	%		5,000,000		5,000,000
Barclays Bank PLC
06/15/11		0.400	%		10,000,000		10,000,000
Canadian Imperial Bank
04/07/11		0.240	%		3,000,000		3,000,000
Credit Agricole
04/21/11		0.400	%		4,000,099		4,000,099
Credit Industrial et Commercial
05/23/11		0.400	%		4,000,000		4,000,000
06/07/11		0.400	%		5,000,000		5,000,000
Credit Suisse
04/15/11		0.240	%		5,000,000		5,000,000
DZ Bank AG
04/08/11		0.400	%		5,000,000		5,000,000
05/09/11		0.350	%		4,000,000		4,000,000
Deutsche Bank AG
07/08/11		0.320	%		8,000,000		8,000,000
Development Bank of Singapore Ltd.
05/09/11		0.400	%		6,000,000		6,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		2,000,000		2,000,000
06/27/11		0.380	%		5,000,000		5,000,000
KBC Bank NV
04/26/11		0.450	%		10,000,000		10,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		9,991,355		9,991,355
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		5,000,000		5,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Norinchukin Bank
04/06/11		0.350	%	$	5,000,000	$	5,000,000
05/09/11		0.350	%		2,000,000		2,000,000
05/13/11		0.350	%		3,000,000		3,000,000
Nykredit Bank
04/18/11		0.450	%		10,000,000		10,000,000
Pohjola Bank PLC
06/16/11		0.460	%		10,000,000		10,000,000
Societe Generale
07/01/11		0.363	%		5,000,000		5,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		4,000,000		4,000,000
Sumitomo Trust & Banking Co., Ltd.
04/21/11		0.510	%		3,000,000		3,000,000
05/25/11		0.370	%		4,995,430		4,995,430
Swedbank AB
04/05/11		0.170	%		5,000,000		5,000,000
Union Bank of Switzerland
04/18/11		0.333	%		5,000,000		5,000,000
08/15/11		0.355	%		5,000,000		5,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		6,000,000		6,000,000
Westpac Banking Corp.
05/09/11		0.230	%		5,000,000		5,000,000
Total							171,986,884
Commercial Paper (2.0%)
ASB Finance Ltd.
05/03/11		0.391	%		2,994,345		2,994,345
Macquarie Bank Ltd.
06/30/11		0.400	%		9,989,778		9,989,778
PB Capital Corp.
05/16/11		0.591	%		1,996,886		1,996,886
Suncorp Metway Ltd.
04/28/11		0.300	%		8,997,375		8,997,375
Westpac Securities NZ Ltd.
09/02/11		0.341	%		4,000,000		4,000,000
Total							27,978,384
Repurchase Agreements (2.6%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $8,000,060(g)
		0.270	%		8,000,000		8,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $9,335,382(g)
		0.160	%		9,335,340		9,335,340

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $20,000,156(g)
		0.280	%	$	20,000,000	$	20,000,000
Total							37,335,340
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $247,290,808)							$247,290,808
Total Investments (Cost: $1,393,738,589)						$	1,658,979,735(h)
Other Assets & Liabilities, Net							(249,740,285)
Net Assets							$1,409,239,450

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts		Notional		Expiration	Unrealized		Unrealized
Contract Description	Long (Short)		Market Value		Date	Appreciation		Depreciation
S&P 500 Index		33	$	10,898,250	June 2011	$	134,486	$	—

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 0.38% of net assets.
(d)	At March 31, 2011, investments in securities included securities valued at $1,397,515 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.
(e)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(f)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	9,630,191	$	51,246,411	$	(49,667,351	)	$	—	$	11,209,251	$	6,921	$	11,209,251

^(g)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	530,075
Arabella Ltd		753,591
BP Capital Markets PLC		273,175
BPCE		1,066,625
Dexia Delaware LLC		1,220,701
Electricite De France		959,551
European Investment Bank		761,279
Nationwide Building		521,638
Skandin Ens Banken AG		927,461
Societe Generale		1,385,904
Total Market Value of Collateral Securities	$	8,400,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	9,522,047
Total Market Value of Collateral Securities	$	9,522,047
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	184,445
Fannie Mae Pool		10,354,999
Fannie Mae Principal Strip		177,288
Fannie Mae Whole Loan		168,545
Federal Farm Credit Bank		2,123,979
Federal Farm Credit Discount Notes		257,833
Federal Home Loan Bank Discount Notes		953,574
Federal Home Loan Banks		1,464,243
Federal Home Loan Mortgage Corp		105,017
Federal National Mortgage Association		1,212,795
FHLMC Structured Pass Through Securities		145,927
Freddie Mac Gold Pool		970,142
Freddie Mac Non Gold Pool		2,274,182
Government National Mortgage Association		7,031
Total Market Value of Collateral Securities	$	20,400,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	146,971,164	$	—	$	—	$	146,971,164
Consumer Staples		138,593,681		—		—		138,593,681
Energy		180,861,369		—		—		180,861,369
Financials		219,653,396		—		—		219,653,396
Health Care		159,158,473		—		—		159,158,473
Industrials		161,794,876		—		—		161,794,876
Information Technology		253,543,514		—		—		253,543,514
Materials		51,275,595		—		—		51,275,595
Telecommunication Services		44,101,042		—		—		44,101,042
Utilities		44,526,566		—		—		44,526,566
Total Equity Securities		1,400,479,676		—		—		1,400,479,676
Other
Affiliated Money Market Fund(c)		11,209,251		—		—		11,209,251
Investments of Cash Collateral Received for Securities on Loan		—		247,290,808		—		247,290,808
Total Other		11,209,251		247,290,808		—		258,500,059
Investments in Securities		1,411,688,927		247,290,808		—		1,658,979,735
Derivatives(d)
Assets
Futures Contracts		134,486		—		—		134,486
Total	$	1,411,823,413	$	247,290,808	$	—	$	1,659,114,221

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Columbia Variable Portfolio - Global Bond Fund

(formerly known as RiverSource Variable Portfolio - Global Bond Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (29.0%)
AUSTRALIA (0.6%)
Australia & New Zealand Banking Group Ltd.(b)
11/08/11		6.500	% AUD		1,680,000	$	1,750,593
FMG Resources August 2006 Proprietary Ltd.(b)(c)
11/01/15		7.000	%	$	797,000		822,136
02/01/16		6.375	%		375,000		377,812
02/01/18		6.875	%		210,000		218,925
Telstra Corp., Ltd.
Senior Unsecured(b)
04/01/12		6.375	%		1,050,000		1,100,705
Westpac Banking Corp.
Senior Unsecured(b)
09/24/12		7.250	% AUD		1,700,000		1,799,485
Woodside Finance Ltd.(b)(c)
11/10/14		4.500	%		3,535,000		3,736,624
Total							9,806,280
BELGIUM (0.8%)
Anheuser-Busch InBev Worldwide, Inc.(b)
01/15/14		7.200	%		2,335,000		2,652,717
11/15/14		5.375	%		7,265,000		8,005,848
Fortis Bank SA/NV
Senior Unsecured(b)
05/30/14		4.500	% EUR		1,910,000		2,786,059
Total							13,444,624
BERMUDA (0.1%)
Bacardi Ltd.(b)(c)
04/01/14		7.450	%		810,000		932,081
Intelsat Jackson Holdings SA(b)(c)
10/15/20		7.250	%		680,000		680,850
Intelsat Jackson Holdings SA(b)(c)(d)
04/01/19		7.250	%		850,000		851,062
Total							2,463,993
CANADA (1.1%)
Bank of Nova Scotia(b)(c)
10/29/15		1.650	%		4,290,000		4,102,903
Cascades, Inc.(b)
12/15/17		7.750	%		1,445,000		1,526,281
Devon Financing Corp. ULC(b)
09/30/11		6.875	%		355,000		365,849
Encana Corp.
Senior Unsecured(b)
11/01/11		6.300	%		95,000		98,052
MEG Energy Corp.(b)(c)
03/15/21		6.500	%		480,000		487,800
Nexen, Inc.
Senior Unsecured(b)
05/15/37		6.400	%		2,000,000		1,997,810

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
CANADA (CONTINUED)
Novelis, Inc.(b)(c)
12/15/17		8.375	%	$	545,000	$	589,963
12/15/20		8.750	%		545,000		599,500
Royal Bank of Canada
Senior Unsecured(b)
01/18/13		3.250	% EUR		2,235,000		3,212,130
Thomson Reuters Corp.
Senior Unsecured(b)
04/15/40		5.850	%		745,000		775,053
Toronto-Dominion Bank (The)
Senior Unsecured(b)
05/14/15		5.375	% EUR		2,100,000		3,218,756
Valeant Pharmaceuticals International(b)(c)
10/01/20		7.000	%		705,000		683,850
Total							17,657,947
FRANCE (1.2%)
BNP Paribas Home Loan Covered Bonds SA(b)(c)
11/02/15		2.200	%		3,815,000		3,666,238
BNP Paribas
Subordinated Notes(b)
12/17/12		5.250	% EUR		1,965,000		2,888,857
Cie de Financement Foncier(b)(c)
09/16/15		2.500	%		3,900,000		3,788,330
Credit Agricole SA
Senior Unsecured(b)
06/24/13		6.000	% EUR		1,950,000		2,945,797
France Telecom SA
Senior Unsecured(b)
02/21/17		4.750	% EUR		3,435,000		5,117,715
Veolia Environnement SA
Senior Unsecured(b)
01/16/17		4.375	% EUR		1,050,000		1,523,225
Total							19,930,162
GERMANY (0.1%)
E.ON International Finance BV(b)
10/02/17		5.500	% EUR		1,040,000		1,605,100
Kabel BW Erste Beteiligungs GmbH/Co. KG
Senior Secured(b)(c)
03/15/19		7.500	%		285,000		292,012
Total							1,897,112
INDONESIA (0.2%)
Indonesia Treasury Bond
Senior Unsecured(b)
05/15/16		10.750	% IDR		26,710,000,000		3,457,202

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
IRELAND (—%)
Ardagh Packaging Finance PLC
Senior Secured(b)(c)
10/15/17		7.375	%	$	343,000	$	367,010
ITALY (0.1%)
Intesa Sanpaolo SpA
Senior Unsecured(b)
12/19/13		5.375	% EUR		1,200,000		1,769,139
JAPAN (0.1%)
Bayer Holding Ltd.(b)
06/28/12		1.955	% JPY		130,000,000		1,584,068
KAZAKHSTAN (0.1%)
KazMunayGas National Co.
Senior Unsecured(b)(c)
07/02/18		9.125	%		750,000		903,750
LUXEMBOURG (0.1%)
ArcelorMittal
Senior Unsecured(b)
03/01/41		6.750	%		1,390,000		1,362,257
Telecom Italia Capital SA(b)
07/18/36		7.200	%		110,000		110,391
Wind Acquisition Finance SA
Senior Secured(b)(c)
02/15/18		7.250	%		495,000		519,750
Total							1,992,398
NETHERLANDS (1.3%)
Allianz Finance II BV(b)
11/23/16		4.000	% EUR		750,000		1,077,032
BMW Finance NV(b)
09/19/13		8.875	% EUR		1,950,000		3,142,088
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Senior Unsecured(b)
04/04/12		4.125	% EUR		2,290,000		3,320,362
Deutsche Telekom International Finance BV(b)
09/26/12		7.125	% GBP		2,272,000		3,898,684
01/19/15		4.000	% EUR		3,755,000		5,434,284
ING Groep NV
Senior Unsecured(b)
05/31/17		4.750	% EUR		3,125,000		4,470,715
Total							21,343,165

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
NEW ZEALAND (0.2%)
ANZ National International Ltd.
Bank Guaranteed(b)(c)(e)
08/10/15		3.125	%	$	3,730,000	$	3,696,857
PHILIPPINES (0.2%)
Power Sector Assets & Liabilities Management Corp.(b)(c)
Government Guaranteed
05/27/19		7.250	%		2,000,000		2,280,000
12/02/24		7.390	%		200,000		227,627
Total							2,507,627
RUSSIAN FEDERATION (0.1%)
AK Transneft OJSC Via TransCapitalInvest Ltd.
Senior Unsecured(b)(c)
03/05/14		5.670	%		470,000		501,866
Gazprom OAO Via Gaz Capital SA(b)(c)
Senior Unsecured
11/22/16		6.212	%		600,000		651,000
08/16/37		7.288	%		570,000		615,600
Total							1,768,466
SPAIN (1.0%)
Santander International Debt SA Unipersonal
Bank Guaranteed(b)
04/11/11		5.125	% EUR		5,000,000		7,091,102
Santander U.S. Debt SA Unipersonal
Bank Guaranteed(b)(c)
10/07/15		3.781	%		2,800,000		2,690,627
Telefonica Emisiones SAU(b)
01/15/15		4.949	%		3,940,000		4,157,177
02/02/16		4.375	% EUR		1,850,000		2,631,913
Total							16,570,819
UNITED KINGDOM (0.7%)
HSBC Holdings PLC
Senior Unsecured(b)(d)
04/05/21		5.100	%		1,055,000		1,060,413
MetLife of Connecticut Institutional Funding Ltd.
Senior Secured(b)
12/06/11		5.750	% GBP		1,110,000		1,815,964
MetLife of Connecticut(b)(f)
05/24/12		0.653	% JPY		400,000,000		4,730,705
Pinafore LLC/Inc.
Secured(b)(c)
10/01/18		9.000	%		95,000		102,600
SABMiller PLC
Senior Unsecured(b)(c)
07/15/18		6.500	%		2,680,000		3,100,302
Total							10,809,984

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (21.0%)
ADS Tactical, Inc.
Senior Secured(c)(e)
04/01/18		11.000	%	$	1,050,000	$	1,076,250
AT&T, Inc.
Senior Unsecured
02/15/39		6.550	%		9,665,000		10,073,230
Ally Financial, Inc.
03/15/20		8.000	%		805,000		876,444
Ally Financial, Inc.(c)
09/15/20		7.500	%		1,450,000		1,529,750
Amkor Technology, Inc.
Senior Unsecured(e)
05/01/18		7.375	%		952,000		985,320
Anadarko Petroleum Corp.
Senior Unsecured
09/15/16		5.950	%		2,690,000		2,925,066
ArcelorMittal
Senior Unsecured
03/01/21		5.500	%		6,425,000		6,331,240
Ashland, Inc.
06/01/17		9.125	%		605,000		694,237
Associated Materials LLC
Senior Secured(c)
11/01/17		9.125	%		55,000		58,438
Avaya, Inc.
Senior Secured(c)
04/01/19		7.000	%		500,000		487,500
Ball Corp.
09/01/19		7.375	%		95,000		102,838
09/15/20		6.750	%		538,000		563,555
Bank of America Corp.
Senior Unsecured
01/05/21		5.875	%		5,690,000		5,941,373
Berry Petroleum Co.
Senior Unsecured
11/01/20		6.750	%		145,000		149,350
Brocade Communications Systems, Inc.
Senior Secured
01/15/18		6.625	%		250,000		264,688
01/15/20		6.875	%		219,000		236,520
Burlington Northern Santa Fe LLC
Senior Unsecured
05/01/40		5.750	%		2,355,000		2,384,939
CC Holdings GS V LLC/Crown Castle GS III Corp.
Senior Secured(c)
05/01/17		7.750	%		2,445,000		2,665,050
CCO Holdings LLC/Capital Corp.
01/15/19		7.000	%		735,000		753,375

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
CF Industries, Inc.
05/01/18		6.875	%	$	240,000	$	268,800
05/01/20		7.125	%		240,000		271,800
CIGNA Corp.
Senior Unsecured
03/15/41		5.875	%		1,725,000		1,695,018
CIT Group, Inc.
Secured
05/01/16		7.000	%		805,000		806,006
CIT Group, Inc.(c)(d)(e)
Secured
04/01/18		6.625	%		235,000		238,525
CIT Group, Inc.(c)(e)
Secured
04/01/18		6.625	%		155,000		157,325
CSX Corp.
Senior Unsecured
03/15/18		6.250	%		2,949,000		3,363,603
CVS Caremark Corp.
Senior Unsecured
06/01/17		5.750	%		1,500,000		1,652,232
Cardinal Health, Inc.
Senior Unsecured
12/15/20		4.625	%		4,665,000		4,639,860
Cardtronics, Inc.
09/01/18		8.250	%		550,000		597,437
Chemtura Corp.(c)
09/01/18		7.875	%		185,000		195,638
Chesapeake Energy Corp.
08/15/20		6.625	%		1,645,000		1,747,812
02/15/21		6.125	%		1,320,000		1,362,900
Citigroup, Inc.
Senior Unsecured
08/02/19		5.000	% EUR		1,905,000		2,642,573
Clean Harbors, Inc.
Senior Secured(c)
08/15/16		7.625	%		180,000		191,025
Cleveland Electric Illuminating Co. (The)
1st Mortgage
11/15/18		8.875	%		2,450,000		3,097,246
Senior Unsecured
12/15/13		5.650	%		2,900,000		3,140,033
Clorox Co.
Senior Unsecured
03/01/13		5.000	%		55,000		58,327
Colorado Interstate Gas Co.
Senior Unsecured
11/15/15		6.800	%		2,231,000		2,564,325
Columbus McKinnon Corp.(c)
02/01/19		7.875	%		161,000		166,635
Comcast Corp.
02/15/18		5.875	%		1,260,000		1,389,023
03/01/40		6.400	%		1,240,000		1,270,019

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
CommScope, Inc.(c)
01/15/19		8.250	%	$	171,000	$	178,695
Comstock Resources, Inc.
04/01/19		7.750	%		132,000		134,310
Concho Resources, Inc.
Senior Notes
01/15/21		7.000	%		774,000		814,635
Consol Energy, Inc.(c)
03/01/21		6.375	%		800,000		801,000
Continental Resources, Inc.
04/01/21		7.125	%		61,000		64,813
Cott Beverages, Inc.
09/01/18		8.125	%		99,000		105,683
Cricket Communications, Inc.
Senior Secured
05/15/16		7.750	%		986,000		1,047,625
Crown Americas LLC/Capital Corp. III
Senior Notes(c)
02/01/21		6.250	%		1,610,000		1,642,200
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16		3.125	%		4,130,000		4,070,107
03/01/21		5.000	%		3,480,000		3,492,250
DISH DBS Corp.
10/01/14		6.625	%		1,441,000		1,525,659
02/01/16		7.125	%		710,000		757,925
DTE Energy Co.
Senior Unsecured
06/01/11		7.050	%		375,000		378,476
Dana Holding Corp.
Senior Unsecured
02/15/19		6.500	%		120,000		119,100
02/15/21		6.750	%		354,000		353,115
Dean Foods Co.(c)(e)
Senior Notes
12/15/18		9.750	%		270,000		277,088
Dean Foods Co.(e)
06/01/16		7.000	%		14,000		13,353
Detroit Edison Co. (The)
Senior Secured
10/01/13		6.400	%		2,375,000		2,654,851
Dominion Resources, Inc.
Senior Unsecured
08/15/19		5.200	%		2,210,000		2,355,688
08/01/33		5.250	%		5,075,000		5,485,014
Dow Chemical Co. (The)
Senior Unsecured
05/27/11		4.625	% EUR		1,505,000		2,140,668
02/15/15		5.900	%		205,000		227,214
Duke Energy Corp.
Senior Unsecured
02/01/14		6.300	%		2,200,000		2,452,408
06/15/18		6.250	%		1,460,000		1,653,371
09/15/19		5.050	%		4,240,000		4,416,130

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
Duke Energy Indiana, Inc.
1st Mortgage
08/15/38		6.350	%	$	1,770,000	$	1,965,215
ERAC USA Finance LLC(c)
10/15/37		7.000	%		2,770,000		3,017,993
EXCO Resources, Inc.
09/15/18		7.500	%		846,000		859,747
El Paso Corp.
Senior Unsecured(c)
09/15/20		6.500	%		1,305,000		1,406,137
Embarq Corp.
Senior Unsecured
06/01/36		7.995	%		3,310,000		3,731,697
Entravision Communications Corp.
Senior Secured
08/01/17		8.750	%		875,000		931,875
First Data Corp.
Senior Secured(c)(d)
06/15/19		7.375	%		558,000		569,857
Florida Power Corp.
1st Mortgage
06/15/18		5.650	%		1,200,000		1,342,212
04/01/40		5.650	%		1,445,000		1,463,579
Ford Motor Credit Co. LLC
Senior Unsecured
02/01/21		5.750	%		595,000		587,561
Fresenius Medical Care U.S. Finance, Inc.(c)
02/15/21		5.750	%		1,220,000		1,180,350
Frontier Communications Corp.
Senior Unsecured
04/15/17		8.250	%		676,000		730,080
04/15/20		8.500	%		552,000		598,230
General Electric Capital Corp.
Senior Unsecured
05/17/12		6.125	% GBP		1,375,000		2,301,793
09/16/20		4.375	%		11,280,000		10,961,904
01/07/21		4.625	%		3,670,000		3,614,297
Georgia-Pacific LLC(c)
11/01/20		5.400	%		760,000		750,479
Goldman Sachs Group, Inc. (The)
Senior Notes
06/15/20		6.000	%		2,920,000		3,086,805
Senior Unsecured
02/07/16		3.625	%		1,410,000		1,396,677
05/02/18		6.375	% EUR		1,125,000		1,712,436
Graphic Packaging International, Inc.
10/01/18		7.875	%		98,000		104,860

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
Greif, Inc.
Senior Unsecured
02/01/17		6.750	%	$	625,000	$	659,375
Grifols, Inc.
Secured(c)
02/01/18		8.250	%		508,000		520,700
HCA, Inc.
Senior Secured
09/15/20		7.250	%		1,147,000		1,227,290
HJ Heinz Finance Co.(f)
07/15/11		6.625	%		1,605,000		1,632,126
Healthsouth Corp.
09/15/22		7.750	%		47,000		48,880
Hertz Corp. (The)(c)
10/15/18		7.500	%		445,000		460,575
04/15/19		6.750	%		680,000		674,050
01/15/21		7.375	%		442,000		451,945
Home Depot, Inc.
Senior Unsecured
04/01/41		5.950	%		545,000		543,482
Huntington Ingalls Industries, Inc.(c)
03/15/18		6.875	%		337,000		351,744
03/15/21		7.125	%		460,000		479,550
Indiana Michigan Power Co.
Senior Unsecured
03/15/37		6.050	%		3,215,000		3,336,096
Interface, Inc.(c)
12/01/18		7.625	%		129,000		136,095
Interline Brands, Inc.
11/15/18		7.000	%		212,000		217,300
International Lease Finance Corp.
Senior Unsecured(e)
12/15/20		8.250	%		755,000		827,669
JMC Steel Group
Senior Notes(c)
03/15/18		8.250	%		204,000		208,590
JPMorgan Chase & Co.
Senior Unsecured
03/01/16		3.450	%		10,165,000		10,128,701
10/15/20		4.250	%		2,255,000		2,155,131
K Hovnanian Enterprises, Inc.
Senior Secured
10/15/16		10.625	%		470,000		499,375
Kansas Gas & Electric
1st Mortgage(c)
06/15/19		6.700	%		1,000,000		1,134,342
Key Energy Services, Inc.
03/01/21		6.750	%		333,000		338,828
Kraft Foods, Inc.
Senior Unsecured
08/11/17		6.500	%		715,000		814,937
02/01/18		6.125	%		9,290,000		10,384,919
08/23/18		6.125	%		245,000		273,989
Kratos Defense & Security Solutions, Inc.
Senior Secured(c)
06/01/17		10.000	%		84,000		92,820

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
Lear Corp.
03/15/18		7.875	%	$	746,000	$	813,140
03/15/20		8.125	%		408,000		448,800
Ltd Brands, Inc.
04/01/21		6.625	%		310,000		316,975
Lyondell Chemical Co.
Senior Secured(c)
11/01/17		8.000	%		1,368,000		1,511,640
MGM Resorts International
Senior Secured
03/15/20		9.000	%		640,000		704,000
Manitowoc Co., Inc. (The)
11/01/20		8.500	%		260,000		278,850
Marathon Petroleum Corp.(c)
03/01/41		6.500	%		1,255,000		1,268,006
Mellon Funding Corp.
11/08/11		6.375	% GBP		1,240,000		2,039,367
MetroPCS Wireless, Inc.
11/15/20		6.625	%		855,000		853,931
Midwest Generation LLC
Pass-Through Certificates
01/02/16		8.560	%		310,398		316,606
Morgan Stanley
Senior Unsecured
04/11/11		7.500	% GBP		1,785,000		2,866,402
10/02/17		5.500	% EUR		2,475,000		3,546,688
01/25/21		5.750	%		5,335,000		5,384,594
Mylan, Inc.(c)
11/15/18		6.000	%		430,000		430,000
NII Capital Corp.
04/01/21		7.625	%		450,000		460,125
NRG Energy, Inc.
01/15/17		7.375	%		695,000		724,537
Nalco Co.(c)
01/15/19		6.625	%		1,150,000		1,183,062
Nevada Power Co.
05/15/18		6.500	%		1,200,000		1,372,529
08/01/18		6.500	%		1,625,000		1,860,399
News America, Inc.(c)
02/15/41		6.150	%		2,685,000		2,662,564
Nextel Communications, Inc.
08/01/15		7.375	%		715,000		717,681
Nisource Finance Corp.
09/15/17		5.250	%		7,707,000		8,207,115
09/15/20		5.450	%		3,435,000		3,564,630
Northern States Power Co.
1st Mortgage
08/28/12		8.000	%		1,635,000		1,789,643
Northwest Pipeline GP
Senior Unsecured
06/15/16		7.000	%		2,515,000		2,964,785
04/15/17		5.950	%		1,105,000		1,248,041

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
Oracle Corp.
Senior Notes(c)
07/15/40		5.375	%	$	260,000	$	252,691
Oshkosh Corp.
03/01/17		8.250	%		497,000		546,700
03/01/20		8.500	%		398,000		446,257
PPL Electric Utilities Corp.
1st Mortgage
11/30/13		7.125	%		9,275,000		10,566,464
PacifiCorp
1st Mortgage
09/15/13		5.450	%		850,000		929,100
10/15/37		6.250	%		1,425,000		1,583,876
01/15/39		6.000	%		1,480,000		1,591,669
Peabody Energy Corp.
09/15/20		6.500	%		730,000		782,925
Polypore International, Inc.(c)
11/15/17		7.500	%		440,000		462,000
Progress Energy, Inc.
Senior Unsecured
03/15/14		6.050	%		2,870,000		3,173,715
Prudential Financial, Inc.
Senior Unsecured
11/15/20		4.500	%		875,000		857,066
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		505,000		530,250
QVC, Inc.
Senior Secured(c)
10/15/20		7.375	%		848,000		882,980
Qwest Communications International, Inc.
04/01/18		7.125	%		1,160,000		1,251,350
RR Donnelley & Sons Co.
Senior Unsecured
01/15/17		6.125	%		4,605,000		4,786,769
Rain CII Carbon LLC/Corp.
Senior Secured(c)
12/01/18		8.000	%		465,000		496,387
Range Resources Corp.
05/15/16		7.500	%		390,000		404,625
05/15/19		8.000	%		1,105,000		1,218,262
Regal Cinemas Corp.
07/15/19		8.625	%		500,000		536,875
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		30,000		34,125
12/01/18		6.875	%		253,000		268,813
Reynolds Group Issuer, Inc./LLC(c)
Senior Secured
10/15/16		7.750	%		848,000		898,880
04/15/19		7.125	%		594,000		608,850
02/15/21		6.875	%		160,000		160,800

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
SBA Telecommunications, Inc.
08/15/16		8.000	%	$	740,000	$	805,675
08/15/19		8.250	%		240,000		265,200
SPX Corp.(c)
09/01/17		6.875	%		90,000		96,750
STHI Holding Corp.
Secured(c)
03/15/18		8.000	%		164,000		169,740
Seneca Gaming Corp.(c)
12/01/18		8.250	%		372,000		383,160
Sierra Pacific Power Co.
05/15/16		6.000	%		8,251,000		9,298,440
Southern California Gas Co.
1st Mortgage
03/15/14		5.500	%		1,900,000		2,094,315
Southern Natural Gas Co.
Senior Unsecured(c)
04/01/17		5.900	%		11,898,000		13,237,846
Southern Star Central Corp.
Senior Unsecured
03/01/16		6.750	%		225,000		228,375
Spectrum Brands Holdings, Inc.
Senior Secured(c)
06/15/18		9.500	%		559,000		614,900
Speedway Motorsports, Inc.
06/01/16		8.750	%		1,125,000		1,231,875
Sprint Nextel Corp.
Senior Unsecured(e)
08/15/17		8.375	%		375,000		417,656
TCM Sub LLC(c)
01/15/15		3.550	%		2,730,000		2,794,390
Tampa Electric Co.
Senior Unsecured
05/15/18		6.100	%		1,805,000		2,045,381
Time Warner Cable, Inc.
02/15/21		4.125	%		3,780,000		3,532,058
11/15/40		5.875	%		1,490,000		1,400,077
Time Warner, Inc.(d)
03/29/41		6.250	%		575,000		571,291
Toledo Edison Co. (The)
Senior Secured
05/15/37		6.150	%		5,225,000		5,363,630
TransDigm, Inc.
Senior Subordinated Notes(c)
12/15/18		7.750	%		483,000		518,621
Transcontinental Gas Pipe Line Co. LLC
Senior Unsecured
04/15/16		6.400	%		6,860,000		7,878,477
06/15/18		6.050	%		1,108,000		1,248,418
tw telecom holdings, inc.
03/01/18		8.000	%		746,000		804,747

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
UNITED STATES (CONTINUED)
United States Cellular Corp.
Senior Unsecured
12/15/33		6.700	%	$	483,000	$	462,984
United States Steel Corp.
Senior Unsecured
02/01/18		7.000	%		239,000		248,261
04/01/20		7.375	%		770,000		806,575
Valmont Industries, Inc.
04/20/20		6.625	%		1,130,000		1,166,633
Verizon New York, Inc.
Senior Unsecured
04/01/12		6.875	%		5,740,000		6,076,594
04/01/32		7.375	%		4,229,000		4,744,710
Verizon Pennsylvania, Inc.
Senior Unsecured
11/15/11		5.650	%		3,675,000		3,790,211
Visteon Corp.
Senior Notes(c)(d)
04/15/19		6.750	%		289,000		289,000
Warner Chilcott Co./Finance LLC(c)
09/15/18		7.750	%		379,000		397,002
Wells Fargo & Co.
04/01/21		4.600	%		2,685,000		2,655,210
Senior Unsecured
11/03/16		4.125	% EUR		1,150,000		1,625,431
Windstream Corp.
03/15/19		7.000	%		90,000		90,675
Windstream Corp.(c)
10/15/20		7.750	%		490,000		503,475
XM Satellite Radio, Inc.(c)
11/01/18		7.625	%		525,000		553,875
Yum! Brands, Inc.
Senior Unsecured
03/15/18		6.250	%		1,600,000		1,796,008
Total							347,702,201
Total Corporate Bonds & Notes (Cost: $458,213,954)						$	479,672,804
Residential Mortgage-Backed Securities - Agency (4.8%)
UNITED STATES (4.8%)
Federal Home Loan Mortgage Corp.(g)
05/01/18		4.500	%	$	210,322	$	222,765
10/01/18-11/01/33		5.000	%		815,675		871,310
04/01/33		6.000	%		445,693		497,837
09/01/17-08/01/33		6.500	%		93,975		104,882

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
UNITED STATES (CONTINUED)
Federal National Mortgage Association(g)
01/01/41		4.000	%	$	22,756,143	$	22,416,265
08/01/18-09/01/40		4.500	%		2,864,186		2,972,812
12/01/18-02/01/36		5.000	%		13,037,578		13,789,224
09/01/13		5.321	%		472,686		502,340
02/01/17-06/01/34		5.500	%		12,817,600		13,858,702
07/01/17-01/01/36		6.000	%		11,006,841		12,135,891
04/01/17-11/01/33		6.500	%		4,147,786		4,688,097
06/01/32-07/01/36		7.000	%		1,577,930		1,818,812
05/01/32-11/01/32		7.500	%		191,457		222,545
Federal National Mortgage Association(g)(h)
09/01/33-01/01/36		5.500	%		3,614,465		3,899,065
Government National Mortgage Association(g)
10/15/33		5.500	%		374,067		407,772
Total Residential Mortgage-Backed Securities - Agency (Cost: $74,627,061)						$	78,408,319
Residential Mortgage-Backed Securities - Non-Agency (0.4%)
UNITED STATES (0.4%)
Harborview Mortgage Loan Trust
CMO Series 2004-1 Class 4A(f)(g)
04/19/34		4.776	%	$	1,693,700	$	1,661,015
Wells Fargo Mortgage-Backed Securities Trust
CMO Series 2005-14 Class 2A1(g)
12/25/35		5.500	%		5,175,199		5,270,805
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $6,440,114)						$	6,931,820
Commercial Mortgage-Backed Securities (2.8%)
UNITED STATES (2.8%)
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4 Class A4(g)
12/11/49		5.322	%	$	1,300,000	$	1,340,722
Credit Suisse First Boston Mortgage Securities Corp.(f)(g)
Series 2004-C1 Class A4
01/15/37		4.750	%		4,225,000		4,441,074
Credit Suisse First Boston Mortgage Securities Corp.(g)
Series 2004-C2 Class A1
05/15/36		3.819	%		89,784		90,728

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
UNITED STATES (CONTINUED)
GE Capital Commercial Mortgage Corp.
Series 2005-C1 Class A5(f)(g)
06/10/48		4.772	%	$	500,000	$	527,744
GS Mortgage Securities Corp. II
Series 2007-GG10 Class F(f)(g)
08/10/45		5.808	%		1,475,000		122,436
General Electric Capital Assurance Co.
Series 2003-1 Class A4(c)(f)(g)
05/12/35		5.254	%		888,550		945,970
Greenwich Capital Commercial Funding Corp.(g)
Series 2003-C1 Class A3
07/05/35		3.858	%		1,976,793		2,012,932
Series 2004-GG1 Class A5
06/10/36		4.883	%		109,174		109,992
Series 2007-GG9 Class A4
03/10/39		5.444	%		7,050,000		7,462,166
JP Morgan Chase Commercial Mortgage Securities Corp.(f)(g)
Series 2005-LDP3 Class ASB
08/15/42		4.893	%		3,218,041		3,346,485
Series 2006-LDP6 Class ASB
04/15/43		5.490	%		2,555,575		2,686,319
Series 2006-LDP7 Class ASB
04/15/45		5.863	%		2,666,324		2,831,206
JP Morgan Chase Commercial Mortgage Securities Corp.(g)
Series 2003-LN1 Class A1
10/15/37		4.134	%		1,559,395		1,603,166
Series 2003-ML1A Class A1
03/12/39		3.972	%		102,939		104,816
Series 2004-CBX Class A3
01/12/37		4.184	%		382,879		382,693
Series 2005-LDP2 Class A3
07/15/42		4.697	%		1,715,047		1,751,605
LB-UBS Commercial Mortgage Trust(f)(g)
Series 2006-C4 Class AAB
06/15/32		5.851	%		925,000		985,087
Series 2007-C7 Class A3
09/15/45		5.866	%		1,475,000		1,582,024
LB-UBS Commercial Mortgage Trust(g)
Series 2004-C2 Class A3
03/15/29		3.973	%		320,640		328,530
Morgan Stanley Capital I(c)(f)(g)
Series 2011-C1 Class A4
09/15/47		5.033	%		2,400,000		2,487,636
Morgan Stanley Capital I(f)(g)
Series 2006-T23 Class AAB
08/12/41		5.793	%		775,000		830,797
Morgan Stanley Capital I(g)
Series 2004-HQ4 Class A5
04/14/40		4.590	%		7,701		7,695
Morgan Stanley Reremic Trust
Series 2010-GG10 Class A4A(c)(f)(g)
08/15/45		5.808	%		1,800,000		1,944,583

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
UNITED STATES (CONTINUED)
Wachovia Bank Commercial Mortgage Trust(f)(g)
Series 2005-C20 Class A5
07/15/42		5.087	%	$	925,000	$	937,371
Series 2006-C24 Class A3
03/15/45		5.558	%		2,500,000		2,719,640
Wachovia Bank Commercial Mortgage Trust(g)
Series 2006-C24 Class APB
03/15/45		5.576	%		1,195,498		1,253,621
Series 2006-C27 Class APB
07/15/45		5.727	%		850,000		886,705
Series 2006-C29 Class A4
11/15/48		5.308	%		2,702,500		2,895,128
Total Commercial Mortgage-Backed Securities (Cost: $45,009,042)						$	46,618,871
Asset-Backed Securities(a) (1.2%)
DENMARK (0.3%)
Nykredit Realkredit A/S
Mortgage(b)
04/01/28		5.000	% DKK		26,376,649	$	5,157,815
UNITED STATES (0.9%)
CitiFinancial Auto Issuance Trust
Series 2009-1 Class A2(c)
11/15/12		1.830	%	$	5,796,117		5,808,949
GTP Towers Issuer LLC(c)
02/15/15		4.436	%		1,600,000		1,691,070
Hertz Vehicle Financing LLC
Series 2009-2A Class A1(c)
03/25/14		4.260	%		5,100,000		5,352,660
National Collegiate Student Loan Trust
CMO IO Series 2006-3 Class AIO
01/25/12		5.880	%		3,400,000		130,566
Renaissance Home Equity Loan Trust
Series 2005-4 Class A3
02/25/36		5.565	%		370,167		369,483
World Omni Auto Receivables Trust
Series 2010-A Class A4
05/15/15		2.210	%		1,000,000		1,021,036
Total							14,373,764
Total Asset-Backed Securities (Cost: $19,037,178)						$	19,531,579

	Coupon			Principal
Issuer	Rate			Amount		Value
Inflation-Indexed Bonds(a) (0.8%)
JAPAN (0.8%)
Japanese Government CPI-Linked Bond
Senior Unsecured(b)
03/10/18		1.400	% JPY		1,088,056,000	$	13,435,229
Total Inflation-Indexed Bonds (Cost: $10,072,488)						$	13,435,229
U.S. Treasury Obligations (1.6%)
UNITED STATES (1.6%)
U.S. Treasury
11/15/40		4.250	%	$	15,000	$	14,346
U.S. Treasury(e)
10/31/11		1.000	%		2,545,000		2,556,730
03/15/14		1.250	%		935,000		934,708
02/29/16		2.125	%		9,014,000		8,985,831
02/15/21		3.625	%		13,713,000		13,907,985
Total U.S. Treasury Obligations (Cost: $26,685,098)						$	26,399,600
U.S. Government & Agency Obligations (0.4%)
UNITED STATES (0.4%)
Federal National Mortgage Association
10/15/14		4.625	%	$	5,255,000	$	5,781,866
Total U.S. Government & Agency Obligations (Cost: $5,373,597)						$	5,781,866
Foreign Government Obligations (a) (52.4%)
ARGENTINA (0.2%)
Argentina Bonos(b)
Senior Unsecured
09/12/13		7.000	%	$	2,322,000	$	2,364,114
10/03/15		7.000	%		300,000		282,000
Argentina Government International Bond
Senior Unsecured(b)(f)
12/15/35		0.000	%		4,700,000		759,050
Total							3,405,164
AUSTRALIA (1.2%)
New South Wales Treasury Corp.
Local Government Guaranteed(b)
05/01/12		6.000	% AUD		18,390,000		19,227,544
BELGIUM (1.5%)
Belgium Government Bond(b)
09/28/12		5.000	% EUR		16,635,000		24,594,264
BRAZIL (2.3%)
Banco Nacional de Desenvolvimento Economico e Social(b)(c)
Senior Unsecured
06/16/18		6.369	%		1,165,000		1,266,937
06/10/19		6.500	%		2,260,000		2,465,522

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(a) (continued)
BRAZIL (CONTINUED)
Brazil Notas do Tesouro Nacional(b)
01/01/12		10.000	% BRL		2,178,000	$	13,457,250
01/01/13		10.000	% BRL		2,690,900		16,202,325
Brazilian Government International Bond(b)
01/05/16		12.500	% BRL		2,400,000		1,668,453
01/15/18		8.000	%	$	1,053,889		1,238,319
Senior Unsecured
10/14/19		8.875	%		335,000		441,363
01/07/41		5.625	%		1,830,000		1,798,890
Total							38,539,059
CANADA (2.5%)
Canadian Government Bond(b)
06/01/18		4.250	% CAD		2,600,000		2,885,048
06/01/19		3.750	% CAD		7,285,000		7,801,901
Province of British Columbia Canada(b)
06/18/14		5.300	% CAD		6,140,000		6,888,770
Province of Ontario Canada(b)
03/08/14		5.000	% CAD		10,866,000		12,024,778
Province of Quebec Canada(b)
12/01/17		4.500	% CAD		11,100,000		12,102,263
Total							41,702,760
COLOMBIA (0.5%)
Colombia Government International Bond(b)
Senior Unsecured
09/18/37		7.375	%		1,350,000		1,603,125
01/18/41		6.125	%		1,665,000		1,706,712
Colombia Government International Bond(b)(e)
Senior Unsecured
03/18/19		7.375	%		550,000		660,000
Corp. Andina de Fomento
Senior Unsecured(b)
06/04/19		8.125	%		2,620,000		3,143,471
Ecopetrol SA
Senior Unsecured(b)
07/23/19		7.625	%		455,000		524,388
Total							7,637,696
CZECH REPUBLIC (0.2%)
Czech Republic Government Bond(b)
06/16/13		3.700	% CZK		42,800,000		2,550,616
EL SALVADOR (0.1%)
El Salvador Government International Bond
Senior Unsecured(b)(c)
01/24/23		7.750	%		760,000		839,800

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(a) (continued)
FRANCE (3.5%)
EDF SA
Senior Unsecured(b)
02/05/18		5.000	% EUR		1,450,000	$	2,176,115
France Government Bond OAT(b)
04/25/12		5.000	% EUR		1,860,000		2,733,391
04/25/13		4.000	% EUR		21,085,000		31,110,084
10/25/16		5.000	% EUR		8,420,000		13,103,429
10/25/19		3.750	% EUR		6,400,000		9,181,819
Total							58,304,838
GERMANY (6.1%)
Bayerische Landesbank
Senior Unsecured(b)
04/22/13		1.400	% JPY		576,000,000		7,033,204
Bundesobligation(b)
04/12/13		3.500	% EUR		5,400,000		7,911,621
Bundesrepublik Deutschland(b)
01/04/15		3.750	% EUR		5,250,000		7,813,725
07/04/19		3.500	% EUR		12,320,000		17,810,142
07/04/27		6.500	% EUR		13,140,000		24,632,996
07/04/28		4.750	% EUR		6,610,000		10,407,127
07/04/34		4.750	% EUR		12,725,000		20,327,409
Landwirtschaftliche Rentenbank
Government Guaranteed(b)
06/15/11		5.750	% AUD		4,380,000		4,535,897
Total							100,472,121
GREECE (0.4%)
Hellenic Republic Government Bond
Senior Unsecured(b)
03/20/24		4.700	% EUR		8,380,000		7,043,733
INDONESIA (1.2%)
Indonesia Government International Bond(b)(c)
Senior Unsecured
01/17/18		6.875	%	$	1,880,000		2,119,700
02/17/37		6.625	%		400,000		427,000
01/17/38		7.750	%		610,000		727,425
Indonesia Government International Bond(b)(c)(e)
Senior Unsecured
03/13/20		5.875	%		300,000		319,500
Indonesia Treasury Bond(b)
Senior Unsecured
11/15/20		1.000	% IDR		70,820,000,000		9,736,951
07/15/22		10.250	% IDR		53,607,000,000		6,988,906
Total							20,319,482
ITALY (2.7%)
Italy Buoni Poliennali Del Tesoro(b)
04/15/12		4.000	% EUR		6,060,000		8,751,663
08/01/15		3.750	% EUR		2,410,000		3,416,031
02/01/19		4.250	% EUR		8,530,000		11,927,569
11/01/26		7.250	% EUR		10,475,191		17,784,088
11/01/27		6.500	% EUR		1,800,000		2,844,268
Total							44,723,619

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(a) (continued)
JAPAN (10.3%)
Development Bank of Japan
Government Guaranteed(b)
06/20/12		1.400	% JPY		1,227,000,000	$	14,939,042
Japan Government 10-Year Bond(b)
Senior Unsecured
12/20/12		1.000	% JPY		2,229,500,000		27,172,185
09/20/17		1.700	% JPY		2,538,000,000		32,418,785
Japan Government 20-Year Bond(b)
Senior Unsecured
03/20/20		2.400	% JPY		400,000,000		5,338,192
12/20/22		1.400	% JPY		2,756,000,000		32,891,690
12/20/26		2.100	% JPY		2,383,000,000		29,689,980
09/20/29		2.100	% JPY		945,000,000		11,535,249
Japan Government 30-Year Bond(b)
Senior Unsecured
12/20/34		2.400	% JPY		890,000,000		11,240,546
03/20/39		2.300	% JPY		420,000,000		5,191,928
Total							170,417,597
KOREA (0.4%)
Export-Import Bank of Korea(b)
Senior Unsecured
01/21/14		8.125	%	$	3,430,000		3,906,186
01/14/15		5.875	%		1,820,000		1,972,913
Total							5,879,099
LITHUANIA (0.1%)
Lithuania Government International Bond
Senior Unsecured(b)(c)
09/14/17		5.125	%		2,205,000		2,208,011
MALAYSIA (0.5%)
Petronas Capital Ltd.(b)(c)
05/22/12		7.000	%		1,895,000		2,014,572
05/22/12		7.000	%		315,000		334,375
08/12/19		5.250	%		6,025,000		6,400,322
Total							8,749,269
MEXICO (1.6%)
Mexican Bonos(b)
12/19/13		8.000	% MXN		10,991,000		9,656,264
12/17/15		8.000	% MXN		17,168,000		15,056,433
Mexican Government International Bond
Senior Unsecured(b)
09/27/34		6.750	%		315,000		355,320
Pemex Project Funding Master Trust(b)
03/01/18		5.750	%		1,513,000		1,600,751
Petroleos Mexicanos(b)
05/03/19		8.000	%		100,000		120,100
Total							26,788,868

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(a) (continued)
NETHERLANDS (5.3%)
Netherlands Government Bond(b)
07/15/12		5.000	% EUR		14,305,000	$	21,151,266
07/15/13		4.250	% EUR		8,141,000		12,124,675
07/15/16		4.000	% EUR		11,300,000		16,845,498
07/15/20		3.500	% EUR		26,380,000		37,273,564
Total							87,395,003
NEW ZEALAND (0.8%)
New Zealand Government Bond
Senior Unsecured(b)
04/15/13		6.500	% NZD		16,830,000		13,603,677
NORWAY (1.1%)
Norway Government Bond(b)
05/16/11		6.000	% NOK		97,545,000		17,713,953
PHILIPPINES (0.1%)
Philippine Government International Bond(b)
Senior Unsecured
01/14/31		7.750	%	$	1,645,000		1,984,281
10/23/34		6.375	%		300,000		315,750
Total							2,300,031
POLAND (1.7%)
Poland Government Bond(b)
04/25/13		5.250	% PLN		23,790,000		8,408,252
10/25/17		5.250	% PLN		57,170,000		19,364,918
Total							27,773,170
QATAR (0.2%)
Qatar Government International Bond(b)(c)
Senior Unsecured
04/09/19		6.550	%		1,100,000		1,235,249
01/20/40		6.400	%		200,000		210,500
Qatari Diar Finance QSC
Government Guaranteed(b)(c)
07/21/20		5.000	%		1,800,000		1,779,750
Ras Laffan Liquefied Natural Gas Co., Ltd. III
Senior Secured(b)(c)
09/30/14		5.500	%		890,000		956,003
Total							4,181,502

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(a) (continued)
RUSSIAN FEDERATION (0.3%)
Russian Foreign Bond - Eurobond(b)(c)(f)
03/31/30		7.500	%	$	3,790,325	$	4,428,995
SOUTH AFRICA (0.5%)
South Africa Government Bond
Senior Unsecured(b)(e)
12/21/14		8.750	% ZAR		52,890,000		8,144,200
SPAIN (1.0%)
Ayt Cedulas Cajas Global(b)
06/14/18		4.250	% EUR		4,900,000		5,972,078
Spain Government Bond(b)
07/30/17		5.500	% EUR		6,950,000		10,229,236
Total							16,201,314
SUPRA-NATIONAL (0.2%)
European Investment Bank
Senior Unsecured(b)
12/07/11		5.500	% GBP		1,685,000		2,786,133
SWEDEN (1.0%)
Sweden Government Bond(b)
05/05/14		6.750	% SEK		95,740,000		16,917,065
TURKEY (0.2%)
Turkey Government International Bond(b)
Senior Unsecured
07/14/17		7.500	%		950,000		1,102,000
11/07/19		7.500	%		225,000		261,788
06/05/20		7.000	%		1,330,000		1,502,900
03/17/36		6.875	%		1,010,000		1,069,085
Total							3,935,773
UNITED KINGDOM (4.2%)
Network Rail Infrastructure Finance PLC(b)
03/07/12		4.875	% GBP		2,870,000		4,749,414
United Kingdom Gilt(b)
09/07/16		4.000	% GBP		9,440,000		16,084,060
03/07/19		4.500	% GBP		6,900,000		11,882,212
03/07/25		5.000	% GBP		3,215,000		5,660,975
12/07/27		4.250	% GBP		5,500,000		8,866,240
03/07/36		4.250	% GBP		4,360,000		6,871,069
12/07/38		4.750	% GBP		5,200,000		8,890,895
12/07/49		4.250	% GBP		3,750,000		5,966,538
Total							68,971,403

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(a) (continued)
URUGUAY (0.2%)
Uruguay Government International Bond(b)
11/18/22		8.000	%	$	1,485,000	$	1,848,825
Senior Unsecured
03/21/36		7.625	%		1,500,000		1,792,500
Total							3,641,325
VENEZUELA (0.3%)
Petroleos de Venezuela SA(b)
04/12/17		5.250	%		2,890,000		1,745,560
Petroleos de Venezuela SA(b)(c)(e)
11/02/17		8.500	%		510,000		360,570
Venezuela Government International Bond(b)(c)
Senior Unsecured
02/26/16		5.750	%		1,650,000		1,221,000
05/07/23		9.000	%		3,484,000		2,386,540
Total							5,713,670
Total Foreign Government Obligations (Cost: $801,733,377)						$	867,110,754

	Shares		Value
Money Market Fund (4.2%)
Columbia Short-Term Cash Fund, 0.229%(i)(j)		69,523,230	$	69,523,230
Total Money Market Fund (Cost: $69,523,230)			$	69,523,230

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (2.4%)
Certificates of Deposit (0.2%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		$1,500,000		$1,500,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		1,000,000		1,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%	$	1,000,000	$	1,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		999,086		999,086
Total							4,499,086
Commercial Paper (0.1%)
Suncorp Metway Ltd.
04/27/11		0.300	%		999,708		999,708
Repurchase Agreements (2.1%)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $10,000,064(k)
		0.230	%		10,000,000		10,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $5,924,149(k)
		0.160	%		5,924,123		5,924,123
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11,
repurchase price $7,000,054(k)
		0.280	%		7,000,000		7,000,000
Natixis Financial Products, Inc.
dated 03/31/11, matures 04/01/11,
repurchase price $12,000,043(k)
		0.130	%		12,000,000		12,000,000
Total							34,924,123
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $40,422,917)							$40,422,917
Total Investments (Cost: $1,557,138,056)(l)						$	1,653,836,989(m)
Other Assets & Liabilities, Net							(360,133)
Net Assets							$1,653,476,856

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		Depreciation
Euro-Bobl, 5-year		27		$	4,383,950		June 2011	$	—	$	(7,730	)
Euro-Bund, 10-year		(28	)		(4,812,582	)	June 2011		17,700		—
Japanese Government Bond, 10-year		25			41,942,174		June 2011		227,948		—
U.S. Treasury Long Bond, 20-year		61			7,331,437		June 2011		21,354		—
U.S. Treasury Note, 2-year		(3	)		(654,375	)	July 2011		—		(333	)
U.S. Treasury Note, 5-year		50			5,839,453		July 2011		6,175		—
U.S. Treasury Note, 10-year		(230	)		(27,377,188	)	June 2011		—		(32,688	)
U.S. Treasury Ultra Bond, 30-year		(69	)		(8,525,812	)	June 2011		—		(146,729	)
Total								$	273,177	$	(187,480	)

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
UBS Securities	April 7, 2011		9,752,000		7,223,306	$	—	$	(216,036	)
		(NZD)		(USD)
HSBC Securities (USA), Inc.	April 8, 2011		1,525,770		1,487,000		7,875		—
		(USD)		(CAD)
HSBC Securities (USA), Inc.	April 15, 2011		16,172,994		732,293,000		215,766		—
		(USD)		(INR)
HSBC Securities (USA), Inc.	April 18, 2011		13,710,000		13,800,486		—		(331,363	)
		(AUD)		(USD)
State Street Bank & Trust Company	April 19, 2011		28,145,000		38,306,471		—		(1,569,505	)
		(EUR)		(USD)
Barclays Bank PLC	April 28, 2011		3,464,328		2,153,000		—		(11,400	)
		(USD)		(GBP)
J.P. Morgan Securities, Inc.	April 28, 2011		45,095,833		3,646,900,000		—		(1,246,459	)
		(USD)		(JPY)
HSBC Securities (USA), Inc.	April 29, 2011		18,035,000		14,298,966		—		(9,321	)
		(SGD)		(USD)
J.P. Morgan Securities, Inc.	April 29, 2011		9,761,817		116,970,000		49,165		—
		(USD)		(MXN)
Barclays Bank PLC	May 5, 2011		6,643,000		7,667,846		207,586		—
		(GBP)		(EUR)
Total						$	480,392	$	(3,384,084	)

Notes to Portfolio of Investments

(a)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 61.55% of net assets.
(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $138,896,679 or 8.40% of net assets.
(d)	Represents a security purchased on a when-issued or delayed delivery basis.

(e)	At March 31, 2011, security was partially or fully on loan.
(f)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(g)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(h)	At March 31, 2011, investments in securities included securities valued at $1,178,943 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
(i)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	67,602,669	$	70,778,784	$	(68,858,223	)	$	—	$	69,523,230	$	39,851	$	69,523,230

(j)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(k)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	6,042,605
Total Market Value of Collateral Securities	$	6,042,605
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	64,556
Fannie Mae Pool		3,624,249
Fannie Mae Principal Strip		62,051
Fannie Mae Whole Loan		58,991
Federal Farm Credit Bank		743,393
Federal Farm Credit Discount Notes		90,242
Federal Home Loan Bank Discount Notes		333,750
Federal Home Loan Banks		512,485
Federal Home Loan Mortgage Corp		36,755
Federal National Mortgage Association		424,478
FHLMC Structured Pass Through Securities		51,075
Freddie Mac Gold Pool		339,550
Freddie Mac Non Gold Pool		795,964
Government National Mortgage Association		2,461
Total Market Value of Collateral Securities	$	7,140,000
Natixis Financial Products, Inc. (0.130%)
Security Description	Value
Fannie Mae Interest Strip	$	238,845
Fannie Mae Pool		167,863
Fannie Mae REMICS		6,264,821
Freddie Mac REMICS		3,565,728
Government National Mortgage Association		454,126
United States Treasury Note/Bond		1,548,663
Total Market Value of Collateral Securities	$	12,240,046

^(l)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,557,138,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	108,703,000
Unrealized Depreciation		(12,004,000	)
Net Unrealized Appreciation	$	96,699,000

^(m)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
IO	Interest Only

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peru Nuevos Soles
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar
UYU	Uruguay Pesos
ZAR	South African Rand

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1			Level 2			Level 3
Description(a)	quoted prices			other			significant		Total
	in active			significant			unobservable
	markets for			observable			inputs
	identical assets			inputs(b)
Bonds
Corporate Bonds & Notes
Life Insurance	$	—		$	7,143,745		$	4,730,705	$	11,874,450
All Other Industries		—			467,798,354			—		467,798,354
Residential Mortgage-Backed Securities - Agency		—			78,408,319			—		78,408,319
Residential Mortgage-Backed Securities - Non-Agency		—			6,931,820			—		6,931,820
Commercial Mortgage-Backed Securities		—			46,618,871			—		46,618,871
Asset-Backed Securities		—			19,531,579			—		19,531,579
Inflation-Indexed Bonds		—			13,435,229			—		13,435,229
U.S. Treasury Obligations		26,399,600			—			—		26,399,600
U.S. Government & Agency Obligations		—			5,781,866			—		5,781,866
Foreign Government Obligations		—			867,110,754			—		867,110,754
Total Bonds		26,399,600			1,512,760,537			4,730,705		1,543,890,842
Other
Affiliated Money Market Fund(c)		69,523,230			—			—		69,523,230
Investments of Cash Collateral Received for Securities on Loan		—			40,422,917			—		40,422,917
Total Other		69,523,230			40,422,917			—		109,946,147
Investments in Securities		95,922,830			1,553,183,454			4,730,705		1,653,836,989
Derivatives(d)
Assets
Futures Contracts		273,177			—			—		273,177
Forward Foreign Currency Exchange Contracts		—			480,392			—		480,392
Liabilities
Futures Contracts		(187,480	)		—			—		(187,480	)
Forward Foreign Currency Exchange Contracts		—			(3,384,084	)		—		(3,384,084	)
Total	$	96,008,527		$	1,550,279,762		$	4,730,705	$	1,651,018,994

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.
(d)	Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Corporate Bonds &
	Notes
Balance as of December 31, 2010	$	4,818,630
Accrued discounts/premiums		32,515
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)*		(120,440	)
Sales		—
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of March 31, 2011	$	4,730,705

*  Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $(120,440).

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - Global Inflation Protected Securities Fund

(formerly known as RiverSource Variable Portfolio - Global Inflation Protected Securities Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (1.1%)
AUSTRALIA (0.1%)
Woodside Finance Ltd.(a)(b)
11/10/14		4.500	%	$	1,400,000	$	1,479,851
BELGIUM (0.1%)
Anheuser-Busch InBev Worldwide, Inc.(a)
11/15/14		5.375	%		1,900,000		2,093,752
CANADA (0.2%)
Bank of Nova Scotia(a)(b)(c)
10/29/15		1.650	%		6,670,000		6,379,106
FRANCE (0.4%)
BNP Paribas Home Loan Covered Bonds SA(a)(b)
11/02/15		2.200	%		5,935,000		5,703,571
Cie de Financement Foncier(a)(b)(c)
09/16/15		2.500	%		5,600,000		5,439,653
Total							11,143,224
UNITED STATES (0.3%)
CenterPoint Energy Houston Electric LLC
01/15/14		5.750	%		2,800,000		3,069,413
Nevada Power Co.
01/15/15		5.875	%		2,450,000		2,725,522
TCM Sub LLC(b)
01/15/15		3.550	%		2,100,000		2,149,531
UnitedHealth Group, Inc.
Senior Unsecured
08/15/14		5.000	%		2,200,000		2,389,491
Total							10,333,957
Total Corporate Bonds & Notes (Cost: $32,048,300)						$	31,429,890
Residential Mortgage-Backed Securities - Non- Agency (0.8%)
UNITED STATES (0.8%)
GSR Mortgage Loan Trust
CMO Series 2004-6F Class 2A4(d)
05/25/34		5.500	%	$	2,909,873	$	2,940,343
JP Morgan Mortgage Trust
CMO Series 2007-A1 Class 1A1(d)(e)
07/25/35		3.006	%		10,422,497		10,188,887
Morgan Stanley Reremic Trust
CMO Series 2010-R9 Class 3A(b)(d)
11/26/36		3.250	%		5,157,564		5,065,197

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
UNITED STATES (CONTINUED)
Prime Mortgage Trust
CMO Series 2004-CL1 Class 3A1(d)(e)
02/25/34		6.895	%	$	4,186,552	$	4,552,875
Total							22,747,302
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $22,690,439)						$	22,747,302
Commercial Mortgage-Backed Securities (2.2%)
UNITED STATES (2.2%)
Bear Stearns Commercial Mortgage Securities
Series 2005-T18 Class A4(d)(e)
02/13/42		4.933	%	$	13,700,000	$	14,530,106
Commercial Mortgage Pass Through Certificates
Series 2007-C9 Class A4(d)(e)
12/10/49		5.815	%		3,200,000		3,472,153
GS Mortgage Securities Corp. II
Series 2005-GG4 Class A4A(d)
07/10/39		4.751	%		1,500,000		1,578,265
Greenwich Capital Commercial Funding Corp.(c)(d)
Series 2007-GG9 Class A2
03/10/39		5.381	%		1,057,403		1,080,694
Series 2007-GG9 Class A4
03/10/39		5.444	%		10,410,000		11,018,603
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB20 Class ASB(d)
02/12/51		5.688	%		4,500,000		4,744,282
LB-UBS Commercial Mortgage Trust
Series 2007-C7 Class A3(d)(e)
09/15/45		5.866	%		4,925,000		5,282,351
Morgan Stanley Capital I
Series 2011-C1 Class A4(b)(d)(e)
09/15/47		5.033	%		3,250,000		3,368,674
Morgan Stanley Reremic Trust
Series 2010-GG10 Class A4A(b)(d)(e)
08/15/45		5.808	%		13,300,000		14,368,308
Total							59,443,436
Total Commercial Mortgage-Backed Securities (Cost: $58,173,550)						$	59,443,436
Asset-Backed Securities (0.2%)
UNITED STATES (0.2%)
Carrington Mortgage Loan Trust
Series 2006-RFC1 Class A2(e)
05/25/36		0.350	%	$	3,116,023	$	3,024,215

	Coupon				Principal
Issuer	Rate				Amount		Value
Asset-Backed Securities (continued)
UNITED STATES (CONTINUED)
Credit-Based Asset Servicing and Securitization LLC
Series 2006-CB6 Class A22(e)
07/25/36		0.340	%		$	536,880	$	535,918
Structured Asset Securities Corp.
CMO Series 2006-NC1 Class A6(e)
05/25/36		0.300	%			881,293		869,635
Total								4,429,768
Total Asset-Backed Securities (Cost: $4,366,549)							$	4,429,768
Inflation-Indexed Bonds(f) (89.1%)
AUSTRALIA (2.6%)
Australia Government Index-Linked Bond(a)
Senior Unsecured
08/20/15		4.000	%	AUD		11,916,720	$	21,075,786
08/20/20		4.000	%	AUD		16,086,060		27,450,243
09/20/25		3.000	%	AUD		7,992,480		8,986,596
New South Wales Treasury Corp.(a)
11/20/25		2.750	%	AUD		12,458,250		13,575,452
Total								71,088,077
CANADA (2.5%)
Canadian Government Bond(a)
12/01/26		4.250	%	CAD		33,609,971		50,694,486
12/01/31		4.000	%	CAD		9,022,860		14,267,547
12/01/44		1.500	%	CAD		4,075,800		4,609,259
Total								69,571,292
FRANCE (9.5%)
France Government Bond OAT(a)
07/25/12		3.000	%	EUR		11,607,806		17,481,728
07/25/15		1.600	%	EUR		44,366,400		66,163,057
07/25/20		2.250	%	EUR		63,443,831		97,811,472
07/25/22		1.100	%	EUR		7,132,790		9,748,748
07/25/23		2.100	%	EUR		10,492,200		16,043,585
07/25/29		3.400	%	EUR		5,980,600		10,857,521
07/25/32		3.150	%	EUR		13,355,755		23,891,613
07/25/40		1.800	%	EUR		15,491,520		22,689,536
Total								264,687,260
GERMANY (0.4%)
Deutsche Bundesrepublik Inflation Linked Bond(a)
04/15/20		1.750	%	EUR		3,087,210		4,671,751
Deutsche Bundesrepublik Inflation-Linked(a)
04/15/16		1.500	%	EUR		4,639,810		6,923,957
Total								11,595,708
GREECE (1.0%)
Hellenic Republic Government Inflation-Linked Bond(a)
07/25/30		2.300	%	EUR		13,985,400		9,476,011
Senior Unsecured
07/25/25		2.900	%	EUR		25,550,140		18,358,705
Total								27,834,716

	Coupon				Principal
Issuer	Rate				Amount		Value
Inflation-Indexed Bonds(f) (continued)
ITALY (7.5%)
Italy Buoni Poliennali Del Tesoro(a)
09/15/12		1.850	%	EUR		8,407,851	$	12,353,841
09/15/17		2.100	%	EUR		62,228,040		88,897,092
09/15/41		2.550	%	EUR		8,164,640		10,238,369
Senior Unsecured
09/15/14		2.150	%	EUR		27,742,638		40,741,470
09/15/23		2.600	%	EUR		25,202,105		35,061,410
09/15/35		2.350	%	EUR		17,012,390		21,677,982
Total								208,970,164
SWEDEN (1.8%)
Sweden Government Bond(a)
12/01/15		3.500	%	SEK		50,000,000		10,820,000
Sweden Government Inflation-Linked Bond(a)
12/01/20		4.000	%	SEK		80,400,000		20,493,918
Sweden Inflation-Linked Government Bond(a)
12/01/28		3.500	%	SEK		68,930,000		18,061,104
Total								49,375,022
UNITED KINGDOM (21.4%)
United Kingdom Gilt Inflation-Linked(a)
08/16/13		2.500	%	GBP		12,750,000		57,842,609
07/26/16		2.500	%	GBP		20,710,000		105,878,265
04/16/20		2.500	%	GBP		21,990,000		113,969,033
07/17/24		2.500	%	GBP		6,900,000		31,308,593
11/22/27		1.250	%	GBP		25,014,092		43,192,980
07/22/30		4.125	%	GBP		13,450,000		58,281,305
11/22/37		1.125	%	GBP		40,816,170		71,745,870
03/22/40		0.625	%	GBP		17,766,672		27,719,854
11/22/42		0.625	%	GBP		4,634,282		7,294,784
11/22/47		0.750	%	GBP		14,878,350		24,717,387
03/22/50		0.500	%	GBP		10,515,498		16,188,805
11/22/55		1.250	%	GBP		17,394,002		35,189,196
Total								593,328,681
UNITED STATES (42.4%)
U.S. Treasury Inflation-Indexed Bond
07/15/12		3.000	%		$	15,054,377		16,127,154
07/15/19		1.875	%			3,093,720		3,394,192
U.S. Treasury Inflation-Indexed Bond(c)
07/15/13		1.875	%			7,193,220		7,781,650
01/15/14		2.000	%			110,110,308		120,004,005
04/15/14		1.250	%			46,299,135		49,484,392
07/15/14		2.000	%			56,070,240		61,537,822
04/15/15		0.500	%			28,449,120		29,533,955
07/15/15		1.875	%			71,430,462		78,597,147
01/15/16		2.000	%			26,403,482		29,155,548
07/15/16		2.500	%			52,062,302		59,099,385
01/15/17		2.375	%			29,523,894		33,277,222

	Coupon				Principal
Issuer	Rate				Amount		Value
Inflation-Indexed Bonds(f) (continued)
UNITED STATES (CONTINUED)
07/15/17		2.625	%		$	28,153,600	$	32,339,730
01/15/18		1.625	%			28,588,288		30,915,792
07/15/18		1.375	%			20,422,000		21,747,845
01/15/19		2.125	%			35,402,676		39,510,558
07/15/20		1.250	%			72,063,769		74,433,761
01/15/21		1.125	%			83,796,952		85,001,105
01/15/25		2.375	%			81,068,222		91,019,426
01/15/26		2.000	%			5,325,072		5,684,555
01/15/27		2.375	%			60,161,486		67,001,207
01/15/28		1.750	%			15,240,080		15,535,344
04/15/28		3.625	%			2,722,760		3,512,053
01/15/29		2.500	%			84,199,297		95,390,286
04/15/29		3.875	%			48,178,578		64,478,586
02/15/40		2.125	%			43,337,200		45,832,456
02/15/41		2.125	%			15,584,785		16,470,143
Total								1,176,865,319
Total Inflation-Indexed Bonds (Cost: $2,410,730,803)							$	2,473,316,239
Foreign Government Obligations(f) (1.9%)
BRAZIL (0.3%)
Brazil Notas do Tesouro Nacional(a)
01/01/13		10.000	%	BRL		1,266,000	$	7,622,782
MEXICO (1.6%)
Mexican Bonos(a)
12/17/15		8.000	%	MXN		50,723,000		44,484,358
Total Foreign Government Obligations (Cost: $47,384,964)							$	52,107,140

		Shares	Value
Money Market Fund (0.5%)
Columbia Short-Term Cash Fund, 0.229%(g)(h)	14,765,957		$	14,765,957
Total Money Market Fund (Cost: $14,765,957)			$	14,765,957

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (23.3%)
Asset-Backed Commercial Paper (1.6%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	14,999,133	$	14,999,133
Cancara Asset Securitisation LLC
04/21/11		0.250	%		4,999,063		4,999,063

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Asset-Backed Commercial Paper (continued)
Ebbets Funding LLC
04/12/11		0.480	%	$	9,995,733	$	9,995,733
Rhein-Main Securitisation Ltd.
04/12/11		0.551	%		4,993,125		4,993,125
Royal Park Investments Funding Corp.
06/17/11		0.601	%		9,984,667		9,984,667
Total							44,971,721
Certificates of Deposit (17.6%)
Australia and New Zealand Bank Group, Ltd.
05/17/11		0.410	%		10,000,000		10,000,000
06/30/11		0.400	%		20,000,000		20,000,000
Banco Popular Caisse d’Epargne
07/28/11		0.550	%		5,000,000		5,000,000
Barclays Bank PLC
05/23/11		0.400	%		15,000,000		15,000,000
06/15/11		0.400	%		10,000,000		10,000,000
Canadian Imperial Bank
04/07/11		0.240	%		10,000,000		10,000,000
Clydesdale Bank PLC
04/26/11		0.395	%		10,000,000		10,000,000
Credit Agricole
04/21/11		0.400	%		20,000,493		20,000,493
Credit Industrial et Commercial
05/23/11		0.400	%		20,000,000		20,000,000
06/07/11		0.400	%		10,000,000		10,000,000
Credit Suisse
04/15/11		0.240	%		10,000,000		10,000,000
DZ Bank AG
04/08/11		0.400	%		10,000,000		10,000,000
05/09/11		0.350	%		5,000,000		5,000,000
Den Danske Bank
04/01/11		0.190	%		30,000,000		30,000,000
Deutsche Bank AG
07/08/11		0.320	%		15,000,000		15,000,000
Development Bank of Singapore Ltd.
05/09/11		0.400	%		5,000,000		5,000,000
05/17/11		0.400	%		10,000,000		10,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		7,000,000		7,000,000
KBC Bank NV
04/26/11		0.450	%		10,000,000		10,000,000
La Banque Postale
06/01/11		0.400	%		14,500,000		14,500,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		24,978,387		24,978,387
05/23/11		0.345	%		5,000,000		5,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%	$	15,000,000	$	15,000,000
Natixis
05/09/11		0.503	%		15,000,000		15,000,000
Norinchukin Bank
04/06/11		0.350	%		12,000,000		12,000,000
05/13/11		0.350	%		5,000,000		5,000,000
Nykredit Bank
04/18/11		0.450	%		15,000,000		15,000,000
Overseas Chinese Banking Corp.
04/12/11		0.400	%		10,000,000		10,000,000
05/09/11		0.470	%		8,000,000		8,000,000
Pohjola Bank PLC
06/10/11		0.470	%		10,000,000		10,000,000
06/16/11		0.460	%		10,000,000		10,000,000
Rabobank Group
04/27/11		0.298	%		12,000,000		12,000,000
Societe Generale
07/01/11		0.363	%		20,000,000		20,000,000
Standard Chartered Bank PLC
05/05/11		0.350	%		5,000,000		5,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		4,000,000		4,000,000
Sumitomo Trust & Banking Co., Ltd.
04/21/11		0.510	%		7,000,000		7,000,000
Swedbank AB
04/05/11		0.170	%		5,000,000		5,000,000
Union Bank of Switzerland
04/18/11		0.334	%		10,000,000		10,000,000
08/15/11		0.355	%		8,000,000		8,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		10,000,000		10,000,000
Westpac Banking Corp.
05/09/11		0.230	%		20,000,000		20,000,000
Total							487,478,880

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Commercial Paper (0.9%)
PB Capital Corp.
05/16/11		0.591	%	$	9,984,430	$	9,984,430
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Westpac Securities NZ Ltd.
09/02/11		0.341	%		10,000,000		10,000,000
Total							24,976,847
Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		5,000,000		5,000,000
04/20/11		0.270	%		8,000,000		8,000,000
Total							13,000,000
Repurchase Agreements (2.7%)
Barclays Capital, Inc.    dated 10/13/10, matures 04/15/11,    repurchase price $15,001,688(i)
		0.270	%		15,000,000		15,000,000
Cantor Fitzgerald & Co.    dated 03/31/11, matures 04/01/11,    repurchase price $30,000,192(i)
		0.230	%		30,000,000		30,000,000
Goldman Sachs & Co.    dated 03/31/11, matures 04/01/11,    repurchase price $6,702,629(i)
		0.160	%		6,702,599		6,702,599
Nomura Securities    dated 03/31/10, matures 04/01/11,    repurchase price $25,000,108(i)
		0.240	%		25,000,000		25,000,000
Total							76,702,599
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $647,130,047)							$647,130,047
Total Investments (Cost: $3,237,290,609)(j)						$	3,305,369,779(k)
Other Assets & Liabilities, Net							(529,949,773)
Net Assets							$2,775,420,006

Investments in Derivatives

At March 31, 2011, $1,328,589 was held in a margin deposit account as collateral to cover initial margin requirements on open interest rate futures contracts.

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		(Depreciation)
Euro-Bund, 10-year		148		$	25,437,936		June 2011	$	—	$	(138,474	)
U.S. Treasury Note, 5-year		(879	)		(102,657,584	)	July 2011		139,861		—
U.S. Treasury Note, 10-year		(25	)		(2,975,781	)	June 2011		—		(29,725	)
U.S. Treasury Ultra Bond, 30-year		74			9,143,625		June 2011		—		(26,361	)
Total								$	139,861	$	(194,560	)

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Goldman, Sachs & Co.	April 5, 2011		10,504,732		14,904,954	$	17,654	$	—
			(EUR)		(USD)
UBS Securities	April 5, 2011		10,949,938		69,020,384		—		(14,977	)
			(USD)		(SEK)
HSBC Securities (USA), Inc.	April 18, 2011		18,184,000		18,628,962		—		(147,243	)
			(AUD)		(USD)
State Street Bank & Trust Company	April 19, 2011		310,660,000		422,820,686		—		(17,323,947	)
			(EUR)		(USD)
UBS Securities	April 21, 2011		254,100,000		40,034,991		—		(198,324	)
			(SEK)		(USD)
J. P. Morgan Securities, Inc.	April 28, 2011		1,061,000,000		13,217,890		460,703		—
			(JPY)		(USD)
Barclays Bank PLC	May 5, 2011		59,012,000		60,180,096		—		(646,881	)
			(CAD)		(USD)
Goldman, Sachs & Co.	May 6, 2011		62,787,000		88,884,417		—		(43,973	)
			(EUR)		(USD)
Goldman, Sachs & Co.	May 6, 2011		175,666,000		284,790,598		3,089,566		—
			(GBP)		(USD)
HSBC Securities (USA), Inc.	May 6, 2011		4,860,000		7,799,717		5,885		—
			(GBP)		(USD)
HSBC Securities (USA), Inc.	May 6, 2011		191,130,000		309,861,867		3,362,498		—
			(GBP)		(USD)
Goldman, Sachs & Co.	May 6, 2011		11,344,560		8,000,000		—		(13,756	)
			(USD)		(EUR)
Total						$	6,936,306	$	(18,389,101	)

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 49.35% of net assets.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $43,953,891 or 1.58% of net assets.

(c)	At March 31, 2011, security was partially or fully on loan.
(d)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(e)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(f)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(g)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(h)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	12,386,908	$	176,101,964	$	(173,722,915	)	$	—	$	14,765,957	$	16,053	$	14,765,957

⁽ⁱ⁾  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	4,166
Fannie Mae Interest Strip		1,621,431
Fannie Mae Pool		14,281,068
Fannie Mae Principal Strip		152,822
Fannie Mae REMICS		475,542
Federal Farm Credit Bank		272,767
Federal Home Loan Banks		404,718
Federal Home Loan Mortgage Corp		237,103
Federal National Mortgage Association		185,458
FHLMC Structured Pass Through Securities		83,045
Freddie Mac Coupon Strips		1,797
Freddie Mac Gold Pool		2,023,888
Freddie Mac Non Gold Pool		6,132,200
Freddie Mac REMICS		607,484
Freddie Mac Strips		157,973
Ginnie Mae I Pool		429,192
Ginnie Mae II Pool		1,305,545
Government National Mortgage Association		506,973
LMA SA & LMA Americas		1,435
Metlife Short Term Funding		1,971
Sanofi-Aventis		6,127
Silver Tower US Fund		1,368
Suncorp-Metway Ltd		4,206
United States Treasury Inflation Indexed Bonds		90,135
United States Treasury Strip Coupon		1,468,682
United States Treasury Strip Principal		142,907
Total Market Value of Collateral Securities	$	30,600,003
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	6,836,651
Total Market Value of Collateral Securities	$	6,836,651
Nomura Securities (0.240%)
Security Description	Value
Fannie Mae Pool	$	18,570,365
Freddie Mac Gold Pool		6,929,635
Total Market Value of Collateral Securities	$	25,500,000
(j) At March 31, 2011, the cost of securities for federal income tax purposes was approximately $3,237,291,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Unrealized Appreciation	$	100,063,000
Unrealized Depreciation		(31,984,000	)
Net Unrealized Appreciation	$	68,079,000

^(k)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO Collateralized Mortgage Obligation

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
SEK	Swedish Krona
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1			Level 2			Level 3
Description(a)	quoted prices			other			significant		Total
	in active			significant			unobservable
	markets for			observable			inputs
	identical assets			inputs(b)
Bonds
Corporate Bonds & Notes	$	—		$	31,429,890		$	—	$	31,429,890
Residential Mortgage-Backed Securities - Non-Agency		—			22,747,302			—		22,747,302
Commercial Mortgage-Backed Securities		—			59,443,436			—		59,443,436
Asset-Backed Securities		—			4,429,768			—		4,429,768
Inflation-Indexed Bonds		—			2,473,316,239			—		2,473,316,239
Foreign Government Obligations		—			52,107,140			—		52,107,140
Total Bonds		—			2,643,473,775			—		2,643,473,775
Other
Affiliated Money Market Fund(c)		14,765,957			—			—		14,765,957
Investments of Cash Collateral Received for Securities on Loan		—			647,130,047			—		647,130,047
Total Other		14,765,957			647,130,047			—		661,896,004
Investments in Securities		14,765,957			3,290,603,822			—		3,305,369,779
Derivatives(d)
Assets
Futures Contracts		139,861			—			—		139,861
Forward Foreign Currency Exchange Contracts		—			6,936,306			—		6,936,306
Liabilities
Futures Contracts		(194,560	)		—			—		(194,560	)
Forward Foreign Currency Exchange Contracts		—			(18,389,101	)		—		(18,389,101	)
Total	$	14,711,258		$	3,279,151,027		$	—	$	3,293,862,285

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Asset-Backed
	Securities
Balance as of December 31, 2010	$	1,440,331
Accrued discounts/premiums		266
Realized gain (loss)		1,878
Change in unrealized appreciation (depreciation)*		(15,776	)
Sales		(1,426,699	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of March 31, 2011	$	—

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $0.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - High Yield Bond Fund

(formerly known as RiverSource Variable Portfolio - High Yield Bond Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (96.4%)
Aerospace & Defense (2.6%)
ADS Tactical, Inc.
Senior Secured(a)(b)
04/01/18		11.000	%	$	4,305,000	$	4,412,625
Huntington Ingalls Industries, Inc.(a)
03/15/18		6.875	%		1,402,000		1,463,338
03/15/21		7.125	%		1,415,000		1,475,138
Kratos Defense & Security Solutions, Inc.
Senior Secured
06/01/17		10.000	%		2,295,000		2,530,237
Kratos Defense & Security Solutions, Inc.(a)
Senior Secured
06/01/17		10.000	%		3,048,000		3,368,040
Oshkosh Corp.
03/01/17		8.250	%		1,529,000		1,681,900
03/01/20		8.500	%		1,554,000		1,742,422
TransDigm, Inc.
Senior Subordinated Notes(a)
12/15/18		7.750	%		989,000		1,061,939
Total							17,735,639
Automotive (1.4%)
Accuride Corp.
Senior Secured(b)
08/01/18		9.500	%		645,000		717,562
Dana Holding Corp.
Senior Unsecured
02/15/19		6.500	%		515,000		511,138
02/15/21		6.750	%		3,390,000		3,381,525
Lear Corp.
03/15/18		7.875	%		2,040,000		2,223,600
03/15/20		8.125	%		1,671,000		1,838,100
Visteon Corp.
Senior Notes(a)(c)
04/15/19		6.750	%		1,202,000		1,202,000
Total							9,873,925
Brokerage (0.8%)
E*Trade Financial Corp.
Senior Unsecured
09/15/13		7.375	%		670,000		672,513
12/01/15		7.875	%		1,800,000		1,822,500
Senior Unsecured PIK
11/30/17		12.500	%		2,330,000		2,778,525
Total							5,273,538
Building Materials (1.8%)
Associated Materials LLC
Senior Secured(a)
11/01/17		9.125	%		241,000		256,063
Euramax International, Inc.
Senior Secured(a)
04/01/16		9.500	%		1,830,000		1,852,875
Gibraltar Industries, Inc.(d)
12/01/15		8.000	%		5,128,000		5,243,380

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Building Materials (continued)
Interface, Inc.(a)
12/01/18		7.625	%	$	560,000	$	590,800
Norcraft Companies LP/Finance Corp.
Secured
12/15/15		10.500	%		2,235,000		2,391,450
Norcraft Holdings LP/Capital Corp.
Senior Discount Notes
09/01/12		9.750	%		1,717,000		1,699,830
Total							12,034,398
Chemicals (4.8%)
Ashland, Inc.
06/01/17		9.125	%		1,700,000		1,950,750
CF Industries, Inc.
05/01/18		6.875	%		2,465,000		2,760,800
05/01/20		7.125	%		2,465,000		2,791,612
Chemtura Corp.(a)
09/01/18		7.875	%		777,000		821,678
Hexion U.S. Finance Corp./Nova Scotia ULC
Senior Secured
02/01/18		8.875	%		6,674,000		7,057,755
Hexion U.S. Finance Corp./Nova Scotia ULC(a)
Secured
11/15/20		9.000	%		1,005,000		1,042,059
Lyondell Chemical Co.
Senior Secured(a)
11/01/17		8.000	%		4,482,000		4,952,610
MacDermid, Inc.
Senior Subordinated Notes(a)
04/15/17		9.500	%		1,594,000		1,691,633
Momentive Performance Materials, Inc.
Secured(a)
01/15/21		9.000	%		1,680,000		1,736,700
Nalco Co.(a)
01/15/19		6.625	%		1,670,000		1,718,012
Nova Chemicals Corp.
Senior Unsecured(e)
11/01/19		8.625	%		1,780,000		1,991,375
Polypore International, Inc.(a)
11/15/17		7.500	%		1,920,000		2,016,000
Reichhold Industries, Inc.
Senior Notes(a)
08/15/14		9.000	%		2,320,000		2,044,500
Total							32,575,484
Construction Machinery (2.8%)
Case New Holland, Inc.
Senior Notes(a)
12/01/17		7.875	%		4,081,000		4,529,910
Columbus McKinnon Corp.(a)
02/01/19		7.875	%		674,000		697,590
Manitowoc Co., Inc. (The)(b)
02/15/18		9.500	%		3,938,000		4,430,250

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Construction Machinery (continued)
RSC Equipment Rental, Inc./Holdings III LLC
Senior Unsecured(a)
02/01/21		8.250	%	$	1,025,000	$	1,066,000
United Rentals North America, Inc.
12/15/19		9.250	%		3,688,000		4,112,120
09/15/20		8.375	%		3,970,000		4,148,650
Total							18,984,520
Consumer Cyclical Services (0.8%)
Brickman Group Holdings, Inc.
Senior Notes(a)
11/01/18		9.125	%		769,000		824,753
Garda World Security Corp.
Senior Unsecured(a)(e)
03/15/17		9.750	%		2,395,000		2,580,612
West Corp.(a)
01/15/19		7.875	%		2,131,000		2,173,620
Total							5,578,985
Consumer Products (1.8%)
Central Garden and Pet Co.
03/01/18		8.250	%		2,936,000		3,068,120
Jarden Corp.
05/01/16		8.000	%		1,300,000		1,421,875
Libbey Glass, Inc.
Senior Secured
02/15/15		10.000	%		1,570,000		1,711,300
NBTY, Inc.(a)
10/01/18		9.000	%		255,000		276,675
Sealy Mattress Co.
Senior Secured(a)
04/15/16		10.875	%		270,000		306,787
Spectrum Brands Holdings, Inc.
Senior Secured(a)
06/15/18		9.500	%		3,531,000		3,884,100
Visant Corp.
10/01/17		10.000	%		1,738,000		1,877,040
Total							12,545,897
Diversified Manufacturing (1.4%)
Amsted Industries, Inc.
Senior Notes(a)
03/15/18		8.125	%		2,451,000		2,622,570
CPM Holdings, Inc.
Senior Secured(a)
09/01/14		10.875	%		2,154,000		2,326,320
Pinafore LLC/Inc.
Secured(a)(e)
10/01/18		9.000	%		430,000		464,400
SPX Corp.(a)
09/01/17		6.875	%		1,649,000		1,772,675
WireCo WorldGroup
Senior Unsecured(a)
05/15/17		9.500	%		1,979,000		2,107,635
Total							9,293,600

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (2.7%)
Calpine Corp.
Senior Secured(a)
02/15/21		7.500	%	$	3,405,000	$	3,528,431
Edison Mission Energy
Senior Unsecured
05/15/17		7.000	%		2,336,000		1,874,640
Energy Future Intermediate Holding Co. LLC/Finance, Inc.
Senior Secured
12/01/20		10.000	%		2,388,000		2,530,504
GenOn Energy, Inc.
Senior Unsecured(a)
10/15/18		9.500	%		1,559,000		1,625,258
Midwest Generation LLC
Pass-Through Certificates
01/02/16		8.560	%		2,267,422		2,312,771
NRG Energy, Inc.
01/15/17		7.375	%		6,441,000		6,714,742
Total							18,586,346
Entertainment (1.8%)
AMC Entertainment, Inc.
06/01/19		8.750	%		1,293,000		1,402,905
AMC Entertainment, Inc.(a)(b)
Senior Subordinated Notes
12/01/20		9.750	%		2,125,000		2,273,750
Regal Cinemas Corp.
07/15/19		8.625	%		3,235,000		3,473,581
Speedway Motorsports, Inc.
06/01/16		8.750	%		2,920,000		3,197,400
Speedway Motorsports, Inc.(a)
Senior Notes
02/01/19		6.750	%		59,000		59,443
United Artists Theatre Circuit, Inc.(f)(g)
1995-A Pass-Through Trust
07/01/15		9.300	%		1,198,628		1,200,186
07/01/15		9.300	%		390,926		391,434
Total							11,998,699
Environmental (0.1%)
Clean Harbors, Inc.
Senior Secured(a)
08/15/16		7.625	%		735,000		780,019
Food and Beverage (0.4%)
Cott Beverages, Inc.
11/15/17		8.375	%		205,000		218,837
09/01/18		8.125	%		898,000		958,615

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Food and Beverage (continued)
Darling International, Inc.(a)
12/15/18		8.500	%	$	410,000	$	445,875
Dean Foods Co.(a)(b)
Senior Notes
12/15/18		9.750	%		1,132,000		1,161,715
Dean Foods Co.(b)
06/01/16		7.000	%		57,000		54,364
Total							2,839,406
Gaming (6.4%)
Boyd Gaming Corp.
Senior Notes(a)(b)
12/01/18		9.125	%		4,574,000		4,699,785
Caesars Entertainment Operating Co., Inc.
Secured(b)
12/15/18		10.000	%		1,170,000		1,067,625
FireKeepers Development Authority
Senior Secured(a)
05/01/15		13.875	%		5,222,000		6,188,070
Isle of Capri Casinos, Inc.(a)(b)
03/15/19		7.750	%		413,000		410,935
MGM Resorts International
Senior Secured
03/15/20		9.000	%		1,775,000		1,952,500
MGM Resorts International(b)
06/01/16		7.500	%		1,792,000		1,693,440
Senior Unsecured
03/01/18		11.375	%		3,708,000		4,115,880
Pinnacle Entertainment, Inc.
05/15/20		8.750	%		324,000		336,960
Pokagon Gaming Authority
Senior Notes(a)
06/15/14		10.375	%		4,749,000		4,915,215
San Pasqual Casino(a)
09/15/13		8.000	%		630,000		630,000
Seminole Indian Tribe of Florida(a)
10/01/20		7.804	%		905,000		894,792
Senior Secured
10/01/20		6.535	%		3,265,000		3,208,450
Seneca Gaming Corp.(a)
12/01/18		8.250	%		1,634,000		1,683,020
Shingle Springs Tribal Gaming Authority
Senior Notes(a)
06/15/15		9.375	%		9,900,000		6,534,000
Tunica-Biloxi Gaming Authority
Senior Unsecured(a)
11/15/15		9.000	%		5,483,000		5,428,170
Total							43,758,842
Gas Distributors (0.4%)
Energy Transfer Equity LP
10/15/20		7.500	%		2,356,000		2,568,040

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (2.2%)
Copano Energy LLC/Finance Corp.(c)
04/01/21		7.125	%	$	950,000	$	961,875
El Paso Corp.
Senior Unsecured
06/01/18		7.250	%		130,000		146,088
El Paso Corp.(a)
Senior Unsecured
09/15/20		6.500	%		4,372,000		4,710,830
MarkWest Energy Partners LP/Finance Corp.
08/15/21		6.500	%		1,660,000		1,657,925
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		1,360,000		1,547,000
12/01/18		6.875	%		2,083,000		2,213,187
Southern Star Central Corp.
Senior Unsecured
03/01/16		6.750	%		3,629,000		3,683,435
Total							14,920,340
Health Care (5.3%)
AMGH Merger Sub, Inc.(a)
11/01/18		9.250	%		1,666,000		1,786,785
American Renal Holdings Co., Inc.
Senior Secured
05/15/18		8.375	%		971,000		1,024,405
American Renal Holdings Co., Inc.(a)
Senior Unsecured PIK
03/01/16		9.750	%		445,000		437,212
ConvaTec Healthcare E SA
Senior Unsecured(a)(b)(e)
12/15/18		10.500	%		3,147,000		3,304,350
HCA, Inc.
Senior Secured
04/15/19		8.500	%		1,655,000		1,837,050
02/15/20		7.875	%		7,840,000		8,526,000
09/15/20		7.250	%		2,303,000		2,464,210
Hanger Orthopedic Group, Inc.
11/15/18		7.125	%		1,489,000		1,518,780
Healthsouth Corp.
02/15/20		8.125	%		3,435,000		3,709,800
09/15/22		7.750	%		195,000		202,800
InVentiv Health, Inc.(a)
08/15/18		10.000	%		3,098,000		3,221,920
Multiplan, Inc.(a)
09/01/18		9.875	%		1,929,000		2,073,675
Radiation Therapy Services, Inc.
04/15/17		9.875	%		1,224,000		1,248,480
Radnet Management, Inc.
04/01/18		10.375	%		385,000		389,331
STHI Holding Corp.
Secured(a)
03/15/18		8.000	%		686,000		710,010
Vanguard Health Holding Co. II LLC/Inc.
02/01/18		8.000	%		2,565,000		2,625,919
Vanguard Health Holding Co. II LLC/Inc.(a)(b)
02/01/19		7.750	%		1,100,000		1,113,750
Total							36,194,477

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Home Construction (1.7%)
Beazer Homes U.S.A., Inc.
06/15/18		9.125	%	$	2,834,000	$	2,876,510
K Hovnanian Enterprises, Inc.
Senior Secured
10/15/16		10.625	%		1,524,000		1,619,250
K Hovnanian Enterprises, Inc.(b)
10/15/15		11.875	%		1,745,000		1,657,750
William Lyon Homes, Inc.
02/15/14		7.500	%		7,228,000		5,258,370
Total							11,411,880
Independent Energy (9.0%)
Berry Petroleum Co.
Senior Subordinated Notes
11/01/16		8.250	%		285,000		301,388
Senior Unsecured
11/01/20		6.750	%		635,000		654,050
Brigham Exploration Co.(a)
10/01/18		8.750	%		1,520,000		1,694,800
Carrizo Oil & Gas, Inc.(a)
10/15/18		8.625	%		3,426,000		3,648,690
Chaparral Energy, Inc.(a)
10/01/20		9.875	%		779,000		864,690
09/01/21		8.250	%		1,590,000		1,637,700
Chesapeake Energy Corp.
08/15/20		6.625	%		4,955,000		5,264,687
02/15/21		6.125	%		3,500,000		3,613,750
Comstock Resources, Inc.
10/15/17		8.375	%		1,831,000		1,899,663
04/01/19		7.750	%		548,000		557,590
Concho Resources, Inc.
10/01/17		8.625	%		1,789,000		1,976,845
Senior Notes
01/15/21		7.000	%		1,582,000		1,665,055
Continental Resources, Inc.
10/01/20		7.375	%		610,000		655,750
04/01/21		7.125	%		1,511,000		1,605,438
Denbury Resources, Inc.
03/01/16		9.750	%		1,850,000		2,085,875
EXCO Resources, Inc.
09/15/18		7.500	%		3,968,000		4,032,480
Goodrich Petroleum Corp.(a)
03/15/19		8.875	%		1,402,000		1,402,000
Hilcorp Energy I LP/Finance Co.
Senior Unsecured(a)
11/01/15		7.750	%		2,560,000		2,649,600
Laredo Petroleum, Inc.
Senior Notes(a)
02/15/19		9.500	%		3,741,000		3,895,316
MEG Energy Corp.(a)(e)
03/15/21		6.500	%		2,000,000		2,032,500

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (continued)
Oasis Petroleum, Inc.
Senior Notes(a)
02/01/19		7.250	%	$	1,025,000	$	1,040,375
Petrohawk Energy Corp.
08/15/18		7.250	%		1,550,000		1,596,500
Petrohawk Energy Corp.(a)
08/15/18		7.250	%		1,492,000		1,533,030
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		2,280,000		2,394,000
Quicksilver Resources, Inc.
08/01/15		8.250	%		1,482,000		1,544,985
Range Resources Corp.
05/01/18		7.250	%		1,275,000		1,361,063
05/15/19		8.000	%		3,515,000		3,875,287
08/01/20		6.750	%		1,935,000		2,058,356
Southwestern Energy Co.
Senior Notes
02/01/18		7.500	%		3,190,000		3,616,662
Venoco, Inc.
Senior Unsecured(a)
02/15/19		8.875	%		422,000		422,000
Total							61,580,125
Life Insurance (1.0%)
ING Groep NV(d)(e)
12/29/49		5.775	%		7,076,000		6,545,300
Media Cable (3.9%)
Bresnan Broadband Holdings LLC(a)
12/15/18		8.000	%		85,000		90,100
CCO Holdings LLC/Capital Corp.
04/30/18		7.875	%		1,331,000		1,414,188
01/15/19		7.000	%		3,290,000		3,372,250
04/30/20		8.125	%		2,764,000		3,005,850
CSC Holdings LLC
Senior Unsecured
02/15/19		8.625	%		685,000		784,325
Cablevision Systems Corp.
Senior Unsecured
09/15/17		8.625	%		3,481,000		3,872,612
Cequel Communications Holdings I LLC/Capital Corp.
Senior Unsecured(a)
11/15/17		8.625	%		2,796,000		2,914,830
DISH DBS Corp.
02/01/16		7.125	%		3,501,000		3,737,317
09/01/19		7.875	%		1,540,000		1,667,050
Insight Communications Co., Inc.
Senior Notes(a)
07/15/18		9.375	%		1,435,000		1,592,850
Kabel BW Erste Beteiligungs GmbH/Co. KG
Senior Secured(a)(e)
03/15/19		7.500	%		1,170,000		1,198,785

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Media Cable (continued)
Quebecor Media, Inc.(e)
Senior Unsecured
03/15/16		7.750	%	$	1,385,000	$	1,436,937
03/15/16		7.750	%		1,345,000		1,395,438
Total							26,482,532
Media Non-Cable (8.2%)
Clear Channel Communications, Inc.(a)
03/01/21		9.000	%		5,290,000		5,276,775
Clear Channel Worldwide Holdings, Inc.
12/15/17		9.250	%		939,000		1,025,858
12/15/17		9.250	%		3,439,000		3,770,004
Entravision Communications Corp.
Senior Secured
08/01/17		8.750	%		3,541,000		3,771,165
Gray Television, Inc.
Secured(b)
06/29/15		10.500	%		2,817,000		2,996,584
Intelsat Jackson Holdings SA(a)(c)(e)
04/01/19		7.250	%		1,225,000		1,226,531
04/01/21		7.500	%		1,225,000		1,228,062
Intelsat Jackson Holdings SA(a)(e)
10/15/20		7.250	%		2,496,000		2,499,120
Intelsat Jackson Holdings SA(e)
06/15/16		11.250	%		1,809,000		1,928,846
Interpublic Group of Companies, Inc. (The)
Senior Unsecured
11/15/14		6.250	%		157,000		171,523
07/15/17		10.000	%		3,552,000		4,226,880
Nielsen Finance LLC/Co.
05/01/16		11.500	%		960,000		1,130,400
Nielsen Finance LLC/Co.(a)
10/15/18		7.750	%		5,459,000		5,854,777
Salem Communications Corp.
Secured
12/15/16		9.625	%		2,254,000		2,434,320
Sinclair Television Group, Inc.
Secured(a)
11/01/17		9.250	%		3,961,000		4,416,515
Sirius XM Radio, Inc.(a)(b)
04/01/15		8.750	%		3,155,000		3,549,375
Univision Communications, Inc.(a)
05/15/21		8.500	%		4,555,000		4,703,037
Senior Secured
11/01/20		7.875	%		2,400,000		2,544,000
XM Satellite Radio, Inc.(a)
11/01/18		7.625	%		3,056,000		3,224,080
Total							55,977,852
Metals (5.4%)
Arch Coal, Inc.
08/01/16		8.750	%		2,185,000		2,441,738
Consol Energy, Inc.
04/01/17		8.000	%		2,445,000		2,677,275
04/01/20		8.250	%		1,699,000		1,883,766
FMG Resources August 2006 Proprietary Ltd.(a)(e)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Metals (continued)
11/01/15		7.000	%	$	3,495,000	$	3,605,224
02/01/16		6.375	%		1,630,000		1,642,225
02/01/18		6.875	%		874,000		911,145
JMC Steel Group
Senior Notes(a)
03/15/18		8.250	%		850,000		869,125
Noranda Aluminum Acquisition Corp.
PIK(d)
05/15/15		5.193	%		11,828,291		11,384,729
Novelis, Inc.(a)(e)
12/15/17		8.375	%		2,380,000		2,576,350
12/15/20		8.750	%		2,380,000		2,618,000
Rain CII Carbon LLC/Corp.
Senior Secured(a)
12/01/18		8.000	%		2,035,000		2,172,363
United States Steel Corp.
Senior Unsecured
02/01/18		7.000	%		3,217,000		3,341,659
04/01/20		7.375	%		736,000		770,960
Total							36,894,559
Non-Captive Consumer (0.4%)
SLM Corp.
Senior Notes
01/25/16		6.250	%		1,733,000		1,806,653
Senior Unsecured
03/25/20		8.000	%		810,000		882,900
Total							2,689,553
Non-Captive Diversified (6.3%)
Ally Financial, Inc.
12/01/14		6.750	%		1,605,000		1,691,269
03/15/20		8.000	%		11,789,000		12,835,274
Ally Financial, Inc.(a)
09/15/20		7.500	%		880,000		928,400
CIT Group, Inc.
Secured
05/01/16		7.000	%		1,100,000		1,101,375
05/01/17		7.000	%		12,325,000		12,340,406
CIT Group, Inc.(a)(b)
Secured
04/01/18		6.625	%		1,450,000		1,471,750
CIT Group, Inc.(a)(b)(c)
Secured
04/01/18		6.625	%		950,000		964,250
Ford Motor Credit Co. LLC
Senior Unsecured
04/15/15		7.000	%		3,935,000		4,259,346
International Lease Finance Corp.
Senior Unsecured
09/01/17		8.875	%		2,605,000		2,950,163
12/15/20		8.250	%		1,660,000		1,819,775
International Lease Finance Corp.(a)
Senior Unsecured
03/15/17		9.000	%		2,099,000		2,361,375
Total							42,723,383

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Oil Field Services (1.1%)
Key Energy Services, Inc.
03/01/21		6.750	%	$	1,387,000	$	1,411,272
Offshore Group Investments Ltd.
Senior Secured(a)(e)
08/01/15		11.500	%		4,085,000		4,532,338
Trinidad Drilling Ltd.
Senior Unsecured(a)(e)
01/15/19		7.875	%		1,617,000		1,709,640
Total							7,653,250
Other Industry (0.5%)
Aquilex Holdings LLC/Finance Corp.
12/15/16		11.125	%		1,826,000		1,928,713
Chart Industries, Inc.
10/15/15		9.125	%		590,000		601,800
Interline Brands, Inc.
11/15/18		7.000	%		930,000		953,250
Total							3,483,763
Packaging (2.0%)
Ardagh Packaging Finance PLC(a)(b)(e)
10/15/20		9.125	%		1,410,000		1,526,325
Ardagh Packaging Finance PLC(a)(e)
Senior Secured
10/15/17		7.375	%		645,000		690,150
Greif, Inc.
Senior Unsecured
08/01/19		7.750	%		390,000		426,075
Reynolds Group Issuer, Inc./LLC(a)
04/15/19		9.000	%		1,860,000		1,925,100
02/15/21		8.250	%		2,076,000		2,060,430
Senior Secured
10/15/16		7.750	%		628,000		665,680
04/15/19		7.125	%		3,136,000		3,214,400
Silgan Holdings, Inc.
Senior Unsecured
08/15/16		7.250	%		2,840,000		3,081,400
Total							13,589,560
Paper (1.1%)
Cascades, Inc.(e)
01/15/20		7.875	%		3,254,000		3,432,970
Graphic Packaging International, Inc.
06/15/17		9.500	%		2,210,000		2,453,100
10/01/18		7.875	%		471,000		503,970
Verso Paper Holdings LLC/Inc.
Secured(a)(b)
02/01/19		8.750	%		1,118,000		1,162,720
Total							7,552,760
Pharmaceuticals (1.0%)
Grifols, Inc.
Secured(a)
02/01/18		8.250	%		2,185,000		2,239,625

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Pharmaceuticals (continued)
Valeant Pharmaceuticals International(a)(e)
10/01/17		6.750	%	$	860,000	$	847,100
10/01/20		7.000	%		672,000		651,840
Warner Chilcott Co./Finance LLC(a)
09/15/18		7.750	%		2,724,000		2,853,390
Total							6,591,955
Refining (0.3%)
United Refining Co.
Senior Secured(a)
02/28/18		10.500	%		2,236,000		2,236,000
Retailers (1.9%)
Ltd Brands, Inc.
04/01/21		6.625	%		1,280,000		1,308,800
Needle Merger Sub Corp.
Senior Unsecured(a)(b)
03/15/19		8.125	%		1,763,000		1,780,630
QVC, Inc.(a)
Senior Secured
04/15/17		7.125	%		1,681,000		1,758,746
10/01/19		7.500	%		1,025,000		1,076,250
10/15/20		7.375	%		421,000		438,366
Rite Aid Corp.
Senior Secured(b)
08/15/20		8.000	%		2,005,000		2,122,794
Toys R Us Property Co. II LLC
Senior Secured
12/01/17		8.500	%		2,555,000		2,746,625
Toys R Us, Inc.
Senior Unsecured
10/15/18		7.375	%		1,394,000		1,397,485
Total							12,629,696
Technology (5.0%)
Amkor Technology, Inc.
Senior Unsecured(b)
05/01/18		7.375	%		1,521,000		1,574,235
Avaya, Inc.
11/01/15		9.750	%		979,000		994,909
Avaya, Inc.(a)
Senior Secured
04/01/19		7.000	%		1,556,000		1,517,100
CDW Escrow Corp.
Senior Notes(a)(c)
04/01/19		8.500	%		1,785,000		1,787,231
Cardtronics, Inc.
09/01/18		8.250	%		2,000,000		2,172,500
CommScope, Inc.(a)
01/15/19		8.250	%		1,469,000		1,535,105
First Data Corp.
09/24/15		9.875	%		210,000		214,725
First Data Corp.(a)
01/15/21		12.625	%		3,616,000		3,923,360

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Technology (continued)
Senior Secured
08/15/20		8.875	%	$	2,605,000	$	2,858,988
First Data Corp.(a)(c)
Senior Secured
06/15/19		7.375	%		1,332,000		1,360,305
First Data Corp.(b)
09/24/15		9.875	%		1,714,000		1,756,850
PIK
09/24/15		10.550	%		113,000		117,096
Freescale Semiconductor, Inc.
Senior Secured(a)
04/15/18		9.250	%		1,400,000		1,533,000
Interactive Data Corp.(a)
08/01/18		10.250	%		3,140,000		3,524,650
NXP BV/Funding LLC
Senior Secured(a)(e)
08/01/18		9.750	%		5,333,000		6,006,291
SunGard Data Systems, Inc.
Senior Unsecured(a)
11/15/18		7.375	%		2,817,000		2,880,382
Total							33,756,727
Transportation Services (1.3%)
Avis Budget Car Rental LLC/Finance, Inc.
03/15/18		9.625	%		1,437,000		1,587,885
01/15/19		8.250	%		1,400,000		1,466,500
Hertz Corp. (The)(a)
10/15/18		7.500	%		2,005,000		2,075,175
04/15/19		6.750	%		1,440,000		1,427,400
01/15/21		7.375	%		2,460,000		2,515,350
Total							9,072,310
Wireless (5.0%)
Clearwire Communications LLC/Finance, Inc.(a)
Senior Secured
12/01/15		12.000	%		1,800,000		1,939,500
Clearwire Communications LLC/Finance, Inc.(a)(b)
Senior Secured
12/01/17		12.000	%		1,812,000		1,936,575
Cricket Communications, Inc.
Senior Secured
05/15/16		7.750	%		3,445,000		3,660,312
MetroPCS Wireless, Inc.
09/01/18		7.875	%		3,370,000		3,605,900
11/15/20		6.625	%		1,870,000		1,867,663
NII Capital Corp.
08/15/16		10.000	%		594,000		677,160
04/01/21		7.625	%		1,845,000		1,886,512
Nextel Communications, Inc.
08/01/15		7.375	%		1,251,000		1,255,691
SBA Telecommunications, Inc.
08/15/16		8.000	%		1,535,000		1,671,231
08/15/19		8.250	%		2,346,000		2,592,330
Sprint Nextel Corp.
Senior Unsecured
12/01/16		6.000	%		394,000		395,478
Sprint Nextel Corp.(b)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wireless (continued)
Senior Unsecured
08/15/17		8.375	%	$	6,064,000	$	6,753,780
Wind Acquisition Finance SA(a)(e)
07/15/17		11.750	%		3,105,000		3,570,750
Senior Secured
02/15/18		7.250	%		2,170,000		2,278,500
Wind Acquisition Finance SA(a)(e)(f)(g)
07/15/17		0.000	%		3,105,000		6,210
Total							34,097,592
Wirelines (3.8%)
Cincinnati Bell, Inc.
10/15/17		8.250	%		1,599,000		1,610,992
10/15/20		8.375	%		1,601,000		1,572,983
Frontier Communications Corp.
Senior Unsecured
04/15/17		8.250	%		934,000		1,008,720
03/15/19		7.125	%		3,204,000		3,252,060
ITC Deltacom, Inc.
Senior Secured
04/01/16		10.500	%		1,809,000		1,994,422
Integra Telecom Holdings, Inc.
Senior Secured(a)
04/15/16		10.750	%		1,659,000		1,800,015
Level 3 Financing, Inc.
11/01/14		9.250	%		290,000		296,525
02/15/17		8.750	%		2,506,000		2,487,205
02/01/18		10.000	%		1,610,000		1,612,012
Level 3 Financing, Inc.(a)
04/01/19		9.375	%		795,000		769,163
PAETEC Holding Corp.
Senior Secured
06/30/17		8.875	%		2,603,000		2,804,732
PAETEC Holding Corp.(a)
Senior Unsecured
12/01/18		9.875	%		3,200,000		3,376,000
Windstream Corp.(a)
10/15/20		7.750	%		1,200,000		1,233,000
Windstream Corp.(a)(b)
10/01/21		7.750	%		1,820,000		1,849,575
Windstream Corp.(b)
09/01/18		8.125	%		355,000		378,963
Total							26,046,367
Total Corporate Bonds & Notes (Cost: $618,058,005)						$	656,557,319

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (0.2%)
Gaming (0.2%)
Great Lakes Gaming of Michigan LLC(d)(f)(g)(h)
Development Term Loan
08/15/12		9.000	%	$	1,282,352	$	1,279,916

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Gaming (continued)
Non-Gaming Land Acquisition Letter of Credit
08/15/12		9.000	%	$	274,079	$	273,558
Total							1,553,474
Total Senior Loans (Cost: $1,548,082)						$	1,553,474
Issuer				Shares		Value
Limited Partnerships (—%)
FINANCIALS (—%)
Diversified Financial Services (—%)
Varde Fund V LP(f)(g)					5,000,000	$	100,440
TOTAL FINANCIALS							100,440
Total Limited Partnerships (Cost: $—)						$	100,440
				Shares		Value
Money Market Fund (2.6%)
Columbia Short-Term Cash Fund, 0.229%(i)(j)					17,944,585	$	17,944,585
Total Money Market Fund (Cost: $17,944,585)						$	17,944,585
	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (6.1%)
Asset-Backed Commercial Paper (0.3%)
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%	$	1,997,342	$	1,997,342

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (1.0%)
Credit Industrial et Commercial
06/07/11		0.400	%	$	2,000,000	$	2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		1,000,000		1,000,000
05/09/11		0.400	%		1,000,000		1,000,000
Mitsubishi UFJ Trust and Banking Corp.
04/06/11		0.350	%		1,000,000		1,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		999,086		999,086
United Overseas Bank Ltd.
05/23/11		0.400	%		1,000,000		1,000,000
Total							6,999,086
Repurchase Agreements (4.8%)
Citigroup Global Markets, Inc.(k)
dated 03/31/11, matures 04/01/11,
repurchase price $20,000,072
		0.130	%		20,000,000		20,000,000
repurchase price $5,000,018
		0.130	%		5,000,000		5,000,000
Goldman Sachs & Co. dated 03/31/11, matures 04/01/11, repurchase price $7,282,892(k)
		0.160	%		7,282,860		7,282,860
Total							32,282,860
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $41,279,288)							$41,279,288
Total Investments (Cost: $678,829,960)(l)						$	717,435,106(m)
Other Assets & Liabilities, Net							(36,541,065)
Net Assets							$680,894,041

Notes to Portfolio of Investments

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $283,497,217 or 41.64% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a security purchased on a when-issued or delayed delivery basis.
(d)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(e)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 9.46% of net assets.
(f)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $3,251,744, representing 0.48% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
Great Lakes Gaming of Michigan LLC Development Term Loan 9.000% 2012	03/02/07 thru 09/15/07		$	1,275,517
Great Lakes Gaming of Michigan LLC Non-Gaming Land Acquisition Letter of Credit 9.000% 2012	03/02/07 thru 09/15/07			272,566
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Trust 9.300% 2015	02/09/00 thru 04/09/02			1,103,783
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Trust 9.300% 2015	12/11/01 thru 08/28/02			339,722
Varde Fund V LP	04/27/00 thru 06/19/00			—	*
Wind Acquisition Finance SA 0.000% 2017		03/02/11		—

*	The original cost for this position was $5,000,000. From September 29, 2004 through May 7, 2005, $5,000,000 was returned to the fund in the form of return of capital.
(g)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $3,251,744, which represents 0.48% of net assets.

(h)	Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(i)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(j)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/						Dividends
					Proceeds from		Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales		Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	7,909,130	$	82,050,295	$	(72,014,840)	$	—	$	17,944,585	$	9,379	$	17,944,585

^(k)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	88,259
Fannie Mae REMICS		6,527,687
Fannie Mae Whole Loan		152,139
Fannie Mae-Aces		41,030
Freddie Mac Reference REMIC		611,701
Freddie Mac REMICS		9,971,568
Government National Mortgage Association		3,007,616
Total Market Value of Collateral Securities	$	20,400,000

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	22,065
Fannie Mae REMICS		1,631,922
Fannie Mae Whole Loan		38,035
Fannie Mae-Aces		10,257
Freddie Mac Reference REMIC		152,925
Freddie Mac REMICS		2,492,892
Government National Mortgage Association		751,904
Total Market Value of Collateral Securities	$	5,100,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	7,428,517
Total Market Value of Collateral Securities	$	7,428,517

^(l)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $678,830,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	43,582,000
Unrealized Depreciation		(4,977,000	)
Net Unrealized Appreciation	$	38,605,000

^(m)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

PIK Payment-in-Kind

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Bonds
Corporate Bonds & Notes
Entertainment	$	—	$	10,407,079	$	1,591,620	$	11,998,699
Wireless		—		34,091,382		6,210		34,097,592
All Other Industries		—		610,461,028		—		610,461,028
Total Bonds		—		654,959,489		1,597,830		656,557,319
Other
Senior Loans
Gaming		—		—		1,553,474		1,553,474
Limited Partnerships
Financials		—		—		100,440		100,440
Affiliated Money Market Fund(c)		17,944,585		—		—		17,944,585
Investments of Cash Collateral Received for Securities on Loan		—		41,279,288		—		41,279,288
Total Other		17,944,585		41,279,288		1,653,914		60,877,787
Total	$	17,944,585	$	696,238,777	$	3,251,744	$	717,435,106

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Corporate Bonds			Senior			Limited
	& Notes			Loans			Partnerships				Total
Balance as of December 31, 2010	$	1,728,094		$	2,403,005		$	100,860		$	4,231,959
Accrued discounts/premiums		5,781			1,718			—			7,499
Realized gain (loss)		21,691			5,139			—			26,830
Change in unrealized appreciation (depreciation)*		(17,986	)		17,896			(420	)		(510	)
Sales		(139,750	)		(874,284	)		—			(1,014,034	)
Purchases		—			—			—			—
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Balance as of March 31, 2011	$	1,597,830		$	1,553,474		$	100,440		$	3,251,744

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $(3,967), which is comprised of Corporate Bonds & Notes of $(17,986), Senior Loans of $14,439 and Limited Partnerships of $(420).

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - Income Opportunities Fund

(formerly known as RiverSource Variable Portfolio - Income Opportunities Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (94.7%)
Aerospace & Defense (3.4%)
ADS Tactical, Inc.
Senior Secured(a)(b)
04/01/18		11.000	%	$	7,350,000	$	7,533,750
Huntington Ingalls Industries, Inc.(a)(b)
03/15/18		6.875	%		2,372,000		2,475,775
03/15/21		7.125	%		3,221,000		3,357,892
Kratos Defense & Security Solutions, Inc.
Senior Secured
06/01/17		10.000	%		3,660,000		4,035,150
Kratos Defense & Security Solutions, Inc.(a)
Senior Secured
06/01/17		10.000	%		5,202,000		5,748,210
L-3 Communications Corp.
10/15/15		6.375	%		3,357,000		3,457,710
Oshkosh Corp.
03/01/17		8.250	%		2,904,000		3,194,400
03/01/20		8.500	%		5,143,000		5,766,589
TransDigm, Inc.
Senior Subordinated Notes(a)(b)
12/15/18		7.750	%		3,351,000		3,598,136
Total							39,167,612
Automotive (1.7%)
Accuride Corp.
Senior Secured(b)
08/01/18		9.500	%		965,000		1,073,563
Dana Holding Corp.(b)
Senior Unsecured
02/15/19		6.500	%		850,000		843,625
02/15/21		6.750	%		6,811,000		6,793,972
Lear Corp.
03/15/20		8.125	%		1,524,000		1,676,400
Lear Corp.(b)
03/15/18		7.875	%		2,732,000		2,977,880
TRW Automotive, Inc.(a)
12/01/17		8.875	%		4,085,000		4,575,200
Visteon Corp.
Senior Notes(a)(c)
04/15/19		6.750	%		2,057,000		2,057,000
Total							19,997,640
Brokerage (0.7%)
E*Trade Financial Corp.(b)
Senior Unsecured
09/15/13		7.375	%		990,000		993,713
12/01/15		7.875	%		6,940,000		7,026,750
Total							8,020,463
Building Materials (1.1%)
Associated Materials LLC
Senior Secured(a)
11/01/17		9.125	%		368,000		391,000
Euramax International, Inc.
Senior Secured(a)
04/01/16		9.500	%		3,105,000		3,143,813

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Building Materials (continued)
Gibraltar Industries, Inc.
12/01/15		8.000	%	$	3,807,000	$	3,892,657
Interface, Inc.(a)(b)
12/01/18		7.625	%		874,000		922,070
Norcraft Companies LP/Finance Corp.
Secured
12/15/15		10.500	%		4,704,000		5,033,280
Norcraft Holdings LP/Capital Corp.
Senior Discount Notes(d)
09/01/12		9.750	%		92,000		91,080
Total							13,473,900
Chemicals (3.5%)
Ashland, Inc.
06/01/17		9.125	%		2,715,000		3,115,463
CF Industries, Inc.
05/01/18		6.875	%		3,625,000		4,060,000
CF Industries, Inc.(b)
05/01/20		7.125	%		3,707,000		4,198,177
Celanese U.S. Holdings LLC(a)(b)
10/15/18		6.625	%		316,000		325,480
Chemtura Corp.(a)
09/01/18		7.875	%		1,291,000		1,365,233
Hexion U.S. Finance Corp./Nova Scotia ULC
Senior Secured(b)
02/01/18		8.875	%		10,440,000		11,040,300
Koppers, Inc.
12/01/19		7.875	%		1,040,000		1,128,400
Lyondell Chemical Co.
Senior Secured(a)(b)
11/01/17		8.000	%		6,781,000		7,493,005
Nalco Co.(a)(b)
01/15/19		6.625	%		5,310,000		5,462,662
Polypore International, Inc.(a)
11/15/17		7.500	%		3,000,000		3,150,000
Total							41,338,720
Construction Machinery (3.1%)
Case New Holland, Inc.
Senior Notes(a)
12/01/17		7.875	%		6,622,000		7,350,420
Columbus McKinnon Corp.(a)(b)
02/01/19		7.875	%		1,100,000		1,138,500
Manitowoc Co., Inc. (The)(b)
02/15/18		9.500	%		5,435,000		6,114,375
11/01/20		8.500	%		1,550,000		1,662,375
RSC Equipment Rental, Inc./Holdings III LLC(a)(b)
Senior Secured
07/15/17		10.000	%		3,380,000		3,836,300
Senior Unsecured
02/01/21		8.250	%		1,675,000		1,742,000
United Rentals North America, Inc.
12/15/19		9.250	%		12,620,000		14,071,300
Total							35,915,270

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Consumer Cyclical Services (0.7%)
Brickman Group Holdings, Inc.
Senior Notes(a)
11/01/18		9.125	%	$	291,000	$	312,098
Garda World Security Corp.
Senior Unsecured(a)(b)(e)
03/15/17		9.750	%		3,413,000		3,677,507
West Corp.(a)(b)
01/15/19		7.875	%		3,615,000		3,687,300
Total							7,676,905
Consumer Products (2.0%)
ACCO Brands Corp.
Senior Secured(b)
03/15/15		10.625	%		825,000		930,187
Central Garden and Pet Co.
03/01/18		8.250	%		4,940,000		5,162,300
Jarden Corp.
05/01/16		8.000	%		3,297,000		3,606,094
Libbey Glass, Inc.
Senior Secured
02/15/15		10.000	%		4,058,000		4,423,220
NBTY, Inc.(a)(b)
10/01/18		9.000	%		390,000		423,150
Scotts Miracle-Gro Co. (The)(a)(b)
12/15/20		6.625	%		640,000		656,800
Sealy Mattress Co.
Senior Secured(a)(b)
04/15/16		10.875	%		597,000		678,341
Spectrum Brands Holdings, Inc.
Senior Secured(a)
06/15/18		9.500	%		6,406,000		7,046,600
Total							22,926,692
Diversified Manufacturing (1.6%)
Amsted Industries, Inc.
Senior Notes(a)
03/15/18		8.125	%		3,474,000		3,717,180
CPM Holdings, Inc.
Senior Secured(a)
09/01/14		10.875	%		7,059,000		7,623,720
Pinafore LLC/Inc.
Secured(a)(b)(e)
10/01/18		9.000	%		650,000		702,000
SPX Corp.(a)
09/01/17		6.875	%		3,741,000		4,021,575
WireCo WorldGroup
Senior Unsecured(a)
05/15/17		9.500	%		2,140,000		2,279,100
Total							18,343,575

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (3.6%)
CMS Energy Corp.
Senior Unsecured
02/15/18		5.050	%	$	2,980,000	$	2,976,275
Calpine Corp.
Senior Secured(a)(b)
02/15/21		7.500	%		2,670,000		2,766,787
Edison Mission Energy
Senior Unsecured(b)
05/15/17		7.000	%		4,248,000		3,409,020
Energy Future Holdings Corp.
Senior Secured(b)
01/15/20		10.000	%		3,545,000		3,756,548
GenOn Energy, Inc.
Senior Unsecured(a)(b)
10/15/18		9.500	%		2,407,000		2,509,298
Ipalco Enterprises, Inc.
Senior Secured(a)
04/01/16		7.250	%		2,015,000		2,181,238
Midwest Generation LLC
Pass-Through Certificates(b)
01/02/16		8.560	%		10,000,257		10,200,262
NRG Energy, Inc.(b)
01/15/17		7.375	%		13,422,000		13,992,435
Total							41,791,863
Entertainment (1.1%)
AMC Entertainment, Inc.(b)
06/01/19		8.750	%		3,867,000		4,195,695
Cinemark USA, Inc.(b)
06/15/19		8.625	%		2,039,000		2,227,607
Regal Cinemas Corp.
07/15/19		8.625	%		2,975,000		3,194,406
Speedway Motorsports, Inc.
06/01/16		8.750	%		2,800,000		3,066,000
Speedway Motorsports, Inc.(a)
Senior Notes
02/01/19		6.750	%		645,000		649,838
Total							13,333,546
Environmental (0.2%)
Clean Harbors, Inc.
Senior Secured
08/15/16		7.625	%		1,463,000		1,552,609
Clean Harbors, Inc.(a)(b)
Senior Secured
08/15/16		7.625	%		1,250,000		1,326,562
Total							2,879,171

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Food and Beverage (0.5%)
Cott Beverages, Inc.
09/01/18		8.125	%	$	1,347,000	$	1,437,923
Cott Beverages, Inc.(b)
11/15/17		8.375	%		1,205,000		1,286,338
Darling International, Inc.(a)
12/15/18		8.500	%		650,000		706,875
Dean Foods Co.(a)(b)
Senior Notes
12/15/18		9.750	%		1,882,000		1,931,402
Dean Foods Co.(b)
06/01/16		7.000	%		95,000		90,606
Total							5,453,144
Gaming (5.3%)
Boyd Gaming Corp.
Senior Notes(a)
12/01/18		9.125	%		7,094,000		7,289,085
FireKeepers Development Authority
Senior Secured(a)
05/01/15		13.875	%		2,750,000		3,258,750
Isle of Capri Casinos, Inc.(a)(b)
03/15/19		7.750	%		706,000		702,470
MGM Resorts International
Senior Secured(b)
03/15/20		9.000	%		11,075,000		12,182,500
Penn National Gaming, Inc.
Senior Subordinated Notes(b)
08/15/19		8.750	%		2,275,000		2,511,031
Pinnacle Entertainment, Inc.
08/01/17		8.625	%		813,000		886,170
Pinnacle Entertainment, Inc.(b)
05/15/20		8.750	%		1,239,000		1,288,560
Pokagon Gaming Authority
Senior Notes(a)
06/15/14		10.375	%		6,627,000		6,858,945
San Pasqual Casino(a)
09/15/13		8.000	%		1,520,000		1,520,000
Seminole Indian Tribe of Florida(a)
10/01/20		7.804	%		1,955,000		1,932,948
Senior Secured
10/01/20		6.535	%		4,385,000		4,309,052
Seminole Indian Tribe of Florida(a)(b)
10/01/17		7.750	%		4,520,000		4,779,900
Seneca Gaming Corp.(a)
12/01/18		8.250	%		2,533,000		2,608,990
Shingle Springs Tribal Gaming Authority
Senior Notes(a)
06/15/15		9.375	%		11,230,000		7,411,800
Tunica-Biloxi Gaming Authority
Senior Unsecured(a)
11/15/15		9.000	%		4,262,000		4,219,380
Total							61,759,581

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Gas Distributors (0.2%)
Energy Transfer Equity LP
10/15/20		7.500	%	$	2,057,000	$	2,242,130
Gas Pipelines (3.1%)
Copano Energy LLC/Finance Corp.(c)
04/01/21		7.125	%		810,000		820,125
El Paso Corp.
01/15/32		7.750	%		7,400,000		8,292,307
MarkWest Energy Partners LP/Finance Corp.
08/15/21		6.500	%		2,800,000		2,796,500
Regency Energy Partners LP/Finance Corp.(b)
06/01/16		9.375	%		4,205,000		4,783,187
12/01/18		6.875	%		1,649,000		1,752,063
Sonat, Inc.
Senior Unsecured
02/01/18		7.000	%		2,600,000		2,872,875
Southern Star Central Corp.
Senior Unsecured
03/01/16		6.750	%		7,827,000		7,944,405
Southern Star Central Corp.(a)
Senior Unsecured
03/01/16		6.750	%		6,490,000		6,587,350
Total							35,848,812
Health Care (4.8%)
AMGH Merger Sub, Inc.(a)(b)
11/01/18		9.250	%		871,000		934,147
American Renal Holdings Co., Inc.
Senior Secured
05/15/18		8.375	%		2,265,000		2,389,575
Apria Healthcare Group, Inc.
Senior Secured
11/01/14		11.250	%		2,930,000		3,157,075
Capella Healthcare, Inc.(a)(b)
07/01/17		9.250	%		570,000		612,750
ConvaTec Healthcare E SA
Senior Unsecured(a)(e)
12/15/18		10.500	%		5,229,000		5,490,450
Fresenius Medical Care U.S. Finance, Inc.(a)
02/15/21		5.750	%		4,230,000		4,092,525
HCA, Inc.
Senior Secured
02/15/20		7.875	%		3,700,000		4,023,750
09/15/20		7.250	%		14,505,000		15,520,350
Hanger Orthopedic Group, Inc.(b)
11/15/18		7.125	%		2,321,000		2,367,420
Healthsouth Corp.
02/15/20		8.125	%		713,000		770,040
09/15/22		7.750	%		330,000		343,200
InVentiv Health, Inc.(a)(b)
08/15/18		10.000	%		4,583,000		4,766,320
LifePoint Hospitals, Inc.(a)(b)
10/01/20		6.625	%		1,251,000		1,282,275

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Health Care (continued)
STHI Holding Corp.
Secured(a)
03/15/18		8.000	%	$	1,164,000	$	1,204,740
Tenet Healthcare Corp.
Senior Secured
07/01/19		8.875	%		3,805,000		4,337,700
Vanguard Health Holding Co. II LLC/Inc.(a)(b)
02/01/18		8.000	%		1,700,000		1,742,500
02/01/19		7.750	%		400,000		405,000
Vanguard Health Holding Co. II LLC/Inc.(b)
02/01/18		8.000	%		2,432,000		2,489,760
Total							55,929,577
Home Construction (0.5%)
K Hovnanian Enterprises, Inc.
Senior Secured
10/15/16		10.625	%		2,586,000		2,747,625
KB Home
09/15/17		9.100	%		2,155,000		2,284,300
William Lyon Homes, Inc.
02/15/14		7.500	%		518,000		376,845
Total							5,408,770
Independent Energy (8.1%)
Berry Petroleum Co.(b)
Senior Unsecured
06/01/14		10.250	%		4,735,000		5,492,600
11/01/20		6.750	%		975,000		1,004,250
Brigham Exploration Co.(a)(b)
10/01/18		8.750	%		2,365,000		2,636,975
Carrizo Oil & Gas, Inc.(a)(b)
10/15/18		8.625	%		5,309,000		5,654,085
Chaparral Energy, Inc.(a)
10/01/20		9.875	%		1,270,000		1,409,700
Chaparral Energy, Inc.(a)(b)
09/01/21		8.250	%		2,630,000		2,708,900
Chesapeake Energy Corp.(b)
08/15/20		6.625	%		8,750,000		9,296,875
02/15/21		6.125	%		2,325,000		2,400,563
Comstock Resources, Inc.(b)
10/15/17		8.375	%		3,291,000		3,414,412
04/01/19		7.750	%		3,003,000		3,055,553
Concho Resources, Inc.
10/01/17		8.625	%		5,144,000		5,684,120
Senior Notes
01/15/21		7.000	%		2,520,000		2,652,300
Continental Resources, Inc.
10/01/20		7.375	%		1,008,000		1,083,600
04/01/21		7.125	%		2,318,000		2,462,875
Denbury Resources, Inc.(b)
03/01/16		9.750	%		3,000,000		3,382,500
02/15/20		8.250	%		493,000		549,695
EXCO Resources, Inc.(b)
09/15/18		7.500	%		6,246,000		6,347,497

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (continued)
Hilcorp Energy I LP/Finance Co.
Senior Unsecured(a)
11/01/15		7.750	%	$	6,376,000	$	6,599,160
MEG Energy Corp.(a)(e)
03/15/21		6.500	%		3,390,000		3,445,087
Oasis Petroleum, Inc.
Senior Notes(a)
02/01/19		7.250	%		1,694,000		1,719,410
Petrohawk Energy Corp.(a)
08/15/18		7.250	%		2,503,000		2,571,833
Petrohawk Energy Corp.(b)
08/15/18		7.250	%		2,320,000		2,389,600
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		3,420,000		3,591,000
Quicksilver Resources, Inc.
08/01/15		8.250	%		4,653,000		4,850,752
Range Resources Corp.
05/01/18		7.250	%		1,165,000		1,243,638
05/15/19		8.000	%		2,632,000		2,901,780
Range Resources Corp.(b)
08/01/20		6.750	%		2,920,000		3,106,150
Southwestern Energy Co.
Senior Notes(b)
02/01/18		7.500	%		2,035,000		2,307,181
Venoco, Inc.
Senior Unsecured(a)
02/15/19		8.875	%		699,000		699,000
Total							94,661,091
Life Insurance (0.8%)
ING Groep NV(d)(e)
12/29/49		5.775	%		10,353,000		9,576,525
Lodging (0.7%)
Starwood Hotels & Resorts Worldwide, Inc.
Senior Unsecured(b)
12/01/19		7.150	%		1,254,000		1,379,400
Wyndham Worldwide Corp.
Senior Unsecured
03/01/20		7.375	%		2,500,000		2,756,250
Wyndham Worldwide Corp.(b)
Senior Unsecured
12/01/16		6.000	%		3,340,000		3,539,198
02/01/18		5.750	%		553,000		572,992
Total							8,247,840
Media Cable (4.0%)
Bresnan Broadband Holdings LLC(a)
12/15/18		8.000	%		140,000		148,400
CCO Holdings LLC/Capital Corp.(b)
01/15/19		7.000	%		2,835,000		2,905,875
04/30/20		8.125	%		9,461,000		10,288,837

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Media Cable (continued)
CSC Holdings LLC
Senior Unsecured(b)
02/15/19		8.625	%	$	1,780,000	$	2,038,100
Cablevision Systems Corp.
Senior Unsecured(b)
09/15/17		8.625	%		3,190,000		3,548,875
Cequel Communications Holdings I LLC/Capital Corp.
Senior Unsecured(a)(b)
11/15/17		8.625	%		5,521,000		5,755,643
DISH DBS Corp.
09/01/19		7.875	%		2,058,000		2,227,785
DISH DBS Corp.(b)
02/01/16		7.125	%		7,355,000		7,851,462
Insight Communications Co., Inc.
Senior Notes(a)(b)
07/15/18		9.375	%		2,100,000		2,331,000
Kabel BW Erste Beteiligungs GmbH/Co. KG
Senior Secured(a)(e)
03/15/19		7.500	%		2,000,000		2,049,205
Videotron Ltee(e)
04/15/18		9.125	%		6,495,000		7,290,638
Total							46,435,820
Media Non-Cable (7.2%)
Belo Corp.
Senior Unsecured(b)
11/15/16		8.000	%		7,468,000		8,140,120
Clear Channel Worldwide Holdings, Inc.(b)
12/15/17		9.250	%		7,257,000		7,955,486
Entravision Communications Corp.
Senior Secured(b)
08/01/17		8.750	%		5,890,000		6,272,850
Intelsat Jackson Holdings SA(a)(c)(e)
04/01/19		7.250	%		4,365,000		4,370,456
04/01/21		7.500	%		4,365,000		4,375,913
Intelsat Subsidiary Holding Co. SA(a)(e)
01/15/15		8.875	%		2,310,000		2,385,075
Interpublic Group of Companies, Inc. (The)
Senior Unsecured
07/15/17		10.000	%		6,664,000		7,930,160
Nielsen Finance LLC/Co.(a)
10/15/18		7.750	%		8,360,000		8,966,100
Salem Communications Corp.
Secured(b)
12/15/16		9.625	%		7,799,000		8,422,920
Sinclair Television Group, Inc.
Secured(a)(b)
11/01/17		9.250	%		8,861,000		9,880,015
Sirius XM Radio, Inc.(a)(b)
04/01/15		8.750	%		4,735,000		5,326,875
Univision Communications, Inc.
Senior Secured(a)(b)
11/01/20		7.875	%		5,055,000		5,358,300
XM Satellite Radio, Inc.(a)
11/01/18		7.625	%		4,773,000		5,035,515
Total							84,419,785

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Metals (4.1%)
Arch Coal, Inc.
08/01/16		8.750	%	$	3,234,000	$	3,613,995
Arch Coal, Inc.(b)
10/01/20		7.250	%		329,000		352,441
Compass Minerals International, Inc.
06/01/19		8.000	%		1,610,000		1,754,900
Consol Energy, Inc.
04/01/20		8.250	%		4,490,000		4,978,287
Consol Energy, Inc.(b)
04/01/17		8.000	%		6,532,000		7,152,540
FMG Resources August 2006 Proprietary Ltd.(a)(b)(e)
02/01/16		6.375	%		2,600,000		2,619,500
02/01/18		6.875	%		1,483,000		1,546,028
FMG Resources August 2006 Proprietary Ltd.(a)(e)
11/01/15		7.000	%		5,382,000		5,551,736
JMC Steel Group
Senior Notes(a)(b)
03/15/18		8.250	%		1,435,000		1,467,288
Novelis, Inc.(a)(b)(e)
12/15/20		8.750	%		3,785,000		4,163,500
Novelis, Inc.(a)(e)
12/15/17		8.375	%		3,790,000		4,102,675
Rain CII Carbon LLC/Corp.
Senior Secured(a)
12/01/18		8.000	%		3,185,000		3,399,987
United States Steel Corp.
Senior Unsecured
02/01/18		7.000	%		3,205,000		3,329,194
United States Steel Corp.(b)
Senior Unsecured
04/01/20		7.375	%		3,359,000		3,518,552
Total							47,550,623
Non-Captive Consumer (0.7%)
SLM Corp.
Senior Notes
01/25/16		6.250	%		2,904,000		3,027,420
Senior Unsecured
03/25/20		8.000	%		1,350,000		1,471,500
Springleaf Finance Corp.
Senior Unsecured
12/15/17		6.900	%		4,372,000		4,000,380
Total							8,499,300
Non-Captive Diversified (6.8%)
Ally Financial, Inc.(a)
09/15/20		7.500	%		2,945,000		3,106,975
Ally Financial, Inc.(a)(b)
12/01/17		6.250	%		3,735,000		3,805,031
Ally Financial, Inc.(b)
03/15/20		8.000	%		19,469,000		21,196,874

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Non-Captive Diversified (continued)
CIT Group, Inc.(a)(b)
Secured
04/01/18		6.625	%	$	1,620,000	$	1,644,300
CIT Group, Inc.(a)(b)(c)
Secured
04/01/18		6.625	%		2,470,000		2,507,050
CIT Group, Inc.(b)
Secured
05/01/17		7.000	%		19,740,000		19,764,675
Ford Motor Credit Co. LLC
Senior Unsecured
10/01/14		8.700	%		3,690,000		4,188,740
02/01/21		5.750	%		12,205,000		12,052,413
International Lease Finance Corp.(a)
Senior Unsecured
03/15/17		9.000	%		3,140,000		3,532,500
International Lease Finance Corp.(b)
Senior Unsecured
09/01/17		8.875	%		3,905,000		4,422,413
12/15/20		8.250	%		3,095,000		3,392,894
Total							79,613,865
Oil Field Services (1.1%)
Key Energy Services, Inc.
03/01/21		6.750	%		2,343,000		2,384,003
Offshore Group Investments Ltd.
Senior Secured(a)(e)
08/01/15		11.500	%		6,515,000		7,228,440
Trinidad Drilling Ltd.
Senior Unsecured(a)(b)(e)
01/15/19		7.875	%		2,595,000		2,743,671
Total							12,356,114
Other Industry (1.4%)
Aquilex Holdings LLC/Finance Corp.(b)
12/15/16		11.125	%		5,992,000		6,329,050
Chart Industries, Inc.
10/15/15		9.125	%		8,195,000		8,358,900
Interline Brands, Inc.
11/15/18		7.000	%		1,439,000		1,474,975
Total							16,162,925
Packaging (3.6%)
Ardagh Packaging Finance PLC(a)(b)(e)
10/15/20		9.125	%		2,160,000		2,338,200
Senior Secured
10/15/17		7.375	%		2,715,000		2,905,050
Ball Corp.
09/01/19		7.375	%		1,435,000		1,553,387
09/15/20		6.750	%		1,500,000		1,571,250
Crown Americas LLC/Capital Corp. III
Senior Notes(a)(b)
02/01/21		6.250	%		3,925,000		4,003,500

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Packaging (continued)
Greif, Inc.
Senior Unsecured
02/01/17		6.750	%	$	5,135,000	$	5,417,425
Greif, Inc.(b)
Senior Unsecured
08/01/19		7.750	%		905,000		988,713
Reynolds Group Issuer, Inc./LLC(a)
Senior Secured
04/15/19		7.125	%		2,415,000		2,475,375
Reynolds Group Issuer, Inc./LLC(a)(b)
04/15/19		9.000	%		3,255,000		3,368,925
02/15/21		8.250	%		3,426,000		3,400,305
Senior Secured
10/15/16		7.750	%		6,762,000		7,167,720
02/15/21		6.875	%		2,225,000		2,236,125
Sealed Air Corp.
Senior Notes
06/15/17		7.875	%		4,097,000		4,581,437
Total							42,007,412
Paper (1.0%)
Cascades, Inc.(e)
12/15/17		7.750	%		5,255,000		5,550,594
Graphic Packaging International, Inc.(b)
06/15/17		9.500	%		3,080,000		3,418,800
10/01/18		7.875	%		715,000		765,050
Verso Paper Holdings LLC/Inc.
Secured(a)
02/01/19		8.750	%		1,824,000		1,896,960
Total							11,631,404
Pharmaceuticals (1.4%)
Grifols, Inc.
Secured(a)(b)
02/01/18		8.250	%		3,572,000		3,661,300
Mylan, Inc.(a)
11/15/18		6.000	%		6,440,000		6,440,000
Valeant Pharmaceuticals International(a)(e)
10/01/17		6.750	%		1,310,000		1,290,350
10/01/20		7.000	%		1,020,000		989,400
Warner Chilcott Co./Finance LLC(a)
09/15/18		7.750	%		4,126,000		4,321,985
Total							16,703,035
Railroads (0.2%)
Kansas City Southern Railway
06/01/15		8.000	%		2,600,000		2,814,500
Refining (0.3%)
United Refining Co.
Senior Secured(a)
02/28/18		10.500	%		3,769,000		3,769,000

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Retailers (1.9%)
HSN, Inc.
08/01/16		11.250	%	$	2,110,000	$	2,389,575
Limited Brands, Inc.
05/01/20		7.000	%		2,770,000		2,932,737
Ltd Brands, Inc.
04/01/21		6.625	%		1,615,000		1,651,338
QVC, Inc.(a)
Senior Secured
10/01/19		7.500	%		3,880,000		4,074,000
QVC, Inc.(a)(b)
Senior Secured
04/15/17		7.125	%		2,900,000		3,034,125
Rite Aid Corp.
Senior Secured(b)
08/15/20		8.000	%		1,210,000		1,281,088
Toys R Us Property Co. II LLC
Senior Secured(b)
12/01/17		8.500	%		3,896,000		4,188,200
Toys R Us, Inc.
Senior Unsecured(b)
10/15/18		7.375	%		2,396,000		2,401,990
Total							21,953,053
Technology (4.0%)
Amkor Technology, Inc.
Senior Unsecured(b)
05/01/18		7.375	%		3,021,000		3,126,735
Avaya, Inc.
Senior Secured(a)(b)
04/01/19		7.000	%		2,581,000		2,516,475
Brocade Communications Systems, Inc.
Senior Secured
01/15/18		6.625	%		5,774,000		6,113,222
01/15/20		6.875	%		788,000		851,040
Cardtronics, Inc.
09/01/18		8.250	%		3,000,000		3,258,750
CommScope, Inc.(a)(b)
01/15/19		8.250	%		2,396,000		2,503,820
First Data Corp.
09/24/15		9.875	%		2,496,000		2,558,400
First Data Corp.(a)
Senior Secured
08/15/20		8.875	%		3,905,000		4,285,738
First Data Corp.(a)(b)
01/15/21		12.625	%		2,914,000		3,161,690
First Data Corp.(a)(c)
Senior Secured
06/15/19		7.375	%		2,465,000		2,517,381
First Data Corp.(b)
PIK
09/24/15		10.550	%		147,000		152,329
Freescale Semiconductor, Inc.
Senior Secured(a)
04/15/18		9.250	%		2,045,000		2,239,275
Interactive Data Corp.(a)(b)
08/01/18		10.250	%		4,665,000		5,236,463

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Technology (continued)
NXP BV/Funding LLC
Senior Secured(a)(e)
08/01/18		9.750	%	$	2,520,000	$	2,838,150
SunGard Data Systems, Inc.
Senior Unsecured(a)(b)
11/15/18		7.375	%		5,455,000		5,577,737
Total							46,937,205
Transportation Services (1.2%)
Avis Budget Car Rental LLC/Finance, Inc.(b)
03/15/18		9.625	%		1,497,000		1,654,185
01/15/19		8.250	%		2,750,000		2,880,625
Hertz Corp. (The)(a)(b)
10/15/18		7.500	%		3,060,000		3,167,100
04/15/19		6.750	%		2,795,000		2,770,544
01/15/21		7.375	%		4,050,000		4,141,125
Total							14,613,579
Wireless (6.1%)
CC Holdings GS V LLC/Crown Castle GS III Corp.
Senior Secured(a)
05/01/17		7.750	%		8,325,000		9,074,250
Clearwire Communications LLC/Finance, Inc.
Senior Secured(a)(b)
12/01/15		12.000	%		3,616,000		3,905,280
Cricket Communications, Inc.
Senior Secured
05/15/16		7.750	%		3,865,000		4,106,562
Crown Castle International Corp.
Senior Unsecured
11/01/19		7.125	%		4,000,000		4,175,000
MetroPCS Wireless, Inc.
11/15/20		6.625	%		3,060,000		3,056,175
MetroPCS Wireless, Inc.(b)
09/01/18		7.875	%		5,110,000		5,467,700
NII Capital Corp.
08/15/16		10.000	%		975,000		1,111,500
NII Capital Corp.(b)
04/01/21		7.625	%		3,150,000		3,220,875
Nextel Communications, Inc.(b)
08/01/15		7.375	%		1,948,000		1,955,305
SBA Telecommunications, Inc.
08/15/16		8.000	%		2,100,000		2,286,375
08/15/19		8.250	%		2,387,000		2,637,635
Sprint Capital Corp.(b)
05/01/19		6.900	%		793,000		818,773
11/15/28		6.875	%		4,095,000		3,777,637
Sprint Nextel Corp.
Senior Unsecured(b)
08/15/17		8.375	%		13,621,000		15,170,389
Wind Acquisition Finance SA(a)(b)(e)
Senior Secured
02/15/18		7.250	%		4,341,000		4,558,050
Wind Acquisition Finance SA(a)(e)
07/15/17		11.750	%		5,470,000		6,290,500
Wind Acquisition Finance SA(a)(e)(f)(g)
07/15/17		0.000	%		5,470,000		10,940
Total							71,622,946

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (3.0%)
Cincinnati Bell, Inc.(b)
10/15/17		8.250	%	$	4,900,000	$	4,936,750
Frontier Communications Corp.
Senior Unsecured
04/15/15		7.875	%		1,162,000		1,252,055
10/01/18		8.125	%		20,000		21,525
Frontier Communications Corp.(b)
Senior Unsecured
04/15/20		8.500	%		9,548,000		10,347,645
ITC Deltacom, Inc.
Senior Secured
04/01/16		10.500	%		2,969,000		3,273,322
Integra Telecom Holdings, Inc.
Senior Secured(a)
04/15/16		10.750	%		2,604,000		2,825,340
Level 3 Financing, Inc.
02/15/17		8.750	%		657,000		652,073
Level 3 Financing, Inc.(a)
04/01/19		9.375	%		780,000		754,650
Level 3 Financing, Inc.(b)
11/01/14		9.250	%		2,349,000		2,401,853
PAETEC Holding Corp.
Senior Secured(b)
06/30/17		8.875	%		4,865,000		5,242,037
Windstream Corp.(b)
10/15/20		7.750	%		2,730,000		2,805,075
Total							34,512,325
Total Corporate Bonds & Notes (Cost: $1,043,461,933)						$	1,105,595,718

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (0.1%)
Gaming (0.1%)
Great Lakes Gaming of Michigan LLC(d)(f)(g)(h)
Development Term Loan
08/15/12		9.000	%	$	459,114	$	458,242
Non-Gaming Land Acquisition Letter of Credit
08/15/12		9.000	%		98,127		97,940
Total							556,182
Total Senior Loans (Cost: $554,252)						$	556,182

	Shares		Value
Money Market Fund (4.3%)
Columbia Short-Term Cash Fund, 0.229%(i)(j)		50,655,291	$	50,655,291
Total Money Market Fund (Cost: $50,655,291)			$	50,655,291

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (24.0%)
Asset-Backed Commercial Paper (2.1%)
Ebbets Funding LLC
04/12/11		0.480	%	$	4,997,867	$	4,997,867
Macquarie Bank Ltd.
05/09/11		0.395	%		4,995,117		4,995,117
05/10/11		0.395	%		5,994,075		5,994,075
Royal Park Investments Funding Corp.
06/17/11		0.601	%		7,987,733		7,987,733
Total							23,974,792
Certificates of Deposit (13.8%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		5,000,000		5,000,000
Bank of Nova Scotia
05/12/11		0.220	%		10,000,000		10,000,000
Barclays Bank PLC
06/15/11		0.400	%		10,000,000		10,000,000
Canadian Imperial Bank
04/07/11		0.240	%		5,000,000		5,000,000
Credit Agricole
04/21/11		0.400	%		6,000,148		6,000,148
Credit Industrial et Commercial
05/23/11		0.400	%		7,000,000		7,000,000
07/01/11		0.430	%		3,000,000		3,000,000
Credit Suisse
04/15/11		0.240	%		5,000,000		5,000,000
DZ Bank AG
04/08/11		0.400	%		5,000,000		5,000,000
05/09/11		0.350	%		2,000,000		2,000,000
Deutsche Bank AG
07/08/11		0.320	%		9,000,000		9,000,000
Development Bank of Singapore Ltd.
05/09/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		5,000,000		5,000,000
06/27/11		0.380	%		2,000,000		2,000,000
KBC Bank NV
04/29/11		0.450	%		7,000,000		7,000,000
Mitsubishi UFJ Trust and Banking Corp.
04/05/11		0.350	%		6,000,000		6,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%	$	10,000,000	$	10,000,000
Natixis
05/09/11		0.503	%		7,000,000		7,000,000
Norinchukin Bank
05/13/11		0.350	%		8,000,000		8,000,000
Rabobank Group
04/27/11		0.298	%		6,500,000		6,500,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
04/21/11		0.510	%		5,000,000		5,000,000
Union Bank of Switzerland
04/18/11		0.333	%		5,000,000		5,000,000
08/15/11		0.355	%		5,000,000		5,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		5,000,000		5,000,000
Westpac Banking Corp.
05/09/11		0.230	%		8,000,000		8,000,000
Total							161,500,148
Commercial Paper (1.1%)
ASB Finance Ltd.
05/03/11		0.391	%		4,990,575		4,990,575
PB Capital Corp.
05/16/11		0.591	%		2,995,329		2,995,329
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Total							12,978,321

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Other Short-Term Obligations (0.4%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%	$	5,000,000	$	5,000,000
Repurchase Agreements (6.6%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $10,001,125(k)
		0.270	%		10,000,000		10,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $45,000,288(k)
		0.230	%		45,000,000		45,000,000
Goldman Sachs & Co. dated 03/31/11, matures 04/01/11, repurchase price $17,675,942(k)
		0.160	%		17,675,864		17,675,864
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $4,275,768(k)
		0.280	%		4,275,735		4,275,735
Total							76,951,599
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $280,404,860)						$	280,404,860
Total Investments (Cost: $1,375,076,336)(l)						$	1,437,212,051(m)
Other Assets & Liabilities, Net							(269,741,808)
Net Assets						$	1,167,470,243

Notes to Portfolio of Investments

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $441,165,350 or 37.79% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a security purchased on a when-issued or delayed delivery basis.
(d)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(e)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 8.40% of net assets.
(f)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $567,122, representing 0.05% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
Great Lakes Gaming of Michigan LLC
Development Term Loan
9.000% 2012	03/02/07 thru 09/15/07		$	456,666
Great Lakes Gaming of Michigan LLC
Non-Gaming Land Acquisition Letter of Credit
9.000% 2012	03/02/07 thru 09/15/07			97,585
Wind Acquisition Finance SA
0.000% 2017		03/02/2011		—

^(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $567,122, which represents 0.05% of net assets.

(h)	Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(i)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(j)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	28,932,238	$	113,392,814	$	(91,669,761	)	$	—	$	50,655,291	$	32,227	$	50,655,291

^(k)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	662,593
Arabella Ltd		941,989
BP Capital Markets PLC		341,468
BPCE		1,333,282
Dexia Delaware LLC		1,525,876
Electricite De France		1,199,440
European Investment Bank		951,599
Nationwide Building		652,047
Skandin Ens Banken AG		1,159,327
Societe Generale		1,732,379
Total Market Value of Collateral Securities	$	10,500,000

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	6,249
Fannie Mae Interest Strip		2,432,146
Fannie Mae Pool		21,421,603
Fannie Mae Principal Strip		229,233
Fannie Mae REMICS		713,313
Federal Farm Credit Bank		409,149
Federal Home Loan Banks		607,078
Federal Home Loan Mortgage Corp		355,655
Federal National Mortgage Association		278,187
FHLMC Structured Pass Through Securities		124,567
Freddie Mac Coupon Strips		2,696
Freddie Mac Gold Pool		3,035,832
Freddie Mac Non Gold Pool		9,198,300
Freddie Mac REMICS		911,225
Freddie Mac Strips		236,959
Ginnie Mae I Pool		643,789
Ginnie Mae II Pool		1,958,317
Government National Mortgage Association		760,459
LMA SA & LMA Americas		2,153
Metlife Short Term Funding		2,956
Sanofi-Aventis		9,191
Silver Tower US Fund		2,052
Suncorp-Metway Ltd		6,310
United States Treasury Inflation Indexed Bonds		135,202
United States Treasury Strip Coupon		2,203,023
United States Treasury Strip Principal		214,360
Total Market Value of Collateral Securities	$	45,900,004

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	18,029,381
Total Market Value of Collateral Securities	$	18,029,381

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	39,432
Fannie Mae Pool		2,213,761
Fannie Mae Principal Strip		37,902
Fannie Mae Whole Loan		36,033
Federal Farm Credit Bank		454,079
Federal Farm Credit Discount Notes		55,121
Federal Home Loan Bank Discount Notes		203,862
Federal Home Loan Banks		313,036
Federal Home Loan Mortgage Corp		22,451
Federal National Mortgage Association		259,279
FHLMC Structured Pass Through Securities		31,197
Freddie Mac Gold Pool		207,404
Freddie Mac Non Gold Pool		486,190
Government National Mortgage Association		1,503
Total Market Value of Collateral Securities	$	4,361,250

^(l)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,375,076,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	63,382,000
Unrealized Depreciation		(1,246,000	)
Net Unrealized Appreciation	$	62,136,000

^(m)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

PIK Payment-in-Kind

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
		Level 1		Level 2		Level 3
Description(a)		quoted prices		other		significant		Total
		in active		significant		unobservable
		markets for		observable		inputs
		identical assets		inputs(b)
Bonds
Corporate Bonds & Notes
Wireless	$	—	$	71,612,006	$	10,940	$	71,622,946
All Other Industries		—		1,033,972,772		—		1,033,972,772
Total Bonds		—		1,105,584,778		10,940		1,105,595,718
Other
Senior Loans Gaming		—		—		556,182		556,182
Affiliated Money Market Fund(c)		50,655,291		—		—		50,655,291
Investments of Cash Collateral Received for Securities on Loan		—		280,404,860		—		280,404,860
Total Other		50,655,291		280,404,860		556,182		331,616,333
Total	$	50,655,291	$	1,385,989,638	$	567,122	$	1,437,212,051

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Corporate Bonds
	& Notes		Senior Loans			Total
Balance as of December 31, 2010	$	—	$	860,335		$	860,335
Accrued discounts/premiums		—		615			615
Realized gain (loss)		—		1,840			1,840
Change in unrealized appreciation (depreciation)*		10,940		6,407			17,347
Sales		—		(313,015	)		(313,015	)
Purchases		—		—			—
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Balance as of March 31, 2011	$	10,940	$	556,182		$	567,122

*Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $16,635, which is comprised of Corporate Bonds & Notes of $10,940 and Senior Loans of $5,695.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - Mid Cap Growth Opportunity Fund

(formerly known as RiverSource Variable Portfolio - Mid Cap Growth Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (92.5%)
CONSUMER DISCRETIONARY (11.9%)
Auto Components (0.3%)
Gentex Corp.		43,304	$	1,309,946
Automobiles (0.8%)
Tesla Motors, Inc.(a)(b)		121,934		3,377,572
Diversified Consumer Services (0.7%)
H&R Block, Inc.(b)		163,129		2,730,779
Hotels, Restaurants & Leisure (2.5%)
Buffalo Wild Wings, Inc.(a)		49,615		2,700,544
China Lodging Group Ltd., ADR(a)(b)(c)		56,761		993,318
Ctrip.com International Ltd., ADR (a)(c)		27,547		1,142,925
Gaylord Entertainment Co.(a)(b)		33,561		1,163,896
Panera Bread Co., Class A(a)(b)		18,396		2,336,292
Starwood Hotels & Resorts Worldwide, Inc.(b)		38,853		2,258,136
Total				10,595,111
Household Durables (0.4%)
KB Home(b)		122,034		1,518,103
Internet & Catalog Retail (0.7%)
priceline.com, Inc.(a)(b)		5,382		2,725,660
Leisure Equipment & Products (0.7%)
Hasbro, Inc.		35,311		1,653,967
Leapfrog Enterprises, Inc.(a)(b)		306,075		1,322,244
Total				2,976,211
Media (0.4%)
Sirius XM Radio, Inc.(a)(b)		943,597		1,566,371
Multiline Retail (0.8%)
Nordstrom, Inc.		55,537		2,492,501
Saks, Inc.(a)(b)		92,546		1,046,695
Total				3,539,196
Specialty Retail (3.6%)
Abercrombie & Fitch Co., Class A		67,383		3,955,382
Dick’s Sporting Goods, Inc.(a)		78,284		3,129,795
GameStop Corp., Class A(a)(b)		60,750		1,368,090
Office Depot, Inc.(a)		79,121		366,330
PetSmart, Inc.		78,970		3,233,822
Rue21, Inc.(a)(b)		63,544		1,830,067
Tiffany & Co.		22,687		1,393,889
Total				15,277,375

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER DISCRETIONARY (CONTINUED)
Textiles, Apparel & Luxury Goods (1.0%)
Coach, Inc.		44,031	$	2,291,373
Phillips-Van Heusen Corp.		28,034		1,823,051
Total				4,114,424
TOTAL CONSUMER DISCRECTIONARY				49,730,748
CONSUMER STAPLES (3.0%)
Food & Staples Retailing (0.6%)
Andersons, Inc. (The)(b)		31,083		1,514,364
Whole Foods Market, Inc.		15,816		1,042,274
Total				2,556,638
Food Products (0.8%)
Diamond Foods, Inc.		20,117		1,122,528
HJ Heinz Co.(b)		26,745		1,305,691
Tyson Foods, Inc., Class A		58,836		1,129,063
Total				3,557,282
Household Products (0.8%)
Church & Dwight Co., Inc.		15,408		1,222,471
Clorox Co.(b)		29,535		2,069,517
Total				3,291,988
Personal Products (0.8%)
Avon Products, Inc.(b)		120,591		3,260,781
TOTAL CONSUMER STAPLES				12,666,689
ENERGY (9.7%)
Energy Equipment & Services (2.3%)
Cameron International Corp.(a)(b)		28,101		1,604,567
Ensco PLC, ADR(b)(c)		57,566		3,329,617
Oceaneering International, Inc.(a)		16,111		1,441,129
Weatherford International Ltd.(a)(b)(c)		150,991		3,412,397
Total				9,787,710
Oil, Gas & Consumable Fuels (7.4%)
Alpha Natural Resources, Inc.(a)(b)		39,960		2,372,425
Arch Coal, Inc.		35,445		1,277,438
Clean Energy Fuels Corp.(a)(b)		456,977		7,485,283
Consol Energy, Inc.(b)		71,604		3,840,123
Crude Carriers Corp.(c)		263,421		3,980,291
Denbury Resources, Inc.(a)		54,211		1,322,749
El Paso Corp.		144,141		2,594,538
Petrohawk Energy Corp.(a)(b)		128,871		3,162,494
Range Resources Corp.(b)		59,715		3,490,939
Williams Companies, Inc. (The)		45,571		1,420,904
Total				30,947,184
TOTAL ENERGY				40,734,894

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (4.2%)
Capital Markets (1.6%)
Affiliated Managers Group, Inc.(a)		24,044	$	2,629,692
E*Trade Financial Corp.(a)		131,829		2,060,487
Stifel Financial Corp.(a)(b)		5,728		411,213
T Rowe Price Group, Inc.		25,899		1,720,212
Total				6,821,604
Commercial Banks (0.5%)
Comerica, Inc.		57,210		2,100,751
Consumer Finance (0.3%)
Green Dot Corp., Class A(a)(b)		22,659		972,298
Diversified Financial Services (0.7%)
IntercontinentalExchange, Inc.(a)		23,745		2,933,457
Insurance (1.1%)
Hartford Financial Services Group, Inc.		59,362		1,598,619
Principal Financial Group, Inc.(b)		95,019		3,051,060
Total				4,649,679
TOTAL FINANCIALS				17,477,789
HEALTH CARE (14.6%)
Biotechnology (2.5%)
Alexion Pharmaceuticals, Inc.(a)		37,486		3,699,119
BioMarin Pharmaceutical, Inc.(a)(b)		98,092		2,465,052
Dendreon Corp.(a)		120,687		4,517,314
Total				10,681,485
Health Care Equipment & Supplies (4.8%)
American Medical Systems Holdings, Inc.(a)(b)		58,041		1,256,007
CR Bard, Inc.(b)		23,019		2,286,017
Edwards Lifesciences Corp.(a)		23,983		2,086,521
Gen-Probe, Inc.(a)		28,831		1,912,937
Haemonetics Corp.(a)(b)		81,540		5,344,132
Hologic, Inc.(a)		148,254		3,291,239
Masimo Corp.(b)		67,983		2,250,237
Zoll Medical Corp.(a)(b)		40,724		1,824,842
Total				20,251,932
Health Care Providers & Services (2.9%)
DaVita, Inc.(a)		25,049		2,141,940
Laboratory Corp. of America Holdings(a)		22,481		2,071,175
Mednax, Inc.(a)		35,784		2,383,572
Select Medical Holdings Corp.(a)(b)		305,313		2,460,823
WellCare Health Plans, Inc.(a)(b)		72,858		3,056,393
Total				12,113,903

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Health Care Technology (0.4%)
Cerner Corp.(a)(b)		15,396	$	1,712,035
Life Sciences Tools & Services (1.1%)
Illumina, Inc.(a)(b)		36,560		2,561,759
Life Technologies Corp.(a)		37,535		1,967,585
Total				4,529,344
Pharmaceuticals (2.9%)
Hospira, Inc.(a)		96,582		5,331,327
Mylan, Inc.(a)		195,887		4,440,758
Shire PLC, ADR(c)		27,381		2,384,885
Total				12,156,970
TOTAL HEALTH CARE				61,445,669
INDUSTRIALS (11.4%)
Aerospace & Defense (0.5%)
BE Aerospace, Inc.(a)		29,518		1,048,775
Spirit Aerosystems Holdings, Inc., Class A(a)(b)		40,520		1,040,148
Total				2,088,923
Air Freight & Logistics (0.6%)
Expeditors International of Washington, Inc.		53,156		2,665,242
Airlines (2.1%)
Delta Air Lines, Inc.(a)		687,091		6,733,492
U.S. Airways Group, Inc.(a)(b)		246,734		2,149,053
Total				8,882,545
Commercial Services & Supplies (0.6%)
Iron Mountain, Inc.(b)		43,375		1,354,601
Stericycle, Inc.(a)(b)		10,888		965,439
Total				2,320,040
Electrical Equipment (1.0%)
American Superconductor Corp.(a)(b)		91,338		2,271,576
Real Goods Solar, Inc., Class A(a)		343,578		910,482
Woodward, Inc.(b)		32,069		1,108,304
Total				4,290,362
Machinery (1.9%)
CNH Global NV(a)(c)		17,633		856,082
Flowserve Corp.		11,847		1,525,894
Joy Global, Inc.		32,325		3,194,033
Kennametal, Inc.		59,675		2,327,325
Total				7,903,334

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Marine (2.6%)
Diana Containerships, Inc.(a)(c)		5,437	$	65,951
Diana Shipping, Inc.(a)(c)		167,105		1,978,523
DryShips, Inc.(a)(c)		1,497,051		7,410,403
Genco Shipping & Trading Ltd.(a)(c)		135,991		1,464,623
Total				10,919,500
Road & Rail (1.9%)
Con-way, Inc.(b)		89,431		3,513,744
Landstar System, Inc.		69,424		3,171,288
Ryder System, Inc.		24,395		1,234,387
Total				7,919,419
Trading Companies & Distributors (0.2%)
RSC Holdings, Inc.(a)		71,688		1,030,874
TOTAL INDUSTRIALS				48,020,239
INFORMATION TECHNOLOGY (30.2%)
Communications Equipment (10.2%)
Alcatel-Lucent, ADR(a)(b)(c)		915,639		5,319,863
BigBand Networks, Inc.(a)(b)		1,136,330		2,897,641
Brocade Communications Systems, Inc.(a)		664,783		4,088,415
Ciena Corp.(a)(b)		433,016		11,241,095
F5 Networks, Inc.(a)		36,411		3,734,676
Finisar Corp.(a)(b)		182,156		4,481,038
Infinera Corp.(a)(b)		271,262		2,275,888
JDS Uniphase Corp.(a)		200,700		4,182,588
Juniper Networks, Inc.(a)		28,538		1,200,879
Motorola Mobility Holdings, Inc.(a)		41,984		1,024,410
ORBCOMM, Inc.(a)(b)		644,102		2,125,537
Total				42,572,030
Computers & Peripherals (1.4%)
Logitech International SA(a)(b)(c)		44,812		812,441
NetApp, Inc.(a)		108,422		5,223,772
Total				6,036,213
Electronic Equipment, Instruments & Components (1.2%)
Dolby Laboratories, Inc., Class A(a)(b)		20,266		997,290
Power-One, Inc.(a)(b)		452,037		3,955,324
Total				4,952,614
Internet Software & Services (2.0%)
Akamai Technologies, Inc.(a)		90,326		3,432,388
Limelight Networks, Inc.(a)(b)		209,004		1,496,469
MercadoLibre, Inc.		30,503		2,489,960
OpenTable, Inc.(a)(b)		10,300		1,095,405
Total				8,514,222

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
IT Services (0.6%)
Alliance Data Systems Corp.(a)(b)		17,517	$	1,504,535
Teradata Corp.(a)		19,174		972,122
Total				2,476,657
Semiconductors & Semiconductor Equipment (10.9%)
Altera Corp.		80,834		3,558,313
Analog Devices, Inc.		34,020		1,339,708
ARM Holdings PLC, ADR(c)		38,105		1,073,418
Atmel Corp.(a)		106,886		1,456,856
Cree, Inc.(a)(b)		40,889		1,887,436
Cypress Semiconductor Corp.(a)		42,341		820,568
First Solar, Inc.(a)(b)		25,402		4,085,658
Formfactor, Inc.(a)(b)		206,681		2,128,814
LSI Corp.(a)		164,792		1,120,586
Marvell Technology Group Ltd.(a)(c)		100,043		1,555,669
Mellanox Technologies Ltd.(a)(c)		181,689		4,584,013
Netlogic Microsystems, Inc.(a)(b)		74,818		3,143,852
NVIDIA Corp.(a)(b)		113,680		2,098,533
PMC - Sierra, Inc.(a)(b)		1,783,707		13,377,802
Semtech Corp.(a)		46,859		1,172,412
Xilinx, Inc.(b)		65,546		2,149,909
Total				45,553,547
Software (3.9%)
CommVault Systems, Inc.(a)(b)		42,556		1,697,133
NetSuite, Inc.(a)(b)		140,330		4,080,797
Nuance Communications, Inc.(a)(b)		93,062		1,820,293
Red Hat, Inc.(a)		45,565		2,068,195
Rovi Corp.(a)(b)		22,641		1,214,690
Salesforce.com, Inc.(a)(b)		17,733		2,368,774
Symantec Corp.(a)		57,682		1,069,424
TIBCO Software, Inc.(a)		39,213		1,068,554
Tivo, Inc.(a)(b)		114,367		1,001,855
Total				16,389,715
TOTAL INFORMATION TECHNOLOGY				126,494,998
MATERIALS (6.8%)
Chemicals (1.8%)
Ecolab, Inc.(b)		82,532		4,210,783
Intrepid Potash, Inc.(a)(b)		53,974		1,879,375
Sigma-Aldrich Corp.		23,860		1,518,450
Total				7,608,608
Construction Materials (1.4%)
Martin Marietta Materials, Inc.(b)		35,493		3,182,657
Vulcan Materials Co.(b)		57,747		2,633,263
Total				5,815,920

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Metals & Mining (3.3%)
AK Steel Holding Corp.(b)		123,974	$	1,956,310
Alcoa, Inc.(b)		100,417		1,772,360
Cliffs Natural Resources, Inc.		22,796		2,240,391
Kinross Gold Corp.(c)		152,906		2,408,270
Steel Dynamics, Inc.(b)		72,090		1,353,129
United States Steel Corp.(b)		53,209		2,870,093
Yamana Gold, Inc.(c)		94,386		1,161,892
Total				13,762,445
Paper & Forest Products (0.3%)
AbitibiBowater, Inc.(a)(b)		45,944		1,234,515
TOTAL MATERIALS				28,421,488
TELECOMMUNICATION SERVICES (0.7%)
Wireless Telecommunication Services (0.7%)
American Tower Corp., Class A(a)		20,788		1,077,234
NII Holdings, Inc.(a)		48,673		2,028,204
Total				3,105,438
TOTAL TELECOMMUNICATION SERVICES				3,105,438
Total Common Stocks (Cost: $327,341,292)			$	388,097,952
Limited Partnerships (1.1%)
FINANCIALS (1.1%)
Capital Markets (1.1%)
Blackstone Group LP(d)		128,247	$	2,293,056
Fortress Investment Group LLC, Class A(a)(d)		399,688		2,270,228
TOTAL FINANCIALS				4,563,284
Total Limited Partnerships (Cost: $3,393,521)			$	4,563,284

	Shares		Value
Money Market Fund (6.0%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		25,170,136	$	25,170,136
Total Money Market Fund (Cost: $25,170,136)			$	25,170,136

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (26.3%)
Asset-Backed Commercial Paper (1.8%)
Macquarie Bank Ltd.
05/09/11		0.395	%	$	499,512	$	499,512
05/10/11		0.395	%		1,998,025		1,998,025
Royal Park Investments Funding Corp.
06/17/11		0.601	%		4,992,333		4,992,333
Total							7,489,870
Certificates of Deposit (16.0%)
Bank of Nova Scotia
05/12/11		0.220	%		4,000,000		4,000,000
Barclays Bank PLC
06/15/11		0.400	%		5,000,000		5,000,000
Canadian Imperial Bank
04/07/11		0.240	%		2,000,000		2,000,000
Credit Agricole
04/21/11		0.400	%		2,000,050		2,000,050
Credit Industrial et Commercial
06/07/11		0.400	%		5,000,000		5,000,000
DZ Bank AG
05/09/11		0.350	%		3,000,000		3,000,000
Deutsche Bank AG
07/08/11		0.320	%		4,000,000		4,000,000
Development Bank of Singapore Ltd.
05/09/11		0.400	%		3,000,000		3,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		4,000,000		4,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		2,000,000		2,000,000
KBC Bank NV
04/29/11		0.450	%		3,000,000		3,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp.
04/05/11		0.350	%		5,000,000		5,000,000
Norinchukin Bank
05/13/11		0.350	%		3,000,000		3,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		4,000,000		4,000,000
Sumitomo Trust & Banking Co., Ltd.
04/21/11		0.510	%		2,000,000		2,000,000
05/25/11		0.370	%		1,998,172		1,998,172
Union Bank of Switzerland
08/15/11		0.355	%		3,000,000		3,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		5,000,000		5,000,000
Westpac Banking Corp.
05/09/11		0.230	%		2,000,000		2,000,000
Total							66,998,222

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Commercial Paper (1.4%)
ASB Finance Ltd.
05/03/11		0.391	%	$	2,994,345	$	2,994,345
Macquarie Bank Ltd.
06/30/11		0.400	%		1,997,956		1,997,956
PB Capital Corp.
05/16/11		0.591	%		998,443		998,443
Total							5,990,744
Other Short-Term Obligations (1.0%)
Natixis Financial Products LLC
04/01/11		0.470	%		4,000,000		4,000,000
Repurchase Agreements (6.1%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $7,000,788(g)
		0.270	%		7,000,000		7,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $3,770,390(g)
		0.160	%	$	3,770,373	$	3,770,373
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,078(g)
		0.280	%		10,000,000		10,000,000
Nomura Securities
dated 03/31/10, matures 04/01/11, repurchase price $5,000,033(g)
		0.240	%		5,000,000		5,000,000
Total							25,770,373
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $110,249,209)						$110,249,209
Total Investments (Cost: $466,154,158)						$	528,080,581(h)
Other Assets & Liabilities, Net							(108,677,309)
Net Assets						$419,403,272

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 10.48% of net assets.
(d)	The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At March 31, 2011, there was no capital committed to the LLC or LP for future investment.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	12,143,688	$	39,751,072	$	(26,724,624	)	$	—	$	25,170,136	$	13,696	$	25,170,136

(f)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(g)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	463,816
Arabella Ltd		659,392
BP Capital Markets PLC		239,028
BPCE		933,297
Dexia Delaware LLC		1,068,112
Electricite De France		839,608
European Investment Bank		666,119
Nationwide Building		456,433
Skandin Ens Banken AG		811,529
Societe Generale		1,212,666
Total Market Value of Collateral Securities	$	7,350,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	3,845,781
Total Market Value of Collateral Securities	$	3,845,781
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	92,222
Fannie Mae Pool		5,177,499
Fannie Mae Principal Strip		88,644
Fannie Mae Whole Loan		84,272
Federal Farm Credit Bank		1,061,990
Federal Farm Credit Discount Notes		128,917
Federal Home Loan Bank Discount Notes		476,787
Federal Home Loan Banks		732,122
Federal Home Loan Mortgage Corp		52,508
Federal National Mortgage Association		606,397
FHLMC Structured Pass Through Securities		72,964
Freddie Mac Gold Pool		485,071
Freddie Mac Non Gold Pool		1,137,091
Government National Mortgage Association		3,516
Total Market Value of Collateral Securities	$	10,200,000
Nomura Securities (0.240%)
Security Description	Value
Fannie Mae Pool	$	3,714,073
Freddie Mac Gold Pool		1,385,927
Total Market Value of Collateral Securities	$	5,100,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	49,730,748	$	—	$	—	$	49,730,748
Consumer Staples		12,666,689		—		—		12,666,689
Energy		40,734,894		—		—		40,734,894
Financials		17,477,789		—		—		17,477,789
Health Care		61,445,669		—		—		61,445,669
Industrials		48,020,239		—		—		48,020,239
Information Technology		126,494,998		—		—		126,494,998
Materials		28,421,488		—		—		28,421,488
Telecommunication Services		3,105,438		—		—		3,105,438
Total Equity Securities		388,097,952		—		—		388,097,952
Other
Limited Partnerships		4,563,284		—		—		4,563,284
Affiliated Money Market Fund(c)		25,170,136		—		—		25,170,136
Investments of Cash Collateral Received for Securities on Loan		—		110,249,209		—		110,249,209
Total Other		29,733,420		110,249,209		—		139,982,629
Total	$	417,831,372	$	110,249,209	$	—	$	528,080,581

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - Mid Cap Value Opportunity Fund

(formerly known as RiverSource Variable Portfolio - Mid Cap Value Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (99.0%)
CONSUMER DISCRETIONARY (12.9%)
Auto Components (1.0%)
TRW Automotive Holdings Corp.(a)		73,999	$	4,075,865
Visteon Corp.(a)(b)		72,791		4,548,709
Total				8,624,574
Automobiles (0.3%)
Ford Motor Co.(a)		207,072		3,087,444
Diversified Consumer Services (1.4%)
Apollo Group, Inc., Class A(a)		52,756		2,200,453
Capella Education Co.(a)(b)		38,178		1,900,883
Career Education Corp.(a)(b)		130,280		2,959,961
Corinthian Colleges, Inc.(a)(b)		240,933		1,064,924
DeVry, Inc.		44,812		2,467,797
ITT Educational Services, Inc.(a)(b)		25,150		1,814,572
Total				12,408,590
Hotels, Restaurants & Leisure (1.6%)
Penn National Gaming, Inc.(a)		240,564		8,915,302
Royal Caribbean Cruises Ltd.(a)(c)		130,734		5,394,085
Total				14,309,387
Household Durables (0.9%)
DR Horton, Inc.(b)		163,466		1,904,379
KB Home(b)		73,350		912,474
Lennar Corp., Class A(b)		91,897		1,665,174
Mohawk Industries, Inc.(a)(b)		60,500		3,699,575
Total				8,181,602
Leisure Equipment & Products (1.6%)
Hasbro, Inc.		314,755		14,743,124
Media (3.0%)
DISH Network Corp., Class A(a)		255,490		6,223,736
Liberty Media Corp. - Starz, Series A(a)(b)		68,579		5,321,730
National CineMedia, Inc.(b)		424,213		7,920,057
Regal Entertainment Group, Class A(b)		549,764		7,421,814
Total				26,887,337
Multiline Retail (2.3%)
Macy’s, Inc.		459,036		11,136,213
Nordstrom, Inc.		215,508		9,671,999
Total				20,808,212
Specialty Retail (0.8%)
Abercrombie & Fitch Co., Class A(b)		126,704		7,437,525
TOTAL CONSUMER DISCRECTIONARY				116,487,795

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (3.7%)
Tobacco (3.7%)
Lorillard, Inc.		357,571	$	33,972,821
TOTAL CONSUMER STAPLES				33,972,821
ENERGY (11.5%)
Energy Equipment & Services (3.6%)
Cameron International Corp.(a)		114,293		6,526,130
McDermott International, Inc.(a)(c)		445,420		11,309,214
Nabors Industries Ltd.(a)(c)		352,620		10,712,595
Noble Corp.(b)(c)		99,324		4,531,161
Total				33,079,100
Oil, Gas & Consumable Fuels (7.9%)
Alpha Natural Resources, Inc.(a)(b)		94,916		5,635,163
El Paso Corp.		481,653		8,669,754
Enbridge, Inc.(c)		226,096		13,893,599
EQT Corp.		44,770		2,234,023
Newfield Exploration Co.(a)		268,358		20,397,892
QEP Resources, Inc.		87,992		3,567,196
Whiting Petroleum Corp.(a)		232,765		17,096,589
Total				71,494,216
TOTAL ENERGY				104,573,316
FINANCIALS (17.2%)
Capital Markets (1.3%)
Artio Global Investors, Inc.(b)		107,620		1,739,139
Invesco Ltd.(c)		396,881		10,144,278
Total				11,883,417
Commercial Banks (7.4%)
CIT Group, Inc.(a)		516,772		21,988,648
Comerica, Inc.		202,608		7,439,766
Cullen/Frost Bankers, Inc.(b)		64,832		3,826,385
Fifth Third Bancorp		755,040		10,479,955
Huntington Bancshares, Inc.		809,210		5,373,154
KeyCorp		712,653		6,328,359
SunTrust Banks, Inc.		244,437		7,049,563
TCF Financial Corp.(b)		254,095		4,029,947
Total				66,515,777
Diversified Financial Services (0.3%)
Pico Holdings, Inc.(a)(b)		90,801		2,729,478
Insurance (5.8%)
Assurant, Inc.		134,518		5,180,288
Axis Capital Holdings Ltd.(c)		117,025		4,086,513
Everest Re Group Ltd.(c)		64,124		5,654,455
Lincoln National Corp.		375,455		11,278,668
PartnerRe Ltd.(b)(c)		60,521		4,795,684

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (cont.)
Transatlantic Holdings, Inc.		52,834	$	2,571,431
XL Group PLC(c)		756,447		18,608,596
Total				52,175,635
Real Estate Investment Trusts (REITs) (2.4%)
AvalonBay Communities, Inc.(b)		15,124		1,816,090
Boston Properties, Inc.(b)		22,925		2,174,436
Equity Residential(b)		48,363		2,728,157
Pebblebrook Hotel Trust(b)		78,433		1,737,291
ProLogis		399,857		6,389,715
Rayonier, Inc.		69,492		4,330,047
Ventas, Inc.		54,831		2,977,323
Total				22,153,059
TOTAL FINANCIALS				155,457,366
HEALTH CARE (10.5%)
Health Care Providers & Services (2.5%)
CIGNA Corp.		343,738		15,220,719
Universal Health Services, Inc., Class B		152,028		7,511,703
Total				22,732,422
Life Sciences Tools & Services (4.2%)
Agilent Technologies, Inc.(a)		487,957		21,850,715
Life Technologies Corp.(a)		306,239		16,053,048
Total				37,903,763
Pharmaceuticals (3.8%)
Hospira, Inc.(a)		46,237		2,552,282
Mylan, Inc.(a)		926,504		21,003,846
Watson Pharmaceuticals, Inc.(a)		197,594		11,067,240
Total				34,623,368
TOTAL HEALTH CARE				95,259,553
INDUSTRIALS (17.8%)
Aerospace & Defense (0.9%)
Goodrich Corp.		97,166		8,310,608
Airlines (0.9%)
Delta Air Lines, Inc.(a)		306,260		3,001,348
U.S. Airways Group, Inc.(a)(b)		129,675		1,129,469
United Continental Holdings, Inc.(a)(b)		159,651		3,670,377
Total				7,801,194
Building Products (0.8%)
AO Smith Corp.(b)		157,269		6,973,308

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Commercial Services & Supplies (0.3%)
Ritchie Bros Auctioneers, Inc.(b)(c)		106,142	$	2,987,897
Construction & Engineering (2.7%)
Chicago Bridge & Iron Co. NV(c)		179,598		7,302,455
Fluor Corp.(b)		56,472		4,159,727
Foster Wheeler AG(a)(c)		124,661		4,689,747
Jacobs Engineering Group, Inc.(a)		83,395		4,289,005
KBR, Inc.		112,503		4,249,238
Total				24,690,172
Electrical Equipment (3.9%)
Babcock & Wilcox Co. (The)(a)		143,110		4,777,012
Cooper Industries PLC(c)		348,905		22,643,934
Rockwell Automation, Inc.		81,672		7,730,255
Total				35,151,201
Machinery (5.4%)
AGCO Corp.(a)(b)		118,029		6,488,054
Eaton Corp.		241,960		13,414,262
Manitowoc Co., Inc. (The)(b)		222,988		4,878,978
Navistar International Corp.(a)(b)		133,992		9,289,665
Oshkosh Corp.(a)		65,797		2,327,898
Parker Hannifin Corp.		66,708		6,315,914
Terex Corp.(a)		159,679		5,914,510
Total				48,629,281
Road & Rail (2.9%)
Con-way, Inc.(b)		131,339		5,160,309
JB Hunt Transport Services, Inc.		144,049		6,542,705
Kansas City Southern(a)		172,686		9,402,753
Werner Enterprises, Inc.(b)		190,723		5,048,438
Total				26,154,205
TOTAL INDUSTRIALS				160,697,866
INFORMATION TECHNOLOGY (7.8%)
Computers & Peripherals (0.8%)
Western Digital Corp.(a)		198,906		7,417,205
Electronic Equipment, Instruments & Components (1.3%)
Avnet, Inc.(a)(b)		336,813		11,481,955
IT Services (0.6%)
Computer Sciences Corp.		117,272		5,714,665
Semiconductors & Semiconductor Equipment (2.7%)
LSI Corp.(a)		2,793,378		18,994,970

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment (cont.)
Microchip Technology, Inc.(b)		129,114	$	4,907,623
Total				23,902,593
Software (2.4%)
BMC Software, Inc.(a)		176,968		8,802,388
Check Point Software Technologies Ltd.(a)(c)		256,937		13,116,634
Total				21,919,022
TOTAL INFORMATION TECHNOLOGY				70,435,440
MATERIALS (9.4%)
Chemicals (5.6%)
Agrium, Inc.(c)		40,604		3,746,125
Eastman Chemical Co.		195,968		19,463,542
Huntsman Corp.(b)		388,859		6,758,369
Lubrizol Corp.		57,280		7,673,229
PPG Industries, Inc.		141,039		13,428,323
Total				51,069,588
Construction Materials (0.3%)
Cemex SAB de CV, ADR(a)(b)(c)		291,525		2,603,320
Containers & Packaging (0.4%)
Smurfit-Stone Container Corp.(a)		90,442		3,495,584
Metals & Mining (1.9%)
Cliffs Natural Resources, Inc.		38,026		3,737,195
Freeport-McMoRan Copper & Gold, Inc.		145,556		8,085,636
Kobe Steel Ltd., ADR(b)(c)		200,360		2,594,662
Steel Dynamics, Inc.(b)		146,118		2,742,635
Total				17,160,128
Paper & Forest Products (1.2%)
Domtar Corp.		62,608		5,746,162
Louisiana-Pacific Corp.(a)(b)		450,844		4,733,862
Total				10,480,024
TOTAL MATERIALS				84,808,644
TELECOMMUNICATION SERVICES (2.0%)
Diversified Telecommunication Services (1.8%)
CenturyLink, Inc.(b)		100,111		4,159,612
Qwest Communications International, Inc.		694,116		4,740,813
Windstream Corp.(b)		550,215		7,081,267
Total				15,981,692

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (CONTINUED)
Wireless Telecommunication Services (0.2%)
Sprint Nextel Corp.(a)		429,713	$	1,993,868
TOTAL TELECOMMUNICATION SERVICES				17,975,560
UTILITIES (6.2%)
Electric Utilities (2.2%)
Entergy Corp.		71,005		4,772,246
FirstEnergy Corp.		85,846		3,184,028
Pepco Holdings, Inc.(b)		375,436		7,001,882
Pinnacle West Capital Corp.		115,976		4,962,613
Total				19,920,769
Gas Utilities (0.2%)
Questar Corp.(b)		100,727		1,757,686
Multi-Utilities (3.8%)
CenterPoint Energy, Inc.		480,010		8,428,976
DTE Energy Co.		238,913		11,697,180
Sempra Energy		112,741		6,031,644
Wisconsin Energy Corp.		260,032		7,930,976
Total				34,088,776
TOTAL UTILITIES				55,767,231
Total Common Stocks (Cost: $717,700,146)			$	895,435,592

	Coupon			Principal
Issuer	Rate			Amount		Value
Convertible Bonds (0.2%)
BUILDING MATERIALS (0.2%)
Cemex SAB de CV
Subordinated Notes(c)(d)
03/15/18		3.750	%	$	1,416,000	$	1,462,728
Total Convertible Bonds (Cost: $1,416,001)						$	1,462,728

	Shares		Value
Money Market Fund (1.6%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		14,067,944	$	14,067,944
Total Money Market Fund (Cost: $14,067,944)			$	14,067,944

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (9.0%)
Asset-Backed Commercial Paper (1.6%)
Antalis US Funding Corp.
05/23/11		0.340	%	$	1,998,980	$	1,998,980
Ebbets Funding LLC
04/12/11		0.480	%		4,997,867		4,997,867
Macquarie Bank Ltd.
05/09/11		0.395	%		2,997,070		2,997,070
Rhein-Main Securitisation Ltd.
04/12/11		0.551	%		3,994,500		3,994,500
Total							13,988,417
Certificates of Deposit (4.1%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		2,500,000		2,500,000
Barclays Bank PLC
06/15/11		0.400	%		1,000,000		1,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		3,000,000		3,000,000
DZ Bank AG
04/08/11		0.400	%		2,000,000		2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		4,000,000		4,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		5,000,000		5,000,000
KBC Bank NV
04/22/11		0.450	%		3,000,000		3,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/23/11		0.345	%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
Norinchukin Bank
04/25/11		0.340	%		2,000,000		2,000,000
Societe Generale
07/01/11		0.364	%		3,000,000		3,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		2,997,258		2,997,258
Total							37,497,258

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Other Short-Term Obligations (0.2%)
Natixis Financial Products LLC
04/01/11		0.470	%	$	2,000,000	$	2,000,000
Repurchase Agreements (3.1%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11,
repurchase price $5,000,563(g)
		0.270	%		5,000,000		5,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $6,000,038(g)
		0.230	%		6,000,000		6,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $10,204,412(g)
		0.160	%		10,204,367		10,204,367
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11,
repurchase price $7,001,050(g)
		0.300	%		7,000,000		7,000,000
Total							28,204,367
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $81,690,042)						$	81,690,042
Total Investments
(Cost: $814,874,133)						$	992,656,306(h)
Other Assets & Liabilities, Net							(88,251,106)
Net Assets						$	904,405,200

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 16.62% of net assets.
(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $1,462,728 or 0.16% of net assets.
(e)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(f)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	22,881,343	$	62,099,560	$	(70,912,959	)	$	—	$	14,067,944	$	13,011	$	14,067,944

^(g)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	331,297
Arabella Ltd		470,994
BP Capital Markets PLC		170,734
BPCE		666,641
Dexia Delaware LLC		762,938
Electricite De France		599,720
European Investment Bank		475,799
Nationwide Building		326,024
Skandin Ens Banken AG		579,663
Societe Generale		866,190
Total Market Value of Collateral Securities	$	5,250,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	833
Fannie Mae Interest Strip		324,286
Fannie Mae Pool		2,856,214
Fannie Mae Principal Strip		30,564
Fannie Mae REMICS		95,108
Federal Farm Credit Bank		54,553
Federal Home Loan Banks		80,944
Federal Home Loan Mortgage Corp		47,421
Federal National Mortgage Association		37,092
FHLMC Structured Pass Through Securities		16,609
Freddie Mac Coupon Strips		359
Freddie Mac Gold Pool		404,778
Freddie Mac Non Gold Pool		1,226,440
Freddie Mac REMICS		121,497
Freddie Mac Strips		31,595
Ginnie Mae I Pool		85,839
Ginnie Mae II Pool		261,109
Government National Mortgage Association		101,395
LMA SA & LMA Americas		287
Metlife Short Term Funding		394
Sanofi-Aventis		1,225
Silver Tower US Fund		274
Suncorp-Metway Ltd		841
United States Treasury Inflation Indexed Bonds		18,027
United States Treasury Strip Coupon		293,736
United States Treasury Strip Principal		28,581
Total Market Value of Collateral Securities	$	6,120,001
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	10,408,454
Total Market Value of Collateral Securities	$	10,408,454
Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)
Security Description	Value
Breeds Hill Capital Ltd	$	3,341,365
LMA SA & LMA Americas		112,958
Metlife Short Term Funding		993,451
Sanofi-Aventis		1,040,226
Silver Tower US Fund		990,314
Suncorp-Metway Ltd		871,686
Total Market Value of Collateral Securities	$	7,350,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR     American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	116,487,795	$	—	$	—	$	116,487,795
Consumer Staples		33,972,821		—		—		33,972,821
Energy		104,573,316		—		—		104,573,316
Financials		155,457,366		—		—		155,457,366
Health Care		95,259,553		—		—		95,259,553
Industrials		160,697,866		—		—		160,697,866
Information Technology		70,435,440		—		—		70,435,440
Materials		82,213,982		2,594,662		—		84,808,644
Telecommunication Services		17,975,560		—		—		17,975,560
Utilities		55,767,231		—		—		55,767,231
Total Equity Securities		892,840,930		2,594,662		—		895,435,592
Bonds
Convertible Bonds		—		1,462,728		—		1,462,728
Total Bonds		—		1,462,728		—		1,462,728
Other
Affiliated Money Market Fund(c)		14,067,944		—		—		14,067,944
Investments of Cash Collateral Received for Securities on Loan		—		81,690,042		—		81,690,042
Total Other		14,067,944		81,690,042		—		95,757,986
Total	$	906,908,874	$	85,747,432	$	—	$	992,656,306

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - S&P 500 Index Fund

(formerly known as RiverSource Variable Portfolio - S&P 500 Index Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (99.3%)
CONSUMER DISCRETIONARY (10.4%)
Auto Components (0.3%)
Goodyear Tire & Rubber Co. (The)(a)(b)		4,402	$	65,942
Johnson Controls, Inc.		12,266		509,898
Total				575,840
Automobiles (0.5%)
Ford Motor Co.(b)		68,467		1,020,843
Harley-Davidson, Inc.		4,267		181,305
Total				1,202,148
Distributors (0.1%)
Genuine Parts Co.		2,843		152,498
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A(b)		2,228		92,930
DeVry, Inc.		1,118		61,568
H&R Block, Inc.(a)		5,530		92,572
Total				247,070
Hotels, Restaurants & Leisure (1.6%)
Carnival Corp.(c)		7,800		299,208
Darden Restaurants, Inc.		2,492		122,432
International Game Technology(a)		5,419		87,950
Marriott International, Inc., Class A		5,253		186,902
McDonald’s Corp.		18,878		1,436,427
Starbucks Corp.		13,514		499,342
Starwood Hotels & Resorts Worldwide, Inc.		3,472		201,793
Wyndham Worldwide Corp.		3,137		99,788
Wynn Resorts Ltd.		1,386		176,369
Yum! Brands, Inc.		8,467		435,034
Total				3,545,245
Household Durables (0.4%)
DR Horton, Inc.		5,098		59,392
Fortune Brands, Inc.		2,778		171,930
Harman International Industries, Inc.		1,253		58,665
Leggett & Platt, Inc.(a)		2,660		65,170
Lennar Corp., Class A(a)		2,919		52,892
Newell Rubbermaid, Inc.		5,272		100,853
Pulte Group, Inc.(a)(b)		6,094		45,096
Stanley Black & Decker, Inc.		3,023		231,562
Whirlpool Corp.		1,368		116,773
Total				902,333
Internet & Catalog Retail (0.9%)
Amazon.com, Inc.(b)		6,452		1,162,199
Expedia, Inc.(a)		3,614		81,893
Netflix, Inc.(a)(b)		800		189,864

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER DISCRETIONARY (CONTINUED)
Internet & Catalog Retail (cont.)
priceline.com, Inc.(a)(b)		896	$	453,770
Total				1,887,726
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		2,475		115,929
Mattel, Inc.		6,305		157,184
Total				273,113
Media (3.3%)
Cablevision Systems Corp., Class A		4,200		145,362
CBS Corp., Class B Non Voting		12,166		304,637
Comcast Corp., Class A		50,249		1,242,155
DIRECTV, Class A(b)		14,368		672,422
Discovery Communications, Inc., Class A(b)		5,087		202,971
Gannett Co., Inc.(a)		4,332		65,976
Interpublic Group of Companies, Inc. (The)		8,860		111,370
McGraw-Hill Companies, Inc. (The)		5,557		218,946
News Corp., Class A		41,328		725,720
Omnicom Group, Inc.		5,151		252,708
Scripps Networks Interactive, Inc., Class A		1,630		81,647
Time Warner Cable, Inc.		6,228		444,306
Time Warner, Inc.		19,769		705,753
Viacom, Inc., Class B		10,812		502,974
Walt Disney Co. (The)		34,375		1,481,219
Washington Post Co. (The), Class B(a)		96		42,006
Total				7,200,172
Multiline Retail (0.7%)
Big Lots, Inc.(a)(b)		1,364		59,239
Family Dollar Stores, Inc.		2,279		116,958
JC Penney Co., Inc.		4,289		154,018
Kohl’s Corp.		5,287		280,423
Macy’s, Inc.		7,671		186,098
Nordstrom, Inc.(a)		3,038		136,345
Sears Holdings Corp.(a)(b)		782		64,632
Target Corp.		12,810		640,628
Total				1,638,341
Specialty Retail (1.9%)
Abercrombie & Fitch Co., Class A(a)		1,588		93,216
AutoNation, Inc.(a)(b)		1,172		41,454
AutoZone, Inc.(b)		495		135,412
Bed Bath & Beyond, Inc.(b)		4,600		222,042
Best Buy Co., Inc.(a)		5,934		170,425
CarMax, Inc.(a)(b)		4,075		130,808
GameStop Corp., Class A(a)(b)		2,728		61,435
Gap, Inc. (The)		7,888		178,742

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER DISCRETIONARY (CONTINUED)
Specialty Retail (cont.)
Home Depot, Inc.		29,656	$	1,099,051
Limited Brands, Inc.		4,780		157,166
Lowe’s Companies, Inc.		24,980		660,221
O’Reilly Automotive, Inc.(b)		2,565		147,385
RadioShack Corp.(a)		1,916		28,759
Ross Stores, Inc.		2,162		153,761
Staples, Inc.		13,016		252,771
Tiffany & Co.		2,294		140,943
TJX Companies, Inc.		7,155		355,818
Urban Outfitters, Inc.(b)		2,308		68,848
Total				4,098,257
Textiles, Apparel & Luxury Goods (0.5%)
Coach, Inc.		5,362		279,038
Nike, Inc., Class B		6,941		525,434
Polo Ralph Lauren Corp.(a)		1,186		146,649
VF Corp.		1,571		154,791
Total				1,105,912
TOTAL CONSUMER DISCRECTIONARY				22,828,655
CONSUMER STAPLES (10.1%)
Beverages (2.4%)
Brown-Forman Corp., Class B		1,874		127,994
Coca-Cola Co. (The)		41,532		2,755,648
Coca-Cola Enterprises, Inc.(a)		5,985		163,390
Constellation Brands, Inc., Class A(b)		3,193		64,754
Dr Pepper Snapple Group, Inc.(a)		4,061		150,907
Molson Coors Brewing Co., Class B		2,876		134,856
PepsiCo, Inc.		28,714		1,849,469
Total				5,247,018
Food & Staples Retailing (2.2%)
Costco Wholesale Corp.		7,905		579,595
CVS Caremark Corp.		24,773		850,209
Kroger Co. (The)		11,520		276,134
Safeway, Inc.		6,663		156,847
SUPERVALU, Inc.(a)		3,845		34,336
SYSCO Corp.		10,552		292,290
Wal-Mart Stores, Inc.		35,453		1,845,329
Walgreen Co.		16,705		670,539
Whole Foods Market, Inc.(a)		2,667		175,755
Total				4,881,034
Food Products (1.7%)
Archer-Daniels-Midland Co.		11,545		415,735
Campbell Soup Co.(a)		3,314		109,727
ConAgra Foods, Inc.		7,890		187,388
Dean Foods Co.(a)(b)		3,314		33,140
General Mills, Inc.		11,518		420,983

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Food Products (cont.)
Hershey Co. (The)		2,787	$	151,473
HJ Heinz Co.		5,834		284,816
Hormel Foods Corp.		2,511		69,906
JM Smucker Co. (The)		2,145		153,132
Kellogg Co.		4,559		246,095
Kraft Foods, Inc., Class A		31,661		992,889
McCormick & Co., Inc.		2,409		115,222
Mead Johnson Nutrition Co.		3,700		214,341
Sara Lee Corp.		11,276		199,247
Tyson Foods, Inc., Class A		5,395		103,530
Total				3,697,624
Household Products (2.0%)
Clorox Co.(a)		2,503		175,385
Colgate-Palmolive Co.		8,951		722,883
Kimberly-Clark Corp.		7,332		478,560
Procter & Gamble Co. (The)		50,709		3,123,674
Total				4,500,502
Personal Products (0.2%)
Avon Products, Inc.		7,773		210,182
Estee Lauder Companies, Inc. (The), Class A		2,083		200,718
Total				410,900
Tobacco (1.6%)
Altria Group, Inc.		37,870		985,756
Lorillard, Inc.		2,645		251,302
Philip Morris International, Inc.		32,529		2,134,878
Reynolds American, Inc.(a)		6,131		217,834
Total				3,589,770
TOTAL CONSUMER STAPLES				22,326,848
ENERGY (13.2%)
Energy Equipment & Services (2.5%)
Baker Hughes, Inc.		7,862		577,307
Cameron International Corp.(b)		4,425		252,667
Diamond Offshore Drilling, Inc.(a)		1,247		96,892
FMC Technologies, Inc.(b)		2,175		205,494
Halliburton Co.		16,532		823,955
Helmerich & Payne, Inc.		1,916		131,610
Nabors Industries Ltd.(b)(c)		5,185		157,520
National Oilwell Varco, Inc.		7,625		604,434
Noble Corp.(a)(c)		4,565		208,255
Rowan Companies, Inc.(b)		2,285		100,951
Schlumberger Ltd.(c)		24,626		2,296,621
Total				5,455,706

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (10.7%)
Anadarko Petroleum Corp.		8,986	$	736,133
Apache Corp.		6,935		907,930
Cabot Oil & Gas Corp.(a)		1,882		99,690
Chesapeake Energy Corp.		11,916		399,424
Chevron Corp.		36,337		3,903,684
ConocoPhillips		25,867		2,065,739
Consol Energy, Inc.		4,091		219,400
Denbury Resources, Inc.(b)		7,252		176,949
Devon Energy Corp.		7,722		708,648
El Paso Corp.		12,762		229,716
EOG Resources, Inc.		4,813		570,389
EQT Corp.		2,709		135,179
Exxon Mobil Corp.		89,751		7,550,752
Hess Corp.		5,429		462,605
Marathon Oil Corp.		12,866		685,887
Massey Energy Co.		1,868		127,697
Murphy Oil Corp.		3,501		257,043
Newfield Exploration Co.(b)		2,435		185,084
Noble Energy, Inc.		3,184		307,734
Occidental Petroleum Corp.		14,701		1,536,108
Peabody Energy Corp.		4,896		352,316
Pioneer Natural Resources Co.(a)		2,108		214,847
QEP Resources, Inc.		3,200		129,728
Range Resources Corp.(a)		2,909		170,060
Southwestern Energy Co.(b)		6,287		270,152
Spectra Energy Corp.(a)		11,743		319,175
Sunoco, Inc.		2,186		99,660
Tesoro Corp.(a)(b)		2,604		69,865
Valero Energy Corp.		10,310		307,444
Williams Companies, Inc. (The)		10,602		330,570
Total				23,529,608
TOTAL ENERGY				28,985,314
FINANCIALS (15.6%)
Capital Markets (2.4%)
Ameriprise Financial, Inc.(d)		4,468		272,905
Bank of New York Mellon Corp. (The)		22,472		671,239
Charles Schwab Corp. (The)		18,088		326,127
E*Trade Financial Corp.(a)(b)		3,993		62,411
Federated Investors, Inc., Class B(a)		1,685		45,074
Franklin Resources, Inc.		2,621		327,835
Goldman Sachs Group, Inc. (The)		9,422		1,493,104
Invesco Ltd.(a)(c)		8,329		212,889
Janus Capital Group, Inc.(a)		3,371		42,036
Legg Mason, Inc.(a)		2,761		99,645
Morgan Stanley		27,971		764,168
Northern Trust Corp.		4,387		222,640
State Street Corp.(e)		9,078		407,965

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Capital Markets (cont.)
T Rowe Price Group, Inc.		4,677	$	310,646
Total				5,258,684
Commercial Banks (2.9%)
BB&T Corp.		12,575		345,184
Comerica, Inc.		3,208		117,798
Fifth Third Bancorp		16,605		230,477
First Horizon National Corp.(a)		4,761		53,371
Huntington Bancshares, Inc.		15,627		103,763
KeyCorp		17,227		152,976
M&T Bank Corp.		2,164		191,449
Marshall & Ilsley Corp.		9,608		76,768
PNC Financial Services Group, Inc.		9,518		599,539
Regions Financial Corp.(a)		22,758		165,223
SunTrust Banks, Inc.		9,647		278,219
U.S. Bancorp		34,783		919,315
Wells Fargo & Co.		95,362		3,022,975
Zions Bancorporation(a)		3,317		76,490
Total				6,333,547
Consumer Finance (0.7%)
American Express Co.		18,929		855,591
Capital One Financial Corp.		8,277		430,073
Discover Financial Services		9,861		237,847
SLM Corp.(b)		9,528		145,778
Total				1,669,289
Diversified Financial Services (4.1%)
Bank of America Corp.		183,211		2,442,202
Citigroup, Inc.(b)		525,952		2,324,708
CME Group, Inc.		1,203		362,765
IntercontinentalExchange, Inc.(b)		1,319		162,949
JPMorgan Chase & Co.		72,099		3,323,764
Leucadia National Corp.(a)		3,589		134,731
Moody’s Corp.		3,611		122,449
NASDAQ OMX Group, Inc. (The)(b)		2,708		69,975
NYSE Euronext		4,737		166,600
Total				9,110,143
Insurance (3.8%)
ACE Ltd.(c)		6,075		393,053
Aflac, Inc.		8,521		449,738
Allstate Corp. (The)		9,598		305,025
American International Group, Inc.(a)(b)		2,608		91,645
AON Corp.		6,028		319,243
Assurant, Inc.		1,802		69,395
Berkshire Hathaway, Inc., Class B(b)		31,334		2,620,462
Chubb Corp.(a)		5,345		327,702
Cincinnati Financial Corp.(a)		2,961		97,121

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (cont.)
Genworth Financial, Inc., Class A(b)		8,877	$	119,484
Hartford Financial Services Group, Inc.		8,048		216,733
Lincoln National Corp.		5,709		171,498
Loews Corp.		5,699		245,570
Marsh & McLennan Companies, Inc.(a)		9,841		293,360
MetLife, Inc.		19,098		854,254
Principal Financial Group, Inc.		5,799		186,206
Progressive Corp. (The)		11,947		252,440
Prudential Financial, Inc.		8,797		541,719
Torchmark Corp.		1,398		92,939
Travelers Companies, Inc. (The)		7,794		463,587
Unum Group		5,594		146,843
XL Group PLC(c)		5,625		138,375
Total				8,396,392
Real Estate Investment Trusts (REITs) (1.5%)
Apartment Investment & Management Co., Class A		2,147		54,684
AvalonBay Communities, Inc.(a)		1,568		188,285
Boston Properties, Inc.(a)		2,572		243,954
Equity Residential(a)		5,317		299,932
HCP, Inc.(a)		7,307		277,228
Health Care REIT, Inc.		3,185		167,021
Host Hotels & Resorts, Inc.		12,309		216,762
Kimco Realty Corp.		7,368		135,129
Plum Creek Timber Co., Inc.(a)		2,941		128,257
ProLogis		10,336		165,169
Public Storage		2,538		281,490
Simon Property Group, Inc.		5,371		575,556
Ventas, Inc.		2,959		160,674
Vornado Realty Trust(a)		2,959		258,913
Weyerhaeuser Co.		9,732		239,407
Total				3,392,461
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A(a)(b)		5,283		141,056
Thrifts & Mortgage Finance (0.1%)
Hudson City Bancorp, Inc.		9,529		92,241
People’s United Financial, Inc.(a)		6,562		82,550
Total				174,791
TOTAL FINANCIALS				34,476,363
HEALTH CARE (11.0%)
Biotechnology (1.3%)
Amgen, Inc.(b)		16,876		902,022
Biogen Idec, Inc.(b)		4,371		320,788

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Biotechnology (cont.)
Celgene Corp.(b)		8,406	$	483,597
Cephalon, Inc.(a)(b)		1,382		104,728
Genzyme Corp.(b)		4,729		360,113
Gilead Sciences, Inc.(b)		14,393		610,839
Total				2,782,087
Health Care Equipment & Supplies (1.9%)
Baxter International, Inc.		10,489		563,993
Becton Dickinson and Co.		3,990		317,684
Boston Scientific Corp.(b)		27,575		198,264
CareFusion Corp.(b)		4,040		113,928
Covidien PLC(c)		8,950		464,863
CR Bard, Inc.(a)		1,528		151,746
DENTSPLY International, Inc.(a)		2,580		95,434
Edwards Lifesciences Corp.(b)		2,100		182,700
Intuitive Surgical, Inc.(b)		700		233,422
Medtronic, Inc.		19,353		761,541
St. Jude Medical, Inc.		5,892		302,024
Stryker Corp.(a)		6,091		370,333
Varian Medical Systems, Inc.(b)		2,182		147,590
Zimmer Holdings, Inc.(b)		3,469		209,979
Total				4,113,501
Health Care Providers & Services (2.0%)
Aetna, Inc.		6,967		260,775
AmerisourceBergen Corp.		4,972		196,692
Cardinal Health, Inc.		6,328		260,271
CIGNA Corp.		4,919		217,813
Coventry Health Care, Inc.(b)		2,702		86,167
DaVita, Inc.(b)		1,736		148,445
Express Scripts, Inc.(b)		9,570		532,188
Humana, Inc.(b)		3,039		212,548
Laboratory Corp. of America Holdings(a)(b)		1,819		167,584
McKesson Corp.		4,593		363,077
Medco Health Solutions, Inc.(b)		7,313		410,698
Patterson Companies, Inc.		1,727		55,592
Quest Diagnostics, Inc.		2,816		162,540
Tenet Healthcare Corp.(b)		8,801		65,567
UnitedHealth Group, Inc.		19,793		894,644
WellPoint, Inc.		6,790		473,874
Total				4,508,475
Health Care Technology (0.1%)
Cerner Corp.(a)(b)		1,306		145,227
Life Sciences Tools & Services (0.5%)
Agilent Technologies, Inc.(b)		6,257		280,188
Life Technologies Corp.(b)		3,247		170,208

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Life Sciences Tools & Services (cont.)
PerkinElmer, Inc.		2,043	$	53,670
Thermo Fisher Scientific, Inc.(b)		7,066		392,516
Waters Corp.(a)(b)		1,647		143,124
Total				1,039,706
Pharmaceuticals (5.2%)
Abbott Laboratories		28,024		1,374,577
Allergan, Inc.		5,540		393,451
Bristol-Myers Squibb Co.		30,821		814,599
Eli Lilly & Co.		18,435		648,359
Forest Laboratories, Inc.(b)		5,168		166,926
Hospira, Inc.(b)		3,010		166,152
Johnson & Johnson		49,519		2,934,001
Merck & Co., Inc.		55,804		1,842,090
Mylan, Inc.(b)		7,904		179,184
Pfizer, Inc.		144,731		2,939,486
Watson Pharmaceuticals, Inc.(b)		2,274		127,367
Total				11,586,192
TOTAL HEALTH CARE				24,175,188
INDUSTRIALS (11.2%)
Aerospace & Defense (2.8%)
Boeing Co. (The)		13,329		985,413
General Dynamics Corp.		6,754		517,086
Goodrich Corp.		2,275		194,581
Honeywell International, Inc.		14,205		848,181
Huntington Ingalls Industries, Inc.(b)		879		36,492
ITT Corp.		3,316		199,126
L-3 Communications Holdings, Inc.		2,055		160,927
Lockheed Martin Corp.		5,190		417,276
Northrop Grumman Corp.		5,276		330,858
Precision Castparts Corp.		2,591		381,343
Raytheon Co.		6,509		331,113
Rockwell Collins, Inc.		2,799		181,459
Textron, Inc.(a)		4,992		136,731
United Technologies Corp.		16,658		1,410,100
Total				6,130,686
Air Freight & Logistics (1.0%)
CH Robinson Worldwide, Inc.(a)		3,016		223,576
Expeditors International of Washington, Inc.		3,848		192,939
FedEx Corp.		5,694		532,673
United Parcel Service, Inc., Class B		17,865		1,327,727
Total				2,276,915
Airlines (0.1%)
Southwest Airlines Co.(a)		13,528		170,859

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Building Products (—%)
Masco Corp.(a)		6,471	$	90,076
Commercial Services & Supplies (0.5%)
Avery Dennison Corp.		1,934		81,151
Cintas Corp.(a)		2,291		69,348
Iron Mountain, Inc.		3,621		113,084
Pitney Bowes, Inc.(a)		3,684		94,642
Republic Services, Inc.		5,560		167,022
RR Donnelley & Sons Co.		3,732		70,609
Stericycle, Inc.(b)		1,543		136,818
Waste Management, Inc.		8,599		321,087
Total				1,053,761
Construction & Engineering (0.2%)
Fluor Corp.		3,204		236,007
Jacobs Engineering Group, Inc.(b)		2,289		117,723
Quanta Services, Inc.(a)(b)		3,900		87,477
Total				441,207
Electrical Equipment (0.5%)
Emerson Electric Co.		13,657		797,979
Rockwell Automation, Inc.(a)		2,575		243,724
Roper Industries, Inc.(a)		1,714		148,192
Total				1,189,895
Industrial Conglomerates (2.5%)
3M Co.		12,887		1,204,935
General Electric Co.		192,210		3,853,810
Tyco International Ltd.(c)		8,575		383,903
Total				5,442,648
Machinery (2.5%)
Caterpillar, Inc.		11,566		1,287,874
Cummins, Inc.		3,576		392,001
Danaher Corp.		9,782		507,686
Deere & Co.		7,627		738,980
Dover Corp.		3,378		222,070
Eaton Corp.		6,157		341,344
Flowserve Corp.		999		128,671
Illinois Tool Works, Inc.		9,018		484,447
Ingersoll-Rand PLC(a)(c)		5,965		288,169
Joy Global, Inc.(a)		1,900		187,739
PACCAR, Inc.		6,609		345,981
Pall Corp.		2,087		120,232
Parker Hannifin Corp.		2,937		278,075
Snap-On, Inc.		1,062		63,784
Total				5,387,053

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Professional Services (0.1%)
Dun & Bradstreet Corp.		889	$	71,333
Equifax, Inc.		2,214		86,014
Robert Half International, Inc.(a)		2,646		80,968
Total				238,315
Road & Rail (0.9%)
CSX Corp.		6,710		527,406
Norfolk Southern Corp.		6,437		445,891
Ryder System, Inc.		921		46,602
Union Pacific Corp.		8,899		875,039
Total				1,894,938
Trading Companies & Distributors (0.1%)
Fastenal Co.(a)		2,676		173,485
WW Grainger, Inc.		1,066		146,767
Total				320,252
TOTAL INDUSTRIALS				24,636,605
INFORMATION TECHNOLOGY (17.9%)
Communications Equipment (2.1%)
Cisco Systems, Inc.		100,052		1,715,892
F5 Networks, Inc.(b)		1,455		149,239
Harris Corp.(a)		2,326		115,370
JDS Uniphase Corp.(a)(b)		4,058		84,569
Juniper Networks, Inc.(b)		9,672		406,998
Motorola Mobility Holdings, Inc.(a)(b)		5,338		130,247
Motorola Solutions, Inc.(b)		6,103		272,743
QUALCOMM, Inc.		29,746		1,630,973
Tellabs, Inc.		6,568		34,416
Total				4,540,447
Computers & Peripherals (4.3%)
Apple, Inc.(b)(e)		16,678		5,811,449
Dell, Inc.(b)		30,400		441,104
EMC Corp.(b)		37,441		994,059
Hewlett-Packard Co.		39,366		1,612,825
Lexmark International, Inc., Class A(a)(b)		1,413		52,337
NetApp, Inc.(b)		6,657		320,734
SanDisk Corp.(b)		4,276		197,081
Western Digital Corp.(b)		4,193		156,357
Total				9,585,946
Electronic Equipment, Instruments & Components (0.4%)
Amphenol Corp., Class A		3,173		172,579
Corning, Inc.		28,339		584,634
FLIR Systems, Inc.(a)		2,884		99,815
Jabil Circuit, Inc.		3,543		72,384
Molex, Inc.(a)		2,506		62,951
Total				992,363

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Internet Software & Services (1.8%)
Akamai Technologies, Inc.(b)		3,398	$	129,124
eBay, Inc.(b)		20,689		642,187
Google, Inc., Class A(b)		4,547		2,665,497
Monster Worldwide, Inc.(a)(b)		2,360		37,524
VeriSign, Inc.(a)		3,131		113,373
Yahoo!, Inc.(b)		23,708		394,738
Total				3,982,443
IT Services (3.1%)
Automatic Data Processing, Inc.		8,993		461,431
Cognizant Technology Solutions Corp., Class A(b)		5,513		448,758
Computer Sciences Corp.		2,809		136,883
Fidelity National Information Services, Inc.		4,829		157,860
Fiserv, Inc.(b)		2,652		166,333
IBM Corp.		22,084		3,601,238
Mastercard, Inc., Class A		1,751		440,762
Paychex, Inc.		5,829		182,797
SAIC, Inc.(a)(b)		5,307		89,794
Teradata Corp.(b)		3,047		154,483
Total System Services, Inc.(a)		2,946		53,087
Visa, Inc., Class A		8,763		645,132
Western Union Co. (The)(a)		11,706		243,134
Total				6,781,692
Office Electronics (0.1%)
Xerox Corp.		25,340		269,871
Semiconductors & Semiconductor Equipment (2.5%)
Advanced Micro Devices, Inc.(a)(b)		10,426		89,664
Altera Corp.		5,784		254,612
Analog Devices, Inc.		5,430		213,833
Applied Materials, Inc.		23,881		373,021
Broadcom Corp., Class A(b)		8,607		338,944
First Solar, Inc.(a)(b)		987		158,749
Intel Corp.		99,350		2,003,890
KLA-Tencor Corp.		3,034		143,721
Linear Technology Corp.		4,110		138,219
LSI Corp.(b)		11,159		75,881
MEMC Electronic Materials, Inc.(b)		4,174		54,095
Microchip Technology, Inc.(a)		3,403		129,348
Micron Technology, Inc.(b)		15,537		178,054
National Semiconductor Corp.		4,370		62,666
Novellus Systems, Inc.(b)		1,626		60,373
NVIDIA Corp.(b)		10,508		193,978
Teradyne, Inc.(a)(b)		3,351		59,681
Texas Instruments, Inc.		21,209		732,983
Xilinx, Inc.(a)		4,723		154,914
Total				5,416,626

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Software (3.6%)
Adobe Systems, Inc.(b)		9,156	$	303,613
Autodesk, Inc.(b)		4,146		182,880
BMC Software, Inc.(b)		3,232		160,760
CA, Inc.		6,915		167,205
Citrix Systems, Inc.(b)		3,397		249,544
Compuware Corp.(b)		3,969		45,842
Electronic Arts, Inc.(a)(b)		6,059		118,332
Intuit, Inc.(b)		4,926		261,571
Microsoft Corp.		133,852		3,394,487
Novell, Inc.(b)		6,372		37,786
Oracle Corp.		70,415		2,349,748
Red Hat, Inc.(b)		3,491		158,456
Salesforce.com, Inc.(a)(b)		2,146		286,663
Symantec Corp.(b)		13,814		256,111
Total				7,972,998
TOTAL INFORMATION TECHNOLOGY				39,542,386
MATERIALS (3.7%)
Chemicals (2.1%)
Air Products & Chemicals, Inc.		3,900		351,702
Airgas, Inc.		1,352		89,800
CF Industries Holdings, Inc.		1,284		175,638
Dow Chemical Co. (The)		21,138		797,960
Eastman Chemical Co.		1,270		126,137
Ecolab, Inc.		4,203		214,437
EI du Pont de Nemours & Co.		16,692		917,559
FMC Corp.		1,283		108,965
International Flavors & Fragrances, Inc.		1,443		89,899
Monsanto Co.		9,711		701,717
PPG Industries, Inc.		2,916		277,632
Praxair, Inc.(a)		5,497		558,495
Sherwin-Williams Co. (The)		1,616		135,728
Sigma-Aldrich Corp.(a)		2,201		140,072
Total				4,685,741
Construction Materials (—%)
Vulcan Materials Co.(a)		2,327		106,111
Containers & Packaging (0.2%)
Ball Corp.		3,063		109,809
Bemis Co., Inc.		1,933		63,422
Owens-Illinois, Inc.(b)		2,952		89,121
Sealed Air Corp.		2,878		76,727
Total				339,079

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Metals & Mining (1.2%)
AK Steel Holding Corp.(a)		1,988	$	31,371
Alcoa, Inc.		19,237		339,533
Allegheny Technologies, Inc.(a)		1,783		120,745
Cliffs Natural Resources, Inc.		2,464		242,162
Freeport-McMoRan Copper & Gold, Inc.		17,124		951,238
Newmont Mining Corp.		8,917		486,690
Nucor Corp.(a)		5,716		263,050
Titanium Metals Corp.(b)		1,628		30,248
United States Steel Corp.(a)		2,610		140,783
Total				2,605,820
Paper & Forest Products (0.2%)
International Paper Co.		7,972		240,595
MeadWestvaco Corp.		3,037		92,112
Total				332,707
TOTAL MATERIALS				8,069,458
TELECOMMUNICATION SERVICES (3.0%)
Diversified Telecommunication Services (2.7%)
AT&T, Inc.		107,010		3,274,506
CenturyLink, Inc.(a)		5,540		230,187
Frontier Communications Corp.(a)		17,976		147,763
Qwest Communications International, Inc.		31,536		215,391
Verizon Communications, Inc.		51,198		1,973,171
Windstream Corp.(a)		9,118		117,348
Total				5,958,366
Wireless Telecommunication Services (0.3%)
American Tower Corp., Class A(b)		7,196		372,897
MetroPCS Communications, Inc.(b)		4,784		77,692
Sprint Nextel Corp.(b)		54,131		251,168
Total				701,757
TOTAL TELECOMMUNICATION SERVICES				6,660,123
UTILITIES (3.2%)
Electric Utilities (1.7%)
American Electric Power Co., Inc.		8,713		306,175
Duke Energy Corp.		24,071		436,889
Edison International		5,896		215,735
Entergy Corp.		3,241		217,828
Exelon Corp.		11,983		494,179
FirstEnergy Corp.		7,572		280,845

Issuer	Shares		Value
Common Stocks (continued)
UTILITIES (CONTINUED)
Electric Utilities (cont.)
NextEra Energy, Inc.		7,627	$	420,400
Northeast Utilities		3,188		110,305
Pepco Holdings, Inc.(a)		4,065		75,812
Pinnacle West Capital Corp.		1,970		84,296
PPL Corp.		8,762		221,678
Progress Energy, Inc.		5,321		245,511
Southern Co.		15,307		583,350
Total				3,693,003
Gas Utilities (0.1%)
Nicor, Inc.		831		44,624
Oneok, Inc.		1,927		128,878
Total				173,502
Independent Power Producers & Energy Traders (0.2%)
AES Corp. (The)(b)		11,991		155,883
Constellation Energy Group, Inc.		3,616		112,566
NRG Energy, Inc.(b)		4,483		96,564
Total				365,013
Multi-Utilities (1.2%)
Ameren Corp.		4,345		121,964
CenterPoint Energy, Inc.		7,683		134,913
CMS Energy Corp.(a)		4,564		89,637
Consolidated Edison, Inc.(a)		5,283		267,954
Dominion Resources, Inc.		10,522		470,333
DTE Energy Co.		3,072		150,405
Integrys Energy Group, Inc.		1,423		71,876
NiSource, Inc.		5,056		96,974
PG&E Corp.		7,170		316,771
Public Service Enterprise Group, Inc.		9,149		288,285
SCANA Corp.(a)		2,056		80,945
Sempra Energy		4,357		233,099
TECO Energy, Inc.		3,892		73,014

Issuer	Shares		Value
Common Stocks (continued)
UTILITIES (CONTINUED)
Multi-Utilities (cont.)
Wisconsin Energy Corp.		4,219	$	128,680
Xcel Energy, Inc.		8,738		208,751
Total				2,733,601
TOTAL UTILITIES				6,965,119
Total Common Stocks (Cost: $176,473,832)			$	218,666,059

	Shares		Value
Money Market Fund (0.9%)
Columbia Short-Term Cash Fund, 0.229%(d)(f)		1,903,984	$	1,903,984
Total Money Market Fund (Cost: $1,903,984)			$	1,903,984

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (5.8%)
Repurchase Agreements (5.8%)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $2,854,006(g)
		0.160	%	$	2,853,993	$	2,853,993
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $10,000,061(g)
		0.220	%		10,000,000		10,000,000
Total							12,853,993
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $12,853,993)						$	12,853,993
Total Investments (Cost: $191,231,809)						$	233,424,036(h)
Other Assets & Liabilities, Net							(13,184,571)
Net Assets						$	220,239,465

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts	Notional	Expiration	Unrealized		Unrealized
Contract Description	Long (Short)	Market Value	Date	Appreciation		Depreciation
S&P 500 Index	5	1,651,250	June 2011	$	38,483	$	—

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 2.20% of net assets.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Ameriprise Financial, Inc.	$	151,738	$	1,530	$	(13,069	)	$	6,260	$	146,459	$	829	$	272,905
Columbia Short-Term Cash Fund		2,406,983		7,213,571		(7,716,570	)		—	$	1,903,984		913		1,903,984
Total	$	2,558,721	$	7,215,101	$	(7,729,639	)	$	6,260	$	2,050,443	$	1,742	$	2,176,889

(e)	At March 31, 2011, investments in securities included securities valued at $421,237 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.
(f)	The rate shown is the seven-day current annualized yield at March 31, 2011.

^(g) The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	2,911,073
Total Market Value of Collateral Securities	$	2,911,073

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	17,810
Fannie Mae REMICS		2,916,534
Fannie Mae Whole Loan		10,831
Freddie Mac REMICS		4,211,063
Government National Mortgage Association		2,501,419
United States Treasury Bill		542,343
Total Market Value of Collateral Securities	$	10,200,000

^(h) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	22,828,655	$	—	$	—	$	22,828,655
Consumer Staples		22,326,848		—		—		22,326,848
Energy		28,985,314		—		—		28,985,314
Financials		34,476,363		—		—		34,476,363
Health Care		24,175,188		—		—		24,175,188
Industrials		24,636,605		—		—		24,636,605
Information Technology		39,542,386		—		—		39,542,386
Materials		8,069,458		—		—		8,069,458
Telecommunication Services		6,660,123		—		—		6,660,123
Utilities		6,965,119		—		—		6,965,119
Total Equity Securities		218,666,059		—		—		218,666,059
Other
Affiliated Money Market Fund(c)		1,903,984		—		—		1,903,984
Investments of Cash Collateral Received for Securities on Loan		—		12,853,993		—		12,853,993
Total Other		1,903,984		12,853,993		—		14,757,977
Investments in Securities		220,570,043		12,853,993		—		233,424,036
Derivatives(d)
Assets
Futures Contracts		38,483		—		—		38,483
Total	$	220,608,526	$	12,853,993	$	—	$	233,462,519

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Columbia Variable Portfolio - Short Duration U.S. Government Fund
(formerly known as RiverSource Variable Portfolio - Short Duration U.S. Government Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (3.0%)
Agencies (2.9%)
Bank of America Corp.
FDIC Government Guaranty
04/30/12		2.100	%	$	2,000,000	$	2,036,652
06/15/12		3.125	%		3,920,000		4,041,983
Citigroup Funding, Inc.
FDIC Government Guaranty
11/15/12		1.875	%		9,985,000		10,174,276
General Electric Capital Corp.
FDIC Government Guaranty
12/09/11		3.000	%		825,000		840,378
12/28/12		2.625	%		10,350,000		10,674,276
Morgan Stanley
FDIC Government Guaranty(a)
02/10/12		0.592	%		5,490,000		5,507,079
Total							33,274,644
Wirelines (0.1%)
TELUS Corp.
Senior Unsecured(b)
06/01/11		8.000	%		954,000		965,384
Total Corporate Bonds & Notes (Cost: $33,895,953)							$34,240,028
Residential Mortgage-Backed Securities - Agency (33.7%)
FDIC Structured Sale Guaranteed Notes
CMO Series 2010-S1 Class 1A(a)(c)(d)
02/25/48		0.796	%	$	10,947,819	$	10,957,190
Federal Home Loan Mortgage Corp.(a)(d)
01/01/37		5.937	%		538,474		571,797
09/01/37		5.633	%		828,595		876,272
CMO IO Series 3630 Class AI
03/15/17		1.931	%		5,852,128		242,563
Federal Home Loan Mortgage Corp.(d)
03/01/12-06/01/15		7.500	%		336,084		363,937
06/01/12-11/01/32		7.000	%		321,121		369,782
11/01/13-03/01/25		4.500	%		59,295,339		62,237,360
04/01/17		6.500	%		459,589		498,827
11/01/17-04/01/24		5.000	%		21,777,548		23,156,729
03/01/18-09/01/38		6.000	%		13,740,641		14,909,870
09/01/19		5.500	%		640,484		700,092
CMO IO Series 2639 Class UI
03/15/22		5.000	%		980,155		80,533
CMO IO Series 2795 Class IY
07/15/17		5.000	%		70,863		516
CMO Series 2617 Class HD
06/15/16		7.000	%		90,898		91,167
CMO Series 2843 Class BA

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
01/15/18		5.000	%	$	292,571	$	302,428
CMO Series 3531 Class CE
01/15/39		3.000	%		3,819,637		3,822,944
CMO Series 3683 Class JD
12/15/23		4.000	%		8,856,001		9,246,847
CMO Series 3711 Class AG
08/15/23		3.000	%		1,791,606		1,820,635
CMO Series 3747 Class NA
10/15/18		1.300	%		1,624,284		1,595,900
CMO Series 3774 Class AB
12/15/20		3.500	%		10,890,827		11,283,217
CMO Series 3825 Class AB
08/15/20		3.000	%		11,400,000		11,691,107
CMO Series 3831 Class CG
10/15/18		3.000	%		11,300,000		11,587,804
Multifamily Structured Pass-Through Certificates
CMO Series K003 Class A1
07/25/13		2.225	%		2,672,760		2,700,533
Federal National Mortgage Association(a)(d)
02/01/33		1.882	%		196,067		201,351
07/01/33		4.935	%		320,255		339,649
12/01/33		4.726	%		112,022		118,577
06/01/34		4.661	%		508,913		535,187
07/01/36		5.981	%		925,885		991,297
09/01/37		5.854	%		1,439,046		1,530,090
CMO Series 2003-W11 Class A1
06/25/33		3.098	%		7,874		8,072
Federal National Mortgage Association(d)
01/01/17-10/01/34		6.000	%		5,816,091		6,389,846
05/01/17-09/01/23		5.500	%		24,063,798		26,136,084
06/01/17-06/01/36		7.000	%		2,631,995		3,043,608
11/01/18-02/01/23		5.000	%		20,683,630		22,093,265
10/01/20		3.500	%		7,399,698		7,610,127
03/01/23-06/01/25		4.500	%		4,003,684		4,213,186
03/01/29-10/01/37		6.500	%		13,541,583		15,294,272
09/01/31		7.500	%		436,580		505,665
CMO IO Series 2004-84 Class GI
12/25/22		5.000	%		119,012		7,233
CMO Series 20011-23 Class AB
06/25/20		2.750	%		11,307,889		11,497,309
CMO Series 2002-97 Class CF
03/25/31		5.500	%		2,652,188		2,687,862
CMO Series 2004-60 Class PA
04/25/34		5.500	%		1,025,962		1,097,004
CMO Series 2010-50 Class AB
01/25/24		2.500	%		7,616,760		7,663,892
CMO Series 2010-87 Class GA
02/25/24		4.000	%		7,284,148		7,598,585
CMO Series 2011-16 Class GE
03/25/26		2.750	%		11,295,255		11,492,515
CMO Series 2011-25 Class AH
06/25/21		2.750	%		11,400,000		11,603,390

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
CMO Series 2011-3 Class EL
05/25/20		3.000	%	$	13,061,533	$	13,370,657
CMO Series 2011-6 Class BA
06/25/20		2.750	%		13,595,975		13,816,052
Federal National Mortgage Association(d)(e)
04/01/26		5.000	%		19,275,000		20,476,681
04/01/26		5.500	%		3,500,000		3,785,467
CMO Series 2011-38 Class AH
04/25/41		2.750	%		11,250,000		11,442,041
Federal National Mortgage Association(d)(f)
09/01/36		6.000	%		10,373,433		11,395,998
Government National Mortgage Association(d)
04/15/13-03/15/18		7.000	%		417,113		454,188
08/15/13-01/20/34		6.000	%		4,194,699		4,584,543
CMO Series 2004-19 Class DJ
03/20/34		4.500	%		184,380		187,705
Total Residential Mortgage-Backed Securities - Agency (Cost: $388,894,409)						$	391,279,448
Residential Mortgage-Backed Securities - Non-Agency (2.6%)
ASG Resecuritization Trust
CMO Series 2010-3 Class 1A87(c)(d)
07/28/37		3.500	%	$	5,548,548	$	5,552,661
BCAP LLC Trust(c)(d)
CMO Series 2009-RR13 Class 12A1
04/26/37		5.250	%		1,070,167		1,085,011
CMO Series 2010-RR6 Class 6A1
07/26/37		4.000	%		3,137,440		3,158,738
Banc of America Funding Corp.
CMO Series 2010-R4 Class 4A1(a)(c)(d)
06/26/37		0.458	%		684,355		667,137
Banc of America Mortgage Securities, Inc.
CMO Series 2005-E Class 2A5(a)(d)
06/25/35		2.866	%		3,619,035		3,588,681
Citigroup Mortgage Loan Trust, Inc.
CMO Series 2010-6 Class 1A1(c)(d)
05/25/35		4.750	%		4,031,947		4,106,339
Countrywide Alternative Loan Trust
CMO Series 2006-OA11 Class A3B1(a)(d)
09/25/46		0.430	%		132,045		130,319
Credit Suisse Mortgage Capital Certificates(c)(d)
CMO Series 2009-12R Class 14A1
11/27/35		5.500	%		3,250,097		3,366,195
CMO Series 2009-12R Class 30A1
12/27/36		5.300	%		394,577		400,801
GSR Mortgage Loan Trust
CMO Series 2005-5F Class 2A3(d)
06/25/35		5.500	%		1,167,753		1,172,938
Indymac Index Mortgage Loan Trust
CMO Series 2006-AR13 Class A1(a)(d)
07/25/36		5.482	%		1,054,079		886,045
LVII Resecuritization Trust
CMO Series 2009-3 Class A1(a)(c)(d)
11/27/37		5.684	%		506,865		510,307
Prime Mortgage Trust
CMO Series 2005-1 Class 2A1(c)(d)
09/25/34		5.000	%		4,074,105		4,109,151
Residential Asset Securitization Trust
CMO Series 2004-A7 Class A1(d)
10/25/34		5.500	%		829,535		830,899
Wells Fargo Mortgage-Backed Securities Trust
CMO Series 2006-12 Class A1(d)
10/25/36		6.000	%		11,820		11,787
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $29,580,265)						$	29,577,009

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (13.9%)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates CMO Series K001 Class A2(d)
04/25/16		5.651	%	$	1,791,621	$	1,915,620
Federal National Mortgage Association CMO Series 2010-M4 Class A1(d)
06/25/20		2.520	%		4,372,473		4,322,612
Government National Mortgage Association(d)
CMO Series 2003-17 Class B
10/16/27		4.999	%		53,571		55,546
CMO Series 2009-105 Class A
12/16/50		3.456	%		5,053,900		5,242,789
CMO Series 2009-114 Class A
12/16/38		3.103	%		5,438,921		5,553,860
CMO Series 2009-63 Class A
01/16/38		3.400	%		3,488,780		3,600,979
CMO Series 2009-71 Class A
04/16/38		3.304	%		5,059,772		5,191,801
CMO Series 2009-90 Class AC
01/16/33		3.137	%		3,950,000		4,056,701
CMO Series 2010-100 Class A
06/16/50		2.351	%		4,905,285		4,966,247
CMO Series 2010-13 Class A
08/16/22		2.461	%		3,363,986		3,413,631
CMO Series 2010-141 Class A
08/16/31		1.864	%		9,081,779		9,112,918
CMO Series 2010-159 Class A
01/16/33		2.159	%		8,541,555		8,589,945
CMO Series 2010-16 Class AB
05/16/33		2.676	%		1,572,327		1,604,179
CMO Series 2010-161 Class AB
05/16/35		2.110	%		7,452,152		7,463,238
CMO Series 2010-18 Class A
12/16/50		3.100	%		3,631,233		3,717,570
CMO Series 2010-22 Class AC
12/16/30		2.229	%		2,926,884		2,963,543
CMO Series 2010-49 Class A
03/16/51		2.870	%		1,866,090		1,928,245
CMO Series 2010-65 Class A
11/16/28		2.017	%		2,818,056		2,839,862
CMO Series 2010-74 Class A
09/16/33		2.629	%		9,030,038		9,208,345
CMO Series 2010-83 Class A
10/16/50		2.021	%		3,462,717		3,483,324
CMO Series 2011-1 Class A
12/16/31		2.239	%		11,445,340		11,503,444
CMO Series 2011-16 Class A
11/16/34		2.210	%		11,526,189		11,576,773
CMO Series 2011-20 Class A
04/16/32		1.883	%		14,187,204		14,134,371
CMO Series 2011-31 Class A
12/16/35		2.210	%		11,550,000		11,597,852
Government National Mortgage Association(d)(e)
CMO Series 2011-49 Class A
12/16/34		2.450	%		11,500,000		11,615,000
CMO Series 2011-53 Class A
01/16/35		2.360	%		11,800,000		11,849,678
Total Commercial Mortgage-Backed Securities (Cost: $160,837,640)						$	161,508,073

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (2.3%)
Banc of America Funding Corp.
CMO Series 2009-R14A Class 1A1(a)(c)
09/26/37		1.359	%	$	2,424,459	$	2,407,126
Bear Stearns Asset-Backed Securities Trust
Series 2006-HE9 Class 1A1(a)
11/25/36		0.300	%		331,822		325,103
Carrington Mortgage Loan Trust
Series 2006-RFC1 Class A2(a)
05/25/36		0.350	%		1,841,286		1,787,036
Citigroup Mortgage Loan Trust, Inc.
Series 2006-WFH4 Class A2(a)
11/25/36		0.350	%		757,944		743,408
Countrywide Asset-Backed Certificates(a)
Series 2006-22 Class 2A1 (MGIC)
05/25/47		0.300	%		105,274		105,092
Countrywide Asset-Backed Certificates(a)(c)
Series 2005-SD1 Class A1C
05/25/35		0.640	%		725,245		699,606
Credit-Based Asset Servicing and Securitization LLC
Series 2006-CB6 Class A22(a)
07/25/36		0.340	%		195,752		195,401
Morgan Stanley ABS Capital I(a)
Series 2005-WMC5 Class M2
06/25/35		0.730	%		1,395,545		1,354,872
Series 2006-WMC1 Class A2B
12/25/35		0.450	%		839,033		805,859
Novastar Home Equity Loan
Series 2006-2 Class A2B(a)
06/25/36		0.360	%		1,548,068		1,539,822
RBSSP Resecuritization Trust(a)(c)
CMO Series 2009-10 Class 4A1
07/26/36		0.400	%		1,451,752		1,433,240
CMO Series 2009-10 Class 7A1
03/26/37		0.350	%		269,407		268,460
CMO Series 2009-11 Class 2A1
04/26/36		0.400	%		2,711,321		2,559,259
CMO Series 2009-12 Class 2A1
10/25/32		4.767	%		732,960		738,895
CMO Series 2009-13 Class 8A1
06/26/37		1.000	%		2,968,525		2,930,968
Residential Asset Mortgage Products, Inc.
Series 2004-RS8 Class AI4
06/25/32		5.060	%		858,649		846,212
Sierra Receivables Funding Co. LLC
Series 2010-2A Class A(c)
11/20/25		3.840	%		2,978,538		2,967,436
Specialty Underwriting & Residential Finance
Series 2005-BC3 Class M1(a)
06/25/36		0.700	%		3,500,000		3,295,649
Structured Asset Investment Loan Trust
Series 2005-9 Class A5(a)
11/25/35		0.480	%		625,875		614,507
Structured Asset Securities Corp.(a)
CMO Series 2006-NC1 Class A6
05/25/36		0.300	%		279,492		275,794
Series 2007-WF2 Class A2
08/25/37		0.950	%		208,728		207,595
Total Asset-Backed Securities (Cost: $25,617,859)						$	26,101,340

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities - Agency (—%)
Small Business Administration Participation Certificates
Series 2001-20H Class 1
08/01/21		6.340	%	$	150,046	$	162,718
Small Business Administration
Series 2001-10B Class 1 U.S. Government Guaranty
09/10/11		5.886	%		7,781		7,948
Total							170,666
Total Asset-Backed Securities - Agency (Cost: $157,827)						$	170,666

U.S. Treasury Obligations (16.9%)
U.S. Treasury
07/31/12	0.625	%	$	40,000,000	$	40,090,800
06/15/13	1.125	%		6,500,000		6,531,980
U.S. Treasury(g)
04/30/11	0.875	%		55,000,000		55,030,649
05/31/12	0.750	%		68,500,000		68,789,070
01/31/16	2.000	%		26,000,000		25,811,084
Total U.S. Treasury Obligations (Cost: $195,786,561)					$	196,253,583
U.S. Government & Agency Obligations (31.6%)
Federal Farm Credit Bank(a)
08/22/13	0.274	%	$	12,000,000	$	11,996,208
Federal Home Loan Banks
05/24/11	0.540	%		12,300,000		12,307,491
12/28/11	1.000	%		10,935,000		10,994,604
06/21/13	1.875	%		22,400,000		22,827,773
Federal Home Loan Mortgage Corp.
01/10/13	0.280	%		23,000,000		22,999,999
Federal Home Loan Mortgage Corp.(a)
01/24/13	0.260	%		12,000,000		11,997,792
Federal Home Loan Mortgage Corp.(g)
10/28/13	0.875	%		69,450,000		68,871,690
Federal National Mortgage Association Discount Notes
07/11/11	0.000	%		15,000,000		14,995,365
Federal National Mortgage Association
05/19/11	3.375	%		10,467,000		10,512,033
11/23/11	1.000	%		13,275,000		13,336,848
09/24/12	0.625	%		34,000,000		34,021,114
09/17/13	1.125	%		4,220,000		4,217,502
09/30/13	1.125	%		6,000,000		5,993,178
Federal National Mortgage Association(a)
02/01/13	0.400	%		12,000,000		12,002,052
03/04/14	0.261	%		23,000,000		23,000,114
Federal National Mortgage Association(g)
10/26/15	1.625	%		85,000,000		82,708,740
Private Export Funding Corp.
U.S. Government Guaranty
10/15/14	3.050	%		4,150,000		4,325,224
Total U.S. Government & Agency Obligations (Cost: $369,256,926)					$	367,107,727

	Shares		Value
Money Market Fund (0.8%)
Columbia Short-Term Cash Fund, 0.229%(h)(i)		9,246,925	$	9,246,925
Total Money Market Fund (Cost: $9,246,925)			$	9,246,925

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (18.5%)
Asset-Backed Commercial Paper (3.8%)
Antalis US Funding Corp.
05/23/11		0.340	%	$	4,997,450	$	4,997,450
Cancara Asset Securitisation LLC
04/21/11		0.250	%		9,998,125		9,998,125
Macquarie Bank Ltd.
05/09/11		0.395	%		4,995,117		4,995,117
05/10/11		0.395	%		3,996,050		3,996,050
Rhein-Main Securitisation Ltd.
04/12/11		0.551	%		3,994,500		3,994,500
04/18/11		0.551	%		2,996,012		2,996,012
Rheingold Securitization
04/28/11		0.551	%		3,994,500		3,994,500
Royal Park Investments Funding Corp.
04/21/11		0.510	%		8,994,518		8,994,518
Total							43,966,272
Certificates of Deposit (8.7%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		5,000,000		5,000,000
Barclays Bank PLC
06/15/11		0.400	%		5,000,000		5,000,000
Clydesdale Bank PLC
04/26/11		0.395	%		5,000,000		5,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		5,000,000		5,000,000
05/23/11		0.400	%		3,000,000		3,000,000
06/13/11		0.400	%		3,000,000		3,000,000
DZ Bank AG
04/08/11		0.400	%		8,000,000		8,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		7,000,000		7,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.360	%		8,000,000		8,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%	$	10,000,000	$	10,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/23/11		0.345	%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		10,000,000		10,000,000
Natixis
05/09/11		0.503	%		7,000,000		7,000,000
Societe Generale
07/01/11		0.363	%		10,000,000		10,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
Total							100,995,431
Other Short-Term Obligations (0.7%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		5,000,000		5,000,000
04/20/11		0.270	%		3,000,000		3,000,000
Total							8,000,000
Repurchase Agreements (5.3%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $15,001,688(j)
		0.270	%		15,000,000		15,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $25,000,160(j)
		0.230	%		25,000,000		25,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $11,645,095(j)
		0.160	%		11,645,043		11,645,043
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11, repurchase price $10,001,500(j)
		0.300	%		10,000,000		10,000,000
Total							61,645,043
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $214,606,746)						$	214,606,746
Total Investments (Cost: $1,427,881,111)(k)						$	1,430,091,545	(l)
Other Assets & Liabilities, Net							(270,126,498)
Net Assets						$	1,159,965,047

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		Depreciation
U.S. Treasury Note, 2-year		(461	)	$	(100,555,625	)	July 2011	$	—	$	(152,070	)
U.S. Treasury Note, 5-year		(212	)		(24,759,281	)	July 2011		—		(170,963	)
Total								$	—	$	(323,033	)

Notes to Portfolio of Investments

(a)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 0.08% of net assets.
(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $47,918,520 or 4.13% of net assets.
(d)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(e)	Represents a security purchased on a when-issued or delayed delivery basis.
(f)	At March 31, 2011, investments in securities included securities valued at $676,408 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
(g)	At March 31, 2011, security was partially or fully on loan.
(h)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(i)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	16,164,218	$	217,756,686	$	(224,673,979	)	$	—	$	9,246,925	$	36,727	$	9,246,925

^(j)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	3,472
Fannie Mae Interest Strip		1,351,192
Fannie Mae Pool		11,900,890
Fannie Mae Principal Strip		127,351
Fannie Mae REMICS		396,285
Federal Farm Credit Bank		227,306
Federal Home Loan Banks		337,265
Federal Home Loan Mortgage Corp		197,586
Federal National Mortgage Association		154,548
FHLMC Structured Pass Through Securities		69,204
Freddie Mac Coupon Strips		1,498
Freddie Mac Gold Pool		1,686,573
Freddie Mac Non Gold Pool		5,110,167
Freddie Mac REMICS		506,236
Freddie Mac Strips		131,644
Ginnie Mae I Pool		357,660
Ginnie Mae II Pool		1,087,954
Government National Mortgage Association		422,478
LMA SA & LMA Americas		1,196
Metlife Short Term Funding		1,643
Sanofi-Aventis		5,106
Silver Tower US Fund		1,140
Suncorp-Metway Ltd		3,505
United States Treasury Inflation Indexed Bonds		75,112
United States Treasury Strip Coupon		1,223,902
United States Treasury Strip Principal		119,089
Total Market Value of Collateral Securities	$	25,500,002
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	11,877,944
Total Market Value of Collateral Securities	$	11,877,944
Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)
Security Description	Value
Breeds Hill Capital Ltd	$	4,773,379
LMA SA & LMA Americas		161,368
Metlife Short Term Funding		1,419,216
Sanofi-Aventis		1,486,038
Silver Tower US Fund		1,414,734
Suncorp-Metway Ltd		1,245,265
Total Market Value of Collateral Securities	$	10,500,000

^(k)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,427,881,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	6,298,000
Unrealized Depreciation		(4,087,000	)
Net Unrealized Appreciation	$	2,211,000

^(l)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
FDIC	Federal Deposit Insurance Corporation
IO	Interest Only
MGIC	Mortgage Guaranty Insurance Corporation

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1			Level 2		Level 3
Description(a)	quoted prices			other		significant		Total
	in active			significant		unobservable
	markets for			observable		inputs
	identical assets			inputs(b)
Bonds
Corporate Bonds & Notes	$	—		$	34,240,028	$	—	$	34,240,028
Residential Mortgage-Backed Securities - Agency		—			379,837,407		11,442,041		391,279,448
Residential Mortgage-Backed Securities - Non-Agency		—			29,577,009		—		29,577,009
Commercial Mortgage-Backed Securities		—			138,043,395		23,464,678		161,508,073
Asset-Backed Securities		—			26,101,340		—		26,101,340
Asset-Backed Securities - Agency		—			170,666		—		170,666
U.S. Treasury Obligations		196,253,583			—		—		196,253,583
U.S. Government & Agency Obligations		—			367,107,727		—		367,107,727
Total Bonds		196,253,583			975,077,572		34,906,719		1,206,237,874
Other
Affiliated Money Market Fund(c)		9,246,925			—		—		9,246,925
Investments of Cash Collateral Received for Securities on Loan		—			214,606,746		—		214,606,746
Total Other		9,246,925			214,606,746		—		223,853,671
Investments in Securities		205,500,508			1,189,684,318		34,906,719		1,430,091,545
Derivatives(d)
Liabilities
Futures Contracts		(323,033	)		—		—		(323,033	)
Total	$	205,177,475		$	1,189,684,318	$	34,906,719	$	1,429,768,512

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Residential			Commercial
	Mortgage-Backed			Mortgage-Backed		Asset-Backed
	Securities - Agency			Securities		Securities			Total
Balance as of December 31, 2010	$	16,274,917		$	—	$	645,021		$	16,919,938
Accrued discounts/premiums		—			—		119			119
Realized gain (loss)		—			—		841			841
Change in unrealized appreciation (depreciation)*		—			65,147		(7,065	)		58,082
Sales		—			—		(638,916	)		(638,916	)
Purchases		11,442,041			23,399,531		—			34,841,572
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		(16,274,917	)		—		—			(16,274,917	)
Balance as of March 31, 2011	$	11,442,041		$	23,464,678	$	—		$	34,906,719

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $65,147, which is comprised of Commercial Mortgage-Backed Securities.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Columbia Variable Portfolio - Seligman Global Technology Fund

(formerly known as Seligman Global Technology Portfolio)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (96.4%)
CONSUMER DISCRETIONARY (0.5%)
Internet & Catalog Retail (0.5%)
Amazon.com, Inc.(a)		2,200	$	396,286
TOTAL CONSUMER DISCRECTIONARY				396,286
HEALTH CARE (2.1%)
Health Care Equipment & Supplies (1.1%)
Baxter International, Inc.		16,200		871,074
Life Sciences Tools & Services (1.0%)
Thermo Fisher Scientific, Inc.(a)		14,800		822,140
TOTAL HEALTH CARE				1,693,214
INDUSTRIALS (1.9%)
Aerospace & Defense (0.7%)
General Dynamics Corp.		7,700		589,512
Electrical Equipment (1.2%)
Nidec Corp.(b)(c)		8,600		744,848
Sensata Technologies Holding NV(a)(c)		5,910		205,254
Total				950,102
TOTAL INDUSTRIALS				1,539,614
INFORMATION TECHNOLOGY (90.6%)
Communications Equipment (4.9%)
Alcatel-Lucent, ADR(a)(b)(c)		54,900		318,969
HTC Corp.(c)		25,000		976,495
QUALCOMM, Inc.		42,648		2,338,390
Research In Motion Ltd.(a)(c)		5,600		316,792
Total				3,950,646
Computers & Peripherals (11.4%)
Apple, Inc.(a)		8,700		3,031,515
Electronics for Imaging, Inc.(a)(b)		36,000		529,560
EMC Corp.(a)		9,500		252,225
Gemalto NV(c)		12,300		604,962
Hewlett-Packard Co.		66,800		2,736,796
NetApp, Inc.(a)		20,200		973,236
Toshiba Corp.(c)		203,400		994,545
Total				9,122,839
Electronic Equipment, Instruments & Components (6.3%)
AU Optronics Corp., ADR(a)(b)(c)		64,600		567,188
Avnet, Inc.(a)		25,200		859,068
Ibiden Co., Ltd.(b)(c)		16,100		509,529
Ingenico(c)		10,800		483,585

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment, Instruments & Components (cont.)
Jabil Circuit, Inc.		20,600	$	420,858
Kyocera Corp.(c)		5,400		547,277
Murata Manufacturing Co., Ltd.(c)		5,400		390,490
Tripod Technology Corp.(c)		180,000		792,542
Unimicron Technology Corp.(c)		278,400		473,316
Total				5,043,853
Internet Software & Services (5.4%)
Baidu, Inc., ADR(a)(c)		11,800		1,626,158
Constant Contact, Inc.(a)(b)		11,000		383,900
Google, Inc., Class A(a)		2,500		1,465,525
Netease.com, ADR(a)(b)(c)		9,100		450,541
Velti PLC(a)(c)		24,800		270,532
Velti PLC(a)(c)		7,588		95,533
Total				4,292,189
IT Services (8.7%)
Amdocs Ltd.(a)(c)		128,300		3,701,455
Atos Origin SA(a)(c)		7,600		445,638
IBM Corp.		1,200		195,684
Infosys Technologies Ltd., ADR(b)(c)		12,200		874,740
InterXion Holding NV(a)(c)		21,982		285,766
Rolta India Ltd.(c)		330,100		1,029,179
Teradata Corp.(a)		8,900		451,230
Total				6,983,692
Office Electronics (2.3%)
Canon, Inc.(c)		12,800		550,525
Xerox Corp.		120,500		1,283,325
Total				1,833,850
Semiconductors & Semiconductor Equipment (15.3%)
Advanced Micro Devices, Inc.(a)(b)		83,631		719,227
Advanced Semiconductor Engineering, Inc.(c)		327,000		353,912
Amkor Technology, Inc.(a)		31,927		215,188
ASML Holding NV(a)(c)		24,600		1,094,700
ASML Holding NV(a)(c)		25,900		1,141,540
Infineon Technologies AG(c)		39,100		400,909
Intel Corp.		69,609		1,404,013
KLA-Tencor Corp.		39,200		1,856,904
Lam Research Corp.(a)		13,600		770,576
Marvell Technology Group Ltd.(a)(c)		98,975		1,539,061
Novellus Systems, Inc.(a)		41,600		1,544,608
ON Semiconductor Corp.(a)		11,700		115,479
Samsung Electronics Co., Ltd.(c)		1,119		948,874
Sumco Corp.(a)(c)		5,300		106,586
Total				12,211,577

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Software (36.3%)
Application Software (18.4%)
Aspen Technology, Inc.(a)(b)		44,857	$	672,406
JDA Software Group, Inc.(a)		43,200		1,307,232
Longtop Financial Technologies Ltd., ADR(a)(b)(c)		34,600		1,087,132
NICE Systems Ltd., ADR(a)(b)(c)		41,000		1,514,540
Nuance Communications, Inc.(a)(b)		123,200		2,409,792
Parametric Technology Corp.(a)		123,442		2,776,211
Synopsys, Inc.(a)		133,800		3,699,570
Taleo Corp., Class A(a)(b)		18,600		663,090
Temenos Group AG(a)(c)		16,600		628,939
Total				14,758,912
Home Entertainment Software (0.5%)
Nintendo Co., Ltd.(c)		1,400		380,674
Systems Software (17.4%)
BMC Software, Inc.(a)		56,730		2,821,750
Check Point Software Technologies Ltd.(a)(c)		61,412		3,135,083
Microsoft Corp.		97,100		2,462,456
Oracle Corp.		48,000		1,601,760
Sourcefire, Inc.(a)(b)		11,000		302,610
Symantec Corp.(a)		191,823		3,556,398
Total				13,880,057
TOTAL SOFTWARE				29,019,643
TOTAL INFORMATION TECHNOLOGY				72,458,289
MATERIALS (0.8%)
Chemicals (0.8%)
JSR Corp.(c)		31,200		625,716

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
TOTAL MATERIALS			$	625,716
TELECOMMUNICATION SERVICES (0.5%)
Diversified Telecommunication Services (0.5%)
Deutsche Telekom AG(c)		25,500		392,826
TOTAL TELECOMMUNICATION SERVICES				392,826
Total Common Stocks (Cost: $68,090,407)			$	77,105,945
	Shares		Value
Money Market Fund (2.9%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		2,299,956	$	2,299,956
Total Money Market Fund (Cost: $2,299,956)			$	2,299,956

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (6.9%)
Repurchase Agreements (6.9%)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,541,477(f)
		0.160	%	$	5,541,453	$	5,541,453
Total							5,541,453
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $5,541,453)						$	5,541,453
Total Investments (Cost: $75,931,816)(g)						$	84,947,354(h)
Other Assets & Liabilities, Net							(4,948,360)
Net Assets						$	79,998,994

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

	Exchange	Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Date	Delivered		Received		Appreciation		Depreciation
Goldman, Sachs & Co.	April 1, 2011		205,604		146,006	$	1,316	$	—
		(USD)		(EUR)
J.P. Morgan Securities, Inc.	April 4, 2011		98,919		159,017		332		—
		(GBP)		(USD)
J.P. Morgan Securities, Inc.	April 5, 2011		54,290		87,171		79		—
		(GBP)		(USD)
Total						$	1,727	$	—

Summary of Investments in Securities by Country

The following table represents the portfolio investments of the Fund by country as a percentage of net assets at March 31, 2011.

	Percentage of
Country	net assets
Bermuda		1.9	%
Canada		0.4
Cayman Islands		3.9
France		1.6
Germany		1.0
Guernsey		4.6
India		2.4
Israel		5.8
Japan		6.1
Korea		1.2
Netherlands		4.2
Switzerland		0.8
Taiwan		3.9
United Kingdom		0.5
Total Foreign Securities*		38.3	%
United States		67.9	%

* Amount shown does not include companies based in the U.S. that derive at least 50% of their revenue from business outside the U.S. or have at least 50% of their assets outside the U.S. If such companies were included, Total Foreign Securities would be greater than 40%.

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 38.26% of net assets.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	706,843	$	17,298,390	$	(15,705,277	)	$	—	$	2,299,956	$	539	$	2,299,956

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	5,652,282
Total Market Value of Collateral Securities	$	5,652,282

^(g)   At March 31, 2011, the cost of securities for federal income tax purposes was approximately $75,932,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	10,426,000
Unrealized Depreciation		(1,411,000	)
Net Unrealized Appreciation	$	9,015,000

^(h)   Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

EUR	Euro
GBP	Pound Sterling

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	396,286	$	—	$	—	$	396,286
Health Care		1,693,214		—		—		1,693,214
Industrials		794,766		744,848		—		1,539,614
Information Technology		60,428,240		12,030,049		—		72,458,289
Materials		—		625,716		—		625,716
Telecommunication Services		—		392,826		—		392,826
Total Equity Securities		63,312,506		13,793,439		—		77,105,945
Other
Affiliated Money Market Fund(c)		2,299,956		—		—		2,299,956
Investments of Cash Collateral Received for Securities on Loan		—		5,541,453		—		5,541,453
Total Other		2,299,956		5,541,453		—		7,841,409
Investments in Securities		65,612,462		19,334,892		—		84,947,354
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		1,727		—		1,727
Total	$	65,612,462	$	19,336,619	$	—	$	84,949,081

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.
(d)	Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Columbia Variable Portfolio - Large Cap Growth Fund

(formerly known as Seligman Variable Portfolio - Growth Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.4%)
CONSUMER DISCRETIONARY (12.7%)
Auto Components (1.1%)
Autoliv, Inc.(a)		35,315	$	2,621,432
Hotels, Restaurants & Leisure (2.2%)
Bally Technologies, Inc.(a)(b)		28,738		1,087,733
Ctrip.com International Ltd., ADR(a)(b)(c)		17,224		714,624
Starbucks Corp.		91,645		3,386,283
Total				5,188,640
Internet & Catalog Retail (1.5%)
Amazon.com, Inc.(b)		14,274		2,571,175
priceline.com, Inc.(a)(b)		2,145		1,086,314
Total				3,657,489
Media (1.9%)
CBS Corp., Class B Non Voting		72,827		1,823,588
Viacom, Inc., Class B		58,000		2,698,160
Total				4,521,748
Multiline Retail (0.7%)
Nordstrom, Inc.(a)		40,614		1,822,756
Specialty Retail (3.1%)
Abercrombie & Fitch Co., Class A		24,787		1,454,997
Dick’s Sporting Goods, Inc.(a)(b)		52,229		2,088,116
Limited Brands, Inc.		43,330		1,424,690
Lowe’s Companies, Inc.		95,567		2,525,836
Total				7,493,639
Textiles, Apparel & Luxury Goods (2.2%)
Coach, Inc.		40,335		2,099,033
Fossil, Inc.(a)(b)		23,226		2,175,115
Lululemon Athletica, Inc.(a)(b)		10,472		932,532
Total				5,206,680
TOTAL CONSUMER DISCRECTIONARY				30,512,384
CONSUMER STAPLES (7.5%)
Food & Staples Retailing (3.4%)
Costco Wholesale Corp.		33,491		2,455,560
Walgreen Co.		77,942		3,128,592
Whole Foods Market, Inc.(a)		38,907		2,563,971
Total				8,148,123
Food Products (0.8%)
Hershey Co. (The)		36,700		1,994,645

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Personal Products (1.2%)
Estee Lauder Companies, Inc. (The), Class A		28,504	$	2,746,646
Tobacco (2.1%)
Philip Morris International, Inc.		77,108		5,060,598
TOTAL CONSUMER STAPLES				17,950,012
ENERGY (11.3%)
Energy Equipment & Services (3.5%)
Halliburton Co.		67,369		3,357,671
McDermott International, Inc.(b)(c)		54,477		1,383,171
Nabors Industries Ltd.(b)(c)		65,333		1,984,817
National Oilwell Varco, Inc.		21,649		1,716,116
Total				8,441,775
Oil, Gas & Consumable Fuels (7.8%)
Apache Corp.		10,092		1,321,245
Chevron Corp.		32,113		3,449,899
Continental Resources, Inc.(a)(b)		27,393		1,957,778
Exxon Mobil Corp.		49,766		4,186,813
Kinder Morgan Management LLC(b)(d)		—		1
Murphy Oil Corp.		12,763		937,059
Occidental Petroleum Corp.		21,041		2,198,574
Peabody Energy Corp.		34,684		2,495,861
Southwestern Energy Co.(b)		49,641		2,133,074
Total				18,680,304
TOTAL ENERGY				27,122,079
FINANCIALS (4.4%)
Capital Markets (2.5%)
BlackRock, Inc.		12,284		2,469,207
Franklin Resources, Inc.		14,360		1,796,149
Morgan Stanley		61,186		1,671,601
Total				5,936,957
Commercial Banks (0.4%)
Fifth Third Bancorp		61,698		856,369
Diversified Financial Services (1.0%)
JPMorgan Chase & Co.		53,270		2,455,747
Insurance (0.5%)
MetLife, Inc.		25,766		1,152,513
TOTAL FINANCIALS				10,401,586

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (11.9%)
Biotechnology (2.1%)
Alexion Pharmaceuticals, Inc.(a)(b)		21,027	$	2,074,944
Celgene Corp.(b)		20,744		1,193,402
Dendreon Corp.(b)		45,529		1,704,151
Total				4,972,497
Health Care Equipment & Supplies (2.7%)
Covidien PLC(c)		29,869		1,551,396
Edwards Lifesciences Corp.(b)		16,037		1,395,219
St. Jude Medical, Inc.		71,351		3,657,452
Total				6,604,067
Health Care Providers & Services (3.0%)
Express Scripts, Inc.(b)		39,305		2,185,751
UnitedHealth Group, Inc.		56,466		2,552,263
Universal Health Services, Inc., Class B		48,326		2,387,788
Total				7,125,802
Health Care Technology (0.6%)
Cerner Corp.(a)(b)		13,190		1,466,728
Life Sciences Tools & Services (1.2%)
Life Technologies Corp.(b)		22,461		1,177,406
Waters Corp.(a)(b)		20,818		1,809,084
Total				2,986,490
Pharmaceuticals (2.3%)
Allergan, Inc.		34,884		2,477,462
Perrigo Co.(a)		25,204		2,004,222
Watson Pharmaceuticals, Inc.(b)		17,245		965,892
Total				5,447,576
TOTAL HEALTH CARE				28,603,160
INDUSTRIALS (13.5%)
Aerospace & Defense (2.6%)
Precision Castparts Corp.		17,406		2,561,815
United Technologies Corp.		43,314		3,666,530
Total				6,228,345
Air Freight & Logistics (1.0%)
United Parcel Service, Inc., Class B		31,156		2,315,514
Construction & Engineering (1.2%)
Foster Wheeler AG(b)(c)		25,302		951,861
KBR, Inc.		52,288		1,974,918
Total				2,926,779
Electrical Equipment (2.0%)
Emerson Electric Co.		61,132		3,571,943

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Electrical Equipment (cont.)
Rockwell Automation, Inc.		12,597	$	1,192,306
Total				4,764,249
Machinery (4.6%)
Cummins, Inc.		13,560		1,486,447
Deere & Co.		24,970		2,419,343
Dover Corp.		51,202		3,366,020
Flowserve Corp.(a)		15,748		2,028,342
Parker Hannifin Corp.		19,331		1,830,259
Total				11,130,411
Road & Rail (1.8%)
JB Hunt Transport Services, Inc.		40,090		1,820,888
Union Pacific Corp.		25,012		2,459,430
Total				4,280,318
Trading Companies & Distributors (0.3%)
United Rentals, Inc.(a)(b)		22,243		740,247
TOTAL INDUSTRIALS				32,385,863
INFORMATION TECHNOLOGY (31.4%)
Communications Equipment (5.0%)
Ciena Corp.(a)(b)		49,134		1,275,519
Cisco Systems, Inc.		43,800		751,170
JDS Uniphase Corp.(b)		38,443		801,152
Juniper Networks, Inc.(b)		68,587		2,886,141
QUALCOMM, Inc.		114,170		6,259,941
Total				11,973,923
Computers & Peripherals (7.6%)
Apple, Inc.(b)		34,787		12,121,530
EMC Corp.(b)		234,682		6,230,807
Total				18,352,337
Electronic Equipment, Instruments & Components (1.4%)
Corning, Inc.		77,263		1,593,936
TE Connectivity Ltd.(c)		51,120		1,779,998
Total				3,373,934
Internet Software & Services (2.9%)
Google, Inc., Class A(b)		11,781		6,906,140
IT Services (3.2%)
Cognizant Technology Solutions Corp., Class A(b)		33,196		2,702,155
IBM Corp.		23,660		3,858,236
Teradata Corp.(b)		20,520		1,040,364
Total				7,600,755

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment (3.8%)
Advanced Micro Devices, Inc.(a)(b)		112,454	$	967,104
Fairchild Semiconductor International, Inc.(a)(b)		64,980		1,182,636
Marvell Technology Group Ltd.(b)(c)		65,855		1,024,045
Netlogic Microsystems, Inc.(a)(b)		29,975		1,259,550
Skyworks Solutions, Inc.(a)(b)		70,587		2,288,431
Texas Instruments, Inc.		70,866		2,449,129
Total				9,170,895
Software (7.5%)
Autodesk, Inc.(b)		40,418		1,782,838
Intuit, Inc.(b)		39,544		2,099,786
Microsoft Corp.		131,096		3,324,594
Oracle Corp.		226,853		7,570,085
Salesforce.com, Inc.(a)(b)		7,636		1,020,017
SuccessFactors, Inc.(a)(b)		55,034		2,151,279
Total				17,948,599
TOTAL INFORMATION TECHNOLOGY				75,326,583
MATERIALS (3.9%)
Chemicals (1.1%)
Celanese Corp., Series A		27,475		1,219,066
PPG Industries, Inc.		14,345		1,365,787
Total				2,584,853
Containers & Packaging (1.1%)
Crown Holdings, Inc.(b)		35,612		1,373,911
Packaging Corp. of America		42,894		1,239,208
Total				2,613,119
Metals & Mining (1.7%)
Allegheny Technologies, Inc.(a)		37,501		2,539,568
Freeport-McMoRan Copper & Gold, Inc.		29,714		1,650,612
Total				4,190,180
TOTAL MATERIALS				9,388,152
TELECOMMUNICATION SERVICES (1.8%)
Wireless Telecommunication Services (1.8%)
American Tower Corp., Class A(b)		29,251		1,515,787
Millicom International Cellular SA(c)		12,749		1,226,071

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (CONTINUED)
Wireless Telecommunication Services (cont.)
NII Holdings, Inc.(b)	39,771	$	1,657,258
Total			4,399,116
TOTAL TELECOMMUNICATION SERVICES			4,399,116
Total Common Stocks (Cost: $188,126,821)		$	236,088,935
	Shares		Value
Money Market Fund (1.5%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)	3,513,039	$	3,513,039
Total Money Market Fund (Cost: $3,513,039)		$	3,513,039

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (11.6%)
Repurchase Agreements (11.6%)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $12,000,077(g)
		0.230	%	$	12,000,000	$	12,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,901,557(g)
		0.160	%		5,901,531		5,901,531
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,039(g)
		0.280	%		5,000,000		5,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(g)
		0.220	%		5,000,000		5,000,000
Total							27,901,531
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $27,901,531)						$	27,901,531
Total Investments (Cost: $219,541,391)						$	267,503,505(h)
Other Assets & Liabilities, Net							(27,527,424	)
Net Assets						$	239,976,081

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.

(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 4.42% of net assets.
(d)	Represents fractional shares.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	1,551,886	$	19,612,293	$	(17,651,140	)	$	—	$	3,513,039	$	1,224	$	3,513,039

(f)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(g)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	1,667
Fannie Mae Interest Strip		648,572
Fannie Mae Pool		5,712,427
Fannie Mae Principal Strip		61,129
Fannie Mae REMICS		190,217
Federal Farm Credit Bank		109,107
Federal Home Loan Banks		161,887
Federal Home Loan Mortgage Corp		94,841
Federal National Mortgage Association		74,183
FHLMC Structured Pass Through Securities		33,218
Freddie Mac Coupon Strips		719
Freddie Mac Gold Pool		809,555
Freddie Mac Non Gold Pool		2,452,880
Freddie Mac REMICS		242,993
Freddie Mac Strips		63,189
Ginnie Mae I Pool		171,677
Ginnie Mae II Pool		522,218
Government National Mortgage Association		202,789
LMA SA & LMA Americas		574
Metlife Short Term Funding		789
Sanofi-Aventis		2,451
Silver Tower US Fund		547
Suncorp-Metway Ltd		1,683
United States Treasury Inflation Indexed Bonds		36,053
United States Treasury Strip Coupon		587,473
United States Treasury Strip Principal		57,163
Total Market Value of Collateral Securities	$	12,240,001

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	6,019,561
Total Market Value of Collateral Securities	$	6,019,561

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	46,111
Fannie Mae Pool		2,588,750
Fannie Mae Principal Strip		44,321
Fannie Mae Whole Loan		42,136
Federal Farm Credit Bank		530,995
Federal Farm Credit Discount Notes		64,458
Federal Home Loan Bank Discount Notes		238,394
Federal Home Loan Banks		366,061
Federal Home Loan Mortgage Corp		26,254
Federal National Mortgage Association		303,199
FHLMC Structured Pass Through Securities		36,482
Freddie Mac Gold Pool		242,535
Freddie Mac Non Gold Pool		568,546
Government National Mortgage Association		1,758
Total Market Value of Collateral Securities	$	5,100,000

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(h) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	30,512,384	$	—	$	—	$	30,512,384
Consumer Staples		17,950,012		—		—		17,950,012
Energy		27,122,078		1		—		27,122,079
Financials		10,401,586		—		—		10,401,586
Health Care		28,603,160		—		—		28,603,160
Industrials		32,385,863		—		—		32,385,863
Information Technology		75,326,583		—		—		75,326,583
Materials		9,388,152		—		—		9,388,152
Telecommunication Services		4,399,116		—		—		4,399,116
Total Equity Securities		236,088,934		1		—		236,088,935
Other
Affiliated Money Market Fund(c)		3,513,039		—		—		3,513,039
Investments of Cash Collateral Received for Securities on Loan		—		27,901,531		—		27,901,531
Total Other		3,513,039		27,901,531		—		31,414,570
Total	$	239,601,973	$	27,901,532	$	—	$	267,503,505

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - Select Large-Cap Value Fund

(formerly known as Seligman Variable Portfolio - Larger-Cap Value Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (99.4%)
CONSUMER DISCRETIONARY (9.8%)
Multiline Retail (5.5%)
JC Penney Co., Inc.(a)		30,200	$	1,084,482
Nordstrom, Inc.		25,600		1,148,928
Total				2,233,410
Specialty Retail (4.3%)
Gap, Inc. (The)		33,500		759,110
Lowe’s Companies, Inc.		36,800		972,624
Total				1,731,734
TOTAL CONSUMER DISCRECTIONARY				3,965,144
CONSUMER STAPLES (12.9%)
Food & Staples Retailing (1.5%)
Costco Wholesale Corp.		8,100		593,892
Food Products (7.5%)
General Mills, Inc.		43,000		1,571,650
Tyson Foods, Inc., Class A		76,500		1,468,035
Total				3,039,685
Tobacco (3.9%)
Altria Group, Inc.		29,897		778,219
Philip Morris International, Inc.		12,300		807,249
Total				1,585,468
TOTAL CONSUMER STAPLES				5,219,045
ENERGY (13.8%)
Oil, Gas & Consumable Fuels (13.8%)
Chevron Corp.		8,700		934,641
ConocoPhillips		11,200		894,432
Marathon Oil Corp.		18,926		1,008,945
Valero Energy Corp.		50,000		1,491,000
Williams Companies, Inc. (The)		39,500		1,231,610
Total				5,560,628
TOTAL ENERGY				5,560,628
FINANCIALS (27.4%)
Capital Markets (1.7%)
Morgan Stanley		24,400		666,608
Commercial Banks (8.1%)
U.S. Bancorp(a)		51,000		1,347,930
Wells Fargo & Co.		60,600		1,921,020
Total				3,268,950

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Diversified Financial Services (9.3%)
Bank of America Corp.		139,766	$	1,863,081
JPMorgan Chase & Co.		41,000		1,890,100
Total				3,753,181
Insurance (8.3%)
MetLife, Inc.		27,548		1,232,222
Prudential Financial, Inc.		12,000		738,960
Unum Group(a)		53,000		1,391,250
Total				3,362,432
TOTAL FINANCIALS				11,051,171
HEALTH CARE (9.1%)
Health Care Equipment & Supplies (2.7%)
Baxter International, Inc.		20,300		1,091,531
Health Care Providers & Services (3.8%)
Humana, Inc.(b)		22,000		1,538,680
Pharmaceuticals (2.6%)
Bristol-Myers Squibb Co.		38,500		1,017,555
TOTAL HEALTH CARE				3,647,766
INDUSTRIALS (11.3%)
Aerospace & Defense (6.7%)
General Dynamics Corp.		10,100		773,256
Honeywell International, Inc.		20,000		1,194,200
United Technologies Corp.		8,800		744,920
Total				2,712,376
Road & Rail (4.6%)
CSX Corp.		12,500		982,500
Union Pacific Corp.		8,700		855,471
Total				1,837,971
TOTAL INDUSTRIALS				4,550,347
INFORMATION TECHNOLOGY (4.7%)
Communications Equipment (4.7%)
Juniper Networks, Inc.(b)		45,000		1,893,600
TOTAL INFORMATION TECHNOLOGY				1,893,600
MATERIALS (6.4%)
Chemicals (6.4%)
EI du Pont de Nemours & Co.		23,700		1,302,789
Praxair, Inc.		6,350		645,160

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Chemicals (cont.)
Sherwin-Williams Co. (The)		7,500	$	629,925
Total				2,577,874
TOTAL MATERIALS				2,577,874
UTILITIES (4.0%)
Independent Power Producers & Energy Traders (4.0%)
AES Corp. (The)(b)		124,000		1,612,000
TOTAL UTILITIES				1,612,000
Total Common Stocks (Cost: $29,819,659)			$	40,077,575
Warrants (—%)
CONSUMER DISCRETIONARY (—%)
Hotels, Restaurants & Leisure (—%)
Krispy Kreme Doughnuts, Inc.(b)(c)		7	$	1
TOTAL CONSUMER DISCRECTIONARY				1
Total Warrants (Cost: $—)			$	1

	Shares		Value
Money Market Fund (1.5%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		620,015	$	620,015
Total Money Market Fund (Cost: $620,015)			$	620,015

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (4.2%)
Repurchase Agreements (4.2%)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $1,684,142(f)
		0.160	%	$	1,684,135	$	1,684,135
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $1,684,135)						$	1,684,135
Total Investments (Cost: $32,123,809)						$	42,381,726(g)
Other Assets & Liabilities, Net							(2,054,030	)
Net Assets						$	40,327,696

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $1, representing less than 0.01% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
Krispy Kreme Doughnuts, Inc.		07/01/09	$	—

^(d) Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	447,502	$	3,797,832	$	(3,625,319	)	$	—	$	620,015	$	331	$	620,015

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	1,717,817
Total Market Value of Collateral Securities	$	1,717,817

^(g) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	3,965,144	$	—	$	—	$	3,965,144
Consumer Staples		5,219,045		—		—		5,219,045
Energy		5,560,628		—		—		5,560,628
Financials		11,051,171		—		—		11,051,171
Health Care		3,647,766		—		—		3,647,766
Industrials		4,550,347		—		—		4,550,347
Information Technology		1,893,600		—		—		1,893,600
Materials		2,577,874		—		—		2,577,874
Utilities		1,612,000		—		—		1,612,000
Warrants
Consumer Discretionary		—		1		—		1
Total Equity Securities		40,077,575		1		—		40,077,576
Other
Affiliated Money Market Fund(c)		620,015		—		—		620,015
Investments of Cash Collateral Received for Securities on Loan		—		1,684,135		—		1,684,135
Total Other		620,015		1,684,135		—		2,304,150
Total	$	40,697,590	$	1,684,136	$	—	$	42,381,726

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - Select Smaller-Cap Value Fund

(formerly known as Seligman Variable Portfolio - Smaller-Cap Value Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (100.2%)
CONSUMER DISCRETIONARY (14.8%)
Auto Components (0.9%)
American Axle & Manufacturing Holdings, Inc.(a)(b)		140,000	$	1,762,600
Diversified Consumer Services (3.7%)
Sotheby’s(a)		135,000		7,101,000
Hotels, Restaurants & Leisure (5.7%)
Penn National Gaming, Inc.(a)(b)		146,000		5,410,760
Texas Roadhouse, Inc.(a)		330,000		5,606,700
Total				11,017,460
Household Durables (2.0%)
Lennar Corp., Class A(a)		208,000		3,768,960
Textiles, Apparel & Luxury Goods (2.5%)
Hanesbrands, Inc.(b)		176,000		4,759,040
TOTAL CONSUMER DISCRECTIONARY				28,409,060
CONSUMER STAPLES (6.7%)
Beverages (0.5%)
Central European Distribution Corp.(a)(b)		90,000		1,021,500
Food Products (2.7%)
Smithfield Foods, Inc.(b)		217,000		5,221,020
Personal Products (3.5%)
Herbalife Ltd.(c)		82,000		6,671,520
TOTAL CONSUMER STAPLES				12,914,040
ENERGY (7.4%)
Energy Equipment & Services (7.4%)
Exterran Holdings, Inc.(a)(b)		130,400		3,094,392
Superior Energy Services, Inc.(b)		118,700		4,866,700
Tetra Technologies, Inc.(a)(b)		409,000		6,298,600
Total				14,259,692
TOTAL ENERGY				14,259,692
FINANCIALS (12.1%)
Insurance (12.1%)
Aspen Insurance Holdings Ltd.(c)		175,000		4,823,000
Endurance Specialty Holdings Ltd.(a)(c)		80,000		3,905,600
Hanover Insurance Group, Inc. (The)		102,000		4,615,500

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (cont.)
Infinity Property & Casualty Corp.(a)		80,000	$	4,759,200
Lincoln National Corp.		175,000		5,257,000
Total				23,360,300
TOTAL FINANCIALS				23,360,300
HEALTH CARE (5.0%)
Health Care Equipment & Supplies (0.9%)
Analogic Corp.(a)		30,400		1,719,120
Health Care Providers & Services (4.1%)
WellCare Health Plans, Inc.(a)(b)		188,000		7,886,600
TOTAL HEALTH CARE				9,605,720
INDUSTRIALS (29.9%)
Aerospace & Defense (3.3%)
Cubic Corp.(a)		110,000		6,325,000
Airlines (2.6%)
United Continental Holdings, Inc.(a)(b)		215,000		4,942,850
Commercial Services & Supplies (4.7%)
Brink’s Co. (The)		110,000		3,642,100
Waste Connections, Inc.		188,000		5,412,520
Total				9,054,620
Construction & Engineering (2.2%)
Shaw Group, Inc. (The)(b)		120,000		4,249,200
Electrical Equipment (10.3%)
Belden, Inc.(a)		168,000		6,308,400
EnerSys(a)(b)		180,000		7,155,000
Thomas & Betts Corp.(b)		107,500		6,393,025
Total				19,856,425
Machinery (3.5%)
Douglas Dynamics, Inc.(a)		112,250		1,600,685
Mueller Industries, Inc.(a)		133,000		4,870,460
Navistar International Corp.(a)(b)		3,000		207,990
Total				6,679,135
Professional Services (1.0%)
School Specialty, Inc.(a)(b)		137,200		1,961,960

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Road & Rail (1.5%)
Swift Transportation Co.(a)(b)		203,300	$	2,988,510
Transportation Infrastructure (0.8%)
Aegean Marine Petroleum Network, Inc.(c)		180,000		1,468,800
TOTAL INDUSTRIALS				57,526,500
INFORMATION TECHNOLOGY (18.8%)
IT Services (2.5%)
CACI International, Inc., Class A(a)(b)		77,000		4,721,640
Semiconductors & Semiconductor Equipment (9.7%)
Cypress Semiconductor Corp.(b)		320,000		6,201,600
ON Semiconductor Corp.(a)(b)		640,000		6,316,800
Varian Semiconductor Equipment Associates, Inc.(a)(b)		126,150		6,139,721
Total				18,658,121
Software (6.6%)
Lawson Software, Inc.(b)		595,000		7,199,500
Quest Software, Inc.(b)		220,000		5,585,800
Total				12,785,300
TOTAL INFORMATION TECHNOLOGY				36,165,061
MATERIALS (5.5%)
Chemicals (3.9%)
Cytec Industries, Inc.(a)		56,400		3,066,468
Minerals Technologies, Inc.(a)		66,000		4,522,320
Total				7,588,788
Containers & Packaging (1.6%)
Owens-Illinois, Inc.(b)		100,000		3,019,000

Issuer	Shares	Value
Common Stocks (continued)
MATERIALS (CONTINUED)
TOTAL MATERIALS		$	10,607,788
Total Common Stocks (Cost: $120,290,659)		$	192,848,161

	Shares		Value
Money Market Fund (—%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		65,525	$	65,525
Total Money Market Fund (Cost: $65,525)			$	65,525

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (17.2%)
Repurchase Agreements (17.2%)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,064(f)
		0.230	%	$	10,000,000	$	10,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $8,024,276(f)
		0.160	%		8,024,240		8,024,240
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,078(f)
		0.280	%		10,000,000		10,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(f)
		0.220	%		5,000,000		5,000,000
Total							33,024,240
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $33,024,240)						$	33,024,240
Total Investments (Cost: $153,380,424)						$	225,937,926(g)
Other Assets & Liabilities, Net							(33,459,180)
Net Assets						$	192,478,746

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 8.76% of net assets.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	143,973	$	4,120,447	$	(4,198,895	)	$	—	$	65,525	$	231	$	65,525

^(e)  The rate shown is the seven-day current annualized yield at March 31, 2011.

^(f)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	8,184,725
Total Market Value of Collateral Securities	$	8,184,725

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	92,222
Fannie Mae Pool		5,177,499
Fannie Mae Principal Strip		88,644
Fannie Mae Whole Loan		84,272
Federal Farm Credit Bank		1,061,990
Federal Farm Credit Discount Notes		128,917
Federal Home Loan Bank Discount Notes		476,787
Federal Home Loan Banks		732,122
Federal Home Loan Mortgage Corp		52,508
Federal National Mortgage Association		606,397
FHLMC Structured Pass Through Securities		72,964
Freddie Mac Gold Pool		485,071
Freddie Mac Non Gold Pool		1,137,091
Government National Mortgage Association		3,516
Total Market Value of Collateral Securities	$	10,200,000

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(g)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	28,409,060	$	—	$	—	$	28,409,060
Consumer Staples		12,914,040		—		—		12,914,040
Energy		14,259,692		—		—		14,259,692
Financials		23,360,300		—		—		23,360,300
Health Care		9,605,720		—		—		9,605,720
Industrials		57,526,500		—		—		57,526,500
Information Technology		36,165,061		—		—		36,165,061
Materials		10,607,788		—		—		10,607,788
Total Equity Securities		192,848,161		—		—		192,848,161
Other
Affiliated Money Market Fund(c)		65,525		—		—		65,525
Investments of Cash Collateral Received for Securities on Loan		—		33,024,240		—		33,024,240
Total Other		65,525		33,024,240		—		33,089,765
Total	$	192,913,686	$	33,024,240	$	—	$	225,937,926

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - Emerging Markets Opportunity Fund

(formerly known as Threadneedle Variable Portfolio - Emerging Markets Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (96.1%)
BERMUDA (0.7%)
China Yurun Food Group Ltd.(a)		2,161,000	$	7,242,522
BRAZIL (13.3%)
Anhanguera Educacional Participacoes SA(a)		489,400		11,858,429
Banco Santander Brasil SA, ADR(a)		1,010,250		12,385,665
BM&FBovespa SA(a)		1,527,000		11,083,178
Itaú Unibanco Holding SA, ADR(a)		786,261		18,909,577
Lojas Renner SA(a)		318,500		10,366,637
MRV Engenharia e Participacoes SA(a)		676,100		5,408,303
OGX Petroleo e Gas Participacoes SA(a)(b)		177,000		2,121,637
Petroleo Brasileiro SA, ADR(a)		758,115		30,650,589
Totvs SA(a)		262,500		5,016,384
Vale SA, ADR(a)		1,050,867		35,046,415
Total				142,846,814
CAYMAN ISLANDS (3.8%)
Agile Property Holdings Ltd.(a)(c)		4,268,000		6,720,855
Belle International Holdings Ltd.(a)		4,719,000		8,655,366
Hengan International Group Co., Ltd.(a)		802,500		5,950,930
New Oriental Education & Technology Group, ADR(a)(b)		85,112		8,517,158
Tencent Holdings Ltd.(a)(c)		456,200		11,109,847
Total				40,954,156
CHINA (9.9%)
Agricultural Bank of China Ltd., Series H(a)(b)		7,484,000		4,239,005
Bank of China Ltd., Series H(a)(c)		19,253,599		10,706,680
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., Series H(a)(b)		3,187,000		8,169,746
China Construction Bank Corp., Series H(a)		22,305,460		20,882,046
China National Building Material Co., Ltd., Series H(a)		2,640,000		9,676,711
Dongfeng Motor Group Co., Ltd., Series H(a)		4,860,000		8,267,540
PetroChina Co., Ltd., Series H(a)		5,380,000		8,183,975
Ping An Insurance Group Co., Series H(a)		1,192,000		12,068,490
Yanzhou Coal Mining Co., Ltd., Series H(a)		4,002,000		14,510,252
Zhuzhou CSR Times Electric Co., Ltd., Series H(a)		2,472,000		9,389,209
Total				106,093,654

Issuer	Shares		Value
Common Stocks (continued)
CZECH REPUBLIC (0.5%)
CEZ AS(a)		102,956	$	5,261,665
EGYPT (0.4%)
Orascom Construction Industries, GDR(a)(b)(d)		99,323		4,170,573
HONG KONG (2.2%)
CNOOC Ltd.(a)		3,635,000		9,185,727
CNOOC Ltd., ADR(a)		56,079		14,190,230
Total				23,375,957
INDIA (7.2%)
Bharat Heavy Electricals Ltd.(a)		178,598		8,262,444
ICICI Bank Ltd.(a)		530,423		13,250,216
Infosys Technologies Ltd.(a)		130,843		9,500,967
Jain Irrigation Systems Ltd.(a)		623,067		2,498,955
Jaiprakash Associates Ltd.(a)		2,556,018		5,320,177
Larsen & Toubro Ltd.(a)		271,525		10,058,860
Maruti Suzuki India Ltd.(a)		304,708		8,622,866
Reliance Industries Ltd.(a)		340,111		8,008,934
State Bank of India(a)		185,465		11,497,685
Total				77,021,104
INDONESIA (4.1%)
Astra International Tbk PT(a)		705,500		4,614,217
Bank Mandiri Tbk PT(a)		11,490,060		8,968,299
Bank Rakyat Indonesia Persero Tbk PT(a)		11,499,500		7,583,585
Bumi Resources Tbk PT(a)		21,173,500		8,125,351
Indofood CBP Sukses Makmur TbK PT(a)(b)		10,309,500		6,275,244
Semen Gresik Persero Tbk PT(a)		7,901,000		8,251,083
Total				43,817,779
KOREA (14.3%)
Hana Financial Group, Inc.(a)		77,760		3,357,850
Hyundai Department Store Co., Ltd.(a)		75,719		9,795,409
Hyundai Heavy Industries Co., Ltd.(a)		35,303		16,647,805
Hyundai Mobis(a)		58,747		17,515,388
Hyundai Motor Co.(a)		85,970		15,888,469
LG Chem Ltd.(a)		40,871		17,100,869
LG Electronics, Inc.(a)		46,566		4,452,713
POSCO(a)		17,790		8,162,481
Samsung Electronics Co., Ltd.(a)		44,717		37,918,479
Samsung Engineering Co., Ltd.(a)		60,709		11,560,210
Shinhan Financial Group Co., Ltd.(a)		235,050		10,669,589
Total				153,069,262

Issuer	Shares		Value
Common Stocks (continued)
LUXEMBOURG (1.2%)
Evraz Group SA, GDR(a)(b)(d)		231,599	$	9,194,480
Ternium SA, ADR(a)		118,439		4,256,698
Total				13,451,178
MALAYSIA (2.3%)
Axiata Group Bhd(a)(b)		5,959,100		9,421,560
CIMB Group Holdings Bhd(a)		1,900,200		5,141,063
Genting Bhd(a)		2,767,100		10,078,427
Total				24,641,050
MEXICO (4.5%)
America Movil SAB de CV, Series L, ADR(a)		318,190		18,486,839
Grupo Financiero Banorte SAB de CV, Series O(a)(c)		1,782,400		8,391,678
Grupo Mexico SAB de CV, Series B(a)		1,595,400		5,982,188
Grupo Televisa SA, ADR(a)(b)		261,433		6,412,952
Wal-Mart de Mexico SAB de CV, Series V(a)		3,090,100		9,274,626
Total				48,548,283
NETHERLANDS (0.2%)
X5 Retail Group NV, GDR(a)(b)(d)		50,384		2,123,686
PHILIPPINES (0.6%)
Ayala Corp.(a)		740,210		6,560,074
RUSSIAN FEDERATION (9.0%)
Gazprom OAO, ADR(a)		730,021		23,612,529
Lukoil OAO, ADR(a)		112,954		8,093,154
Magnit OJSC, GDR(a)(b)(d)		268,835		8,148,389
Mechel, ADR(a)		157,686		4,855,152
MMC Norilsk Nickel OJSC, ADR(a)		166,829		4,379,261
NovaTek OAO, GDR(a)(d)(e)		38,708		5,380,412
Novolipetsk Steel OJSC, GDR(a)(d)		89,294		3,928,936
Rosneft Oil Co.(a)		1,207,109		11,026,941
Rosneft Oil Co., GDR(a)(b)(d)		70,958		648,201
Sberbank of Russian(a)		6,962,368		26,164,579
Total				96,237,554
SOUTH AFRICA (7.6%)
Impala Platinum Holdings Ltd.(a)		343,231		9,931,121
Kumba Iron Ore Ltd.(a)		153,921		10,875,719
Life Healthcare Group Holdings Ltd.(a)		3,906,696		9,176,260
Mr Price Group Ltd.(a)		842,357		7,626,662
MTN Group Ltd.(a)		464,512		9,377,443
Naspers Ltd., Series N(a)		172,100		9,260,074
Sasol Ltd.(a)		145,629		8,427,538

Issuer	Shares		Value
Common Stocks (continued)
SOUTH AFRICA (CONTINUED)
Shoprite Holdings Ltd.(a)		501,826	$	7,697,633
Standard Bank Group Ltd.(a)		565,070		8,686,959
Total				81,059,409
TAIWAN (8.6%)
Acer, Inc.(a)		2,383,028		4,864,572
Cathay Financial Holding Co., Ltd.(a)		4,288,000		7,071,410
Delta Electronics, Inc.(a)		2,566,000		10,159,482
Formosa Plastics Corp.(a)		2,432,000		8,551,098
Hon Hai Precision Industry Co., Ltd.(a)		3,932,042		13,758,163
HTC Corp.(a)		182,000		7,108,887
MediaTek, Inc.(a)		279,355		3,209,630
Synnex Technology International Corp.(a)		2,573,909		6,003,678
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		6,538,838		15,668,789
Tripod Technology Corp.(a)		2,411,161		10,616,366
Yuanta Financial Holding Co., Ltd.(a)		6,895,000		4,954,924
Total				91,966,999
THAILAND (2.3%)
Bangkok Bank PCL, NVDR(a)		2,167,532		12,323,693
Siam Commercial Bank PCL(a)		3,402,900		12,146,793
Total				24,470,486
TURKEY (2.2%)
BIM Birlesik Magazalar AS(a)		248,496		8,368,765
Koc Holding AS(a)		1,501,938		6,984,175
Turkiye Garanti Bankasi AS(a)		1,752,786		8,196,052
Total				23,548,992
UNITED KINGDOM (0.6%)
Antofagasta PLC(a)		324,547		7,085,883
UNITED STATES (0.6%)
Southern Copper Corp.		167,491		6,744,862
Total Common Stocks (Cost: $828,544,381)			$	1,030,291,942
Preferred Stocks (1.8%)
BRAZIL (1.8%)
Itaú Unibanco Holding SA(a)		619,700	$	14,712,015
Petroleo Brasileiro SA, ADR(a)		249,300		4,344,217
Total				19,056,232
Total Preferred Stocks (Cost: $17,320,992)			$	19,056,232

	Shares		Value
Money Market Fund (0.6%)
Columbia Short-Term Cash Fund, 0.229%(f)(g)		6,458,064	$	6,458,064
Total Money Market Fund (Cost: $6,458,064)			$	6,458,064

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (0.7%)
Repurchase Agreements (0.7%)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $7,143,698(h)
		0.160	%	$	7,143,666	$	7,143,666
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $7,143,666)						$	7,143,666
Total Investments (Cost: $859,467,103)(i)						$	1,062,949,904(j)
Other Assets & Liabilities, Net							9,074,785
Net Assets						$	1,072,024,689

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of Net
Industry	Assets			Value
Auto Components		1.6	%	$	17,515,389
Automobiles		3.5			37,393,092
Capital Markets		0.5			4,954,924
Chemicals		2.4			25,651,967
Commercial Banks		20.4			218,213,031
Communications Equipment		0.7			7,108,888
Computers & Peripherals		0.4			4,864,572
Construction & Engineering		2.4			25,789,643
Construction Materials		1.7			17,927,794
Diversified Consumer Services		1.9			20,375,587
Diversified Financial Services		1.6			17,643,251
Electric Utilities		0.5			5,261,665
Electrical Equipment		1.6			17,651,652
Electronic Equipment, Instruments & Components		3.8			40,537,689
Food & Staples Retailing		3.3			35,613,098
Food Products		1.3			13,517,766
Health Care Providers & Services		0.9			9,176,260
Hotels, Restaurants & Leisure		0.9			10,078,427
Household Durables		0.9			9,861,016
Industrial Conglomerates		1.1			12,304,352
Insurance		1.8			19,139,899
Internet Software & Services		1.0			11,109,847
IT Services		0.9			9,500,967
Machinery		2.5			27,316,506
Media		1.5			15,673,025
Metals & Mining		10.3			110,443,197
Multiline Retail		1.9			20,162,046
Oil, Gas & Consumable Fuels		14.6			156,509,688
Personal Products		0.6			5,950,930
Real Estate Management & Development		0.6			6,720,855
Semiconductors & Semiconductor Equipment		5.3			56,796,898
Software		0.5			5,016,384
Specialty Retail		1.5			16,282,027
Wireless Telecommunication Services		3.5			37,285,842
Other(1)		1.3			13,601,730
Total				$	1,062,949,904

⁽¹⁾  Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 97.26% of net assets.
(b)	Non-income producing.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $33,594,677 or 3.13% of net assets.

^(e)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $5,380,412, representing 0.50% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates	Cost
NovaTek OAO, GDR	03/17/11 thru 03/18/11	$	5,122,347

(f)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(g)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	10,923,710	$	89,972,555	$	(94,438,201	)	$	—	$	6,458,064	$	8,044	$	6,458,064

^(h)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	7,286,539
Total Market Value of Collateral Securities	$	7,286,539

⁽ⁱ⁾  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $859,467,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	216,697,000
Unrealized Depreciation		(13,214,000	)
Net Unrealized Appreciation	$	203,483,000

^(j)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-voting Depository Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	42,563,479	$	104,777,130	$	—	$	147,340,609
Consumer Staples		9,274,626		45,807,168		—		55,081,794
Energy		70,574,985		81,590,486		—		152,165,471
Financials		50,770,098		201,189,847		—		251,959,945
Health Care		—		9,176,260		—		9,176,260
Industrials		—		83,062,153		—		83,062,153
Information Technology		5,016,384		129,918,861		—		134,935,245
Materials		61,264,575		92,758,383		—		154,022,958
Telecommunication Services		18,486,839		18,799,003		—		37,285,842
Utilities		—		5,261,665		—		5,261,665
Preferred Stocks
Energy		4,344,217		—		—		4,344,217
Financials		14,712,015		—		—		14,712,015
Total Equity Securities		277,007,218		772,340,956		—		1,049,348,174
Other
Affiliated Money Market Fund(c)		6,458,064		—		—		6,458,064
Investments of Cash Collateral Received for Securities on Loan		—		7,143,666		—		7,143,666
Total Other		6,458,064		7,143,666		—		13,601,730
Total	$	283,465,282	$	779,484,622	$	—	$	1,062,949,904

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - International Opportunity Fund

(formerly known as Threadneedle Variable Portfolio - International Opportunity Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (97.3%)
AUSTRALIA (4.4%)
Australia & New Zealand Banking Group Ltd.(a)		201,231	$	4,953,333
BHP Billiton Ltd.(a)		106,800		5,126,131
CSL Ltd.(a)		76,636		2,830,282
Macquarie Group Ltd.(a)		74,534		2,817,322
Newcrest Mining Ltd.(a)		112,599		4,638,446
Rio Tinto Ltd.(a)(b)		31,148		2,730,083
Total				23,095,597
BELGIUM (1.0%)
Anheuser-Busch InBev NV(a)		92,867		5,290,107
BERMUDA (2.3%)
China Yurun Food Group Ltd.(a)		688,000		2,305,810
Li & Fung Ltd.(a)		1,160,000		5,932,233
Seadrill Ltd.(a)(b)		106,097		3,836,969
Total				12,075,012
BRAZIL (2.1%)
Itaú Unibanco Holding SA, ADR(a)		165,510		3,980,516
Lojas Renner SA(a)		98,800		3,215,773
MRV Engenharia e Participacoes SA(a)		226,800		1,814,233
Vale SA, ADR(a)		54,125		1,805,069
Total				10,815,591
CANADA (2.1%)
Canadian National Railway Co.(a)		50,800		3,832,924
CGI Group, Inc., Class A(a)(c)		199,800		4,189,720
IESI-BFC Ltd.(a)(b)		113,290		2,879,284
Total				10,901,928
CAYMAN ISLANDS (0.7%)
Tencent Holdings Ltd.(a)		147,400		3,589,635
CHINA (2.1%)
China National Building Material Co., Ltd., Series H(a)		1,196,000		4,383,843
Dongfeng Motor Group Co., Ltd., Series H(a)		750,000		1,275,855
Ping An Insurance Group Co., Series H(a)		226,500		2,293,216
Yanzhou Coal Mining Co., Ltd., Series H(a)(b)		894,000		3,241,420
Total				11,194,334
DENMARK (1.5%)
Novo Nordisk A/S, Series B(a)(b)		60,704		7,626,652

Issuer	Shares		Value
Common Stocks (continued)
FRANCE (7.7%)
Air Liquide SA(a)		29,982	$	3,983,907
AXA SA(a)		202,905		4,240,026
BNP Paribas(a)		80,840		5,912,772
Edenred(a)(c)		115,734		3,492,767
Legrand SA(a)		76,634		3,188,119
LVMH Moet Hennessy Louis Vuitton SA(a)		21,934		3,472,178
Publicis Groupe SA(a)		81,765		4,585,844
Safran SA(a)		85,457		3,020,474
Schneider Electric SA(a)		27,039		4,621,350
Societe Generale(a)		61,507		3,996,638
Total				40,514,075
GERMANY (12.2%)
Allianz SE(a)		37,210		5,222,247
BASF SE(a)		70,648		6,110,464
BMW AG(a)		74,273		6,184,005
Deutsche Boerse AG(a)		40,358		3,062,810
E.ON AG(a)		166,020		5,070,358
Fresenius Medical Care AG & Co. KGaA(a)		147,060		9,876,708
Infineon Technologies AG(a)		365,770		3,750,400
Kabel Deutschland Holding AG(a)(c)		73,594		3,900,722
Linde AG(a)		23,068		3,643,519
MAN SE(a)		23,601		2,943,364
Metro AG(a)		43,758		2,989,996
SAP AG(a)		50,591		3,097,334
Siemens AG(a)		58,946		8,078,983
Total				63,930,910
HONG KONG (1.3%)
Hong Kong Exchanges and Clearing Ltd.(a)		177,700		3,855,798
Sun Hung Kai Properties Ltd.(a)		174,000		2,755,469
Total				6,611,267
INDONESIA (1.0%)
Bank Mandiri Tbk PT(a)		6,824,472		5,326,683
ITALY (2.1%)
Fiat Industrial SpA(a)(c)		167,705		2,407,612
Intesa Sanpaolo SpA(a)		1,533,034		4,536,420
Saipem SpA(a)		78,903		4,194,416
Total				11,138,448
JAPAN (16.3%)
Asahi Breweries Ltd.(a)		60,300		1,002,548
Asahi Kasei Corp.(a)		259,000		1,744,380
Asics Corp.(a)(b)		56,000		750,194
Bridgestone Corp.(a)		25,400		531,135

Issuer	Shares		Value
Common Stocks (continued)
JAPAN (CONTINUED)
Canon, Inc.(a)		49,850	$	2,144,037
Chiba Bank Ltd. (The)(a)		162,000		908,014
Daiichi Sankyo Co., Ltd.(a)		28,100		542,505
East Japan Railway Co.(a)		29,600		1,643,658
Fanuc Corp.(a)		11,100		1,677,842
Goldcrest Co., Ltd.(a)(b)		31,160		609,973
Hankyu Hanshin Holdings, Inc.(a)(b)		218,000		1,006,106
Hisamitsu Pharmaceutical Co., Inc.(a)		14,300		576,497
Hitachi Ltd.(a)(b)		247,000		1,285,778
Honda Motor Co., Ltd.(a)		97,800		3,633,623
Hoya Corp.(a)(b)		65,200		1,487,927
J Front Retailing Co., Ltd.(a)		224,000		930,926
Jafco Co., Ltd.(a)(b)(c)		15,800		407,362
JFE Holdings, Inc.(a)		37,000		1,083,344
JX Holdings, Inc.(a)		140,500		943,961
Kansai Electric Power Co., Inc. (The)(a)(b)		49,700		1,082,935
Kawasaki Heavy Industries Ltd.(a)(b)		231,000		1,017,476
Kawasaki Kisen Kaisha Ltd.(a)		232,000		857,176
Komatsu Ltd.(a)		61,200		2,076,250
Kyocera Corp.(a)		15,200		1,540,482
Lawson, Inc.(a)		25,300		1,219,460
Makita Corp.(a)		34,800		1,618,782
Mitsubishi Corp.(a)		77,900		2,160,044
Mitsubishi Electric Corp.(a)		159,000		1,871,204
Mitsubishi Estate Co., Ltd.(a)		109,000		1,841,997
Mitsubishi UFJ Financial Group, Inc.(a)(b)		742,000		3,418,885
Mitsubishi UFJ Lease & Finance Co., Ltd.(a)		20,130		807,473
Mitsui Fudosan Co., Ltd.(a)		81,000		1,331,514
Mizuho Financial Group, Inc.(a)(b)		965,400		1,592,998
MS&AD Insurance Group Holdings, Inc.(a)		32,700		746,200
Nintendo Co., Ltd.(a)(b)		3,000		815,730
Nippon Electric Glass Co., Ltd.(a)		40,000		566,895
Nippon Sheet Glass Co., Ltd.(a)(b)		305,000		880,335
Nippon Telegraph & Telephone Corp.(a)		24,500		1,094,291
Nissan Motor Co., Ltd.(a)		189,000		1,678,892
Nomura Holdings, Inc.(a)		206,700		1,068,430
NSK Ltd.(a)		63,000		543,475
NTT DoCoMo, Inc.(a)(b)		1,079		1,883,659
ORIX Corp.(a)(b)		5,850		548,340
Osaka Gas Co., Ltd.(a)(b)		343,000		1,368,448
Santen Pharmaceutical Co., Ltd.(a)		41,100		1,641,523
Sekisui House Ltd.(a)		152,000		1,418,490
Seven & I Holdings Co., Ltd.(a)		56,300		1,434,161
Shin-Etsu Chemical Co., Ltd.(a)(b)		44,500		2,214,781
Shiseido Co., Ltd.(a)(b)		46,900		812,365
Shizuoka Bank Ltd. (The)(a)(b)		52,000		430,238

Issuer	Shares		Value
Common Stocks (continued)
JAPAN (CONTINUED)
SoftBank Corp.(a)(b)		29,300	$	1,167,438
Sony Corp.(a)		53,000		1,690,490
Sumitomo Corp.(a)		127,200		1,817,844
Sumitomo Metal Industries Ltd.(a)(b)		519,000		1,160,227
Sumitomo Metal Mining Co., Ltd.(a)		71,000		1,220,551
Sumitomo Mitsui Financial Group, Inc.(a)		68,800		2,134,541
Suzuki Motor Corp.(a)		32,800		733,101
Takeda Pharmaceutical Co., Ltd.(a)(b)		16,000		746,490
The Dai-ichi Life Insurance Co., Ltd.(a)(b)		490		738,944
Tokio Marine Holdings, Inc.(a)		44,800		1,196,134
Tokyo Electric Power Co., Inc. (The)(a)(b)		32,200		179,472
Tokyo Electron Ltd.(a)		19,200		1,058,563
Tokyo Gas Co., Ltd.(a)		200,000		912,277
Toshiba Corp.(a)		79,000		386,279
Toyota Motor Corp.(a)		92,500		3,670,795
Ushio, Inc.(a)(b)		38,300		749,062
Yamada Denki Co., Ltd.(a)		17,800		1,196,200
Total				85,251,147
KOREA (1.9%)
Hyundai Mobis(a)		14,465		4,312,732
Samsung Electronics Co., Ltd.(a)		6,429		5,451,571
Total				9,764,303
LUXEMBOURG (0.4%)
Evraz Group SA, GDR(a)(c)(d)		59,868		2,376,760
MEXICO (0.5%)
America Movil SAB de CV, Series L, ADR(a)		49,548		2,878,739
NETHERLANDS (2.7%)
ASML Holding NV(a)(c)		80,028		3,527,226
European Aeronautic Defence and Space Co. NV(a)(c)		121,825		3,546,238
ING Groep NV-CVA(a)(c)		547,958		6,935,509
Total				14,008,973
NORWAY (0.8%)
DnB NOR ASA(a)		268,314		4,116,711
SINGAPORE (1.3%)
Oversea-Chinese Banking Corp., Ltd.(a)		706,190		5,366,982
Singapore Airlines Ltd.(a)		146,000		1,583,550
Total				6,950,532

Issuer	Shares		Value
Common Stocks (continued)
SPAIN (4.0%)
Amadeus IT Holding SA, Series A(a)(c)		292,488	$	5,595,937
Banco Bilbao Vizcaya Argentaria SA(a)		244,709		2,968,967
Banco Santander SA(a)		386,578		4,488,054
Inditex SA(a)		53,558		4,297,592
Repsol YPF SA(a)		107,066		3,668,166
Total				21,018,716
SWEDEN (1.9%)
Atlas Copco AB, Series A(a)		122,788		3,264,283
Swedish Match AB(a)		197,207		6,558,049
Total				9,822,332
SWITZERLAND (4.8%)
Nestlé SA(a)		162,298		9,303,200
Swatch Group AG (The)(a)		70,569		5,608,641
Syngenta AG(a)		13,452		4,371,717
UBS AG(a)(c)		313,284		5,621,035
Total				24,904,593
TAIWAN (0.7%)
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		1,437,149		3,443,790
TURKEY (0.5%)
Koc Holding AS(a)		409,133		1,902,513
Turkiye Garanti Bankasi AS(a)		212,487		993,592
Total				2,896,105
UNITED KINGDOM (21.0%)
AMEC PLC(a)		164,735		3,152,714
ARM Holdings PLC(a)		336,455		3,103,510
BG Group PLC(a)		463,790		11,539,619
British American Tobacco PLC(a)		135,039		5,420,069
BT Group PLC(a)		1,290,691		3,842,895
Burberry Group PLC(a)		387,494		7,297,790
Cairn Energy PLC(a)(c)		650,629		4,823,116
HSBC Holdings PLC(a)		854,142		8,783,071
IG Group Holdings PLC(a)		496,442		3,636,325
Intercontinental Hotels Group PLC(a)		142,504		2,921,569
Persimmon PLC(a)		459,543		3,280,533
Prudential PLC(a)		418,368		4,741,644
Rio Tinto PLC(a)		170,292		11,962,652
Shire PLC(a)		220,832		6,415,622
Standard Chartered PLC(a)		151,944		3,941,412
Tullow Oil PLC(a)		316,581		7,353,798
Vodafone Group PLC(a)		3,545,008		10,037,376
Weir Group PLC (The)(a)		96,117		2,669,043

Issuer	Shares		Value
Common Stocks (continued)
UNITED KINGDOM (CONTINUED)
Xstrata PLC(a)		209,477	$	4,896,144
Total				109,818,902
Total Common Stocks (Cost: $410,754,490)			$	509,361,842
Preferred Stocks (0.9%)
GERMANY (0.9%)
Volkswagen AG(a)		30,648	$	4,971,059
Total Preferred Stocks (Cost: $2,771,261)			$	4,971,059
	Shares		Value
Money Market Fund (0.6%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		2,960,277	$	2,960,277
Total Money Market Fund (Cost: $2,960,277)			$	2,960,277

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (7.3%)
Repurchase Agreements (7.3%)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,064(g)
		0.230	%	$	10,000,000	$	10,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,967,882(g)
		0.160	%		10,967,833		10,967,833
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,039(g)
		0.280	%		5,000,000		5,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $12,000,073(g)
		0.220	%		12,000,000		12,000,000
Total							37,967,833
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $37,967,833)						$	37,967,833
Total Investments (Cost: $454,453,861)(h)						$	555,261,011(i)
Other Assets & Liabilities, Net							(32,015,798)
Net Assets						$	523,245,213

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of Net
Industry	Assets			Value
Aerospace & Defense		1.3	%	$	6,566,711
Airlines		0.3			1,583,551
Auto Components		0.9			4,843,867
Automobiles		4.2			22,147,330
Beverages		1.2			6,292,654
Biotechnology		0.5			2,830,282
Building Products		0.2			880,335
Capital Markets		1.9			9,914,150
Chemicals		4.2			22,068,767
Commercial Banks		13.0			67,849,827
Commercial Services & Supplies		1.2			6,372,051
Computers & Peripherals		0.1			386,279
Construction Materials		0.8			4,383,843
Distributors		1.1			5,932,233
Diversified Financial Services		3.6			18,846,255
Diversified Telecommunication Services		0.9			4,937,186
Electric Utilities		1.2			6,332,766
Electrical Equipment		2.0			10,429,735
Electronic Equipment, Instruments & Components		0.9			4,881,082
Energy Equipment & Services		2.1			11,184,100
Food & Staples Retailing		1.1			5,643,617
Food Products		2.2			11,609,010
Gas Utilities		0.4			2,280,725
Health Care Providers & Services		1.9			9,876,708
Hotels, Restaurants & Leisure		0.6			2,921,569
Household Durables		1.6			8,203,747
Industrial Conglomerates		2.1			10,987,602
Insurance		3.7			19,178,410
Internet Software & Services		0.7			3,589,635
IT Services		1.9			9,785,657
Machinery		3.5			18,218,127
Marine		0.2			857,176
Media		1.6			8,486,566
Metals & Mining		7.1			36,999,405
Multiline Retail		0.8			4,146,699
Office Electronics		0.4			2,144,037
Oil, Gas & Consumable Fuels		6.0			31,570,080
Personal Products		0.2			812,365
Pharmaceuticals		3.4			17,549,289
Real Estate Management & Development		1.2			6,538,954
Road & Rail		1.0			5,476,582
Semiconductors & Semiconductor Equipment		3.9			20,335,060
Software		0.7			3,913,063
Specialty Retail		1.0			5,493,792
Textiles, Apparel & Luxury Goods		3.3			17,128,803
Tobacco		2.3			11,978,118
Trading Companies & Distributors		0.8			3,977,888
Wireless Telecommunication Services		3.1			15,967,213
Other(1)		7.8			40,928,110
Total				$	555,261,011

⁽¹⁾ Cash & Cash Equivalents.

The Industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 98.30% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Non-income producing.
(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $2,376,760 or 0.45% of net assets.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	3,286,537	$	48,695,271	$	(49,021,531	)	$	—	$	2,960,277	$	2,373	$	2,960,277

(f)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(g)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	11,187,190
Total Market Value of Collateral Securities	$	11,187,190

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	46,111
Fannie Mae Pool		2,588,750
Fannie Mae Principal Strip		44,321
Fannie Mae Whole Loan		42,136
Federal Farm Credit Bank		530,995
Federal Farm Credit Discount Notes		64,458
Federal Home Loan Bank Discount Notes		238,394
Federal Home Loan Banks		366,061
Federal Home Loan Mortgage Corp		26,254
Federal National Mortgage Association		303,199
FHLMC Structured Pass Through Securities		36,482
Freddie Mac Gold Pool		242,535
Freddie Mac Non Gold Pool		568,546
Government National Mortgage Association		1,758
Total Market Value of Collateral Securities	$	5,100,000

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	21,372
Fannie Mae REMICS		3,499,841
Fannie Mae Whole Loan		12,998
Freddie Mac REMICS		5,053,275
Government National Mortgage Association		3,001,703
United States Treasury Bill		650,811
Total Market Value of Collateral Securities	$	12,240,000

^(h) At March 31, 2011, the cost of securities for federal income tax purposes was approximately $454,454,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	112,110,000
Unrealized Depreciation		(11,303,000	)
Net Unrealized Appreciation	$	100,807,000

⁽ⁱ⁾ Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	5,030,006	$	69,303,541	$	—	$	74,333,547
Consumer Staples		—		36,335,764		—		36,335,764
Energy		—		42,754,180		—		42,754,180
Financials		3,980,516		118,347,081		—		122,327,597
Health Care		—		30,256,280		—		30,256,280
Industrials		6,712,208		58,637,549		—		65,349,757
Information Technology		4,189,720		40,845,091		—		45,034,811
Materials		1,805,069		61,646,947		—		63,452,016
Telecommunication Services		2,878,739		18,025,660		—		20,904,399
Utilities		—		8,613,491		—		8,613,491
Preferred Stocks
Consumer Discretionary		—		4,971,059		—		4,971,059
Total Equity Securities		24,596,258		489,736,643		—		514,332,901
Other
Affiliated Money Market Fund(c)		2,960,277		—		—		2,960,277
Investments of Cash Collateral Received for Securities on Loan		—		37,967,833		—		37,967,833
Total Other		2,960,277		37,967,833		—		40,928,110
Total	$	27,556,535	$	527,704,476	$	—	$	555,261,011

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio – Davis New York Venture Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (96.5%)
CONSUMER DISCRETIONARY (5.3%)
Automobiles (1.6%)
Harley-Davidson, Inc.(a)		511,705	$	21,742,346
Household Durables (0.2%)
Hunter Douglas NV(b)		49,010		2,498,019
Internet & Catalog Retail (0.7%)
Expedia, Inc.(a)		189,430		4,292,484
Liberty Media Corp. - Interactive, Class A(c)		344,488		5,525,587
Total				9,818,071
Media (0.6%)
Grupo Televisa SA, ADR(a)(b)(c)		132,930		3,260,773
Liberty Media Corp. - Starz, Series A(c)		27,602		2,141,915
Walt Disney Co. (The)		54,350		2,341,942
Total				7,744,630
Specialty Retail (2.2%)
Bed Bath & Beyond, Inc.(c)		470,080		22,690,761
CarMax, Inc.(a)(c)		236,986		7,607,251
Total				30,298,012
TOTAL CONSUMER DISCRECTIONARY				72,101,078
CONSUMER STAPLES (15.7%)
Beverages (3.8%)
Coca-Cola Co. (The)		265,690		17,628,532
Diageo PLC, ADR(a)(b)		222,190		16,935,322
Heineken Holding NV(b)		355,503		17,089,528
Total				51,653,382
Food & Staples Retailing (8.7%)
Costco Wholesale Corp.		923,100		67,681,692
CVS Caremark Corp.		1,445,018		49,593,018
Total				117,274,710
Food Products (1.2%)
Kraft Foods, Inc., Class A(a)		305,900		9,593,024
Nestlé SA(b)		25,920		1,485,779
Unilever NV(a)(b)		178,700		5,604,032
Total				16,682,835
Household Products (0.5%)
Procter & Gamble Co. (The)		118,470		7,297,752
Personal Products (0.2%)
Natura Cosmeticos SA(b)		76,800		2,163,373

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Tobacco (1.3%)
Philip Morris International, Inc.		257,529	$	16,901,628
TOTAL CONSUMER STAPLES				211,973,680
ENERGY (17.4%)
Energy Equipment & Services (1.2%)
Schlumberger Ltd.(b)		32,400		3,021,624
Transocean Ltd.(b)(c)		165,265		12,882,407
Total				15,904,031
Oil, Gas & Consumable Fuels (16.2%)
Canadian Natural Resources Ltd.(b)		957,660		47,337,134
China Coal Energy Co., Ltd., Series H(b)		7,677,900		10,435,673
Devon Energy Corp.(a)		514,210		47,189,052
EOG Resources, Inc.		495,160		58,681,411
Occidental Petroleum Corp.		445,840		46,585,822
OGX Petroleo e Gas Participacoes SA(b)(c)		713,100		8,547,678
Total				218,776,770
TOTAL ENERGY				234,680,801
FINANCIALS (26.7%)
Capital Markets (5.9%)
Bank of New York Mellon Corp. (The)(a)		1,388,161		41,464,369
Charles Schwab Corp. (The)		43,900		791,517
GAM Holding AG(b)(c)		273,040		5,187,314
Goldman Sachs Group, Inc. (The)		46,960		7,441,751
Julius Baer Group Ltd.(b)		583,950		25,341,587
Total				80,226,538
Commercial Banks (4.7%)
Wells Fargo & Co.		2,009,470		63,700,199
Consumer Finance (4.4%)
American Express Co.		1,328,956		60,068,811
Diversified Financial Services (0.1%)
JPMorgan Chase & Co.		32,320		1,489,952
Insurance (9.9%)
ACE Ltd.(b)		105,760		6,842,672
AON Corp.(a)		37,470		1,984,411
Berkshire Hathaway, Inc., Class B(c)		233,746		19,548,178
Everest Re Group Ltd.(b)		18,690		1,648,084
Fairfax Financial Holdings Ltd.(b)		15,000		5,656,725
Fairfax Financial Holdings Ltd.(b)		5,780		2,185,013

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (cont.)
Loews Corp.		1,047,670	$	45,144,100
Markel Corp.(a)(c)		4,097		1,698,002
Progressive Corp. (The)		1,661,721		35,112,165
Transatlantic Holdings, Inc.		274,495		13,359,671
Total				133,179,021
Real Estate Management & Development (1.7%)
Brookfield Asset Management, Inc., Class A(b)		336,540		10,924,088
Hang Lung Group Ltd.(a)(b)		1,895,000		11,744,412
Total				22,668,500
TOTAL FINANCIALS				361,333,021
HEALTH CARE (12.3%)
Health Care Equipment & Supplies (1.7%)
Baxter International, Inc.		170,500		9,167,785
Becton Dickinson and Co.		177,070		14,098,313
Total				23,266,098
Health Care Providers & Services (1.8%)
Express Scripts, Inc.(c)		438,565		24,388,600
Life Sciences Tools & Services (1.1%)
Agilent Technologies, Inc.(c)		310,247		13,892,861
Pharmaceuticals (7.7%)
Johnson & Johnson		564,880		33,469,140
Merck & Co., Inc.		1,088,991		35,947,593
Pfizer, Inc.		1,157,510		23,509,028
Roche Holding AG(b)		79,400		11,341,622
Total				104,267,383
TOTAL HEALTH CARE				165,814,942
INDUSTRIALS (5.8%)
Aerospace & Defense (0.8%)
Lockheed Martin Corp.(a)		128,390		10,322,556
Commercial Services & Supplies (2.0%)
Iron Mountain, Inc.(a)		882,343		27,555,572
Industrial Conglomerates (0.3%)
Tyco International Ltd.(b)		72,312		3,237,408
Marine (1.2%)
China Shipping Development Co., Ltd., Series H(b)		3,324,000		3,731,123

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Marine (cont.)
Kuehne & Nagel International AG(a)(b)		89,333	$	12,497,867
Total				16,228,990
Transportation Infrastructure (1.5%)
China Merchants Holdings International Co., Ltd.(b)		4,596,273		19,385,580
LLX Logistica SA(b)(c)		157,200		483,352
PortX Operacoes Portuarias SA(b)(c)		157,200		369,735
Total				20,238,667
TOTAL INDUSTRIALS				77,583,193
INFORMATION TECHNOLOGY (5.1%)
Computers & Peripherals (0.8%)
Hewlett-Packard Co.		241,810		9,906,956
Internet Software & Services (1.0%)
Google, Inc., Class A(c)		23,245		13,626,451
IT Services (0.3%)
Visa, Inc., Class A		57,580		4,239,039
Semiconductors & Semiconductor Equipment (1.7%)
Texas Instruments, Inc.(a)		666,905		23,048,237
Software (1.3%)
Activision Blizzard, Inc.(a)		624,130		6,846,706
Microsoft Corp.		419,682		10,643,136
Total				17,489,842
TOTAL INFORMATION TECHNOLOGY				68,310,525
MATERIALS (7.9%)
Chemicals (2.2%)
Air Products & Chemicals, Inc.		71,470		6,445,165
Monsanto Co.		214,000		15,463,640
Potash Corp. of Saskatchewan, Inc.(b)		88,398		5,209,294
Praxair, Inc.(a)		24,100		2,448,560
Total				29,566,659
Construction Materials (0.6%)
Martin Marietta Materials, Inc.(a)		42,960		3,852,223
Vulcan Materials Co.(a)		86,740		3,955,344
Total				7,807,567

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Containers & Packaging (2.2%)
Sealed Air Corp.(a)		1,140,846	$	30,414,955
Metals & Mining (1.4%)
BHP Billiton PLC(b)		237,980		9,391,476
Rio Tinto PLC(b)		129,459		9,094,220
Total				18,485,696
Paper & Forest Products (1.5%)
Sino-Forest Corp.(a)(b)(c)		769,620		20,083,946
Sino-Forest Corp.(b)(c)(d)		34,500		900,310
Total				20,984,256
TOTAL MATERIALS				107,259,133
TELECOMMUNICATION SERVICES (0.3%)
Wireless Telecommunication Services (0.3%)
America Movil SAB de CV, Series L, ADR(a)(b)		75,150		4,366,215
TOTAL TELECOMMUNICATION SERVICES				4,366,215
Total Common Stocks (Cost: $990,109,851)			$	1,303,422,588

	Coupon			Principal
Issuer	Rate			Amount		Value
Convertible Bonds (0.1%)
PAPER (0.1%)
Sino-Forest Corp.(b)(d)(e)
08/01/13		5.000	%	$	1,340,000	$	1,884,361
Total Convertible Bonds (Cost: $1,340,000)						$	1,884,361

	Shares		Value
Money Market Fund (3.7%)
Columbia Short-Term Cash Fund, 0.229%(f)(g)		49,333,606	$	49,333,606
Total Money Market Fund (Cost: $49,333,606)			$	49,333,606

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (13.5%)
Asset-Backed Commercial Paper (1.5%)
Macquarie Bank Ltd.
05/09/11		0.395	%	$	1,998,047	$	1,998,047
05/10/11		0.395	%		1,998,025		1,998,025

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Asset-Backed Commercial Paper (continued)
Rhein-Main Securitisation Ltd.
04/12/11		0.551	%	$	5,991,750	$	5,991,750
Royal Park Investments Funding Corp.
06/17/11		0.601	%		9,984,667		9,984,667
Total							19,972,489
Certificates of Deposit (9.6%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		5,000,000		5,000,000
Bank of Nova Scotia
05/12/11		0.220	%		5,000,000		5,000,000
Barclays Bank PLC
06/15/11		0.400	%		12,000,000		12,000,000
Canadian Imperial Bank
04/07/11		0.240	%		5,000,000		5,000,000
Clydesdale Bank PLC
04/21/11		0.400	%		5,000,000		5,000,000
Credit Agricole
04/21/11		0.400	%		5,000,123		5,000,123
Credit Suisse
04/15/11		0.240	%		5,000,000		5,000,000
DZ Bank AG
05/09/11		0.350	%		3,000,000		3,000,000
Deutsche Bank AG
07/08/11		0.320	%		5,000,000		5,000,000
Development Bank of Singapore Ltd.
05/17/11		0.400	%		2,000,000		2,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		7,000,000		7,000,000
KBC Bank NV
04/25/11		0.450	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/23/11		0.345	%		5,000,000		5,000,000
06/08/11		0.340	%		3,000,000		3,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		10,000,000		10,000,000
Natixis
05/09/11		0.503	%		7,000,000		7,000,000
Norinchukin Bank
04/06/11		0.350	%		3,000,000		3,000,000
Pohjola Bank PLC
06/16/11		0.460	%		10,000,000		10,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		10,000,000		10,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
Union Bank of Switzerland
04/18/11		0.333	%		5,000,000		5,000,000
Westpac Banking Corp.
05/09/11		0.230	%		8,000,000		8,000,000
Total							129,995,554
Commercial Paper (0.3%)
ASB Finance Ltd.
05/03/11		0.391	%		3,992,460		3,992,460
Other Short-Term Obligations (0.4%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		6,000,000		6,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (1.7%)
Barclays Capital, Inc.(h)
dated 10/13/10, matures 04/15/11,
repurchase price $10,001,125
		0.270	%	$	10,000,000	$	10,000,000
dated 11/04/10, matures 04/15/11,
repurchase price $8,000,900
		0.270	%		8,000,000		8,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $5,087,308(h)
		0.160	%		5,087,285		5,087,285
Total							23,087,285
Total Investments of Cash Collateral Received for
Securities on Loan
(Cost: $183,047,788)						$	183,047,788
Total Investments
(Cost: $1,223,831,245)						$	1,537,688,343(i)
Other Assets & Liabilities, Net							(186,398,816)
Net Assets						$	1,351,289,527

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 22.41% of net assets.
(c)	Non-income producing.
(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $2,784,671 or 0.21% of net assets.
(e)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $1,884,361, representing 0.14% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
Sino-Forest Corp.
5.000% 2013		07/17/2008	$	1,340,000

^(f)   Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	57,156,554	$	117,975,917	$	(125,798,865	)	$	—	$	49,333,606	$	24,622	$	49,333,606

(g)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(h)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	662,593
Arabella Ltd		941,989
BP Capital Markets PLC		341,468
BPCE		1,333,282
Dexia Delaware LLC		1,525,876
Electricite De France		1,199,440
European Investment Bank		951,599
Nationwide Building		652,047
Skandin Ens Banken AG		1,159,327
Societe Generale		1,732,379
Total Market Value of Collateral Securities	$	10,500,000

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	530,075
Arabella Ltd		753,591
BP Capital Markets PLC		273,175
BPCE		1,066,625
Dexia Delaware LLC		1,220,701
Electricite De France		959,551
European Investment Bank		761,279
Nationwide Building		521,638
Skandin Ens Banken AG		927,461
Societe Generale		1,385,904
Total Market Value of Collateral Securities	$	8,400,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	5,189,031
Total Market Value of Collateral Securities	$	5,189,031

⁽ⁱ⁾  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	69,603,059	$	2,498,019	$	—	$	72,101,078
Consumer Staples		193,398,373		18,575,307		—		211,973,680
Energy		224,245,128		10,435,673		—		234,680,801
Financials		319,059,708		42,273,313		—		361,333,021
Health Care		154,473,320		11,341,622		—		165,814,942
Industrials		41,968,623		35,614,570		—		77,583,193
Information Technology		68,310,525		—		—		68,310,525
Materials		88,773,437		18,485,696		—		107,259,133
Telecommunication Services		4,366,215		—		—		4,366,215
Total Equity Securities		1,164,198,388		139,224,200		—		1,303,422,588
Bonds
Convertible Bonds		—		1,884,361		—		1,884,361
Total Bonds		—		1,884,361		—		1,884,361
Other
Affiliated Money Market Fund(c)		49,333,606		—		—		49,333,606
Investments of Cash Collateral Received for Securities on Loan		—		183,047,788		—		183,047,788
Total Other		49,333,606		183,047,788		—		232,381,394
Total	$	1,213,531,994	$	324,156,349	$	—	$	1,537,688,343

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio – Goldman Sachs Mid Cap Value Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (97.4%)
CONSUMER DISCRETIONARY (13.2%)
Auto Components (2.6%)
Lear Corp.		321,470	$	15,710,239
TRW Automotive Holdings Corp.(a)		160,036		8,814,783
Total				24,525,022
Hotels, Restaurants & Leisure (1.7%)
Royal Caribbean Cruises Ltd.(a)(b)		188,713		7,786,299
Wyndham Worldwide Corp.		247,735		7,880,450
Total				15,666,749
Household Durables (2.3%)
Mohawk Industries, Inc.(a)		75,790		4,634,559
Newell Rubbermaid, Inc.		587,980		11,248,057
NVR, Inc.(a)		8,429		6,372,324
Total				22,254,940
Internet & Catalog Retail (1.4%)
Liberty Media Corp. – Interactive, Class A(a)		830,531		13,321,717
Leisure Equipment & Products (1.0%)
Hasbro, Inc.		210,006		9,836,681
Media (4.2%)
CBS Corp., Class B Non Voting		333,461		8,349,863
DISH Network Corp., Class A(a)		615,436		14,992,021
Liberty Global, Inc., Class A(a)		223,999		9,275,798
Scripps Networks Interactive, Inc., Class A		155,041		7,766,004
Total				40,383,686
TOTAL CONSUMER DISCRECTIONARY				125,988,795
CONSUMER STAPLES (4.6%)
Beverages (0.5%)
Hansen Natural Corp.(a)		75,453		4,544,534
Food Products (3.1%)
ConAgra Foods, Inc.		377,551		8,966,836
HJ Heinz Co.		78,531		3,833,884
JM Smucker Co. (The)		241,595		17,247,467
Total				30,048,187
Household Products (1.0%)
Energizer Holdings, Inc.(a)		135,554		9,646,023
TOTAL CONSUMER STAPLES				44,238,744

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (11.8%)
Energy Equipment & Services (2.9%)
Cameron International Corp.(a)		206,083	$	11,767,339
Helmerich & Payne, Inc.		67,508		4,637,125
Oil States International, Inc.(a)		145,938		11,111,719
Total				27,516,183
Oil, Gas & Consumable Fuels (8.9%)
Alpha Natural Resources, Inc.(a)		177,941		10,564,357
Consol Energy, Inc.		88,866		4,765,884
Forest Oil Corp.(a)		371,357		14,048,435
Frontier Oil Corp.		311,524		9,133,884
Newfield Exploration Co.(a)		387,594		29,461,020
Pioneer Natural Resources Co.		85,633		8,727,715
QEP Resources, Inc.		203,905		8,266,309
Total				84,967,604
TOTAL ENERGY				112,483,787
FINANCIALS (27.6%)
Capital Markets (2.9%)
Invesco Ltd.(b)		396,088		10,124,009
Janus Capital Group, Inc.		500,169		6,237,107
Legg Mason, Inc.		322,273		11,630,833
Total				27,991,949
Commercial Banks (4.7%)
CIT Group, Inc.(a)		210,786		8,968,944
Fifth Third Bancorp		884,518		12,277,110
First Republic Bank(a)		72,323		2,235,504
M&T Bank Corp.		114,334		10,115,129
SunTrust Banks, Inc.		402,549		11,609,513
Total				45,206,200
Consumer Finance (1.5%)
SLM Corp.(a)		932,124		14,261,497
Diversified Financial Services (0.9%)
NASDAQ OMX Group, Inc. (The)(a)		350,166		9,048,290
Insurance (10.8%)
Everest Re Group Ltd.(b)		173,879		15,332,650
Genworth Financial, Inc., Class A(a)		740,116		9,961,961
Hartford Financial Services Group, Inc.		397,800		10,712,754
Lincoln National Corp.		239,789		7,203,262
Marsh & McLennan Companies, Inc.		191,141		5,697,913
PartnerRe Ltd.(b)		19,092		1,512,850
Principal Financial Group, Inc.		595,820		19,131,780
Unum Group		359,180		9,428,475
WR Berkley Corp.		374,899		12,075,497
XL Group PLC(b)		490,581		12,068,293
Total				103,125,435

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Real Estate Investment Trusts (REITs) (6.8%)
Alexandria Real Estate Equities, Inc.		60,290	$	4,700,811
AvalonBay Communities, Inc.		60,065		7,212,605
Camden Property Trust		97,616		5,546,541
Douglas Emmett, Inc.		135,513		2,540,869
Essex Property Trust, Inc.		23,653		2,932,972
Host Hotels & Resorts, Inc.		526,134		9,265,220
Kimco Realty Corp.		494,352		9,066,416
MFA Financial, Inc.		979,548		8,032,294
Tanger Factory Outlet Centers		249,378		6,543,679
Ventas, Inc.		164,861		8,951,952
Total				64,793,359
TOTAL FINANCIALS				264,426,730
HEALTH CARE (6.4%)
Biotechnology (0.8%)
Biogen Idec, Inc.(a)		99,816		7,325,496
Health Care Equipment & Supplies (3.4%)
Boston Scientific Corp.(a)		1,644,688		11,825,307
Hologic, Inc.(a)		409,527		9,091,499
Kinetic Concepts, Inc.(a)		206,025		11,211,881
Total				32,128,687
Health Care Providers & Services (1.4%)
Aetna, Inc.		244,439		9,149,351
Patterson Companies, Inc.		141,436		4,552,825
Total				13,702,176
Pharmaceuticals (0.8%)
Warner Chilcott PLC, Class A(b)		346,907		8,075,995
TOTAL HEALTH CARE				61,232,354
INDUSTRIALS (10.0%)
Aerospace & Defense (2.2%)
BE Aerospace, Inc.(a)		192,876		6,852,884
Spirit Aerosystems Holdings, Inc., Class A(a)		152,989		3,927,228
Textron, Inc.		372,487		10,202,419
Total				20,982,531
Airlines (0.6%)
JetBlue Airways Corp.(a)		888,817		5,572,883
Building Products (1.2%)
Masco Corp.		788,845		10,980,722
Commercial Services & Supplies (0.7%)
Republic Services, Inc.		234,686		7,049,967

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Electrical Equipment (1.2%)
Cooper Industries PLC(b)		112,593	$	7,307,286
GrafTech International Ltd.(a)		223,747		4,615,900
Total				11,923,186
Machinery (2.8%)
Eaton Corp.		88,847		4,925,678
Parker Hannifin Corp.		107,438		10,172,230
Pentair, Inc.		312,167		11,796,791
Total				26,894,699
Road & Rail (1.3%)
Kansas City Southern(a)		138,927		7,564,575
Ryder System, Inc.		95,396		4,827,038
Total				12,391,613
TOTAL INDUSTRIALS				95,795,601
INFORMATION TECHNOLOGY (6.6%)
Communications Equipment (1.1%)
Brocade Communications Systems, Inc.(a)		924,400		5,685,060
Polycom, Inc.(a)		98,761		5,120,758
Total				10,805,818
Electronic Equipment, Instruments & Components (1.4%)
Amphenol Corp., Class A		247,737		13,474,415
Semiconductors & Semiconductor Equipment (2.0%)
Maxim Integrated Products, Inc.		44,008		1,126,605
ON Semiconductor Corp.(a)		852,679		8,415,942
Xilinx, Inc.		285,035		9,349,148
Total				18,891,695
Software (2.1%)
BMC Software, Inc.(a)		139,374		6,932,463
Check Point Software Technologies Ltd.(a)(b)		102,393		5,227,163
Electronic Arts, Inc.(a)		167,918		3,279,438
Quest Software, Inc.(a)		181,919		4,618,923
Total				20,057,987
TOTAL INFORMATION TECHNOLOGY				63,229,915
MATERIALS (4.5%)
Chemicals (2.1%)
Albemarle Corp.		36,572		2,185,908
Cytec Industries, Inc.		125,185		6,806,309
Huntsman Corp.		613,872		10,669,095
Total				19,661,312

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Containers & Packaging (0.9%)
Owens-Illinois, Inc.(a)		132,839	$	4,010,409
Temple-Inland, Inc.		217,322		5,085,335
Total				9,095,744
Metals & Mining (1.5%)
Cliffs Natural Resources, Inc.		59,925		5,889,429
Stillwater Mining Co.(a)		231,400		5,306,002
Thompson Creek Metals Co., Inc.(a)(b)		253,820		3,182,903
Total				14,378,334
TOTAL MATERIALS				43,135,390
TELECOMMUNICATION SERVICES (3.2%)
Diversified Telecommunication Services (1.3%)
CenturyLink, Inc.		297,179		12,347,787
Wireless Telecommunication Services (1.9%)
Clearwire Corp., Class A(a)		714,851		3,996,017
Sprint Nextel Corp.(a)		3,062,475		14,209,884
Total				18,205,901
TOTAL TELECOMMUNICATION SERVICES				30,553,688
UTILITIES (9.5%)
Electric Utilities (4.8%)
DPL, Inc.		99,013		2,713,946
Edison International		110,498		4,043,122
Northeast Utilities		285,121		9,865,187
NV Energy, Inc.		495,913		7,384,145
Pinnacle West Capital Corp.		144,905		6,200,485
PPL Corp.		461,408		11,673,622
Westar Energy, Inc.		169,918		4,489,233
Total				46,369,740

Issuer	Shares		Value
Common Stocks (continued)
UTILITIES (CONTINUED)
Multi-Utilities (4.7%)
CMS Energy Corp.		510,562	$	10,027,438
SCANA Corp.		251,177		9,888,839
Sempra Energy		172,602		9,234,207
Xcel Energy, Inc.		642,497		15,349,253
Total				44,499,737
TOTAL UTILITIES				90,869,477
Total Common Stocks (Cost: $801,948,445)			$	931,954,481

Limited Partnerships (0.5%)
FINANCIALS (0.5%)
Capital Markets (0.5%)
Lazard Ltd., Class A(b)(c)	124,198	$	5,164,153
TOTAL FINANCIALS			5,164,153
Total Limited Partnerships (Cost: $3,998,817)		$	5,164,153

	Shares		Value
Money Market Fund (2.5%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		23,372,535	$	23,372,535
Total Money Market Fund (Cost: $23,372,535)				$23,372,535
Total Investments (Cost: $829,319,797)			$	960,491,169(f)
Other Assets & Liabilities, Net				(3,568,941)
Net Assets				$956,922,228

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 7.92% of net assets.
(c)	The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At March 31, 2011, there was no capital committed to the LLC or LP for future investment.
(d)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/
					Proceeds from			Realized				Dividends or
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Interest Income		Value
Columbia Short-Term Cash Fund	$	26,542,170	$	78,287,600	$	(81,457,235	)	$	—	$	23,372,535	$	7,499	$	23,372,535

^(f)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	125,988,795	$	—	$	—	$	125,988,795
Consumer Staples		44,238,744		—		—		44,238,744
Energy		112,483,787		—		—		112,483,787
Financials		264,426,730		—		—		264,426,730
Health Care		61,232,354		—		—		61,232,354
Industrials		95,795,601		—		—		95,795,601
Information Technology		63,229,915		—		—		63,229,915
Materials		43,135,390		—		—		43,135,390
Telecommunication Services		30,553,688		—		—		30,553,688
Utilities		90,869,477		—		—		90,869,477
Total Equity Securities		931,954,481		—		—		931,954,481
Other
Limited Partnerships		5,164,153		—		—		5,164,153
Affiliated Money Market Fund(c)		23,372,535		—		—		23,372,535
Total Other		28,536,688		—		—		28,536,688
Total	$	960,491,169	$	—	$	—	$	960,491,169

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio — Partners Small Cap Value Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (91.6%)
CONSUMER DISCRETIONARY (15.8%)
Auto Components (2.6%)
American Axle & Manufacturing Holdings, Inc.(a)(b)		864,000	$	10,877,760
Cooper Tire & Rubber Co.(a)		248,200		6,391,150
Dana Holding Corp.(a)(b)		668,058		11,617,529
Exide Technologies(a)(b)		85,830		959,579
Gentex Corp.		331,800		10,036,950
Total				39,882,968
Distributors (—%)
Audiovox Corp., Class A(a)(b)		40,000		320,000
Diversified Consumer Services (0.9%)
Mac-Gray Corp.(a)		350,840		5,659,049
Regis Corp.(a)		478,430		8,487,348
Total				14,146,397
Hotels, Restaurants & Leisure (1.7%)
Bob Evans Farms, Inc.(a)		295,500		9,633,300
Cracker Barrel Old Country Store, Inc.(a)		52,653		2,587,369
Frisch’s Restaurants, Inc.(a)		43,925		933,406
International Speedway Corp., Class A(a)		87,910		2,619,718
Monarch Casino & Resort, Inc.(a)(b)		165,060		1,716,624
Papa John’s International, Inc.(a)(b)		101,289		3,207,823
Pinnacle Entertainment, Inc.(b)		115,770		1,576,787
Ruby Tuesday, Inc.(b)		116,690		1,529,806
Vail Resorts, Inc.(a)(b)		30,130		1,469,139
Total				25,273,972
Household Durables (1.4%)
American Greetings Corp., Class A(a)		75,460		1,780,856
Beazer Homes USA, Inc.(a)(b)		203,190		928,578
Ryland Group, Inc.(a)		29,760		473,184
Tupperware Brands Corp.		113,450		6,774,100
Whirlpool Corp.(a)		124,200		10,601,712
Total				20,558,430
Leisure Equipment & Products (0.6%)
Brunswick Corp.(a)		376,200		9,566,766
Head NV(b)(c)		70,030		41,318
Total				9,608,084
Media (1.5%)
Ascent Media Corp., Class A(a)(b)		46,880		2,290,088
John Wiley & Sons, Inc., Class A(a)		88,100		4,479,004
Madison Square Garden, Inc., Class A(b)		282,890		7,635,201
Valassis Communications, Inc.(a)(b)		306,000		8,916,840
Total				23,321,133

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER DISCRETIONARY (CONTINUED)
Multiline Retail (2.0%)
Big Lots, Inc.(b)		190,810	$	8,286,878
Dillard’s, Inc., Class A(a)		403,190		16,175,983
Fred’s, Inc., Class A(a)		434,940		5,793,401
Saks, Inc.(a)(b)		65,090		736,168
Total				30,992,430
Specialty Retail (4.5%)
Aaron’s, Inc.(a)		195,949		4,969,267
Ascena Retail Group, Inc.(a)(b)		242,629		7,863,606
Brown Shoe Co., Inc.(a)		121,520		1,484,974
Cabela’s, Inc.(a)(b)		433,100		10,831,831
Collective Brands, Inc.(b)		33,040		713,003
Finish Line, Inc., Class A (The)(a)		326,000		6,471,100
Men’s Wearhouse, Inc. (The)(a)		475,250		12,860,265
OfficeMax, Inc.(a)(b)		277,510		3,590,979
PEP Boys — Manny, Moe & Jack(a)		271,100		3,445,681
Rent-A-Center, Inc.(a)		279,751		9,766,108
Select Comfort Corp.(b)		157,150		1,895,229
Stage Stores, Inc.(a)		273,470		5,256,093
Total				69,148,136
Textiles, Apparel & Luxury Goods (0.6%)
Columbia Sportswear Co.(a)		77,600		4,610,992
Skechers U.S.A., Inc., Class A(b)		62,260		1,278,820
True Religion Apparel, Inc.(a)(b)		99,880		2,344,184
Total				8,233,996
TOTAL CONSUMER DISCRECTIONARY				241,485,546
CONSUMER STAPLES (3.1%)
Food & Staples Retailing (1.5%)
BJ’s Wholesale Club, Inc.(b)		71,010		3,466,708
Pricesmart, Inc.(a)		34,570		1,266,645
Ruddick Corp.(a)		315,153		12,161,754
Village Super Market, Inc., Class A(a)		137,330		3,996,303
Winn-Dixie Stores, Inc.(a)(b)		361,820		2,583,395
Total				23,474,805
Food Products (1.3%)
Fresh Del Monte Produce, Inc.(a)(c)		60,470		1,578,872
Hain Celestial Group, Inc. (The)(a)(b)		58,360		1,883,861
Harbinger Group, Inc.(a)(b)		355,450		1,851,894
Industrias Bachoco SAB de CV, ADR(c)		137,728		3,819,197
J&J Snack Foods Corp.(a)		75,243		3,541,688
Lancaster Colony Corp.(a)		60,456		3,663,634
Seneca Foods Corp., Class A(a)(b)		96,070		2,869,611
Total				19,208,757

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Personal Products (0.1%)
Elizabeth Arden, Inc.(a)(b)		55,520	$	1,666,155
Tobacco (0.2%)
Alliance One International, Inc.(a)(b)		179,684		722,330
Universal Corp.(a)		41,090		1,789,058
Total				2,511,388
TOTAL CONSUMER STAPLES				46,861,105
ENERGY (5.7%)
Energy Equipment & Services (1.3%)
Bristow Group, Inc.(a)(b)		35,330		1,671,109
Complete Production Services, Inc.(a)(b)		56,700		1,803,627
Helix Energy Solutions Group, Inc.(a)(b)		102,990		1,771,428
Key Energy Services, Inc.(a)(b)		85,150		1,324,083
Matrix Service Co.(b)		113,500		1,577,650
Parker Drilling Co.(a)(b)		682,652		4,717,125
Tetra Technologies, Inc.(b)		202,310		3,115,574
Tidewater, Inc.		81,200		4,859,820
Total				20,840,416
Oil, Gas & Consumable Fuels (4.4%)
Berry Petroleum Co., Class A(a)		99,330		5,011,199
Bill Barrett Corp.(b)		17,830		711,595
Contango Oil & Gas Co.(a)(b)		22,640		1,431,754
Endeavour International Corp.(b)		66,650		846,455
Energy Partners Ltd.(b)		199,500		3,591,000
Evolution Petroleum Corp.(a)(b)		473,093		3,690,125
Gastar Exploration Ltd.(b)(c)		305,220		1,483,369
Goodrich Petroleum Corp.(b)		31,040		689,709
Holly Corp.(a)		46,600		2,831,416
International Coal Group, Inc.(a)(b)		162,050		1,831,165
Miller Petroleum, Inc.(a)(b)		227,830		1,139,150
Overseas Shipholding Group, Inc.		298,635		9,598,129
Patriot Coal Corp.(b)		54,770		1,414,709
Penn Virginia Corp.(a)		398,070		6,751,267
Petroquest Energy, Inc.(a)(b)		156,400		1,463,904
Rosetta Resources, Inc.(b)		35,640		1,694,326
SM Energy Co.		80,400		5,964,876
Stone Energy Corp.(b)		46,160		1,540,359
Swift Energy Co.(b)		35,980		1,535,626
Teekay Tankers Ltd., Class A(a)(c)		206,800		2,163,128
Tesoro Corp.(a)(b)		282,000		7,566,060
USEC, Inc.(a)(b)		228,400		1,004,960
W&T Offshore, Inc.(a)		66,880		1,524,195

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (cont.)
World Fuel Services Corp.(a)		36,890	$	1,498,103
Total				66,976,579
TOTAL ENERGY				87,816,995
FINANCIALS (19.4%)
Capital Markets (1.5%)
American Capital Ltd.(a)(b)		176,910		1,751,409
Capital Southwest Corp.(a)		13,630		1,247,554
Federated Investors, Inc., Class B(a)		135,280		3,618,740
Janus Capital Group, Inc.(a)		511,300		6,375,911
Knight Capital Group, Inc., Class A(b)		208,630		2,795,642
Medallion Financial Corp.(a)		263,928		2,319,927
Oppenheimer Holdings, Inc., Class A(a)		95,002		3,183,517
Piper Jaffray Companies, Inc.(a)(b)		32,330		1,339,432
Total				22,632,132
Commercial Banks (4.7%)
Bank of the Ozarks, Inc.(a)		43,250		1,890,457
Banner Corp.		935,500		2,217,135
Cathay General Bancorp		73,890		1,259,825
Community Bank System, Inc.(a)		164,620		3,995,327
CVB Financial Corp.(a)		189,310		1,762,476
First Citizens BancShares Inc., Class A		23,425		4,698,586
First Financial Bancorp(a)		78,150		1,304,324
FirstMerit Corp.(a)		69,840		1,191,470
Fulton Financial Corp.(a)		457,600		5,083,936
Iberiabank Corp.(a)		22,870		1,375,173
Independent Bank Corp.(a)		52,540		1,419,105
International Bancshares Corp.		82,610		1,515,067
National Penn Bancshares, Inc.		137,400		1,063,476
NBT Bancorp, Inc.(a)		67,590		1,540,376
Old National Bancorp(a)		48,900		524,208
Park National Corp.(a)		22,095		1,476,388
PrivateBancorp, Inc.(a)		100,040		1,529,612
Prosperity Bancshares, Inc.(a)		229,040		9,796,041
Susquehanna Bancshares, Inc.(a)		180,650		1,689,078
SVB Financial Group(a)(b)		27,520		1,566,714
Synovus Financial Corp.(a)		3,557,300		8,537,520
Trustmark Corp.(a)		179,050		4,193,351
UMB Financial Corp.(a)		19,320		721,699
Westamerica Bancorporation(a)		90,000		4,623,300
Wintrust Financial Corp.(a)		195,630		7,189,402
Total				72,164,046
Consumer Finance (0.6%)
Cash America International, Inc.(a)		188,346		8,673,333

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (6.9%)
Alterra Capital Holdings Ltd.(a)(c)		424,608	$	9,485,743
American Equity Investment Life Holding Co.(a)		562,800		7,383,936
American National Insurance Co.(a)		56,426		4,467,246
Amtrust Financial Services, Inc.(a)		76,435		1,457,616
Argo Group International Holdings Ltd.(c)		40,580		1,340,763
Delphi Financial Group, Inc., Class A(a)		59,220		1,818,646
Endurance Specialty Holdings Ltd.(c)		90,500		4,418,210
Enstar Group Ltd.(b)(c)		11,730		1,171,592
First American Financial Corp.(a)		94,420		1,557,930
Flagstone Reinsurance Holdings SA(a)(c)		290,621		2,618,495
FPIC Insurance Group, Inc.(a)(b)		78,350		2,969,465
Hilltop Holdings, Inc.(a)(b)		203,310		2,041,232
Horace Mann Educators Corp.		83,960		1,410,528
Infinity Property & Casualty Corp.(a)		25,500		1,516,995
Montpelier Re Holdings Ltd.(c)		718,290		12,692,184
National Financial Partners Corp.(a)(b)		105,520		1,556,420
Navigators Group, Inc.(The)(a)(b)		53,826		2,772,039
Platinum Underwriters Holdings Ltd.(c)		330,750		12,598,268
Primerica, Inc.(a)		61,610		1,571,671
ProAssurance Corp.(a)(b)		31,410		1,990,452
Protective Life Corp.		160,300		4,255,965
RLI Corp.(a)		26,870		1,549,056
Selective Insurance Group, Inc.(a)		87,790		1,518,767
StanCorp Financial Group, Inc.(a)		75,000		3,459,000
Torchmark Corp.		137,300		9,127,704
Tower Group, Inc.		59,430		1,428,103
Unitrin, Inc.		94,300		2,911,984
White Mountains Insurance Group Ltd.(a)(c)		12,302		4,480,388
Total				105,570,398
Real Estate Investment Trusts (REITs) (3.7%)
American Campus Communities, Inc.(a)		85,300		2,814,900
BioMed Realty Trust, Inc.(a)		168,000		3,195,360
Brandywine Realty Trust(a)		385,200		4,676,328
CBL & Associates Properties, Inc.(a)		97,390		1,696,534
DCT Industrial Trust, Inc.(a)		285,490		1,584,469
Entertainment Properties Trust(a)		26,930		1,260,863
Equity Lifestyle Properties, Inc.(a)		62,000		3,574,300
Extra Space Storage, Inc.(a)		93,070		1,927,480
First Industrial Realty Trust, Inc.(a)(b)		139,060		1,653,423
First Potomac Realty Trust(a)		201,400		3,172,050
Franklin Street Properties Corp.(a)		88,950		1,251,526
Glimcher Realty Trust(a)		199,990		1,849,907
Government Properties Income Trust(a)		139,100		3,736,226
Gyrodyne Co. of America, Inc.(a)(b)		11,957		878,840

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Real Estate Investment Trusts (REITs) (cont.)
Healthcare Realty Trust, Inc.		57,980	$	1,316,146
Highwoods Properties, Inc.(a)		42,730		1,495,977
Home Properties, Inc.(a)		22,620		1,333,449
iStar Financial, Inc.(b)		146,130		1,341,473
LTC Properties, Inc.(a)		67,200		1,904,448
Mack-Cali Realty Corp.		91,800		3,112,020
Medical Properties Trust, Inc.(a)		119,480		1,382,384
MFA Financial, Inc.		687,905		5,640,821
Omega Healthcare Investors, Inc.		69,170		1,545,258
Sovran Self Storage, Inc.(a)		28,120		1,112,146
Strategic Hotels & Resorts, Inc.(b)		177,510		1,144,940
Two Harbors Investment Corp.(a)		102,080		1,068,778
U-Store-It Trust(a)		147,640		1,553,173
Total				57,223,219
Real Estate Management & Development (0.9%)
Avatar Holdings, Inc.(b)		85,920		1,700,357
MI Developments, Inc., Class A(c)		420,000		12,171,600
Total				13,871,957
Thrifts & Mortgage Finance (1.1%)
Astoria Financial Corp.(a)		398,300		5,723,571
Brookline Bancorp, Inc.(a)		126,540		1,332,466
Dime Community Bancshares(a)		212,880		3,142,109
NewAlliance Bancshares, Inc.		110,080		1,633,587
Northwest Bancshares, Inc.		118,920		1,491,257
PMI Group, Inc.(The)(a)(b)		458,050		1,236,735
Provident Financial Services, Inc.(a)		105,100		1,555,480
Radian Group, Inc.(a)		154,050		1,049,081
Total				17,164,286
TOTAL FINANCIALS				297,299,371
HEALTH CARE (4.8%)
Health Care Equipment & Supplies (2.2%)
Cooper Companies, Inc. (The)		90,500		6,285,225
Haemonetics Corp.(a)(b)		42,610		2,792,659
ICU Medical, Inc.(a)(b)		138,430		6,060,465
Immucor, Inc.(a)(b)		162,560		3,215,437
Invacare Corp.(a)		57,300		1,783,176
Meridian Bioscience, Inc.(a)		183,000		4,390,170
STERIS Corp.(a)		260,470		8,996,634
Total				33,523,766

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Health Care Providers & Services (2.3%)
AMERIGROUP Corp.(a)(b)		27,840	$	1,788,720
Centene Corp.(b)		51,340		1,693,193
Chemed Corp.(a)		60,580		4,035,234
Ensign Group, Inc. (The)(a)		118,120		3,771,571
Healthsouth Corp.(a)(b)		409,400		10,226,812
Healthspring, Inc.(b)		43,140		1,612,142
National Healthcare Corp.(a)		36,830		1,712,227
Owens & Minor, Inc.(a)		235,660		7,654,237
PSS World Medical, Inc.(a)(b)		53,050		1,440,307
Skilled Healthcare Group, Inc., Class A(a)(b)		99,440		1,430,942
Total				35,365,385
Pharmaceuticals (0.3%)
Medicis Pharmaceutical Corp., Class A		97,500		3,123,900
Viropharma, Inc.(a)(b)		77,850		1,549,215
Total				4,673,115
TOTAL HEALTH CARE				73,562,266
INDUSTRIALS (16.9%)
Aerospace & Defense (0.8%)
Ceradyne, Inc.(a)(b)		36,620		1,650,829
Cubic Corp.		35,500		2,041,250
Curtiss-Wright Corp.(a)		113,920		4,003,149
Kratos Defense & Security Solutions, Inc.(a)(b)		88,990		1,267,218
Moog, Inc., Class A(a)(b)		35,300		1,620,623
Teledyne Technologies, Inc.(a)(b)		26,160		1,352,734
Total				11,935,803
Airlines (2.3%)
Air France-KLM, ADR(a)(b)(c)		147,650		2,460,587
AirTran Holdings, Inc.(b)		1,443,300		10,752,585
Alaska Air Group, Inc.(b)		25,000		1,585,500
Allegiant Travel Co.		40,340		1,767,295
JetBlue Airways Corp.(a)(b)		3,054,732		19,153,170
Total				35,719,137
Building Products (1.5%)
Ameron International Corp.(a)		21,130		1,474,663
AO Smith Corp.		125,250		5,553,585
Gibraltar Industries, Inc.(a)(b)		321,163		3,831,474
Simpson Manufacturing Co., Inc.(a)		276,300		8,139,798
Trex Co., Inc.(a)(b)		130,900		4,269,958
Total				23,269,478
Commercial Services & Supplies (4.8%)
ABM Industries, Inc.(a)		51,380		1,304,538
APAC Customer Services, Inc.(a)(b)		293,020		1,761,050
Brink’s Co.(The)		411,787		13,634,268
Copart, Inc.(a)(b)		89,450		3,875,868

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Commercial Services & Supplies (cont.)
Ennis, Inc.(a)		164,900	$	2,808,247
G&K Services, Inc., Class A(a)		97,420		3,239,215
Geo Group, Inc. (The)(a)(b)		406,750		10,429,070
Herman Miller, Inc.(a)		303,800		8,351,462
McGrath Rentcorp(a)		53,035		1,446,264
Metalico, Inc.(a)(b)		236,290		1,469,724
Mine Safety Appliances Co.(a)		43,300		1,587,811
Mobile Mini, Inc.(a)(b)		460,000		11,049,200
Standard Parking Corp.(a)(b)		101,300		1,799,088
Steelcase, Inc., Class A(a)		123,670		1,407,365
Unifirst Corp.(a)		135,056		7,159,319
United Stationers, Inc.		24,210		1,720,120
Total				73,042,609
Construction & Engineering (1.2%)
Comfort Systems USA, Inc.(a)		412,118		5,798,500
Insituform Technologies, Inc., Class A(a)(b)		321,400		8,597,450
MasTec, Inc.(b)		53,180		1,106,144
Sterling Construction Co., Inc.(b)		24,550		414,404
Tutor Perini Corp.(a)		105,930		2,580,455
Total				18,496,953
Electrical Equipment (1.6%)
Belden, Inc.(a)		104,700		3,931,485
Brady Corp., Class A		48,530		1,732,036
EnerSys(b)		49,000		1,947,750
Franklin Electric Co., Inc.(a)		128,044		5,915,633
Regal-Beloit Corp.(a)		137,200		10,129,476
Total				23,656,380
Machinery (2.6%)
Astec Industries, Inc.(a)(b)		40,730		1,518,822
Chart Industries, Inc.(a)(b)		42,160		2,320,486
Mueller Industries, Inc.(a)		59,610		2,182,918
Oshkosh Corp.(b)		202,100		7,150,298
Robbins & Myers, Inc.		36,370		1,672,656
Tecumseh Products Co., Class B(b)		29,977		279,386
Terex Corp.(a)(b)		386,900		14,330,776
Toro Co.(The)		70,050		4,638,711
Trimas Corp.(b)		83,140		1,787,510
Wabash National Corp.(a)(b)		124,720		1,444,258
Watts Water Technologies, Inc., Class A(a)		41,730		1,593,669
Total				38,919,490
Professional Services (1.6%)
CDI Corp.(a)		76,000		1,124,040
Dolan Media Co. (The)(a)(b)		176,090		2,137,733
Insperity, Inc.(a)		258,160		7,842,901

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Professional Services (cont.)
Kelly Services, Inc., Class A(b)		70,640	$	1,533,594
Korn/Ferry International(a)(b)		521,570		11,615,364
On Assignment, Inc.(a)(b)		80,200		758,692
Total				25,012,324
Trading Companies & Distributors (0.5%)
GATX Corp.(a)		113,150		4,374,379
RSC Holdings, Inc.(b)		126,120		1,813,605
TAL International Group, Inc.(a)		42,440		1,539,299
Total				7,727,283
TOTAL INDUSTRIALS				257,779,457
INFORMATION TECHNOLOGY (15.1%)
Communications Equipment (0.7%)
Arris Group, Inc.(b)		121,100		1,542,814
Emulex Corp.(a)(b)		58,650		625,796
Harmonic, Inc.(a)(b)		113,260		1,062,379
Ituran Location and Control Ltd.(a)(c)		98,114		1,471,710
Plantronics, Inc.		116,245		4,256,892
Powerwave Technologies, Inc.(b)		372,540		1,680,155
Total				10,639,746
Computers & Peripherals (0.6%)
Diebold, Inc.(a)		177,500		6,294,150
Silicon Graphis International Corp.(a)(b)		97,970		2,096,558
Total				8,390,708
Electronic Equipment, Instruments & Components (7.6%)
Anixter International, Inc.(a)		21,630		1,511,721
Celestica, Inc.(b)(c)		1,190,717		12,764,486
Cognex Corp.(a)		406,200		11,475,150
CTS Corp.(a)		248,200		2,680,560
Electro Rent Corp.(a)		190,810		3,278,116
FARO Technologies, Inc.(a)(b)		123,000		4,920,000
Ingram Micro, Inc., Class A(b)		273,419		5,750,002
Insight Enterprises, Inc.(b)		75,010		1,277,420
Littelfuse, Inc.(a)		204,300		11,665,530
Mercury Computer Systems, Inc.(a)(b)		297,400		6,292,984
Park Electrochemical Corp.(a)		361,042		11,643,604
Plexus Corp.(a)(b)		316,400		11,092,984
Rofin-Sinar Technologies, Inc.(a)(b)		48,580		1,918,910
Sanmina-SCI Corp.(a)(b)		854,583		9,579,875
Scansource, Inc.(b)		45,160		1,715,628
SYNNEX Corp.(a)(b)		39,820		1,303,309
Vishay Intertechnology, Inc.(a)(b)		878,700		15,588,138
Vishay Precision Group, Inc.(a)(b)		82,964		1,300,046
Total				115,758,463

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Internet Software & Services (0.2%)
Internap Network Services Corp.(b)		188,240	$	1,236,737
j2 Global Communications, Inc.(a)(b)		74,470		2,197,610
Total				3,434,347
IT Services (2.7%)
CACI International, Inc., Class A(b)		29,920		1,834,694
Cardtronics, Inc.(a)(b)		77,920		1,585,672
Computer Services, Inc.		43,960		1,183,623
CSG Systems International, Inc.(b)		69,800		1,391,812
DST Systems, Inc.		134,410		7,099,536
Mantech International Corp., Class A(a)(b)		112,170		4,756,008
MAXIMUS, Inc.(a)		196,500		15,949,905
NeuStar, Inc., Class A(a)(b)		173,000		4,425,340
SRA International, Inc., Class A(b)		68,330		1,937,839
Wright Express Corp.(a)(b)		28,600		1,482,624
Total				41,647,053
Semiconductors & Semiconductor Equipment (2.4%)
Axcelis Technologies, Inc.(a)(b)		625,000		1,656,250
Brooks Automation, Inc.(a)(b)		896,300		12,306,199
Ceva, Inc.(b)		44,660		1,193,762
Micron Technology, Inc.(a)(b)		1,000,000		11,460,000
Photronics, Inc.(b)		131,014		1,175,195
Semiconductor Manufacturing International Corp., ADR(a)(b)(c)		2,516,906		9,564,243
Total				37,355,649
Software (0.9%)
Blackbaud, Inc.(a)		203,750		5,550,150
Mentor Graphics Corp.(b)		603,600		8,830,668
Total				14,380,818
TOTAL INFORMATION TECHNOLOGY				231,606,784
MATERIALS (5.5%)
Chemicals (3.0%)
Arch Chemicals, Inc.(a)		116,290		4,836,501
Cabot Corp.		121,500		5,624,235
Georgia Gulf Corp.(b)		41,080		1,519,960
HB Fuller Co.		74,560		1,601,549
Innophos Holdings, Inc.(a)		133,420		6,151,996
Minerals Technologies, Inc.		28,630		1,961,728
OM Group, Inc.(b)		42,100		1,538,334
PolyOne Corp.(a)		1,187,620		16,876,080
Sensient Technologies Corp.(a)		53,500		1,917,440
Stepan Co.(a)		46,430		3,366,175
Total				45,393,998

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Containers & Packaging (0.8%)
AptarGroup, Inc.(a)		92,025	$	4,613,213
Boise, Inc.(a)		193,580		1,773,193
Temple-Inland, Inc.		242,500		5,674,500
Total				12,060,906
Metals & Mining (0.8%)
Coeur d’Alene Mines Corp.(a)(b)		55,140		1,917,769
Hecla Mining Co.(b)		169,070		1,535,156
Molycorp, Inc.(a)(b)		19,110		1,146,982
Schnitzer Steel Industries, Inc., Class A(a)		65,500		4,258,155
Silvercorp Metals, Inc.(c)		204,000		2,972,280
Thompson Creek Metals Co., Inc.(b)(c)		92,440		1,159,198
Total				12,989,540
Paper & Forest Products (0.9%)
Buckeye Technologies, Inc.		51,470		1,401,528
Louisiana-Pacific Corp.(a)(b)		1,112,270		11,678,835
Total				13,080,363
TOTAL MATERIALS				83,524,807
TELECOMMUNICATION SERVICES (0.3%)
Diversified Telecommunication Services (0.2%)
Atlantic Tele-Network, Inc.(a)		58,200		2,164,458
Wireless Telecommunication Services (0.1%)
NTELOS Holdings Corp.(a)		99,920		1,839,527
TOTAL TELECOMMUNICATION SERVICES				4,003,985
UTILITIES (5.0%)
Electric Utilities (2.7%)
Cleco Corp.		24,460		838,734
El Paso Electric Co.(a)(b)		55,750		1,694,800
IDACORP, Inc.(a)		225,300		8,583,930
Pinnacle West Capital Corp.		51,632		2,209,333
PNM Resources, Inc.(a)		811,160		12,102,507
Portland General Electric Co.(a)		252,730		6,007,392
UIL Holdings Corp.(a)		187,752		5,730,191
Unisource Energy Corp.(a)		117,130		4,231,907
Total				41,398,794
Gas Utilities (0.7%)
Laclede Group, Inc. (The)(a)		45,260		1,724,406
South Jersey Industries, Inc.(a)		154,360		8,639,529
Total				10,363,935

Issuer	Shares		Value
Common Stocks (continued)
UTILITIES (CONTINUED)
Independent Power Producers & Energy Traders (0.4%)
GenOn Energy, Inc.(b)		1,867,900	$	7,116,699
Multi-Utilities (1.1%)
Avista Corp.(a)		582,490		13,472,994
Black Hills Corp.(a)		52,280		1,748,243
NorthWestern Corp.		66,550		2,016,465
Total				17,237,702
Water Utilities (0.1%)
SJW Corp.(a)		37,356		864,791
TOTAL UTILITIES				76,981,921
Total Common Stocks (Cost: $1,044,095,238)			$	1,400,922,237

	Shares		Value
Money Market Fund (8.7%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		133,388,885	$	133,388,885
Total Money Market Fund (Cost: $133,388,885)			$	133,388,885

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (26.2%)
Asset-Backed Commercial Paper (2.0%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	14,999,133	$	14,999,133
Ebbets Funding LLC
04/12/11		0.480	%		4,997,867		4,997,867
Rhein-Main Securitisation Ltd.
04/12/11		0.551	%		4,993,125		4,993,125
Royal Park Investments Funding Corp.
06/17/11		0.601	%		4,992,333		4,992,333
Total							29,982,458
Certificates of Deposit (15.5%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		5,000,000		5,000,000
Bank of Nova Scotia
05/12/11		0.220	%		10,000,000		10,000,000
Barclays Bank PLC
06/15/11		0.400	%		4,000,000		4,000,000
Canadian Imperial Bank
04/07/11		0.240	%		8,000,000		8,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Clydesdale Bank PLC
04/21/11		0.400	%	$	5,000,000	$	5,000,000
Credit Agricole
04/21/11		0.400	%		10,000,247		10,000,247
Credit Industrial et Commercial
05/23/11		0.400	%		15,000,000		15,000,000
Credit Suisse
04/15/11		0.240	%		10,000,000		10,000,000
DZ Bank AG
05/09/11		0.350	%		3,000,000		3,000,000
Deutsche Bank AG
07/08/11		0.320	%		15,000,000		15,000,000
Development Bank of Singapore Ltd.
05/09/11		0.400	%		5,000,000		5,000,000
05/17/11		0.400	%		7,500,000		7,500,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		10,000,000		10,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		1,500,000		1,500,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
06/27/11		0.380	%		5,000,000		5,000,000
KBC Bank NV
04/25/11		0.450	%		7,000,000		7,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		10,000,000		10,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		4,995,677		4,995,677
06/08/11		0.340	%		3,000,000		3,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		15,000,000		15,000,000
Norinchukin Bank
04/06/11		0.350	%		10,000,000		10,000,000
Rabobank Group
04/27/11		0.298	%		4,000,000		4,000,000
Societe Generale
07/01/11		0.363	%		10,000,000		10,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
04/21/11		0.510	%		7,000,000		7,000,000
05/25/11		0.370	%		3,996,345		3,996,345
Swedbank AB
04/05/11		0.170	%		10,000,000		10,000,000
Union Bank of Switzerland
04/18/11		0.334	%		10,000,000		10,000,000
08/15/11		0.355	%		4,000,000		4,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		2,000,000		2,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Westpac Banking Corp.
05/09/11		0.230	%	$	12,000,000	$	12,000,000
Total							236,992,269
Commercial Paper (1.7%)
ASB Finance Ltd.
05/03/11		0.391	%		4,990,575		4,990,575
Macquarie Bank Ltd.
06/30/11		0.400	%		9,989,778		9,989,778
Suncorp Metway Ltd.
04/28/11		0.300	%		9,997,083		9,997,083
Total							24,977,436
Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		3,000,000		3,000,000
04/20/11		0.270	%		5,000,000		5,000,000
Total							8,000,000
Repurchase Agreements (6.5%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $15,001,688(f)
		0.270	%		15,000,000		15,000,000
Citigroup Global Markets, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,018(f)
		0.130	%		5,000,000		5,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,857,744(f)
		0.160	%		10,857,696		10,857,696
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,081(f)
		0.290	%		10,000,000		10,000,000
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $11,000,055(f)
		0.180	%		11,000,000		11,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $15,000,117(f)
		0.280	%		15,000,000		15,000,000
Natixis Financial Products, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,018(f)
		0.130	%		5,000,000		5,000,000
Nomura Securities
dated 03/31/10, matures 04/01/11, repurchase price $18,000,120(f)
		0.240	%		18,000,000		18,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Pershing LLC dated 03/31/11, matures 04/01/11, repurchase price $10,000,061(f)
		0.220	%	$	10,000,000	$	10,000,000
Total							99,857,696
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $399,809,859)						$	399,809,859
Total Investments
(Cost: $1,577,293,982)						$	1,934,120,981(g)
Other Assets & Liabilities, Net							(405,755,776)
Net Assets						$	1,528,365,205

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 6.57% of net assets.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends or
					Proceeds from							Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Realized Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	127,055,056	$	78,192,750	$	(71,858,921	)	$	—	$	133,388,885	$	67,568	$	133,388,885

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	22,065
Fannie Mae REMICS		1,631,922
Fannie Mae Whole Loan		38,035
Fannie Mae-Aces		10,257
Freddie Mac Reference REMIC		152,925
Freddie Mac REMICS		2,492,892
Government National Mortgage Association		751,904
Total Market Value of Collateral Securities	$	5,100,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	11,074,849
Total Market Value of Collateral Securities	$	11,074,849

MF Global Holdings Ltd. (0.290%)

Security Description	Value
Fannie Mae REMICS	$	219,666
Freddie Mac Gold Pool		6,389,592
Freddie Mac REMICS		141,484
Ginnie Mae I Pool		636,847
Ginnie Mae II Pool		2,632,939
Government National Mortgage Association		179,527
Total Market Value of Collateral Securities	$	10,200,055

Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS	$	3,197,261
Freddie Mac REMICS		2,387,421
Government National Mortgage Association		5,635,318
Total Market Value of Collateral Securities	$	11,220,000

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	138,334
Fannie Mae Pool		7,766,249
Fannie Mae Principal Strip		132,966
Fannie Mae Whole Loan		126,408
Federal Farm Credit Bank		1,592,984
Federal Farm Credit Discount Notes		193,375
Federal Home Loan Bank Discount Notes		715,181
Federal Home Loan Banks		1,098,182
Federal Home Loan Mortgage Corp		78,763
Federal National Mortgage Association		909,596
FHLMC Structured Pass Through Securities		109,445
Freddie Mac Gold Pool		727,607
Freddie Mac Non Gold Pool		1,705,637
Government National Mortgage Association		5,273
Total Market Value of Collateral Securities	$	15,300,000

Natixis Financial Products, Inc. (0.130%)

Security Description	Value
Fannie Mae Interest Strip	$	99,519
Fannie Mae Pool		69,943
Fannie Mae REMICS		2,610,342
Freddie Mac REMICS		1,485,720
Government National Mortgage Association		189,219
United States Treasury Note/Bond		645,276
Total Market Value of Collateral Securities	$	5,100,019

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	13,370,663
Freddie Mac Gold Pool		4,989,337
Total Market Value of Collateral Securities	$	18,360,000

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	17,810
Fannie Mae REMICS		2,916,534
Fannie Mae Whole Loan		10,831
Freddie Mac REMICS		4,211,063
Government National Mortgage Association		2,501,419
United States Treasury Bill		542,343
Total Market Value of Collateral Securities	$	10,200,000

^(g)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	241,485,546	$	—	$	—	$	241,485,546
Consumer Staples		46,861,105		—		—		46,861,105
Energy		87,816,995		—		—		87,816,995
Financials		297,299,371		—		—		297,299,371
Health Care		73,562,266		—		—		73,562,266
Industrials		257,779,457		—		—		257,779,457
Information Technology		231,606,784		—		—		231,606,784
Materials		83,524,807		—		—		83,524,807
Telecommunication Services		4,003,985		—		—		4,003,985
Utilities		76,981,921		—		—		76,981,921
Total Equity Securities		1,400,922,237		—		—		1,400,922,237
Other
Affiliated Money Market Fund(c)		133,388,885		—		—		133,388,885
Investments of Cash Collateral Received for Securities on Loan		—		399,809,859		—		399,809,859
Total Other		133,388,885		399,809,859		—		533,198,744
Total	$	1,534,311,122	$	399,809,859	$	—	$	1,934,120,981

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Columbia Variable Portfolio - Limited Duration Credit Fund

(formerly known as RiverSource Variable Portfolio - Limited Duration Bond Fund)

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (97.2%)
Banking (7.7%)
ANZ National International Ltd.
Bank Guaranteed(a)(b)
08/10/15		3.125	%	$	10,360,000	$	10,267,945
American Express Credit Corp.
Senior Unsecured
08/25/14		5.125	%		7,000,000		7,550,886
BB&T Corp.
Senior Unsecured
03/15/16		3.200	%		7,810,000		7,756,540
BNP Paribas
Bank Guaranteed(b)(c)
02/23/16		3.600	%		7,815,000		7,828,254
Bank of America Corp.
Senior Unsecured(c)
03/17/16		3.625	%		18,100,000		17,845,116
Citigroup, Inc.
Senior Unsecured
10/15/14		5.500	%		15,400,000		16,610,440
Fifth Third Bancorp
Senior Unsecured(c)
01/25/16		3.625	%		7,825,000		7,818,106
Goldman Sachs Group, Inc. (The)
Senior Unsecured(c)
02/07/16		3.625	%		24,250,000		24,020,862
HSBC Bank PLC
Senior Notes(a)(b)
06/28/15		3.500	%		6,080,000		6,157,288
JPMorgan Chase & Co.
Senior Unsecured(c)
03/01/16		3.450	%		36,650,000		36,519,123
KeyCorp
Senior Unsecured(c)
08/13/15		3.750	%		7,800,000		7,854,140
Morgan Stanley
Senior Unsecured(c)
11/02/15		3.450	%		19,630,000		19,296,035
Santander U.S. Debt SA Unipersonal
Bank Guaranteed(a)(b)
10/07/15		3.781	%		15,200,000		14,606,262
Wells Fargo & Co.
Senior Unsecured(c)
04/15/15		3.625	%		7,500,000		7,730,647
Total							191,861,644
Chemicals (2.5%)
Dow Chemical Co. (The)
Senior Unsecured(c)
02/15/15		5.900	%		43,387,000		48,088,372
Lyondell Chemical Co.
Senior Secured(a)(c)
11/01/17		8.000	%		13,410,000		14,818,050
Total							62,906,422

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Construction Machinery (1.0%)
Case New Holland, Inc.
09/01/13		7.750	%	$	14,635,000	$	15,933,856
Manitowoc Co., Inc. (The)(c)
11/01/13		7.125	%		7,830,000		7,918,088
Total							23,851,944
Consumer Products (1.0%)
Clorox Co.
Senior Unsecured
10/15/17		5.950	%		12,500,000		13,920,250
Fortune Brands, Inc.
Senior Unsecured
06/15/14		6.375	%		10,684,000		11,716,950
Total							25,637,200
Electric (20.3%)
Appalachian Power Co.
Senior Unsecured(c)
05/24/15		3.400	%		15,360,000		15,581,593
Arizona Public Service Co.
Senior Unsecured
10/15/11		6.375	%		4,500,000		4,630,873
06/30/14		5.800	%		6,750,000		7,402,509
05/15/15		4.650	%		16,255,000		17,071,879
Arizona Public Service Co.(c)
Senior Unsecured
08/01/16		6.250	%		5,000,000		5,641,155
Baltimore Gas & Electric Co.
Senior Unsecured(c)
07/01/13		6.125	%		7,385,000		8,098,819
CMS Energy Corp.
Senior Unsecured
09/30/15		4.250	%		5,000,000		5,018,750
12/15/15		6.875	%		19,299,000		21,191,016
CenterPoint Energy Houston Electric LLC
03/01/14		7.000	%		17,950,000		20,355,903
Cleveland Electric Illuminating Co. (The)
Senior Unsecured
12/15/13		5.650	%		19,408,000		21,014,400
Consumers Energy Co.
1st Mortgage
02/15/14		6.000	%		4,700,000		5,218,598
03/15/15		5.000	%		15,201,000		16,577,375
08/15/16		5.500	%		3,930,000		4,386,045
DTE Energy Co.
Senior Unsecured
06/01/16		6.350	%		5,479,000		6,159,684

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
DTE Energy Co.(c)
Senior Unsecured
05/15/14		7.625	%	$	39,395,000	$	45,258,946
Dominion Resources, Inc.
Senior Unsecured
11/30/17		6.000	%		7,564,000		8,471,892
08/01/33		5.250	%		29,463,000		31,843,345
Duke Energy Corp.
Senior Unsecured(c)
02/01/14		6.300	%		38,089,000		42,458,989
Indiana Michigan Power Co.
Senior Unsecured
11/01/12		6.375	%		850,000		905,141
11/15/14		5.050	%		6,257,000		6,624,261
Metropolitan Edison Co.
Senior Unsecured
03/15/13		4.950	%		2,331,000		2,443,005
04/01/14		4.875	%		1,000,000		1,042,137
Midamerican Energy Holdings Co.
Senior Unsecured
02/15/14		5.000	%		4,881,000		5,242,243
Nevada Power Co.
01/15/15		5.875	%		38,824,000		43,190,069
03/15/16		5.950	%		1,685,000		1,881,356
Ohio Edison Co.
Senior Unsecured(c)
05/01/15		5.450	%		16,432,000		17,714,830
Ohio Power Co.
Senior Unsecured
09/01/13		5.750	%		330,000		359,282
01/15/14		4.850	%		4,135,000		4,413,483
Oncor Electric Delivery Co. LLC
Senior Secured
01/15/15		6.375	%		36,811,000		41,311,476
PacifiCorp
1st Mortgage
09/15/13		5.450	%		1,945,000		2,126,000
Progress Energy, Inc.
Senior Unsecured
03/15/14		6.050	%		22,956,000		25,385,296
Progress Energy, Inc.(c)
Senior Unsecured
01/15/16		5.625	%		10,000,000		11,098,240
Sierra Pacific Power Co.
05/15/16		6.000	%		7,390,000		8,328,138
TransAlta Corp.
Senior Unsecured(b)(c)
01/15/15		4.750	%		45,715,000		48,389,824
Total							506,836,552
Entertainment (0.6%)
Time Warner, Inc.(c)
07/15/15		3.150	%		15,595,000		15,771,913

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Environmental (0.3%)
Waste Management, Inc.
03/11/15		6.375	%	$	6,011,000	$	6,812,350
Food and Beverage (7.2%)
Anheuser-Busch InBev Worldwide, Inc.(b)
01/15/14		7.200	%		26,326,000		29,908,100
Bacardi Ltd.(a)(b)
04/01/14		7.450	%		13,505,000		15,540,433
ConAgra Foods, Inc.
Senior Unsecured
04/15/14		5.875	%		1,520,000		1,662,479
06/15/17		5.819	%		13,637,000		14,836,456
Constellation Brands, Inc.(c)
12/15/14		8.375	%		10,120,000		11,460,900
Diageo Capital PLC(b)(c)
01/15/14		7.375	%		8,160,000		9,364,237
Diageo Finance BV(b)
01/15/15		3.250	%		10,000,000		10,262,730
Dr Pepper Snapple Group, Inc.
05/01/13		6.120	%		10,150,000		11,078,136
Kraft Foods, Inc.
Senior Unsecured
08/11/17		6.500	%		7,262,000		8,277,022
08/23/18		6.125	%		9,260,000		10,355,671
Kraft Foods, Inc.(c)
Senior Unsecured
02/09/16		4.125	%		18,210,000		18,893,421
SABMiller PLC
Senior Unsecured(a)(b)
01/15/14		5.700	%		33,450,000		36,702,845
Total							178,342,430
Gas Pipelines (9.4%)
Centerpoint Energy Resources Corp.
Senior Unsecured
01/15/14		5.950	%		1,700,000		1,858,238
Colorado Interstate Gas Co.
Senior Unsecured
11/15/15		6.800	%		44,899,000		51,607,180
El Paso Corp.
Senior Unsecured(c)
06/15/12		7.875	%		1,000,000		1,062,135
Enterprise Products Operating LLC
06/01/15		3.700	%		9,500,000		9,787,736
02/01/16		3.200	%		11,150,000		11,080,480
Gulfstream Natural Gas System LLC
Senior Unsecured(a)
06/01/16		6.950	%		12,980,000		15,120,791

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (continued)
Kinder Morgan Energy Partners LP(c)
Senior Unsecured
02/15/15		5.625	%	$	18,290,000	$	20,180,966
03/01/16		3.500	%		19,530,000		19,678,760
Midcontinent Express Pipeline LLC
Senior Unsecured(a)(c)
09/15/14		5.450	%		5,065,000		5,493,717
Nisource Finance Corp.
09/15/17		5.250	%		5,150,000		5,484,189
Nisource Finance Corp.(c)
07/15/14		5.400	%		18,440,000		20,169,626
Northwest Pipeline GP
Senior Unsecured
06/15/16		7.000	%		5,215,000		6,147,656
Northwest Pipeline GP(c)
Senior Unsecured
04/15/17		5.950	%		5,800,000		6,550,803
Panhandle Eastern Pipeline Co. LP
Senior Unsecured
08/15/13		6.050	%		8,000,000		8,626,848
Plains All American Pipeline LP/Finance Corp.
09/15/15		3.950	%		14,372,000		14,821,067
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		780,000		887,250
Southern Natural Gas Co.
Senior Unsecured(a)
04/01/17		5.900	%		7,543,000		8,392,425
TransCanada PipeLines Ltd.
Senior Unsecured(b)(c)
06/01/15		3.400	%		12,000,000		12,296,600
Transcontinental Gas Pipe Line Co. LLC
Senior Unsecured(c)
04/15/16		6.400	%		12,347,000		14,180,110
Total							233,426,577
Health Care (4.1%)
AmerisourceBergen Corp.
09/15/15		5.875	%		12,982,000		14,472,425
CareFusion Corp.
Senior Unsecured
08/01/14		5.125	%		27,825,000		29,909,343
Express Scripts, Inc.(c)
06/15/14		6.250	%		23,863,000		26,506,962
Hospira, Inc.
Senior Unsecured
06/15/14		5.900	%		5,420,000		5,966,932
05/15/15		6.400	%		7,000,000		7,857,435
Medco Health Solutions, Inc.
Senior Unsecured
09/15/15		2.750	%		13,975,000		13,781,437
Omnicare, Inc.
12/15/15		6.875	%		4,180,000		4,284,500
Total							102,779,034

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Healthcare Insurance (0.9%)
UnitedHealth Group, Inc.
Senior Unsecured
03/15/15		4.875	%	$	1,227,000	$	1,329,614
11/15/17		6.000	%		15,055,000		16,841,833
WellPoint, Inc.
Senior Unsecured(c)
02/15/14		6.000	%		3,905,000		4,327,923
Total							22,499,370
Independent Energy (6.8%)
Anadarko Petroleum Corp.
Senior Unsecured
09/15/17		6.375	%		25,050,000		27,584,369
Anadarko Petroleum Corp.(c)
Senior Unsecured
09/15/16		5.950	%		6,265,000		6,812,467
Canadian Natural Resources Ltd.
Senior Unsecured(b)(c)
05/15/17		5.700	%		16,655,000		18,634,131
Chesapeake Energy Corp.
07/15/13		7.625	%		7,765,000		8,696,800
Denbury Resources, Inc.(c)
04/01/13		7.500	%		10,000,000		10,000,000
EnCana Holdings Finance Corp.(b)(c)
05/01/14		5.800	%		24,325,000		26,972,703
Forest Oil Corp.
02/15/14		8.500	%		15,550,000		17,338,250
Newfield Exploration Co.
Senior Subordinated Notes(c)
09/01/14		6.625	%		9,500,000		9,713,750
Petrohawk Energy Corp.
08/01/14		10.500	%		2,985,000		3,417,825
06/01/15		7.875	%		4,680,000		4,960,800
Woodside Finance Ltd.(a)(b)(c)
11/10/14		4.500	%		32,660,000		34,522,811
Total							168,653,906
Integrated Energy (1.0%)
Marathon Petroleum Corp.(a)
03/01/16		3.500	%		19,200,000		19,250,381
Petro-Canada
Senior Unsecured(b)
07/15/13		4.000	%		4,870,000		5,106,278
Total							24,356,659
Life Insurance (0.7%)
Metropolitan Life Global Funding I
Senior Secured(a)
09/29/15		2.500	%		9,355,000		9,110,273
Prudential Financial, Inc.
Senior Unsecured
01/14/15		3.875	%		4,799,000		4,962,200
12/01/17		6.000	%		3,910,000		4,302,173
Total							18,374,646

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Media Cable (6.9%)
CSC Holdings LLC
Senior Unsecured
04/15/12		6.750	%	$	1,577,000	$	1,636,138
06/15/15		8.500	%		10,300,000		11,227,000
CSC Holdings LLC(c)
Senior Unsecured
04/15/14		8.500	%		3,000,000		3,363,750
Charter Communications Operating LLC/Capital(a)
Secured
04/30/12		8.000	%		10,000,000		10,500,000
09/15/14		10.875	%		7,800,000		8,736,000
Comcast Corp.
03/15/16		5.900	%		32,125,000		35,734,147
DIRECTV Holdings LLC/Financing Co., Inc.
03/01/16		3.500	%		19,500,000		19,542,334
DIRECTV Holdings LLC/Financing Co., Inc.(c)
02/15/16		3.125	%		12,485,000		12,303,943
DISH DBS Corp.
10/01/11		6.375	%		1,000,000		1,020,000
10/01/14		6.625	%		14,000,000		14,822,500
Time Warner Cable, Inc.(c)
05/01/17		5.850	%		39,010,000		42,665,198
Videotron Ltee(b)(c)
01/15/14		6.875	%		10,310,000		10,451,762
Total							172,002,772
Media Non-Cable (5.6%)
BSKYB Finance UK PLC(a)(b)(c)
10/15/15		5.625	%		27,965,000		30,887,706
Lamar Media Corp.
04/01/14		9.750	%		5,524,000		6,380,220
NBCUniversal Media LLC
Senior Unsecured(a)(c)
04/30/15		3.650	%		10,000,000		10,233,360
RR Donnelley & Sons Co.
Senior Unsecured
04/01/14		4.950	%		9,060,000		9,395,320
RR Donnelley & Sons Co.(c)
Senior Unsecured
05/15/15		5.500	%		17,000,000		17,572,713
Rainbow National Services LLC(a)
09/01/12		8.750	%		1,260,000		1,264,725
Reed Elsevier Capital, Inc.
06/15/12		4.625	%		1,400,000		1,451,094
Reed Elsevier Capital, Inc.(c)
01/15/14		7.750	%		16,942,000		19,334,346
TCM Sub LLC(a)
01/15/15		3.550	%		41,000,000		41,967,033
Total							138,486,517

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Metals (2.6%)
ArcelorMittal USA, Inc.
04/15/14		6.500	%	$	38,435,000	$	42,348,221
ArcelorMittal(b)
Senior Unsecured
03/01/16		3.750	%		5,470,000		5,459,897
ArcelorMittal(b)(c)
Senior Unsecured
08/05/15		3.750	%		5,835,000		5,892,737
Arch Western Finance LLC
07/01/13		6.750	%		4,709,000		4,756,090
United States Steel Corp.
Senior Unsecured(c)
06/01/13		5.650	%		6,676,000		7,009,800
Total							65,466,745
Non-Captive Diversified (0.9%)
General Electric Capital Corp.
Senior Unsecured(c)
11/09/15		2.250	%		24,530,000		23,565,162
Oil Field Services (0.1%)
Weatherford International Ltd.(b)
02/15/16		5.500	%		1,000,000		1,073,840
Weatherford International Ltd.(b)(c)
03/15/13		5.150	%		164,000		173,585
Total							1,247,425
Packaging (0.4%)
Owens-Brockway Glass Container, Inc.(c)
12/01/14		6.750	%		10,000,000		10,212,500
Railroads (2.0%)
Burlington Northern Sante Fe LLC
Senior Unsecured
01/15/15		4.875	%		5,500,000		5,969,442
CSX Corp.
Senior Unsecured
03/15/13		5.750	%		10,556,000		11,375,008
08/01/13		5.500	%		10,000,000		10,831,530
04/01/15		6.250	%		14,520,000		16,415,746
CSX Corp.(c)
Senior Unsecured
03/15/18		6.250	%		1,985,000		2,264,073
Canadian Pacific Railway Co.
Senior Unsecured(b)
05/15/13		5.750	%		2,250,000		2,425,212
Total							49,281,011

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Retailers (2.6%)
Best Buy Co., Inc.
Senior Unsecured
03/15/16		3.750	%	$	28,395,000	$	28,028,534
CVS Caremark Corp.
Senior Unsecured
06/01/17		5.750	%		34,125,000		37,588,278
Total							65,616,812
Supermarkets (0.2%)
Kroger Co. (The)
01/15/14		7.500	%		5,000,000		5,692,940
Transportation Services (1.5%)
ERAC USA Finance LLC(a)
07/01/13		2.750	%		9,000,000		9,145,566
10/15/17		6.375	%		25,125,000		28,056,041
Total							37,201,607
Wireless (2.6%)
Nextel Communications, Inc.
08/01/15		7.375	%		4,075,000		4,090,281
Nextel Communications, Inc.(c)
03/15/14		5.950	%		11,538,000		11,566,845
Rogers Communications, Inc.(b)
03/01/14		6.375	%		21,745,000		24,390,040
Sprint Capital Corp.(c)
03/15/12		8.375	%		5,000,000		5,275,000
Vodafone Group PLC
Senior Unsecured(b)
01/30/15		5.375	%		18,750,000		20,643,094
Total							65,965,260
Wirelines (8.3%)
AT&T, Inc.
Senior Unsecured(c)
08/15/15		2.500	%		22,685,000		22,484,705
Deutsche Telekom International Finance BV(b)
07/22/13		5.250	%		14,886,000		16,052,594
Embarq Corp.
Senior Unsecured
06/01/16		7.082	%		47,095,000		53,555,963
Frontier Communications Corp.
Senior Unsecured(c)
01/15/13		6.250	%		13,100,000		13,820,500
Telecom Italia Capital SA(b)
10/01/15		5.250	%		15,915,000		16,472,980
Telefonica Emisiones SAU(b)
01/15/15		4.949	%		27,000,000		28,488,267
Verizon Communications, Inc.
Senior Unsecured(c)
04/01/16		3.000	%		41,700,000		41,487,538

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
Verizon New York, Inc.
Senior Unsecured(c)
04/01/12		6.875	%	$	520,000	$	550,493
Windstream Corp.(c)
08/01/13		8.125	%		13,625,000		14,953,438
Total							207,866,478
Total Corporate Bonds & Notes (Cost: $2,409,439,948)						$	2,424,715,876
U.S. Treasury Obligations (0.1%)
U.S. Treasury(c)
02/29/16		2.125	%	$	3,475,000	$	3,464,140
Total U.S. Treasury Obligations (Cost: $3,479,877)						$	3,464,140

	Shares		Value
Money Market Fund (1.0%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		25,053,071	$	25,053,071
Total Money Market Fund (Cost: $25,053,071)			$	25,053,071

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (10.4%)
Asset-Backed Commercial Paper (1.9%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	7,999,538	$	7,999,538
05/23/11		0.340	%		3,977,970		3,977,970
Cancara Asset Securitisation LLC
04/21/11		0.250	%		9,998,125		9,998,125
Ebbets Funding LLC
04/12/11		0.480	%		1,999,147		1,999,147
Macquarie Bank Ltd.
05/09/11		0.395	%		4,995,117		4,995,117
05/10/11		0.395	%		4,995,062		4,995,062
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		2,996,013		2,996,013
Rheingold Securitization
04/28/11		0.551	%		4,993,125		4,993,125
05/16/11		0.551	%		4,993,201		4,993,201
Total							46,947,298

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (3.7%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%	$	5,000,000	$	5,000,000
Barclays Bank PLC
05/23/11		0.400	%		5,000,000		5,000,000
06/27/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
06/13/11		0.400	%		2,000,000		2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		2,000,000		2,000,000
05/09/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.360	%		3,000,000		3,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		4,000,000		4,000,000
KBC Bank NV
04/22/11		0.450	%		5,000,000		5,000,000
04/29/11		0.450	%		3,000,000		3,000,000
La Banque Postale
06/01/11		0.400	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		2,000,000		2,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		2,997,258		2,997,258
05/18/11		0.350	%		4,995,678		4,995,678
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
06/30/11		0.360	%		4,000,000		4,000,000
Natixis
05/09/11		0.503	%		8,000,000		8,000,000
Norinchukin Bank
04/25/11		0.340	%		5,000,000		5,000,000
Societe Generale
07/01/11		0.364	%		7,000,000		7,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		4,000,000		4,000,000
Total							91,992,936
Commercial Paper (0.5%)
Macquarie Bank Ltd.
06/30/11		0.400	%		1,997,956		1,997,956
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Suncorp Metway Ltd.
04/28/11		0.300	%		6,997,958		6,997,958
Total							13,988,331

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Other Short-Term Obligations (0.3%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%	$	3,000,000	$	3,000,000
04/20/11		0.270	%		2,000,000		2,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		2,000,000		2,000,000
Total							7,000,000
Repurchase Agreements (4.0%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $12,001,350(f)
		0.270	%		12,000,000		12,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $17,000,109(f)
		0.230	%		17,000,000		17,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $3,236,185(f)
		0.160	%		3,236,170		3,236,170
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,025(f)
		0.180	%		5,000,000		5,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $40,000,311(f)
		0.280	%		40,000,000		40,000,000
Natixis Financial Products, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $17,000,061(f)
		0.130	%		17,000,000		17,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(f)
		0.220	%		5,000,000		5,000,000
Total							99,236,170
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $259,164,735)						$	259,164,735
Total Investments (Cost: $2,697,137,631)(g)						$	2,712,397,822(h)
Other Assets & Liabilities, Net							(217,659,284)
Net Assets						$	2,494,738,538

Investments in Derivatives

At March 31, 2011, $7,422,300 was held in a margin deposit account as collateral to cover initial margin requirements on open interest rate futures contracts.

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		Depreciation
U.S. Treasury Note, 5-year		(4,845	)	$	(565,842,996	)	July 2011	$	—	$	(365,183	)
U.S. Treasury Note, 10-year		(1,308	)		(155,692,875	)	June 2011		—		(185,893	)
Total								$	—	$	(551,076	)

Notes to Portfolio of Investments

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $330,773,652 or 13.26% of net assets.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 18.00% of net assets.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	44,122,639	$	230,425,830	$	(249,495,398	)	$	—	$	25,053,071	$	20,757	$	25,053,071

^(f)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	795,113
Arabella Ltd		1,130,386
BP Capital Markets PLC		409,762
BPCE		1,599,938
Dexia Delaware LLC		1,831,051
Electricite De France		1,439,327
European Investment Bank		1,141,919
Nationwide Building		782,457
Skandin Ens Banken AG		1,391,192
Societe Generale		2,078,855
Total Market Value of Collateral Securities	$	12,600,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	2,360
Fannie Mae Interest Strip		918,811
Fannie Mae Pool		8,092,605
Fannie Mae Principal Strip		86,598
Fannie Mae REMICS		269,474
Federal Farm Credit Bank		154,568
Federal Home Loan Banks		229,340
Federal Home Loan Mortgage Corp		134,359
Federal National Mortgage Association		105,093
FHLMC Structured Pass Through Securities		47,059
Freddie Mac Coupon Strips		1,018
Freddie Mac Gold Pool		1,146,870
Freddie Mac Non Gold Pool		3,474,913
Freddie Mac REMICS		344,241
Freddie Mac Strips		89,518
Ginnie Mae I Pool		243,209
Ginnie Mae II Pool		739,809
Government National Mortgage Association		287,285
LMA SA & LMA Americas		813
Metlife Short Term Funding		1,117
Sanofi-Aventis		3,472
Silver Tower US Fund		775
Suncorp-Metway Ltd		2,384
United States Treasury Inflation Indexed Bonds		51,076
United States Treasury Strip Coupon		832,253
United States Treasury Strip Principal		80,981
Total Market Value of Collateral Securities	$	17,340,001
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	3,300,894
Total Market Value of Collateral Securities	$	3,300,894
Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)
Security Description	Value
Fannie Mae REMICS	$	1,453,300
Freddie Mac REMICS		1,085,192
Government National Mortgage Association		2,561,508
Total Market Value of Collateral Securities	$	5,100,000
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	368,890
Fannie Mae Pool		20,709,997
Fannie Mae Principal Strip		354,575
Fannie Mae Whole Loan		337,089
Federal Farm Credit Bank		4,247,958
Federal Farm Credit Discount Notes		515,667
Federal Home Loan Bank Discount Notes		1,907,148
Federal Home Loan Banks		2,928,487
Federal Home Loan Mortgage Corp		210,034
Federal National Mortgage Association		2,425,590
FHLMC Structured Pass Through Securities		291,855
Freddie Mac Gold Pool		1,940,284
Freddie Mac Non Gold Pool		4,548,364
Government National Mortgage Association		14,062
Total Market Value of Collateral Securities	$	40,800,000
Natixis Financial Products, Inc. (0.130%)
Security Description	Value
Fannie Mae Interest Strip	$	338,364
Fannie Mae Pool		237,806
Fannie Mae REMICS		8,875,163
Freddie Mac REMICS		5,051,448
Government National Mortgage Association		643,346
United States Treasury Note/Bond		2,193,939
Total Market Value of Collateral Securities	$	17,340,066
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(g)   At March 31, 2011, the cost of securities for federal income tax purposes was approximately $2,697,138,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	23,033,000
Unrealized Depreciation		(7,773,000	)
Net Unrealized Appreciation	$	15,260,000

^(h)   Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1			Level 2		Level 3
Description(a)	quoted prices			other		significant		Total
	in active			significant		unobservable
	markets for			observable		inputs
	identical assets			inputs(b)
Bonds
Corporate Bonds & Notes	$	—		$	2,424,715,876	$	—	$	2,424,715,876
U.S. Treasury Obligations		3,464,140			—		—		3,464,140
Total Bonds		3,464,140			2,424,715,876		—		2,428,180,016
Other
Affiliated Money Market Fund(c)		25,053,071			—		—		25,053,071
Investments of Cash Collateral Received for Securities on Loan		—			259,164,735		—		259,164,735
Total Other		25,053,071			259,164,735		—		284,217,806
Investments in Securities		28,517,211			2,683,880,611		—		2,712,397,822
Derivatives(d)
Liabilities
Futures Contracts		(551,076	)		—		—		(551,076	)
Total	$	27,966,135		$	2,683,880,611	$	—	$	2,711,846,746

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

RiverSource Variable Portfolio — Strategic Income Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (52.6%)
AEROSPACE & DEFENSE (1.3%)
ADS Tactical, Inc.
Senior Secured(b)(c)
04/01/18		11.000	%	$	2,390,000	$	2,449,750
Bombardier, Inc.
Senior Notes(b)(c)(d)
03/15/18		7.500	%		1,200,000		1,302,000
Embraer Overseas Ltd.(c)(d)
01/15/20		6.375	%		200,000		215,000
Huntington Ingalls Industries, Inc.(b)
03/15/21		7.125	%		842,000		877,785
Huntington Ingalls Industries, Inc.(b)(c)
03/15/18		6.875	%		835,000		871,531
Kratos Defense & Security Solutions, Inc.
Senior Secured(b)
06/01/17		10.000	%		1,693,000		1,870,765
Kratos Defense & Security Solutions, Inc.
Senior Secured(c)
06/01/17		10.000	%		1,255,000		1,383,638
Oshkosh Corp.
03/01/17		8.250	%		628,000		690,800
03/01/20		8.500	%		1,526,000		1,711,027
TransDigm, Inc.
Senior Subordinated Notes(b)(c)
12/15/18		7.750	%		1,025,000		1,100,594
Total							12,472,890
AUTOMOTIVE (1.2%)
Accuride Corp.
Senior Secured
08/01/18		9.500	%		290,000		322,625
Cooper-Standard Automotive, Inc.(c)
05/01/18		8.500	%		1,500,000		1,605,000
Dana Holding Corp.(c)
Senior Unsecured
02/15/19		6.500	%		275,000		272,938
02/15/21		6.750	%		3,779,000		3,769,552
Lear Corp.(c)
03/15/18		7.875	%		575,000		626,750
03/15/20		8.125	%		3,160,000		3,476,000
TRW Automotive, Inc.(b)(c)
12/01/17		8.875	%		750,000		840,000
Visteon Corp.
Senior Notes(b)(e)
04/15/19		6.750	%		677,000		677,000
Total							11,589,865
BANKING (2.2%)
Banco Cruzeiro do Sul SA
Senior Unsecured(b)(d)
01/20/16		8.250	%		1,200,000		1,185,855
Bank of America Corp.
Senior Unsecured
07/01/20		5.625	%		4,615,000		4,712,338

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
BANKING (CONTINUED)
Citigroup, Inc.
Senior Unsecured
01/15/15		6.010	%	$	460,000	$	502,695
Goldman Sachs Group, Inc. (The)
Senior Notes
06/15/20		6.000	%		1,815,000		1,918,682
JPMorgan Chase & Co.
Senior Unsecured
03/01/16		3.450	%		6,075,000		6,053,306
JPMorgan Chase & Co.(c)
Senior Unsecured
07/22/20		4.400	%		760,000		732,856
Morgan Stanley
Senior Unsecured
01/25/21		5.750	%		2,690,000		2,715,006
Santander U.S. Debt SA Unipersonal Bank Guaranteed(b)(d)
10/07/15		3.781	%		3,700,000		3,555,471
Total							21,376,209
BROKERAGE (0.3%)
E*Trade Financial Corp.
Senior Unsecured PIK
11/30/17		12.500	%		1,180,000		1,407,150
E*Trade Financial Corp.(c) Senior Unsecured
09/15/13		7.375	%		300,000		301,125
12/01/15		7.875	%		800,000		810,000
Total							2,518,275
BUILDING MATERIALS (0.5%)
Associated Materials LLC
Senior Secured(b)
11/01/17		9.125	%		115,000		122,188
Euramax International, Inc.
Senior Secured(b)
04/01/16		9.500	%		1,010,000		1,022,625
Gibraltar Industries, Inc.(f)
12/01/15		8.000	%		1,700,000		1,738,250
Interface, Inc.(b)
12/01/18		7.625	%		266,000		280,630
Norcraft Companies LP/Finance Corp.
Secured
12/15/15		10.500	%		1,685,000		1,802,950
Total							4,966,643
CHEMICALS (1.9%)
Ashland, Inc.
06/01/17		9.125	%		1,380,000		1,583,550
CF Industries, Inc.
05/01/18		6.875	%		320,000		358,400
05/01/20		7.125	%		1,955,000		2,214,037

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
CHEMICALS (CONTINUED)
Chemtura Corp.(b)
09/01/18		7.875	%	$	423,000	$	447,323
Dow Chemical Co. (The)
Senior Unsecured
02/15/15		5.900	%		1,090,000		1,208,111
Hexion U.S. Finance Corp./Nova Scotia ULC
Senior Secured
02/01/18		8.875	%		3,450,000		3,648,375
Hexion U.S. Finance Corp./Nova Scotia ULC(b)(c)
Secured
11/15/20		9.000	%		490,000		508,069
Lyondell Chemical Co.
Senior Secured(b)(c)
11/01/17		8.000	%		2,438,000		2,693,990
MacDermid, Inc.
Senior Subordinated Notes(b)
04/15/17		9.500	%		775,000		822,469
Momentive Performance Materials, Inc.
Secured(b)(c)
01/15/21		9.000	%		820,000		847,675
Nalco Co.(b)
01/15/19		6.625	%		1,535,000		1,579,131
Nova Chemicals Corp.
Senior Unsecured(d)
11/01/16		8.375	%		1,500,000		1,646,250
Polypore International, Inc.(b)
11/15/17		7.500	%		950,000		997,500
Total							18,554,880
CONSTRUCTION MACHINERY (1.1%)
Case New Holland, Inc.
Senior Notes(b)
12/01/17		7.875	%		2,303,000		2,556,330
Columbus McKinnon Corp.(b)
02/01/19		7.875	%		356,000		368,460
Manitowoc Co., Inc. (The)(c)
02/15/18		9.500	%		1,230,000		1,383,750
RSC Equipment Rental, Inc./Holdings III LLC(b)(c)
Senior Secured
07/15/17		10.000	%		1,140,000		1,293,900
Senior Unsecured
02/01/21		8.250	%		540,000		561,600
United Rentals North America, Inc.
12/15/19		9.250	%		2,009,000		2,240,035
United Rentals North America, Inc.(c)
09/15/20		8.375	%		1,930,000		2,016,850
Total							10,420,925

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
CONSUMER CYCLICAL SERVICES (0.4%)
Brickman Group Holdings, Inc.
Senior Notes(b)
11/01/18		9.125	%	$	379,000	$	406,478
Garda World Security Corp.
Senior Unsecured(b)(d)
03/15/17		9.750	%		1,459,000		1,572,072
West Corp.(b)
10/01/18		8.625	%		630,000		663,075
West Corp.(b)(c)
01/15/19		7.875	%		957,000		976,140
Total							3,617,765
CONSUMER PRODUCTS (1.0%)
Central Garden and Pet Co.
03/01/18		8.250	%		1,605,000		1,677,225
Jarden Corp.
05/01/17		7.500	%		2,000,000		2,130,000
Libbey Glass, Inc.
Senior Secured
02/15/15		10.000	%		765,000		833,850
NBTY, Inc.(b)
10/01/18		9.000	%		120,000		130,200
Sealy Mattress Co.(c)
06/15/14		8.250	%		1,350,000		1,363,500
Spectrum Brands Holdings, Inc.
Senior Secured(b)
06/15/18		9.500	%		2,136,000		2,349,600
Visant Corp.(c)
10/01/17		10.000	%		817,000		882,360
Total							9,366,735
DIVERSIFIED MANUFACTURING (0.5%)
Amsted Industries, Inc.
Senior Notes(b)
03/15/18		8.125	%		1,020,000		1,091,400
CPM Holdings, Inc.
Senior Secured(b)
09/01/14		10.875	%		848,000		915,840
Pinafore LLC/Inc.
Secured(b)(c)(d)
10/01/18		9.000	%		1,275,000		1,377,000
SPX Corp.(b)
09/01/17		6.875	%		756,000		812,700
WireCo WorldGroup
Senior Unsecured(b)
05/15/17		9.500	%		927,000		987,255
Total							5,184,195

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
ELECTRIC (3.2%)
Calpine Corp.
Senior Secured(b)(c)
02/15/21		7.500	%	$	1,715,000	$	1,777,169
CenterPoint Energy Houston Electric LLC
03/01/14		7.000	%		270,000		306,189
Consolidated Edison Co. of New York, Inc.
Senior Unsecured
04/01/38		6.750	%		205,000		241,854
Dominion Resources, Inc.
Senior Unsecured
08/15/19		5.200	%		1,680,000		1,790,749
Duke Energy Corp.
Senior Unsecured
09/15/14		3.950	%		1,350,000		1,415,981
Duke Energy Ohio, Inc.
1st Mortgage
04/01/19		5.450	%		1,591,000		1,749,247
Edison Mission Energy
Senior Unsecured
05/15/17		7.000	%		1,354,000		1,086,585
Energy Future Holdings Corp.
Senior Secured(c)
01/15/20		10.000	%		1,051,000		1,113,718
Energy Future Intermediate Holding Co. LLC/Finance, Inc.
Senior Secured
12/01/20		10.000	%		496,000		525,599
Florida Power Corp.
1st Mortgage
06/15/38		6.400	%		490,000		550,447
GenOn Energy, Inc.
Senior Unsecured(b)(c)
10/15/18		9.500	%		853,000		889,253
Majapahit Holding BV(b)(d)
08/07/19		8.000	%		1,000,000		1,135,000
06/29/37		7.875	%		540,000		587,250
Midwest Generation LLC
Pass-Through Certificates
01/02/16		8.560	%		408,817		416,994
NRG Energy, Inc.
01/15/17		7.375	%		3,187,000		3,322,447
Nevada Power Co.
01/15/15		5.875	%		1,905,000		2,119,232
05/15/18		6.500	%		4,235,000		4,843,883
Power Sector Assets & Liabilities Management Corp.(b)(c)(d)
Government Guaranteed
12/02/24		7.390	%		510,000		580,449
Power Sector Assets & Liabilities Management Corp.(b)(d)
Government Guaranteed
05/27/19		7.250	%		1,470,000		1,675,800
Sierra Pacific Power Co.
05/15/16		6.000	%		1,320,000		1,487,570
TransAlta Corp.
Senior Unsecured(d)
05/15/18		6.650	%		2,465,000		2,759,824
Xcel Energy, Inc.
Senior Unsecured
05/15/20		4.700	%		525,000		540,511
Total							30,915,751

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
ENTERTAINMENT (0.6%)
AMC Entertainment, Inc.(b)(c)
Senior Subordinated Notes
12/01/20		9.750	%	$	1,035,000	$	1,107,450
AMC Entertainment, Inc.(c)
06/01/19		8.750	%		755,000		819,175
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.(b)(c)
08/01/18		9.125	%		430,000		466,550
Regal Cinemas Corp.
07/15/19		8.625	%		1,900,000		2,040,125
Speedway Motorsports, Inc.
06/01/16		8.750	%		1,600,000		1,752,000
Speedway Motorsports, Inc.(b)
Senior Notes
02/01/19		6.750	%		11,000		11,082
Total							6,196,382
ENVIRONMENTAL (—%)
Clean Harbors, Inc.
Senior Secured(b)(c)
08/15/16		7.625	%		405,000		429,806
FOOD AND BEVERAGE (1.8%)
Anheuser-Busch InBev Worldwide, Inc.(d)
11/15/14		5.375	%		6,285,000		6,925,913
01/15/19		7.750	%		205,000		252,213
Cerveceria Nacional Dominicana C por A(b)(d)
03/27/12		16.000	%		900,000		774,000
ConAgra Foods, Inc.
Senior Unsecured(c)
10/01/28		7.000	%		395,000		424,488
Cott Beverages, Inc.
09/01/18		8.125	%		413,000		440,877
Cott Beverages, Inc.(c)
11/15/17		8.375	%		95,000		101,413
Darling International, Inc.(b)
12/15/18		8.500	%		935,000		1,016,812
Dean Foods Co.(b)(c)
Senior Notes
12/15/18		9.750	%		629,000		645,511
Dean Foods Co.(c)
06/01/16		7.000	%		33,000		31,474
Kraft Foods, Inc.
Senior Unsecured
02/01/18		6.125	%		5,250,000		5,868,765
MHP SA(b)(d)
04/29/15		10.250	%		1,060,000		1,126,425
Total							17,607,891

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
GAMING (1.9%)
Boyd Gaming Corp.
Senior Notes(b)
12/01/18		9.125	%	$	2,219,000	$	2,280,022
Caesars Entertainment Operating Co., Inc.
Secured(c)
12/15/18		10.000	%		750,000		684,375
FireKeepers Development Authority
Senior Secured(b)
05/01/15		13.875	%		2,000,000		2,370,000
Isle of Capri Casinos, Inc.(b)(c)
03/15/19		7.750	%		230,000		228,850
MGM Resorts International
Senior Secured
03/15/20		9.000	%		1,000,000		1,100,000
MGM Resorts International(c)
Senior Unsecured
03/01/18		11.375	%		2,716,000		3,014,760
Pinnacle Entertainment, Inc.(c)
05/15/20		8.750	%		496,000		515,840
Pokagon Gaming Authority
Senior Notes(b)
06/15/14		10.375	%		1,771,000		1,832,985
Seminole Indian Tribe of Florida(b)(c)
10/01/17		7.750	%		1,663,000		1,758,623
Seneca Gaming Corp.(b)
12/01/18		8.250	%		800,000		824,000
Shingle Springs Tribal Gaming Authority
Senior Notes(b)
06/15/15		9.375	%		3,840,000		2,534,400
Tunica-Biloxi Gaming Authority
Senior Unsecured(b)
11/15/15		9.000	%		907,000		897,930
Total							18,041,785
GAS DISTRIBUTORS (0.2%)
Energy Transfer Equity LP
10/15/20		7.500	%		1,306,000		1,423,540
Sempra Energy
Senior Unsecured
06/01/16		6.500	%		70,000		79,891
Total							1,503,431
GAS PIPELINES (1.5%)
El Paso Corp.
Senior Unsecured
06/01/18		7.250	%		62,000		69,673
El Paso Corp.(b)(c)
Senior Unsecured
09/15/20		6.500	%		2,308,000		2,486,870
Kinder Morgan Energy Partners LP
Senior Unsecured
01/15/38		6.950	%		140,000		150,919
MarkWest Energy Partners LP/Finance Corp.(c)
08/15/21		6.500	%		985,000		983,769

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
GAS PIPELINES (CONTINUED)
Nisource Finance Corp.
09/15/17		5.250	%	$	3,410,000	$	3,631,278
Plains All American Pipeline LP/Finance Corp.
05/01/19		8.750	%		910,000		1,138,455
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		545,000		619,937
Regency Energy Partners LP/Finance Corp.(c)
12/01/18		6.875	%		2,512,000		2,669,000
Southern Natural Gas Co.
Senior Unsecured
03/01/32		8.000	%		180,000		219,646
Southern Star Central Corp.
Senior Unsecured
03/01/16		6.750	%		1,420,000		1,441,300
TransCanada PipeLines Ltd.
Senior Unsecured(d)
01/15/39		7.625	%		295,000		365,572
Williams Companies, Inc. (The)
Senior Unsecured
09/01/21		7.875	%		185,000		230,224
Total							14,006,643
HEALTH CARE (2.5%)
AMGH Merger Sub, Inc.(b)(c)
11/01/18		9.250	%		794,000		851,565
American Renal Holdings Co., Inc.
Senior Secured
05/15/18		8.375	%		220,000		232,100
American Renal Holdings Co., Inc.(b)
Senior Unsecured PIK
03/01/16		9.750	%		255,000		250,538
Capella Healthcare, Inc.(b)(c)
07/01/17		9.250	%		860,000		924,500
ConvaTec Healthcare E SA
Senior Unsecured(b)(d)
12/15/18		10.500	%		2,045,000		2,147,250
HCA, Inc.
Senior Secured
02/15/20		7.875	%		3,389,000		3,685,537
09/15/20		7.250	%		3,074,000		3,289,180
Hanger Orthopedic Group, Inc.
11/15/18		7.125	%		726,000		740,520
Healthsouth Corp.
02/15/20		8.125	%		1,683,000		1,817,640
09/15/22		7.750	%		116,000		120,640
IASIS Healthcare LLC/Capital Corp.
06/15/14		8.750	%		2,100,000		2,144,625
InVentiv Health, Inc.(b)
08/15/18		10.000	%		2,266,000		2,356,640
LifePoint Hospitals, Inc.(b)(c)
10/01/20		6.625	%		392,000		401,800
Multiplan, Inc.(b)
09/01/18		9.875	%		1,769,000		1,901,675

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
HEALTH CARE (CONTINUED)
Radiation Therapy Services, Inc.
04/15/17		9.875	%	$	593,000	$	604,860
Radnet Management, Inc.
04/01/18		10.375	%		215,000		217,419
STHI Holding Corp.
Secured(b)
03/15/18		8.000	%		378,000		391,230
Vanguard Health Holding Co. II LLC/Inc.(b)(c)
02/01/19		7.750	%		677,000		685,462
Vanguard Health Holding Co. II LLC/Inc.(c)
02/01/18		8.000	%		1,265,000		1,295,044
Total							24,058,225
HEALTHCARE INSURANCE (0.1%)
WellPoint, Inc.
Senior Unsecured(c)
02/15/19		7.000	%		465,000		551,163
HOME CONSTRUCTION (0.3%)
Beazer Homes U.S.A., Inc.(c)
06/15/18		9.125	%		1,050,000		1,065,750
K Hovnanian Enterprises, Inc.
Senior Secured
10/15/16		10.625	%		805,000		855,313
K Hovnanian Enterprises, Inc.(c)
10/15/15		11.875	%		955,000		907,250
Total							2,828,313
INDEPENDENT ENERGY (4.3%)
Anadarko Petroleum Corp.
Senior Unsecured
09/15/16		5.950	%		1,660,000		1,805,059
Berry Petroleum Co.(c)
Senior Subordinated Notes
11/01/16		8.250	%		125,000		132,188
Senior Unsecured
11/01/20		6.750	%		310,000		319,300
Brigham Exploration Co.(b)
10/01/18		8.750	%		1,055,000		1,176,325
Carrizo Oil & Gas, Inc.(b)
10/15/18		8.625	%		1,672,000		1,780,680
Chaparral Energy, Inc.(b)
10/01/20		9.875	%		410,000		455,100
Chaparral Energy, Inc.(b)(c)
09/01/21		8.250	%		875,000		901,250
Chesapeake Energy Corp.(c)
08/15/20		6.625	%		3,063,000		3,254,437
02/15/21		6.125	%		1,095,000		1,130,587
Comstock Resources, Inc.
10/15/17		8.375	%		1,310,000		1,359,125
04/01/19		7.750	%		314,000		319,495
Concho Resources, Inc.
Senior Notes
01/15/21		7.000	%		763,000		803,058

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
INDEPENDENT ENERGY (CONTINUED)
Continental Resources, Inc.
04/01/21		7.125	%	$	708,000	$	752,250
EXCO Resources, Inc.
09/15/18		7.500	%		1,980,000		2,012,175
EnCana Holdings Finance Corp.(d)
05/01/14		5.800	%		1,525,000		1,690,992
Forest Oil Corp.(c)
06/15/19		7.250	%		1,946,000		2,033,570
Goodrich Petroleum Corp.(b)(c)
03/15/19		8.875	%		791,000		791,000
Hilcorp Energy I LP/Finance Co.(b)(c)
Senior Notes
04/15/21		7.625	%		1,125,000		1,178,437
Senior Unsecured
11/01/15		7.750	%		2,017,000		2,087,595
Laredo Petroleum, Inc.
Senior Notes(b)
02/15/19		9.500	%		2,055,000		2,139,769
MEG Energy Corp.(b)(d)
03/15/21		6.500	%		1,110,000		1,128,037
NAK Naftogaz Ukraine
Government Guaranteed(d)
09/30/14		9.500	%		1,945,000		2,139,888
Nexen, Inc.(d)
Senior Unsecured
03/10/35		5.875	%		185,000		175,601
07/30/39		7.500	%		245,000		275,876
Oasis Petroleum, Inc.
Senior Notes(b)
02/01/19		7.250	%		1,722,000		1,747,830
Petrohawk Energy Corp.
08/15/18		7.250	%		695,000		715,850
Petrohawk Energy Corp.(b)
08/15/18		7.250	%		853,000		876,457
Pioneer Natural Resources Co.
Senior Unsecured
01/15/20		7.500	%		415,000		465,838
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		1,050,000		1,102,500
Quicksilver Resources, Inc.
08/01/15		8.250	%		1,955,000		2,038,087
Range Resources Corp.
05/15/16		7.500	%		1,000,000		1,037,500
05/01/18		7.250	%		1,000,000		1,067,500
05/15/19		8.000	%		450,000		496,125
Range Resources Corp.(c)
08/01/20		6.750	%		865,000		920,144
Venoco, Inc.
Senior Unsecured(b)
02/15/19		8.875	%		236,000		236,000
Total							40,545,625

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
INTEGRATED ENERGY (0.2%)
Lukoil International Finance BV(b)(c)(d)
11/09/20		6.125	%	$	1,200,000	$	1,221,487
Marathon Petroleum Corp.(b)
03/01/41		6.500	%		600,000		606,218
Total							1,827,705
LIFE INSURANCE (0.4%)
ING Groep NV(d)(f)
12/29/49		5.775	%		4,219,000		3,902,575
LODGING (0.2%)
Wyndham Worldwide Corp.
Senior Unsecured
03/01/20		7.375	%		1,500,000		1,653,750
MEDIA CABLE (2.2%)
Bresnan Broadband Holdings LLC(b)
12/15/18		8.000	%		40,000		42,400
CCO Holdings LLC/Capital Corp.(c)
04/30/18		7.875	%		1,000,000		1,062,500
01/15/19		7.000	%		1,080,000		1,107,000
04/30/20		8.125	%		1,759,000		1,912,912
CSC Holdings LLC
Senior Unsecured(c)
02/15/19		8.625	%		1,440,000		1,648,800
Cablevision Systems Corp.
Senior Unsecured(c)
09/15/17		8.625	%		1,960,000		2,180,500
Cequel Communications Holdings I LLC/Capital Corp.
Senior Unsecured(b)
11/15/17		8.625	%		1,780,000		1,855,650
Comcast Corp.
08/15/37		6.950	%		1,025,000		1,115,901
DIRECTV Holdings LLC/Financing Co., Inc.
06/15/15		6.375	%		70,000		72,363
02/15/16		3.125	%		3,005,000		2,961,421
DISH DBS Corp.(c)
09/01/19		7.875	%		2,800,000		3,031,000
Insight Communications Co., Inc.
Senior Notes(b)
07/15/18		9.375	%		420,000		466,200
Kabel BW Erste Beteiligungs GmbH/Co. KG
Senior Secured(b)(c)(d)
03/15/19		7.500	%		655,000		671,115
Time Warner Cable, Inc.
02/01/15		3.500	%		445,000		456,026

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
MEDIA CABLE (CONTINUED)
Videotron Ltee(d)
04/15/18		9.125	%	$	1,905,000	$	2,138,362
Virgin Media Finance PLC(c)(d)
10/15/19		8.375	%		600,000		675,000
Total							21,397,150
MEDIA NON-CABLE (2.9%)
Clear Channel Communications, Inc.(b)(c)
03/01/21		9.000	%		2,945,000		2,937,637
Clear Channel Worldwide Holdings, Inc.(c)
12/15/17		9.250	%		2,500,000		2,740,625
Entravision Communications Corp.
Senior Secured(c)
08/01/17		8.750	%		1,770,000		1,885,050
Gray Television, Inc.
Secured(c)
06/29/15		10.500	%		847,000		900,996
Intelsat Jackson Holdings SA(b)(d)
10/15/20		7.250	%		1,526,000		1,527,907
Intelsat Jackson Holdings SA(b)(d)(e)
04/01/19		7.250	%		600,000		600,750
04/01/21		7.500	%		600,000		601,500
Intelsat Jackson Holdings SA(d)
06/15/16		11.250	%		570,000		607,763
Interpublic Group of Companies, Inc. (The)
Senior Unsecured
07/15/17		10.000	%		1,775,000		2,112,250
Interpublic Group of Companies, Inc. (The)(c)
Senior Unsecured
11/15/14		6.250	%		87,000		95,048
News America, Inc.
12/15/35		6.400	%		35,000		36,010
Nielsen Finance LLC/Co.(b)
10/15/18		7.750	%		2,642,000		2,833,545
Salem Communications Corp.
Secured
12/15/16		9.625	%		516,000		557,280
Sinclair Television Group, Inc.(b)
Secured
11/01/17		9.250	%		2,095,000		2,335,925
Sinclair Television Group, Inc.(b)(c)
Senior Notes
10/15/18		8.375	%		710,000		749,050
Sirius XM Radio, Inc.(b)
04/01/15		8.750	%		1,200,000		1,350,000
Univision Communications, Inc.(b)(c)
05/15/21		8.500	%		2,515,000		2,596,737
Senior Secured
11/01/20		7.875	%		1,160,000		1,229,600
XM Satellite Radio, Inc.(b)
11/01/18		7.625	%		1,742,000		1,837,810
Total							27,535,483

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
METALS (1.7%)
ArcelorMittal
Senior Unsecured
03/01/21		5.500	%	$	750,000	$	739,055
ArcelorMittal(d)
Senior Unsecured
03/01/41		6.750	%		1,295,000		1,269,153
Arch Coal, Inc.(c)
08/01/16		8.750	%		1,770,000		1,977,975
Consol Energy, Inc.
04/01/20		8.250	%		2,441,000		2,706,459
FMG Resources August 2006 Proprietary Ltd.(b)(c)(d)
02/01/16		6.375	%		785,000		790,888
02/01/18		6.875	%		506,000		527,505
FMG Resources August 2006 Proprietary Ltd.(b)(d)
11/01/15		7.000	%		1,707,000		1,760,835
Freeport-McMoRan Copper & Gold, Inc.
Senior Unsecured
04/01/17		8.375	%		265,000		292,163
JMC Steel Group
Senior Notes(b)(c)
03/15/18		8.250	%		506,000		517,385
Novelis, Inc.(b)(c)(d)
12/15/20		8.750	%		1,160,000		1,276,000
Novelis, Inc.(b)(d)
12/15/17		8.375	%		1,155,000		1,250,287
Rain CII Carbon LLC/Corp.
Senior Secured(b)
12/01/18		8.000	%		985,000		1,051,487
United States Steel Corp.
Senior Unsecured
02/01/18		7.000	%		1,815,000		1,885,331
United States Steel Corp.(c)
Senior Unsecured
04/01/20		7.375	%		357,000		373,958
Total							16,418,481
NON-CAPTIVE CONSUMER (0.2%)
SLM Corp.
Senior Notes
01/25/16		6.250	%		967,000		1,008,098
Senior Unsecured
03/25/20		8.000	%		445,000		485,050
Total							1,493,148
NON-CAPTIVE DIVERSIFIED (3.0%)
Ally Financial, Inc.
03/15/20		8.000	%		7,830,000		8,524,912
CIT Group, Inc.
Secured
05/01/17		7.000	%		6,660,000		6,668,325
CIT Group, Inc.(b)(c)
Secured
04/01/18		6.625	%		525,000		532,875
CIT Group, Inc.(b)(e)
Secured
04/01/18		6.625	%		800,000		812,000

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
NON-CAPTIVE DIVERSIFIED (CONTINUED)
Ford Motor Credit Co. LLC(c)
Senior Unsecured
04/15/15		7.000	%	$	1,000,000	$	1,082,426
01/15/20		8.125	%		2,000,000		2,290,874
General Electric Capital Corp.
Senior Unsecured
01/08/20		5.500	%		730,000		771,389
01/07/21		4.625	%		2,000,000		1,969,644
01/10/39		6.875	%		1,465,000		1,634,930
International Lease Finance Corp.(b)
Senior Unsecured
03/15/17		9.000	%		945,000		1,063,125
International Lease Finance Corp.(c)
Senior Unsecured
09/01/17		8.875	%		1,200,000		1,359,000
12/15/20		8.250	%		1,430,000		1,567,638
Total							28,277,138
OIL FIELD SERVICES (1.8%)
Bristow Group, Inc.
09/15/17		7.500	%		1,110,000		1,166,887
Gazprom OAO Via Gaz Capital SA(b)(d)
Senior Unsecured
04/11/18		8.146	%		3,015,000		3,553,780
03/07/22		6.510	%		1,000,000		1,062,500
KazMunayGas National Co.(b)(d)
Senior Unsecured
07/02/18		9.125	%		2,550,000		3,072,750
04/09/21		6.375	%		1,400,000		1,445,500
Key Energy Services, Inc.
03/01/21		6.750	%		1,536,000		1,562,880
Novatek Finance Ltd.(b)(d)
02/03/21		6.604	%		2,000,000		2,103,415
Offshore Group Investments Ltd.
Senior Secured(b)(c)(d)
08/01/15		11.500	%		1,940,000		2,152,444
Trinidad Drilling Ltd.
Senior Unsecured(b)(c)(d)
01/15/19		7.875	%		799,000		844,776
Weatherford International Ltd.(d)
03/15/13		5.150	%		4,000		4,234
Total							16,969,166
OTHER INDUSTRY (0.1%)
Aquilex Holdings LLC/Finance Corp.
12/15/16		11.125	%		466,000		492,213
Interline Brands, Inc.
11/15/18		7.000	%		453,000		464,325
Total							956,538
PACKAGING (1.2%)
Ardagh Packaging Finance PLC(b)(d)
10/15/20		9.125	%		675,000		730,687
Senior Secured
10/15/17		7.375	%		305,000		326,350

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
PACKAGING (CONTINUED)
Ball Corp.
09/01/19		7.375	%	$	540,000	$	584,550
Crown Americas LLC/Capital Corp. II(c)
05/15/17		7.625	%		2,000,000		2,185,000
Greif, Inc.
Senior Unsecured
08/01/19		7.750	%		1,800,000		1,966,500
Reynolds Group Issuer, Inc./LLC(b)
02/15/21		8.250	%		1,118,000		1,109,615
Senior Secured
04/15/19		7.125	%		787,000		806,675
Reynolds Group Issuer, Inc./LLC(b)(c)
05/15/18		8.500	%		1,000,000		1,012,500
Senior Secured
10/15/16		7.750	%		1,684,000		1,785,040
02/15/21		6.875	%		725,000		728,625
Total							11,235,542
PAPER (0.5%)
Cascades, Inc.(d)
12/15/17		7.750	%		2,254,000		2,380,788
Graphic Packaging International, Inc.
06/15/17		9.500	%		1,370,000		1,520,700
Graphic Packaging International, Inc.(c)
10/01/18		7.875	%		227,000		242,890
Verso Paper Holdings LLC/Inc.
Secured(b)
02/01/19		8.750	%		770,000		800,800
Total							4,945,178
PHARMACEUTICALS (0.5%)
Grifols, Inc.
Secured(b)(c)
02/01/18		8.250	%		1,141,000		1,169,525
Mylan, Inc.(b)(c)
11/15/18		6.000	%		925,000		925,000
Valeant Pharmaceuticals International(b)(d)
10/01/17		6.750	%		410,000		403,850
10/01/20		7.000	%		409,000		396,730
07/15/22		7.250	%		650,000		628,875
Warner Chilcott Co./Finance LLC(b)(c)
09/15/18		7.750	%		1,290,000		1,351,275
Total							4,875,255
PROPERTY & CASUALTY (0.1%)
Liberty Mutual Group, Inc.(b)(f)
06/15/58		10.750	%		475,000		617,500

	Coupon				Principal
Issuer	Rate				Amount		Value
Corporate Bonds & Notes(a) (continued)
RAILROADS (0.2%)
CSX Corp.
Senior Unsecured
04/15/41		5.500	%		$	1,105,000	$	1,065,693
Union Pacific Corp.
Senior Unsecured
08/15/18		5.700	%			325,000		363,887
Total								1,429,580
REFINING (0.1%)
United Refining Co.
Senior Secured(b)
02/28/18		10.500	%			1,263,000		1,263,000
RETAILERS (0.7%)
Ltd Brands, Inc.(c)
04/01/21		6.625	%			710,000		725,975
Needle Merger Sub Corp.
Senior Unsecured(b)(c)
03/15/19		8.125	%			1,014,000		1,024,140
QVC, Inc.(b)
Senior Secured
10/01/19		7.500	%			1,365,000		1,433,250
10/15/20		7.375	%			205,000		213,456
Rite Aid Corp.
Senior Secured(c)
08/15/20		8.000	%			1,020,000		1,079,925
Toys R Us Property Co. II LLC
Senior Secured
12/01/17		8.500	%			1,800,000		1,935,000
Toys R Us, Inc.
Senior Unsecured(c)
10/15/18		7.375	%			124,000		124,310
Total								6,536,056
SOVEREIGN (1.0%)
Morgan Stanley
Senior Unsecured(d)
10/22/20		11.500	%	BRL		2,465,000		1,509,815
Uruguay Government International Bond(d)
04/05/27		4.250	%	UYU		24,410,000		1,864,525
06/26/37		3.700	%	UYU		18,000,000		1,227,741
PIK
01/15/33		7.875	%			2,775,000		3,343,875
Vnesheconombank Via VEB Finance Ltd.
Bank Guaranteed(b)(d)
11/22/25		6.800	%			1,690,000		1,692,666
Total								9,638,622

	Coupon				Principal
Issuer	Rate				Amount		Value
Corporate Bonds & Notes(a) (continued)
SUPRANATIONAL (0.4%)
Asian Development Bank
Senior Unsecured(d)
06/21/27		2.350	%	JPY		120,000,000	$	1,549,740
European Investment Bank
Senior Unsecured(d)
06/20/17		1.400	%	JPY		175,000,000		2,204,152
Total								3,753,892
TECHNOLOGY (1.9%)
Amkor Technology, Inc.
Senior Unsecured(c)
05/01/18		7.375	%		$	1,261,000		1,305,135
Avaya, Inc.
Senior Secured(b)(c)
04/01/19		7.000	%			860,000		838,500
CDW Escrow Corp.
Senior Notes(b)(e)
04/01/19		8.500	%			1,000,000		1,001,250
Cardtronics, Inc.
09/01/18		8.250	%			920,000		999,350
CommScope, Inc.(b)(c)
01/15/19		8.250	%			767,000		801,515
First Data Corp.
09/24/15		9.875	%			980,000		1,004,500
PIK
09/24/15		10.550	%			60,000		62,175
First Data Corp.(b)
Senior Secured
08/15/20		8.875	%			1,200,000		1,317,000
First Data Corp.(b)(c)
01/15/21		12.625	%			1,980,000		2,148,300
First Data Corp.(b)(e)
Senior Secured
06/15/19		7.375	%			823,000		840,489
Freescale Semiconductor, Inc.
Senior Secured(b)
04/15/18		9.250	%			660,000		722,700
Interactive Data Corp.(b)(c)
08/01/18		10.250	%			1,405,000		1,577,112
NXP BV/Funding LLC
Senior Secured(b)(d)
08/01/18		9.750	%			3,035,000		3,418,169
SunGard Data Systems, Inc.
Senior Unsecured(b)(c)
11/15/18		7.375	%			1,735,000		1,774,037
Total								17,810,232
TRANSPORTATION SERVICES (0.7%)
Aeropuertos Argentina 2000 SA
Senior Secured(b)(d)
12/01/20		10.750	%			693,000		751,442
Avis Budget Car Rental LLC/Finance, Inc.
03/15/18		9.625	%			560,000		618,800
01/15/19		8.250	%			1,015,000		1,063,213
ERAC USA Finance LLC(b)
07/01/13		2.750	%			290,000		294,690

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
TRANSPORTATION SERVICES (CONTINUED)
ERAC USA Finance LLC(b)(c)
10/01/20		5.250	%	$	270,000	$	278,100
Hertz Corp. (The)(b)
04/15/19		6.750	%		1,150,000		1,139,938
Hertz Corp. (The)(b)(c)
10/15/18		7.500	%		960,000		993,600
01/15/21		7.375	%		1,172,000		1,198,370
Total							6,338,153
WIRELESS (2.4%)
CC Holdings GS V LLC/Crown Castle GS III Corp.
Senior Secured(b)
05/01/17		7.750	%		1,500,000		1,635,000
Clearwire Communications LLC/Finance, Inc.(b)(c)
Senior Secured
12/01/15		12.000	%		778,000		840,240
12/01/17		12.000	%		1,206,000		1,288,913
Cricket Communications, Inc.
Senior Secured
05/15/16		7.750	%		3,550,000		3,771,875
MetroPCS Wireless, Inc.(c)
09/01/18		7.875	%		1,605,000		1,717,350
11/15/20		6.625	%		975,000		973,781
NII Capital Corp.
08/15/16		10.000	%		317,000		361,380
NII Capital Corp.(c)
04/01/21		7.625	%		1,025,000		1,048,063
Nextel Communications, Inc.(c)
08/01/15		7.375	%		948,000		951,555
SBA Telecommunications, Inc.
08/15/19		8.250	%		2,250,000		2,486,250
Sprint Nextel Corp.
Senior Unsecured(c)
08/15/17		8.375	%		3,399,000		3,785,636
United States Cellular Corp.
Senior Unsecured
12/15/33		6.700	%		720,000		690,162
Wind Acquisition Finance SA(b)(c)(d)
07/15/17		11.750	%		1,800,000		2,070,000
Senior Secured
02/15/18		7.250	%		1,344,000		1,411,200
Wind Acquisition Finance SA(b)(c)(d)(g)(h)
07/15/17		0.000	%		1,800,000		3,600
Total							23,035,005
WIRELINES (3.4%)
AT&T, Inc.
Senior Unsecured
02/15/39		6.550	%		3,045,000		3,173,615
BellSouth Corp.
Senior Unsecured(c)
09/15/14		5.200	%		1,000,000		1,093,374
Cincinnati Bell, Inc.(c)
10/15/17		8.250	%		858,000		864,435
10/15/20		8.375	%		1,155,000		1,134,787

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes(a) (continued)
WIRELINES (CONTINUED)
Embarq Corp.
Senior Unsecured
06/01/36		7.995	%	$	280,000	$	315,672
Frontier Communications Corp.
Senior Unsecured(c)
04/15/20		8.500	%		2,340,000		2,535,975
ITC Deltacom, Inc.
Senior Secured
04/01/16		10.500	%		922,000		1,016,505
Integra Telecom Holdings, Inc.
Senior Secured(b)
04/15/16		10.750	%		821,000		890,785
Level 3 Financing, Inc.
02/15/17		8.750	%		1,970,000		1,955,225
Level 3 Financing, Inc.(b)
04/01/19		9.375	%		535,000		517,613
PAETEC Holding Corp.
Senior Secured
06/30/17		8.875	%		1,450,000		1,562,375
PAETEC Holding Corp.(b)(c)
Senior Unsecured
12/01/18		9.875	%		1,765,000		1,862,075
Qtel International Finance Ltd.(b)(d)
02/16/21		4.750	%		1,000,000		928,889
10/19/25		5.000	%		1,100,000		1,019,254
Qwest Communications International, Inc.
04/01/18		7.125	%		3,900,000		4,207,125
Telefonica Emisiones SAU(d)
04/27/15		3.729	%		2,490,000		2,513,155
06/20/16		6.421	%		320,000		355,583
Tw telecom holdings, inc.(c)
03/01/18		8.000	%		1,133,000		1,222,224
Verizon Communications, Inc.
Senior Unsecured
04/01/16		3.000	%		2,000,000		1,989,810
Verizon New York, Inc.
Senior Unsecured
04/01/32		7.375	%		1,627,000		1,825,406
Windstream Corp.
Senior Notes(b)(c)
04/01/23		7.500	%		1,949,000		1,919,765
Total							32,903,647
Total Corporate Bonds & Notes (Cost: $483,492,481)						$	501,566,193
Residential Mortgage-Backed Securities - Agency (4.9%)
Federal Home Loan Mortgage Corp.(e)(i)
04/01/41		4.000	%		8,000,000		7,855,000
Federal National Mortgage Association(e)(i)
04/01/41		4.500	%		1,900,000		1,933,546
04/01/41		5.500	%		1,500,000		1,604,297
Federal National Mortgage Association(i)

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
10/01/39		4.000	%	$	571,937	$	563,395
03/01/39- 01/01/41		4.500	%		12,160,916		12,393,067
04/01/38- 05/01/40		5.000	%		8,047,254		8,446,720
11/01/37- 08/01/38		6.000	%		5,418,112		5,901,725
Federal National Mortgage Association(i)(j)
08/01/39		5.500	%		4,324,984		4,651,823
Government National Mortgage Association(i)
04/15/40		4.500	%		2,838,369		2,933,425
CMO IO Series 2010-167 Class GI
02/20/38		1.687	%		3,958,946		706,695
Total Residential Mortgage-Backed Securities - Agency (Cost: $46,966,374)						$	46,989,693
Residential Mortgage-Backed Securities - Non-Agency (1.6%)
BCAP LLC Trust(b)(f)(i)
CMO Series 2010-RR7 Class 17A7
03/26/36		5.060	%	$	730,000	$	604,157
BCAP LLC Trust(b)(i)
CMO Series 2010-RR7 Class 8A6
05/26/35		5.500	%		1,065,000		1,048,567
Citigroup Mortgage Loan Trust, Inc.(b)(f)(i)
CMO Series 2009-3 Class 4A3
10/25/33		2.623	%		2,455,000		1,988,550
CMO Series 2009-4 Class 9A2
03/25/36		4.753	%		1,275,000		1,045,500
CMO Series 2010-6 Class 2A2
09/25/35		2.815	%		480,000		379,200
CMO Series 2010-6 Class 3A2
07/25/36		5.143	%		2,070,000		1,987,085
Credit Suisse Mortgage Capital Certificates(b)(f)(i)
CMO Series 2010-17R Class 1A2
06/26/36		2.633	%		1,165,000		852,175
Credit Suisse Mortgage Capital Certificates(b)(i)
Series 2011-4R Class 4A7
08/27/37		4.000	%		3,625,000		3,330,469
Deutsche Mortgage Securities, Inc. CMO Series 2003-1 Class 1A7(i)
04/25/33		5.500	%		1,996,519		1,996,926
JP Morgan Reremic CMO Series 2010-5 Class 1A6(b)(f)(i)
04/26/37		4.500	%		575,000		529,000
RBSSP Resecuritization Trust CMO Series 2010-12 Class 3A4(b)(f)(i)
06/27/32		4.000	%		1,966,132		1,979,976
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $15,790,268)						$	15,741,605

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (2.7%)
Bear Stearns Commercial Mortgage Securities
Series 2007-T26 Class A4(f)(i)
01/12/45		5.471	%	$	3,440,000	$	3,691,953
Credit Suisse Mortgage Capital Certificates
Series 2006-C3 Class A3(f)(i)
06/15/38		5.825	%		2,000,000		2,164,298
GS Mortgage Securities Corp. II
Series 2005-GG4 Class A4A(i)
07/10/39		4.751	%		500,000		526,089
Greenwich Capital Commercial Funding Corp.(f)(i)
Series 2004-GG1 Class A7
06/10/36		5.317	%		1,936,000		2,072,591
Greenwich Capital Commercial Funding Corp.(i)
Series 2007-GG9 Class A4
03/10/39		5.444	%		2,200,000		2,328,619
Morgan Stanley Capital I(f)(i)
Series 2005-IQ10 Class A4A
09/15/42		5.230	%		500,000		532,410
Morgan Stanley Capital I(i)
Series 2005-HQ5 Class A4
01/14/42		5.168	%		2,635,000		2,817,621
Morgan Stanley Reremic Trust
Series 2010-GG10 Class A4A(b)(f)(i)
08/15/45		5.808	%		6,750,000		7,292,186
Wachovia Bank Commercial Mortgage Trust(f)(i)
Series 2005-C20 Class A7
07/15/42		5.118	%		1,800,000		1,933,962
Series 2006-C27 Class A3
07/15/45		5.765	%		1,875,000		2,029,274
Total Commercial Mortgage-Backed Securities (Cost: $24,639,439)						$	25,389,003
Inflation-Indexed Bonds (1.2%)
U.S. Treasury Inflation-Indexed Bond(c)
02/15/41		2.125	%		11,216,018		11,853,190
Total Inflation-Indexed Bonds (Cost $11,656,513)						$	11,853,190
U.S. Treasury Obligations (6.6%)
U.S. Treasury
05/15/12		1.375	%		9,000,000		9,100,197
03/31/16		2.250	%		23,000,000		23,026,910
U.S. Treasury(c)
04/15/13		1.750	%		12,950,000		13,194,884
02/15/20		3.625	%		11,700,000		12,018,100
02/15/21		3.625	%		2,982,000		3,024,401
11/15/40		4.250	%		2,928,000		2,800,357
Total U.S. Treasury Obligations (Cost: $63,010,306)						$	63,164,849
Foreign Government Obligations(a) (23.7%)
ARGENTINA (0.8%)
Argentina Bonos(d)
Senior Unsecured
09/12/13		7.000	%	$	385,000	$	391,983
10/03/15		7.000	%		1,445,000		1,358,300
04/17/17		7.000	%		460,000		427,800

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(a) (continued)
ARGENTINA (CONTINUED)
Argentina Government International Bond(d)
Senior Unsecured
12/31/33		8.280	%		$	2,048,998	$	1,826,682
Argentina Government International Bond(d)(k)
Senior Unsecured
12/15/35		0.000	%			5,000,000		807,500
Provincia de Buenos Aires(b)(d)
10/05/15		11.750	%			730,000		755,211
01/26/21		10.875	%			1,010,000		940,834
Provincia de Cordoba Senior Unsecured(b)(d)
08/17/17		12.375	%			1,270,000		1,311,275
Total								7,819,585
AUSTRALIA (0.9%)
Treasury Corp. of Victoria(d)
Local Government Guaranteed
11/15/16		5.750	%	AUD		5,620,000		5,850,016
06/15/20		6.000	%	AUD		2,175,000		2,260,532
Total								8,110,548
BRAZIL (1.5%)
Brazilian Government International Bond(d)
01/20/34		8.250	%			4,560,000		6,030,600
Senior Unsecured
01/17/17		6.000	%			2,000,000		2,242,000
01/05/22		12.500	%	BRL		4,300,000		3,068,324
Petrobras International Finance Co.(c)(d)
03/15/19		7.875	%			2,880,000		3,381,365
Total								14,722,289
BULGARIA (—%)
Bulgaria Government International Bond
Senior Unsecured(b)(d)
01/15/15		8.250	%			330,000		384,037
CANADA (1.3%)
Canadian Government Bond(d)
06/01/18		4.250	%	CAD		5,090,000		5,648,036
06/01/19		3.750	%	CAD		6,000,000		6,425,725
Total								12,073,761
CHILE (0.2%)
Corp. Nacional del Cobre de Chile Senior Unsecured(b)(d)
01/15/19		7.500	%			1,380,000		1,666,752
CHINA (0.3%)
China Government International Bond Senior Unsecured(d)
10/29/13		4.750	%			2,695,000		2,914,346

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(a) (continued)
COLOMBIA (0.7%)
Colombia Government International Bond
Senior Unsecured(d)
05/21/24		8.125	%		$	2,085,000	$	2,640,653
Ecopetrol SA
Senior Unsecured(d)
07/23/19		7.625	%			1,750,000		2,016,875
Empresas Publicas de Medellin ESP
Senior Unsecured(b)(d)
02/01/21		8.375	%	COP		4,000,000,000		2,208,282
Total								6,865,810
CROATIA (0.1%)
Croatia Government International Bond(b)(d)
Senior Unsecured
07/14/20		6.625	%			505,000		521,412
03/24/21		6.375	%			500,000		500,625
Total								1,022,037
DOMINICAN REPUBLIC (0.1%)
Dominican Republic International Bond
Senior Unsecured(b)(d)
05/06/21		7.500	%			775,000		789,725
EL SALVADOR (0.1%)
El Salvador Government International Bond(b)(d)
02/01/41		7.625	%			600,000		595,860
FINLAND (0.2%)
Finland Government Bond
Senior Unsecured(d)
07/04/15		4.250	%	EUR		1,065,000		1,604,857
FRANCE (1.1%)
France Government Bond OAT(d)
04/25/13		4.000	%	EUR		2,110,000		3,113,222
04/25/19		4.250	%	EUR		4,080,000		6,077,874
04/25/29		5.500	%	EUR		950,000		1,580,131
Total								10,771,227
GERMANY (1.2%)
Bundesrepublik Deutschland(d)
07/04/17		4.250	%	EUR		4,155,000		6,321,914
01/04/19		3.750	%	EUR		3,755,000		5,533,223
Total								11,855,137
HUNGARY (0.1%)
Hungary Government International Bond
Senior Unsecured(c)(d)
03/29/21		6.375	%			600,000		600,750

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(a) (continued)
INDONESIA (1.7%)
Indonesia Government International Bond(b)(d)
Senior Unsecured
04/20/15		7.250	%		$	4,045,000	$	4,616,356
03/13/20		5.875	%			5,185,000		5,522,025
Indonesia Treasury Bond(d)
Senior Unsecured
09/15/19		11.500	%	IDR		7,800,000,000		1,087,475
09/15/25		11.000	%	IDR		35,150,000,000		4,734,135
Total								15,959,991
IRELAND (0.1%)
Ireland Government Bond
Senior Unsubordinated Notes(d)
10/18/18		4.500	%	EUR		930,000		930,637
ITALY (1.0%)
Italy Buoni Poliennali Del Tesoro(d)
06/15/15		3.000	%	EUR		820,000		1,130,928
08/01/18		4.500	%	EUR		5,840,000		8,340,173
Total								9,471,101
JAPAN (0.1%)
Japan Government 10-Year Bond
Senior Unsecured(d)
09/20/18		1.500	%	JPY		80,000,000		1,005,544
LITHUANIA (0.1%)
Lithuania Government International Bond(b)(d)
03/09/21		6.125	%			600,000		611,158
Senior Unsecured
09/14/17		5.125	%			700,000		700,956
Total								1,312,114
MALAYSIA (0.1%)
Penerbangan Malaysia Bhd(b)(d)
Government Guaranteed
03/15/16		5.625	%			470,000		518,768
Penerbangan Malaysia Bhd(d)
Government Guaranteed
03/15/16		5.625	%			135,000		148,944
Petronas Capital Ltd.(b)(d)
08/12/19		5.250	%			600,000		637,377
Total								1,305,089
MEXICO (2.2%)
Mexican Bonos(d)
12/15/16		7.250	%	MXN		500,000		425,032
12/13/18		8.500	%	MXN		3,418,000		3,077,348
Mexico Government International Bond(c)(d)
Senior Unsecured
01/15/20		5.125	%			4,670,000		4,884,820
Mexico Government International Bond(d)
Senior Unsecured
01/11/40		6.050	%			4,290,000		4,418,700

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(a) (continued)
MEXICO (CONTINUED)
Pemex Project Funding Master Trust(c)(d)
01/21/21		5.500	%		$	2,800,000	$	2,842,000
Pemex Project Funding Master Trust(d)
03/01/18		5.750	%			5,420,000		5,734,349
Total								21,382,249
NEW ZEALAND (0.2%)
New Zealand Government Bond
Senior Unsecured(d)
05/15/21		6.000	%	NZD		2,540,000		1,985,133
NORWAY (0.9%)
Norway Government Bond(d)
05/19/17		4.250	%	NOK		45,670,000		8,591,311
PANAMA (0.4%)
Panama Government International Bond
Senior Unsecured(d)
01/26/36		6.700	%			3,340,000		3,749,150
PERU (0.4%)
Peruvian Government International Bond(b)(d)
Senior Unsecured
08/12/20		7.840	%	PEN		1,300,000		497,108
Peruvian Government International Bond(d)
Senior Unsecured
05/03/16		8.375	%			1,710,000		2,099,025
07/21/25		7.350	%			1,210,000		1,438,085
Total								4,034,218
PHILIPPINES (0.8%)
Philippine Government International Bond(c)(d)
Senior Unsecured
01/20/20		6.500	%			4,310,000		4,848,750
03/30/26		5.500	%			1,675,000		1,654,062
Philippine Government International Bond(d)
Senior Unsecured
01/14/36		6.250	%	PHP		46,000,000		1,001,136
Total								7,503,948
POLAND (0.7%)
Poland Government Bond(d)
10/24/15		6.250	%	PLN		13,680,000		4,924,130
10/25/19		5.500	%	PLN		4,000,000		1,342,830
Poland Government International Bond
Senior Unsecured(d)
07/15/19		6.375	%			200,000		222,548
Total								6,489,508

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(a) (continued)
QATAR (0.2%)
Qatari Diar Finance QSC
Government Guaranteed(b)(d)
07/21/20		5.000	%		$	1,500,000	$	1,483,125
RUSSIAN FEDERATION (1.3%)
Gazprom OAO Via Gazprom International SA(b)(c)(d)
02/01/20		7.201	%			1,278,265		1,390,113
Russian Foreign Bond - Eurobond(b)(d)
Senior Unsecured
04/29/15		3.625	%			2,100,000		2,123,625
Russian Foreign Bond - Eurobond(b)(d)(f)
03/31/30		7.500	%			7,518,000		8,784,783
Senior Unsecured
03/31/30		7.500	%			443,025		516,403
Total								12,814,924
SOUTH AFRICA (0.4%)
South Africa Government Bond(d)
09/15/17		8.250	%	ZAR		16,635,000		2,433,429
South Africa Government International Bond(d)
Senior Unsecured
03/09/20		5.500	%			1,180,000		1,249,325
03/08/41		6.250	%			400,000		411,200
Total								4,093,954
SWEDEN (0.9%)
Sweden Government Bond(d)
08/12/17		3.750	%	SEK		45,765,000		7,461,075
12/01/20		5.000	%	SEK		7,000,000		1,257,181
Total								8,718,256
TRINIDAD AND TOBAGO (0.2%)
Petroleum Co. of Trinidad & Tobado Ltd.
Senior Unsecured(b)(d)
08/14/19		9.750	%			1,290,000		1,565,456
TURKEY (1.3%)
Republic of Turkey(d)
01/14/41		6.000	%			1,700,000		1,589,500
Turkey Government International Bond(d)
Senior Unsecured
09/26/16		7.000	%			3,355,000		3,799,537
03/30/21		5.625	%			2,900,000		2,958,000
02/05/25		7.375	%			3,220,000		3,711,050
Total								12,058,087
UKRAINE (—%)
Ukraine Government International Bond
Senior Unsecured(b)(d)
02/23/21		7.950	%			440,000		451,061

	Coupon				Principal
Issuer	Rate				Amount		Value
Foreign Government Obligations(a) (continued)
UNITED KINGDOM (0.9%)
United Kingdom Gilt(d)
03/07/18		5.000	%	GBP		2,900,000	$	5,179,502
03/07/25		5.000	%	GBP		1,900,000		3,345,522
Total								8,525,024
VENEZUELA (1.2%)
Petroleos de Venezuela SA(b)(d)
11/02/17		8.500	%		$	4,890,000		3,457,230
Petroleos de Venezuela SA(d)
04/12/17		5.250	%			4,160,000		2,512,640
Venezuela Government International Bond(b)(d)
Senior Unsecured
08/23/22		12.750	%			1,360,000		1,176,400
05/07/23		9.000	%			6,086,000		4,168,910
Total								11,315,180
Total Foreign Government Obligations (Cost: $216,065,030)							$	226,541,781
Issue	Coupon				Principal
Description	Rate				Amount		Value
Municipal Bonds (0.9%)
California Educational Facilities Authority Revenue Bonds University of Southern California Series 2009B
10/01/38		5.000	%		$	1,410,000	$	1,377,049
Missouri State Health & Educational Facilities Authority Revenue Bonds St. Louis University VRDN Series 1999 (Bank of America)(o)
01/15/37		5.000	%			1,405,000		1,417,546
New York City Transitional Finance Authority Subordinated Revenue Bonds Future Tax Secured Series 2011C
11/01/39		5.000	%			1,405,000		1,365,393
State of California Unlimited General Obligation Bonds Taxable Build America Bonds Series 2009
04/01/39		7.550	%			640,000		698,880
State of Illinois Unlimited General Obligation Taxable Bonds Series 2011
03/01/19		5.877	%			2,435,000		2,434,391
State of Texas Unlimited General Obligation Bonds Transportation Commission Mobility Fund Series 2007
04/01/37		5.000	%			1,410,000		1,405,925
Total Municipal Bonds (Cost: $8,615,523)							$	8,699,184

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (4.0%)
AEROSPACE & DEFENSE (0.1%)
Huntington Ingalls Industries, Inc. Term Loan(f)(l)(m)
TBD	TBD			$	100,000	$	99,250
TASC, Inc. Tranche B Term Loan(f)(m)
12/18/15		5.750	%		249,370		249,547
Transdigm, Inc. 1st Lien Term Loan(f)(m)
02/14/17		4.000	%		200,000		201,250
Total							550,047
AIRLINES (0.1%)
Delta Air Lines, Inc.
2nd Lien Term Loan(f)(l)(m)
TBD	TBD				224,417		223,061
U.S. Airways Group, Inc.
Term Loan(f)(l)(m)
TBD	TBD				468,403		429,371
United Airlines, Inc. Tranche B Term Loan(f)(m)
02/01/14		2.313	%		272,999		265,680
Total							918,112
AUTOMOTIVE (0.2%)
Allison Transmission, Inc. Term Loan(f)(m)
08/07/14		3.010	%		300,000		296,865
Autotrader.com, Inc. Tranche B Term Loan(f)(m)
12/15/16		4.750	%		150,000		150,750
Ford Motor Co. Tranche B1 Term Loan(f)(m)
12/15/13		3.010	%		422,868		422,522
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan(f)(m)
04/30/14		1.960	%		450,000		442,125
UCI International, Inc. Term Loan(f)(m)
07/26/17		5.500	%		224,438		225,840
Total							1,538,102

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
BUILDING MATERIALS (0.1%)
Armstrong World Industries, Inc. Tranche B1 Term Loan(f)(m)
03/10/18		4.000	%	$	150,000	$	150,562
CPG International I, Inc. Term Loan(f)(l)(m)
TBD	TBD				349,125		348,909
Goodman Global, Inc.
1st Lien Term Loan(f)(m)
10/28/16		5.750	%		374,063		374,994
Total							874,465
CHEMICALS (0.3%)
Celanese U.S. Holdings LLC
Term Loan(f)(m)
04/02/14		1.761	%		400,000		399,952
ISP Chemco LLC
Term Loan(f)(m)
06/04/14		1.782	%		150,000		147,750
Momentive Specialty Chemicals, Inc.
Tranche C4A Term Loan(f)(m)
05/05/13		2.563	%		373,059		370,963
Omnova Solutions, Inc.
Term Loan(f)(l)(m)
TBD	TBD				350,000		352,187
PQ Corp.
1st Lien Term Loan(f)(m)
07/30/14		3.538	%		324,169		315,585
Rockwood Specialties Group, Inc.
Term Loan(f)(m)
02/09/18		3.750	%		200,000		201,050
Solutia, Inc.
Tranche 1 Term Loan(f)(l)(m)
TBD	TBD				296,250		297,823
Styron S.A.R.L.
Term Loan(d)(f)(m)
08/02/17		6.000	%		224,438		225,685
Univar, Inc.
Tranche B Term Loan(f)(m)
06/30/17		5.000	%		498,750		500,436
Total							2,811,431
CONSUMER CYCLICAL SERVICES (0.1%)
Instant Web, Inc.(f)(m)
Delayed Draw Term Loan
08/07/14		3.629	%		14,160		12,071
Term Loan
08/07/14		3.629	%		135,840		115,804
Live Nation Entertainment, Inc.
Tranche B Term Loan(f)(m)
11/07/16		4.500	%		224,435		224,996

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
CONSUMER CYCLICAL SERVICES (CONTINUED)
Sabre, Inc.
Term Loan(f)(m)
09/30/14		2.267	%	$	318,780	$	300,051
ServiceMaster Co. (The)(f)(m)
Delayed Draw Term Loan
07/24/14		2.750	%		31,698		31,095
Term Loan
07/24/14		2.763	%		317,477		311,436
Total							995,453
CONSUMER PRODUCTS (0.2%)
Affinion Group, Inc.
Tranche B Term Loan(f)(m)
10/09/16		5.000	%		99,498		99,356
Amscan Holdings, Inc.(f)(l)(m)
Term Loan
TBD	TBD				173,811		174,790
Amscan Holdings, Inc.(f)(m)
Term Loan
12/02/17		6.750	%		299,250		300,935
Jarden Corp.
Tranche B Term Loan(f)(l)(m)
TBD	TBD				125,000		125,879
NBTY, Inc.(f)(l)(m)
Tranche B1 Term Loan
TBD	TBD				249,375		249,726
NBTY, Inc.(f)(m)
Tranche B1 Term Loan
10/01/17		4.250	%		225,000		225,317
Visant Corp.(f)(l)(m)
Tranche B Term Loan
TBD	TBD				325,000		324,187
Visant Corp.(f)(m)
Tranche B Term Loan
12/22/16		5.250	%		149,625		149,251
Total							1,649,441
DIVERSIFIED MANUFACTURING (0.1%)
Acosta, Inc.
Tranche B Term Loan(f)(m)
03/01/18		4.750	%		300,000		300,321
Tomkins, LLC/Inc.(d)(f)(l)(m)
Tranche B1 Term Loan
TBD	TBD				423,750		424,742
Tomkins, LLC/Inc.(d)(f)(m)
Tranche B1 Term Loan
09/29/16		4.250	%		75,000		75,175
Total							800,238

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
ELECTRIC (0.2%)
Calpine Corp.
Term Loan(f)(m)
04/01/18		4.500	%		75,000	$	75,245
Covanta Energy Corp.(f)(m)
Letter of Credit
02/10/14		2.307	%		33,840		33,574
Term Loan
02/10/14		1.813	%		65,988		65,469
Dynegy Holdings, Inc.(f)(l)(m)
Letter of Credit
TBD		TBD		$	324,171		329,998
Tranche B Term Loan
TBD	TBD				25,762		25,510
NRG Energy, Inc.(f)(l)(m)
Credit Linked Deposit
TBD	TBD				138,401		137,586
NRG Energy, Inc.(f)(m)
Term Loan
02/01/13		2.057	%		209,615		208,380
TPF Generation Holdings LLC(f)(l)(m)
1st Lien Term Loan
TBD	TBD				138,599		137,039
Synthetic Revolving Term Loan
TBD	TBD				43,448		42,959
TPF Generation Holdings LLC(f)(m)
1st Lien Synthetic Letter of Credit
12/15/13		237.000	%		298,953		295,590
Texas Competitive Electric Holdings Co. LlC
Tranche B2 Term Loan(f)(m)
10/10/14		3.783	%		650,000		547,125
Total							1,889,475
ENTERTAINMENT (0.1%)
AMC Entertainment, Inc.
Tranche B2 Term Loan(f)(l)(m)
TBD	TBD				299,211		299,210
Cedar Fair LP
Tranche 1 Term Loan(f)(m)
12/15/17		4.000	%		149,625		150,345
Regal Cinemas Corp.
Term Loan(f)(m)
08/23/17		3.557	%		150,000		150,234
Six Flags Theme Parks, Inc.
Tranche B Term Loan(f)(m)
06/30/16		5.250	%		125,000		126,000
Total							725,789

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
FOOD AND BEVERAGE (0.4%)
Advantage Sales & Marketing, Inc.
1st Lien Term Loan(f)(m)
12/17/17		5.250	%		75,000	$	75,056
Aramark Corp.(f)(m)
2nd Letter of Credit
07/26/16		0.094	%		18,512		18,505
Tranche B Term Loan
07/26/16		3.557	%		281,488		281,387
Dean Foods Co.
Tranche B Term Loan(f)(m)
04/02/16		3.560	%		500,000		494,585
Del Monte Foods Co.
Term Loan(f)(m)
11/26/17		4.500	%		150,000		150,250
Dole Food Co., Inc.
Tranche B1 Term Loan(f)(m)
03/02/17		5.500	%	$	121,688		122,296
Earthbound Holdings III LLC
Term Loan(f)(m)
12/21/16		0.000	%		374,062		375,933
Green Mountain Coffee Roasters, Inc.
Tranche B Term Loan(f)(m)
12/16/16		5.500	%		300,000		302,250
Pierre Foods, Inc.
1st Lien Term Loan(f)(m)
09/30/16		7.000	%		323,687		324,800
Solvest Ltd.
Tranche C1 Term Loan(d)(f)(m)
03/02/17		5.038	%		302,242		303,753
U.S. Foodservice(f)(l)(m)
Term Loan
TBD	TBD				49,093		47,713
U.S. Foodservice(f)(m)
Term Loan
07/03/14		2.753	%		300,000		291,564
WM. Bolthouse Farms, Inc.
1st Lien Term Loan(f)(l)(m)
TBD	TBD				297,718		299,951
Windsor Quality Food Co., Ltd.
Tranche B Term Loan(f)(m)
02/14/17		5.000	%		364,500		363,589
Total							3,451,632

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
GAMING (0.2%)
Caesars Entertainment Operating Co., Inc.
Tranche B2 Term Loan(f)(m)
02/01/15		3.303	%	$	400,000	$	371,624
Isle of Capri Casinos, Inc.(f)(l)(m)
Term Loan
TBD	TBD				125,000		125,573
Isle of Capri Casinos, Inc.(f)(m)
Term Loan
11/25/13		6.000	%		214,064		215,044
Tranche A Delayed Draw Term Loan
11/25/13		5.000	%		75,311		75,655
Tranche B Delayed Draw Term Loan
11/25/13		5.000	%		85,625		86,018
Las Vegas Sands LLC(f)(l)(m)
Delayed Draw Term Loan
TBD	TBD				62,599		61,073
Tranche B Term Loan
11/23/16		2.000	%		310,676		303,105
Penn National Gaming, Inc.
Tranche B Term Loan(f)(m)
10/03/12		2.028	%		325,000		324,087
Twin River Worldwide Holdings, Inc.
Term Loan(f)(m)
11/05/15		8.500	%		150,000		150,563
Total							1,712,742
GAS PIPELINES (—%)
Calumet Lubricants Co. LP(f)(m)
Letter of Credit
01/03/15		4.153	%		5,990		5,939
Term Loan
01/03/15		4.313	%		43,895		43,522
Total							49,461
HEALTH CARE (0.4%)
Community Health Systems, Inc.(f)(m)
Delayed Draw Term Loan
07/25/14		2.561	%		38,982		38,561
Term Loan
07/25/14		2.561	%		760,227		752,031
ConvaTec, Inc.
Term Loan(f)(m)
12/22/16		5.750	%		299,250		299,549
DaVita, Inc.
Tranche B Term Loan(f)(m)
10/20/16		4.500	%		299,250		300,265
Emdeon Business Services LLC
2nd Lien Term Loan(f)(l)(m)
TBD	TBD				300,000		298,875
HCA, Inc.
Tranche A1 Term Loan(f)(m)
11/16/12		1.557	%		400,000		397,588
Health Management Associates, Inc.
Tranche B Term Loan(f)(m)
02/28/14		2.057	%		199,447		197,369
Inverness Medical
1st Lien Term Loan(f)(l)(m)
TBD	TBD				349,093		343,857
MedAssets, Inc.
Term Loan(f)(m)
11/16/16		5.250	%		300,000		301,407
Onex Carestream Finance LP
Term Loan(f)(m)
02/25/17		5.000	%		350,000		343,189
Res-Care, Inc.
Tranche B Term Loan(f)(m)
12/22/16		7.250	%		100,000		100,000
Total							3,372,691

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
INDEPENDENT ENERGY (—%)
MEG Energy Corp.
Term Loan(d)(f)(l)(m)
TBD	TBD			$	75,000	$	75,492
LIFE INSURANCE (—%)
CNO Financial Group, Inc.
Term Loan(f)(m)
09/30/16		7.500	%		260,000		261,394
MEDIA CABLE (0.2%)
Bresnan Broadband Holdings LLC
Tranche B Term Loan(f)(m)
12/14/17		4.500	%		99,750		100,207
Cequel Communications LLC
Term Loan(f)(m)
11/05/13		2.260	%		299,221		296,809
Charter Communications Operating LLC(f)(l)(m)
Tranche B1 Term Loan
TBD	TBD				168,268		167,815
Charter Communications Operating LLC(f)(m)
Tranche B1 Term Loan
03/06/14		2.250	%		175,000		174,529
MCC Iowa LLC
Tranche F Term Loan(f)(m)
10/23/17		4.500	%		325,000		322,562
Mediacom Illinois LLC
Tranche E Term Loan(f)(m)
10/23/17		4.500	%		475,000		465,106
TWCC Holding Corp.
Term Loan(f)(m)
02/11/17		4.250	%		124,687		125,502
WideOpenWest Finance LLC
1st Lien Term Loan(f)(m)
06/30/14		2.756	%		250,000		237,240
Total							1,889,770
MEDIA NON-CABLE (0.3%)
CMP Susquehanna Corp.
Term Loan(f)(l)(m)
TBD	TBD				460,816		452,867
Clear Channel Communications, Inc.(f)(l)(m)
Tranche B Term Loan
TBD	TBD				175,000		154,019
Clear Channel Communications, Inc.(f)(m)
Tranche B Term Loan
01/29/16		3.896	%		289,208		254,535
Encompass Digital Media
Tranche B Term Loan(f)(m)
02/28/16		7.750	%		250,000		249,375
Getty Images, Inc.
Term Loan(f)(m)
11/07/16		5.250	%		74,812		75,307
Gray Television, Inc(f)(l)(m)
Tranche B Term Loan
TBD	TBD				174,549		172,706
Gray Television, Inc(f)(m)
Tranche B Term Loan
12/31/14		4.510	%		300,000		296,832
NextMedia Operating, Inc.
Term Loan(f)(m)
05/27/16		8.250	%		250,000		250,078
Postmedia Network, Inc.
Term Loan(d)(f)(l)(m)
TBD	TBD				150,000		150,338
Quad/Graphics, Inc.
Term Loan(f)(m)
07/02/16		5.500	%		349,121		348,534

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
MEDIA NON-CABLE (CONTINUED)
Radio One, Inc.(f)(l)(m)
Term Loan
03/31/16		7.500	%	$	375,000	$	379,219
Tranche A Revolving Term Loan
TBD	TBD				13,641		13,606
Tranche C Term Loan
06/30/12		6.561	%		12,458		12,427
Radio One, Inc.(f)(m)
Tranche A Revolving Term Loan
06/30/12		0.500	%		2,273		2,268
Univision Communications, Inc.
1st Lien Term Loan(f)(m)
03/31/17		4.496	%		545,166		531,607
Total							3,343,718
NON-CAPTIVE CONSUMER (—%)
Springleaf Funding Co.
Term Loan(f)(m)
04/21/15		7.250	%		300,000		300,189
NON-CAPTIVE DIVERSIFIED (—%)
iStar Financial, Inc.
Tranche A2 Term Loan(f)(m)
06/30/14		7.000	%		100,000		99,806
OTHER FINANCIAL INSTITUTIONS (—%)
Harland Clarke Holdings Corp.
Tranche B Term Loan(f)(m)
06/30/14		2.786	%		275,000		261,299
OTHER INDUSTRY (—%)
Rexnord LLC/RBS Global, Inc.
Tranche B1 Term Loan(f)(m)
07/19/13		2.813	%		50,000		49,625
PACKAGING (0.1%)
BWAY Holding Co.
Tranche B Term Loan(f)(m)
02/23/18		4.500	%		137,424		137,854
Berry Plastics Holding Corp.
Tranche C Term Loan(f)(m)
04/03/15		2.314	%		149,611		143,491
Graham Packaging Co. LP
Tranche C Term Loan(f)(m)
04/05/14		6.750	%		288,063		289,757
ICL Industrial Containers ULC
Tranche C Term Loan(d)(f)(m)
02/23/18		4.500	%		12,232		12,270
Reynolds Group Holdings, Inc.
Term Loan(f)(m)
02/09/18		4.250	%		250,000		251,050
Total							834,422

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
PAPER (—%)
Georgia-Pacific LLC
Tranche B Term Loan(f)(m)
12/23/12		2.309	%	$	325,000	$	324,812
Rock-Tenn Co.
Tranche B Term Loan(f)(l)(m)
TBD	TBD				125,000		125,736
Total							450,548
REITS (—%)
CB Richard Ellis Services, Inc.
Tranche C Term Loan(f)(l)(m)(n)
TBD	TBD				100,000		99,656
RETAILERS (0.5%)
Claire’s Stores, Inc.
Tranche B Term Loan(f)(l)(m)
TBD	TBD				500,000		475,520
Dollar General Corp.
Tranche B1 Term Loan(f)(m)
07/07/14		3.021	%		325,000		325,052
General Nutrition Centers, Inc.
Tranche B Term Loan(f)(m)
03/02/18		4.250	%		475,000		474,644
J. Crew Group, Inc.
Term Loan(f)(l)(m)
TBD	TBD				475,000		473,338
Jo-Ann Stores, Inc.
Term Loan(f)(m)
03/19/18		4.750	%		425,000		420,618
Michaels Stores, Inc.(f)(l)(m)
Tranche B2 Term Loan
TBD	TBD				70,000		70,214
Michaels Stores, Inc.(f)(m)
Tranche B1 Term Loan
10/31/13		2.584	%		419,908		416,158
Neiman Marcus Group, Inc. (The)
Tranche B2 Term Loan(f)(m)
04/06/16		4.310	%		475,000		475,679
Orchard Supply Hardware LLC
Term Loan(f)(m)
12/21/13		5.000	%		475,000		447,094
Pep Boys-Manny, Moe & Jack (The)
Term Loan(f)(m)
10/27/13		2.310	%		199,275		197,781
PetCo Animal Supplies, Inc.(f)(l)(m)
Term Loan
TBD	TBD				220,250		220,765
PetCo Animal Supplies, Inc.(f)(m)
Term Loan
11/24/17		4.500	%		250,000		250,585

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
RETAILERS (CONTINUED)
Rite Aid Corp.
Tranche 2 Term Loan(f)(l)(m)
TBD	TBD			$	461,660	$	443,291
Toys ‘R’ Us-Delaware, Inc.
Term Loan(f)(l)(m)
TBD	TBD				320,000		321,680
Total							5,012,419
SUPERMARKETS (0.1%)
Great Atlantic & Pacific Tea Co., Inc. (The)
Debtor In Possession Term Loan(f)(m)
06/14/12		8.750	%		250,000		253,020
Supervalu, Inc.
Tranche B2 Term Loan(f)(l)(m)
TBD	TBD				374,055		374,250
Total							627,270
TECHNOLOGY (0.2%)
Attachmate Corp.
1st Lien Term Loan(f)(l)(m)
TBD	TBD				75,000		74,375
CommScope, Inc.
Term Loan(f)(m)
01/14/18		5.000	%		100,000		100,625
Edwards (Cayman Islands II) Ltd.
1st Lien Term Loan(d)(f)(m)
05/31/16		5.500	%		125,000		124,500
Fidelity National Information Services, Inc.
Tranche B Term Loan(f)(m)
07/18/16		5.250	%		200,000		201,166
First Data Corp.
Tranche B1 Term Loan(f)(m)
09/24/14		3.002	%		450,000		430,735
Freescale Semiconductor, Inc.
Term Loan(f)(l)(m)
TBD	TBD				299,028		297,022
Infor Enterprise Solutions Holdings, Inc.(f)(m)
1st Lien Delayed Draw Term Loan
07/28/15		6.000	%		112,733		111,268
1st Lien Term Loan
07/28/15		6.000	%		212,267		209,507

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
TECHNOLOGY (CONTINUED)
Kasima LLC
Term Loan(f)(l)(m)
TBD	TBD			$	150,000	$	149,625
NDS Finance Ltd.
Tranche B Term Loan(f)(m)
03/10/18		4.000	%		75,000		74,737
Rovi Solutions Corp./Guides, Inc.(f)(m)
Tranche A Term Loan
02/07/16		2.820	%		50,000		49,938
Tranche B Term Loan
02/07/18		4.000	%		50,000		50,313
SunGard Data Systems, Inc.
Tranche B Term Loan(f)(m)
02/28/16		3.933	%		244,500		244,654
Syniverse Holdings, Inc.
Term Loan(f)(m)
12/21/17		5.250	%		75,000		75,250
Trans Union LLC
Term Loan(f)(m)
02/10/18		4.750	%		100,000		100,417
Total							2,294,132
TRANSPORTATION SERVICES (0.1%)
Hertz Corp. (The)(f)(m)
Letter of Credit
03/11/18		3.750	%		225,000		220,124
Tranche B Term Loan
03/11/18		3.750	%		275,000		275,195
Total							495,319
WIRELESS (—%)
MetroPCS Wireless, Inc.
Tranche B3 Term Loan(f)(m)
03/19/18		4.060	%		125,000		124,938
WIRELINES (—%)
Windstream Corp.
Tranche B2 Term Loan(f)(m)
12/17/15		3.060	%		199,494		199,599
Total Senior Loans (Cost: $37,693,229)						$	37,758,675

	Shares		Value
Money Market Fund (2.0%)
Columbia Short-Term Cash Fund, 0.229%(p)(q)		18,702,723	$	18,702,723
Total Money Market Fund (Cost: $18,702,723)			$	18,702,723

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (16.9%)
Asset-Backed Commercial Paper (2.1%)
Antalis US Funding Corp.
05/23/11		0.340	%	$	1,998,980	$	1,998,980
Cancara Asset Securitisation LLC
04/21/11		0.250	%		4,999,062		4,999,062
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559
05/10/11		0.395	%		2,497,531		2,497,531
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		2,996,013		2,996,013
Rheingold Securitization
04/28/11		0.551	%		4,993,125		4,993,125
Total							19,982,270
Certificates of Deposit (8.4%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		5,000,000		5,000,000
Barclays Bank PLC
05/23/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		5,000,000		5,000,000
06/13/11		0.400	%		2,000,000		2,000,000
DZ Bank AG
04/08/11		0.400	%		5,000,000		5,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.360	%		3,000,000		3,000,000
04/04/11		0.380	%		1,000,000		1,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%	$	4,000,000	$	4,000,000
KBC Bank NV
04/25/11		0.450	%		1,000,000		1,000,000
04/29/11		0.450	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		7,000,000		7,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		1,998,172		1,998,172
06/08/11		0.340	%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		5,000,000		5,000,000
Norinchukin Bank
05/09/11		0.350	%		2,000,000		2,000,000
Societe Generale
07/01/11		0.363	%		5,000,000		5,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		7,000,000		7,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		2,000,000		2,000,000
Total							79,998,172
Commercial Paper (0.5%)
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Other Short-Term Obligations (0.6%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		4,000,000		4,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		1,500,000		1,500,000
Total							5,500,000
Repurchase Agreements (5.3%)
Cantor Fitzgerald & Co. dated 03/31/11, matures 04/01/11, repurchase price $20,000,128(r)
		0.230	%		20,000,000		20,000,000
Citigroup Global Markets, Inc. dated 03/31/11, matures 04/01/11 repurchase price $5,000,018(r)
		0.130	%		5,000,000		5,000,000
Goldman Sachs & Co. dated 03/31/11, matures 04/01/11, repurchase price $8,845,772(r)
		0.160	%		8,845,732		8,845,732

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Merrill Lynch Pierce Fenner & Smith, Inc. dated 01/18/11, matures 04/18/11, repurchase price $7,001,050(r)
		0.300	%	$	7,000,000	$	7,000,000
Nomura Securities dated 03/31/10, matures 04/01/11, repurchase price $10,000,067(r)
		0.240	%		10,000,000		10,000,000
Total							50,845,732
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $161,318,591)						$	161,318,591
Total Investments
(Cost: $1,087,950,477)(s)						$	1,117,725,487(t)
Other Assets & Liabilities, Net							(163,677,284)
Net Assets						$	954,048,203

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts			Notional			Expiration	Unrealized		Unrealized
Contract Description	Long (Short)			Market Value			Date	Appreciation		Depreciation
U.S. Treasury Long Bond, 20-year		205		$	24,638,438		June 2011	$	54,606	$	—
U.S. Treasury Note, 2-year		(241	)		(52,568,125	)	July 2011		—		(26,722	)
U.S. Treasury Note, 5-year		(115	)		(13,430,742	)	July 2011		—		(6,885	)
U.S. Treasury Note, 10-year		(649	)		(77,251,281	)	June 2011		—		(141,330	)
U.S. Treasury Ultra Bond, 30-year		74			9,143,625		June 2011		43,827		—
Total								$	98,433	$	(174,937	)

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
State Street Bank & Trust Co.	April 1, 2011		765,910		784,985	$	—	$	(5,020	)
			(CAD)		(USD)
State Street Bank & Trust Co.	April 1, 2011		1,835,625		2,932,962		—		(11,747	)
			(GBP)		(USD)
UBS Securities LLC	April 4, 2011		1,934,081		1,473,190		—		(2,514	)
			(NZD)		(USD)
UBS Securities LLC	April 7, 2011		2,545,000		1,885,082		—		(56,379	)
			(NZD)		(USD)
State Street Bank & Trust Co.	April 19, 2011		1,800,000		2,449,872		—		(100,377	)
			(EUR)		(USD)
Goldman, Sachs & Co.	April 20, 2011		6,962,000		6,967,674		—		(219,288	)
			(AUD)		(USD)
HSBC Securities (USA), Inc.	April 20, 2011		10,777,000		11,649,866		—		(84,553	)
			(CHF)		(USD)
HSBC Securities (USA), Inc.	April 20, 2011		171,000		186,722		531		—
			(CHF)		(USD)
Goldman, Sachs & Co.	April 20, 2011		389,597,000		4,768,277		84,074		—
			(JPY)		(USD)
State Street Bank & Trust Co.	April 20, 2011		7,141,152		6,978,000		53,841		—
			(USD)		(CAD)
Barclays Bank PLC	April 20, 2011		4,850,676		2,979,000		—		(72,609	)
			(USD)		(GBP)
HSBC Securities (USA), Inc.	April 20, 2011		11,856,983		66,607,000		177,188		—
			(USD)		(NOK)
Total						$	315,634	$	(552,487	)

Notes to Portfolio of Investments

(a)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $260,074,698 or 27.26% of net assets.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 34.20% of net assets.
(e)	Represents a security purchased on a when-issued or delayed delivery basis.
(f)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(g)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $3,600, representing less than 0.01% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security	dates		Cost
Wind Acquisition Finance SA		03-02-11	$	—

(h)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $3,600, which represents less than 0.01% of net assets.
(i)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(j)	At March 31, 2011, investments in securities included securities valued at $1,548,505 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
(k)	Zero coupon bond.
(l)	Represents a senior loan purchased on a when-issued or delayed delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.
(m)	Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(n)	At March 31, 2011, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

Borrower	Unfunded Commitment
CB Richard Ellis Services, Inc.	$	100,000

(o)	The Fund is entitled to receive principal and interest from the party, if indicated in parentheses, after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. Interest rate varies to reflect current market conditions, rate shown is the effective rate on March 31, 2011.
(p)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(q)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	54,155,709	$	93,590,295	$	(129,043,282	)	$	—	$	18,702,722	$	22,445	$	18,702,722

^(r)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	2,778
Fannie Mae Interest Strip		1,080,954
Fannie Mae Pool		9,520,712
Fannie Mae Principal Strip		101,881
Fannie Mae REMICS		317,028
Federal Farm Credit Bank		181,845
Federal Home Loan Banks		269,812
Federal Home Loan Mortgage Corp		158,069
Federal National Mortgage Association		123,639
FHLMC Structured Pass Through Securities		55,363
Freddie Mac Coupon Strips		1,198
Freddie Mac Gold Pool		1,349,259
Freddie Mac Non Gold Pool		4,088,133
Freddie Mac REMICS		404,989
Freddie Mac Strips		105,315
Ginnie Mae I Pool		286,128
Ginnie Mae II Pool		870,363
Government National Mortgage Association		337,982
LMA SA & LMA Americas		957
Metlife Short Term Funding		1,314
Sanofi-Aventis		4,085
Silver Tower US Fund		912
Suncorp-Metway Ltd		2,804
United States Treasury Inflation Indexed Bonds		60,090
United States Treasury Strip Coupon		979,121
United States Treasury Strip Principal		95,271
Total Market Value of Collateral Securities	$	20,400,002

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	22,065
Fannie Mae REMICS		1,631,922
Fannie Mae Whole Loan		38,035
Fannie Mae-Aces		10,257
Freddie Mac Reference REMIC		152,925
Freddie Mac REMICS		2,492,892
Government National Mortgage Association		751,904
Total Market Value of Collateral Securities	$	5,100,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	9,022,647
Total Market Value of Collateral Securities	$	9,022,647

Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)

Security Description	Value
Breeds Hill Capital Ltd	$	3,341,365
LMA SA & LMA Americas		112,958
Metlife Short Term Funding		993,451
Sanofi-Aventis		1,040,226
Silver Tower US Fund		990,314
Suncorp-Metway Ltd		871,686
Total Market Value of Collateral Securities	$	7,350,000

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	7,428,146
Freddie Mac Gold Pool		2,771,854
Total Market Value of Collateral Securities	$	10,200,000

^(s) At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,087,950,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	33,766,000
Unrealized Depreciation		(3,991,000	)
Net Unrealized Appreciation	$	29,775,000

^(t) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
IO	Interest Only
PIK	Payment-in-Kind
VRDN	Variable Rate Demand Note

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peru Nuevos Soles
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
USD	US Dollar
UYU	Uruguay Pesos
ZAR	South African Rand

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
		Level 1			Level 2			Level 3
Description(a)		quoted prices			other			significant		Total
		in active			significant			unobservable
		markets for			observable			inputs
		identical assets			inputs(b)
Bonds
Corporate Bonds & Notes
Wireless		$	—		$	—		$	3,600	$	3,600
All Other Industries						501,562,593			—		501,562,593
Residential Mortgage-Backed Securities - Agency			—			46,989,693			—		46,989,693
Residential Mortgage-Backed Securities - Non-Agency			—			8,468,886			7,272,719		15,741,605
Commercial Mortgage-Backed Securities			—			25,389,003			—		25,389,003
Inflation-Indexed Bonds			—			11,853,190			—		11,853,190
U.S. Treasury Obligations			63,164,849			—			—		63,164,849
Foreign Government Obligations			—			226,541,781			—		226,541,781
Municipal Bonds			—			8,699,184			—		8,699,184
Total Bonds			63,164,849			829,504,330			7,276,319		899,945,498
Other
Senior Loans
Health Care			—			3,272,691			100,000		3,372,691
All Other Industries			—			34,385,984			—		34,385,984
Affiliated Money Market Fund(c)			18,702,723			—			—		18,702,723
Investments of Cash Collateral Received for Securities on Loan			—			161,318,591			—		161,318,591
Total Other			18,702,723			198,977,266			100,000		217,779,989
Investments in Securities			81,867,572			1,028,481,596			7,376,319		1,117,725,487
Derivatives(d)
Assets
Futures Contracts			98,433			—			—		98,433
Forward Foreign Currency Exchange Contracts			—			315,634			—		315,634
Liabilities
Futures Contracts			(174,937	)		—			—		(174,937	)
Forward Foreign Currency Exchange Contracts			—			(552,487	)		—		(552,487	)
Total		$	81,791,068		$	1,028,244,743		$	7,376,319	$	1,117,412,130

^(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b)   There were no significant transfers between Levels 1 and 2 during the period.

^(c)   Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d)   Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Residential
	Corporate			Mortgage-Backed			Senior
	Bonds & Notes			Securities			Loans
				Non-Agency					Total
Balance as of December 31, 2010	$	1,491,466		$	—		$	—	$	1,491,466
Accrued discounts/premiums		—			3,583			83		3,666
Realized gain (loss)		—			—			—		—
Change in unrealized appreciation (depreciation)*		3,600			(3,583	)		1,917		1,934
Sales		—			—			—		—
Purchases		—			7,272,719			—		7,272,719
Transfers into Level 3		—			—			98,000		98,000
Transfers out of Level 3		(1,491,466	)		—			—		(1,491,466	)
Balance as of March 31, 2011	$	3,600		$	7,272,719		$	100,000	$	7,376,319

*	Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $1,934, which is comprised of Corporate Bonds & Notes of $3,600, Residential Mortgage-Backed Securities - Non-Agency of $(3,583), and Senior Loans of $1,917.
	Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Variable Portfolio – AllianceBernstein International Value Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (97.7%)
AUSTRALIA (3.8%)
Australia & New Zealand Banking Group Ltd.(a)		412,900	$	10,163,599
Boral Ltd.(a)(b)		246,067		1,271,383
Challenger Ltd.(a)		753,200		3,840,315
Incitec Pivot Ltd.(a)(b)		756,700		3,387,490
Macquarie Group Ltd.(a)(b)		63,200		2,388,907
National Australia Bank Ltd.(a)		972,400		25,989,747
Telstra Corp., Ltd.(a)		1,235,900		3,605,096
Total				50,646,537
AUSTRIA (0.7%)
OMV AG(a)		211,500		9,558,635
BELGIUM (1.9%)
Delhaize Group SA(a)		174,500		14,207,460
KBC Groep NV(a)(c)		297,100		11,172,560
Total				25,380,020
BRAZIL (1.2%)
Banco do Brasil SA(a)		209,900		3,786,209
Rossi Residencial SA(a)		107,500		903,378
Vale SA, ADR(a)(b)		373,400		11,022,768
Total				15,712,355
CANADA (5.9%)
Agrium, Inc.(a)		58,900		5,439,213
Magna International, Inc., Class A(a)(b)(c)		270,600		12,973,170
National Bank of Canada(a)(b)		109,400		8,890,795
New Gold, Inc.(a)(c)		327,915		3,859,216
Nexen, Inc.(a)		613,304		15,289,900
Penn West Energy Trust Unit(a)(b)(c)		381,903		10,604,259
Quebecor, Inc., Class B(a)		83,100		2,972,571
Toronto-Dominion Bank (The)(a)		94,700		8,380,877
Yellow Media, Inc.(a)(b)		1,738,000		9,877,648
Total				78,287,649
CHINA (1.1%)
Bank of China Ltd., Series H(a)(b)		7,395,300		4,112,431
China Petroleum & Chemical Corp., Series H(a)(b)		4,374,000		4,367,502
Daphne International Holdings Ltd.(a)		2,420,000		1,817,631
Evergrande Real Estate Group Ltd.(a)		6,872,000		3,771,742
Total				14,069,306

Issuer	Shares		Value
Common Stocks (continued)
DENMARK (0.4%)
Danske Bank AS(a)(c)		179,066	$	3,965,101
Danske Bank AS(a)(c)		59,688		1,333,030
Total				5,298,131
FRANCE (11.8%)
BNP Paribas(a)		168,141		12,298,112
Bouygues SA(a)		516,200		24,788,854
Cap Gemini SA(a)		266,345		15,470,361
Cie de St. Gobain(a)		214,000		13,103,242
Cie Generale de Geophysique-Veritas(a)(c)		142,647		5,143,942
Faurecia(a)(c)		7,617		278,506
France Telecom SA(a)		536,900		12,029,740
Renault SA(a)(c)		287,100		15,872,309
Sanofi-Aventis SA(a)		166,900		11,702,351
Societe Generale(a)		426,900		27,739,361
Vivendi SA(a)		627,410		17,916,677
Total				156,343,455
GERMANY (5.6%)
Allianz SE(a)		175,700		24,658,662
E.ON AG(a)		771,900		23,574,326
Muenchener Rueckversicherungs AG(a)		91,100		14,330,862
ThyssenKrupp AG(a)		293,700		11,999,953
Total				74,563,803
HONG KONG (1.6%)
Esprit Holdings Ltd.(a)		2,219,900		10,178,247
New World Development Ltd.(a)		5,783,000		10,196,215
Total				20,374,462
IRELAND (0.3%)
Smurfit Kappa Group PLC(a)(c)		250,700		3,179,862
ITALY (4.3%)
ENI SpA(a)		620,300		15,234,609
Telecom Italia SpA(a)(b)		17,333,800		26,653,514
UniCredit SpA(a)		6,272,000		15,501,849
Total				57,389,972
JAPAN (23.2%)
Asahi Breweries Ltd.(a)		399,500		6,642,085
Asahi Glass Co., Ltd.(a)		1,125,000		14,154,011
Bridgestone Corp.(a)		670,800		14,026,977
DIC Corp.(a)		1,057,000		2,458,433

Issuer	Shares		Value
Common Stocks (continued)
JAPAN (CONTINUED)
Dowa Holdings Co., Ltd.(a)(b)		496,000	$	3,088,738
East Japan Railway Co.(a)(b)		131,500		7,302,062
Fujitsu Ltd.(a)		1,530,000		8,646,110
Furukawa Electric Co., Ltd.(a)(b)		1,330,000		5,375,971
Isuzu Motors Ltd.(a)(b)		1,017,000		4,034,445
Japan Tobacco, Inc.(a)(b)		5,905		21,348,848
JFE Holdings, Inc.(a)		397,900		11,650,335
JX Holdings, Inc.(a)		1,377,300		9,253,507
Konica Minolta Holdings, Inc.(a)		657,500		5,525,678
Mitsubishi Corp.(a)		369,200		10,237,333
Mitsubishi Electric Corp.(a)		600,000		7,061,146
Mitsubishi Gas Chemical Co., Inc.(a)		851,000		6,100,995
Mitsubishi UFJ Financial Group, Inc.(a)(b)		1,475,200		6,797,223
Mitsui & Co., Ltd.(a)(b)		368,000		6,588,624
Mitsui Fudosan Co., Ltd.(a)		311,000		5,112,358
NGK Spark Plug Co., Ltd.(a)(b)		359,000		4,907,777
Nippon Express Co., Ltd.(a)(b)		1,338,000		5,132,533
Nippon Telegraph & Telephone Corp.(a)		419,200		18,723,544
Nissan Motor Co., Ltd.(a)		2,119,000		18,823,132
ORIX Corp.(a)(b)		93,400		8,754,700
Sharp Corp.(a)(b)		1,146,000		11,368,394
Sony Corp.(a)		301,300		9,610,276
Sumco Corp.(a)(b)(c)		227,000		4,565,110
Sumitomo Electric Industries Ltd.(a)		850,600		11,780,086
Sumitomo Mitsui Financial Group, Inc.(a)		410,600		12,738,990
Sumitomo Rubber Industries, Ltd.(a)		292,600		2,978,668
Tokyo Electric Power Co., Inc. (The)(a)(b)		1,172,100		6,532,906
Tokyo Gas Co., Ltd.(a)(b)		795,000		3,626,303
Toshiba Corp.(a)		1,962,000		9,593,399
Toyota Motor Corp.(a)		557,100		22,108,109
Total				306,648,806
KOREA (2.0%)
Hana Financial Group, Inc.(a)		127,800		5,518,688
KB Financial Group, Inc.(a)		92,000		4,812,554
LG Display Co., Ltd.(a)		64,200		2,012,101
LG Electronics, Inc.(a)		59,161		5,657,066
Samsung Electronics Co., Ltd.(a)		10,570		8,962,997
Total				26,963,406
NETHERLANDS (4.2%)
Aegon NV(a)(c)		1,333,000		9,982,146
ING Groep NV-CVA(a)(c)		2,238,900		28,337,775
Koninklijke Ahold NV(a)		612,100		8,213,185
Koninklijke DSM NV(a)		149,432		9,181,503
Total				55,714,609

Issuer	Shares		Value
Common Stocks (continued)
NORWAY (0.9%)
DnB NOR ASA(a)		230,212	$	3,532,117
Telenor ASA(a)		483,600		7,957,615
Total				11,489,732
POLAND (0.6%)
KGHM Polska Miedz SA(a)		120,200		7,627,849
PORTUGAL (0.7%)
EDP-Energias de Portugal SA(a)		2,449,000		9,537,542
RUSSIAN FEDERATION (1.1%)
Gazprom OAO, ADR(a)(b)		273,400		8,849,958
LUKOIL OAO, ADR(a)(b)		73,150		5,241,198
Total				14,091,156
SINGAPORE (0.4%)
SembCorp Industries Ltd.(a)		1,154,000		4,771,747
SWITZERLAND (4.2%)
Clariant AG(a)(c)		215,400		3,885,877
Novartis AG(a)(b)		475,600		25,796,834
Roche Holding AG(a)		115,000		16,426,783
UBS AG(a)(c)		548,704		9,845,010
Total				55,954,504
TAIWAN (0.6%)
AU Optronics Corp.(a)(c)		5,294,000		4,610,661
Lite-On Technology Corp.(a)		2,628,073		3,234,558
Total				7,845,219
TURKEY (0.6%)
Turkiye Is Bankasi, Series C(a)		1,064,400		3,405,418
Turkiye Vakiflar Bankasi Tao, Series D(a)		1,600,800		4,001,871
Total				7,407,289
UNITED KINGDOM (20.6%)
AstraZeneca PLC(a)		751,800		34,528,837
Aviva PLC(a)		1,825,100		12,671,622
BAE Systems PLC(a)		2,761,100		14,390,972
Barclays PLC(a)		3,261,700		14,522,572
BP PLC(a)		2,878,900		20,967,213
Cookson Group PLC(a)(c)		479,200		5,300,409
Firstgroup PLC(a)		506,100		2,649,181
GKN PLC(a)		3,182,500		10,256,676
Imperial Tobacco Group PLC(a)		628,700		19,434,951
Inchcape PLC(a)(c)		1,068,219		5,936,035
Informa PLC(a)		1,081,100		7,226,827

Issuer	Shares		Value
Common Stocks (continued)
UNITED KINGDOM (CONTINUED)
Lloyds Banking Group PLC(a)(c)		6,537,400	$	6,092,068
Rentokil Initial PLC(a)(c)		3,490,900		5,040,089
Rio Tinto PLC(a)		528,600		37,133,030
Royal Dutch Shell PLC, Class A(a)		941,724		34,226,091
Vodafone Group PLC(a)		10,024,500		28,383,485
Xstrata PLC(a)		588,946		13,765,542
Total				272,525,600
Total Common Stocks (Cost: $1,139,618,898)			$	1,291,381,646

	Shares		Value
Money Market Fund (2.5%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		33,567,984	$	33,567,984
Total Money Market Fund (Cost: $33,567,984)			$	33,567,984

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (9.7%)
Asset-Backed Commercial Paper (1.4%)
Antalis US Funding Corp.
05/23/11		0.340	%	$	4,997,450	$	4,997,450
Ebbets Funding LLC
04/12/11		0.480	%		4,997,866		4,997,866
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559
05/10/11		0.395	%		1,998,025		1,998,025
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		1,997,342		1,997,342
Rheingold Securitization
04/28/11		0.551	%		1,997,250		1,997,250
Total							18,485,492
Certificates of Deposit (2.4%)
Barclays Bank PLC
06/15/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
06/07/11		0.400	%		2,000,000		2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		1,000,000		1,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		3,000,000		3,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
KBC Bank NV
04/22/11		0.450	%	$	5,000,000	$	5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		999,086		999,086
06/08/11		0.340	%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		5,000,000		5,000,000
Norinchukin Bank
05/13/11		0.350	%		3,000,000		3,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		2,000,000		2,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		1,000,000		1,000,000
Total							31,999,086
Commercial Paper (0.4%)
Suncorp Metway Ltd.
04/27/11		0.300	%		4,998,542		4,998,542
Money Market Fund (0.3%)
JP Morgan Prime Money Market Fund, 0.010%(e)					4,000,000		4,000,000
Other Short-Term Obligations (0.2%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		2,000,000		2,000,000
Repurchase Agreements (5.0%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11,
repurchase price $3,000,338(f)
		0.270	%		3,000,000		3,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $40,000,256(f)
		0.230	%		40,000,000		40,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $353,744(f)
		0.160	%		353,742		353,742
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11,
repurchase price $10,000,081(f)
		0.290	%		10,000,000		10,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11,
repurchase price $8,001,200(f)
		0.300	%	$	8,000,000	$	8,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11,
repurchase price $5,000,031(f)
		0.220	%		5,000,000		5,000,000
Total							66,353,742
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $127,836,862)							$127,836,862
Total Investments (Cost: $1,301,023,744)(g)						$	1,452,786,492(h)
Other Assets & Liabilities, Net							(130,568,160)
Net Assets							$1,322,218,332

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of net
Industry	assets			Value
Aerospace & Defense		1.1	%	$	14,390,972
Auto Components		3.4			45,421,773
Automobiles		4.6			60,837,996
Beverages		0.5			6,642,086
Building Products		2.1			27,257,252
Capital Markets		0.9			12,233,917
Chemicals		2.3			30,453,511
Commercial Banks		14.7			194,755,173
Commercial Services & Supplies		0.4			5,040,089
Computers & Peripherals		1.6			21,474,067
Construction & Engineering		1.9			24,788,854
Construction Materials		0.1			1,271,383
Containers & Packaging		0.3			3,179,862
Distributors		0.5			5,936,035
Diversified Financial Services		3.1			40,932,790
Diversified Telecommunication Services		5.2			68,969,509
Electric Utilities		3.0			39,644,774
Electrical Equipment		1.8			24,217,204
Electronic Equipment, Instruments & Components		0.5			6,622,762
Energy Equipment & Services		0.4			5,143,942
Food & Staples Retailing		1.7			22,420,644
Gas Utilities		0.3			3,626,303
Household Durables		2.1			27,539,114
Industrial Conglomerates		0.8			10,072,155
Insurance		4.7			61,643,292
IT Services		1.2			15,470,361
Media		2.9			37,993,723
Metals & Mining		7.5			100,147,431
Office Electronics		0.4			5,525,678
Oil, Gas & Consumable Fuels		10.1			133,592,871
Pharmaceuticals		6.7			88,454,805
Real Estate Management & Development		1.4			19,080,315
Road & Rail		1.1			15,083,777
Semiconductors & Semiconductor Equipment		1.0			13,528,107
Specialty Retail		0.8			10,178,247
Textiles, Apparel & Luxury Goods		0.1			1,817,631
Tobacco		3.1			40,783,799
Trading Companies & Distributors		1.3			16,825,957
Wireless Telecommunication Services		2.1			28,383,485
Other(1)		12.2			161,404,846
Total				$	1,452,786,492

⁽¹⁾  Cash & Cash Equivalents.

The industires identified above are based on the Global Industry Classification Standard (GICS), which was develpoed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

At March 31, 2011, $1,069,784 was held in a margin deposit account as collateral to cover initial margin requirements on open stock index futures contracts.

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts		Notional		Expiration	Unrealized		Unrealized
Contract Description	Long (Short)		Market Value		Date	Appreciation		Depreciation
EURO STOXX 50		336	$	13,542,531	June 2011	$	245,760	$	—

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		be Received		Appreciation		Depreciation
J.P. Morgan Securities, Inc.	May 16, 2011		73,774,000		74,544,537	$	—	$	(1,479,785	)
		(CAD)		(USD)
J.P. Morgan Securities, Inc.	May 16, 2011		15,423,000		21,889,401		49,655		—
		(EUR)		(USD)
J.P. Morgan Securities, Inc.	May 16, 2011		408,910,000		4,885,658		—		(31,535	)
		(JPY)		(USD)
J.P. Morgan Securities, Inc.	May 16, 2011		2,561,206,000		31,217,469		418,654		—
		(JPY)		(USD)
J.P. Morgan Securities, Inc.	May 16, 2011		37,171,000		6,646,652		—		(59,340	)
		(NOK)		(USD)
J.P. Morgan Securities, Inc.	May 16, 2011		45,639,282		45,486,000		1,159,012		—
		(USD)		(AUD)
J.P. Morgan Securities, Inc.	May 16, 2011		6,231,776		5,952,000		250,148		—
		(USD)		(CHF)
J.P. Morgan Securities, Inc.	May 16, 2011		32,012,712		28,911,000		—		(527,684	)
		(USD)		(CHF)
J.P. Morgan Securities, Inc.	May 16, 2011		42,424,988		26,098,000		—		(580,560	)
		(USD)		(GBP)
J.P. Morgan Securities, Inc.	May 16, 2011		27,605,675		178,715,000		646,896		—
		(USD)		(SEK)
Total						$	2,524,365	$	(2,678,904	)

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 97.67% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Non-income producing.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	33,511,746	$	81,334,206	$	(81,277,968	)	$	—	$	33,567,984	$	14,702	$	33,567,984

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	198,778
Arabella Ltd		282,597
BP Capital Markets PLC		102,440
BPCE		399,985
Dexia Delaware LLC		457,763
Electricite De France		359,831
European Investment Bank		285,480
Nationwide Building		195,614
Skandin Ens Banken AG		347,798
Societe Generale		519,714
Total Market Value of Collateral Securities	$	3,150,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	5,555
Fannie Mae Interest Strip		2,161,907
Fannie Mae Pool		19,041,425
Fannie Mae Principal Strip		203,762
Fannie Mae REMICS		634,056
Federal Farm Credit Bank		363,689
Federal Home Loan Banks		539,625
Federal Home Loan Mortgage Corp		316,138
Federal National Mortgage Association		247,277
FHLMC Structured Pass Through Securities		110,726
Freddie Mac Coupon Strips		2,396
Freddie Mac Gold Pool		2,698,517
Freddie Mac Non Gold Pool		8,176,267
Freddie Mac REMICS		809,978
Freddie Mac Strips		210,630
Ginnie Mae I Pool		572,257
Ginnie Mae II Pool		1,740,726
Government National Mortgage Association		675,964
LMA SA & LMA Americas		1,914
Metlife Short Term Funding		2,628
Sanofi-Aventis		8,170
Silver Tower US Fund		1,824
Suncorp-Metway Ltd		5,608
United States Treasury Inflation Indexed Bonds		120,180
United States Treasury Strip Coupon		1,958,242
United States Treasury Strip Principal		190,543
Total Market Value of Collateral Securities	$	40,800,004
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	360,817
Total Market Value of Collateral Securities	$	360,817
MF Global Holdings Ltd. (0.290%)
Security Description	Value
Fannie Mae REMICS	$	219,666
Freddie Mac Gold Pool		6,389,591
Freddie Mac REMICS		141,484
Ginnie Mae I Pool		636,847
Ginnie Mae II Pool		2,632,940
Government National Mortgage Association		179,527
Total Market Value of Collateral Securities	$	10,200,055
Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)
Security Description	Value
Breeds Hill Capital Ltd	$	3,818,703
LMA SA & LMA Americas		129,095
Metlife Short Term Funding		1,135,373
Sanofi-Aventis		1,188,830
Silver Tower US Fund		1,131,787
Suncorp-Metway Ltd		996,212
Total Market Value of Collateral Securities	$	8,400,000
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(g)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,301,024,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	179,093,000
Unrealized Depreciation		(27,331,000	)
Net Unrealized Appreciation	$	151,762,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	Korean Won
NOK	Norwegian Krone
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	26,726,767	$	162,997,752		$	—	$	189,724,519
Consumer Staples		—		69,846,529			—		69,846,529
Energy		25,894,158		112,842,655			—		138,736,813
Financials		21,057,882		307,587,606			—		328,645,488
Health Care		—		88,454,804			—		88,454,804
Industrials		—		137,676,260			—		137,676,260
Information Technology		—		62,620,975			—		62,620,975
Materials		20,321,198		114,730,991			—		135,052,189
Telecommunication Services		—		97,352,993			—		97,352,993
Utilities		—		43,271,076			—		43,271,076
Total Equity Securities		94,000,005		1,197,381,641			—		1,291,381,646
Other
Affiliated Money Market Fund(c)		33,567,984		—			—		33,567,984
Investments of Cash Collateral Received for Securities on Loan		4,000,000		123,836,862			—		127,836,862
Total Other		37,567,984		123,836,862			—		161,404,846
Investments in Securities		131,567,989		1,321,218,503			—		1,452,786,492
Derivatives(d)
Assets
Futures Contracts		245,760		—			—		245,760
Forward Foreign Currency Exchange Contracts		—		2,524,365			—		2,524,365
Liabilities
Forward Foreign Currency Exchange Contracts		—		(2,678,904	)		—		(2,678,904	)
Total	$	131,813,749	$	1,321,063,964		$	—	$	1,452,877,713

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.
(d)	Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio – American Century Diversified Bond Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (27.8%)
AEROSPACE & DEFENSE (0.1%)
Lockheed Martin Corp.
Senior Unsecured(a)
11/15/19		4.250	%	$	1,420,000	$	1,432,052
Northrop Grumman Corp.
Senior Unsecured
08/01/14		3.700	%		500,000		523,251
Total							1,955,303
AGENCIES (1.3%)
Ally Financial, Inc.
FDIC Government Guaranty(a)
10/30/12		1.750	%		10,000,000		10,167,370
General Electric Capital Corp.
FDIC Government Guaranty
12/28/12		2.625	%		10,000,000		10,313,310
JPMorgan Chase & Co.
FDIC Government Guaranty
06/15/12		2.200	%		7,000,000		7,156,905
Total							27,637,585
AUTOMOTIVE (0.2%)
American Honda Finance Corp.
Senior Unsecured(b)
09/21/15		2.500	%		2,500,000		2,457,193
Nissan Motor Acceptance Corp.
Senior Unsecured(b)
01/30/13		3.250	%		1,000,000		1,021,575
Total							3,478,768
BANKING (6.8%)
American Express Centurion Bank
09/13/17		6.000	%		3,000,000		3,342,048
Senior Unsecured
10/17/12		5.550	%		1,000,000		1,059,733
American Express Co.
Senior Unsecured(a)
05/20/14		7.250	%		2,050,000		2,331,750
American Express Credit Corp.
Senior Unsecured
09/15/15		2.750	%		680,000		667,714
BB&T Corp.
Senior Unsecured
03/15/16		3.200	%		1,910,000		1,896,926
BB&T Corp.(a)
Senior Unsecured
04/30/14		5.700	%		722,000		797,201
BNP Paribas
Bank Guaranteed(c)
02/23/16		3.600	%		1,300,000		1,302,205
Bank of America Corp.
Senior Unsecured
05/01/13		4.900	%		1,960,000		2,068,314
04/01/15		4.500	%		2,330,000		2,419,493
08/01/16		6.500	%		5,500,000		6,086,432
07/01/20		5.625	%		2,670,000		2,726,315

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
BANKING (CONTINUED)
Bank of America NA
Subordinated Notes
03/15/17		5.300	%	$	2,000,000	$	2,053,332
Barclays Bank PLC
Senior Unsecured(a)(c)
09/22/16		5.000	%		1,500,000		1,590,271
Capital One Bank USA NA
Subordinated Notes
07/15/19		8.800	%		1,000,000		1,257,361
Capital One Financial Corp.
Senior Unsecured(a)
02/21/12		4.800	%		1,650,000		1,706,209
Citigroup, Inc.
Senior Unsecured
12/13/13		6.000	%		2,670,000		2,903,160
01/15/15		6.010	%		6,110,000		6,677,100
05/19/15		4.750	%		2,000,000		2,096,408
05/15/18		6.125	%		5,930,000		6,467,916
07/15/39		8.125	%		750,000		940,135
Credit Suisse(a)
Senior Unsecured
05/01/14		5.500	%		1,560,000		1,709,927
03/23/15		3.500	%		3,000,000		3,063,600
Deutsche Bank AG
Senior Unsecured(c)
08/18/14		3.875	%		2,000,000		2,085,370
Fifth Third Bancorp
Senior Unsecured(a)
05/01/13		6.250	%		1,780,000		1,930,793
Goldman Sachs Group, Inc. (The)
Senior Notes
08/01/15		3.700	%		1,570,000		1,581,585
02/01/41		6.250	%		960,000		956,024
Senior Unsecured
02/07/16		3.625	%		2,380,000		2,357,511
02/15/19		7.500	%		2,880,000		3,334,592
03/15/20		5.375	%		4,300,000		4,365,940
Goldman Sachs Group, Inc. (The)(a)
Senior Unsecured
01/15/15		5.125	%		3,950,000		4,220,891
HSBC Bank PLC
Senior Notes(b)(c)
06/28/15		3.500	%		890,000		901,314
HSBC Holdings PLC(c)
Subordinated Notes
06/01/38		6.800	%		750,000		785,332
HSBC Holdings PLC(c)(d)
Senior Unsecured
04/05/21		5.100	%		770,000		773,951
Huntington Bancshares, Inc.
Subordinated Notes(a)
12/15/20		7.000	%		360,000		397,443
JPMorgan Chase & Co.
Senior Unsecured
03/01/16		3.450	%		3,500,000		3,487,501
10/02/17		6.400	%		900,000		1,011,044
01/15/18		6.000	%		2,875,000		3,152,391
03/25/20		4.950	%		2,900,000		2,948,288

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
BANKING (CONTINUED)
JPMorgan Chase & Co.(a)
Senior Unsecured
01/20/15		3.700	%	$	6,000,000	$	6,172,284
KeyBank NA
FDIC Government Guaranty(a)
06/15/12		3.200	%		7,500,000		7,745,557
Lloyds TSB Bank PLC
Bank Guaranteed(a)(c)
01/21/16		4.875	%		1,250,000		1,288,905
Morgan Stanley
Senior Unsecured
11/20/14		4.200	%		1,500,000		1,548,604
04/28/15		6.000	%		2,800,000		3,049,497
04/01/18		6.625	%		2,930,000		3,220,410
07/24/20		5.500	%		1,980,000		1,978,608
01/25/21		5.750	%		2,380,000		2,402,124
Morgan Stanley(a)
Senior Unsecured
09/23/19		5.625	%		2,000,000		2,029,989
National Australia Bank Ltd.
Senior Unsecured(a)(b)(c)
09/28/15		2.750	%		900,000		884,656
PNC Bank NA
Subordinated Notes
12/07/17		6.000	%		2,200,000		2,435,470
PNC Funding Corp.
Bank Guaranteed
02/08/15		3.625	%		660,000		682,339
09/21/15		4.250	%		500,000		525,808
Royal Bank of Scotland PLC (The)
Bank Guaranteed(a)(c)
09/21/15		3.950	%		2,370,000		2,365,583
SunTrust Banks, Inc.
Senior Unsecured
04/15/16		3.600	%		300,000		298,211
U.S. Bancorp
02/01/16		3.442	%		1,190,000		1,186,398
U.S. Bancorp(a)
Senior Unsecured
06/14/13		2.000	%		670,000		679,415
UBS AG
Senior Unsecured
08/12/13		2.250	%		1,000,000		1,009,681
12/20/17		5.875	%		4,140,000		4,520,702
04/25/18		5.750	%		500,000		538,648
Wells Fargo & Co.
Senior Unsecured
12/11/17		5.625	%		3,000,000		3,276,654
Wells Fargo & Co.(a)
04/01/21		4.600	%		1,920,000		1,898,698
Wells Fargo & Co.(e)
Senior Unsecured
06/15/16		3.676	%		1,430,000		1,438,451
Westpac Banking Corp.
Senior Unsecured(a)(c)
08/04/15		3.000	%		1,050,000		1,047,394
Total							141,677,606

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
BROKERAGE (0.1%)
Jefferies Group, Inc.
Senior Unsecured
07/15/19		8.500	%	$	590,000	$	696,022
04/15/21		6.875	%		500,000		531,066
Total							1,227,088
CHEMICALS (0.4%)
CF Industries, Inc.
05/01/18		6.875	%		2,000,000		2,240,000
Dow Chemical Co. (The)
Senior Unsecured
08/15/12		4.850	%		500,000		523,784
02/15/15		5.900	%		2,180,000		2,416,223
02/15/16		2.500	%		1,750,000		1,684,506
Mosaic Co. (The)
Senior Unsecured(a)(b)
12/01/16		7.625	%		1,000,000		1,080,000
Total							7,944,513
CONSTRUCTION MACHINERY (0.1%)
Deere & Co.
Senior Unsecured(a)
10/16/29		5.375	%		1,450,000		1,531,400
John Deere Capital Corp.
Senior Unsecured
06/17/13		1.875	%		1,000,000		1,012,791
Total							2,544,191
CONSUMER CYCLICAL SERVICES (0.2%)
Corrections Corp. of America
06/01/17		7.750	%		2,950,000		3,204,438
CONSUMER PRODUCTS (0.1%)
Jarden Corp.(a)
05/01/16		8.000	%		2,000,000		2,187,500
Kimberly-Clark Corp.
Senior Unsecured
11/01/18		7.500	%		400,000		499,198
Total							2,686,698
DIVERSIFIED MANUFACTURING (0.4%)
General Electric Co.
Senior Unsecured
02/01/13		5.000	%		3,000,000		3,196,004
12/06/17		5.250	%		2,300,000		2,504,698
United Technologies Corp.
Senior Unsecured
02/01/19		6.125	%		1,250,000		1,458,157
04/15/40		5.700	%		710,000		760,597
Total							7,919,456

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
ELECTRIC (1.2%)
AES Corp. (The)
Senior Unsecured(a)
10/15/17		8.000	%	$	2,800,000	$	3,010,000
CMS Energy Corp.
Senior Unsecured
06/15/19		8.750	%		2,700,000		3,223,125
Cleveland Electric Illuminating Co. (The)
Senior Unsecured
04/01/17		5.700	%		571,000		607,204
Consolidated Edison Co. of New York, Inc.
Senior Unsecured
07/01/12		5.625	%		1,700,000		1,792,738
Dominion Resources, Inc.
Senior Unsecured
06/15/18		6.400	%		2,590,000		2,957,024
Duke Energy Carolinas LLC
11/15/18		7.000	%		700,000		838,925
Duke Energy Corp.
Senior Unsecured
09/15/14		3.950	%		3,000,000		3,146,625
Edison International
Senior Unsecured
09/15/17		3.750	%		1,200,000		1,181,008
Exelon Generation Co. LLC
Senior Unsecured(a)
10/01/19		5.200	%		1,370,000		1,388,379
FirstEnergy Solutions Corp.(a)
08/15/21		6.050	%		2,710,000		2,808,115
Florida Power Corp.
1st Mortgage
09/15/37		6.350	%		1,000,000		1,117,997
Niagara Mohawk Power Corp.
Senior Unsecured(b)
08/15/19		4.881	%		700,000		735,603
PacifiCorp
1st Mortgage
01/15/39		6.000	%		1,000,000		1,075,452
Pacific Gas & Electric Co.
Senior Unsecured
03/01/37		5.800	%		1,650,000		1,668,066
Total							25,550,261
ENTERTAINMENT (0.3%)
Time Warner, Inc.
07/15/15		3.150	%		1,530,000		1,547,357
05/01/32		7.700	%		1,500,000		1,749,237
07/15/40		6.100	%		1,060,000		1,037,520
Time Warner, Inc.(a)
03/15/20		4.875	%		2,000,000		2,039,318
Total							6,373,432

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
ENVIRONMENTAL (0.3%)
Republic Services, Inc.
09/15/19		5.500	%	$	1,900,000	$	2,038,878
Republic Services, Inc.(a)
03/01/20		5.000	%		2,000,000		2,070,548
Waste Management, Inc.(a)
06/30/20		4.750	%		2,000,000		2,031,266
Total							6,140,692
FOOD AND BEVERAGE (1.1%)
Anheuser-Busch InBev Worldwide, Inc.(c)
11/15/14		5.375	%		400,000		440,790
01/15/19		7.750	%		1,900,000		2,337,585
11/15/19		6.875	%		3,000,000		3,543,768
General Mills, Inc.
Senior Unsecured
08/15/13		5.250	%		3,000,000		3,259,917
Kellogg Co.
Senior Unsecured
05/30/16		4.450	%		1,000,000		1,071,438
Kraft Foods, Inc.
Senior Unsecured
02/10/20		5.375	%		4,750,000		5,014,794
02/09/40		6.500	%		1,475,000		1,564,868
Mead Johnson Nutrition Co.
Senior Unsecured
11/01/14		3.500	%		1,500,000		1,548,566
11/01/39		5.900	%		1,000,000		1,032,303
PepsiCo, Inc.
Senior Unsecured
11/01/40		4.875	%		450,000		421,203
SABMiller PLC
Senior Unsecured(b)(c)
08/15/13		5.500	%		830,000		902,056
Tyson Foods, Inc.(e)
04/01/16		6.850	%		1,000,000		1,117,500
Total							22,254,788
GAMING (0.1%)
International Game Technology
Senior Unsecured
06/15/20		5.500	%		1,000,000		1,018,695
GAS DISTRIBUTORS (0.2%)
Sempra Energy
Senior Unsecured
06/01/16		6.500	%		1,675,000		1,911,676
02/15/19		9.800	%		1,000,000		1,327,666
Total							3,239,342

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
GAS PIPELINES (1.3%)
CenterPoint Energy Resources Corp.
Senior Unsecured
02/01/37		6.250	%	$	255,000	$	259,314
El Paso Corp.
Senior Unsecured
06/01/18		7.250	%		2,800,000		3,146,500
Enbridge Energy Partners LP
Senior Unsecured
03/15/20		5.200	%		2,000,000		2,079,096
09/15/40		5.500	%		1,200,000		1,119,368
Enterprise Products Operating LLC
06/01/15		3.700	%		1,000,000		1,030,288
09/01/20		5.200	%		4,770,000		4,920,126
02/01/41		5.950	%		1,190,000		1,157,466
Kinder Morgan Energy Partners LP
Senior Unsecured
02/15/20		6.850	%		2,000,000		2,291,396
09/01/39		6.500	%		1,200,000		1,229,854
Kinder Morgan Energy Partners LP(a)
Senior Unsecured
09/15/20		5.300	%		1,050,000		1,089,461
Magellan Midstream Partners LP
Senior Unsecured
07/15/19		6.550	%		1,480,000		1,687,622
Nisource Finance Corp.(a)
12/15/40		6.250	%		770,000		786,132
Plains All American Pipeline LP/Finance Corp.
09/01/12		4.250	%		800,000		830,427
09/15/15		3.950	%		580,000		598,123
05/01/19		8.750	%		2,000,000		2,502,100
TransCanada PipeLines Ltd.
Senior Unsecured(c)
10/01/20		3.800	%		820,000		789,317
Williams Partners LP
Senior Unsecured
02/15/15		3.800	%		250,000		258,795
11/15/20		4.125	%		1,570,000		1,494,453
Total							27,269,838
HEALTH CARE (0.8%)
Baxter International, Inc.
Senior Unsecured
09/01/16		5.900	%		500,000		576,012
Boston Scientific Corp.
Senior Unsecured(a)
01/15/15		4.500	%		1,000,000		1,031,386
CareFusion Corp.
Senior Unsecured
08/01/12		4.125	%		1,350,000		1,394,514
Covidien International Finance SA(a)(c)
06/15/13		1.875	%		2,000,000		2,019,871
Express Scripts, Inc.
06/15/12		5.250	%		2,500,000		2,619,422
06/15/19		7.250	%		3,493,000		4,170,947

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
HEALTH CARE (CONTINUED)
HCA, Inc.
Senior Secured
02/15/20		7.875	%	$	2,000,000	$	2,175,000
Medco Health Solutions, Inc.
Senior Unsecured
08/15/13		7.250	%		2,269,000		2,541,157
Medco Health Solutions, Inc.(a)
Senior Unsecured
09/15/20		4.125	%		1,040,000		1,002,477
Total							17,530,786
HEALTHCARE INSURANCE (—%)
WellPoint, Inc.
Senior Unsecured
08/15/40		5.800	%		500,000		491,650
HOME CONSTRUCTION (—%)
Toll Brothers Finance Corp.
11/01/19		6.750	%		500,000		516,366
Toll Brothers Finance Corp.(a)
11/15/12		6.875	%		450,000		476,625
Total							992,991
INDEPENDENT ENERGY (0.7%)
Anadarko Petroleum Corp.
Senior Unsecured
09/15/16		5.950	%		2,500,000		2,718,462
Anadarko Petroleum Corp.(a)
Senior Unsecured
09/15/36		6.450	%		1,000,000		998,709
Apache Corp.
Senior Unsecured
02/01/42		5.250	%		640,000		607,129
Chesapeake Energy Corp.
07/15/13		7.625	%		970,000		1,086,400
EOG Resources, Inc.
Senior Unsecured
06/01/19		5.625	%		750,000		822,896
Newfield Exploration Co.
Senior Subordinated Notes
02/01/20		6.875	%		2,510,000		2,648,050
Nexen, Inc.
Senior Unsecured(a)(c)
07/30/19		6.200	%		1,840,000		2,034,229
Talisman Energy, Inc.
Senior Unsecured(c)
06/01/19		7.750	%		2,600,000		3,172,484
Total							14,088,359
INTEGRATED ENERGY (0.7%)
BP Capital Markets PLC(a)(c)
10/01/20		4.500	%		970,000		962,586
BP Capital Markets PLC(c)
03/11/16		3.200	%		1,230,000		1,224,571

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
INTEGRATED ENERGY (CONTINUED)
Cenovus Energy, Inc.
Senior Unsecured(c)
09/15/14		4.500	%	$	1,000,000	$	1,073,782
ConocoPhillips
02/01/19		5.750	%		4,000,000		4,527,396
Hess Corp.
Senior Unsecured
01/15/40		6.000	%		940,000		950,231
Shell International Finance BV(a)(c)
09/22/15		3.250	%		1,225,000		1,264,566
Shell International Finance BV(c)
06/28/15		3.100	%		3,000,000		3,074,073
Suncor Energy, Inc.
Senior Unsecured(c)
06/01/18		6.100	%		1,753,000		1,979,539
Total							15,056,744
LIFE INSURANCE (0.6%)
Hartford Financial Services Group, Inc.
Senior Unsecured
03/30/15		4.000	%		1,510,000		1,532,916
03/15/18		6.300	%		1,040,000		1,116,373
Lincoln National Corp.
Senior Unsecured(a)
02/15/20		6.250	%		1,515,000		1,670,054
MetLife, Inc.
Senior Unsecured
06/01/16		6.750	%		3,000,000		3,467,832
Prudential Financial, Inc.
11/15/40		6.200	%		510,000		529,797
Senior Unsecured
09/17/12		3.625	%		750,000		772,418
Prudential Financial, Inc.(a)
Senior Unsecured
06/15/19		7.375	%		3,000,000		3,522,348
Total							12,611,738
MEDIA CABLE (1.3%)
CSC Holdings LLC
Senior Unsecured
04/15/12		6.750	%		300,000		311,250
Comcast Corp.
05/15/18		5.700	%		500,000		544,260
Comcast Corp.(a)
03/01/20		5.150	%		5,060,000		5,267,263
DIRECTV Holdings LLC/Financing Co., Inc.
10/01/14		4.750	%		1,500,000		1,615,158
03/15/15		3.550	%		4,700,000		4,802,286
03/01/21		5.000	%		3,000,000		3,010,560
DISH DBS Corp.(a)
10/01/13		7.000	%		650,000		702,000
Time Warner Cable, Inc.
07/02/12		5.400	%		2,200,000		2,313,357
07/01/18		6.750	%		4,200,000		4,771,288

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
MEDIA CABLE (continued)
Virgin Media Secured Finance PLC(a)(b)(c)
Senior Secured
01/15/21		5.250	%	$	950,000	$	953,237
Virgin Media Secured Finance PLC(c)
Senior Secured
01/15/18		6.500	%		3,380,000		3,692,650
Total							27,983,309
MEDIA NON-CABLE (0.5%)
CBS Corp.(a)
02/15/21		4.300	%		360,000		339,702
Interpublic Group of Companies, Inc. (The)
Senior Unsecured
07/15/17		10.000	%		1,500,000		1,785,000
Lamar Media Corp.
04/01/14		9.750	%		1,500,000		1,732,500
NBCUniversal Media LLC(a)(b)
Senior Unsecured
04/01/41		5.950	%		600,000		574,960
NBCUniversal Media LLC(b)
Senior Unsecured
04/30/20		5.150	%		920,000		948,197
04/01/21		4.375	%		2,420,000		2,316,884
News America, Inc.
08/15/39		6.900	%		1,590,000		1,726,325
Omnicom Group, Inc.
Senior Unsecured
08/15/20		4.450	%		1,990,000		1,959,967
Total							11,383,535
METALS (0.8%)
Anglo American Capital PLC(a)(b)(c)
09/27/20		4.450	%		250,000		250,113
Anglo American Capital PLC(b)(c)
04/08/19		9.375	%		1,000,000		1,332,417
AngloGold Ashanti Holdings PLC(c)
04/15/20		5.375	%		1,755,000		1,780,156
ArcelorMittal(a)
Senior Unsecured
03/01/21		5.500	%		1,000,000		985,407
ArcelorMittal(a)(c)
Senior Unsecured
06/01/19		9.850	%		1,480,000		1,877,753
08/05/20		5.250	%		1,345,000		1,315,423
Freeport-McMoRan Copper & Gold, Inc.
Senior Unsecured
04/01/17		8.375	%		1,500,000		1,653,750
Newmont Mining Corp.
10/01/39		6.250	%		1,060,000		1,123,778
Peabody Energy Corp.
09/15/20		6.500	%		1,000,000		1,072,500
Rio Tinto Finance USA Ltd.(a)(c)
05/01/19		9.000	%		750,000		985,590
11/02/20		3.500	%		680,000		633,895
Vale Overseas Ltd.(a)(c)
09/15/19		5.625	%		2,100,000		2,199,160
09/15/20		4.625	%		400,000		389,152
Total							15,599,094

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
NON-CAPTIVE CONSUMER (0.4%)
American International Group, Inc.
Senior Unsecured
01/16/18		5.850	%	$	2,500,000	$	2,604,090
08/15/18		8.250	%		1,650,000		1,929,739
HSBC Finance Corp.
Senior Unsecured(a)
07/15/13		4.750	%		600,000		639,949
SLM Corp.
Senior Notes
01/25/16		6.250	%		1,000,000		1,042,500
Senior Unsecured
10/01/13		5.000	%		1,750,000		1,811,408
Total							8,027,686
NON-CAPTIVE DIVERSIFIED (0.8%)
Ford Motor Credit Co. LLC
Senior Unsecured
10/01/13		7.000	%		250,000		269,867
General Electric Capital Corp.
09/15/17		5.625	%		2,000,000		2,170,250
Senior Unsecured
11/14/14		3.750	%		4,000,000		4,167,564
11/09/15		2.250	%		2,000,000		1,921,334
08/07/19		6.000	%		4,100,000		4,476,240
01/10/39		6.875	%		750,000		836,995
Subordinated Notes
02/11/21		5.300	%		810,000		822,263
General Electric Capital Corp.(a)
Senior Unsecured
09/16/20		4.375	%		2,250,000		2,186,550
Total							16,851,063
OIL FIELD SERVICES (0.2%)
Transocean, Inc.(a)(c)
11/15/20		6.500	%		900,000		992,287
Weatherford International Ltd.(c)
03/01/19		9.625	%		2,620,000		3,336,774
Total							4,329,061
PACKAGING (0.1%)
Ball Corp.
09/15/20		6.750	%		2,710,000		2,838,725
PAPER (0.2%)
Georgia-Pacific LLC(a)(b)
11/01/20		5.400	%		3,000,000		2,962,419
International Paper Co.
Senior Unsecured(a)
05/15/19		9.375	%		950,000		1,222,798
Total							4,185,217

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
PHARMACEUTICALS (0.5%)
Abbott Laboratories
Senior Unsecured(a)
05/27/40		5.300	%	$	735,000	$	722,098
Amgen, Inc.
Senior Unsecured
06/01/17		5.850	%		950,000		1,081,091
10/01/20		3.450	%		960,000		903,405
Pfizer, Inc.
Senior Unsecured
03/15/39		7.200	%		1,400,000		1,723,655
Roche Holdings, Inc.(b)
03/01/19		6.000	%		3,500,000		3,967,149
Watson Pharmaceuticals, Inc.
Senior Unsecured
08/15/14		5.000	%		1,762,000		1,894,682
Total							10,292,080
PROPERTY & CASUALTY (0.3%)
Allstate Corp. (The)
Senior Unsecured
05/16/19		7.450	%		3,000,000		3,563,511
Berkshire Hathaway Finance Corp.(a)
01/15/21		4.250	%		1,195,000		1,194,560
CNA Financial Corp.
Senior Unsecured(a)
08/15/20		5.875	%		700,000		722,757
Total							5,480,828
RAILROADS (0.2%)
Burlington Northern Santa Fe LLC
Senior Unsecured
03/01/41		5.050	%		700,000		644,394
CSX Corp.
Senior Unsecured
03/15/13		5.750	%		1,000,000		1,077,587
Norfolk Southern Corp.
Senior Unsecured
04/01/18		5.750	%		1,200,000		1,345,267
Union Pacific Corp.
Senior Unsecured
02/15/14		5.125	%		1,000,000		1,091,701
Total							4,158,949
REFINING (0.2%)
Motiva Enterprises LLC(b)
01/15/20		5.750	%		990,000		1,082,315
Valero Energy Corp.(a)
02/01/15		4.500	%		1,970,000		2,073,074
Total							3,155,389

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
REITs (0.8%)
AMB Property LP
12/01/19		6.625	%	$	400,000	$	441,725
AMB Property LP(f)
06/01/13		6.300	%		1,100,000		1,184,052
Boston Properties LP
Senior Unsecured
05/15/21		4.125	%		1,460,000		1,388,616
Developers Diversified Realty Corp.
Senior Unsecured
10/15/12		5.375	%		730,000		756,591
04/15/18		4.750	%		1,000,000		973,409
Digital Realty Trust LP
07/15/15		4.500	%		1,000,000		1,027,103
Digital Realty Trust LP(a)
02/01/20		5.875	%		1,000,000		1,043,732
HCP, Inc.(a)
Senior Unsecured
02/01/16		3.750	%		730,000		733,690
02/01/21		5.375	%		2,025,000		2,045,011
Host Hotels & Resorts, Inc.
11/01/20		6.000	%		940,000		923,550
Kimco Realty Corp.
Senior Unsecured
10/01/19		6.875	%		910,000		1,061,781
ProLogis
Senior Unsecured
03/15/20		6.875	%		40,000		43,769
Reckson Operating Partnership LP
Senior Unsecured
03/15/20		7.750	%		1,615,000		1,813,823
Simon Property Group LP
Senior Unsecured(a)
02/01/20		5.650	%		1,945,000		2,094,512
Ventas Realty LP/Capital Corp.
11/30/15		3.125	%		1,605,000		1,557,076
Total							17,088,440
RESTAURANTS (0.1%)
McDonald’s Corp.
Senior Unsecured
03/01/18		5.350	%		700,000		784,096
Yum! Brands, Inc.
Senior Unsecured(a)
09/15/19		5.300	%		1,718,000		1,822,296
Total							2,606,392
RETAILERS (0.8%)
CVS Caremark Corp.
Senior Unsecured
03/15/19		6.600	%		3,500,000		4,014,780
Home Depot, Inc.(a)
Senior Unsecured
03/01/16		5.400	%		1,610,000		1,780,354
Home Depot, Inc.(d)
Senior Unsecured
04/01/41		5.950	%		850,000		847,632

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
RETAILERS (CONTINUED)
Limited Brands, Inc.
Senior Unsecured
07/15/17		6.900	%	$	1,400,000	$	1,501,500
Macy’s Retail Holdings, Inc.
03/15/12		5.350	%		1,000,000		1,030,000
Macy’s Retail Holdings, Inc.(a)
12/01/16		5.900	%		1,030,000		1,107,250
Staples, Inc.
01/15/14		9.750	%		800,000		960,453
Wal-Mart Stores, Inc.
04/01/40		5.625	%		3,500,000		3,568,131
Senior Unsecured
10/25/40		5.000	%		1,940,000		1,804,390
Total							16,614,490
SUPERMARKETS (0.4%)
Delhaize Group SA(c)
06/15/17		6.500	%		1,867,000		2,099,936
Kroger Co. (The)
06/15/12		6.200	%		1,343,000		1,419,753
Kroger Co. (The)(a)
08/15/17		6.400	%		1,600,000		1,840,901
Safeway, Inc.
Senior Unsecured(a)
08/15/12		5.800	%		2,000,000		2,127,554
Total							7,488,144
TECHNOLOGY (0.6%)
Cisco Systems, Inc.
Senior Unsecured
02/15/39		5.900	%		1,170,000		1,214,068
Intuit, Inc.
Senior Unsecured
03/15/17		5.750	%		1,000,000		1,094,876
Jabil Circuit, Inc.
Senior Unsecured
12/15/20		5.625	%		1,560,000		1,550,250
Jabil Circuit, Inc.(a)
Senior Unsecured
07/15/16		7.750	%		1,610,000		1,827,350
Oracle Corp.
Senior Unsecured
01/15/16		5.250	%		1,000,000		1,111,646
Oracle Corp.(b)
Senior Notes
07/15/40		5.375	%		3,800,000		3,693,179
Xerox Corp.
Senior Unsecured(a)
02/15/15		4.250	%		2,850,000		3,000,052
Total							13,491,421
TEXTILE (0.1%)
Hanesbrands, Inc.(a)
12/15/20		6.375	%		1,540,000		1,501,500

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
TOBACCO (0.1%)
Altria Group, Inc.
02/06/39		10.200	%	$	1,000,000	$	1,418,782
Altria Group, Inc.(a)
08/06/19		9.250	%		525,000		685,163
Total							2,103,945
WIRELESS (0.7%)
America Movil SAB de CV(c)
03/30/20		5.000	%		2,550,000		2,629,292
American Tower Corp
Senior Unsecured
04/01/15		4.625	%		2,300,000		2,387,729
Cellco Partnership/Verizon Wireless Capital LLC
Senior Unsecured
11/15/18		8.500	%		3,400,000		4,368,368
Rogers Communications, Inc.(c)
06/15/13		6.250	%		750,000		826,516
SBA Telecommunications, Inc.
08/15/19		8.250	%		2,000,000		2,210,000
Vodafone Group PLC
Senior Unsecured(a)(c)
12/16/13		5.000	%		2,800,000		3,038,266
Total							15,460,171
WIRELINES (1.7%)
AT&T, Inc.
Senior Unsecured
11/15/13		6.700	%		1,000,000		1,125,642
09/15/14		5.100	%		1,000,000		1,093,555
02/15/39		6.550	%		4,100,000		4,273,176
British Telecommunications PLC(a)(c)
Senior Unsecured
01/15/18		5.950	%		2,500,000		2,758,033
British Telecommunications PLC(c)
Senior Unsecured
01/15/13		5.150	%		1,000,000		1,063,863
CenturyLink, Inc.(a)
Senior Unsecured
09/15/19		6.150	%		1,505,000		1,580,262
09/15/39		7.600	%		1,740,000		1,863,900
Deutsche Telekom International Finance BV(c)
07/22/13		5.250	%		4,000,000		4,313,474
France Telecom SA
Senior Unsecured(c)
07/08/14		4.375	%		1,300,000		1,396,421
Qwest Corp.
Senior Unsecured(e)
03/15/12		8.875	%		1,250,000		1,337,500
Telecom Italia Capital SA(a)(c)
06/18/19		7.175	%		780,000		852,641
Telecom Italia Capital SA(c)
06/04/18		6.999	%		2,950,000		3,207,901
Telefonica Emisiones SAU(c)
07/15/19		5.877	%		1,200,000		1,261,884
02/16/21		5.462	%		1,680,000		1,700,369

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
WIRELINES (CONTINUED)
Verizon Communications, Inc.
Senior Unsecured
04/01/39		7.350	%	$	1,520,000	$	1,771,683
Verizon Communications, Inc.(a)
Senior Unsecured
04/01/19		6.350	%		2,500,000		2,842,688
Windstream Corp.(a)
11/01/17		7.875	%		2,830,000		3,035,175
Total							35,478,167
Total Corporate Bonds & Notes (Cost: $572,299,471)						$	579,012,568
Residential Mortgage-Backed Securities - Agency (25.9%)
Federal Home Loan Mortgage Corp.(g)
11/01/22-06/01/33		5.000	%	$	12,042,232	$	12,749,666
03/01/34-08/01/38		5.500	%		23,944,531		25,693,634
CMO Series 2702 Class AB
07/15/27		4.500	%		1,453,358		1,458,611
Federal National Mortgage Association(d)(g)
04/01/41		4.500	%		20,000,000		20,353,120
04/01/41		6.000	%		9,100,000		9,896,961
04/01/41		6.500	%		7,000,000		7,846,563
Federal National Mortgage Association(g)
10/01/40-12/01/40		4.000	%		29,429,409		29,011,609
07/01/33-11/01/40		4.500	%		53,218,823		54,466,998
11/01/33-08/01/39		5.000	%		81,612,908		85,922,967
04/01/33-01/01/39		5.500	%		104,435,975		112,242,373
08/01/34-09/01/37		6.000	%		38,348,437		41,973,839
Government National Mortgage Association(a)(g)
07/20/39		5.000	%		24,196,977		25,713,071
Government National Mortgage Association(g)
11/20/40		4.000	%		32,690,124		32,742,903
02/15/40-05/15/40		4.500	%		44,770,219		46,353,498
03/15/40-10/20/40		5.000	%		29,612,548		31,480,871
Total Residential Mortgage-Backed Securities - Agency (Cost: $540,431,909)						$	537,906,684
Residential Mortgage-Backed Securities - Non-Agency (3.3%)
Banc of America Mortgage Securities, Inc.
CMO Series 2004-7 Class 7A1(g)
08/25/19		5.000	%	$	1,501,815	$	1,512,192
Chase Mortgage Financial Corp.
CMO Series 2006-S4 Class A3(g)
12/25/36		6.000	%		2,528,195		2,443,155
CitiCorp Mortgage Securities, Inc.
CMO Series 2003-6 Class 1A2(g)
05/25/33		4.500	%		1,476,887		1,506,159
Citigroup Mortgage Loan Trust, Inc.
CMO Series 2005-4 Class A(e)(g)
08/25/35		5.349	%		3,944,716		3,859,368

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non-Agency (continued)
Countrywide Home Loan Mortgage Pass-Through Trust(g)
CMO Series 2003-35 Class 1A3
09/25/18		5.000	%	$	2,674,893	$	2,760,506
CMO Series 2004-5 Class 2A4
05/25/34		5.500	%		849,202		892,302
JP Morgan Mortgage Trust(e)(g)
CMO Series 2005-A4 Class 2A1
07/25/35		2.893	%		3,121,821		2,721,879
CMO Series 2005-S2 Class 3A1
02/25/32		6.782	%		3,585,234		3,666,744
JP Morgan Mortgage Trust(g)
CMO Series 2004-S2 Class 1A3
11/25/19		4.750	%		2,413,442		2,458,252
Provident Funding Mortgage Loan Trust
CMO Series 2005-1 Class 2A1(e)(g)
05/25/35		2.681	%		4,007,782		3,745,676
Residential Funding Mortgage Securities I
CMO Series 2006-S10 Class 2A1(g)
10/25/21		5.500	%		1,659,005		1,674,759
WaMu Mortgage Pass-Through Certificates(g)
CMO Series 2003-S11 Class 3A5
11/25/33		5.950	%		1,885,564		2,001,300
CMO Series 2003-S8 Class A2
09/25/18		5.000	%		2,218,531		2,288,046
Wells Fargo Mortgage-Backed Securities Trust(e)(g)
CMO Series 2004-A Class A1
02/25/34		4.848	%		2,472,376		2,562,583
CMO Series 2005-AR16 Class 4A6
10/25/35		2.888	%		1,491,023		1,480,162
CMO Series 2005-AR2 Class 2A2
03/25/35		2.742	%		3,975,006		3,696,392
CMO Series 2007-AR10 Class 1A1
01/25/38		6.190	%		2,098,950		2,105,231
Wells Fargo Mortgage-Backed Securities Trust(g)
CMO Series 2003-12 Class A1
11/25/18		4.750	%		2,564,749		2,645,082
CMO Series 2003-17 Class 1A14
01/25/34		5.250	%		2,994,857		3,098,901
CMO Series 2004-4 Class A9
05/25/34		5.500	%		3,619,561		3,801,810
CMO Series 2005-17 Class 1A1
01/25/36		5.500	%		697,840		683,888
CMO Series 2005-2 Class 1A1
04/25/35		5.500	%		3,491,929		3,555,129
CMO Series 2005-5 Class 1A1
05/25/20		5.000	%		1,343,809		1,355,883
CMO Series 2006-10 Class A19
08/25/36		6.000	%		2,953,287		2,922,396
CMO Series 2006-3 Class A9
03/25/36		5.500	%		3,255,177		3,297,895
CMO Series 2006-9 Class 1A15
08/25/36		6.000	%		2,145,481		2,161,720
CMO Series 2007-3 Class 3A1
04/25/22		5.500	%		3,275,076		3,404,603
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $67,250,075)						$	68,302,013

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (6.3%)
Banc of America Commercial Mortgage, Inc.(g)
Series 2004-6 Class A3
12/10/42		4.512	%	$	10,000,000	$	10,103,092
Series 2005-1 Class A3
11/10/42		4.877	%		864,336		865,588
Bank of America-First Union NB Commercial Mortgage
Series 2001-3 Class A2(g)
04/11/37		5.464	%		2,561,325		2,578,122
Commercial Mortgage Pass-Through Certificates
Series 2004-LB3A Class A4(g)
07/10/37		5.234	%		2,000,000		2,052,041
GE Capital Commercial Mortgage Corp.
Series 2005-C3 Class A5(g)
07/10/45		4.979	%		2,000,000		2,052,815
GMAC Commercial Mortgage Securities, Inc.
Series 2003-C3 Class A3(g)
04/10/40		4.646	%		1,112,827		1,151,253
GS Mortgage Securities Corp. II(g)
Series 2004-GG2 Class A6
08/01/38		5.396	%		4,675,000		5,005,457
Series 2005-GG4 Class A4
07/10/39		4.761	%		9,400,000		9,805,097
Series 2005-GG4 Class A4A
07/10/39		4.751	%		4,580,000		4,818,970
Greenwich Capital Commercial Funding Corp.(g)
Series 2005-GG3 Class A3
08/10/42		4.569	%		5,300,000		5,348,362
Series 2005-GG3 Class A4
08/10/42		4.799	%		3,500,000		3,692,401
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2001-CIB2 Class A3(g)
04/15/35		6.429	%		2,142,071		2,151,825
LB-UBS Commercial Mortgage Trust(e)(g)
Series 2004-C4 Class A4
06/15/29		5.389	%		3,000,000		3,214,284
LB-UBS Commercial Mortgage Trust(g)
Series 2003-C7 Class A3
09/15/27		4.559	%		7,975,000		8,017,347
Series 2004-C1 Class A4
01/15/31		4.568	%		10,800,000		11,316,797
Series 2004-C7 Class A5
10/15/29		4.628	%		5,141,000		5,319,790
Series 2005-C2 Class A4
04/15/30		4.998	%		3,000,000		3,067,142
Series 2005-C3 Class A3
07/15/30		4.647	%		3,055,000		3,098,180
Series 2005-C5 Class AM
09/15/40		5.017	%		3,500,000		3,597,223
Series 2005-C7 Class A4
11/15/30		5.197	%		2,325,000		2,494,537
Series 2005-C7 Class AM
11/15/40		5.263	%		1,950,000		2,019,409
Morgan Stanley Capital I
Series 2005-HQ6 Class A2A(g)
08/13/42		4.882	%		2,964,706		2,996,603
Morgan Stanley Dean Witter Capital I
Series 2001-TOP5 Class A4(g)
10/15/35		6.390	%		15,482,367		15,774,053

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
PNC Mortgage Acceptance Corp.
Series 2001-C1 Class A2(g)
03/12/34		6.360	%	$	227,273	$	227,159
Wachovia Bank Commercial Mortgage Trust(g)
Series 2003-C3 Class A2
02/15/35		4.867	%		3,800,000		3,969,504
Series 2004-C11 Class A4
01/15/41		5.030	%		1,665,500		1,718,846
Series 2004-C15 Class A3
10/15/41		4.502	%		2,200,000		2,263,023
Series 2005-C20 Class A5
07/15/42		5.087	%		4,000,000		4,053,495
Series 2005-C20 Class A6A
07/15/42		5.110	%		8,262,000		8,558,954
Total Commercial Mortgage-Backed Securities (Cost: $131,425,738)						$	131,331,369
U.S. Treasury Obligations (26.6%)
U.S. Treasury
11/30/11		0.750	%	$	6,000,000	$	6,020,862
10/15/12		1.375	%		38,900,000		39,377,147
11/15/12		1.375	%		11,100,000		11,236,153
09/30/15		1.250	%		27,500,000		26,595,497
05/15/40		4.375	%		29,000,000		28,352,140
02/15/41		4.750	%		10,000,000		10,393,750
U.S. Treasury(a)
04/30/12		1.000	%		50,000,000		50,345,500
11/30/12		0.500	%		4,160,000		4,151,227
05/15/13		1.375	%		115,000,000		116,258,100
03/15/14		1.250	%		10,840,000		10,836,612
04/30/15		2.500	%		11,000,000		11,299,926
08/31/15		1.250	%		16,000,000		15,507,504
12/31/15		2.125	%		8,245,000		8,246,929
02/29/16		2.125	%		55,000,000		54,828,125
12/31/16		3.250	%		93,400,000		97,070,340
02/28/18		2.750	%		3,610,000		3,582,925
11/15/20		2.625	%		32,400,000		30,233,250
11/15/27		6.125	%		22,000,000		27,176,864
02/15/40		4.625	%		1,350,000		1,376,579
Total U.S. Treasury Obligations (Cost: $556,244,601)						$	552,889,430
U.S. Government & Agency Obligations (1.5%)
Federal Home Loan Mortgage Corp.(a)
09/10/15		1.750	%	$	10,000,000	$	9,815,240
06/13/18		4.875	%		5,500,000		6,108,602
Federal National Mortgage Association(a)
02/13/17		5.000	%		7,000,000		7,826,539
11/15/30		6.625	%		6,500,000		8,206,926
Total U.S. Government & Agency Obligations (Cost: $32,127,095)						$	31,957,307

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(h) (4.2%)
BRAZIL (0.6%)
Brazilian Government International Bond(c)
Senior Unsecured
01/15/19		5.875	%	$	5,300,000	$	5,869,750
01/22/21		4.875	%		1,500,000		1,533,750
01/07/41		5.625	%		1,150,000		1,130,450
Petrobras International Finance Co.(c)
01/20/20		5.750	%		900,000		928,471
01/27/21		5.375	%		2,180,000		2,190,689
Total							11,653,110
CANADA (0.1%)
Province of Ontario
Senior Unsecured(a)(c)
04/27/16		5.450	%		1,550,000		1,752,621
GERMANY (2.8%)
Bundesrepublik Deutschland(c)
07/04/19	3.500		% EUR		39,410,000		56,972,217
Kreditanstalt fuer Wiederaufbau
Government Guaranteed(c)
10/15/14		4.125	%		2,290,000		2,488,719
Total							59,460,936
ITALY (0.1%)
Republic of Italy
Senior Unsecured(c)
01/26/15		3.125	%		2,400,000		2,409,708
KOREA (0.1%)
Korea Development Bank
Senior Unsecured(c)
03/09/16		3.250	%		1,450,000		1,417,907
MEXICO (0.5%)
Mexico Government International Bond(c)
Senior Unsecured
01/15/17		5.625	%		925,000		1,020,275
03/19/19		5.950	%		4,720,000		5,260,440
01/15/20		5.125	%		1,500,000		1,569,000
Pemex Project Funding Master Trust(a)(c)
03/05/20		6.000	%		1,635,000		1,735,552
Pemex Project Funding Master Trust(c)
06/15/35		6.625	%		470,000		471,463
Total							10,056,730

	Coupon			Principal
Issuer	Rate			Amount		Value
Foreign Government Obligations(h) (continued)
POLAND (—%)
Poland Government International Bond
Senior Unsecured(c)
07/16/15		3.875	%	$	530,000	$	535,989
Total Foreign Government Obligations (Cost: $86,002,471)						$	87,287,001
Issue	Coupon			Principal
Description	Rate			Amount		Value
Municipal Bonds (2.5%)
Bay Area Toll Authority
Revenue Bonds
Build America Bonds
Series 2010-S1
04/01/40		6.918	%	$	2,900,000	$	2,950,489
California Educational Facilities Authority
Revenue Bonds
University of Southern California
Series 2009A
10/01/39		5.000	%		2,705,000		2,636,807
Series 2009B
10/01/38		5.000	%		1,365,000		1,333,100
City of New York
Unlimited General Obligation Bonds
Build America Bonds
Series 2010
06/01/40		5.846	%		2,000,000		1,963,020
Taxable Build America Bonds
Series 2010F-1
12/01/37		6.271	%		1,905,000		1,991,296
Kentucky Turnpike Authority
Revenue Bonds
Build America Bonds
Series 2010B
07/01/30		5.722	%		2,050,000		2,001,866
Los Angeles Community College District
Unlimited General Obligation Bonds
Build America Bonds
Series 2010
08/01/49		6.750	%		1,550,000		1,646,503
Maryland State Transportation Authority
Revenue Bonds
Taxable Build America Bonds
Series 2010
07/01/41		5.754	%		300,000		305,346
Metropolitan Atlanta Rapid Transit Authority
Revenue Bonds
3rd Series 2009
07/01/39		5.000	%		1,610,000		1,557,836
Metropolitan Transportation Authority
Revenue Bonds
Taxable Build America Bonds
Series 2010
11/15/40		6.687	%		1,500,000		1,534,515
11/15/40		6.814	%		1,500,000		1,559,400

Issue	Coupon			Principal
Description	Rate			Amount		Value
Municipal Bonds (continued)
Missouri Highway & Transportation Commission
Revenue Bonds
Build America Bonds
Series 2009
05/01/33		5.445	%	$	1,000,000	$	985,430
Municipal Electric Authority of Georgia
Revenue Bonds
Taxable Build America Bonds
Series 2010
04/01/57		6.637	%		2,095,000		1,992,324
New Jersey State Turnpike Authority
Revenue Bonds
Taxable Build America Bonds
Series 2009
01/01/40		7.414	%		775,000		867,636
Series 2010A
01/01/41		7.102	%		1,410,000		1,526,819
New York City Municipal Water Finance Authority
Revenue Bonds
Build America Bonds
Series 2010
06/15/42		5.724	%		2,000,000		1,975,160
New York State Dormitory Authority
Revenue Bonds
Build America Bonds
Series 2010
03/15/40		5.600	%		1,000,000		940,120
Ohio State Water Development Authority
Revenue Bonds
Taxable Loan Fund-Water Quality
Series 2010B-2
12/01/34		4.879	%		1,160,000		1,111,848
Port of Seattle
Refunding Revenue Bonds
Intermediate Lien
Series 2010B
06/01/40		5.000	%		2,080,000		1,923,938
Sacramento Municipal Utility District
Revenue Bonds
Build America Bonds
Series 2010
05/15/36		6.156	%		1,800,000		1,740,960
Salt River Project Agricultural Improvement & Power District
Revenue Bonds
Series 2008A
01/01/38		5.000	%		640,000		627,002
Series 2009A
01/01/39		5.000	%		815,000		796,989
San Francisco City & County Public Utilities Commission
Revenue Bonds
Build America Bonds
Series 2010
11/01/40		6.000	%		1,500,000		1,479,480
Santa Clara Valley Transportation Authority
Revenue Bonds
Build America Bonds
Series 2010
04/01/32		5.876	%		1,740,000		1,685,207

Issue	Coupon			Principal
Description	Rate			Amount		Value
Municipal Bonds (continued)
State of California
Unlimited General Obligation Bonds
Build America Bonds
Series 2009
10/01/39		7.300	%	$	800,000	$	849,024
Series 2010
11/01/40		7.600	%		595,000		652,019
State of Illinois
Unlimited General Obligation Bonds
Build America Bonds
Series 2010
07/01/35		7.350	%		920,000		946,284
Taxable Pension Bonds
Series 2003
06/01/33		5.100	%		2,820,000		2,280,901
Unlimited General Obligation Taxable Bonds
Series 2011
03/01/19		5.877	%		2,380,000		2,379,405
State of Washington
Unlimited General Obligation Bonds
Build America Bonds
Series 2010
08/01/40		5.140	%		3,000,000		2,835,060
Triborough Bridge & Tunnel Authority
Revenue Bonds
Series 2008C
11/15/38		5.000	%		2,050,000		1,984,297
University of California
Revenue Bonds
Build America Bonds
Series 2010
05/15/48		6.548	%		1,855,000		1,832,777
University of Texas
Revenue Bonds
Build America Bonds
Series 2010D
08/15/42		5.134	%		2,000,000		1,914,040
Total Municipal Bonds (Cost: $52,992,589)						$	52,806,898

	Shares		Value
Money Market Fund (2.8%)
Columbia Short-Term Cash Fund, 0.229%(i)(j)		57,675,767	$	57,675,767
Total Money Market Fund (Cost: $57,675,767)			$	57,675,767

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (18.7%)
Asset-Backed Commercial Paper (1.1%)
Ebbets Funding LLC
04/12/11		0.480	%	$	9,995,733	$	9,995,733
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559
05/10/11		0.395	%		2,497,531		2,497,531
Rheingold Securitization
04/20/11		0.551	%		6,990,910		6,990,910
Total							21,981,733
Certificates of Deposit (11.3%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		5,000,000		5,000,000
Barclays Bank PLC
05/23/11		0.400	%		10,000,000		10,000,000
Clydesdale Bank PLC
04/21/11		0.400	%		14,000,000		14,000,000
04/26/11		0.395	%		10,000,000		10,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		5,000,000		5,000,000
06/13/11		0.400	%		12,000,000		12,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		10,000,000		10,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		10,000,000		10,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		8,000,000		8,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		10,000,000		10,000,000
KBC Bank NV
04/26/11		0.450	%		5,000,000		5,000,000
04/29/11		0.450	%		2,000,000		2,000,000
La Banque Postale
06/01/11		0.400	%		10,000,000		10,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		10,000,000		10,000,000
Mitsubishi UFJ Trust and Banking Corp.
04/06/11		0.350	%		5,000,000		5,000,000
05/11/11		0.370	%		9,990,861		9,990,861
05/23/11		0.345	%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		15,000,000		15,000,000
05/04/11		0.410	%		9,000,000		9,000,000
Natixis
05/09/11		0.503	%		12,000,000		12,000,000
Norinchukin Bank
04/25/11		0.340	%		10,000,000		10,000,000
05/09/11		0.350	%		4,000,000		4,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Overseas Chinese Banking Corp.
04/12/11		0.400	%	$	5,000,000	$	5,000,000
05/09/11		0.470	%		5,000,000		5,000,000
Pohjola Bank PLC
06/10/11		0.470	%		10,000,000		10,000,000
Societe Generale
07/01/11		0.363	%		10,000,000		10,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		5,000,000		5,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		10,000,000		10,000,000
Total							235,990,861
Commercial Paper (0.5%)
Suncorp Metway Ltd.
04/27/11		0.300	%		9,997,083		9,997,083
Money Market Fund (0.5%)
JP Morgan Prime Money Market Fund, 0.010%(j)					10,000,000		10,000,000
Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		10,000,000		10,000,000
Repurchase Agreements (4.8%)
Barclays Capital, Inc.(k)
dated 04/01/11, matures 04/15/11,

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
repurchase price $10,001,125
		0.270	%	$	10,000,000	$	10,000,000
repurchase price $25,002,813
		0.270	%		25,000,000		25,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,696,236(k)
		0.160	%		5,696,211		5,696,211
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $50,000,403(k)
		0.290	%		50,000,000		50,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,039(k)
		0.280	%		5,000,000		5,000,000
RBS Securities, Inc.
dated 04/01/11, matures 05/05/11, repurchase price $5,001,313(k)
		0.270	%		5,000,000		5,000,000
Total							100,696,211
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $388,665,888)						$	388,665,888
Total Investments (Cost: $2,485,115,604)(l)						$	2,487,834,925(m)
Other Assets & Liabilities, Net							(407,758,894)
Net Assets						$	2,080,076,031

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Barclay’s Bank PLC	April 28, 2011		16,784,698		22,802,012	$	—	$	(974,659	)
			(EUR)		(USD)
Deutsche Bank Securities, Inc.	April 28, 2011		15,000,000		20,466,000		—		(782,525	)
			(EUR)		(USD)
HSBC Bank USA	April 28, 2011		10,336,046		14,522,145		—		(119,571	)
			(EUR)		(USD)
Westpac Banking Corporation	April 28, 2011		1,089,960		800,000		43,295		—
			(USD)		(EUR)
Total						$	43,295	$	(1,876,755	)

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $26,063,267 or 1.25% of net assets.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 8.17% of net assets.
(d)	Represents a security purchased on a when-issued or delayed delivery basis.
(e)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(f)	Non-income producing.
(g)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(h)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(i)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	108,114,030	$	182,000,405	$	(232,438,668	)	$	—	$	57,675,767	$	43,194	$	57,675,767

(j)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(k)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	662,593
Arabella Ltd		941,989
BP Capital Markets PLC		341,468
BPCE		1,333,282
Dexia Delaware LLC		1,525,876
Electricite De France		1,199,440
European Investment Bank		951,599
Nationwide Building		652,047
Skandin Ens Banken AG		1,159,327
Societe Generale		1,732,379
Total Market Value of Collateral Securities	$	10,500,000

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	1,656,485
Arabella Ltd		2,354,971
BP Capital Markets PLC		853,671
BPCE		3,333,204
Dexia Delaware LLC		3,814,689
Electricite De France		2,998,600
European Investment Bank		2,378,997
Nationwide Building		1,630,118
Skandin Ens Banken AG		2,898,316
Societe Generale		4,330,949
Total Market Value of Collateral Securities	$	26,250,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	5,810,135
Total Market Value of Collateral Securities	$	5,810,135

MF Global Holdings Ltd. (0.290%)

Security Description	Value
Fannie Mae REMICS	$	1,098,330
Freddie Mac Gold Pool		31,947,957
Freddie Mac REMICS		707,419
Ginnie Mae I Pool		3,184,233
Ginnie Mae II Pool		13,164,699
Government National Mortgage Association		897,634
Total Market Value of Collateral Securities	$	51,000,272

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	46,111
Fannie Mae Pool		2,588,750
Fannie Mae Principal Strip		44,321
Fannie Mae Whole Loan		42,136
Federal Farm Credit Bank		530,995
Federal Farm Credit Discount Notes		64,458
Federal Home Loan Bank Discount Notes		238,394
Federal Home Loan Banks		366,061
Federal Home Loan Mortgage Corp		26,254
Federal National Mortgage Association		303,199
FHLMC Structured Pass Through Securities		36,482
Freddie Mac Gold Pool		242,535
Freddie Mac Non Gold Pool		568,546
Government National Mortgage Association		1,758
Total Market Value of Collateral Securities	$	5,100,000

RBS Securities, Inc. (0.270%)

Security Description	Value
Fannie Mae REMICS	$	773,237
FHLMC Structured Pass Through Securities		1,764,544
Freddie Mac REMICS		1,968,444
Freddie Mac Strips		540,778
Government National Mortgage Association		53,014
Total Market Value of Collateral Securities	$	5,100,017

^(l) At March 31, 2011, the cost of securities for federal income tax purposes was approximately $2,485,116,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	17,257,000
Unrealized Depreciation		(14,538,000	)
Net Unrealized Appreciation	$	2,719,000

^(m) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
FDIC	Federal Deposit Insurance Corporation

Currency Legend

EUR	Euro
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Bonds
Corporate Bonds & Notes	$	—	$	579,012,568		$	—	$	579,012,568
Residential Mortgage-Backed Securities - Agency		—		537,906,684			—		537,906,684
Residential Mortgage-Backed Securities - Non-Agency		—		68,302,013			—		68,302,013
Commercial Mortgage-Backed Securities		—		131,331,369			—		131,331,369
U.S. Treasury Obligations		552,889,430		—			—		552,889,430
U.S. Government & Agency Obligations		—		31,957,307			—		31,957,307
Foreign Government Obligations		—		87,287,001			—		87,287,001
Municipal Bonds		—		52,806,898			—		52,806,898
Total Bonds		552,889,430		1,488,603,840			—		2,041,493,270
Other
Affiliated Money Market Fund(c)		57,675,767		—			—		57,675,767
Investments of Cash Collateral Received for Securities on Loan		10,000,000		378,665,888			—		388,665,888
Total Other		67,675,767		378,665,888			—		446,341,655
Investments in Securities		620,565,197		1,867,269,728			—		2,487,834,925
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		43,295			—		43,295
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,876,755	)		—		(1,876,755	)
Total	$	620,565,197	$	1,865,436,268		$	—	$	2,486,001,465

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio - American Century Growth Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (99.8%)
CONSUMER DISCRETIONARY (13.5%)
Auto Components (2.2%)
Autoliv, Inc.(a)		193,028	$	14,328,468
BorgWarner, Inc.(a)(b)		292,208		23,286,056
Total				37,614,524
Automobiles (0.7%)
Harley-Davidson, Inc.		270,089		11,476,082
Hotels, Restaurants & Leisure (2.7%)
Chipotle Mexican Grill, Inc.(a)(b)		12,027		3,275,794
Las Vegas Sands Corp.(b)		146,033		6,165,513
McDonald’s Corp.		309,520		23,551,377
Starwood Hotels & Resorts Worldwide, Inc.(a)		243,249		14,137,632
Total				47,130,316
Household Durables (0.3%)
Whirlpool Corp.(a)		67,367		5,750,447
Internet & Catalog Retail (0.7%)
Netflix, Inc.(a)(b)		48,635		11,542,545
Media (1.8%)
Scripps Networks Interactive, Inc., Class A		233,280		11,684,995
Walt Disney Co. (The)		466,102		20,084,335
Total				31,769,330
Multiline Retail (1.6%)
Kohl’s Corp.		165,896		8,799,124
Target Corp.		376,538		18,830,665
Total				27,629,789
Specialty Retail (3.5%)
American Eagle Outfitters, Inc.		352,940		5,608,217
Home Depot, Inc.(a)		858,953		31,832,798
Limited Brands, Inc.		441,028		14,501,001
OfficeMax, Inc.(a)(b)		307,116		3,974,081
Williams-Sonoma, Inc.		122,793		4,973,116
Total				60,889,213
TOTAL CONSUMER DISCRECTIONARY				233,802,246
CONSUMER STAPLES (9.8%)
Beverages (3.3%)
Coca-Cola Co. (The)		623,794		41,388,732
Hansen Natural Corp.(b)		87,038		5,242,299
PepsiCo, Inc.(a)		156,910		10,106,573
Total				56,737,604

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Food & Staples Retailing (2.8%)
Costco Wholesale Corp.		327,071	$	23,980,846
Walgreen Co.(a)		424,112		17,023,855
Whole Foods Market, Inc.(a)		112,561		7,417,770
Total				48,422,471
Food Products (2.3%)
General Mills, Inc.		214,127		7,826,342
Hershey Co. (The)		220,879		12,004,773
Kellogg Co.		296,211		15,989,470
Mead Johnson Nutrition Co.		63,189		3,660,539
Total				39,481,124
Household Products (1.0%)
Church & Dwight Co., Inc.(a)		59,055		4,685,424
Procter & Gamble Co. (The)		211,493		13,027,969
Total				17,713,393
Personal Products (0.4%)
Estee Lauder Companies, Inc. (The), Class A		74,531		7,181,807
TOTAL CONSUMER STAPLES				169,536,399
ENERGY (11.5%)
Energy Equipment & Services (3.5%)
Core Laboratories NV(a)(c)		53,906		5,507,576
Halliburton Co.		130,485		6,503,372
Schlumberger Ltd.(a)(c)		529,442		49,375,761
Total				61,386,709
Oil, Gas & Consumable Fuels (8.0%)
Cimarex Energy Co.		89,484		10,312,136
ConocoPhillips		195,147		15,584,440
Exxon Mobil Corp.		1,009,461		84,925,954
Occidental Petroleum Corp.		146,906		15,350,208
Southwestern Energy Co.(b)		286,297		12,302,182
Total				138,474,920
TOTAL ENERGY				199,861,629
FINANCIALS (4.7%)
Capital Markets (2.1%)
BlackRock, Inc.		80,527		16,186,732
Charles Schwab Corp. (The)(a)		708,012		12,765,456
T Rowe Price Group, Inc.(a)		124,625		8,277,593
Total				37,229,781
Consumer Finance (1.2%)
American Express Co.		443,855		20,062,246

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (0.7%)
Aflac, Inc.(a)		236,621	$	12,488,856
Real Estate Management & Development (0.7%)
CB Richard Ellis Group, Inc., Class A(a)(b)		454,874		12,145,136
TOTAL FINANCIALS				81,926,019
HEALTH CARE (10.5%)
Biotechnology (1.7%)
Alexion Pharmaceuticals, Inc.(b)		22,825		2,252,371
Amgen, Inc.(b)		185,757		9,928,712
Gilead Sciences, Inc.(b)		316,016		13,411,719
Human Genome Sciences, Inc.(a)(b)		160,831		4,414,811
Total				30,007,613
Health Care Equipment & Supplies (3.7%)
Cooper Companies, Inc. (The)		74,123		5,147,842
Covidien PLC(c)		356,020		18,491,679
DENTSPLY International, Inc.(a)		93,776		3,468,774
Edwards Lifesciences Corp.(b)		72,850		6,337,950
Gen-Probe, Inc.(a)(b)		67,461		4,476,037
Intuitive Surgical, Inc.(b)		21,388		7,132,043
Medtronic, Inc.		349,159		13,739,407
Zimmer Holdings, Inc.(a)(b)		82,630		5,001,594
Total				63,795,326
Health Care Providers & Services (1.7%)
Express Scripts, Inc.(b)		472,194		26,258,708
Medco Health Solutions, Inc.(b)		72,033		4,045,373
Total				30,304,081
Life Sciences Tools & Services (0.5%)
Bruker Corp.(a)(b)		99,747		2,079,725
Thermo Fisher Scientific, Inc.(b)		116,078		6,448,133
Total				8,527,858
Pharmaceuticals (2.9%)
Abbott Laboratories		473,737		23,236,800
Allergan, Inc.(a)		259,924		18,459,802
Novo Nordisk A/S, Series B(a)(c)		64,297		8,078,065
Total				49,774,667
TOTAL HEALTH CARE				182,409,545
INDUSTRIALS (13.8%)
Aerospace & Defense (2.5%)
Honeywell International, Inc.		397,294		23,722,425
Rockwell Collins, Inc.		127,184		8,245,339

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Aerospace & Defense (cont.)
Textron, Inc.(a)		411,724	$	11,277,120
Total				43,244,884
Air Freight & Logistics (1.8%)
United Parcel Service, Inc., Class B		405,387		30,128,362
Electrical Equipment (2.4%)
Emerson Electric Co.		217,309		12,697,365
Rockwell Automation, Inc.(a)		306,591		29,018,838
Total				41,716,203
Industrial Conglomerates (1.3%)
General Electric Co.		1,140,034		22,857,681
Machinery (5.2%)
Caterpillar, Inc.		146,896		16,356,870
Deere & Co.		202,807		19,649,970
Eaton Corp.		424,387		23,528,015
Illinois Tool Works, Inc.(a)		377,110		20,258,349
Joy Global, Inc.(a)		109,971		10,866,235
Total				90,659,439
Road & Rail (0.6%)
Union Pacific Corp.		103,630		10,189,938
TOTAL INDUSTRIALS				238,796,507
INFORMATION TECHNOLOGY (29.2%)
Communications Equipment (3.9%)
Cisco Systems, Inc.		803,332		13,777,144
Juniper Networks, Inc.(a)(b)		280,276		11,794,014
QUALCOMM, Inc.		710,796		38,972,945
Riverbed Technology, Inc.(b)		77,945		2,934,629
Total				67,478,732
Computers & Peripherals (8.0%)
Apple, Inc.(b)		235,989		82,230,367
Dell, Inc.(b)		982,770		14,259,993
EMC Corp.(a)(b)		1,151,246		30,565,581
NetApp, Inc.(b)		235,763		11,359,061
Total				138,415,002
Electronic Equipment, Instruments & Components (0.6%)
Jabil Circuit, Inc.		545,637		11,147,364
Internet Software & Services (2.5%)
Google, Inc., Class A(b)		73,669		43,185,505

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
IT Services (4.4%)
Accenture PLC, Class A(c)		499,679	$	27,467,355
Automatic Data Processing, Inc.		330,508		16,958,365
IBM Corp.(a)		116,471		18,992,926
Mastercard, Inc., Class A		48,546		12,219,999
Total				75,638,645
Semiconductors & Semiconductor Equipment (3.5%)
Broadcom Corp., Class A(a)(b)		274,775		10,820,640
Intel Corp.		959,017		19,343,373
Linear Technology Corp.(a)		309,718		10,415,816
RF Micro Devices, Inc.(a)(b)		597,920		3,832,667
Texas Instruments, Inc.		461,649		15,954,589
Total				60,367,085
Software (6.3%)
CommVault Systems, Inc.(a)(b)		53,403		2,129,712
Intuit, Inc.(b)		166,675		8,850,442
Microsoft Corp.		962,635		24,412,424
Oracle Corp.		1,338,667		44,671,318
Red Hat, Inc.(b)		137,818		6,255,559
Salesforce.com, Inc.(a)(b)		41,688		5,568,683
Symantec Corp.(b)		514,707		9,542,668
VMware, Inc., Class A(a)(b)		102,717		8,375,544
Total				109,806,350
TOTAL INFORMATION TECHNOLOGY				506,038,683
MATERIALS (5.2%)
Chemicals (2.8%)
EI du Pont de Nemours & Co.		369,639		20,319,056
PPG Industries, Inc.(a)		216,032		20,568,407
Sigma-Aldrich Corp.(a)		123,819		7,879,841
Total				48,767,304
Metals & Mining (2.4%)
Cliffs Natural Resources, Inc.		179,633		17,654,331
Freeport-McMoRan Copper & Gold, Inc.		316,146		17,561,910
Newmont Mining Corp.		113,414		6,190,136
Total				41,406,377
TOTAL MATERIALS				90,173,681
TELECOMMUNICATION SERVICES (1.6%)
Diversified Telecommunication Services (0.5%)
Verizon Communications, Inc.		227,339		8,761,645
Wireless Telecommunication Services (1.1%)
Crown Castle International Corp.(b)		425,113		18,088,558

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (CONTINUED)
TOTAL TELECOMMUNICATION SERVICES			$	26,850,203
Total Common Stocks (Cost: $1,432,989,093)			$	1,729,394,912
	Shares		Value
Money Market Fund (0.9%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		15,322,322	$	15,322,322
Total Money Market Fund (Cost: $15,322,322)			$	15,322,322

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (17.0%)
Asset-Backed Commercial Paper (1.3%)
Antalis US Funding Corp.
05/23/11		0.340	%	$	1,998,980	$	1,998,980
Ebbets Funding LLC
04/12/11		0.480	%		4,997,867		4,997,867
Macquarie Bank Ltd.
05/10/11		0.395	%		3,996,050		3,996,050
Rheingold Securitization
04/28/11		0.551	%		6,990,375		6,990,375
05/16/11		0.551	%		4,993,201		4,993,201
Total							22,976,473
Certificates of Deposit (8.5%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		5,000,000		5,000,000
06/30/11		0.400	%		5,000,000		5,000,000
Barclays Bank PLC
05/23/11		0.400	%		6,000,000		6,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		10,000,000		10,000,000
Den Danske Bank
04/01/11		0.190	%		10,000,000		10,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		5,000,000		5,000,000
05/17/11		0.400	%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		8,000,000		8,000,000
06/27/11		0.380	%		5,000,000		5,000,000
KBC Bank NV
04/22/11		0.450	%		10,000,000		10,000,000
04/29/11		0.450	%		3,000,000		3,000,000
La Banque Postale
06/01/11		0.400	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		10,000,000		10,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		2,997,406		2,997,406

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
05/23/11		0.345	%	$	4,000,000	$	4,000,000
06/08/11		0.340	%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		10,000,000		10,000,000
Natixis
05/09/11		0.503	%		8,000,000		8,000,000
Norinchukin Bank
05/09/11		0.350	%		2,000,000		2,000,000
Pohjola Bank PLC
06/10/11		0.470	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
Swedbank AB
04/05/11		0.170	%		9,000,000		9,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		10,000,000		10,000,000
Total							146,992,837
Commercial Paper (1.1%)
Cancara Asset Securitisation LLC
04/20/11		0.250	%		1,999,611		1,999,611
Macquarie Bank Ltd.
06/30/11		0.400	%		4,994,889		4,994,889
Royal Park Investments Funding Corp.
06/28/11		0.601	%		2,496,208		2,496,208
Suncorp Metway Ltd.
04/28/11		0.300	%		9,997,084		9,997,084
Total							19,487,792
Other Short-Term Obligations (0.3%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		4,000,000		4,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (5.8%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11,
repurchase price $15,001,688(f)
		0.270	%	$	15,000,000	$	15,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $37,000,236(f)
		0.230	%		37,000,000		37,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11,
repurchase price 8,421,566(f)
		0.160	%		8,421,528		8,421,528
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11,
repurchase price $15,000,104(f)
		0.250	%		15,000,000		15,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11,
repurchase price $15,000,117(f)
		0.280	%		15,000,000		15,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11,
repurchase price $5,000,031(f)
		0.220	%		5,000,000		5,000,000
RBS Securities, Inc.
dated 08/18/10, matures 05/05/11,
repurchase price $5,001,313(f)
		0.270	%		5,000,000		5,000,000
Total							100,421,528
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $293,878,630)						$	293,878,630
Total Investments (Cost: $1,742,190,045)						$	2,038,595,864(g)
Other Assets & Liabilities, Net							(306,056,283)
Net Assets						$	1,732,539,581

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
UBS Securities	March 29, 2011		26,956,517		5,099,027	$	—	$	(22,630	)
		(DKK)		(USD)

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 6.29% of net assets.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	24,540,898	$	84,625,218	$	(93,843,794	)	$	—	$	15,322,322	$	5,377	$	15,322,322

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	5,139
Fannie Mae Interest Strip		1,999,764
Fannie Mae Pool		17,613,318
Fannie Mae Principal Strip		188,480
Fannie Mae REMICS		586,501
Federal Farm Credit Bank		336,412
Federal Home Loan Banks		499,153
Federal Home Loan Mortgage Corp		292,427
Federal National Mortgage Association		228,731
FHLMC Structured Pass Through Securities		102,422
Freddie Mac Coupon Strips		2,217
Freddie Mac Gold Pool		2,496,128
Freddie Mac Non Gold Pool		7,563,047
Freddie Mac REMICS		749,230
Freddie Mac Strips		194,833
Ginnie Mae I Pool		529,337
Ginnie Mae II Pool		1,610,172
Government National Mortgage Association		625,267
LMA SA & LMA Americas		1,770
Metlife Short Term Funding		2,431
Sanofi-Aventis		7,557
Silver Tower US Fund		1,687
Suncorp-Metway Ltd		5,188
United States Treasury Inflation Indexed Bonds		111,167
United States Treasury Strip Coupon		1,811,374
United States Treasury Strip Principal		176,252
Total Market Value of Collateral Securities	$	37,740,004
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	8,589,959
Total Market Value of Collateral Securities	$	8,589,959
MF Global Holdings Ltd. (0.250%)
Security Description	Value
Ginnie Mae I Pool	$	9,139,722
Ginnie Mae II Pool		6,160,462
Total Market Value of Collateral Securities	$	15,300,184
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	138,334
Fannie Mae Pool		7,766,249
Fannie Mae Principal Strip		132,966
Fannie Mae Whole Loan		126,408
Federal Farm Credit Bank		1,592,984
Federal Farm Credit Discount Notes		193,375
Federal Home Loan Bank Discount Notes		715,181
Federal Home Loan Banks		1,098,182
Federal Home Loan Mortgage Corp		78,763
Federal National Mortgage Association		909,596
FHLMC Structured Pass Through Securities		109,445
Freddie Mac Gold Pool		727,607
Freddie Mac Non Gold Pool		1,705,637
Government National Mortgage Association		5,273
Total Market Value of Collateral Securities	$	15,300,000
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000
RBS Securities, Inc. (0.270%)
Security Description	Value
Fannie Mae REMICS	$	773,236
FHLMC Structured Pass Through Securities		1,764,544
Freddie Mac REMICS		1,968,444
Freddie Mac Strips		540,778
Government National Mortgage Association		53,014
Total Market Value of Collateral Securities	$	5,100,016

^(g)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Currency Legend

DKK	Danish Krone
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	233,802,246	$	—		$	—	$	233,802,246
Consumer Staples		169,536,399		—			—		169,536,399
Energy		199,861,629		—			—		199,861,629
Financials		81,926,019		—			—		81,926,019
Health Care		174,331,480		8,078,065			—		182,409,545
Industrials		238,796,507		—			—		238,796,507
Information Technology		506,038,683		—			—		506,038,683
Materials		90,173,681		—			—		90,173,681
Telecommunication Services		26,850,203		—			—		26,850,203
Total Equity Securities		1,721,316,847		8,078,065			—		1,729,394,912
Affiliated Money Market Fund(c)		15,322,322		—			—		15,322,322
Investments of Cash Collateral Received for Securities on Loan		—		293,878,630			—		293,878,630
Total Other		15,322,322		293,878,630			—		309,200,952
Investments in Securities		1,736,639,169		301,956,695			—		2,038,595,864
Derivatives(d)
Liabilities
Forward Foreign Currency Exchange Contracts		—		(22,630	)		—		(22,630	)
Total	$	1,736,639,169	$	301,934,065		$	—	$	2,038,573,234

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio - Columbia Wanger International Equities Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (92.9%)
AUSTRALIA (2.0%)
Cochlear Ltd.(a)		38,305	$	3,286,916
Hastie Group Ltd.(a)(b)(c)(d)		340,810		326,078
SAI Global Ltd.(a)(b)		602,480		3,120,144
Seek Ltd.(a)(b)		80,000		558,988
UGL Ltd.(a)		203,062		3,293,752
Total				10,585,878
BERMUDA (1.6%)
China Green Holdings Ltd.(a)(b)		867,300		667,932
China Yurun Food Group Ltd.(a)		1,022,000		3,425,200
PureCircle Ltd.(a)(e)		311,357		551,924
REXLot Holdings Ltd.(a)(b)		19,654,050		2,174,171
Textainer Group Holdings Ltd.(a)(b)		48,028		1,784,721
Total				8,603,948
BRAZIL (3.1%)
Localiza Rent a Car SA(a)		390,000		6,215,539
Mills Estruturas e Servicos de Engenharia SA(a)		248,000		2,719,015
MRV Engenharia e Participacoes SA(a)		275,000		2,199,798
Natura Cosmeticos SA(a)		105,000		2,957,737
PDG Realty SA Empreendimentos e Participacoes(a)		409,420		2,276,994
Total				16,369,083
CANADA (6.3%)
AG Growth International, Inc.(a)(b)		73,874		3,480,727
Baytex Energy Corp. Unit(a)(b)(e)		60,933		3,562,962
Black Diamond Group Ltd.(a)(b)		45,197		1,202,767
Canacol Energy Ltd.(a)(e)		659,200		1,019,907
CCL Industries, Inc., Class B(a)		107,468		3,502,825
DeeThree Exploration Ltd.(a)		116,000		490,562
DeeThree Exploration Ltd.(a)		91,000		384,838
DeeThree Exploration Ltd.(a)(b)(e)		117,000		494,791
Guyana Goldfields, Inc.(a)(e)		122,265		1,187,969
Horizon North Logistics, Inc.(a)(e)		198,109		1,017,620
Ivanhoe Mines Ltd.(a)(b)(e)		76,111		2,090,008
Ivanhoe Mines Ltd.(a)(e)		80,960		2,220,450
Madalena Ventures, Inc.(a)(e)		465,000		431,666
Onex Corp.(a)		51,000		1,788,025
Pan Orient Energy Corp.(a)(e)		132,433		941,169
ShawCor Ltd., Class A(a)		141,738		5,330,343
Southern Arc Minerals, Inc.(a)(c)(d)(e)		435,000		556,818
Sterling Resources Ltd.(a)(e)		225,000		1,009,541
Tahoe Resources, Inc.(a)(e)		90,900		1,837,690
Tesco Corp.(a)(b)(e)		28,817		632,533
Total				33,183,211

Issuer	Shares		Value
Common Stocks (continued)
CAYMAN ISLANDS (3.3%)
51job, Inc., ADR(a)(e)		21,000	$	1,342,530
Lifestyle International Holdings Ltd.(a)		1,470,000		3,517,036
Melco Crown Entertainment Ltd., ADR(a)(b)(e)		570,000		4,332,000
Mongolian Mining Corp.(a)(e)		1,775,900		2,266,812
New Oriental Education & Technology Group, ADR(a)(e)		22,760		2,277,593
Noah Holdings Ltd., ADR(a)(b)(e)		18,400		269,192
SA SA International Holdings Ltd.(a)(b)		2,700,000		1,378,757
Wasion Group Holdings Ltd.(a)(b)		2,524,897		1,357,299
Zuoan Fashion Ltd., ADR(a)(e)		53,600		370,376
Total				17,111,595
CHILE (0.3%)
Sociedad Quimica y Minera de Chile SA, ADR(a)(b)		28,384		1,568,500
CHINA (2.7%)
China Communications Services Corp., Ltd., Class H(a)		3,800,000		2,311,150
Jiangsu Expressway Co., Ltd., Series H(a)		3,036,000		3,403,304
Shandong Weigao Group Medical Polymer Co., Ltd., Class H(a)		938,284		2,677,014
Zhaojin Mining Industry Co., Ltd., Class H(a)		1,321,230		5,903,924
Total				14,295,392
CZECH REPUBLIC (0.5%)
Komercni Banka AS(a)(e)		10,641		2,685,288
DENMARK (1.1%)
Novozymes AS, Series B(a)(b)		25,324		3,877,154
SimCorp AS(a)		13,000		2,082,985
Total				5,960,139
FINLAND (0.9%)
Poyry OYJ(a)(b)		151,904		2,314,241
Stockmann OYJ Abp, Class B(a)(b)		80,103		2,406,665
Total				4,720,906
FRANCE (4.7%)
Eurofins Scientific(a)		49,600		4,374,339
Hi-Media SA(a)(b)(e)		150,963		761,643
Mersen(a)		47,000		2,606,386
Neopost SA(a)(b)		51,000		4,467,452
Norbert Dentressangle SA(a)		18,000		1,930,055
Pierre & Vacances(a)(b)		28,000		2,460,258

Issuer	Shares		Value
Common Stocks (continued)
FRANCE (CONTINUED)
Rubis(a)		22,400	$	2,673,586
Saft Groupe SA(a)		74,600		3,169,578
Teleperformance(a)		59,000		2,224,571
Total				24,667,868
GERMANY (3.7%)
CTS Eventim AG(a)(b)		40,568		2,617,366
Deutsche Beteiligungs AG(a)		27,524		793,597
ElringKlinger AG(a)		45,000		1,419,290
Rational AG(a)		11,298		2,689,935
Rheinmetall AG(a)		51,000		4,226,046
Rhoen Klinikum AG(a)		91,600		1,986,177
Vossloh AG(a)(b)		19,800		2,648,635
Wirecard AG(a)		173,465		3,111,036
Total				19,492,082
GREECE (0.4%)
Intralot SA-Integrated Lottery Systems & Services(a)		559,800		1,943,703
HONG KONG (0.3%)
Hong Kong Exchanges and Clearing Ltd.(a)(b)		60,000		1,301,901
INDIA (2.3%)
Infrastructure Development Finance Co., Ltd.(a)		460,000		1,593,015
Jain Irrigation Systems Ltd.(a)		572,000		2,294,139
Manappuram General Finance & Leasing Ltd.(a)		448,800		1,336,533
Mundra Port and Special Economic Zone Ltd.(a)		540,000		1,654,323
REI Agro Ltd.(a)		2,416,000		1,477,247
S Kumars Nationwide Ltd.(a)(e)		690,000		843,854
Shriram Transport Finance Co., Ltd.(a)		150,000		2,675,727
Total				11,874,838
IRELAND (1.0%)
Paddy Power PLC(a)		36,151		1,583,105
United Drug PLC(a)		1,050,000		3,422,537
Total				5,005,642
ISRAEL (0.7%)
Israel Chemicals Ltd.(a)		236,418		3,892,465
ITALY (2.8%)
Ansaldo STS SpA(a)		181,000		2,652,345
CIR — Compagnie Industriali Riunite SpA(a)(b)(e)		807,000		1,812,733

Issuer	Shares		Value
Common Stocks (continued)
ITALY (CONTINUED)
Credito Emiliano SpA(a)(b)		373,044	$	2,448,835
Geox SpA(a)(b)		295,000		1,856,248
Terna Rete Elettrica Nazionale SpA(a)		343,000		1,642,044
Tod’s SpA(a)		37,500		4,419,005
Total				14,831,210
JAPAN (15.8%)
Advance Residence Investment Corp.(a)		1,825		3,593,621
Aeon Delight Co., Ltd.(a)		153,220		2,562,703
Aeon Mall Co., Ltd.(a)		74,101		1,589,063
Ain Pharmaciez, Inc.(a)		61,197		2,131,613
Asahi Diamond Industrial Co., Ltd.(a)(b)		110,000		2,109,259
Asics Corp.(a)(b)		242,526		3,248,956
Benesse Holdings, Inc.(a)		2,897		118,924
Daiseki Co., Ltd.(a)(b)		101,024		1,974,390
Fukuoka REIT Corp.(a)		230		1,644,065
Glory Ltd.(a)		86,920		1,919,323
Gree, Inc.(a)(b)		180,000		3,016,345
Hamamatsu Photonics KK(a)(b)		58,060		2,301,402
Hoshizaki Electric Co., Ltd.(a)		129,000		2,344,806
Ibiden Co., Ltd.(a)(b)		58,153		1,840,414
Icom, Inc.(a)(b)		59,356		1,746,953
Japan Airport Terminal Co., Ltd.(a)(b)		96,519		1,217,969
Jupiter Telecommunications Co., Ltd.(a)		2,136		2,100,452
Kakaku.com, Inc.(a)		245		1,363,466
Kamigumi Co., Ltd.(a)		268,655		2,292,653
Kansai Paint Co., Ltd.(a)(b)		619,011		5,364,884
Kintetsu World Express, Inc.(a)		77,108		2,410,624
Kuraray Co., Ltd.(a)		136,000		1,756,135
Makita Corp.(a)		45,489		2,115,999
Miura Co., Ltd.(a)		52,292		1,566,682
Mori Hills REIT Investment Corp.(a)		240		733,361
Nakanishi, Inc.(a)		23,439		2,354,529
Nippon Sheet Glass Co., Ltd.(a)		617,000		1,780,874
Orix JREIT, Inc.(a)		545		2,995,752
Osaka Securities Exchange Co., Ltd.(a)		417		2,090,900
Pigeon Corp.(a)(b)		37,800		1,181,556
Seven Bank Ltd.(a)(b)		1,770		3,571,704
Shimadzu Corp.(a)(b)		192,000		1,704,961
Shinsei Bank Ltd.(a)(b)		1,094,000		1,289,171
Sintokogio Ltd.(a)		92,700		974,479
Start Today Co., Ltd.(a)		200,700		3,094,552
Suruga Bank Ltd.(a)(b)		155,666		1,382,701
Torishima Pump Manufacturing Co., Ltd.(a)(b)		84,771		1,259,432
Tsumura & Co.(a)(b)		64,580		2,027,786
Ushio, Inc.(a)(b)		99,701		1,949,927
Wacom Co., Ltd.(a)(b)		1,732		2,126,495
Total				82,848,881

Issuer	Shares		Value
Common Stocks (continued)
KOREA (1.3%)
MegaStudy Co., Ltd.(a)		10,200	$	1,568,983
NHN Corp.(a)(e)		11,900		2,076,238
Woongjin Coway Co., Ltd.(a)		99,300		3,426,611
Total				7,071,832
LUXEMBOURG (0.6%)
GlobeOp Financial Services SA(a)		235,000		1,507,947
L’Occitane International SA(a)(e)		675,000		1,665,638
Total				3,173,585
MALTA (0.2%)
Unibet Group PLC, SDR(a)		49,000		983,975
MEXICO (0.5%)
Grupo Aeroportuario del Sureste SAB de CV, ADR(a)		47,000		2,762,190
NETHERLANDS (7.1%)
Aalberts Industries NV(a)		184,754		4,384,398
Arcadis NV(a)		103,512		2,501,920
Core Laboratories NV(a)(b)		20,322		2,076,299
Fugro NV-CVA(a)		62,470		5,504,947
Gemalto NV(a)(b)		52,600		2,587,073
Imtech NV(a)		149,036		5,531,688
Koninklijke Ten Cate NV(a)		102,848		4,215,996
Koninklijke Vopak NV(a)		90,345		4,346,852
Unit 4 NV(a)		122,386		4,162,689
USG People NV(a)(e)		87,953		1,819,845
Total				37,131,707
NORWAY (0.1%)
Atea ASA(a)		29,500		332,060
PORTUGAL (0.7%)
Banco Comercial Portugues SA, Series R(a)(b)		1,843,231		1,504,642
REN — Redes Energeticas Nacionais SA(a)		592,000		2,100,811
Total				3,605,453
SINGAPORE (4.6%)
Ascendas Real Estate Investment Trust(a)(d)		1,639,279		2,640,013
CDL Hospitality Trusts(a)		1,881,900		3,002,900
Goodpack Ltd.(a)		960,000		1,478,433
Hutchison Port Holdings Trust Unit(a)(e)		2,500,000		2,475,000
Mapletree Industrial Trust(a)(b)		3,020,000		2,516,239

Issuer	Shares		Value
Common Stocks (continued)
SINGAPORE (CONTINUED)
Mapletree Logistics Trust(a)		4,700,000	$	3,377,221
Olam International Ltd.(a)(b)		2,900,000		6,439,084
Singapore Exchange Ltd.(a)(b)		327,000		2,035,327
Total				23,964,217
SOUTH AFRICA (3.2%)
Adcock Ingram Holdings Ltd.(a)		381,000		3,128,537
Coronation Fund Managers Ltd.(a)		147,200		387,311
Mr Price Group Ltd.(a)		381,231		3,451,648
Naspers Ltd., Series N(a)		90,200		4,853,333
Northam Platinum Ltd.(a)(b)		473,000		3,076,423
RMI Holdings(a)		1,012,000		1,742,764
Total				16,640,016
SPAIN (0.5%)
Red Electrica Corp. SA(a)		50,500		2,869,900
SWEDEN (2.7%)
East Capital Explorer AB(a)(e)		81,577		1,105,029
Hexagon AB, Series B(a)		366,897		8,759,863
ORC Software AB(a)(b)		56,881		901,171
Sweco AB, Series B(a)		318,005		3,274,818
Total				14,040,881
SWITZERLAND (3.5%)
Aryzta AG(a)		26,421		1,327,384
Bank Sarasin & Cie AG, Series B(a)(b)		57,620		2,509,309
Geberit AG(a)		15,959		3,475,014
Kuehne & Nagel International AG(a)		26,913		3,765,183
Partners Group Holding AG(a)		15,900		3,039,782
Sika AG(a)		1,824		4,392,692
Total				18,509,364
TAIWAN (2.5%)
China Steel Chemical Corp.(a)		242,400		1,294,241
Everlight Electronics Co., Ltd.(a)		606,000		1,712,023
Far EasTone Telecommunications Co Ltd.(a)		409,500		612,856
Formosa International Hotels Corp.(a)		132,790		2,262,192
President Chain Store Corp.(a)		277,300		1,231,021
Simplo Technology Co., Ltd.(a)		594,580		3,719,419
Sinyi Realty Co.(a)		150,800		271,221
St. Shine Optical Co., Ltd.(a)		93,900		1,154,717
Taiwan Hon Chuan Enterprise Co., Ltd.(a)		381,800		958,214
Total				13,215,904

Issuer	Shares		Value
Common Stocks (continued)
THAILAND (0.3%)
Home Product Center PCL(a)		4,854,700	$	1,469,751
UNITED KINGDOM (7.3%)
Abcam PLC(a)(e)		264,000		1,596,627
Archipelago Resources PLC(a)(e)		2,254,130		2,074,722
Charles Taylor Consulting PLC(a)		1,057,000		2,373,894
Chemring Group PLC(a)(e)		410,000		4,548,145
Cobham PLC(a)		778,586		2,875,214
Flybe Group PLC(a)(e)		106,400		443,786
Intertek Group PLC(a)		167,438		5,463,403
Jardine Lloyd Thompson Group PLC(a)		177,000		1,964,887
Petropavlovsk PLC(a)		169,000		2,705,675
Premier Oil PLC(a)(e)		49,000		1,567,399
Rotork PLC(a)		60,672		1,699,381
Serco Group PLC(a)		556,077		4,977,685
Shaftesbury PLC(a)		68,200		517,602
SKIL Ports & Logistics Ltd.(a)(e)		135,000		446,128
Smith & Nephew PLC(a)		122,509		1,381,598
Tullow Oil PLC(a)		61,386		1,425,923
Workspace Group PLC(a)		5,343,000		2,335,662
Total				38,397,731
UNITED STATES (3.9%)
Alexion Pharmaceuticals, Inc.(b)(e)		35,600		3,513,008
Atwood Oceanics, Inc.(b)(e)		110,919		5,149,969
BioMarin Pharmaceutical, Inc.(b)(e)		100,000		2,513,000
Bristow Group, Inc.(b)(e)		34,989		1,654,980
Central European Distribution Corp.(b)(e)		79,527		902,632
FMC Technologies, Inc.(b)(e)		26,913		2,542,740
Gulf United Energy, Inc. Pipe(c)(d)		1,694,000		575,960
Toreador Resources Corp.(e)		31,000		334,180
World Fuel Services Corp.(b)		75,115		3,050,420
Total				20,236,889
VIRGIN ISLANDS (0.4%)
Mail.ru Group Ltd., GDR(a)(e)(f)		63,800		1,910,810
Total Common Stocks (Cost: $388,546,106)			$	487,258,795
Preferred Stocks (0.8%)
BRAZIL (0.8%)
Suzano Papel e Celulose SA(a)		485,800		4,537,684
Total Preferred Stocks (Cost: $4,165,171)			$	4,537,684

	Shares		Value
Money Market Fund (5.5%)
Columbia Short-Term Cash Fund, 0.229%(g)(h)		28,646,758	$	28,646,758
Total Money Market Fund (Cost: $28,646,758)			$	28,646,758

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (14.4%)
Asset-Backed Commercial Paper (0.6%)
Cancara Asset Securitisation LLC
04/28/11		0.250	%	$	1,999,583	$	1,999,583
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		998,671		998,671
Total							2,998,254
Certificates of Deposit (2.9%)
Barclays Bank PLC
05/23/11		0.400	%		2,000,000		2,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		2,000,000		2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		1,500,000		1,500,000
KBC Bank NV
04/29/11		0.450	%		3,000,000		3,000,000
Mitsubishi UFJ Trust and Banking Corp.
06/08/11		0.340	%		2,000,000		2,000,000
Norinchukin Bank
04/25/11		0.340	%		1,000,000		1,000,000
Societe Generale
07/01/11		0.363	%		1,000,000		1,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		999,086		999,086
United Overseas Bank Ltd.
05/23/11		0.400	%		2,000,000		2,000,000
Total							15,499,086
Repurchase Agreements (10.9%)
Barclays Capital, Inc.
dated 01/04/11, matures 04/15/11, repurchase price $2,000225(i)
		0.270	%		2,000,000		2,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,064(i)
		0.230	%		10,000,000		10,000,000
Citigroup Global Markets, Inc.(i)
dated 03/31/11, matures 04/01/11, repurchase price $15,000,054
		0.130	%		15,000,000		15,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
dated 03/31/11, matures 04/01/11, repurchase price $1,000,004
		0.130	%	$	1,000,000	$	1,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $4,271,265(i)
		0.160	%		4,271,246		4,271,246
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,025(i)
		0.180	%		5,000,000		5,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Nomura Securities
dated 03/31/10, matures 04/01/11, repurchase price $15,000,100(i)
		0.240	%	$	15,000,000	$	15,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(i)
		0.220	%		5,000,000		5,000,000
Total							57,271,246
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $75,768,586)							$75,768,586
Total Investments (Cost: $497,126,621)(j)						$	596,211,823(k)
Other Assets & Liabilities, Net							(71,597,782)
Net Assets							$524,614,041

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of Net
Industry	Assets			Value
Aerospace & Defense		1.4	%	$	7,423,359
Air Freight & Logistics		1.1			5,819,113
Airlines		0.1			443,786
Auto Components		0.3			1,419,290
Beverages		0.2			902,632
Biotechnology		1.4			7,622,635
Building Products		1.1			5,581,966
Capital Markets		1.5			8,104,221
Chemicals		4.2			22,146,071
Commercial Banks		2.5			12,882,343
Commercial Services & Supplies		2.2			11,735,165
Communications Equipment		0.3			1,746,953
Computers & Peripherals		1.6			8,432,988
Construction & Engineering		2.8			14,602,178
Consumer Finance		0.8			4,012,259
Containers & Packaging		0.8			4,461,039
Diversified Consumer Services		0.8			3,965,500
Diversified Financial Services		2.4			12,792,116
Diversified Telecommunication Services		0.4			2,311,150
Electric Utilities		0.9			4,511,943
Electrical Equipment		1.5			7,725,891
Electronic Equipment, Instruments & Components		1.7			8,916,097
Energy Equipment & Services		4.4			22,891,812
Food & Staples Retailing		1.9			9,801,718
Food Products		1.4			7,449,687
Gas Utilities		0.5			2,673,586
Health Care Equipment & Supplies		2.1			10,854,773
Health Care Providers & Services		1.0			5,408,713
Hotels, Restaurants & Leisure		3.0			15,739,404
Household Durables		1.5			7,903,403
Household Products		0.2			1,181,556
Industrial Conglomerates		1.1			6,038,779
Insurance		1.2			6,081,545
Internet & Catalog Retail		0.6			3,094,552
Internet Software & Services		1.6			8,366,858
IT Services		0.7			3,443,096
Life Sciences Tools & Services		0.8			4,374,339
Machinery		7.3			38,247,058
Marine		0.7			3,765,183
Media		2.0			10,332,794
Metals & Mining		4.6			23,920,490
Multiline Retail		1.1			5,923,701
Multi-Utilities		0.4			2,100,811
Office Electronics		0.8			4,467,452
Oil, Gas & Consumable Fuels		2.9			15,289,318
Paper & Forest Products		0.9			4,537,684
Personal Products		0.6			2,957,737
Pharmaceuticals		1.0			5,156,323
Professional Services		3.2			16,843,723
Real Estate Investment Trusts (REITs)		4.4			23,356,435
Real Estate Management & Development		0.3			1,860,285
Road & Rail		1.2			6,215,539
Software		1.4			7,146,845
Specialty Retail		1.5			7,965,794
Textiles, Apparel & Luxury Goods		2.8			14,954,435
Trading Companies & Distributors		0.9			4,503,736
Transportation Infrastructure		3.6			18,775,764
Wireless Telecommunication Services		0.1			612,856
Other(1)		19.9			104,415,344
Total				$	596,211,823

⁽¹⁾  Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Morgan Stanley	April 1, 2011		23,494		37,558	$	—	$	(132	)
		(GBP)		(USD)
State Street Bank & Trust Company	April 1, 2011		13,359,925		164,642		1,623		—
		(JPY)		(USD)
Morgan Stanley	April 1, 2011		167,426		163,240		950		—
		(USD)		(CAD)
State Street Bank & Trust Company	April 1, 2011		32,119		2,645,266		—		(317	)
		(USD)		(JPY)
State Street Bank & Trust Company	April 1, 2011		6,014		41,301		92		—
		(USD)		(ZAR)
Mellon Bank	April 4, 2011		28,089		39,589		—		(219	)
		(EUR)		(USD)
State Street Bank & Trust Company	April 4, 2011		13,582,632		163,626		334		—
		(JPY)		(USD)
Morgan Stanley	April 4, 2011		158,778		154,206		279		—
		(USD)		(CAD)
State Street Bank & Trust Company	April 4, 2011		3,779		313,698		—		(8	)
		(USD)		(JPY)
Morgan Stanley	April 4, 2011		8,674		59,519		124		—
		(USD)		(ZAR)
Morgan Stanley	April 5, 2011		18,419		26,140		37		—
		(EUR)		(USD)
Morgan Stanley	April 5, 2011		7,210		11,577		11		—
		(GBP)		(USD)
Standard Chartered Bank	April 5, 2011		18,280,175		220,642		876		—
		(JPY)		(USD)
Morgan Stanley	April 5, 2011		23,363		22,650		—		—
		(USD)		(CAD)
Morgan Stanley	April 5, 2011		12,216		83,878		181		—
		(USD)		(ZAR)
Mellon Bank	April 6, 2011		10,072		68,624		69		—
		(USD)		(ZAR)
Mellon Bank	April 7, 2011		9,752		66,006		5		—
		(USD)		(ZAR)
Total						$	4,581	$	(676	)

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 89.89% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $1,458,856, representing 0.28% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates	Cost
Gulf United Energy, Inc. Pipe	02/11/11	$	508,200
Hastie Group Ltd.	05/21/10 thru 06/29/10		428,419
Southern Arc Minerals, Inc.	02/16/11		706,742

(d)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $4,098,869, which represents 0.78% of net assets.
(e)	Non-income producing.
(f)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $1,910,810 or 0.36% of net assets.
(g)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	35,727,879	$	20,699,598	$	(27,780,719	)	$	—	$	28,646,758	$	17,511	$	28,646,758

(h)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(i)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	132,519
Arabella Ltd		188,398
BP Capital Markets PLC		68,294
BPCE		266,656
Dexia Delaware LLC		305,175
Electricite De France		239,888
European Investment Bank		190,320
Nationwide Building		130,409
Skandin Ens Banken AG		231,865
Societe Generale		346,476
Total Market Value of Collateral Securities	$	2,100,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	66,194
Fannie Mae REMICS		4,895,766
Fannie Mae Whole Loan		114,104
Fannie Mae-Aces		30,772
Freddie Mac Reference REMIC		458,776
Freddie Mac REMICS		7,478,676
Government National Mortgage Association		2,255,712
Total Market Value of Collateral Securities	$	15,300,000
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	4,413
Fannie Mae REMICS		326,384
Fannie Mae Whole Loan		7,607
Fannie Mae-Aces		2,052
Freddie Mac Reference REMIC		30,585
Freddie Mac REMICS		498,578
Government National Mortgage Association		150,381
Total Market Value of Collateral Securities	$	1,020,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	4,356,671
Total Market Value of Collateral Securities	$	4,356,671
Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)
Security Description	Value
Fannie Mae REMICS	$	1,453,300
Freddie Mac REMICS		1,085,192
Government National Mortgage Association		2,561,508
Total Market Value of Collateral Securities	$	5,100,000
Nomura Securities (0.240%)
Security Description	Value
Fannie Mae Pool	$	11,142,219
Freddie Mac Gold Pool		4,157,781
Total Market Value of Collateral Securities	$	15,300,000
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(j)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $497,127,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	106,994,000
Unrealized Depreciation		(7,909,000	)
Net Unrealized Appreciation	$	99,085,000

^(k)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

Currency Legend

CAD Canadian Dollar

EUR Euro

GBP Pound Sterling

JPY Japanese Yen

USD US Dollar

ZAR South African Rand

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	11,456,761	$	59,842,113		$	—		$	71,298,874
Consumer Staples		3,860,369		18,432,962			—			22,293,331
Energy		29,106,900		8,498,270			575,960			38,181,130
Financials		2,057,218		67,031,985			—			69,089,203
Health Care		6,026,008		27,390,775			—			33,416,783
Industrials		20,525,108		126,870,053			326,078			147,721,239
Information Technology		—		42,520,288			—			42,520,288
Materials		12,407,442		37,563,340			556,818			50,527,600
Telecommunication Services		—		2,924,006			—			2,924,006
Utilities		—		9,286,341			—			9,286,341
Preferred Stocks
Materials		4,537,684		—			—			4,537,684
Total Equity Securities		89,977,490		400,360,133			1,458,856			491,796,479
Other
Affiliated Money Market Fund(c)		28,646,758		—			—			28,646,758
Investments of Cash Collateral Received for Securities on Loan		—		75,768,586			—			75,768,586
Total Other		28,646,758		75,768,586			—			104,415,344
Investments in Securities		118,624,248		476,128,719			1,458,856			596,211,823
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		4,581			—			4,581
Liabilities
Forward Foreign Currency Exchange Contracts		—		(676	)		—			(676	)
Total	$	118,624,248	$	476,132,624		$	1,458,856		$	596,215,728

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Common Stocks
Balance as of December 31, 2010	$	—
Accrued discounts/premiums		—
Realized gain (loss)		(55,070	)
Change in unrealized appreciation (depreciation)*		(30,618	)
Sales		(187,054	)
Purchases		1,214,943
Issuances		—
Settlements		—
Transfers into Level 3		516,655
Transfers out of Level 3		—
Balance as of March 31, 2011	$	1,458,856

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $(30,618).

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Variable Portfolio - Columbia Wanger U.S. Equities Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (100.4%)
CONSUMER DISCRETIONARY (14.9%)
Auto Components (0.4%)
Drew Industries, Inc.(a)		127,000	$	2,835,910
Automobiles (0.2%)
Thor Industries, Inc.(a)		50,000		1,668,500
Distributors (0.5%)
Pool Corp.		131,000		3,158,410
Diversified Consumer Services (0.5%)
ITT Educational Services, Inc.(a)(b)		47,700		3,441,555
Hotels, Restaurants & Leisure (4.6%)
Bally Technologies, Inc.(a)(b)		156,000		5,904,600
Bravo Brio Restaurant Group, Inc.(a)(b)		14,800		261,812
Gaylord Entertainment Co.(a)(b)		362,000		12,554,160
Life Time Fitness, Inc.(b)		99,000		3,693,690
Penn National Gaming, Inc.(b)		95,000		3,520,700
Pinnacle Entertainment, Inc.(a)(b)		348,000		4,739,760
Summit Hotel Properties, Inc.(b)		48,000		477,120
WMS Industries, Inc.(a)(b)		27,000		954,450
Total				32,106,292
Household Durables (0.7%)
Cavco Industries, Inc.(a)(b)		66,000		2,980,560
Jarden Corp.		57,000		2,027,490
Total				5,008,050
Internet & Catalog Retail (1.0%)
Gaiam, Inc., Class A		8,000		52,800
Shutterfly, Inc.(a)(b)		134,000		7,016,240
Total				7,069,040
Media (0.2%)
Entravision Communications Corp., Class A(b)		301,000		815,710
Salem Communications Corp., Class A		192,000		720,000
Spanish Broadcasting System, Inc., Class A(b)		176,000		167,200
Total				1,702,910
Multiline Retail (0.5%)
Saks, Inc.(a)(b)		284,000		3,212,040
Specialty Retail (3.0%)
Aaron’s, Inc.(a)		47,000		1,191,920
Abercrombie & Fitch Co., Class A		189,000		11,094,300
Chico’s FAS, Inc.(a)		213,000		3,173,700
Express, Inc.(a)		37,100		724,934

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER DISCRETIONARY (CONTINUED)
Specialty Retail (cont.)
Pier 1 Imports, Inc.(a)(b)		247,000	$	2,507,050
Talbots, Inc.(a)(b)		164,000		990,560
Wet Seal, Inc. (The), Class A(a)(b)		241,800		1,034,904
Total				20,717,368
Textiles, Apparel & Luxury Goods (3.3%)
Deckers Outdoor Corp.(a)(b)		16,000		1,378,400
Lululemon Athletica, Inc.(a)(b)		167,000		14,871,350
True Religion Apparel, Inc.(a)(b)		103,300		2,424,451
Warnaco Group, Inc. (The)(a)(b)		70,000		4,003,300
Total				22,677,501
TOTAL CONSUMER DISCRECTIONARY				103,597,576
CONSUMER STAPLES (0.6%)
Food & Staples Retailing (—%)
Fresh Market, Inc. (The)(a)(b)		5,000		188,700
Food Products (0.6%)
Diamond Foods, Inc.(a)		71,000		3,961,800
TOTAL CONSUMER STAPLES				4,150,500
ENERGY (10.3%)
Energy Equipment & Services (6.1%)
Atwood Oceanics, Inc.(b)		282,900		13,135,047
Bristow Group, Inc.(b)		70,000		3,311,000
Core Laboratories NV(a)(c)		40,000		4,086,800
FMC Technologies, Inc.(b)		202,400		19,122,752
Hornbeck Offshore Services, Inc.(a)(b)		76,000		2,344,600
Tesco Corp.(a)(b)(c)		27,000		592,650
Total				42,592,849
Oil, Gas & Consumable Fuels (4.2%)
Carrizo Oil & Gas, Inc.(a)(b)		155,000		5,724,150
EQT Corp.		14,000		698,600
Houston American Energy Corp.(a)		153,000		2,357,730
Northern Oil and Gas, Inc.(a)(b)		72,000		1,922,400
Oasis Petroleum, Inc.(a)(b)		6,500		205,530
Quicksilver Resources, Inc.(a)(b)		183,000		2,618,730
Rosetta Resources, Inc.(a)(b)		51,000		2,424,540
SM Energy Co.		82,000		6,083,580
Swift Energy Co.(a)(b)		33,000		1,408,440
Ultra Petroleum Corp.(a)(b)(c)		40,000		1,970,000
World Fuel Services Corp.(a)		94,000		3,817,340
Total				29,231,040
TOTAL ENERGY				71,823,889

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (13.7%)
Capital Markets (1.5%)
Eaton Vance Corp.(a)		99,000	$	3,191,760
Investment Technology Group, Inc.(a)(b)		53,800		978,622
MF Global Holdings Ltd.(a)(b)		265,000		2,194,200
SEI Investments Co.		185,000		4,417,800
Total				10,782,382
Commercial Banks (5.2%)
Associated Banc-Corp.(a)		143,000		2,123,550
City National Corp.(a)		37,000		2,110,850
CVB Financial Corp.(a)		80,000		744,800
First Busey Corp.		426,000		2,164,080
Green Bankshares, Inc.(a)(b)		83,709		233,548
Guaranty Bancorp(a)(b)		291,000		375,390
Hancock Holding Co.		18,000		591,120
Lakeland Financial Corp.(a)		170,000		3,855,600
MB Financial, Inc.		177,000		3,709,920
Pacific Continental Corp.(a)		155,295		1,582,456
Sandy Spring Bancorp, Inc.(a)		57,000		1,052,220
SVB Financial Group(a)(b)		64,000		3,643,520
TCF Financial Corp.(a)		271,000		4,298,060
Valley National Bancorp(a)		386,000		5,388,560
Whitney Holding Corp.		251,000		3,418,620
Wilmington Trust Corp.		155,000		700,600
Total				35,992,894
Consumer Finance (0.1%)
World Acceptance Corp.(a)(b)		10,000		652,000
Diversified Financial Services (0.8%)
Leucadia National Corp.		148,000		5,555,920
Insurance (0.3%)
Tower Group, Inc.		94,000		2,258,820
Real Estate Investment Trusts (REITs) (5.0%)
Associated Estates Realty Corp.(a)		162,000		2,572,560
BioMed Realty Trust, Inc.(a)		492,000		9,357,840
Corporate Office Properties Trust(a)		61,000		2,204,540
DCT Industrial Trust, Inc.(a)		202,000		1,121,100
Digital Realty Trust, Inc.(a)		18,000		1,046,520
DuPont Fabros Technology, Inc.(a)		94,000		2,279,500
Education Realty Trust, Inc.(a)		156,000		1,252,680
Extra Space Storage, Inc.(a)		413,000		8,553,230
Kilroy Realty Corp.(a)		99,000		3,844,170
Kite Realty Group Trust(a)		510,000		2,708,100
Total				34,940,240

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Thrifts & Mortgage Finance (0.8%)
Berkshire Hills Bancorp, Inc.(a)		81,000	$	1,688,850
Kaiser Federal Financial Group, Inc.(a)		21,541		264,954
Provident New York Bancorp(a)		3,000		30,960
ViewPoint Financial Group(a)		269,000		3,497,000
Total				5,481,764
TOTAL FINANCIALS				95,664,020
HEALTH CARE (10.1%)
Biotechnology (5.5%)
Alexion Pharmaceuticals, Inc.(a)(b)		69,000		6,808,920
Allos Therapeutics, Inc.(b)		173,000		548,410
Anthera Pharmaceuticals, Inc.(a)(b)		71,000		479,960
Array Biopharma, Inc.(a)(b)		205,000		627,300
BioMarin Pharmaceutical, Inc.(a)(b)		180,000		4,523,400
Cepheid, Inc.(a)(b)		146,800		4,113,336
Chelsea Therapeutics International Ltd.(a)(b)		305,000		1,189,500
Idenix Pharmaceuticals, Inc.(a)(b)		100,200		332,664
InterMune, Inc.(a)(b)		63,000		2,972,970
Isis Pharmaceuticals, Inc.(a)(b)		252,000		2,278,080
Micromet, Inc.(b)		320,000		1,795,200
Nabi Biopharmaceuticals(a)(b)		142,400		827,344
Nanosphere, Inc.(a)(b)		60,200		195,650
NPS Pharmaceuticals, Inc.(a)(b)		249,000		2,382,930
Onyx Pharmaceuticals, Inc.(b)		90,000		3,166,200
Savient Pharmaceuticals, Inc.(a)(b)		94,000		996,400
Seattle Genetics, Inc.(a)(b)		190,000		2,958,300
United Therapeutics Corp.(a)(b)		27,000		1,809,540
Total				38,006,104
Health Care Equipment & Supplies (1.5%)
Alimera Sciences, Inc.(a)(b)		51,400		400,920
American Medical Systems Holdings, Inc.(a)(b)		32,000		692,480
Gen-Probe, Inc.(a)(b)		46,000		3,052,100
IDEXX Laboratories, Inc.(a)(b)		22,000		1,698,840
Neogen Corp.(b)		17,000		703,460
Sirona Dental Systems, Inc.(b)		80,000		4,012,800
Total				10,560,600
Health Care Providers & Services (0.4%)
Health Management Associates, Inc., Class A(b)		261,500		2,850,350
Health Care Technology (0.3%)
Quality Systems, Inc.(a)		22,000		1,833,480

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Life Sciences Tools & Services (1.9%)
eResearchTechnology, Inc.(a)(b)		16,000	$	108,320
Mettler-Toledo International, Inc.(b)		72,000		12,384,000
Pacific Biosciences of California, Inc.(b)		65,000		913,250
Total				13,405,570
Pharmaceuticals (0.5%)
Akorn, Inc.(b)		200,400		1,156,308
Auxilium Pharmaceuticals, Inc.(a)(b)		98,000		2,104,060
Nektar Therapeutics(a)(b)		44,900		425,203
Total				3,685,571
TOTAL HEALTH CARE				70,341,675
INDUSTRIALS (21.6%)
Aerospace & Defense (0.8%)
HEICO Corp., Class A		42,000		1,889,160
Moog, Inc., Class A(a)(b)		77,000		3,535,070
Total				5,424,230
Air Freight & Logistics (0.2%)
Forward Air Corp.(a)		43,000		1,317,090
Commercial Services & Supplies (2.3%)
Herman Miller, Inc.(a)		121,000		3,326,290
Knoll, Inc.(a)		419,000		8,782,240
McGrath Rentcorp(a)		136,100		3,711,447
Total				15,819,977
Electrical Equipment (5.0%)
Acuity Brands, Inc.(a)		107,500		6,287,675
AMETEK, Inc.		376,500		16,517,055
GrafTech International Ltd.(a)(b)		189,900		3,917,637
II-VI, Inc.(a)(b)		156,000		7,761,000
Total				34,483,367
Machinery (9.6%)
Albany International Corp., Class A(a)		154,000		3,834,600
Donaldson Co., Inc.(a)		175,000		10,725,750
ESCO Technologies, Inc.(a)		178,000		6,790,700
Kennametal, Inc.(a)		198,000		7,722,000
Mueller Water Products, Inc., Class A(a)		216,000		967,680
Nordson Corp.(a)		167,000		19,215,020
Oshkosh Corp.(b)		65,000		2,299,700
Pentair, Inc.(a)		190,000		7,180,100
Toro Co. (The)		20,000		1,324,400
WABCO Holdings, Inc.(b)		114,000		7,026,960
Total				67,086,910

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Professional Services (0.7%)
GP Strategies Corp.(a)(b)		129,000	$	1,754,400
Navigant Consulting, Inc.(a)(b)		175,000		1,748,250
RCM Technologies, Inc.(b)		233,000		1,185,970
Total				4,688,620
Road & Rail (1.8%)
Avis Budget Group, Inc.(a)(b)		373,500		6,689,385
Heartland Express, Inc.(a)		81,000		1,422,360
Hertz Global Holdings, Inc.(b)		294,000		4,595,220
Total				12,706,965
Trading Companies & Distributors (1.2%)
CAI International, Inc.(a)(b)		91,000		2,353,260
H&E Equipment Services, Inc.(b)		58,800		1,147,188
Rush Enterprises, Inc., Class A(a)(b)		83,100		1,645,380
Rush Enterprises, Inc., Class B(b)		32,000		556,480
Textainer Group Holdings Ltd.(a)(c)		80,000		2,972,800
Total				8,675,108
TOTAL INDUSTRIALS				150,202,267
INFORMATION TECHNOLOGY (25.0%)
Communications Equipment (3.7%)
Blue Coat Systems, Inc.(b)		130,000		3,660,800
Finisar Corp.(a)(b)		399,800		9,835,080
Infinera Corp.(a)(b)		158,000		1,325,620
Ixia(a)(b)		92,000		1,460,960
Netgear, Inc.(a)(b)		77,000		2,497,880
Polycom, Inc.(b)		127,000		6,584,950
Total				25,365,290
Electronic Equipment, Instruments & Components (4.9%)
Amphenol Corp., Class A		57,000		3,100,230
IPG Photonics Corp.(a)(b)		448,000		25,840,640
Plexus Corp.(a)(b)		125,000		4,382,500
Sanmina-SCI Corp.(b)		85,000		952,850
Total				34,276,220
Internet Software & Services (0.9%)
Constant Contact, Inc.(a)(b)		37,000		1,291,300
Equinix, Inc.(b)		23,000		2,095,300
SPS Commerce, Inc.(a)(b)		117,000		1,814,670
TheStreet.com, Inc.(a)		344,000		1,152,400
Total				6,353,670
IT Services (1.5%)
Acxiom Corp.(b)		62,000		889,700
ExlService Holdings, Inc.(a)(b)		208,000		4,399,200

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
IT Services (cont.)
Global Payments, Inc.(a)		53,000	$	2,592,760
Hackett Group, Inc. (The)(a)(b)		218,000		837,120
SRA International, Inc., Class A(b)		55,000		1,559,800
Total				10,278,580
Office Electronics (0.6%)
Zebra Technologies Corp., Class A(b)		106,000		4,159,440
Semiconductors & Semiconductor Equipment (4.9%)
Applied Micro Circuits Corp.(a)(b)		174,000		1,806,120
Atmel Corp.(b)		761,000		10,372,430
Entegris, Inc.(a)(b)		604,000		5,297,080
Microsemi Corp.(a)(b)		293,000		6,068,030
Monolithic Power Systems, Inc.(b)		188,000		2,667,720
ON Semiconductor Corp.(b)		355,000		3,503,850
Pericom Semiconductor Corp.(a)(b)		117,000		1,213,290
Supertex, Inc.(a)(b)		25,100		559,228
TriQuint Semiconductor, Inc.(b)		216,000		2,788,560
Total				34,276,308
Software (8.5%)
Advent Software, Inc.(b)		169,000		4,845,230
ANSYS, Inc.(a)(b)		120,000		6,502,800
Ariba, Inc.(a)(b)		100,000		3,414,000
Blackbaud, Inc.(a)		159,000		4,331,160
Blackboard, Inc.(a)(b)		53,500		1,938,840
Concur Technologies, Inc.(a)(b)		82,000		4,546,900
Informatica Corp.(a)(b)		295,000		15,407,850
MICROS Systems, Inc.(b)		305,000		15,076,150
NetSuite, Inc.(a)(b)		65,000		1,890,200
NICE Systems Ltd., ADR(a)(b)(c)		31,000		1,145,140
Tyler Technologies, Inc.(a)(b)		13,000		308,230
Total				59,406,500
TOTAL INFORMATION TECHNOLOGY				174,116,008
MATERIALS (0.6%)
Chemicals (0.5%)
Albemarle Corp.		71,000		4,243,670
Metals & Mining (0.1%)
Augusta Resource Corp.(b)(c)		75,000		384,750
TOTAL MATERIALS				4,628,420
TELECOMMUNICATION SERVICES (3.5%)
Diversified Telecommunication Services (3.0%)
AboveNet, Inc.(a)		80,600		5,227,716
Globalstar, Inc.(a)(b)		31,000		39,370

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (CONTINUED)
Diversified Telecommunication Services (cont.)
PAETEC Holding Corp.(a)(b)		825,000	$	2,755,500
tw telecom, inc.(a)(b)		660,000		12,672,000
Total				20,694,586
Wireless Telecommunication Services (0.5%)
SBA Communications Corp., Class A(b)		95,000		3,769,600
TOTAL TELECOMMUNICATION SERVICES				24,464,186
Total Common Stocks (Cost: $530,287,221)			$	698,988,541

	Shares		Value
Money Market Fund (0.6%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		3,926,723	$	3,926,723
Total Money Market Fund (Cost: $3,926,723)			$	3,926,723

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (25.2%)
Asset-Backed Commercial Paper (2.5%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	6,999,596	$	6,999,596
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		2,996,012		2,996,012
Rheingold Securitization
04/28/11		0.551	%		4,993,125		4,993,125
Total							17,486,292
Certificates of Deposit (11.7%)
Barclays Bank PLC
06/15/11		0.400	%		3,000,000		3,000,000
Clydesdale Bank PLC
04/21/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		5,000,000		5,000,000
06/13/11		0.400	%		2,000,000		2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		4,000,000		4,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		5,000,000		5,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
KBC Bank NV
04/29/11		0.450	%	$	5,000,000	$	5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		999,086		999,086
05/23/11		0.345	%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		5,000,000		5,000,000
Norinchukin Bank
05/13/11		0.350	%		2,000,000		2,000,000
Societe Generale
07/01/11		0.363	%		5,000,000		5,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		7,000,000		7,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
Swedbank AB
04/05/11		0.170	%		5,000,000		5,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		5,000,000		5,000,000
05/23/11		0.410	%		2,000,000		2,000,000
Total							80,994,517
Money Market Fund (0.7%)
JP Morgan Prime Money Market Fund, 0.010%(d)					5,000,000		5,000,000
Other Short-Term Obligations (0.6%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		4,000,000		4,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (9.7%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $10,001,125(f)
		0.270	%	$	10,000,000	$	10,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $45,000,288(f)
		0.230	%		45,000,000		45,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $727,742(f)
		0.160	%		727,739		727,739
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11, repurchase price $7,001,050(f)
		0.300	%		7,000,000		7,000,000
Nomura Securities
dated 03/31/11, matures 04/01/11, repurchase price $5,000,033(f)
		0.240	%		5,000,000		5,000,000
Total							67,727,739
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $175,208,548)						$	175,208,548
Total Investments (Cost: $709,422,492)						$	878,123,812(g)
Other Assets & Liabilities, Net							(181,986,434)
Net Assets						$	696,137,378

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 1.60% of net assets.
(d)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	2,977,593	$	16,511,886	$	(15,562,756	)	$	—	$	3,926,723	$	1,381	$	3,926,723

^(f)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	662,593
Arabella Ltd		941,989
BP Capital Markets PLC		341,468
BPCE		1,333,282
Dexia Delaware LLC		1,525,876
Electricite De France		1,199,440
European Investment Bank		951,599
Nationwide Building		652,047
Skandin Ens Banken AG		1,159,327
Societe Generale		1,732,379
Total Market Value of Collateral Securities	$	10,500,000

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	6,249
Fannie Mae Interest Strip		2,432,146
Fannie Mae Pool		21,421,603
Fannie Mae Principal Strip		229,233
Fannie Mae REMICS		713,313
Federal Farm Credit Bank		409,149
Federal Home Loan Banks		607,078
Federal Home Loan Mortgage Corp		355,655
Federal National Mortgage Association		278,187
FHLMC Structured Pass Through Securities		124,567
Freddie Mac Coupon Strips		2,696
Freddie Mac Gold Pool		3,035,832
Freddie Mac Non Gold Pool		9,198,300
Freddie Mac REMICS		911,225
Freddie Mac Strips		236,959
Ginnie Mae I Pool		643,789
Ginnie Mae II Pool		1,958,317
Government National Mortgage Association		760,459
LMA SA & LMA Americas		2,153
Metlife Short Term Funding		2,956
Sanofi-Aventis		9,191
Silver Tower US Fund		2,052
Suncorp-Metway Ltd		6,310
United States Treasury Inflation Indexed Bonds		135,202
United States Treasury Strip Coupon		2,203,023
United States Treasury Strip Principal		214,360
Total Market Value of Collateral Securities	$	45,900,004

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	742,294
Total Market Value of Collateral Securities	$	742,294

Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)

Security Description	Value
Breeds Hill Capital Ltd	$	3,341,365
LMA SA & LMA Americas		112,958
Metlife Short Term Funding		993,451
Sanofi-Aventis		1,040,226
Silver Tower US Fund		990,314
Suncorp-Metway Ltd		871,686
Total Market Value of Collateral Securities	$	7,350,000

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	3,714,073
Freddie Mac Gold Pool		1,385,927
Total Market Value of Collateral Securities	$	5,100,000

^(g)   Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	103,597,576	$	—	$	—	$	103,597,576
Consumer Staples		4,150,500		—		—		4,150,500
Energy		71,823,889		—		—		71,823,889
Financials		95,664,020		—		—		95,664,020
Health Care		70,341,675		—		—		70,341,675
Industrials		150,202,267		—		—		150,202,267
Information Technology		174,116,008		—		—		174,116,008
Materials		4,628,420		—		—		4,628,420
Telecommunication Services		24,464,186		—		—		24,464,186
Total Equity Securities		698,988,541		—		—		698,988,541
Other
Affiliated Money Market Fund(c)		3,926,723		—		—		3,926,723
Investments of Cash Collateral Received for Securities on Loan		5,000,000		170,208,548		—		175,208,548
Total Other		8,926,723		170,208,548		—		179,135,271
Total	$	707,915,264	$	170,208,548	$	—	$	878,123,812

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio – Eaton Vance Floating-Rate Income Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (97.4%)
Aerospace & Defense (1.4%)
DAE Aviation Holdings, Inc.(a)(b)
Tranche B1 Term Loan
07/31/14		5.310	%	$	2,028,974	$	2,032,139
DAE Aviation Holdings, Inc.(a)(b)(c)
Tranche B1 Term Loan
TBD	TBD				508,691		509,485
Hawker Beechcraft Acquisition Co. LLC(a)(b)
Letter of Credit
03/26/14		0.207	%		54,865		48,311
Term Loan
03/26/14		2.263	%		887,232		781,261
IAP Worldwide Services, Inc. 1st Lien Term Loan(a)(b)
12/30/12		8.250	%		1,995,579		1,988,096
Standard Aero Ltd.(a)(b)
Tranche B2 Term Loan
07/31/14		5.310	%		1,959,644		1,962,701
Standard Aero Ltd.(a)(b)(c)
Tranche B2 Term Loan
TBD	TBD				491,309		492,075
Transdigm, Inc. 1st Lien Term Loan(a)(b)(c)
TBD	TBD				1,995,000		2,007,469
Triumph Group, Inc. Term Loan(a)(b)
06/16/16		5.250	%		522,375		522,375
Wesco Aircraft Hardware Corp. 1st Lien Term Loan(a)(b)
09/30/13		2.500	%		979,476		977,194
Wyle Services Corp. Term Loan(a)(b)
03/25/16		7.750	%		746,247		748,583
Total							12,069,689
Automotive (3.4%)
Allison Transmission, Inc.(a)(b)
Term Loan
08/07/14		3.010	%		5,402,605		5,346,148
Allison Transmission, Inc.(a)(b)(c)
Term Loan
TBD	TBD				1,000,000		989,550
Autotrader.com, Inc. Tranche B Term Loan(a)(b)
12/15/16		4.750	%		997,500		1,002,488
Federal-Mogul Corp.(a)(b)
Tranche B Term Loan
12/29/14		2.196	%		3,934,009		3,834,007
Tranche C Term Loan
12/28/15		2.189	%		2,007,148		1,956,126
Ford Motor Co.(a)(b)
Tranche B1 Term Loan
12/15/13		3.010	%		3,839,195		3,836,046

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Automotive (continued)
Tranche B2 Term Loan
12/15/13		3.010	%	$	1,243,847	$	1,241,123
Goodyear Engineered Product(a)(b)
Delayed Draw Term Loan
07/31/14		2.750	%		249,919		231,021
Term Loan
07/31/14		2.750	%		1,744,928		1,612,976
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan(a)(b)
04/30/14		1.960	%		6,000,000		5,895,000
Metaldyne LLC Term Loan(a)(b)
10/22/16		7.750	%		796,000		808,441
Tenneco, Inc. Tranche B Term Loan(a)(b)
06/03/16		4.807	%		1,990,000		1,994,975
Total							28,747,901
Brokerage (1.1%)
Grosvenor Capital Management Holdings LLLP Tranche C Term Loan(a)(b)
12/05/16		4.313	%		1,098,514		1,093,022
LPL Holdings, Inc.(a)(b)
Term Loan
06/25/15		4.250	%		2,884,109		2,891,319
06/28/17		5.250	%		1,898,705		1,912,945
Nuveen Investments, Inc.(a)(b)
1st Lien Term Loan
11/13/14		3.306	%		1,844,640		1,770,190
05/13/17		5.806	%		2,155,360		2,160,210
Total							9,827,686
Building Materials (0.7%)
Beacon Sales Acquisition, Inc. Tranche B Term Loan(a)(b)
09/30/13		2.285	%		904,666		882,049
Building Materials Corp. of America Term Loan(a)(b)
02/22/14		3.000	%		1,584,338		1,584,592
CPG International I, Inc. Term Loan(a)(b)
02/18/17		6.000	%		523,688		523,363
Goodman Global, Inc. 1st Lien Term Loan(a)(b)
10/28/16		5.750	%		2,921,534		2,928,809
Total							5,918,813
Chemicals (6.8%)
Arizona Chemical U.S., Inc. Term Loan(a)(b)
11/21/16		4.750	%		457,447		459,020

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Chemicals (continued)
Brenntag Holding Gmbh & Co. KG(a)(b)(d)
Tranche 1 Term Loan
01/20/14		3.760	%	$	824,880	$	825,911
Tranche B2 Term Loan
01/20/14		3.770	%		5,175,120		5,181,589
Celanese U.S. Holdings LLC Tranche C Term Loan(a)(b)
10/31/16		3.303	%		3,502,314		3,516,253
Chemtura Corp. Term Loan(a)(b)
08/29/16		5.500	%		600,000		605,250
General Chemical Corp. Tranche B Term Loan(a)(b)
10/06/15		5.002	%		522,375		522,636
Hexion Specialty Chemicals, Inc.(a)(b)
Tranche C1B Term Loan
05/05/15		4.000	%		2,789,070		2,758,390
Tranche C2B Term Loan
05/05/15		4.063	%		1,176,370		1,163,430
Tranche C4B Term Loan
05/05/15		4.063	%		994,824		993,581
Tranche C7B Term Loan
05/05/15		4.063	%		944,593		939,870
Houghton International, Inc. Tranche B1 Term Loan(a)(b)
01/29/16		6.750	%		821,462		827,114
Huntsman International LLC(a)(b)
Tranche B Term Loan
04/19/14		1.786	%		509,498		500,501
04/19/17		2.786	%		1,370,921		1,359,611
Tranche C Term Loan
06/30/16		2.519	%		3,521,680		3,484,068
ISP Chemco LLC Term Loan(a)(b)
06/04/14		1.782	%		4,453,728		4,386,922
Ineos U.S. Finance LLC(a)(b)
Tranche B2 Term Loan
12/16/13		7.501	%		4,254,712		4,389,799
Tranche C2 Term Loan
12/16/14		8.001	%		4,582,373		4,750,775
Matrix Acquisition Corp. Tranche B Term Loan(a)(b)
04/12/14		2.246	%		2,464,032		2,427,515
Millenium Chemicals 1st Lien Term Loan(a)(b)
05/15/14		2.557	%		1,979,540		1,963,703
Momentive Performance Materials Tranche B1B Term Loan(a)(b)
05/05/15		3.750	%		992,248		981,085
Momentive Specialty Chemicals, Inc.(a)(b)
Tranche C1A Term Loan
05/05/13		2.563	%		700,840		689,451
Tranche C2A Term Loan

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Chemicals (continued)
05/05/13		2.563	%	$	299,160	$	294,299
Nalco Co. Tranche B1 Term Loan(a)(b)
10/05/17		6.500	%		1,194,000		1,203,624
Omnova Solutions, Inc. Term Loan(a)(b)
05/31/17		5.750	%		2,468,812		2,484,243
Rockwood Specialties Group, Inc. Term Loan(a)(b)
02/09/18		3.750	%		2,325,000		2,337,206
Solutia, Inc. Tranche 1 Term Loan(a)(b)
08/01/17		3.500	%		2,882,353		2,897,658
Styron Corp.(a)(b)(c)(d)
Term Loan
TBD	TBD				1,000,000		1,005,560
Styron Corp.(a)(b)(d)
Term Loan
08/01/17		5.311	%		2,900,000		2,916,124
Univar, Inc. Tranche B Term Loan(a)(b)
06/30/17		5.000	%		2,000,000		2,006,760
Total							57,871,948
Construction Machinery (0.3%)
Brock Holdings III, Inc. 1st Lien Term Loan(a)(b)
03/16/17		6.000	%		1,250,000		1,250,787
Manitowoc Co., Inc. (The) Tranche B Term Loan(a)(b)
11/06/14		8.000	%		1,370,973		1,374,154
Total							2,624,941
Consumer Cyclical Services (3.8%)
Adesa, Inc. Term Loan(a)(b)
10/21/13		3.000	%		4,254,016		4,238,064
Brickman Group Holdings, Inc. Tranche B Term Loan(a)(b)
10/14/16		7.250	%		2,019,937		2,058,438
Instant Web, Inc.(a)(b)
Delayed Draw Term Loan
08/07/14		3.629	%		167,559		142,844
Term Loan
08/07/14		3.629	%		1,607,441		1,370,343
Live Nation Entertainment, Inc. Tranche B Term Loan(a)(b)
11/07/16		4.500	%		4,957,456		4,969,850

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Consumer Cyclical Services (continued)
Protection One, Inc. Term Loan(a)(b)
06/04/16		6.000	%	$	3,744,103	$	3,734,742
Sabre, Inc. Term Loan(a)(b)
09/30/14		2.267	%		4,945,702		4,655,142
ServiceMaster Co. (The)(a)(b)
Delayed Draw Term Loan
07/24/14		2.750	%		180,431		176,998
Term Loan
07/24/14		2.763	%		1,811,830		1,777,351
Travelport LLC(a)(b)
Delayed Draw Term Loan
08/21/15		4.744	%		4,961,440		4,906,665
Tranche S Term Loan
08/21/15		4.807	%		153,677		151,980
West Corp.(a)(b)
Tranche B2 Term Loan
10/24/13		2.743	%		257,060		255,695
Tranche B4 Term Loan
07/15/16		4.602	%		2,958,933		2,966,330
Tranche B5 Term Loan
07/15/16		4.618	%		629,896		631,470
Total							32,035,912
Consumer Products (2.9%)
Affinion Group, Inc. Tranche B Term Loan(a)(b)
10/09/16		5.000	%		4,950,021		4,942,942
Amscan Holdings, Inc. Term Loan(a)(b)
12/02/17		6.750	%		1,368,125		1,375,828
Jarden Corp. Tranche B5 Term Loan(a)(b)
01/26/15		0.000	%		2,977,014		2,972,043
NBTY, Inc.(a)(b)
Tranche B1 Term Loan
10/01/17		4.250	%		5,800,000		5,808,178
NBTY, Inc.(a)(b)(c)
Tranche B1 Term Loan
TBD	TBD				1,485,500		1,487,594
National Bedding Co. LLC Term Loan(a)(b)
11/28/13		3.813	%		1,771,046		1,762,191
Prestige Brands, Inc. Term Loan(a)(b)
03/24/16		4.750	%		898,369		903,426
Spectrum Brands, Inc. Term Loan(a)(b)
06/17/16		5.010	%		4,500,000		4,529,745

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Consumer Products (continued)
Visant Corp. Tranche B Term Loan(a)(b)
12/22/16		5.250	%	$	1,396,500	$	1,393,009
Total							25,174,956
Diversified Manufacturing (2.3%)
Acosta, Inc. Tranche B Term Loan(a)(b)
03/01/18		4.750	%		1,275,000		1,276,364
Altegrity, Inc.(a)(b)
Term Loan
02/21/15		3.059	%		2,484,576		2,449,369
Tranche D Term Loan
02/21/15		7.750	%		671,625		674,426
BakerCorp Tranche C Term Loan(a)(b)
05/08/14		4.810	%		1,137,217		1,128,211
Brand Energy & Infrastructure Services, Inc.(a)(b)
Tranche B 1st Lien Term Loan
02/07/14		2.563	%		1,000,000		967,810
Tranche B2 1st Lien Term Loan
02/07/14		3.563	%		2,000,000		1,955,000
New Customer Service Term Loan(a)(b)
03/23/16		2.729	%		2,827,633		2,822,911
Pelican Products, Inc. Term Loan(a)(b)
03/07/17		5.000	%		698,250		699,123
RGIS Services LLC(a)(b)
Delayed Draw Term Loan
04/30/14		2.805	%		71,768		70,332
Tranche B Term Loan
04/30/14		2.803	%		1,928,232		1,889,668
Tomkins, LLC/Inc.(a)(b)(c)
Tranche B1 Term Loan
TBD	TBD				1,496,250		1,499,751
Tomkins, LLC/Inc.(a)(b)
Tranche B1 Term Loan
09/29/16		4.250	%		3,849,915		3,858,924
Total							19,291,889
Electric (2.9%)
Calpine Corp. Term Loan(a)(b)
04/01/18		4.500	%		6,175,000		6,195,192
Dynegy Holdings, Inc.(a)(b)
Letter of Credit
04/02/13		4.000	%		6,480,070		6,416,630
Tranche B Term Loan
04/02/13		4.000	%		514,975		509,933

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Electric (continued)
Equipower Resources Holdings LLC Tranche B Term Loan(a)(b)
01/26/18		5.750	%	$	550,000	$	554,125
NRG Energy, Inc.(a)(b)
Credit Linked Deposit
02/01/13		2.057	%		1,190,982		1,183,968
08/31/15		3.557	%		2,388,328		2,401,273
Term Loan
02/01/13		2.057	%		1,749,458		1,739,154
08/31/15		3.502	%		1,653,782		1,662,746
Pike Electric, Inc. Tranche B Term Loan(a)(b)
07/01/12		2.063	%		831,469		818,996
Texas Competitive Electric Holdings Co. LlC Tranche B2 Term Loan(a)(b)
10/10/14		3.783	%		3,969,231		3,341,021
Total							24,823,038
Entertainment (5.2%)
AMC Entertainment, Inc. Tranche B2 Term Loan(a)(b)
12/15/16		3.496	%		3,966,037		3,966,037
Bombardier Recreational Products, Inc. Term Loan(a)(b)(d)
06/28/13		2.810	%		2,000,000		1,976,260
Carmike Cinemas, Inc. Term Loan(a)(b)
01/27/16		5.500	%		889,812		891,485
Cedar Fair LP Term Loan(a)(b)
12/15/16		4.445	%		3,333,752		3,349,787
Cinemark USA, Inc. Term Loan(a)(b)
04/30/16		3.534	%		7,919,799		7,949,499
ClubCorp Club Operations, Inc. Tranche B Term Loan(a)(b)
11/30/16		6.000	%		573,563		577,147
Miramax Film NY LLC Term Loan(a)(b)
06/22/16		7.750	%		922,500		934,797
National CineMedia LLC Term Loan(a)(b)
02/13/15		1.810	%		4,000,000		3,930,000
Regal Cinemas Corp. Term Loan(a)(b)
08/23/17		3.557	%		7,300,000		7,311,388
Seaworld Parks & Entertainment, Inc. Tranche B Term Loan(a)(b)
08/17/17		4.000	%		5,930,075		5,963,462

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Entertainment (continued)
Six Flags Theme Parks, Inc. Tranche B Term Loan(a)(b)
06/30/16		5.250	%	$	3,560,065	$	3,588,545
Universal City Development Partners Ltd. Term Loan(a)(b)
11/06/14		5.500	%		3,568,922		3,583,412
Total							44,021,819
Food and Beverage (6.1%)
Advantage Sales & Marketing, Inc. 1st Lien Term Loan(a)(b)
12/17/17		5.250	%		2,800,000		2,802,072
Aramark Corp.(a)(b)
1st Letter of Credit
01/26/14		0.093	%		286,407		283,511
2nd Letter of Credit
07/26/16		0.094	%		237,307		237,221
Term Loan
01/26/14		2.182	%		3,555,280		3,519,336
Tranche B Term Loan
07/26/16		3.557	%		3,608,407		3,607,108
Darling International, Inc. Term Loan(a)(b)
12/17/16		5.000	%		533,333		536,336
Dean Foods Co.(a)(b)
Tranche A Term Loan
04/02/12		1.480	%		859,994		853,544
Tranche B Term Loan
04/02/14		1.810	%		3,800,540		3,696,025
Del Monte Foods Co.(a)(b)
Term Loan
03/08/18		4.500	%		5,700,000		5,709,519
Del Monte Foods Co.(a)(b)(c)
Term Loan
TBD	TBD				3,000,000		3,005,010
Dole Food Co., Inc. Tranche B1 Term Loan(a)(b)
03/02/17		5.500	%		1,136,706		1,142,390
Dunkin’ Brands, Inc. Tranche B1 Term Loan(a)(b)
11/23/17		4.250	%		5,336,625		5,368,858
Earthbound Holdings III LLC Term Loan(a)(b)
12/21/16		7.000	%		673,312		676,679
Green Mountain Coffee Roasters, Inc. Tranche B Term Loan(a)(b)
12/16/16		5.500	%		2,992,500		3,014,944
Pierre Foods, Inc. 1st Lien Term Loan(a)(b)
09/30/16		7.000	%		1,069,625		1,073,304
Pinnacle Foods Finance LLC(a)(b)
Term Loan
04/02/14		2.761	%		4,350,112		4,325,099

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Food and Beverage (continued)
Tranche D Term Loan
04/02/14		6.000	%	$	707,586	$	713,190
Sagittarius Restaurants LLC Term Loan(a)(b)
05/18/15		7.516	%		467,500		467,500
Solvest Ltd. Tranche C1 Term Loan(a)(b)
03/02/17		5.500	%		2,830,423		2,844,576
U.S. Foodservice Term Loan(a)(b)
07/03/14		2.753	%		1,496,124		1,454,053
WM. Bolthouse Farms, Inc. 1st Lien Term Loan(a)(b)
02/11/16		5.501	%		4,603,266		4,637,790
Windsor Quality Food Co., Ltd. Tranche B Term Loan(a)(b)
02/16/17		5.000	%		1,944,000		1,939,140
Total							51,907,205
Gaming (1.4%)
Ameristar Casinos, Inc. Term Loan(a)(b)
11/10/12		3.553	%		1,979,112		1,978,618
Caesars Entertainment Operating Co., Inc.(a)(b)
Tranche B1 Term Loan
01/28/15		3.303	%		2,000,000		1,858,120
Tranche B3 Term Loan
01/28/15		3.303	%		1,974,908		1,834,807
Isle of Capri Casinos, Inc. Term Loan(a)(b)(c)
TBD	TBD				1,025,000		1,029,695
Las Vegas Sands LLC(a)(b)
Tranche B Term Loan
05/23/14		2.000	%		1,658,296		1,626,606
Tranche I Delayed Draw Term Loan
05/23/14		2.000	%		331,659		325,321
Penn National Gaming, Inc. Tranche B Term Loan(a)(b)
10/03/12		2.028	%		1,000,000		997,190
VML U.S. Finance LLC(a)(b)
Term Loan
05/28/13		4.790	%		495,478		495,201
Tranche B Delayed Draw Term Loan
05/25/12		4.790	%		361,730		361,527
Tranche B Term Loan
05/27/13		4.790	%		626,249		625,898
VML U.S. Finance LLC(a)(b)(c)
Tranche B Delayed Draw Term Loan
TBD	TBD				183,066		182,963
Tranche B Term Loan
TBD	TBD				316,934		316,757
Total							11,632,703

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Gas Distributors (0.5%)
Obsidian Natural Gas Trust Term Loan(a)(b)
11/02/15		7.000	%	$	3,902,057	$	3,950,833
Health Care (13.2%)
1-800 Contacts, Inc. Term Loan(a)(b)
03/04/15		7.700	%		1,356,985		1,358,681
Alliance HealthCare Services, Inc. Term Loan(a)(b)
06/01/16		5.500	%		1,975,000		1,977,469
Bausch & Lomb, Inc.(a)(b)
Delayed Draw Term Loan
04/24/15		3.496	%		792,738		791,414
Term Loan
04/24/15		3.543	%		3,260,829		3,255,383
Biomet, Inc. Term Loan(a)(b)
03/25/15		3.292	%		7,917,949		7,905,122
Bright Horizons Family Solutions, Inc. Tranche B Term Loan(a)(b)
05/28/15		7.500	%		1,967,255		1,968,888
CRC Health Corp.(a)(b)
Tranche B2 Term Loan
11/16/15		4.807	%		2,000,000		1,965,000
CRC Health Corp.(a)(b)(c)
Tranche B2 Term Loan
TBD	TBD				500,000		491,250
Community Health Systems, Inc.(a)(b)
Delayed Draw Term Loan
07/25/14		2.561	%		374,745		370,705
Term Loan
07/25/14		2.561	%		7,244,659		7,166,562
01/25/17		3.811	%		2,926,498		2,920,293
ConvaTec, Inc. Term Loan(a)(b)
12/22/16		5.750	%		1,620,938		1,622,558
DJO Finance LLC Term Loan(a)(b)
05/20/14		3.246	%		2,717,890		2,695,467
DaVita, Inc. Tranche B Term Loan(a)(b)
10/20/16		4.500	%		2,618,437		2,627,314
Emdeon Business Services LLC 1st Lien Term Loan(a)(b)
11/16/13		2.250	%		4,958,635		4,940,041
Fresenius SE(a)(b)
Tranche D1 Term Loan
09/10/14		3.500	%		2,327,406		2,336,134

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Health Care (continued)
Fresenius SE(a)(b)
Tranche D2 Term Loan
09/10/14		3.500	%	$	1,623,962	$	1,630,051
HCA, Inc.(a)(b)
Tranche B1 Term Loan
11/18/13		2.557	%		4,000,000		3,978,520
Tranche B2 Term Loan
03/31/17		3.557	%		6,000,000		5,986,380
Harrington Holdings, Inc. Term Loan(a)(b)(c)
TBD	TBD				936,349		940,637
Health Management Associates, Inc. Tranche B Term Loan(a)(b)
02/28/14		2.057	%		7,909,362		7,826,947
IMS Health, Inc. Tranche B Term Loan(a)(b)
08/26/17		4.500	%		4,998,837		5,022,932
Iasis Healthcare LLC(a)(b)
Delayed Draw Term Loan
03/14/14		2.246	%		475,779		470,255
Synthetic Letter of Credit
03/14/14		2.243	%		130,462		128,947
Term Loan
03/14/14		2.246	%		1,374,549		1,358,590
Inventiv Health, Inc.(a)(b)
Tranche B Term Loan
08/04/16		4.750	%		669,946		671,065
Tranche B1 Term Loan
08/04/16		4.750	%		365,750		367,122
Inventiv Health, Inc.(a)(b)(c)
Tranche B2 Term Loan
TBD	TBD				733,333		736,083
Inverness Medical 1st Lien Term Loan(a)(b)
06/26/14		2.254	%		2,976,864		2,932,211
Kindred HealthCare, Inc. Term Loan(a)(b)(c)
TBD	TBD				2,025,000		2,022,469
MedAssets, Inc.(a)(b)
Term Loan
11/16/16		5.250	%		1,825,000		1,833,559
MedAssets, Inc.(a)(b)(c)
Term Loan
TBD	TBD				992,938		997,594
MultiPlan, Inc. Tranche B Term Loan(a)(b)
08/26/17		4.750	%		5,062,500		5,068,828
Onex Carestream Finance LP Term Loan(a)(b)
02/25/17		5.000	%		1,525,000		1,495,324

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Health Care (continued)
Prime Healthcare Services, Inc. Tranche B Term Loan(a)(b)
04/28/15		7.250	%	$	1,989,987	$	1,945,213
Quintiles Transnational Corp. 1st Lien Tranche B Term Loan(a)(b)
03/31/13		2.310	%		2,976,503		2,961,621
Radnet Management, Inc. Tranche B Term Loan(a)(b)
04/06/16		5.750	%		1,992,500		1,994,991
Rehabcare Group, Inc. Tranche B Term Loan(a)(b)
11/24/15		6.000	%		2,576,441		2,573,221
Renal Advantage Holdings, Inc. Tranche B Term Loan(a)(b)
12/17/16		5.750	%		1,675,000		1,689,656
Res-Care, Inc. Tranche B Term Loan(a)(b)
12/22/16		7.250	%		800,000		800,000
Select Medical Corp.(a)(b)
Tranche B Term Loan
02/24/12		2.317	%		2,871,447		2,853,500
Tranche B1 Term Loan
08/22/14		4.064	%		2,871,447		2,867,312
Universal Health Services, Inc. Tranche B Term Loan(a)(b)
11/15/16		4.000	%		2,751,562		2,763,834
Vanguard Health Holding Co. II LLC Term Loan(a)(b)
01/29/16		5.000	%		3,970,075		3,978,015
Total							112,287,158
Independent Energy (0.2%)
MEG Energy Corp. Term Loan(a)(b)(c)(d)
TBD	TBD				1,325,000		1,333,692
Life Insurance (0.7%)
Alliant Holdings I, Inc.(a)(b)
Term Loan
08/21/14		3.307	%		2,824,646		2,785,807
Tranche D Term Loan
08/21/14		6.750	%		974,457		974,456
CNO Financial Group, Inc. Term Loan(a)(b)
09/30/16		7.500	%		2,058,333		2,069,366
Total							5,829,629

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Media Cable (5.9%)
Atlantic Broadband Finance LLC Tranche B Term Loan(a)(b)
03/08/16		4.000	%	$	1,216,216	$	1,218,247
Bresnan Broadband Holdings LLC Tranche B Term Loan(a)(b)
12/14/17		4.500	%		2,144,625		2,154,448
CSC Holdings LLC(a)(b)
Tranche B2 Term Loan
03/29/16		3.559	%		1,737,869		1,737,712
Tranche B3 Term Loan
03/29/16		3.309	%		5,949,950		5,934,242
Cequel Communications LLC Term Loan(a)(b)
11/05/13		2.260	%		7,963,717		7,899,530
Charter Communications Operating LLC(a)(b)
Tranche B1 Term Loan
03/06/14		2.250	%		602,231		600,611
Tranche C Term Loan
09/06/16		3.560	%		9,423,486		9,419,905
Insight Midwest Holdings LLC Tranche B Term Loan(a)(b)
04/07/14		2.024	%		2,758,025		2,725,259
MCC Iowa LLC Tranche F Term Loan(a)(b)
10/23/17		4.500	%		2,977,500		2,955,169
Mediacom Illinois LLC Tranche E Term Loan(a)(b)
10/23/17		4.500	%		4,964,987		4,861,567
Midcontinent Communications Tranche B Term Loan(a)(b)
12/31/16		4.000	%		995,000		999,975
TWCC Holding Corp. Term Loan(a)(b)
02/11/17		4.250	%		5,905,200		5,943,761
UPC Financing Partnership(a)(b)(d)
Tranche T Term Loan
12/30/16		3.744	%		1,578,393		1,576,704
Tranche X Term Loan
12/31/17		3.744	%		2,500,000		2,500,525
Total							50,527,655
Media Non-Cable (4.7%)
Catalina Marketing Corp. Term Loan(a)(b)
10/01/14		2.996	%		994,549		988,025
Cengage Learning Acquisitions, Inc. Term Loan(a)(b)
07/03/14		2.500	%		2,982,005		2,853,540
Citadel Broadcasting Corp. Term Loan(a)(b)
12/30/16		4.250	%		1,485,000		1,483,589

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Media Non-Cable (continued)
FoxCo Acquisition Sub. LLC Term Loan(a)(b)
07/14/15		4.750	%	$	1,988,645	$	1,987,412
Getty Images, Inc. Term Loan(a)(b)
11/07/16		5.250	%		4,726,250		4,757,491
Intelsat Jackson Holdings S.A. Tranche B Term Loan(a)(b)(d)
04/02/18		5.250	%		8,000,000		8,043,360
Lodgenet Entertainment Corp. Term Loan(a)(b)
04/04/14		6.500	%		1,596,304		1,522,188
Nelson Education Ltd. 1st Lien Term Loan(a)(b)
07/04/14		2.807	%		1,454,765		1,316,563
Nielsen Finance LLC(a)(b)
Tranche A Term Loan
08/09/13		2.259	%		4,880,447		4,846,479
Tranche B Term Loan
05/01/16		4.009	%		1,984,981		1,983,750
Tranche C Term Loan
05/01/16		3.759	%		1,496,231		1,490,934
Univision Communications, Inc.(a)(b)
1st Lien Term Loan
03/31/17		4.496	%		4,838,990		4,718,644
Term Loan
09/29/14		2.246	%		874,148		853,387
Zuffa LLC Term Loan(a)(b)
06/19/15		2.313	%		3,798,288		3,722,322
Total							40,567,684
Metals (1.2%)
Fairmount Minerals, Ltd. Tranche B Term Loan(a)(b)
03/15/17		5.250	%		3,275,000		3,277,456
JMC Steel Group, Inc. Term Loan(a)(b)
04/01/17		4.750	%		2,250,000		2,256,570
Noranda Aluminum Acquisition Corp. Tranche B Term Loan(a)(b)
05/18/14		1.996	%		389,946		386,047
Walter Energy, Inc. Tranche B Term Loan(a)(b)(c)
TBD	TBD				4,425,000		4,450,444
Total							10,370,517

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Non-Captive Diversified (0.2%)
International Lease Finance Corp. Tranche 1 Term Loan(a)(b)
03/17/15		6.750	%	$	2,000,000	$	2,007,500
Oil Field Services (0.3%)
Volnay Acquisition Co. I Tranche B2 Term Loan(a)(b)
01/12/16		5.500	%		2,956,522		2,962,080
Other Financial Institutions (1.2%)
Asset Acceptance Capital Corp. Tranche B Term Loan(a)(b)
06/12/13		3.810	%		3,558,796		3,487,620
Citco III Ltd.(a)(b)
Tranche B Term Loan
06/30/14		4.457	%		970,846		965,390
Citco III Ltd.(a)(b)(c)
Tranche B Term Loan
TBD	TBD				3,403,348		3,384,221
Fifth Third Processing Solutions LLC Tranche B 1st Lien Term Loan(a)(b)
11/03/16		5.500	%		798,000		800,394
HarbourVest Partners LP Term Loan(a)(b)
12/19/16		6.250	%		1,155,375		1,161,152
Ikaria Acquisition, Inc. Term Loan(a)(b)
05/14/16		7.000	%		447,500		432,956
Total							10,231,733
Other Industry (3.4%)
Allied Security Holdings LLC 1st Lien Term Loan(a)(b)
02/03/17		5.000	%		1,575,000		1,584,182
Aquilex Holdings LLC Term Loan(a)(b)
04/01/16		6.000	%		881,892		879,687
Diversey, Inc.(a)(b)
Tranche B Term Loan
11/24/15		4.000	%		4,300,327		4,316,454
Diversey, Inc.(a)(b)(c)
Tranche B Term Loan
TBD	TBD				987,469		991,172
Education Management LLC(a)(b)
Tranche C Term Loan
06/03/13		2.063	%		3,688,644		3,603,104
Tranche C2 Term Loan
06/01/16		4.313	%		3,481,351		3,401,942
Laureate Education, Inc.(a)(b)
Delayed Draw Term Loan
08/15/14		3.554	%		369,259		365,411

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Other Industry (continued)
Term Loan
08/15/14		3.554	%	$	2,607,730	$	2,580,558
RE/MAX International LLC Term Loan(a)(b)
04/16/16		5.500	%		1,339,875		1,337,369
Rexnord LLC/RBS Global, Inc.(a)(b)
Tranche B1 Term Loan
07/19/13		2.813	%		6,355,415		6,307,749
Tranche B2 Term Loan
07/19/13		2.500	%		812,303		803,506
Sensus USA, Inc. Tranche B3 Term Loan(a)(b)
06/03/13		7.000	%		1,488,665		1,496,108
TriMas Co. LLC(a)(b)
Tranche B Term Loan
12/15/15		6.000	%		1,262,576		1,262,576
Tranche B1 Term Loan
08/02/11		0.000	%		94,264		94,264
Total							29,024,082
Other Utility (0.2%)
BRSP LLC Term Loan(a)(b)
06/24/14		7.500	%		1,500,000		1,507,500
Packaging (2.5%)
BWAY Holding Co. Tranche B Term Loan(a)(b)
02/23/18		4.500	%		3,019,665		3,029,117
Berry Plastics Holding Corp. Tranche C Term Loan(a)(b)
04/03/15		2.314	%		3,181,952		3,051,778
Consolidated Container LLC Co. 1st Lien Term Loan(a)(b)
03/28/14		2.500	%		988,405		955,788
Graham Packaging Co. LP Tranche C Term Loan(a)(b)
04/05/14		6.750	%		1,979,798		1,991,439
Graphic Packaging International, Inc. Term Loan(a)(b)
05/16/14		3.046	%		5,643,627		5,624,834
ICL Industrial Containers ULC Tranche C Term Loan(a)(b)
02/23/18		4.500	%		268,096		268,934
Kranson Industries, Inc. Tranche B Term Loan(a)(b)
07/31/13		2.579	%		219,682		212,360

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Packaging (continued)
Reynolds Group Holdings, Inc. Term Loan(a)(b)
02/09/18		4.250	%	$	5,925,000	$	5,949,885
Total							21,084,135
Paper (0.7%)
Georgia-Pacific LLC(a)(b)
Tranche B Term Loan
12/23/12		2.309	%		2,173,382		2,172,122
Tranche C Term Loan
12/23/14		3.559	%		3,958,295		3,969,180
Total							6,141,302
Pharmaceuticals (1.4%)
Axcan Pharma, Inc. Term Loan(a)(b)(c)
TBD	TBD				1,000,000		996,670
Catalent Pharma Solutions, Inc. Term Loan(a)(b)
04/10/14		2.496	%		1,989,664		1,932,461
Grifols, Inc. Tranche B Term Loan(a)(b)(c)
TBD	TBD				3,825,000		3,847,950
Mylan, Inc. Tranche B Term Loan(a)(b)
10/02/14		3.563	%		1,364,035		1,366,585
VWR Funding, Inc. Term Loan(a)(b)
06/30/14		2.746	%		2,000,000		1,958,120
WC Luxco SARL(a)(b)(c)(d)
Tranche B1 Term Loan
TBD	TBD				914,286		920,457
Tranche B2 Term Loan
TBD	TBD				457,143		460,229
Tranche B3 Term Loan
TBD	TBD				628,571		632,814
Total							12,115,286
Property & Casualty (1.6%)
Asurion LLC(a)(b)
1st Lien Term Loan
07/03/14		3.267	%		5,749,216		5,696,496
Tranche B2 Term Loan
03/31/15		6.750	%		1,197,000		1,209,652
HUB International Ltd.(a)(b)
Delayed Draw Term Loan
06/13/14		2.807	%		181,644		178,595
Term Loan
06/13/14		2.807	%		808,079		794,512
06/13/14		6.750	%		2,969,849		2,949,060
USI Holdings Corp.(a)(b)

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Property & Casualty (continued)
Tranche B Term Loan
05/05/14		2.750	%	$	498,708	$	495,466
Tranche C Term Loan
05/05/14		7.000	%		1,984,925		1,972,519
Total							13,296,300
Refining (0.3%)
CITGO Petroleum Corp.(a)(b)
Tranche B Term Loan
06/24/15		8.000	%		391,071		405,412
Tranche C Term Loan
06/24/17		9.000	%		2,282,750		2,393,669
Total							2,799,081
REITs (0.3%)
CB Richard Ellis Services, Inc.(a)(b)(c)
Tranche C Term Loan
TBD	TBD				720,000		717,523
Tranche D Term Loan
TBD	TBD				680,000		678,300
MPT Operating Partnership LP Term Loan(a)(b)
05/17/16		5.000	%		949,167		951,540
Total							2,347,363
Restaurants (2.0%)
Burger King Corp. Tranche B Term Loan(a)(b)
10/19/16		4.500	%		5,935,125		5,926,044
Dave & Buster’s, Inc. Term Loan(a)(b)
06/01/16		6.000	%		1,985,000		1,988,732
DineEquity, Inc.(a)(b)
Tranche B1 Term Loan
10/19/17		4.250	%		1,600,000		1,611,328
DineEquity, Inc.(a)(b)(c)
Tranche B1 Term Loan
TBD	TBD				982,749		989,707
OSI Restaurant Partners LLC(a)(b)
Term Loan
06/14/13		3.542	%		508,140		493,530
06/14/14		2.563	%		5,259,243		5,108,040
QCE LLC 1st Lien Term Loan(a)(b)
05/05/13		5.000	%		991,672		920,768
Total							17,038,149
Retailers (6.2%)
Dollar General Corp.(a)(b)
Tranche B1 Term Loan
07/07/14		3.021	%		3,000,000		3,000,480

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Retailers (continued)
Tranche B2 Term Loan
07/07/14		3.001	%	$	1,000,000	$	999,170
FTD Group, Inc. Tranche B Term Loan(a)(b)
08/26/14		6.750	%		1,662,866		1,667,023
General Nutrition Centers, Inc. Tranche B Term Loan(a)(b)
03/02/18		4.250	%		6,000,000		5,995,500
Harbor Freight Tools USA, Inc./Central Purchasing LLC Tranche B Term Loan(a)(b)
12/22/17		6.500	%		1,745,625		1,760,899
J. Crew Group, Inc. Term Loan(a)(b)(c)
TBD	TBD				5,000,000		4,982,500
JRD Holdings, Inc. Term Loan(a)(b)
07/02/14		2.500	%		4,725,000		4,703,359
Jo-Ann Stores, Inc. Term Loan(a)(b)
03/19/18		4.750	%		1,950,000		1,929,896
Michaels Stores, Inc. Tranche B1 Term Loan(a)(b)
10/31/13		2.563	%		3,729,567		3,696,262
Neiman Marcus Group, Inc. (The) Tranche B2 Term Loan(a)(b)
04/06/16		4.310	%		4,768,146		4,774,964
Pep Boys-Manny, Moe & Jack (The) Term Loan(a)(b)
10/27/13		2.310	%		1,011,326		1,003,742
PetCo Animal Supplies, Inc.(a)(b)
Term Loan
11/24/17		4.500	%		3,625,000		3,633,482
PetCo Animal Supplies, Inc.(a)(b)(c)
Term Loan
TBD	TBD				963,750		966,005
Rent-A-Center, Inc. Tranche B Term Loan(a)(b)
03/31/15		3.310	%		1,429,483		1,418,762
Rite Aid Corp.(a)(b)
Tranche 2 Term Loan
06/04/14		2.007	%		4,983,358		4,785,071
Tranche 5 Term Loan
03/03/18		4.500	%		2,175,000		2,155,055
Savers, Inc. Term Loan(a)(b)
03/04/17		4.250	%		1,000,000		1,006,250
Travelport LLC(a)(b)
Letter of Credit
08/23/13		2.807	%		153,677		150,450
Tranche B Term Loan
08/23/13		2.744	%		846,323		828,550
08/21/15		4.744	%		846,323		836,980

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Retailers (continued)
Yankee Candle Co., Inc. Term Loan(a)(b)
02/06/14		2.250	%	$	2,706,802	$	2,694,973
Total							52,989,373
Supermarkets (0.5%)
Roundy’s Supermartkets, Inc. Tranche B Term Loan(a)(b)
11/03/13		3.755	%		4,596,638		4,605,280
Technology (9.7%)
Activant Solutions, Inc.(a)(b)
Tranche B1 Term Loan
05/02/13		2.313	%		230,612		228,451
Tranche B3 Term Loan
02/02/16		4.813	%		1,380,549		1,378,824
Applied Systems, Inc. 1st Lien Term Loan(a)(b)
12/08/16		5.500	%		1,795,500		1,799,091
Aspect Software, Inc. Tranche B Term Loan(a)(b)
05/07/16		6.250	%		2,970,000		2,992,275
CCC Information Services Group, Inc. Term Loan(a)(b)
11/11/15		5.500	%		1,350,000		1,352,255
CommScope, Inc. Term Loan(a)(b)
01/14/18		5.000	%		3,125,000		3,144,531
CoreLogic, Inc. Term Loan(a)(b)
04/12/16		4.750	%		1,985,000		1,991,213
Dealer Computer Services, Inc. Term Loan(a)(b)
04/21/17		5.250	%		843,407		841,931
Edwards (Cayman Islands II) Ltd. 1st Lien Term Loan(a)(b)(d)
05/31/16		5.500	%		1,246,875		1,241,888
Fidelity National Information Services, Inc. Tranche B Term Loan(a)(b)
07/18/16		5.250	%		2,189,000		2,201,762
First Data Corp. Tranche B2 Term Loan(a)(b)
09/24/14		3.002	%		3,869,517		3,705,062
Freescale Semiconductor, Inc. Term Loan(a)(b)
12/01/16		4.511	%		3,961,449		3,934,867
Infor Enterprise Solutions Holdings, Inc.(a)(b)
1st Lien Delayed Draw Term Loan
07/28/15		6.000	%		1,556,418		1,536,185

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Technology (continued)
1st Lien Term Loan
07/28/15		6.000	%	$	2,930,601	$	2,892,504
Delayed Draw Term Loan
07/28/12		4.000	%		320,355		316,751
Term Loan
07/28/12		4.000	%		679,645		671,999
Infor Enterprise Solutions Holdings, Inc.(a)(b)(c)
1st Lien Delayed Draw Term Loan
TBD	TBD				173,436		171,181
1st Lien Term Loan
TBD	TBD				326,564		322,319
Interactive Data Corp. Tranche B Term Loan(a)(b)
02/11/18		4.750	%		2,000,000		2,001,880
MSCI, Inc. Tranche B1 Term Loan(a)(b)
03/14/17		3.750	%		3,780,582		3,794,759
Microsemi Corp. Term Loan(a)(b)
11/02/17		4.000	%		1,750,000		1,756,562
NDS Finance Ltd. Tranche B Term Loan(a)(b)
03/10/18		4.000	%		1,450,000		1,444,925
NXP BV/Funding LLC Tranche B Term Loan(a)(b)(c)(d)
TBD	TBD				4,350,000		4,382,625
Network Solutions LLC 1st Lien Term Loan(a)(b)
03/07/14		2.500	%		831,884		822,525
Orbitz Worldwide, Inc. Term Loan(a)(b)
07/25/14		3.278	%		1,919,483		1,816,311
Quantum Corp. Term Loan(a)(b)
07/11/14		3.807	%		695,689		689,309
SS&C Technologies, Inc./Sunshine Acquisition II, Inc. Term Loan(a)(b)
11/23/12		2.296	%		1,194,832		1,187,364
SSI Investments II Ltd. Term Loan(a)(b)
05/26/17		6.500	%		497,501		503,411
Sensata Technology BV/Finance Co. LLC Term Loan(a)(b)
04/27/13		2.054	%		4,464,935		4,419,482
Serena Software, Inc. Term Loan(a)(b)(c)
TBD	TBD				2,200,000		2,180,750
Shield Finance Co. SARL Tranche B Term Loan(a)(b)(d)
06/15/16		7.752	%		788,000		793,910

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Technology (continued)
Ship Luxco 3 SARL Tranche B2A Term Loan(a)(b)
11/30/17		6.250	%	$	1,000,000	$	1,001,880
Sitel LLC Term Loan(a)(b)
01/30/14		5.803	%		2,377,759		2,345,659
Softlayer Technologies, Inc. Tranche B Term Loan(a)(b)
11/09/16		7.250	%		575,000		578,352
Spansion LLC Term Loan(a)(b)
02/09/15		6.000	%		1,116,078		1,123,522
SunGard Data Systems, Inc.(a)(b)
Tranche A Term Loan
02/28/14		2.008	%		489,000		480,443
Tranche B Term Loan
02/28/16		3.912	%		9,250,560		9,256,388
Sunquest Information Systems, Inc. 1st Lien Term Loan(a)(b)
12/16/16		6.250	%		725,000		718,352
Syniverse Holdings, Inc. Term Loan(a)(b)
12/21/17		5.250	%		1,000,000		1,003,330
Trans Union LLC Term Loan(a)(b)
02/10/18		4.750	%		4,000,000		4,016,680
TriZetto Group, Inc.(a)(b)
Tranche B Term Loan
08/04/15		6.750	%		1,000,000		1,005,000
Tranche B1 Term Loan
08/04/15		5.750	%		997,500		1,002,488
VeriFone, Inc. Tranche B Term Loan(a)(b)
10/31/13		3.000	%		2,791,661		2,749,786
Vertafore, Inc. 1st Lien Term Loan(a)(b)
07/29/16		5.250	%		820,000		820,820
Total							82,619,602
Textile (0.2%)
Phillips-Van Heusen Corp. Tranche B Term Loan(a)(b)
05/06/16		3.500	%		1,498,851		1,511,336
Transportation Services (0.4%)
Hertz Corp. (The) Tranche B Term Loan(a)(b)
03/11/18		3.750	%		3,725,000		3,727,645

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Wireless (1.0%)
MetroPCS Wireless, Inc.(a)(b)
Tranche B1 Term Loan
11/03/13		4.071	%	$	1,984,456	$	1,983,523
Tranche B3 Term Loan
03/19/18		4.060	%		2,175,000		2,173,913
Telesat Canada(a)(b)(d)
Tranche I Term Loan
10/31/14		3.250	%		3,655,342		3,641,233
Tranche II Term Loan
10/31/14		3.250	%		313,979		312,767
Towerco Finance LLC Term Loan(a)(b)
02/02/17		5.250	%		675,000		677,531
Total							8,788,967
Wirelines (0.6%)
Alaska Communications Systems Holdings, Inc. Term Loan(a)(b)
10/21/16		5.500	%		1,571,063		1,572,052

	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value
Senior Loans (continued)
Wirelines (continued)
Windstream Corp. Tranche B2 Term Loan(a)(b)
12/17/15		3.041	%	$	3,969,849	$	3,971,954
Total							5,544,006
Total Senior Loans (Cost: $818,039,161)						$	831,156,388
				Shares		Value
Money Market Fund (8.3%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)					70,732,118	$	70,732,118
Total Money Market Fund (Cost: $70,732,118)						$	70,732,118
Total Investments (Cost: $888,771,279)(g)						$	901,888,506(h)
Other Assets & Liabilities, Net							(48,667,986	)
Net Assets						$	853,220,520

Notes to Portfolio of Investments

(a)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(b)	Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(c)	Represents a senior loan purchased on a when-issued or delayed delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.
(d)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 6.66% of net assets.
(e)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(f)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	56,641,419	$	141,871,140	$	(127,780,441	)	$	—	$	70,732,118	$	38,915	$	70,732,118

^(g)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $888,771,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	13,548,000
Unrealized Depreciation		(430,000	)
Net Unrealized Appreciation	$	13,118,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Senior Loans
Brokerage	$	—	$	8,734,664	$	1,093,022	$	9,827,686
Chemicals		—		55,938,497		1,933,451		57,871,948
Consumer Cyclical Services		—		28,301,170		3,734,742		32,035,912
Diversified Manufacturing		—		17,331,889		1,960,000		19,291,889
Electric		—		24,004,042		818,996		24,823,038
Entertainment		—		43,444,672		577,147		44,021,819
Gas Distributors		—		—		3,950,833		3,950,833
Health Care		—		109,541,945		2,745,213		112,287,158
Life Insurance		—		4,855,173		974,456		5,829,629
Media Non-Cable		—		36,845,362		3,722,322		40,567,684
Other Industry		—		26,171,134		2,852,948		29,024,082
Other Utility		—		—		1,507,500		1,507,500
Retailers		—		45,200,229		7,789,144		52,989,373
Technology		—		78,073,418		4,546,184		82,619,602
All Other Industries		—		314,508,235		—		314,508,235
Total Senior Loans		—		792,950,430		38,205,958		831,156,388
Other
Affiliated Money Market Fund(c)		70,732,118		—		—		70,732,118
Total Other		70,732,118		—		—		70,732,118
Total	$	70,732,118	$	792,950,430	$	38,205,958	$	901,888,506

^(a)  See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b)  There were no significant transfers between Levels 1 and 2 during the period.

^(c)  Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

		Senior Loans
Balance as of December 31, 2010	$	35,790,318
Accrued discounts/premiums		48,609
Realized gain (loss)		53,075
Change in unrealized appreciation (depreciation)*		113,949
Sales		(1,313,743	)
Purchases		3,513,750
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of March 31, 2011	$	38,205,958

*  The realized gain (loss) earned during the period from January 1, 2011 to March 31, 2011 for Senior Loans was $91,580.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Variable Portfolio – Invesco International Growth Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (93.9%)
AUSTRALIA (6.1%)
BHP Billiton Ltd.(a)(b)		724,238	$	34,761,601
Cochlear Ltd.(a)(b)		188,736		16,195,259
CSL Ltd.(a)(b)		449,208		16,589,924
QBE Insurance Group Ltd.(a)		683,030		12,493,349
WorleyParsons Ltd.(a)(b)		841,696		26,965,858
Total				107,005,991
BELGIUM (1.5%)
Anheuser-Busch InBev NV(a)		473,652		26,981,269
BERMUDA (1.0%)
Li & Fung Ltd.(a)		1,832,000		9,368,837
VimpelCom Ltd., ADR(a)		518,983		7,328,040
Total				16,696,877
BRAZIL (2.6%)
Banco Bradesco SA, ADR(a)(b)		1,418,698		29,437,984
Petroleo Brasileiro SA, ADR(a)(b)		441,147		15,678,364
Total				45,116,348
CANADA (6.2%)
Agrium, Inc.(a)		123,440		11,399,261
Canadian National Railway Co.(a)		117,320		8,851,942
Canadian Natural Resources Ltd.(a)		352,090		17,410,206
Cenovus Energy, Inc.(a)		445,491		17,599,077
Encana Corp.(a)(b)		332,848		11,511,494
Fairfax Financial Holdings Ltd.(a)		34,970		13,219,706
Suncor Energy, Inc.(a)		410,772		18,422,245
Talisman Energy, Inc.(a)		449,131		11,104,353
Total				109,518,284
CHINA (1.5%)
Industrial & Commercial Bank of China, Series H(a)		32,137,000		26,643,808
DENMARK (1.7%)
Novo Nordisk A/S, Series B(a)(b)		237,509		29,839,856
FRANCE (6.8%)
BNP Paribas(a)		303,835		22,222,997
Cap Gemini SA(a)		354,108		20,567,980
Cie Generale des Etablissements Michelin, Series B(a)		108,399		9,155,931
Danone(a)		314,737		20,560,448
Eutelsat Communications SA(a)		273,747		10,934,486
Lafarge SA(a)		137,749		8,592,512
Publicis Groupe SA(a)		177,974		9,981,790
Total SA(a)		276,323		16,821,384
Total				118,837,528

Issuer	Shares		Value
Common Stocks (continued)
GERMANY (5.9%)
Adidas AG(a)		324,392	$	20,437,215
Bayer AG(a)		225,403		17,454,256
BMW AG(a)		265,018		22,065,522
Fresenius Medical Care AG & Co. KGaA(a)		252,862		16,982,485
Puma AG Rudolf Dassler Sport(a)(b)		29,679		8,704,537
SAP AG(a)		305,127		18,680,795
Total				104,324,810
HONG KONG (1.2%)
Hutchison Whampoa Ltd.(a)		1,789,000		21,171,655
INDIA (1.4%)
Infosys Technologies Ltd., ADR(a)(b)		336,800		24,148,560
IRELAND (0.1%)
Ryanair Holdings PLC(a)		407,766		1,924,248
ISRAEL (1.7%)
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		605,684		30,387,166
JAPAN (9.1%)
Canon, Inc.(a)		384,700		16,545,858
Denso Corp.(a)		410,400		13,647,817
Fanuc Corp.(a)		138,100		20,874,775
Keyence Corp.(a)		62,900		16,057,254
Komatsu Ltd.(a)		498,000		16,894,971
Nidec Corp.(a)(b)		364,900		31,604,056
Toyota Motor Corp.(a)		502,200		19,929,442
Yamada Denki Co., Ltd.(a)(b)		366,320		24,617,526
Total				160,171,699
KOREA (2.7%)
Hyundai Mobis(a)		97,789		29,155,741
NHN Corp.(a)(c)		106,165		18,523,009
Total				47,678,750
MEXICO (3.6%)
America Movil SAB de CV, Series L, ADR(a)(b)		555,112		32,252,007
Fomento Economico Mexicano SAB de CV, ADR(a)(b)		249,359		14,637,373
Grupo Televisa SA, ADR(a)(c)		674,611		16,548,208
Total				63,437,588

Issuer	Shares		Value
Common Stocks (continued)
NETHERLANDS (2.9%)
Koninklijke Ahold NV(a)		1,247,071	$	16,733,254
Koninklijke KPN NV(a)		1,053,007		17,937,697
Unilever NV-CVA(a)		502,427		15,753,868
Total				50,424,819
PHILIPPINES (0.5%)
Philippine Long Distance Telephone Co.(a)		174,365		9,297,332
RUSSIAN FEDERATION (1.3%)
Gazprom OAO, ADR(a)		710,512		22,999,273
SINGAPORE (2.9%)
Keppel Corp., Ltd.(a)		3,171,000		30,933,952
United Overseas Bank Ltd.(a)		1,367,000		20,381,393
Total				51,315,345
SWEDEN (3.2%)
Kinnevik Investment AB, Series B(a)		397,908		9,273,320
Swedbank AB, Series A(a)(b)		890,149		15,230,928
Telefonaktiebolaget LM Ericsson, Class B(a)		1,145,306		14,770,181
Volvo AB, Series B(a)(c)		920,709		16,191,432
Total				55,465,861
SWITZERLAND (7.0%)
ABB Ltd.(a)(c)		467,033		11,216,928
Julius Baer Group Ltd.(a)		430,083		18,664,244
Nestlé SA(a)		517,796		29,680,957
Novartis AG(a)(b)		415,137		22,517,284
Roche Holding AG(a)		144,948		20,704,603
Syngenta AG(a)		59,868		19,456,285
Total				122,240,301
TAIWAN (2.0%)
Hon Hai Precision Industry Co., Ltd.(a)		3,655,200		12,789,496
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		9,573,000		22,939,445
Total				35,728,941
TURKEY (0.7%)
Akbank TAS(a)		2,521,777		12,249,168

Issuer	Shares		Value
Common Stocks (continued)
UNITED KINGDOM (20.3%)
BG Group PLC(a)		1,061,481	$	26,410,845
British American Tobacco PLC(a)		548,989		22,034,806
Centrica PLC(a)		4,309,310		22,487,961
Compass Group PLC(a)		3,557,521		31,987,579
Imperial Tobacco Group PLC(a)		992,660		30,686,017
Informa PLC(a)		2,298,618		15,365,567
International Power PLC(a)		4,087,961		20,198,343
Kingfisher PLC(a)		3,821,828		15,076,063
Next PLC(a)		481,149		15,282,805
Reckitt Benckiser Group PLC(a)		196,537		10,095,409
Reed Elsevier PLC(a)		1,950,309		16,894,894
Royal Dutch Shell PLC, Series B(a)		639,550		23,186,822
Shire PLC(a)		1,275,580		37,058,210
Smith & Nephew PLC(a)		692,884		7,814,013
Tesco PLC(a)		3,392,222		20,733,257
Vodafone Group PLC(a)		8,830,666		25,003,249
WPP PLC(a)		1,265,993		15,607,504
Total				355,923,344
Total Common Stocks (Cost: $1,358,153,883)			$	1,649,528,821

	Shares		Value
Mutual Fund (0.4%)
India Fund, Inc. (The)(b)		238,700	$	7,865,165
Total Mutual Fund (Cost: $7,098,700)			$	7,865,165
Money Market Fund (5.4%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		94,389,913	$	94,389,913
Total Money Market Fund (Cost: $94,389,913)			$	94,389,913

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (9.4%)
Asset-Backed Commercial Paper (0.9%)
Cancara Asset Securitisation LLC
04/28/11		0.250	%	$	1,999,583	$	1,999,583
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559
05/10/11		0.395	%		2,997,037		2,997,037
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		2,996,013		2,996,013
Rheingold Securitization
04/28/11		0.551	%		4,993,125		4,993,125
Total							15,483,317

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (3.6%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%	$	5,000,000	$	5,000,000
Barclays Bank PLC
05/23/11		0.400	%		6,000,000		6,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		4,000,000		4,000,000
KBC Bank NV
04/29/11		0.450	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		2,997,258		2,997,258
06/08/11		0.340	%		2,000,000		2,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		5,000,000		5,000,000
Norinchukin Bank
05/09/11		0.350	%		4,000,000		4,000,000
Societe Generale
07/01/11		0.364	%		4,000,000		4,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
United Overseas Bank Ltd.
04/18/11		0.390	%		5,000,000		5,000,000
Total							62,992,689
Commercial Paper (0.3%)
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Money Market Fund (0.6%)
JP Morgan Prime Money Market Fund, 0.010%(d)					10,700,000		10,700,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Other Short-Term Obligations (0.2%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%	$	3,000,000	$	3,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		1,500,000		1,500,000
Total							4,500,000
Repurchase Agreements (3.8%)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $30,000,192(f)
		0.230	%		30,000,000		30,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11,
repurchase price $6,108,552(f)
		0.160	%		6,108,525		6,108,525
Merrill Lynch Pierce Fenner & Smith, Inc.(f)
dated 01/18/11, matures 04/18/11,
repurchase price $6,000,900
		0.300	%		6,000,000		6,000,000
dated 03/31/11, matures 04/01/11,
repurchase price $9,000,045
		0.180	%		9,000,000		9,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11,
repurchase price $5,000,039(f)
		0.280	%		5,000,000		5,000,000
Natixis Financial Products, Inc.
dated 03/31/11, matures 04/01/11,
repurchase price $5,000,018(f)
		0.130	%		5,000,000		5,000,000
Nomura Securities
dated 03/31/10, matures 04/01/11,
repurchase price $5,000,033(f)
		0.240	%		5,000,000		5,000,000
Total							66,108,525
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $164,776,948)						$	164,776,948
Total Investments (Cost: $1,624,419,444)(g)						$	1,916,560,847(h)
Other Assets & Liabilities, Net							(159,214,250)
Net Assets						$	1,757,346,597

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of Net
Industry	Assets			Value
Airlines		0.1	%	$	1,924,248
Auto Components		3.0			51,959,489
Automobiles		2.4			41,994,965
Beverages		2.4			41,618,642
Biotechnology		0.9			16,589,924
Capital Markets		1.1			18,664,244
Chemicals		1.7			30,855,546
Commercial Banks		7.2			126,166,277
Communications Equipment		0.8			14,770,181
Construction Materials		0.5			8,592,512
Distributors		0.5			9,368,837
Diversified Financial Services		1.0			17,138,485
Diversified Telecommunication Services		1.0			17,937,697
Electrical Equipment		2.4			42,820,983
Electronic Equipment, Instruments & Components		1.6			28,846,750
Energy Equipment & Services		1.5			26,965,859
Food & Staples Retailing		2.1			37,466,510
Food Products		3.7			65,995,274
Health Care Equipment & Supplies		1.4			24,009,272
Health Care Providers & Services		1.0			16,982,485
Hotels, Restaurants & Leisure		1.8			31,987,579
Household Products		0.6			10,095,409
Independent Power Producers & Energy Traders		1.1			20,198,343
Industrial Conglomerates		3.0			52,105,607
Insurance		1.5			25,713,055
Internet Software & Services		1.0			18,523,008
IT Services		2.5			44,716,540
Machinery		3.1			53,961,178
Media		4.9			85,332,449
Metals & Mining		2.0			34,761,601
Multiline Retail		0.9			15,282,805
Multi-Utilities		1.3			22,487,961
Office Electronics		0.9			16,545,858
Oil, Gas & Consumable Fuels		10.3			181,144,064
Pharmaceuticals		9.0			157,961,375
Road & Rail		0.5			8,851,942
Semiconductors & Semiconductor Equipment		1.3			22,939,445
Software		1.1			18,680,795
Specialty Retail		2.3			39,693,589
Textiles, Apparel & Luxury Goods		1.7			29,141,752
Tobacco		3.0			52,720,823
Wireless Telecommunication Services		4.2			73,880,628
Other(1)		14.8			259,166,861
Total				$	1,916,560,847

⁽¹⁾  Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Citicorp Investment Bank	April 5, 2011		1,440,892		1,488,931	$	—	$	(1,455	)
		(AUD)		(USD)
Citicorp Investment Bank	April 5, 2011		2,704,239		2,623,490		1,785	$	—
		(USD)		(CAD)
Citicorp Investment Bank	April 5, 2011		1,981,530		1,395,350		—		(4,040	)
		(USD)		(EUR)
Total						$	1,785	$	(5,495	)

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 93.86% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Non-income producing.
(d)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	96,250,809	$	100,523,652	$	(102,384,548	)	$	—	$	94,389,913	$	57,623	$	94,389,913

^(f)  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	4,166
Fannie Mae Interest Strip		1,621,431
Fannie Mae Pool		14,281,068
Fannie Mae Principal Strip		152,822
Fannie Mae REMICS		475,542
Federal Farm Credit Bank		272,767
Federal Home Loan Banks		404,718
Federal Home Loan Mortgage Corp		237,103
Federal National Mortgage Association		185,458
FHLMC Structured Pass Through Securities		83,045
Freddie Mac Coupon Strips		1,797
Freddie Mac Gold Pool		2,023,888
Freddie Mac Non Gold Pool		6,132,200
Freddie Mac REMICS		607,484
Freddie Mac Strips		157,973
Ginnie Mae I Pool		429,192
Ginnie Mae II Pool		1,305,545
Government National Mortgage Association		506,973
LMA SA & LMA Americas		1,435
Metlife Short Term Funding		1,971
Sanofi-Aventis		6,127
Silver Tower US Fund		1,368
Suncorp-Metway Ltd		4,206
United States Treasury Inflation Indexed Bonds		90,135
United States Treasury Strip Coupon		1,468,682
United States Treasury Strip Principal		142,907
Total Market Value of Collateral Securities	$	30,600,003
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	6,230,695
Total Market Value of Collateral Securities	$	6,230,695
Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)
Security Description	Value
Breeds Hill Capital Ltd	$	2,864,027
LMA SA & LMA Americas		96,821
Metlife Short Term Funding		851,530
Sanofi-Aventis		891,623
Silver Tower US Fund		848,840
Suncorp-Metway Ltd		747,159
Total Market Value of Collateral Securities	$	6,300,000
Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)
Security Description	Value
Fannie Mae REMICS	$	2,615,941
Freddie Mac REMICS		1,953,345
Government National Mortgage Association		4,610,714
Total Market Value of Collateral Securities	$	9,180,000
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	46,111
Fannie Mae Pool		2,588,750
Fannie Mae Principal Strip		44,321
Fannie Mae Whole Loan		42,136
Federal Farm Credit Bank		530,995
Federal Farm Credit Discount Notes		64,458
Federal Home Loan Bank Discount Notes		238,394
Federal Home Loan Banks		366,061
Federal Home Loan Mortgage Corp		26,254
Federal National Mortgage Association		303,199
FHLMC Structured Pass Through Securities		36,482
Freddie Mac Gold Pool		242,535
Freddie Mac Non Gold Pool		568,546
Government National Mortgage Association		1,758
Total Market Value of Collateral Securities	$	5,100,000
Natixis Financial Products, Inc. (0.130%)
Security Description	Value
Fannie Mae Interest Strip	$	99,519
Fannie Mae Pool		69,943
Fannie Mae REMICS		2,610,342
Freddie Mac REMICS		1,485,720
Government National Mortgage Association		189,219
United States Treasury Note/Bond		645,276
Total Market Value of Collateral Securities	$	5,100,019
Nomura Securities (0.240%)
Security Description	Value
Fannie Mae Pool	$	3,714,073
Freddie Mac Gold Pool		1,385,927
Total Market Value of Collateral Securities	$	5,100,000

^(g)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,624,419,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	300,109,000
Unrealized Depreciation		(7,967,000	)
Net Unrealized Appreciation	$	292,142,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	16,548,208	$	288,213,256		$	—	$	304,761,464
Consumer Staples		14,637,373		193,259,286			—		207,896,659
Energy		91,725,739		116,384,183			—		208,109,922
Financials		42,657,690		137,159,207			—		179,816,897
Health Care		30,387,166		185,155,889			—		215,543,055
Industrials		8,851,942		150,812,016			—		159,663,958
Information Technology		24,148,560		140,874,018			—		165,022,578
Materials		11,399,261		62,810,398			—		74,209,659
Telecommunication Services		39,580,047		52,238,278			—		91,818,325
Utilities		—		42,686,304			—		42,686,304
Total Equity Securities		279,935,986		1,369,592,835			—		1,649,528,821
Other
Mutual Fund		7,865,165		—			—		7,865,165
Affiliated Money Market Fund(c)		94,389,913		—			—		94,389,913
Investments of Cash Collateral Received for Securities on Loan		10,700,000		154,076,948			—		164,776,948
Total Other		112,955,078		154,076,948			—		267,032,026
Investments in Securities		392,891,064		1,523,669,783			—		1,916,560,847
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		1,785			—		1,785
Liabilities
Forward Foreign Currency Exchange Contracts		—		(5,495	)		—		(5,495	)
Total	$	392,891,064	$	1,523,666,073		$	—	$	1,916,557,137

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.
(d)	Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio – J.P. Morgan Core Bond Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (11.4%)
Aerospace & Defense (0.1%)
American Airlines 2011-1 Class A Pass-Through Trust Secured(a)
07/31/21		5.250	%	$	229,000	$	223,275
BAE Systems Holdings, Inc.(b)
08/15/15		5.200	%		780,000		835,122
Lockheed Martin Corp.
Senior Unsecured(a)
11/15/19		4.250	%		300,000		302,546
Total							1,360,943
Airlines (0.1%)
Continental Airlines 2007-1 Class A Pass-Through Trust
04/19/22		5.983	%		819,928		840,426
Delta Air Lines 2011-1 Pass-Through Trust Pass-Through Certificates(c)
04/15/19		5.300	%		130,000		130,975
Total							971,401
Automotive (—%)
Daimler Finance North America LLC
01/15/12		7.300	%		405,000		425,408
Banking (4.1%)
American Express Co.
Senior Unsecured
05/20/14		7.250	%		425,000		483,412
American Express Credit Corp.
Senior Unsecured
05/02/13		5.875	%		860,000		928,545
08/25/14		5.125	%		400,000		431,479
BB&T Corp.
Senior Unsecured
07/27/12		3.850	%		1,235,000		1,278,614
04/30/19		6.850	%		400,000		463,984
Subordinated Notes
11/01/19		5.250	%		800,000		818,416
Bank of America Corp.
Senior Unsecured
05/15/14		7.375	%		250,000		282,331
10/14/16		5.625	%		500,000		533,515
07/01/20		5.625	%		2,250,000		2,297,456
Bank of New York Mellon Corp. (The)
Senior Unsecured(a)
06/18/15		2.950	%		1,520,000		1,543,102
Barclays Bank PLC(a)(b)(d)
09/21/15		2.500	%		1,600,000		1,555,027
Barclays Bank PLC(a)(d)
Senior Unsecured
05/22/19		6.750	%		800,000		903,528
Capital One Bank USA NA
Subordinated Notes
07/15/19		8.800	%		1,750,000		2,200,382

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Banking (continued)
Capital One Financial Corp.
Senior Unsecured
09/15/17		6.750	%	$	600,000	$	690,135
Citigroup, Inc.
Senior Unsecured
12/13/13		6.000	%		1,790,000		1,946,314
01/15/15		6.010	%		2,990,000		3,267,517
05/19/15		4.750	%		400,000		419,282
08/15/17		6.000	%		540,000		586,657
12/01/25		7.000	%		765,000		831,989
Citigroup, Inc.(a)
Senior Unsecured
12/15/15		4.587	%		486,000		502,548
11/21/17		6.125	%		900,000		980,690
08/09/20		5.375	%		561,000		577,523
Comerica Bank
Subordinated Notes
08/22/17		5.200	%		500,000		530,043
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA(a)(d)
01/11/21		4.500	%		1,800,000		1,812,447
Countrywide Financial Corp.
Subordinated Notes
05/15/16		6.250	%		1,520,000		1,622,734
Credit Suisse
Senior Unsecured
08/13/19		5.300	%		1,000,000		1,051,172
Credit Suisse(a)
Senior Unsecured
08/05/20		4.375	%		451,000		440,519
Deutsche Bank AG
Senior Unsecured(a)(d)
01/11/16		3.250	%		900,000		903,490
Goldman Sachs Group, Inc. (The)
Senior Notes
06/15/20		6.000	%		381,000		402,765
Senior Unsecured
01/18/18		5.950	%		1,000,000		1,073,803
02/15/19		7.500	%		3,240,000		3,751,416
Goldman Sachs Group, Inc. (The)(a)
Senior Notes
08/01/15		3.700	%		1,792,000		1,805,223
Senior Unsecured
01/15/15		5.125	%		1,000,000		1,068,580
HSBC Bank PLC(a)(b)(d)
Senior Unsecured
01/19/21		4.750	%		565,000		562,324
HSBC Bank PLC(b)(d)
Senior Notes
06/28/15		3.500	%		1,321,000		1,337,792
08/12/20		4.125	%		622,000		597,811
HSBC Holdings PLC
Senior Unsecured(c)(d)
04/05/21		5.100	%		586,000		589,007

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Banking (continued)
KeyBank NA
Subordinated Notes
11/01/17		5.700	%	$	817,000	$	863,157
Macquarie Group Ltd.(a)(b)(d)
Senior Unsecured
01/14/21		6.250	%		926,000		939,299
Macquarie Group Ltd.(b)(d)
Senior Unsecured
08/01/14		7.300	%		923,000		1,024,053
Merrill Lynch & Co., Inc.
Senior Unsecured
09/30/15		5.300	%		1,200,000		1,288,652
08/28/17		6.400	%		2,049,000		2,233,570
07/15/18		6.500	%		1,300,000		1,404,187
Morgan Stanley
Senior Unsecured
07/24/15		4.000	%		567,000		576,231
01/09/17		5.450	%		3,300,000		3,478,867
12/28/17		5.950	%		1,200,000		1,288,966
07/24/20		5.500	%		696,000		695,511
National Bank of Canada(b)(d)
01/30/14		1.650	%		1,655,000		1,657,214
Northern Trust Co. (The)
Subordinated Notes
08/15/18		6.500	%		500,000		575,878
PNC Bank NA
Subordinated Notes
04/01/18		6.875	%		1,000,000		1,133,890
PNC Funding Corp.
Bank Guaranteed(a)
05/19/14		3.000	%		2,015,000		2,057,978
SouthTrust Bank
Subordinated Notes
05/15/25		7.690	%		500,000		553,484
Toronto-Dominion Bank (The)(a)(b)(d)
07/29/15		2.200	%		2,500,000		2,467,936
U.S. Bancorp
Senior Unsecured(a)
06/14/13		2.000	%		960,000		973,489
UBS AG
Senior Unsecured
04/25/18		5.750	%		100,000		107,730
08/04/20		4.875	%		305,000		306,647
UBS AG(a)
Senior Unsecured
01/15/15		3.875	%		1,000,000		1,024,915
Wachovia Bank NA
Subordinated Notes
08/15/15		5.000	%		1,000,000		1,066,443
11/15/17		6.000	%		5,300,000		5,884,595
Wachovia Corp.
Senior Unsecured
05/01/13		5.500	%		1,875,000		2,020,642
02/01/18		5.750	%		900,000		991,481

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Banking (continued)
Westpac Banking Corp.
Senior Unsecured(d)
11/19/19		4.875	%	$	750,000	$	772,907
Total							76,459,294
Brokerage (0.3%)
BlackRock, Inc.
Senior Unsecured
09/15/17		6.250	%		900,000		1,032,681
Charles Schwab Corp. (The)
Senior Unsecured(a)
06/01/14		4.950	%		325,000		353,146
Credit Suisse AG
Subordinated Notes
01/14/20		5.400	%		1,730,000		1,747,258
Jefferies Group, Inc.
Senior Unsecured
11/09/15		3.875	%		375,000		374,191
Jefferies Group, Inc.(a)
Senior Unsecured
07/15/19		8.500	%		1,115,000		1,315,364
Total							4,822,640
Chemicals (0.3%)
Dow Chemical Co. (The)
Senior Unsecured
05/15/18		5.700	%		275,000		296,340
05/15/19		8.550	%		709,000		896,207
Dow Chemical Co. (The)(a)
Senior Unsecured
11/15/20		4.250	%		350,000		334,262
EI du Pont de Nemours & Co.
Senior Unsecured
07/15/13		5.000	%		130,000		140,280
PPG Industries, Inc.
Senior Unsecured
03/15/18		6.650	%		875,000		1,018,539
08/15/19		7.400	%		278,000		325,890
Potash Corp. of Saskatchewan, Inc.(a)(d)
Senior Unsecured
09/30/15		3.750	%		300,000		312,051
Potash Corp. of Saskatchewan, Inc.(d)
Senior Unsecured
05/15/19		6.500	%		450,000		518,695
Praxair, Inc.
Senior Unsecured
03/31/14		4.375	%		450,000		482,316
03/15/17		5.200	%		740,000		817,468
Union Carbide Corp.
Senior Unsecured
10/01/96		7.750	%		545,000		561,780
Total							5,703,828

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Construction Machinery (0.1%)
Caterpillar, Inc.
Senior Unsecured
12/15/18		7.900	%	$	1,000,000	$	1,283,863
Consumer Products (—%)
Koninklijke Philips Electronics NV
Senior Unsecured(d)
06/01/26		7.200	%		175,000		203,960
Newell Rubbermaid, Inc.
Senior Unsecured(a)
08/15/20		4.700	%		405,000		399,698
Total							603,658
Diversified Manufacturing (—%)
Siemens Financieringsmaatschappij NV(b)(d)
08/17/26		6.125	%		385,000		433,962
Electric (0.6%)
American Water Capital Corp.
Senior Unsecured
10/15/17		6.085	%		250,000		280,635
10/15/37		6.593	%		300,000		318,493
Carolina Power & Light Co.
1st Mortgage
09/15/13		5.125	%		461,000		500,321
Cleveland Electric Illuminating Co. (The)
1st Mortgage
11/15/18		8.875	%		300,000		379,255
Dominion Resources, Inc.
Senior Unsecured
11/30/17		6.000	%		500,000		560,014
Duke Energy Carolinas LLC
1st Mortgage
06/15/20		4.300	%		156,000		158,342
Duke Energy Carolinas LLC(a)
1st Refunding Mortgage
01/15/18		5.250	%		630,000		691,831
Duke Energy Indiana, Inc.
1st Mortgage
07/15/20		3.750	%		772,000		745,266
Exelon Generation Co. LLC
Senior Unsecured
10/01/20		4.000	%		750,000		685,682
Georgia Power Co.
Senior Unsecured
09/01/40		4.750	%		70,000		62,686
Indiana Michigan Power Co.
Senior Unsecured
03/15/19		7.000	%		420,000		492,176

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
KCP&L Greater Missouri Operations Co.
Senior Unsecured
07/01/12		11.875	%	$	500,000	$	557,741
National Rural Utilities Cooperative Finance Corp.
11/01/18		10.375	%		550,000		750,956
Nevada Power Co.(a)
09/15/40		5.375	%		67,000		64,182
Oncor Electric Delivery Co. LLC
Senior Secured(a)
09/01/18		6.800	%		235,000		267,851
PSEG Power LLC
12/01/15		5.500	%		212,000		230,196
09/15/16		5.320	%		800,000		861,087
PacifiCorp
1st Mortgage
07/15/18		5.650	%		1,500,000		1,684,632
10/15/37		6.250	%		200,000		222,299
Potomac Electric Power Co.
1st Mortgage
12/15/38		7.900	%		160,000		213,691
Progress Energy, Inc.
Senior Unsecured
01/15/21		4.400	%		187,000		185,355
Public Service Co. of Oklahoma
Senior Unsecured
02/01/21		4.400	%		231,000		228,195
Public Service Company of Colorado
1st Mortgage
11/15/20		3.200	%		240,000		226,772
Public Service Electric & Gas Co.
1st Mortgage
05/01/15		2.700	%		400,000		401,055
Southern California Edison Co.
1st Refunding Mortgage
02/01/38		5.950	%		210,000		225,686
Southwestern Public Service Co.
Senior Unsecured
12/01/18		8.750	%		344,000		430,061
Virginia Electric and Power Co.
Senior Unsecured(a)
11/15/38		8.875	%		205,000		297,322
Xcel Energy, Inc.
Senior Unsecured
05/15/20		4.700	%		98,000		100,895
Total							11,822,677
Entertainment (0.2%)
Time Warner Entertainment Co. LP
07/15/33		8.375	%		695,000		850,173
Time Warner, Inc.
04/15/31		7.625	%		450,000		519,106

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Entertainment (continued)
05/01/32		7.700	%	$	690,000	$	804,649
Walt Disney Co. (The)
Senior Unsecured
12/15/17		5.875	%		500,000		572,347
Total							2,746,275
Environmental (—%)
Waste Management, Inc.(a)
06/30/20		4.750	%		450,000		457,035
Food and Beverage (0.4%)
Anheuser-Busch Companies, Inc.
01/15/31		6.800	%		640,000		717,080
Anheuser-Busch InBev Worldwide, Inc.(d)
01/15/19		7.750	%		525,000		645,912
Bunge Ltd. Finance Corp.
06/15/19		8.500	%		700,000		831,225
Cargill, Inc.(b)
Senior Unsecured
11/27/17		6.000	%		170,000		190,480
11/01/36		7.250	%		300,000		368,262
Diageo Investment Corp.
08/15/11		9.000	%		500,000		515,149
General Mills, Inc.
Senior Unsecured
02/15/19		5.650	%		140,000		155,182
Kraft Foods, Inc.
Senior Unsecured
08/11/17		6.500	%		1,675,000		1,909,118
08/23/18		6.125	%		400,000		447,329
08/11/37		7.000	%		405,000		455,327
02/01/38		6.875	%		200,000		221,736
PepsiCo, Inc.
Senior Unsecured
03/01/14		3.750	%		800,000		850,779
11/01/18		7.900	%		133,000		168,812
Total							7,476,391
Gas Distributors (—%)
San Diego Gas & Electric Co.
1st Mortgage
05/15/40		5.350	%		21,000		21,191
Sempra Energy
Senior Unsecured
06/15/18		6.150	%		370,000		415,496
02/15/19		9.800	%		280,000		371,746
Total							808,433
Gas Pipelines (0.1%)
Nisource Finance Corp.
01/15/19		6.800	%		377,000		431,297

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (continued)
Spectra Energy Capital LLC
Senior Unsecured
10/01/19		8.000	%	$	745,000	$	905,831
TransCanada PipeLines Ltd.(a)(d)
Senior Unsecured
01/15/19		7.125	%		677,000		818,975
TransCanada PipeLines Ltd.(d)
Senior Unsecured
10/15/37		6.200	%		500,000		531,271
Total							2,687,374
Independent Energy (0.1%)
Alberta Energy Co., Ltd.
Senior Unsecured(a)(d)
11/01/31		7.375	%		695,000		809,934
Talisman Energy, Inc.
Senior Unsecured(d)
06/01/19		7.750	%		435,000		530,781
Total							1,340,715
Integrated Energy (0.4%)
BP Capital Markets PLC(a)(d)
03/10/15		3.875	%		1,450,000		1,505,635
ConocoPhillips
Senior Unsecured
07/15/18		6.650	%		605,000		709,315
03/30/29		7.000	%		475,000		563,588
Shell International Finance BV(d)
09/22/19		4.300	%		1,000,000		1,029,751
03/25/20		4.375	%		400,000		412,917
12/15/38		6.375	%		480,000		542,445
Suncor Energy, Inc.
Senior Unsecured(d)
06/01/18		6.100	%		770,000		869,506
Tosco Corp.
Senior Unsecured
02/15/30		8.125	%		775,000		990,400
Total Capital SA(d)
03/15/16		2.300	%		1,170,000		1,139,400
Total							7,762,957
Life Insurance (0.7%)
ASIF Global Financing XIX
Senior Secured(b)
01/17/13		4.900	%		1,859,000		1,942,655
Aflac, Inc.
Senior Unsecured(a)
08/15/40		6.450	%		267,000		267,979
Jackson National Life Global Funding
Senior Secured(b)
05/08/13		5.375	%		1,425,000		1,534,667
MassMutual Global Funding II(a)(b)
Senior Notes

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Life Insurance (continued)
09/28/15		2.300	%	$	290,000	$	282,075
MassMutual Global Funding II(b)
Senior Secured
07/16/12		3.625	%		770,000		793,138
Metropolitan Life Global Funding I(b)
Secured
01/11/16		3.125	%		855,000		847,579
Senior Secured
01/11/13		2.500	%		1,000,000		1,017,186
06/10/14		5.125	%		1,450,000		1,571,497
Nationwide Mutual Insurance Co.
Subordinated Notes(b)
08/15/39		9.375	%		895,000		1,088,412
New York Life Global Funding
Senior Secured(a)(b)
05/04/15		3.000	%		1,830,000		1,851,876
Pacific Life Global Funding
Senior Secured(b)
04/15/13		5.150	%		700,000		742,783
Pacific Life Insurance Co.
Subordinated Notes(b)
06/15/39		9.250	%		385,000		506,060
Principal Life Income Funding Trusts
Senior Secured(a)
12/14/12		5.300	%		1,270,000		1,354,775
Total							13,800,682
Media Cable (0.4%)
COX Communications, Inc.
Senior Unsecured(b)
03/01/39		8.375	%		420,000		533,128
Comcast Cable Communications Holdings, Inc.(a)
11/15/22		9.455	%		1,165,000		1,576,487
Comcast Cable Communications LLC
05/01/17		8.875	%		753,000		942,164
Comcast Corp.
11/15/35		6.500	%		670,000		693,596
DIRECTV Holdings LLC/Financing Co., Inc.
08/15/40		6.000	%		875,000		837,968
Time Warner Cable, Inc.
07/01/18		6.750	%		865,000		982,658
02/14/19		8.750	%		662,000		825,338
Time Warner Cable, Inc.(a)
02/14/14		8.250	%		830,000		965,048
Total							7,356,387
Media Non-Cable (0.2%)
CBS Corp.(a)
07/30/30		7.875	%		545,000		632,669
News America, Inc.
05/18/18		7.250	%		375,000		447,226
10/30/25		7.700	%		400,000		481,891

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Media Non-Cable (continued)
04/30/28		7.300	%	$	350,000	$	384,873
12/15/34		6.200	%		450,000		452,575
Thomson Reuters Corp.(d)
07/15/18		6.500	%		725,000		839,206
Total							3,238,440
Metals (0.1%)
BHP Billiton Finance USA Ltd.(a)(d)
04/01/14		5.500	%		1,100,000		1,219,892
Nucor Corp.
Senior Unsecured(a)
12/01/37		6.400	%		250,000		285,087
Rio Tinto Finance USA Ltd.(a)(d)
11/02/20		3.500	%		300,000		279,660
Rio Tinto Finance USA Ltd.(d)
05/01/14		8.950	%		495,000		595,506
Total							2,380,145
Non-Captive Consumer (0.1%)
HSBC Finance Corp.
Senior Unsecured(a)
01/19/16		5.500	%		1,090,000		1,197,340
Non-Captive Diversified (0.7%)
General Electric Capital Corp.
Senior Unsecured
08/07/19		6.000	%		2,400,000		2,620,238
General Electric Capital Corp.(a)
09/15/17		5.625	%		3,400,000		3,689,425
Senior Unsecured
05/01/18		5.625	%		5,000,000		5,405,595
Subordinated Notes
02/11/21		5.300	%		292,000		296,575
General Electric Capital Corp.(a)(e)
Senior Unsecured
02/15/17		0.546	%		1,250,000		1,181,474
Total							13,193,307
Oil Field Services (0.1%)
Transocean, Inc.(a)(d)
11/15/20		6.500	%		810,000		893,058
Other Financial Institutions (0.2%)
CME Group, Inc.
Senior Unsecured(a)
02/15/14		5.750	%		326,000		360,762
Caisse Centrale Desjardins du Quebec(b)(d)
03/24/16		2.550	%		1,452,000		1,430,236
Nomura Holdings, Inc.(d)
Senior Unsecured
03/04/15		5.000	%		1,000,000		1,035,460
01/19/16		4.125	%		875,000		865,741

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Other Financial Institutions (continued)
03/04/20		6.700	%	$	400,000	$	426,074
Total							4,118,273
Other Utility (—%)
GTE Corp.
04/15/18		6.840	%		320,000		369,809
Pharmaceuticals (0.1%)
Wyeth
02/01/14		5.500	%		1,200,000		1,323,323
Property & Casualty (0.4%)
ACE INA Holdings, Inc.
05/15/15		5.600	%		630,000		690,399
Allstate Life Global Funding Trusts
Senior Secured
04/30/13		5.375	%		1,050,000		1,132,811
Berkshire Hathaway Finance Corp.
05/15/18		5.400	%		2,200,000		2,422,229
01/15/40		5.750	%		385,000		403,154
Berkshire Hathaway Finance Corp.(a)
12/15/15		2.450	%		333,000		330,895
CNA Financial Corp.
Senior Unsecured
12/15/14		5.850	%		615,000		663,070
08/15/16		6.500	%		300,000		327,407
Travelers Property Casualty Corp.
04/15/26		7.750	%		605,000		747,115
Total							6,717,080
Railroads (0.2%)
Burlington Northern Santa Fe LLC
Senior Unsecured
05/01/40		5.750	%		790,000		800,043
CSX Corp.
Senior Unsecured(a)
02/01/19		7.375	%		815,000		984,981
Norfolk Southern Corp.
Senior Unsecured
05/17/29		5.640	%		230,000		240,389
Union Pacific Corp.
Senior Unsecured
01/31/13		5.450	%		650,000		698,840
02/01/16		7.000	%		380,000		446,354
11/15/17		5.750	%		250,000		280,466
Total							3,451,073
REITs (0.1%)
ERP Operating LP
Senior Unsecured
09/15/14		5.250	%		275,000		299,171

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
REITs (continued)
Simon Property Group LP
Senior Unsecured
05/30/18		6.125	%	$	900,000	$	1,008,642
Simon Property Group LP(a)
Senior Unsecured
02/01/15		4.200	%		1,000,000		1,051,950
Total							2,359,763
Retailers (0.1%)
CVS Caremark Corp.
Senior Unsecured
09/15/39		6.125	%		430,000		437,864
Staples, Inc.
01/15/14		9.750	%		100,000		120,057
Target Corp.
Senior Unsecured
01/15/38		7.000	%		225,000		265,663
Total							823,584
Technology (0.5%)
Arrow Electronics, Inc.
Senior Unsecured
04/01/20		6.000	%		760,000		804,331
Cisco Systems, Inc.
Senior Unsecured
01/15/40		5.500	%		1,460,000		1,432,971
Dell, Inc.
Senior Unsecured
04/15/28		7.100	%		390,000		440,291
Dell, Inc.(a)
Senior Unsecured
09/10/15		2.300	%		853,000		833,942
HP Enterprise Services LLC
Senior Unsecured
10/15/29		7.450	%		300,000		375,930
Hewlett-Packard Co.
Senior Unsecured
03/01/14		6.125	%		750,000		840,067
International Business Machines Corp.
Senior Unsecured
08/01/27		6.220	%		655,000		753,727
11/29/32		5.875	%		500,000		551,100
Intuit, Inc.
Senior Unsecured
03/15/17		5.750	%		450,000		492,694
Microsoft Corp.
Senior Notes
10/01/40		4.500	%		518,000		462,896
Microsoft Corp.(a)
Senior Unsecured
09/25/15		1.625	%		360,000		348,533
Oracle Corp.
Senior Unsecured
04/15/38		6.500	%		280,000		314,035

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Technology (continued)
Oracle Corp.(b)
Senior Notes
07/15/40		5.375	%	$	155,000	$	150,643
Pitney Bowes, Inc.
Senior Unsecured
03/15/18		5.600	%		150,000		157,847
Pitney Bowes, Inc.(a)
Senior Unsecured
08/15/14		4.875	%		882,000		924,660
Xerox Corp.
Senior Unsecured
02/01/17		6.750	%		500,000		574,080
Total							9,457,747
Transportation Services (—%)
United Parcel Service of America, Inc.
Senior Unsecured(e)
04/01/30		8.375	%		225,000		295,840
Wirelines (0.7%)
AT&T Corp.
11/15/31		8.000	%		54,000		67,658
AT&T, Inc.
Senior Unsecured
01/15/38		6.300	%		750,000		755,876
05/15/38		6.400	%		775,000		791,201
AT&T, Inc.(a)
Senior Unsecured
02/15/19		5.800	%		1,000,000		1,110,789
AT&T, Inc.(b)
Senior Unsecured
09/01/40		5.350	%		1,821,000		1,626,503
British Telecommunications PLC
Senior Unsecured(d)
12/15/30		9.875	%		150,000		207,484
Deutsche Telekom International Finance BV(d)
08/20/18		6.750	%		525,000		619,551
Deutsche Telekom International Finance BV(d)(e)
06/15/30		8.750	%		290,000		380,218
Telecom Italia Capital SA(d)
09/30/14		4.950	%		300,000		312,547
06/04/18		6.999	%		700,000		761,197
Telefonica Emisiones SAU(d)
07/03/17		6.221	%		1,000,000		1,090,940
02/16/21		5.462	%		120,000		121,455
Verizon Communications, Inc.
Senior Unsecured
02/15/16		5.550	%		1,500,000		1,665,952
02/15/18		5.500	%		250,000		272,544
11/01/18		8.750	%		1,409,000		1,802,739
Verizon Communications, Inc.(a)
Senior Unsecured
02/15/38		6.400	%		180,000		188,591

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
Verizon Global Funding Corp.
Senior Unsecured
12/01/30		7.750	%	$	1,530,000	$	1,842,853
Total							13,618,098
Total Corporate Bonds & Notes (Cost: $211,031,140)						$	211,760,803
Residential Mortgage-Backed Securities - Agency (38.2%)
Federal Home Loan Banks
CMO Series 2015-TQ Class A(f)
10/20/15		5.065	%	$	2,610,558	$	2,809,801
Federal Home Loan Mortgage Corp.(e)(f)
11/01/36		6.004	%		2,460,063		2,630,312
CMO IO STRIPS Series 239 Class S30
08/15/36		1.000	%		7,656,889		1,241,559
CMO IO Series 3385 Class SN
11/15/37		13.510	%		2,852,606		333,487
CMO IO Series 3451 Class SA
05/15/38		16.060	%		5,188,388		461,690
CMO IO Series 3531 Class SM
05/15/39		15.020	%		4,564,544		617,834
CMO IO Series 3608 Class SC
12/15/39		3.910	%		6,575,953		769,696
CMO IO Series 3740 Class SB
10/15/40		16.430	%		2,981,116		423,092
CMO IO Series 3740 Class SC
10/15/40		11.770	%		4,929,026		707,531
CMO IO Series 3802 Class LS
02/01/41		1.000	%		10,000,000		766,599
CMO Series 2551 Class NS
01/15/33		14.004	%		1,567,716		1,833,781
CMO Series 3102 Class FB
01/15/36		0.650	%		1,163,445		1,158,237
CMO Series 3229 Class AF
08/15/23		0.591	%		1,841,803		1,835,487
CMO Series 3523 Class SD
06/15/36		18.904	%		771,164		917,453
CMO Series 3549 Class FA
07/15/39		1.456	%		1,578,530		1,566,260
CMO Series 3688 Class CU
07/01/40		6.832	%		2,490,094		2,711,620
CMO Series 3688 Class GT
07/01/40		7.150	%		2,296,712		2,562,250
Federal Home Loan Mortgage Corp.(f)
05/01/36- 08/01/40		5.000	%		11,620,480		12,151,945
02/01/24- 05/01/38		5.500	%		21,333,051		22,809,446
09/01/21- 09/01/37		6.000	%		29,537,542		32,165,253
11/01/22- 10/17/38		6.500	%		10,219,301		11,458,758
09/01/37- 05/01/38		7.500	%		1,377,941		1,527,612

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO IO Series 3688 Class NI
04/15/32		1.000	%	$	4,518,266	$	690,380
CMO IO Series 3714 Class IP
08/15/40		1.000	%		3,888,570		685,797
CMO IO Series 3739 Class LI
03/15/34		9.170	%		6,847,182		887,812
CMO IO Series 3747 Class HI
07/15/37		3.927	%		8,297,342		1,291,572
CMO IO Series 3756 Class IP
08/15/35		5.180	%		4,912,507		651,601
CMO IO Series 3760 Class GI
10/15/37		1.000	%		3,942,068		596,453
CMO IO Series 3772 Class IO
09/15/24		6.120	%		5,856,725		776,509
CMO IO Series 3779 Class IH
11/15/34		1.000	%		3,946,086		503,400
CMO IO Series 3800 Class AI
11/15/29		1.000	%		5,229,698		914,381
CMO PO STRIPS Series 197 Class PO
04/01/28		4.940	%		1,486,593		1,277,138
CMO PO Series 2587 Class CO
03/15/32		3.870	%		857,847		844,017
CMO PO Series 2725 Class OP
10/15/33		4.370	%		997,557		811,578
CMO PO Series 2777 Class KO
02/15/33		2.440	%		2,000,000		1,835,552
CMO PO Series 3077 Class TO
04/15/35		3.600	%		1,169,164		1,011,676
CMO PO Series 3100 Class PO
01/15/36		4.070	%		1,606,495		1,427,532
CMO PO Series 3510 Class OD
02/15/37		4.660	%		1,438,690		1,291,743
CMO PO Series 3607 Class AO
04/15/36		8.600	%		1,300,000		971,667
CMO PO Series 3607 Class EO
02/15/33		0.001	%		893,593		784,587
CMO PO Series 3607 Class TO
10/15/39		1.000	%		1,520,669		1,311,555
CMO Series 2127 Class PG
02/15/29		6.250	%		1,646,773		1,811,151
CMO Series 2165 Class PE
06/15/29		6.000	%		833,011		915,602
CMO Series 2326 Class ZQ
03/15/31		6.500	%		3,145,284		3,524,403
CMO Series 2399 Class TH
01/15/32		6.500	%		1,621,970		1,773,809
CMO Series 2517 Class Z
10/15/32		5.500	%		2,489,415		2,716,901
CMO Series 2545 Class HG
12/15/32		5.500	%		2,322,006		2,535,248
CMO Series 2557 Class HL
01/15/33		5.300	%		1,630,047		1,773,237
CMO Series 2568 Class KG
02/15/23		5.500	%		4,000,000		4,357,318
CMO Series 2586 Class TG
03/15/23		5.500	%		3,000,000		3,280,321
CMO Series 2594 Class DJ
10/15/30		4.250	%		695,576		714,884

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO Series 2684 Class PD
03/15/29		5.000	%	$	1,299,000	$	1,318,318
CMO Series 2752 Class EZ
02/15/34		5.500	%		2,950,104		3,139,254
CMO Series 2764 Class UE
10/15/32		5.000	%		1,250,000		1,339,471
CMO Series 2764 Class ZG
03/15/34		5.500	%		2,202,483		2,370,947
CMO Series 2802 Class VG
07/15/23		5.500	%		2,500,000		2,717,663
CMO Series 2825 Class VQ
07/15/26		5.500	%		2,000,000		2,184,205
CMO Series 2986 Class CH
06/15/25		5.000	%		4,000,000		4,283,020
CMO Series 3075 Class PD
01/15/35		5.500	%		1,250,000		1,364,473
CMO Series 3101 Class UZ
01/15/36		6.000	%		2,043,558		2,255,031
CMO Series 3107 Class BN
02/15/36		5.750	%		1,811,862		1,858,589
CMO Series 3123 Class AZ
03/15/36		6.000	%		2,900,028		3,268,394
CMO Series 3143 Class BC
02/15/36		5.500	%		2,500,000		2,685,228
CMO Series 3151 Class PD
11/15/34		6.000	%		1,250,000		1,353,271
CMO Series 3164 Class MG
06/15/36		6.000	%		2,000,000		2,184,534
CMO Series 3171 Class MG
08/15/34		6.000	%		3,900,000		4,333,479
CMO Series 3195 Class PD
07/15/36		6.500	%		3,000,000		3,322,950
CMO Series 3200 Class AY
08/15/36		5.500	%		2,500,000		2,686,613
CMO Series 3213 Class JE
09/15/36		6.000	%		4,000,000		4,340,355
CMO Series 3218 Class BE
09/15/35		6.000	%		2,000,000		2,196,897
CMO Series 3229 Class HE
10/15/26		5.000	%		2,216,000		2,329,223
CMO Series 3266 Class D
01/15/22		5.000	%		4,850,000		5,235,396
CMO Series 3334 Class MC
04/15/33		5.000	%		1,000,000		1,031,658
CMO Series 3453 Class B
05/15/38		5.500	%		1,650,000		1,776,328
CMO Series 3461 Class Z
06/15/38		6.000	%		3,536,725		3,879,016
CMO Series 3501 Class CB
01/15/39		5.500	%		1,500,000		1,614,844
CMO Series 3666 Class VA
12/15/22		5.500	%		2,858,231		3,136,113
CMO Series 3680 Class MA
07/15/39		4.500	%		4,835,499		5,100,566
CMO Series 3682 Class BH
08/15/36		5.500	%		2,800,000		2,885,608
CMO Series 3687 Class MA
02/15/37		4.500	%		3,385,919		3,586,474

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO Series 3704 Class CT
12/15/36		7.000	%	$	4,550,910	$	5,067,708
CMO Series 3704 Class DT
11/15/36		7.500	%		4,709,871		5,318,212
CMO Series 3704 Class ET
12/15/36		7.500	%		3,715,540		4,201,149
CMO Series 3707 Class B
08/15/25		4.500	%		2,027,855		2,026,002
CMO Series R004 Class VG
08/15/21		6.000	%		1,400,000		1,520,143
CMO Series R006 Class ZA
04/15/36		6.000	%		2,381,637		2,557,701
CMO Series R007 Class ZA
05/15/36		6.000	%		4,476,469		4,929,415
Structured Pass-Through Securities
CMO Series T-56 Class A5
05/25/43		5.231	%		2,586,347		2,694,732
Federal National Mortgage Association(e)(f)
03/01/36		3.503	%		2,279,864		2,383,212
12/25/33		13.601	%		997,150		1,135,013
CMO Class 2005-75 Series SV
09/25/35		23.154	%		902,832		1,221,533
CMO IO Series 1996-4 Class SA
02/25/24		0.001	%		529,279		102,306
CMO IO Series 2005-18 Class SK
03/25/35		0.880	%		11,527,385		967,010
CMO IO Series 2006-117 Class GS
12/25/36		5.820	%		3,372,719		487,699
CMO IO Series 2006-58 Class IG
07/25/36		17.400	%		6,868,287		1,010,128
CMO IO Series 2006-94 Class GI
10/25/26		17.760	%		4,233,891		653,441
CMO IO Series 2007-109 Class PI
12/25/37		5.980	%		5,884,477		803,562
CMO IO Series 2007-65 Class KI
07/25/37		11.150	%		4,780,349		640,822
CMO IO Series 2007-72 Class EK
07/25/37		9.400	%		10,655,457		1,382,160
CMO IO Series 2007-W7 Class 2A2
07/25/37		37.588	%		4,851,037		556,255
CMO IO Series 2009-112 Class ST
01/25/40		2.690	%		5,286,459		641,701
CMO IO Series 2009-17 Class QS
03/25/39		9.870	%		3,239,699		431,774
CMO IO Series 2009-37 Class KI
06/25/39		5.610	%		11,545,086		1,554,359
CMO IO Series 2009-68 Class SA
09/25/39		13.500	%		5,177,215		755,084
CMO IO Series 2010-125 Class SA
11/25/40		11.290	%		8,793,212		882,755
CMO IO Series 2010-35 Class SB
04/25/40		4.390	%		4,445,476		537,874
CMO IO Series 2010-42 Class S
05/25/40		11.020	%		4,649,033		557,557
CMO IO Series 2010-68 Class SA
07/25/40		26.860	%		7,638,840		801,741
CMO Series 2003-129 Class FD
01/25/24		0.756	%		1,717,847		1,730,507

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO Series 2003-W8 Class 3F1
05/25/42		0.743	%	$	958,195	$	953,277
CMO Series 2004-36 Class FA
05/25/34		0.729	%		1,311,023		1,311,022
CMO Series 2005-74 Class SK
05/25/35		19.187	%		925,934		1,164,912
CMO Series 2006-56 Class PF
07/25/36		0.610	%		1,143,462		1,140,020
CMO Series 2007-101 Class A2
06/27/36		0.514	%		5,177,002		5,127,104
CMO Series 2007-108 Class AN
11/25/37		8.767	%		1,432,640		1,692,854
CMO Series 2010-28 Class BS
04/25/40		10.816	%		760,448		721,001
CMO Series 2010-35 Class SJ
04/25/40		16.813	%		1,000,000		1,215,281
CMO Series 2010-49 Class SC
03/25/40		12.148	%		2,321,547		2,552,473
CMO Series 2010-61 Class WA
06/25/40		5.950	%		793,789		867,704
CMO Series 2011-2 Class WA
02/25/51		5.716	%		2,853,390		3,061,167
Federal National Mortgage Association(f)
09/01/20		3.505	%		2,480,637		2,387,006
01/01/18		3.520	%		2,500,000		2,511,109
07/01/20		3.950	%		2,000,000		1,987,843
04/01/20		4.000	%		1,445,001		1,477,513
07/01/20		4.066	%		2,500,000		2,531,222
11/01/19		4.130	%		1,500,000		1,508,109
04/01/20		4.228	%		2,972,465		3,046,244
04/01/20		4.350	%		1,500,000		1,533,218
02/01/20		4.399	%		8,000,000		8,232,034
01/01/20		4.600	%		2,972,401		3,077,868
02/01/20		4.681	%		2,475,269		2,542,709
10/01/19-08/01/40		5.000	%		15,032,727		15,820,429
10/01/21-10/01/39		5.500	%		56,879,887		61,082,372
06/01/37		5.832	%		1,290,068		1,339,092
10/01/19-11/01/48		6.000	%		52,011,464		56,664,122
02/01/24-02/01/39		6.500	%		30,912,264		34,734,649
04/01/37-01/01/39		7.000	%		9,902,556		11,347,602
05/01/22-08/01/37		7.500	%		2,349,679		2,693,374
CMO IO Series 2009-71 Class BI
08/25/24		9.963	%		1,675,300		169,558
CMO IO Series 2009-86 Class IP
10/25/39		12.890	%		2,333,120		465,606
CMO IO Series 2009-86 Class UI
10/25/14		1.000	%		5,583,346		489,082
CMO IO Series 2010-155 Class KI
01/25/21		2.890	%		6,900,317		693,442
CMO PO STRIPS Series 293 Class 1
12/01/24		3.090	%		1,205,490		1,086,258
CMO PO Series 2000-18 Class EC

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
10/25/23		3.280	%	$	426,968	$	377,403
CMO PO Series 2003-128 Class NO
01/25/19		4.220	%		1,190,414		1,082,353
CMO PO Series 2003-23 Class QO
01/15/32		2.540	%		586,244		564,348
CMO PO Series 2004-46 Class EP
03/25/34		3.430	%		1,084,745		927,701
CMO PO Series 2004-61 Class BO
10/25/32		6.250	%		1,118,878		1,022,936
CMO PO Series 2006-113 Class PO
07/25/36		2.200	%		802,985		742,725
CMO PO Series 2006-59 Class CO
08/25/35		13.850	%		159,507		151,801
CMO PO Series 2006-60 Class DO
04/25/35		4.500	%		1,445,215		1,289,763
CMO PO Series 2006-86 Class OB
09/25/36		3.670	%		2,082,978		1,791,492
CMO PO Series 2009-113 Class AO
01/25/40		3.430	%		1,297,358		1,119,674
CMO PO Series 2009-69 Class PO
09/25/39		4.650	%		838,908		750,496
CMO PO Series 2009-86 Class OT
10/25/37		6.910	%		2,441,776		2,029,760
CMO PO Series 2010-39 Class OT
10/25/35		5.610	%		1,139,387		989,486
CMO PO Series 2010-68 Class CO
07/25/40		1.000	%		1,750,217		1,513,202
CMO PO Series 3151 Class PO
05/15/36		3.650	%		1,213,253		1,048,411
CMO Series 2001-60 Class PX
11/25/31		6.000	%		2,400,000		2,640,472
CMO Series 2002-50 Class ZA
05/25/31		6.000	%		8,954,990		9,826,478
CMO Series 2002-78 Class Z
12/25/32		5.500	%		3,949,452		4,306,307
CMO Series 2003-56 Class AZ
08/25/31		5.500	%		1,537,025		1,630,164
CMO Series 2003-88 Class WA
09/25/18		4.500	%		1,629,293		1,723,741
CMO Series 2003-91 Class BL
02/25/29		5.000	%		91,752		91,722
CMO Series 2004-65 Class LT
08/25/24		4.500	%		1,883,683		1,981,466
CMO Series 2004-W10 Class A6
08/25/34		5.750	%		3,000,000		3,238,125
CMO Series 2005-118 Class PN
01/25/32		6.000	%		4,000,000		4,332,002
CMO Series 2005-67 Class EY
08/25/25		5.500	%		1,500,000		1,641,898
CMO Series 2006-16 Class HZ
03/25/36		5.500	%		9,913,006		10,579,819
CMO Series 2006-74 Class DV
08/25/23		6.500	%		1,825,000		1,973,034
CMO Series 2006-W3 Class 2A
09/25/46		6.000	%		1,356,564		1,487,896
CMO Series 2007-104 Class ZE
08/25/37		6.000	%		1,840,347		1,978,452
CMO Series 2007-116 Class PB

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
08/25/35		5.500	%	$	1,200,000	$	1,309,986
CMO Series 2007-42 Class B
05/25/37		6.000	%		2,000,000		2,198,660
CMO Series 2007-76 Class PD
03/25/36		6.000	%		2,000,000		2,203,813
CMO Series 2007-76 Class ZG
08/25/37		6.000	%		3,736,182		3,976,422
CMO Series 2007-84 Class PE
05/25/34		6.000	%		2,000,000		2,135,201
CMO Series 2008-68 Class VB
03/25/27		6.000	%		4,365,000		4,775,323
CMO Series 2008-80 Class GP
09/25/38		6.250	%		1,330,549		1,460,799
CMO Series 2009-59 Class HB
08/25/39		5.000	%		1,670,154		1,746,051
CMO Series 2009-79 Class UA
03/25/38		7.000	%		1,120,450		1,236,844
CMO Series 2009-W1 Class A
12/25/49		6.000	%		7,508,237		8,277,831
CMO Series 2010-111 Class AE
04/25/38		5.500	%		13,183,807		14,021,745
CMO Series 2010-111 Class AM
10/25/40		5.500	%		3,000,000		3,177,625
CMO Series 2010-133 Class A
05/25/38		5.500	%		8,722,605		9,302,226
CMO Series 2010-148 Class MA
02/25/39		4.000	%		2,963,769		3,097,736
CMO Series 2010-47 Class AV
05/25/21		5.000	%		4,677,741		5,042,181
CMO Series 2010-83 Class DN
12/25/20		4.500	%		2,910,053		2,957,043
CMO Series 2010-9 Class PC
10/25/39		4.500	%		2,500,000		2,632,080
CMO Series G94-8 Class K
07/17/24		8.000	%		776,935		890,854
Government National Mortgage Association(e)(f)
CMO IO Series 2005-3 Class SE
01/20/35		21.220	%		4,064,518		556,488
CMO IO Series 2006-38 Class SG
09/20/33		12.140	%		6,211,971		591,344
CMO IO Series 2007-26 Class SW
05/20/37		32.210	%		8,147,318		958,470
CMO IO Series 2007-40 Class SN
07/20/37		23.794	%		5,406,661		685,221
CMO IO Series 2008-62 Class SA
07/20/38		20.240	%		4,093,439		506,046
CMO IO Series 2008-76 Class US
09/20/38		1.000	%		6,538,379		673,805
CMO IO Series 2008-95 Class DS
12/20/38		19.420	%		5,638,847		778,324
CMO IO Series 2009-102 Class SM
06/16/39		22.120	%		7,676,259		870,793
CMO IO Series 2009-106 Class ST
02/20/38		30.900	%		6,804,933		792,420
CMO IO Series 2009-64 Class SN
07/16/39		26.950	%		6,275,914		746,110
CMO IO Series 2009-67 Class SA
08/16/39		25.140	%		4,031,723		445,840

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO IO Series 2009-72 Class SM
08/16/39		1.000	%	$	6,995,913	$	842,140
CMO IO Series 2009-81 Class SB
09/20/39		1.000	%		8,114,047		883,035
CMO IO Series 2009-83 Class TS
08/20/39		31.670	%		7,590,331		814,041
CMO IO Series 2010-47 Class PX
06/20/37		1.000	%		8,715,585		1,249,329
Government National Mortgage Association(f)
09/15/22		5.000	%		1,968,442		2,105,792
09/20/38- 12/20/38		7.000	%		1,490,001		1,703,176
CMO IO Series 2010-107 Class IL
07/20/39		14.770	%		1,898,492		613,770
CMO IO Series 2010-144 Class BI
09/16/37		7.750	%		9,858,634		1,487,638
CMO PO Series 2010-14 Class AO
12/20/32		3.570	%		1,279,284		1,168,580
CMO PO Series 2010-14 Class EO
06/16/33		2.090	%		662,587		635,898
CMO PO Series 2010-157 Class OP
12/20/40		1.000	%		2,479,246		1,882,512
CMO Series 1998-11 Class Z
04/20/28		6.500	%		994,976		1,105,465
CMO Series 1999-16 Class Z
05/16/29		6.500	%		876,809		970,059
CMO Series 2002-47 Class PG
07/16/32		6.500	%		957,799		1,062,484
CMO Series 2003-25 Class PZ
04/20/33		5.500	%		4,632,210		4,895,695
CMO Series 2003-75 Class ZX
09/20/33		6.000	%		3,133,109		3,466,523
CMO Series 2005-26 Class XY
03/20/35		5.500	%		1,321,000		1,399,880
CMO Series 2005-72 Class AZ
09/20/35		5.500	%		1,352,303		1,418,490
CMO Series 2006-17 Class JN
04/20/36		6.000	%		2,283,592		2,491,649
CMO Series 2006-33 Class NA
01/20/36		5.000	%		3,000,000		3,213,736
CMO Series 2006-69 Class MB
12/20/36		5.500	%		3,500,000		3,689,850
CMO Series 2007-6 Class LD
03/20/36		5.500	%		1,500,000		1,625,590
CMO Series 2007-70 Class TA
08/20/36		5.750	%		2,000,000		2,130,317
CMO Series 2008-23 Class PH
03/20/38		5.000	%		2,399,577		2,502,421
CMO Series 2009-104 Class AB
08/16/39		7.000	%		2,780,651		3,134,284
CMO Series 2009-2 Class PA
12/20/38		5.000	%		2,001,627		2,097,725
CMO Series 2009-44 Class VA
05/16/20		5.500	%		3,068,858		3,322,435
CMO Series 2009-89 Class VA
07/20/20		5.000	%		2,688,193		2,898,688
CMO Series 2010-130 Class CP
10/16/40		7.000	%		3,643,736		4,126,032

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO Series 2010-14 Class QP
12/20/39		6.000	%	$	3,394,147	$	3,648,748
Total Residential Mortgage-Backed Securities - Agency (Cost: $709,997,003)						$	713,450,666
Residential Mortgage-Backed Securities - Non- Agency (8.3%)
ASG Resecuritization Trust(b)(e)(f)
CMO Series 2009-2 Class G60
05/24/36		5.424	%	$	800,000	$	805,934
CMO Series 2009-3 Class A65
03/26/37		5.487	%		2,839,012		2,877,339
CMO Series 2010-3 Class 2A22
08/28/40		0.463	%		1,540,865		1,516,431
CMO Series 2010-4 Class 2A20
11/28/36		0.403	%		1,097,311		1,082,923
ASG Resecuritization Trust(b)(f)
CMO Series 2011-1 Class 1A85
09/28/35		4.000	%		2,140,000		2,140,000
American General Mortgage Loan Trust(b)(e)(f)
CMO Series 2009-1 Class A4
09/25/48		5.750	%		2,200,000		2,232,130
CMO Series 2009-1 Class A5
09/25/48		5.750	%		1,450,000		1,462,218
CMO Series 2009-1 Class A7
09/25/48		5.750	%		2,550,000		2,593,656
CMO Series 2010-1A Class A1
03/25/58		5.150	%		1,389,143		1,421,900
BCAP LLC Trust(b)(e)(f)
CMO Series 2009-RR13 Class 17A2
04/26/37		5.500	%		2,059,892		2,131,787
CMO Series 2010-RR12 Class 2A5
01/26/36		4.500	%		1,421,180		1,447,688
CMO Series 2010-RR6 Class 22A3
06/26/36		5.334	%		1,235,568		1,273,899
CMO Series 2010-RR6 Class 5A1
06/26/40		5.500	%		1,083,281		1,092,781
CMO Series 2010-RR7 Class 15A1
01/26/36		1.142	%		932,195		864,031
CMO Series 2010-RR7 Class 16A1
02/26/47		1.077	%		1,179,608		1,147,307
CMO Series 2010-RR7 Class 1A5
04/26/35		5.024	%		1,648,765		1,682,016
CMO Series 2010-RR7 Class 2A1
07/26/45		5.105	%		2,602,186		2,616,003
CMO Series 2010-RR8 Class 3A3
05/26/35		5.095	%		806,912		820,195
BCAP LLC Trust(b)(e)(f)(g)
CMO Series 2011-RR2 Class 3A3
11/21/35		3.011	%		1,500,000		1,495,051
Banc of America Alternative Loan Trust
CMO Series 2004-1 Class 1A1(f)
02/25/34		6.000	%		1,123,597		1,180,762
Banc of America Funding Corp.(b)(e)(f)
CMO Series 2010-R4 Class 5A1

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
07/26/36		0.495	%	$	508,284	$	492,289
Banc of America Funding Corp.(f)
CMO Series 2004-3 Class 1A1
10/25/34		5.500	%		832,092		855,861
Banc of America Mortgage Securities, Inc.(e)(f)
CMO Series 2004-C Class 2A2
04/25/34		3.007	%		687,221		675,005
Banc of America Mortgage Securities, Inc.(f)
CMO Series 2003-3 Class 1A7
05/25/33		5.500	%		1,700,000		1,740,669
CMO Series 2004-3 Class 1A26
04/25/34		5.500	%		2,200,000		2,258,049
Bear Stearns Adjustable Rate Mortgage Trust
CMO Series 2003-4 Class 3A1(e)(f)
07/25/33		4.998	%		384,534		379,773
Bear Stearns Alt-A Trust
CMO Series 2005-2 Class 1A1(e)(f)
03/25/35		0.753	%		791,450		685,369
Chase Mortgage Finance Corp.(e)(f)
CMO Series 2007-A1 Class 2A1
02/25/37		2.982	%		988,274		996,194
CMO Series 2007-A1 Class 7A1
02/25/37		2.928	%		1,016,484		1,010,931
Chase Mortgage Finance Corp.(f)
CMO Series 2003-S2 Class A1
03/25/18		5.000	%		820,358		843,425
Citicorp Mortgage Securities, Inc.
CMO Series 2004-4 Class A4(f)
06/25/34		5.500	%		1,873,680		1,959,955
Citigroup Mortgage Loan Trust, Inc.(b)(e)(f)
CMO Series 2009-10 Class 1A1
09/25/33		2.767	%		1,993,056		1,963,524
CMO Series 2009-11 Class 3A1
05/25/37		5.750	%		2,000,000		2,056,278
CMO Series 2010-10 Class 2A1
02/25/36		2.718	%		1,725,682		1,722,611
Citigroup Mortgage Loan Trust, Inc.(e)(f)
CMO Series 2008-AR4 Class 1A1A
11/25/38		5.450	%		2,738,739		2,756,553
Citigroup Mortgage Loan Trust, Inc.(f)
CMO Series 2003-1 Class 3A4
09/25/33		5.250	%		1,399,222		1,477,426
CMO Series 2005-2 Class 2A11
06/25/35		5.500	%		868,750		864,166
Citigroup Mortgage Loan Trust, Inc
CMO Series 2010-7 Class 10A1(b)(e)(f)
02/25/35		2.867	%		877,332		840,678
Citigroup/Deutsche Bank Commercial Mortgage Trust
CMO IO Series 2006-CD2 Class X(b)(e)(f)
01/15/46		18.276	%		293,231,083		753,311
Countrywide Home Loan Mortgage Pass-Through Trust(f)
CMO Series 2003-40 Class A5
10/25/18		4.500	%		1,829,857		1,889,509
CMO Series 2004-13 Class 1A4
08/25/34		5.500	%		1,266,904		1,320,970
CMO Series 2004-5 Class 1A4

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
06/25/34		5.500	%	$	1,691,300	$	1,762,880
Credit Suisse First Boston Mortgage Securities Corp.(f)
CMO Series 2003-27 Class 5A4
11/25/33		5.250	%		1,428,517		1,480,963
CMO Series 2004-4 Class 2A4
09/25/34		5.500	%		1,685,147		1,783,858
CMO Series 2004-5 Class 3A1
08/25/19		5.250	%		1,371,656		1,400,730
CMO Series 2004-8 Class 1A4
12/25/34		5.500	%		1,299,020		1,363,081
Credit Suisse Mortgage Capital Certificates(b)(e)(f)
CMO Series 2010-11R Class A1
06/28/47		1.260	%		545,833		539,025
CMO Series 2010-12R Class 14A1
12/26/37		4.500	%		1,158,301		1,158,662
CMO Series 2010-12R Class 5A1
04/26/37		3.000	%		796,746		796,100
CMO Series 2010-15R Class 7A1
10/26/37		5.340	%		766,912		775,122
CMO Series 2010-15R Class 7A2
10/26/37		5.340	%		250,000		232,306
CMO Series 2010-17R Class 1A1
06/26/36		2.633	%		940,760		921,754
CMO Series 2010-17R Class 5A1
07/26/36		3.500	%		1,499,575		1,494,337
CMO Series 2010-1R Class 5A1
01/27/36		5.000	%		1,306,615		1,362,769
CMO Series 2011-1R Class A1
02/25/47		1.260	%		2,660,540		2,634,428
Credit Suisse Mortgage Capital Certificates(b)(f)
CMO Series 2010-1R Class 26A1
05/27/37		4.750	%		2,277,158		2,297,040
Deutsche Mortgage Securities, Inc.
CMO Series 2010-RS2 Class A1(b)(e)(f)(h)
10/25/47		1.507	%		1,201,133		1,199,526
GMAC Mortgage Corp. Loan Trust(e)(f)
CMO Series 2003-AR2 Class 2A4
12/19/33		3.785	%		1,858,930		1,832,074
GMAC Mortgage Corp. Loan Trust(f)
CMO Series 2004-J1 Class A20
04/25/34		5.500	%		1,181,963		1,211,898
GS Mortgage Securities Corp. II
CMO IO Series 2006-GG8 Class X(b)(e)(f)
11/10/39		1.000	%		28,076,373		636,811
GSR Mortgage Loan Trust(e)(f)
CMO Series 2005-5F Class 8A3
06/25/35		0.763	%		583,140		571,396
GSR Mortgage Loan Trust(f)
CMO Series 2003-7F Class 1A4
06/25/33		5.250	%		1,494,237		1,467,619
Impac Secured Assets CMN Owner Trust
CMO Series 2006-2 Class 2A1(e)(f)
08/25/36		0.603	%		1,088,925		963,721
JP Morgan Mortgage Trust
CMO Series 2007-A1 Class 5A5(e)(f)
07/25/35		2.967	%		1,717,279		1,729,476

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
JP Morgan Reremic(b)(e)(f)
CMO Series 2009-6 Class 4A1
09/26/36		6.000	%	$	1,139,937	$	1,187,133
CMO Series 2010-4 Class 7A1
08/26/35		4.337	%		1,042,457		1,045,679
LB-UBS Commercial Mortgage Trust
CMO IO Series 2006-C1 Class XCL(b)(e)(f)
02/15/41		4.560	%		52,925,575		531,383
LVII Resecuritization Trust(b)(e)(f)
CMO Series 2009-1 Class A1
11/27/37		5.949	%		267,486		267,528
CMO Series 2009-2 Class A4
09/27/37		3.000	%		1,500,000		1,500,000
MASTR Asset Securitization Trust
CMO Series 2004-P7 Class A6(b)(f)
12/27/33		5.500	%		1,174,705		1,246,245
MLCC Mortgage Investors, Inc.(e)(f)
CMO Series 2003-A Class 2A1
03/25/28		1.036	%		1,192,001		1,077,863
CMO Series 2003-E Class A1
10/25/28		0.653	%		682,787		642,941
CMO Series 2004-G Class A2
01/25/30		0.731	%		1,309,572		1,234,927
Mastr Seasoned Securities Trust
CMO Series 2004-2 Class A1(f)
08/25/32		6.500	%		1,341,425		1,392,060
Merrill Lynch Mortgage Investors, Inc.
CMO Series 2004-A4 Class A2(e)(f)
08/25/34		2.787	%		1,776,256		1,782,476
Morgan Stanley Mortgage Loan Trust
CMO Series 2004-3 Class 4A(e)(f)
04/25/34		5.729	%		1,467,191		1,558,223
Morgan Stanley Reremic Trust
CMO Series 2009-IO Class A1(f)
07/17/56		3.000	%		841,434		842,225
NCUA Guaranteed Notes(e)(f)
CMO Series 2010-R3 Class 1A
12/08/20		0.825	%		1,456,778		1,463,610
NCUA Guaranteed Notes(f)
CMO Series 2010-R3 Class 3A
12/08/20		2.400	%		917,930		896,129
Nomura Asset Acceptance Corp.
CMO Series 2004-R2 Class A1(b)(e)(f)
08/25/34		6.500	%		408,546		413,264
PennyMac Loan Trust
Series 2010-NPL1 Class M1(b)(e)(f)
05/25/50		5.000	%		1,250,000		1,249,609
Prime Mortgage Trust
CMO Series 2004-2 Class A2(f)
11/25/19		4.750	%		2,466,431		2,534,894
RBSSP Resecuritization Trust(b)(e)(f)
CMO Series 2010-4 Class 2A1
11/26/35		5.749	%		1,044,885		1,061,761
CMO Series 2010-9 Class 3A1

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
10/26/34		5.000	%	$	1,299,556	$	1,335,603
CMO Series 2010-9 Class 7A5
05/26/37		4.000	%		1,795,000		1,719,279
RBSSP Resecuritization Trust(b)(f)
CMO Series 2009-1 Class 1A1
02/26/36		6.500	%		1,041,541		1,096,169
CMO Series 2010-12 Class 8A1
06/27/21		4.000	%		1,114,034		1,122,586
Residential Accredit Loans, Inc.(e)(f)
CMO Series 2003-QS13 Class A5
07/25/33		0.993	%		890,471		797,471
Residential Accredit Loans, Inc.(f)
CMO Series 2003-QS15 Class A7
08/25/33		5.500	%		1,516,074		1,492,064
CMO Series 2004-QS3 Class CB
03/25/19		5.000	%		1,287,169		1,316,792
Residential Asset Mortgage Products, Inc.
CMO Series 2004-SL2 Class A3(f)
10/25/31		7.000	%		1,729,137		1,812,948
Residential Asset Securitization Trust
CMO Series 2004-IP2 Class 1A1(e)(f)
12/25/34		2.797	%		938,958		871,374
Residential Funding Mortgage Securities I(f)
CMO Series 2003-S4 Class A4
03/25/33		5.750	%		1,890,218		1,990,634
CMO Series 2005-S1 Class 2A1
02/25/20		4.750	%		1,003,023		1,029,192
Sequoia Mortgage Trust
CMO Series 2004-12 Class A3(e)(f)
01/20/35		0.780	%		1,370,565		1,191,350
Station Place Securitization Trust
CMO Series 2010-1 Class A(e)(f)
12/20/40		1.282	%		2,000,000		2,000,000
Structured Adjustable Rate Mortgage Loan Trust
CMO Series 2004-4 Class 5A(e)(f)
04/25/34		5.504	%		1,260,572		1,213,244
Structured Asset Securities Corp.(e)(f)
CMO Series 2003-34A Class 3A3
11/25/33		2.705	%		939,711		910,142
CMO Series 2003-40A Class 3A2
01/25/34		2.534	%		1,127,127		1,023,570
CMO Series 2004-21XS Class 2A4A
12/25/34		4.900	%		2,000,000		2,051,088
CMO Series 2004-4XS Class 1A5
02/25/34		5.490	%		1,156,877		1,167,828
Series 2004-6XS Class A5A
03/25/34		5.530	%		891,620		869,908
Vendee Mortgage Trust
CMO Series 1998-2 Class 1G(f)
06/15/28		6.750	%		846,146		958,125
WaMu Mortgage Pass-Through Certificates(e)(f)
CMO Series 2003-AR7 Class A7
08/25/33		2.674	%		1,633,414		1,629,784
CMO Series 2004-AR3 Class A2
06/25/34		2.930	%		801,631		802,016

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Non- Agency (continued)
CMO Series 2004-S1 Class 1A3
03/25/34		0.663	%	$	401,908	$	389,977
WaMu Mortgage Pass-Through Certificates(f)
CMO Series 2003-S8 Class A4
09/25/18		4.500	%		531,440		536,419
CMO Series 2004-CB1 Class 3A2
06/25/34		5.500	%		2,500,000		2,607,525
CMO Series 2004-CB3 Class 4A
10/25/19		6.000	%		837,860		868,861
CMO Series 2004-S3 Class 1A5
07/25/34		5.000	%		792,163		819,358
Washington Mutual MSC Mortgage Pass-Through Certificates
CMO Series 2003-MS2 Class 1A1(f)
02/25/33		5.750	%		1,174,805		1,222,655
Wells Fargo Mortgage-Backed Securities Trust(e)(f)
CMO Series 2003-J Class 2A1
10/25/33		4.438	%		920,438		942,108
CMO Series 2003-L Class 2A1
11/25/33		4.528	%		1,007,169		1,019,654
CMO Series 2004-EE Class 2A1
12/25/34		2.857	%		297,579		290,314
CMO Series 2004-G Class A3
06/25/34		4.747	%		550,000		563,588
CMO Series 2004-U Class A1
10/25/34		3.225	%		1,376,981		1,377,479
CMO Series 2004-W Class A9
11/25/34		2.762	%		1,986,139		1,951,839
Wells Fargo Mortgage-Backed Securities Trust(f)
CMO Series 2004-4 Class A9
05/25/34		5.500	%		1,540,239		1,617,791
CMO Series 2005-1 Class 2A1
01/25/20		5.000	%		855,867		881,334
CMO Series 2005-14 Class 1A1
12/25/35		5.500	%		959,137		1,007,193
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $155,217,792)						$	155,467,385
Commercial Mortgage-Backed Securities (1.4%)
Banc of America Commercial Mortgage, Inc.(e)(f)
Series 2006-3 Class A4
07/10/44		5.889	%	$	500,000	$	540,890
Banc of America Commercial Mortgage, Inc.(f)
Series 2005-3 Class AM
07/10/43		4.727	%		1,000,000		1,011,300
Series 2006-5 Class A4
09/10/47		5.414	%		400,000		424,627
CW Capital Cobalt Ltd.(e)(f)
CMO Series 2006-C1 Class IO
08/15/48		0.729	%		23,642,473		683,965
CW Capital Cobalt Ltd.(f)
Series 2006-C1 Class A4
08/15/48		5.223	%		1,200,000		1,244,767

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust
Series 2005-C3 Class AM(e)(f)
05/15/43		4.830	%	$	1,230,000	$	1,268,982
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1 Class AM(e)(f)
07/15/44		5.222	%		875,000		925,376
Commercial Mortgage Asset Trust
Series 1999-C1 Class D(e)(f)
01/17/32		7.350	%		1,500,000		1,618,508
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C3 Class AM(f)
07/15/37		4.730	%		1,000,000		1,022,927
Credit Suisse Mortgage Capital Certificates
Series 2006-C2 Class A3(e)(f)
03/15/39		5.847	%		1,300,000		1,397,841
FDIC Structured Sale Guaranteed Notes
Series 2010-C1 Class A(b)(f)
12/06/20		2.980	%		2,383,557		2,377,806
GS Mortgage Securities Corp. II
Series 2004-GG2 Class A6(e)(f)
08/01/38		5.396	%		2,100,000		2,248,441
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7 Class A4(a)(e)(f)
07/10/38		6.085	%		1,000,000		1,093,996
JP Morgan Chase Commercial Mortgage Securities Corp.
CMO IO Series 2006-CB15 Class X1(e)(f)
06/12/43		6.050	%		94,610,267		700,494
Merrill Lynch Mortgage Trust
Series 2005-LC1 Class AJ(e)(f)
01/12/44		5.500	%		1,000,000		987,903
Morgan Stanley Capital I
Series 2004-RR Class F4(b)(e)(f)
04/28/39		6.000	%		256,586		255,817
Morgan Stanley Reremic Trust
Series 2010-HQ4B Class A7A(b)(f)
04/16/40		4.970	%		2,500,000		2,639,588
NCUA Guaranteed Notes
CMO Series 2010-C1 Class APT(f)
10/29/20		2.650	%		5,843,828		5,748,540
Total Commercial Mortgage-Backed Securities (Cost: $25,781,858)						$	26,191,768
Asset-Backed Securities (1.8%)
AH Mortgage Advance Trust
Series 2010-ADV1 Class A1(b)
08/06/22		3.968	%	$	1,325,000	$	1,328,312
Ally Auto Receivables Trust
Series 2010-3 Class A3
10/15/14		1.110	%		1,385,000		1,381,999
Series 2010-3 Class A4

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
08/17/15		1.550	%	$	536,000	$	530,429
Series 2011-1 Class A2
10/15/13		0.810	%		560,000		559,970
Series 2011-1 Class A3
01/15/15		1.380	%		465,000		464,904
AmeriCredit Automobile Receivables Trust
Series 2010-3 Class A3
04/08/15		1.140	%		665,000		663,818
Series 2010-4 Class A2
05/08/14		0.960	%		800,000		800,859
Series 2011-1 Class A2
06/09/14		0.840	%		720,000		719,795
Series 2011-1 Class A3
09/08/15		1.390	%		375,000		374,637
Arch Bay Asset-Backed Securities
Series 2010-2 Class A(b)(e)
04/25/57		4.125	%		826,438		814,843
Asset Backed Funding Certificates
Series 2005-AG1 Class A4(e)
06/25/35		5.010	%		1,250,000		1,256,601
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1 Class A(e)
12/25/33		0.712	%		970,559		880,590
CNH Equipment Trust
Series 2010-C Class A3
05/15/15		1.170	%		1,600,000		1,591,021
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-5 Class 1A4
02/25/30		4.396	%		667,851		664,524
Chase Funding Mortgage Loan Asset-Backed Certificates(e)
Series 2003-2 Class 2A2
02/25/33		0.824	%		958,810		820,086
Series 2003-4 Class 1A5
05/25/33		5.416	%		978,604		943,013
Series 2003-6 Class 1A5
11/25/34		5.350	%		750,000		666,169
Chrysler Financial Auto Securitization Trust
Series 2010-A Class A3
08/08/13		0.910	%		1,400,000		1,396,445
Citibank Credit Card Issuance Trust
Series 2007-A7 Class A7(e)
08/20/14		0.698	%		1,500,000		1,503,227
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-CF2 Class 1A2(b)(e)
01/25/43		5.150	%		710,552		715,552
Credit Suisse Mortgage Capital Certificates
CMO Series 2010-16 Class A3(b)(e)
06/25/50		4.250	%		800,000		765,388
Federal National Mortgage Association
Series 2003-W16 Class AF5(e)
11/25/33		4.762	%		1,944,301		1,993,347
GE Capital Credit Card Master Note Trust
Series 2009-2 Class A
07/15/15		3.690	%		1,000,000		1,035,352

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Harley-Davidson Motorcycle Trust
Series 2010-1 Class A3
02/15/15		1.160	%	$	612,000	$	610,791
Hyundai Auto Receivables Trust
Series 2011-A Class A3
03/15/16		1.160	%		410,000		409,904
Series 2011-A Class A4
03/15/16		1.780	%		520,000		520,177
LAI Vehicle Lease Securitization Trust
Series 2010-A Class A(b)
03/15/16		2.550	%		1,342,328		1,338,815
Lake Country Mortgage Loan Trust
Series 2006-HE1 Class A3(b)(e)
07/25/34		0.610	%		1,719,356		1,668,135
NCUA Guaranteed Notes
CMO Series 2010-A1 Class A(e)
12/07/20		0.615	%		461,030		461,514
PennyMac Loan Trust
Series 2010-NPL1 Class A(b)(e)
05/25/50		4.250	%		537,100		535,675
Residential Asset Mortgage Products, Inc.(e)
Series 2004-RS6 Class AI4
05/25/32		5.457	%		852,286		864,074
Series 2005-RZ4 Class A2
11/25/35		0.589	%		667,031		635,742
Santander Drive Auto Receivables Trust
Series 2010-3 Class A3
06/16/14		1.200	%		500,000		500,957
Structured Asset Investment Loan Trust
Series 2005-5 Class A9(e)
06/25/35		0.617	%		500,000		464,943
Structured Asset Securities Corp.
CMO Series 2004-5H Class A4
12/25/33		5.540	%		2,100,000		2,090,722
Structured Asset Securities Corp.(e)
Series 2005-NC1 Class A11
02/25/35		4.690	%		1,680,490		1,702,805
Total Asset-Backed Securities (Cost: $33,672,013)						$	33,675,135
Inflation-Indexed Bonds (0.1%)
U.S. Treasury Inflation-Indexed Bond(a)
04/15/11		2.375	%	$	1,500,000	$	1,667,686
Total Inflation-Indexed Bonds (Cost: $1,665,644)						$	1,667,686
U.S. Treasury Obligations (21.6%)
U.S. Treasury
01/31/12		0.875	%	$	5,000,000	$	5,024,805
12/15/12		1.125	%		17,500,000		17,638,092
02/28/14		1.875	%		1,000,000		1,018,516
03/31/17		3.250	%		5,000,000		5,181,250

	Coupon			Principal
Issuer	Rate			Amount		Value
U.S. Treasury Obligations (continued)
08/15/27		6.375	%	$	3,000,000	$	3,797,814
08/15/28		5.500	%		14,700,000		17,019,836
U.S. Treasury(a)
02/15/13		1.375	%		41,500,000		41,986,328
04/15/13		1.750	%		8,000,000		8,151,280
12/31/13		1.500	%		12,140,000		12,254,759
07/31/14		2.625	%		24,000,000		24,930,000
09/30/14		2.375	%		19,000,000		19,551,445
10/31/14		2.375	%		25,000,000		25,697,275
12/31/14		2.625	%		5,000,000		5,175,781
01/31/15		2.250	%		30,000,000		30,618,750
05/15/15		4.125	%		8,050,000		8,789,594
12/31/16		3.250	%		57,450,000		59,707,613
01/31/17		3.125	%		15,000,000		15,478,125
08/15/17		4.750	%		3,745,000		4,197,913
08/15/17		8.875	%		11,715,000		16,005,619
02/15/19		8.875	%		2,071,000		2,931,598
05/15/19		3.125	%		7,151,000		7,150,442
08/15/19		8.125	%		15,417,000		21,170,671
02/15/20		8.500	%		500,000		705,820
08/15/20		8.750	%		28,500,000		41,060,035
08/15/29		6.125	%		5,000,000		6,206,250
U.S. Treasury(i)
STRIPS
08/15/29		0.000	%		100,000		42,401
02/15/30		0.000	%		1,250,000		515,308
08/15/30		0.000	%		800,000		321,414
Total U.S. Treasury Obligations (Cost: $400,076,391)						$	402,328,734
U.S. Government & Agency Obligations (14.6%)
Federal Farm Credit Bank
11/15/18		5.125	%	$	8,000,000	$	8,917,776
Federal Home Loan Banks
06/14/13		1.625	%		12,100,000		12,264,149
Federal Home Loan Banks(a)
12/16/16		4.750	%		10,000,000		11,079,205
Federal Home Loan Mortgage Corp.(a)
04/23/14		2.500	%		2,000,000		2,063,208
04/18/16		5.250	%		7,000,000		7,922,299
08/23/17		5.500	%		34,000,000		39,027,512
11/17/17		5.125	%		58,000,000		65,335,608
Federal National Mortgage Association
10/15/15		4.375	%		20,000,000		21,819,580
Federal National Mortgage Association(a)
09/15/16		5.250	%		10,000,000		11,320,310
05/11/17		5.000	%		15,000,000		16,789,905
06/12/17		5.375	%		36,000,000		41,048,964
Federal National Mortgage Association(i)
07/05/14		0.000	%		3,000,000		2,807,217
06/01/17		0.000	%		10,000,000		8,121,460
STRIPS
11/15/21		0.000	%		1,750,000		1,095,658
Tennessee Valley Authority(a)
07/18/17		5.500	%		11,000,000		12,604,284
U.S. Treasury(a)(i)
STRIPS

	Coupon			Principal
Issuer	Rate			Amount		Value
U.S. Government & Agency Obligations (continued)
02/15/14		0.000	%	$	9,000,000	$	8,686,053
02/15/28		0.000	%		4,600,000		2,112,435
U.S. Treasury(i)
STRIPS
02/15/29		0.000	%		165,000		71,853
Total U.S. Government & Agency Obligations (Cost: $274,712,930)						$	273,087,476
Foreign Government Obligations (0.1%)
CANADA (0.1%)
Province of Ontario Canada
Senior Unsecured(a)(d)
06/16/15		2.700	%	$	1,840,000	$	1,875,102
Province of Quebec Canada(d)
01/30/26		6.350	%		440,000		519,219
Total							2,394,321
Total Foreign Government Obligations (Cost: $2,385,811)						$	2,394,321
Issuer	Coupon			Principal
Description	Rate			Amount		Value
Municipal Bonds (0.1%)
American Municipal Power-Ohio, Inc. Revenue Bonds Build America Bonds Series 2010
02/15/50		7.499	%	$	1,265,000	$	1,312,311
New York State Dormitory Authority Revenue Bonds Build America Bonds Series 2010
03/15/40		5.600	%		415,000		390,150
Port Authority of New York and New Jersey Revenue Bonds Taxable Consolidated 160th Series 2010
11/01/40		5.647	%		835,000		803,303
Total Municipal Bonds (Cost: $2,573,368)						$	2,505,764

	Shares		Value
Money Market Fund (2.0%)
Columbia Short-Term Cash Fund, 0.229%(j)(k)		37,970,776	$	37,970,776
Total Money Market Fund (Cost: $37,970,776)			$	37,970,776

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (22.0%)
Asset-Backed Commercial Paper (1.2%)
Ebbets Funding LLC
04/12/11		0.480	%	$	4,997,866	$	4,997,866
Macquarie Bank Ltd.
05/09/11		0.395	%		7,492,676		7,492,676
05/10/11		0.395	%		7,492,594		7,492,594
Rheingold Securitization
04/28/11		0.551	%		2,995,875		2,995,875
Total							22,979,011
Certificates of Deposit (13.5%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		5,000,000		5,000,000
06/30/11		0.400	%		10,000,000		10,000,000
Bank of Tokyo Securities
04/01/11		0.250	%		3,000,000		3,000,000
Clydesdale Bank PLC
04/21/11		0.400	%		10,000,000		10,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		4,000,000		4,000,000
05/23/11		0.400	%		10,000,000		10,000,000
06/13/11		0.400	%		5,000,000		5,000,000
Den Danske Bank
04/01/11		0.190	%		20,000,000		20,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		5,000,000		5,000,000
05/17/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		10,000,000		10,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		7,000,000		7,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		16,000,000		16,000,000
KBC Bank NV
04/22/11		0.450	%		10,000,000		10,000,000
04/25/11		0.450	%		5,000,000		5,000,000
La Banque Postale
06/01/11		0.400	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		9,990,861		9,990,861
05/18/11		0.350	%		1,998,271		1,998,271
05/23/11		0.345	%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		10,000,000		10,000,000
05/04/11		0.410	%		3,500,000		3,500,000
06/30/11		0.360	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		15,000,000		15,000,000
Norinchukin Bank
05/13/11		0.350	%		5,000,000		5,000,000
Overseas Chinese Banking Corp.

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
04/12/11		0.400	%	$	10,000,000	$	10,000,000
05/09/11		0.470	%		5,000,000		5,000,000
Pohjola Bank PLC
06/10/11		0.470	%		15,000,000		15,000,000
Societe Generale
07/01/11		0.364	%		12,000,000		12,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		10,000,000		10,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
United Overseas Bank Ltd.
05/23/11		0.400	%		10,000,000		10,000,000
Total							251,484,563
Commercial Paper (0.8%)
Suncorp Metway Ltd.
04/27/11		0.300	%		9,997,083		9,997,083
04/28/11		0.300	%		4,998,542		4,998,542
Total							14,995,625
Money Market Fund (0.3%)
JP Morgan Prime Money Market Fund, 0.010%(j)					5,000,000		5,000,000
Other Short-Term Obligations (0.8%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		6,000,000		6,000,000
04/20/11		0.270	%		5,000,000		5,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		5,000,000		5,000,000
Total							16,000,000
Repurchase Agreements (5.4%)
Barclays Capital, Inc. dated 10/13/10, matures 04/15/11, repurchase price $15,001,688(l)
		0.270	%		15,000,000		15,000,000
Cantor Fitzgerald & Co. dated 03/31/11, matures 04/01/11, repurchase price $35,000,224(l)
		0.230	%		35,000,000		35,000,000
Goldman Sachs & Co. dated 03/31/11, matures 04/01/11, repurchase price $3,230,827(l)
		0.160	%		3,230,812		3,230,812

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,040(l)
		0.290	%	$	5,000,000	$	5,000,000
Merrill Lynch Pierce Fenner & Smith, Inc.(l)
dated 01/18/11, matures 04/18/11, repurchase price $6,000,900
		0.300	%		6,000,000		6,000,000
dated 03/31/11, matures 04/01/11, repurchase price $12,000,060
		0.180	%		12,000,000		12,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $12,000,093(l)
		0.280	%	$	12,000,000	$	12,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $12,000,073(l)
		0.220	%		12,000,000		12,000,000
Total							100,230,812
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $410,690,011)						$	410,690,011
Total Investments (Cost: $2,265,774,737)(m)						$	2,271,190,525(n)
Other Assets & Liabilities, Net							(403,933,443)
Net Assets						$	1,867,257,082

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $106,683,750 or 5.71% of net assets.
(c)	Represents a security purchased on a when-issued or delayed delivery basis.
(d)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 2.08% of net assets.
(e)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(f)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(g)	Represents a step coupon bond. These bonds are issued with a zero-coupon and become interest bearing at a future date. The rate disclosed represents the annualized effective yield from the date of acquisition to maturity.
(h)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $1,199,526, representing 0.06% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
Deutsche Mortgage Securities, Inc. CMO Series 2010-RS2 Class A1 1.507% 2047		10/01/10	$	1,201,134

(i)	Zero coupon bond.
(j)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(k)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	30,414,213	$	95,494,307	$	(87,937,744	)	$	—	$	37,970,776	$	10,593	$	37,970,776

^(l)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	4,861
Fannie Mae Interest Strip		1,891,668
Fannie Mae Pool		16,661,247
Fannie Mae Principal Strip		178,292
Fannie Mae REMICS		554,799
Federal Farm Credit Bank		318,228
Federal Home Loan Banks		472,171
Federal Home Loan Mortgage Corp		276,621
Federal National Mortgage Association		216,368
FHLMC Structured Pass Through Securities		96,885
Freddie Mac Coupon Strips		2,097
Freddie Mac Gold Pool		2,361,203
Freddie Mac Non Gold Pool		7,154,233
Freddie Mac REMICS		708,731
Freddie Mac Strips		184,301
Ginnie Mae I Pool		500,725
Ginnie Mae II Pool		1,523,135
Government National Mortgage Association		591,469
LMA SA & LMA Americas		1,675
Metlife Short Term Funding		2,300
Sanofi-Aventis		7,148
Silver Tower US Fund		1,596
Suncorp-Metway Ltd		4,907
United States Treasury Inflation Indexed Bonds		105,157
United States Treasury Strip Coupon		1,713,462
United States Treasury Strip Principal		166,725
Total Market Value of Collateral Securities	$	35,700,004

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	3,295,429
Total Market Value of Collateral Securities	$	3,295,429

MF Global Holdings Ltd. (0.290%)

Security Description	Value
Fannie Mae REMICS	$	109,833
Freddie Mac Gold Pool		3,194,796
Freddie Mac REMICS		70,742
Ginnie Mae I Pool		318,423
Ginnie Mae II Pool		1,316,470
Government National Mortgage Association		89,763
Total Market Value of Collateral Securities	$	5,100,027

Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)

Security Description	Value
Breeds Hill Capital Ltd	$	2,864,027
LMA SA & LMA Americas		96,821
Metlife Short Term Funding		851,530
Sanofi-Aventis		891,623
Silver Tower US Fund		848,840
Suncorp-Metway Ltd		747,159
Total Market Value of Collateral Securities	$	6,300,000

Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS	$	3,487,921
Freddie Mac REMICS		2,604,459
Government National Mortgage Association		6,147,620
Total Market Value of Collateral Securities	$	12,240,000

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	110,667
Fannie Mae Pool		6,212,999
Fannie Mae Principal Strip		106,373
Fannie Mae Whole Loan		101,127
Federal Farm Credit Bank		1,274,388
Federal Farm Credit Discount Notes		154,699
Federal Home Loan Bank Discount Notes		572,145
Federal Home Loan Banks		878,546
Federal Home Loan Mortgage Corp		63,010
Federal National Mortgage Association		727,677
FHLMC Structured Pass Through Securities		87,556
Freddie Mac Gold Pool		582,085
Freddie Mac Non Gold Pool		1,364,509
Government National Mortgage Association		4,219
Total Market Value of Collateral Securities	$	12,240,000

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	21,372
Fannie Mae REMICS		3,499,841
Fannie Mae Whole Loan		12,998
Freddie Mac REMICS		5,053,275
Government National Mortgage Association		3,001,703
United States Treasury Bill		650,811
Total Market Value of Collateral Securities	$	12,240,000

^(m)   At March 31, 2011, the cost of securities for federal income tax purposes was approximately $2,265,775,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	18,361,000
Unrealized Depreciation		(12,945,000	)
Net Unrealized Appreciation	$	5,416,000

⁽ⁿ⁾   Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
IO	Interest Only
PO	Principal Only
STRIPS	Separate Trading of Registered Interest and Principal Securities

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Bonds
Corporate Bonds & Notes	$	—	$	211,760,803	$	—	$	211,760,803
Residential Mortgage-Backed Securities — Agency		—		713,450,666		—		713,450,666
Residential Mortgage-Backed Securities — Non-Agency		—		147,735,551		7,731,834		155,467,385
Commercial Mortgage-Backed Securities		—		26,191,768		—		26,191,768
Asset-Backed Securities		—		32,336,320		1,338,815		33,675,135
Inflation-Indexed Bonds		—		1,667,686		—		1,667,686
U.S. Treasury Obligations		401,449,611		879,123		—		402,328,734
U.S. Government & Agency Obligations		—		273,087,476		—		273,087,476
Foreign Government Obligations		—		2,394,321		—		2,394,321
Municipal Bonds		—		2,505,764		—		2,505,764
Total Bonds		401,449,611		1,412,009,478		9,070,649		1,822,529,738
Other
Affiliated Money Market Fund(c)		37,970,776		—		—		37,970,776
Investments of Cash Collateral Received for Securities on Loan		5,000,000		405,690,011		—		410,690,011
Total Other		42,970,776		405,690,011		—		448,660,787
Total	$	444,420,387	$	1,817,699,489	$	9,070,649	$	2,271,190,525

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Residential			Residential
	Mortgage-Backed			Mortgage-Backed			Commercial
	Securities -			Securities - Non			Mortgage-Backed			Asset-Backed
	Agency			Agency			Securities			Securities			Total
Balance as of December 31, 2010	$	690,645		$	13,578,873		$	3,197,303		$	3,295,353		$	20,762,174
Accrued discounts/premiums		—			—			—			—			—
Realized gain (loss)		—			36,542			—			160			36,702
Change in unrealized appreciation (depreciation)*		—			2,671			—			(51	)		2,620
Sales		—			(146,136	)		—			(106,347	)		(252,483	)
Purchases		—			2,140,000			—			—			2,140,000
Transfers into Level 3		—			—			—			—			—
Transfers out of Level 3		(690,645	)		(7,880,116	)		(3,197,303	)		(1,850,300	)		(13,618,364	)
Balance as of March 31, 2011	$	—		$	7,731,834		$	—		$	1,338,815		$	9,070,649

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $2,620, which is comprised of Residential Mortgage-Backed Securities-Non-Agency of $2,671 and Asset-Backed Securities of $(51).

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Variable Portfolio- Jennison Mid Cap Growth Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.8%)
CONSUMER DISCRETIONARY (14.5%)
Hotels, Restaurants & Leisure (4.8%)
Darden Restaurants, Inc.		244,452	$	12,009,927
Tim Hortons, Inc.(a)		348,267		15,779,978
Yum! Brands, Inc.		302,069		15,520,305
Total				43,310,210
Multiline Retail (2.4%)
Dollar Tree, Inc.(b)		262,236		14,559,343
Nordstrom, Inc.		168,790		7,575,295
Total				22,134,638
Specialty Retail (5.9%)
Bed Bath & Beyond, Inc.(b)		222,368		10,733,703
Guess?, Inc.(c)		230,974		9,088,827
O’Reilly Automotive, Inc.(b)		81,818		4,701,262
Ross Stores, Inc.		188,894		13,434,141
TJX Companies, Inc.		244,789		12,173,357
Williams-Sonoma, Inc.		99,429		4,026,875
Total				54,158,165
Textiles, Apparel & Luxury Goods (1.4%)
Phillips-Van Heusen Corp.		190,746		12,404,212
TOTAL CONSUMER DISCRECTIONARY				132,007,225
CONSUMER STAPLES (6.3%)
Beverages (0.5%)
Hansen Natural Corp.(b)		86,021		5,181,045
Food Products (4.0%)
Bunge Ltd.(a)(c)		138,534		10,020,164
JM Smucker Co. (The)		125,426		8,954,162
Mead Johnson Nutrition Co.		104,547		6,056,408
Ralcorp Holdings, Inc.(b)		165,961		11,356,711
Total				36,387,445
Household Products (1.8%)
Church & Dwight Co., Inc.		204,869		16,254,307
TOTAL CONSUMER STAPLES				57,822,797
ENERGY (7.6%)
Energy Equipment & Services (1.7%)
Cameron International Corp.(b)		205,202		11,717,034
Core Laboratories NV(a)(c)		37,261		3,806,957
Total				15,523,991

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (5.9%)
Cimarex Energy Co.		80,090	$	9,229,572
Denbury Resources, Inc.(b)		451,246		11,010,402
Forest Oil Corp.(b)(c)		131,784		4,985,389
Newfield Exploration Co.(b)		72,012		5,473,632
Noble Energy, Inc.		67,048		6,480,189
Southwestern Energy Co.(b)		380,060		16,331,178
Total				53,510,362
TOTAL ENERGY				69,034,353
FINANCIALS (5.0%)
Capital Markets (2.3%)
Eaton Vance Corp.(c)		441,096		14,220,935
TD Ameritrade Holding Corp.(c)		344,452		7,188,713
Total				21,409,648
Insurance (1.3%)
WR Berkley Corp.(c)		362,855		11,687,560
Real Estate Investment Trusts (REITs) (1.4%)
Annaly Capital Management, Inc.		712,458		12,432,392
TOTAL FINANCIALS				45,529,600
HEALTH CARE (16.8%)
Biotechnology (1.9%)
Alexion Pharmaceuticals, Inc.(b)(c)		59,066		5,828,633
BioMarin Pharmaceutical, Inc.(b)(c)		181,049		4,549,761
United Therapeutics Corp.(b)(c)		100,507		6,735,979
Total				17,114,373
Health Care Equipment & Supplies (2.3%)
CR Bard, Inc.(c)		120,167		11,933,785
IDEXX Laboratories, Inc.(b)(c)		57,521		4,441,772
Neogen Corp.(b)(c)		116,216		4,809,018
Total				21,184,575
Health Care Providers & Services (6.8%)
DaVita, Inc.(b)		219,686		18,785,350
Henry Schein, Inc.(b)(c)		191,323		13,425,135
Laboratory Corp. of America Holdings(b)		121,719		11,213,972
Quest Diagnostics, Inc.		116,618		6,731,191
Universal Health Services, Inc., Class B		246,059		12,157,775
Total				62,313,423
Life Sciences Tools & Services (3.2%)
Agilent Technologies, Inc.(b)		228,516		10,232,946
Thermo Fisher Scientific, Inc.(b)		115,438		6,412,581
Waters Corp.(b)(c)		149,114		12,958,007
Total				29,603,534

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Pharmaceuticals (2.6%)
Perrigo Co.(c)		158,303	$	12,588,254
Valeant Pharmaceuticals International, Inc.(a)		214,586		10,688,529
Total				23,276,783
TOTAL HEALTH CARE				153,492,688
INDUSTRIALS (13.5%)
Aerospace & Defense (1.4%)
ITT Corp.		212,805		12,778,940
Air Freight & Logistics (1.3%)
CH Robinson Worldwide, Inc.(c)		61,509		4,559,662
Expeditors International of Washington, Inc.		147,803		7,410,843
Total				11,970,505
Building Products (0.3%)
Owens Corning(b)		72,952		2,625,542
Commercial Services & Supplies (2.1%)
Iron Mountain, Inc.		382,676		11,950,971
Stericycle, Inc. (b)(c)		85,047		7,541,118
Total				19,492,089
Electrical Equipment (4.1%)
AMETEK, Inc.(c)		376,803		16,530,348
Cooper Industries PLC(a)		61,152		3,968,765
Roper Industries, Inc.(c)		190,346		16,457,315
Total				36,956,428
Machinery (1.2%)
IDEX Corp.(c)		256,761		11,207,618
Professional Services (1.5%)
Robert Half International, Inc.(c)		434,452		13,294,231
Road & Rail (0.6%)
JB Hunt Transport Services, Inc.		109,402		4,969,039
Trading Companies & Distributors (1.0%)
Fastenal Co.(c)		146,121		9,473,024
TOTAL INDUSTRIALS				122,767,416

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (24.1%)
Communications Equipment (3.6%)
Ciena Corp.(b)(c)		183,961	$	4,775,628
F5 Networks, Inc.(b)		17,195		1,763,691
Finisar Corp.(b)(c)		242,690		5,970,174
Juniper Networks, Inc.(b)		356,313		14,993,651
Riverbed Technology, Inc.(b)(c)		140,762		5,299,689
Total				32,802,833
Computers & Peripherals (1.5%)
NetApp, Inc.(b)		276,383		13,316,133
Electronic Equipment, Instruments & Components (3.2%)
Amphenol Corp., Class A		207,496		11,285,707
Anixter International, Inc.(c)		109,771		7,671,895
FLIR Systems, Inc.(c)		291,855		10,101,102
Total				29,058,704
Internet Software & Services (1.8%)
VeriSign, Inc.(c)		451,293		16,341,320
IT Services (2.4%)
Alliance Data Systems Corp.(b)(c)		167,509		14,387,348
Teradata Corp.(b)		142,275		7,213,342
Total				21,600,690
Semiconductors & Semiconductor Equipment (6.6%)
Altera Corp.		274,350		12,076,887
Atmel Corp.(b)		450,555		6,141,065
Broadcom Corp., Class A(b)		352,027		13,862,823
Marvell Technology Group Ltd.(a)(b)		562,309		8,743,905
Maxim Integrated Products, Inc.		344,658		8,823,245
Xilinx, Inc.(c)		325,222		10,667,281
Total				60,315,206
Software (5.0%)
Ariba, Inc.(b)(c)		72,696		2,481,842
Check Point Software Technologies Ltd.(a)(b)(c)		324,920		16,587,166
Intuit, Inc.(b)		125,884		6,684,440
Nuance Communications, Inc.(b)(c)		255,438		4,996,367
Red Hat, Inc.(b)		210,381		9,549,194
Salesforce.com, Inc.(b)(c)		41,571		5,553,054
Total				45,852,063
TOTAL INFORMATION TECHNOLOGY				219,286,949
MATERIALS (5.2%)
Chemicals (2.5%)
Ecolab, Inc.		282,437		14,409,936
FMC Corp.		93,769		7,963,801
Total				22,373,737

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Metals & Mining (2.7%)
Agnico-Eagle Mines Ltd.(a)		133,848	$	8,880,815
Reliance Steel & Aluminum Co.(c)		129,453		7,479,794
Silver Wheaton Corp.(a)		196,506		8,520,500
Total				24,881,109
TOTAL MATERIALS				47,254,846
TELECOMMUNICATION SERVICES (5.8%)
Wireless Telecommunication Services (5.8%)
American Tower Corp., Class A(b)		307,634		15,941,594
Crown Castle International Corp.(b)		387,585		16,491,742
NII Holdings, Inc.(b)		501,174		20,883,920
Total				53,317,256
TOTAL TELECOMMUNICATION SERVICES				53,317,256
Total Common Stocks (Cost: $722,827,846)			$	900,513,130

	Shares		Value
Money Market Fund (1.4%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		12,378,798	$	12,378,798
Total Money Market Fund (Cost: $12,378,798)			$	12,378,798

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (19.8%)
Asset-Backed Commercial Paper (0.9%)
Macquarie Bank Ltd.
05/09/11		0.395	%	$	2,497,559	$	2,497,559
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		2,996,012		2,996,012
Rheingold Securitization
05/16/11		0.551	%		2,995,921		2,995,921
Total							8,489,492
Certificates of Deposit (10.9%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		5,000,000		5,000,000
Barclays Bank PLC
06/15/11		0.400	%		10,000,000		10,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		7,000,000		7,000,000
06/07/11		0.400	%		1,000,000		1,000,000
Development Bank of Singapore Ltd.
05/17/11		0.400	%		2,000,000		2,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Erste Bank der Oesterreichische
04/15/11		0.370	%	$	7,000,000	$	7,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
06/27/11		0.380	%		10,000,000		10,000,000
KBC Bank NV
04/25/11		0.450	%		2,500,000		2,500,000
04/26/11		0.450	%		5,000,000		5,000,000
La Banque Postale
06/01/11		0.400	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		6,000,000		6,000,000
Mitsubishi UFJ Trust and Banking Corp.
04/06/11		0.350	%		5,000,000		5,000,000
05/18/11		0.350	%		2,497,839		2,497,839
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		5,000,000		5,000,000
Norinchukin Bank
05/13/11		0.350	%		5,000,000		5,000,000
Overseas Chinese Banking Corp.
05/09/11		0.470	%		4,000,000		4,000,000
Pohjola Bank PLC
06/10/11		0.470	%		5,000,000		5,000,000
Societe Generale
07/01/11		0.363	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,430		4,995,430
United Overseas Bank Ltd.
05/23/11		0.410	%		2,000,000		2,000,000
Total							98,993,269
Commercial Paper (0.9%)
Suncorp Metway Ltd.
04/27/11		0.300	%		3,998,834		3,998,834
04/28/11		0.300	%		3,998,833		3,998,833
Total							7,997,667
Money Market Fund (0.5%)
JP Morgan Prime Money Market Fund, 0.010%(e)					5,000,000		5,000,000
Other Short-Term Obligations (0.3%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		3,000,000		3,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (6.3%)
Cantor Fitzgerald & Co. dated 03/31/11, matures 04/01/11, repurchase price $10,000,064(f)
		0.230	%	$	10,000,000	$	10,000,000
Goldman Sachs & Co. dated 03/31/11, matures 04/01/11, repurchase price $4,143,418(f)
		0.160	%		4,143,400		4,143,400
Merrill Lynch Pierce Fenner & Smith, Inc. dated 03/31/11, matures 04/01/11, repurchase price $8,000,040(f)
		0.180	%		8,000,000		8,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Mizuho Securities USA, Inc. dated 03/31/11, matures 04/01/11, repurchase price $5,000,039(f)
		0.280	%	$	5,000,000	$	5,000,000
Natixis Financial Products, Inc. dated 03/31/11, matures 04/01/11, repurchase price $30,000,108(f)
		0.130	%		30,000,000		30,000,000
Total							57,143,400
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $180,623,828)							$180,623,828
Total Investments (Cost: $915,830,472)						$	1,093,515,756(g)
Other Assets & Liabilities, Net							(182,084,299	)
Net Assets							$911,431,457

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 9.55% of net assets.
(b)	Non-income producing.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	13,678,787	$	55,482,042	$	(56,782,031	)	$	—	$	12,378,798	$	7,933	$	12,378,798

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	4,226,268
Total Market Value of Collateral Securities	$	4,226,268

Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS	$	2,325,281
Freddie Mac REMICS		1,736,306
Government National Mortgage Association		4,098,413
Total Market Value of Collateral Securities	$	8,160,000

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	46,111
Fannie Mae Pool		2,588,750
Fannie Mae Principal Strip		44,321
Fannie Mae Whole Loan		42,136
Federal Farm Credit Bank		530,995
Federal Farm Credit Discount Notes		64,458
Federal Home Loan Bank Discount Notes		238,394
Federal Home Loan Banks		366,061
Federal Home Loan Mortgage Corp		26,254
Federal National Mortgage Association		303,199
FHLMC Structured Pass Through Securities		36,482
Freddie Mac Gold Pool		242,535
Freddie Mac Non Gold Pool		568,546
Government National Mortgage Association		1,758
Total Market Value of Collateral Securities	$	5,100,000

Natixis Financial Products, Inc. (0.130%)

Security Description	Value
Fannie Mae Interest Strip	$	597,113
Fannie Mae Pool		419,658
Fannie Mae REMICS		15,662,052
Freddie Mac REMICS		8,914,320
Government National Mortgage Association		1,135,316
United States Treasury Note/Bond		3,871,657
Total Market Value of Collateral Securities	$	30,600,116

^(g) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	132,007,225	$	—	$	—	$	132,007,225
Consumer Staples		57,822,797		—		—		57,822,797
Energy		69,034,353		—		—		69,034,353
Financials		45,529,600		—		—		45,529,600
Health Care		153,492,688		—		—		153,492,688
Industrials		122,767,416		—		—		122,767,416
Information Technology		219,286,949		—		—		219,286,949
Materials		47,254,846		—		—		47,254,846
Telecommunication Services		53,317,256		—		—		53,317,256
Total Equity Securities		900,513,130		—		—		900,513,130
Other
Affiliated Money Market Fund(c)		12,378,798		—		—		12,378,798
Investments of Cash Collateral Received for Securities on Loan		5,000,000		175,623,828		—		180,623,828
Total Other		17,378,798		175,623,828		—		193,002,626
Total	$	917,891,928	$	175,623,828	$	—	$	1,093,515,756

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio – MFS Value Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.6%)
CONSUMER DISCRETIONARY (8.3%)
Auto Components (0.6%)
Johnson Controls, Inc.		248,255	$	10,319,960
Automobiles (0.2%)
General Motors Co.(a)(b)		83,680		2,596,590
Hotels, Restaurants & Leisure (0.5%)
McDonald’s Corp.		111,059		8,450,479
Household Durables (1.1%)
Pulte Group, Inc.(a)(b)		556,844		4,120,646
Stanley Black & Decker, Inc.(a)		182,013		13,942,196
Total				18,062,842
Leisure Equipment & Products (0.6%)
Hasbro, Inc.(a)		200,281		9,381,162
Media (3.0%)
Omnicom Group, Inc.(a)		345,705		16,960,287
Viacom, Inc., Class B		205,620		9,565,443
Walt Disney Co. (The)		555,468		23,935,116
Total				50,460,846
Multiline Retail (1.5%)
Kohl’s Corp.		113,130		6,000,415
Target Corp.		381,680		19,087,817
Total				25,088,232
Specialty Retail (0.8%)
Advance Auto Parts, Inc.(a)		112,712		7,396,161
Staples, Inc.		315,925		6,135,264
Total				13,531,425
TOTAL CONSUMER DISCRECTIONARY				137,891,536
CONSUMER STAPLES (12.3%)
Beverages (2.3%)
Diageo PLC(c)		1,148,380		21,830,428
PepsiCo, Inc.		258,340		16,639,679
Total				38,470,107
Food & Staples Retailing (0.8%)
CVS Caremark Corp.		281,978		9,677,485
Walgreen Co.		77,250		3,100,815
Total				12,778,300

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Food Products (3.8%)
General Mills, Inc.(a)		647,160	$	23,653,698
JM Smucker Co. (The)(a)		100,637		7,184,475
Kellogg Co.		227,549		12,283,095
Nestlé SA(c)		347,348		19,910,585
Total				63,031,853
Household Products (0.6%)
Procter & Gamble Co. (The)		158,501		9,763,662
Personal Products (0.2%)
Avon Products, Inc.(a)		131,900		3,566,576
Tobacco (4.6%)
Altria Group, Inc.		409,114		10,649,238
Philip Morris International, Inc.		881,091		57,826,002
Reynolds American, Inc.(a)		252,930		8,986,603
Total				77,461,843
TOTAL CONSUMER STAPLES				205,072,341
ENERGY (9.7%)
Energy Equipment & Services (0.8%)
Transocean Ltd.(a)(b)(c)		158,310		12,340,265
Oil, Gas & Consumable Fuels (8.9%)
Apache Corp.(a)		203,275		26,612,763
Chevron Corp.		411,106		44,165,117
EOG Resources, Inc.		123,411		14,625,438
Exxon Mobil Corp.		355,005		29,866,571
Hess Corp.		221,645		18,886,370
Occidental Petroleum Corp.		137,985		14,418,053
Total				148,574,312
TOTAL ENERGY				160,914,577
FINANCIALS (22.1%)
Capital Markets (6.8%)
Bank of New York Mellon Corp. (The)		1,450,696		43,332,290
BlackRock, Inc.		16,531		3,322,896
Goldman Sachs Group, Inc. (The)		317,971		50,388,864
State Street Corp.		347,916		15,635,345
Total				112,679,395
Commercial Banks (3.1%)
PNC Financial Services Group, Inc.		216,973		13,667,129
SunTrust Banks, Inc.		109,670		3,162,883
Wells Fargo & Co.		1,092,952		34,646,579
Total				51,476,591
Diversified Financial Services (4.5%)
Bank of America Corp.		2,033,742		27,109,781
JPMorgan Chase & Co.		1,041,633		48,019,281
Total				75,129,062

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (7.7%)
ACE Ltd.(c)		165,467	$	10,705,715
Allstate Corp. (The)		76,124		2,419,221
AON Corp.		346,965		18,375,266
Chubb Corp.(a)		184,779		11,328,801
MetLife, Inc.(a)		917,040		41,019,199
Prudential Financial, Inc.		403,716		24,860,831
Travelers Companies, Inc. (The)		339,838		20,213,564
Total				128,922,597
TOTAL FINANCIALS				368,207,645
HEALTH CARE (12.2%)
Health Care Equipment & Supplies (3.3%)
Becton Dickinson and Co.		193,503		15,406,709
Medtronic, Inc.(a)		582,505		22,921,571
St. Jude Medical, Inc.		331,188		16,976,697
Total				55,304,977
Health Care Providers & Services (0.5%)
Quest Diagnostics, Inc.(a)		158,890		9,171,131
Life Sciences Tools & Services (0.5%)
Thermo Fisher Scientific, Inc.(a)(b)		138,052		7,668,789
Pharmaceuticals (7.9%)
Abbott Laboratories		626,968		30,752,780
GlaxoSmithKline PLC(c)		332,539		6,345,492
Johnson & Johnson		684,619		40,563,676
Merck & Co., Inc.		172,523		5,694,984
Pfizer, Inc.		2,012,953		40,883,076
Roche Holding AG(c)		51,491		7,355,056
Total				131,595,064
TOTAL HEALTH CARE				203,739,961
INDUSTRIALS (13.4%)
Aerospace & Defense (8.9%)
Honeywell International, Inc.		443,585		26,486,460
Huntington Ingalls Industries, Inc.(b)		51,210		2,125,215
Lockheed Martin Corp.		775,751		62,370,380
Northrop Grumman Corp.		307,260		19,268,275
United Technologies Corp.		459,706		38,914,113
Total				149,164,443
Construction & Engineering (0.2%)
Fluor Corp.(a)		47,550		3,502,533

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Industrial Conglomerates (1.3%)
3M Co.		229,415	$	21,450,302
Machinery (1.9%)
Danaher Corp.		330,358		17,145,580
Eaton Corp.		255,688		14,175,343
Total				31,320,923
Professional Services (0.6%)
Dun & Bradstreet Corp.(a)		117,098		9,395,944
Road & Rail (0.5%)
Canadian National Railway Co.(c)		118,326		8,906,398
TOTAL INDUSTRIALS				223,740,543
INFORMATION TECHNOLOGY (10.8%)
Communications Equipment (0.7%)
Cisco Systems, Inc.		678,596		11,637,921
Computers & Peripherals (0.6%)
Hewlett-Packard Co.		244,337		10,010,487
IT Services (6.1%)
Accenture PLC, Class A(c)		742,794		40,831,386
IBM Corp.		222,052		36,210,020
Mastercard, Inc., Class A		57,027		14,354,836
Western Union Co. (The)(a)		502,184		10,430,362
Total				101,826,604
Semiconductors & Semiconductor Equipment (1.3%)
Intel Corp.		1,050,265		21,183,845
Software (2.1%)
Oracle Corp.		1,028,707		34,327,953
TOTAL INFORMATION TECHNOLOGY				178,986,810
MATERIALS (3.3%)
Chemicals (3.3%)
Air Products & Chemicals, Inc.(a)		190,395		17,169,821
PPG Industries, Inc.(a)		229,812		21,880,401
Sherwin-Williams Co. (The)(a)		180,790		15,184,552
Total				54,234,774
TOTAL MATERIALS				54,234,774

Issuer	Shares		Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES (4.2%)
Diversified Telecommunication Services (2.9%)
AT&T, Inc.		1,561,005	$	47,766,753
Wireless Telecommunication Services (1.3%)
Vodafone Group PLC(c)		8,036,519		22,754,692
TOTAL TELECOMMUNICATION SERVICES				70,521,445
UTILITIES (2.3%)
Electric Utilities (0.3%)
PPL Corp.(a)		198,506		5,022,202
Multi-Utilities (2.0%)
Dominion Resources, Inc.		176,355		7,883,069
PG&E Corp.		383,183		16,929,025
Public Service Enterprise Group, Inc.		289,048		9,107,902
Total				33,919,996
TOTAL UTILITIES				38,942,198
Total Common Stocks (Cost: $1,401,234,741)			$	1,642,251,830
Convertible Preferred Stocks (0.3%)
ENERGY (0.2%)
Oil, Gas & Consumable Fuels (0.2%)
Apache Corp., 6.000%(a)		39,130	$	2,763,556
TOTAL ENERGY				2,763,556
UTILITIES (0.1%)
Electric Utilities (0.1%)
PPL Corp., 9.500%		48,000		2,553,024
TOTAL UTILITIES				2,553,024
Total Convertible Preferred Stocks (Cost: $4,473,125)			$	5,316,580

	Shares		Value
Money Market Fund (1.7%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		28,246,897	$	28,246,897
Total Money Market Fund (Cost: $28,246,897)			$	28,246,897

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (4.1%)
Asset-Backed Commercial Paper (0.7%)
Macquarie Bank Ltd.
05/09/11		0.395	%	$	2,497,559	$	2,497,559
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		2,996,012		2,996,012
Rheingold Securitization
04/28/11		0.551	%		3,994,500		3,994,500
05/16/11		0.551	%		1,997,281		1,997,281
Total							11,485,352
Certificates of Deposit (2.9%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		2,000,000		2,000,000
Barclays Bank PLC
06/15/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
06/07/11		0.400	%		6,000,000		6,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		3,000,000		3,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		3,000,000		3,000,000
KBC Bank NV
04/22/11		0.450	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		999,086		999,086
05/18/11		0.350	%		4,995,677		4,995,677
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		5,000,000		5,000,000
Norinchukin Bank
06/02/11		0.350	%		5,000,000		5,000,000
Pohjola Bank PLC
06/10/11		0.470	%		5,000,000		5,000,000
Societe Generale
07/01/11		0.364	%		4,000,000		4,000,000
Total							48,994,763
Other Short-Term Obligations (0.1%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		2,000,000		2,000,000

Repurchase Agreements (0.4%)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,710,695(f)
	0.160	%	$	5,710,670	$	5,710,670
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $68,190,785)					$	68,190,785
Total Investments (Cost: $1,502,145,548)					$	1,744,006,092	(g)
Other Assets & Liabilities, Net						(78,536,652	)
Net Assets					$	1,665,469,440

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		be Received		Appreciation		Depreciation
Credit Suisse	April 4, 2011		214,043		196,919	$	349	$	—
		(USD)		(CHF)
Barclays Bank PLC	April 4, 2011		210,775		131,214		—		(282	)
		(USD)		(GBP)
Total						$	349	$	(282	)

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 9.07% of net assets.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	18,185,654	$	58,968,845	$	(48,907,602	)	$	—	$	28,246,897	$	11,906	$	28,246,897

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	5,824,883
Total Market Value of Collateral Securities	$	5,824,883

^(g)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Currency Legend

CHF	Swiss Franc
GBP	Pound Sterling

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2				Level 3
Description(a)	quoted prices		other				significant			Total
	in active		significant				unobservable
	markets for		observable				inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	137,891,536		$	—			$	—		$	137,891,536
Consumer Staples		163,331,328			41,741,013				—			205,072,341
Energy		160,914,577			—				—			160,914,577
Financials		368,207,645			—				—			368,207,645
Health Care		190,039,413			13,700,548				—			203,739,961
Industrials		223,740,543			—				—			223,740,543
Information Technology		178,986,810			—				—			178,986,810
Materials		54,234,774			—				—			54,234,774
Telecommunication Services		47,766,753			22,754,692				—			70,521,445
Utilities		38,942,198			—				—			38,942,198
Convertible Preferred Stocks
Energy		—			2,763,556				—			2,763,556
Utilities		—			2,553,024				—			2,553,024
Total Equity Securities		1,564,055,577			83,512,833				—			1,647,568,410
Other
Affiliated Money Market Fund(c)		28,246,897			—				—			28,246,897
Investments of Cash Collateral Received for Securities on Loan		—			68,190,785				—			68,190,785
Total Other		28,246,897			68,190,785				—			96,437,682
Investments in Securities Derivatives(d)		1,592,302,474			151,703,618				—			1,744,006,092
Assets
Forward Foreign Currency Exchange Contracts		—			349				—			349
Liabilities
Forward Foreign Currency Exchange Contracts		—			(282	)			—			(282	)
Total	$	1,592,302,474		$	151,703,685			$	—		$	1,744,006,159

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivatives are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio - Marsico Growth Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (97.2%)
CONSUMER DISCRETIONARY (25.4%)
Distributors (0.6%)
Li & Fung Ltd.(a)		1,970,000	$	10,074,568
Hotels, Restaurants & Leisure (8.3%)
McDonald’s Corp.		332,364		25,289,577
Starbucks Corp.		819,967		30,297,781
Starwood Hotels & Resorts Worldwide, Inc.(b)		787,583		45,774,324
Wynn Resorts Ltd.		117,596		14,964,091
Yum! Brands, Inc.(b)		451,383		23,192,058
Total				139,517,831
Internet & Catalog Retail (6.0%)
Amazon.com, Inc.(b)(c)		294,276		53,007,936
priceline.com, Inc.(b)(c)		97,241		49,246,732
Total				102,254,668
Media (1.9%)
Time Warner, Inc.(b)		894,924		31,948,787
Specialty Retail (4.1%)
Tiffany & Co.(b)		472,405		29,024,563
TJX Companies, Inc.		807,571		40,160,506
Total				69,185,069
Textiles, Apparel & Luxury Goods (4.5%)
Cie Financiere Richemont SA, ADR(a)		6,013,324		34,636,746
Nike, Inc., Class B		544,931		41,251,277
Total				75,888,023
TOTAL CONSUMER DISCRECTIONARY				428,868,946
CONSUMER STAPLES (2.0%)
Food Products (0.8%)
Mead Johnson Nutrition Co.		220,329		12,763,659
Personal Products (1.2%)
Estee Lauder Companies, Inc. (The), Class A		219,934		21,192,840
TOTAL CONSUMER STAPLES				33,956,499
ENERGY (9.2%)
Energy Equipment & Services (2.6%)
Halliburton Co.		868,545		43,288,283
Oil, Gas & Consumable Fuels (6.6%)
Anadarko Petroleum Corp.		600,427		49,186,980
Continental Resources, Inc.(b)(c)		178,871		12,783,910

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (cont.)
EOG Resources, Inc.(b)		318,160	$	37,705,141
Occidental Petroleum Corp.		120,859		12,628,557
Total				112,304,588
TOTAL ENERGY				155,592,871
FINANCIALS (12.9%)
Capital Markets (2.6%)
Goldman Sachs Group, Inc. (The)		276,200		43,769,414
Commercial Banks (7.9%)
PNC Financial Services Group, Inc.(b)		592,890		37,346,141
U.S. Bancorp		2,091,470		55,277,552
Wells Fargo & Co.		1,258,045		39,880,027
Total				132,503,720
Diversified Financial Services (2.4%)
Citigroup, Inc.(c)		9,357,895		41,361,896
TOTAL FINANCIALS				217,635,030
HEALTH CARE (1.0%)
Life Sciences Tools & Services (1.0%)
Agilent Technologies, Inc.(c)		365,674		16,374,882
TOTAL HEALTH CARE				16,374,882
INDUSTRIALS (12.3%)
Aerospace & Defense (3.1%)
General Dynamics Corp.		292,524		22,395,638
Precision Castparts Corp.(b)		199,152		29,311,191
Total				51,706,829
Electrical Equipment (1.1%)
Rockwell Automation, Inc.(b)		196,992		18,645,293
Machinery (5.1%)
Cummins, Inc.		189,764		20,801,930
Danaher Corp.(b)		606,346		31,469,357
Eaton Corp.		606,606		33,630,237
Total				85,901,524
Road & Rail (3.0%)
Union Pacific Corp.		518,716		51,005,344
TOTAL INDUSTRIALS				207,258,990

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (18.4%)
Communications Equipment (1.5%)
Acme Packet, Inc.(b)(c)		140,571	$	9,974,918
F5 Networks, Inc.(c)		146,682		15,045,173
Total				25,020,091
Computers & Peripherals (5.3%)
Apple, Inc.(c)		256,846		89,497,989
Internet Software & Services (4.2%)
Baidu, Inc., ADR(a)(c)		480,296		66,189,592
Youku.com, Inc., ADR(a)(b)(c)		107,397		5,102,431
Total				71,292,023
Semiconductors & Semiconductor Equipment (2.4%)
Broadcom Corp., Class A(c)		1,013,421		39,908,519
Software (5.0%)
Oracle Corp.		2,000,016		66,740,534
Salesforce.com, Inc.(b)(c)		128,316		17,140,451
Total				83,880,985
TOTAL INFORMATION TECHNOLOGY				309,599,607
MATERIALS (16.0%)
Chemicals (13.5%)
Dow Chemical Co. (The)(b)		1,932,682		72,958,745
Monsanto Co.(b)		737,686		53,305,190
PPG Industries, Inc.		475,579		45,279,877
Praxair, Inc.(b)		554,330		56,319,928
Total				227,863,740
Metals & Mining (2.5%)
BHP Billiton PLC, ADR(a)		171,756		13,671,778
Freeport-McMoRan Copper & Gold, Inc.		522,661		29,033,818
Total				42,705,596
TOTAL MATERIALS				270,569,336
Total Common Stocks (Cost: $1,332,531,683)			$	1,639,856,161
Preferred Stocks (0.4%)
FINANCIALS (0.4%)
Commercial Banks (0.4%)
Wells Fargo & Co. 8.000%		237,875	$	6,679,530
TOTAL FINANCIALS				6,679,530
Total Preferred Stocks (Cost: $6,463,064)			$	6,679,530

	Shares		Value
Money Market Fund (2.3%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		38,988,308	$	38,988,308
Total Money Market Fund (Cost: $38,988,308)			$	38,988,308

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (22.0%)
Asset-Backed Commercial Paper (2.0%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	9,999,422		$9,999,422
05/23/11		0.340	%		6,996,430		6,996,430
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		9,986,708		9,986,708
Rheingold Securitization
04/20/11		0.551	%		6,990,910		6,990,910
Total							33,973,470
Certificates of Deposit (10.4%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		10,000,000		10,000,000
Bank of Tokyo Securities
04/01/11		0.250	%		5,000,000		5,000,000
Barclays Bank PLC
06/15/11		0.400	%		10,000,000		10,000,000
Clydesdale Bank PLC
04/21/11		0.400	%		10,000,000		10,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		10,000,000		10,000,000
06/07/11		0.400	%		5,000,000		5,000,000
DZ Bank AG
04/08/11		0.400	%		5,000,000		5,000,000
Den Danske Bank
04/01/11		0.190	%		15,000,000		15,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.360	%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
06/27/11		0.380	%		7,000,000		7,000,000
KBC Bank NV
04/22/11		0.450	%		3,000,000		3,000,000
04/25/11		0.450	%		7,000,000		7,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		10,000,000		10,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		1,998,172		1,998,172
05/23/11		0.345	%		5,000,000		5,000,000
06/08/11		0.340	%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
04/27/11		0.380	%		10,000,000		10,000,000
06/30/11		0.360	%		5,000,000		5,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Natixis
05/09/11		0.503	%	$	12,000,000	$	12,000,000
Norinchukin Bank
05/09/11		0.350	%		2,000,000		2,000,000
Pohjola Bank PLC
06/10/11		0.470	%		5,000,000		5,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
Swedbank AB
04/05/11		0.170	%		5,000,000		5,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		8,000,000		8,000,000
Total							174,993,603
Commercial Paper (1.5%)
Cancara Asset Securitisation LLC
04/20/11		0.250	%		14,997,083		14,997,083
Macquarie Bank Ltd.
06/30/11		0.400	%		9,989,778		9,989,778
Total							24,986,861
Money Market Fund (0.6%)
JP Morgan Prime Money Market Fund, 0.010%(e)					10,000,000		10,000,000
Other Short-Term Obligations (0.7%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		4,000,000		4,000,000
04/20/11		0.270	%		8,000,000		8,000,000
Total							12,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (6.8%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $15,001,688(f)
		0.270	%	$	15,000,000	$	15,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,064(f)
		0.230	%		10,000,000		10,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,479,173(f)
		0.160	%		5,479,149		5,479,149
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $25,000,125(f)
		0.180	%		25,000,000		25,000,000
Nomura Securities
dated 03/31/11, matures 04/01/11, repurchase price $45,000,300(f)
		0.240	%		45,000,000		45,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $10,000,061(f)
		0.220	%		10,000,000		10,000,000
RBS Securities, Inc.
dated 08/18/10, matures 05/05/11, repurchase price $5,001,313(f)
		0.270	%		5,000,000		5,000,000
Total							115,479,149
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $371,433,083)						$	371,433,083
Total Investments (Cost: $1,749,416,138)						$	2,056,957,082(g)
Other Assets & Liabilities, Net							(369,296,253)
Net Assets						$	1,687,660,829

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 7.68% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Non-income producing.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		from Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	26,447,583	$	149,894,410	$	(137,353,685	)	$	—	$	38,988,308	$	19,005	$	38,988,308

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	5,588,732
Total Market Value of Collateral Securities	$	5,588,732

Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS	$	7,266,502
Freddie Mac REMICS		5,425,957
Government National Mortgage Association		12,807,541
Total Market Value of Collateral Securities	$	25,500,000

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	33,426,656
Freddie Mac Gold Pool		12,473,344
Total Market Value of Collateral Securities	$	45,900,000

Pershing LLC (0.220%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	17,810
Fannie Mae REMICS		2,916,534
Fannie Mae Whole Loan		10,831
Freddie Mac REMICS		4,211,063
Government National Mortgage Association		2,501,419
United States Treasury Bill		542,343
Total Market Value of Collateral Securities	$	10,200,000

RBS Securities, Inc. (0.270%)

Security Description	Value
Fannie Mae REMICS	$	773,237
FHLMC Structured Pass Through Securities		1,764,544
Freddie Mac REMICS		1,968,444
Freddie Mac Strips		540,778
Government National Mortgage Association		53,014
Total Market Value of Collateral Securities	$	5,100,017

^(g)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	384,157,632	$	44,711,314	$	—	$	428,868,946
Consumer Staples		33,956,499		—		—		33,956,499
Energy		155,592,871		—		—		155,592,871
Financials		217,635,030		—		—		217,635,030
Health Care		16,374,882		—		—		16,374,882
Industrials		207,258,990		—		—		207,258,990
Information Technology		309,599,607		—		—		309,599,607
Materials		270,569,336		—		—		270,569,336
Preferred Stocks
Financials		6,679,530		—		—		6,679,530
Total Equity Securities		1,601,824,377		44,711,314		—		1,646,535,691
Other
Affiliated Money Market Fund(c)		38,988,308		—		—		38,988,308
Investments of Cash Collateral Received for Securities on Loan		10,000,000		361,433,083		—		371,433,083
Total Other		48,988,308		361,433,083		—		410,421,391
Total	$	1,650,812,685	$	406,144,397	$	—	$	2,056,957,082

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio — Mondrian International Small Cap Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (97.2%)
AUSTRALIA (6.7%)
Commonwealth Property Office Fund(a)		8,611,600	$	7,659,033
David Jones Ltd.(a)(b)		679,396		3,337,328
Monadelphous Group Ltd.(a)		132,454		2,930,438
Transfield Services Ltd.(a)(b)		2,011,659		6,969,872
Total				20,896,671
CANADA (3.8%)
Morguard Real Estate Investment Trust(a)		140,700		2,115,942
Northern Property Real Estate Investment Trust, Unit(a)		105,800		3,328,417
Pason Systems, Inc.(a)(b)		394,750		6,412,906
Total				11,857,265
DENMARK (1.0%)
Christian Hansen Holding A/S(a)		131,418		2,987,454
FRANCE (10.1%)
Boiron SA(a)		54,565		2,304,419
Euler Hermes SA(a)(c)		22,378		2,131,187
IPSOS(a)		88,410		4,330,808
Medica SA(a)(c)		76,661		1,510,151
Mersen(a)		89,704		4,974,536
Neopost SA(a)(b)		93,083		8,153,800
Nexans SA(a)(b)		65,455		6,260,560
Rubis(a)		17,488		2,087,307
Total				31,752,768
GERMANY (11.6%)
Bilfinger Berger SE(a)		73,746		6,401,408
ElringKlinger AG(a)		77,751		2,452,249
Fielmann AG(a)(b)		40,432		3,819,059
GFK SE(a)		67,555		3,731,424
MTU Aero Engines Holding AG(a)		48,088		3,260,991
QIAGEN NV(a)(c)		171,360		3,422,989
Rational AG(a)		12,426		2,958,500
Symrise AG(a)		251,413		7,371,896
Wincor Nixdorf AG(a)		37,602		3,044,431
Total				36,462,947
HONG KONG (3.9%)
AMVIG Holdings Ltd.(a)		4,570,000		3,524,227
Arts Optical International Holdings(a)		1,850,000		825,155
ASM Pacific Technology Ltd.(a)(b)		258,000		3,239,726
Pacific Basin Shipping Ltd.(a)(b)		7,121,000		4,496,811
Total				12,085,919

Issuer	Shares		Value
Common Stocks (continued)
IRELAND (0.9%)
Glanbia PLC(a)		448,467	$	2,701,161
JAPAN (11.6%)
Ariake Japan Co., Ltd.(a)(b)		172,100		2,841,334
FCC Co., Ltd.(a)(b)		249,900		6,014,614
Hogy Medical Co., Ltd.(a)		102,400		4,383,182
Horiba Ltd.(a)		157,100		4,609,616
Miraca Holdings, Inc.(a)		105,600		4,041,730
Miura Co., Ltd.(a)(b)		72,000		2,157,139
Nifco, Inc.(a)(b)		252,000		6,052,136
Shimano, Inc.(a)(b)		27,900		1,396,514
Taiyo Manufacturing Co., Ltd.(a)		70,700		2,177,499
Ushio, Inc.(a)(b)		139,000		2,718,527
Total				36,392,291
NETHERLANDS (4.2%)
Koninklijke Boskalis Westminster NV(a)		185,841		9,827,792
SBM Offshore NV(a)		117,908		3,422,190
Total				13,249,982
NEW ZEALAND (3.0%)
Auckland International Airport Ltd.(a)		1,332,155		2,249,398
Fisher & Paykel Healthcare Corp., Ltd.(a)		1,718,795		4,118,716
Sky City Entertainment Group Ltd.(a)		1,194,232		3,078,201
Total				9,446,315
NORWAY (0.7%)
Farstad Shipping ASA(a)		70,806		2,330,219
SINGAPORE (11.8%)
Ascendas Real Estate Investment Trust(a)(d)		2,950,000		4,750,893
CapitaMall Trust(a)		5,408,000		8,060,541
Ezra Holdings Ltd.(a)(b)		1,406,000		1,960,689
Hyflux Ltd.(a)(b)		2,437,500		4,176,812
SATS Ltd.(a)		2,594,000		5,160,893
SIA Engineering Co., Ltd.(a)		1,945,000		6,252,610
SMRT Corp., Ltd.(a)		1,324,864		1,985,921
StarHub Ltd.(a)		2,203,000		4,717,368
Total				37,065,727
SPAIN (0.8%)
Prosegur Cia de Seguridad SA(a)		44,606		2,655,055

Issuer	Shares		Value
Common Stocks (continued)
SWEDEN (0.9%)
AF AB, Series B(a)(b)		146,697	$	2,928,409
UNITED KINGDOM (26.2%)
Bodycote PLC(a)		486,722		2,584,445
Cobham PLC(a)		908,244		3,354,024
Croda International PLC(a)		303,484		8,169,322
De La Rue PLC(a)		478,286		6,057,565
Diploma PLC(a)		509,067		2,613,263
Greene King PLC(a)		211,738		1,520,702
Halma PLC(a)		701,994		3,947,114
Interserve PLC(a)		461,945		2,039,745
Laird PLC(a)		1,291,187		2,858,423
Rexam PLC(a)		1,451,297		8,460,568
Rotork PLC(a)		295,266		8,270,199
Serco Group PLC(a)		281,690		2,521,529
Spectris PLC(a)		250,903		5,486,053
Spirax-Sarco Engineering PLC(a)		76,536		2,380,685
TT electronics PLC(a)		826,469		2,267,154
Ultra Electronics Holdings PLC(a)		213,185		5,889,088
Victrex PLC(a)		170,262		3,687,311
Weir Group PLC (The)(a)		355,134		9,861,605
Total				81,968,795
Total Common Stocks
(Cost: $241,231,918)			$	304,780,978

	Shares		Value
Money Market Fund (3.5%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		10,874,481	$	10,874,481
Total Money Market Fund
(Cost: $10,874,481)			$	10,874,481

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (7.1%)
Certificates of Deposit (0.6%)
Credit Industrial et Commercial
05/23/11		0.400	%	$	1,000,000	$	1,000,000
Societe Generale
07/01/11		0.363	%		1,000,000		1,000,000
Total							2,000,000
Repurchase Agreements (6.5%)
Barclays Capital, Inc.
dated 01/04/11, matures 04/15/11, repurchase price $2,000,225(g)
		0.270	%		2,000,000		2,000,000
Citigroup Global Markets, Inc.(g)
dated 03/31/11, matures 04/01/11, repurchase price $1,000,004
		0.130	%		1,000,000		1,000,000
repurchase price $10,000,036
		0.130	%		10,000,000		10,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $4,254,528(g)
		0.160	%		4,254,509		4,254,509
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $3,000,018(g)
		0.220	%		3,000,000		3,000,000
Total							20,254,509
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $22,254,509)						$	22,254,509
Total Investments
(Cost: $274,360,908)(h)						$	337,909,968	(i)
Other Assets & Liabilities, Net							(24,432,476	)
Net Assets						$	313,477,492

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of Net
Industry	Assets			Value
Aerospace & Defense		4.0	%	$	12,504,103
Auto Components		4.6			14,518,999
Chemicals		7.8			24,393,482
Commercial Services & Supplies		5.8			18,204,021
Computers & Peripherals		1.0			3,044,431
Construction & Engineering		6.8			21,199,383
Containers & Packaging		3.8			11,984,795
Electrical Equipment		4.4			13,953,624
Electronic Equipment, Instruments & Components		6.9			21,781,624
Energy Equipment & Services		4.5			14,126,005
Food Products		1.8			5,542,494
Gas Utilities		0.7			2,087,307
Health Care Equipment & Supplies		2.7			8,501,897
Health Care Providers & Services		1.8			5,551,880
Hotels, Restaurants & Leisure		1.5			4,598,903
Insurance		0.7			2,131,187
Leisure Equipment & Products		0.4			1,396,514
Life Sciences Tools & Services		1.1			3,422,989
Machinery		9.0			28,212,573
Marine		1.4			4,496,811
Media		2.6			8,062,232
Multiline Retail		1.1			3,337,328
Office Electronics		2.6			8,153,801
Pharmaceuticals		0.7			2,304,419
Professional Services		0.9			2,928,409
Real Estate Investment Trusts (REITs)		8.3			25,914,826
Road & Rail		0.6			1,985,921
Semiconductors & Semiconductor Equipment		1.0			3,239,726
Specialty Retail		1.2			3,819,059
Textiles, Apparel & Luxury Goods		0.3			825,155
Transportation Infrastructure		4.4			13,662,901
Water Utilities		1.3			4,176,811
Wireless Telecommunication Services		1.5			4,717,368
Other(1)		10.6			33,128,990
Total				$	337,909,968

⁽¹⁾ Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Jackson Partners & Associates, Inc.	April 1, 2011		159,856		201,828	$	261	$	—
		(USD)		(SGD)
Jackson Partners & Associates, Inc.	April 4, 2011		318,380		401,662		273		—
		(USD)		(SGD)
Jackson Partners & Associates, Inc.	April 5, 2011		6,262,774		75,555		263		—
		(JPY)		(USD)
Jackson Partners & Associates, Inc.	April 5, 2011		639,340		805,367		—		(413	)
		(USD)		(SGD)
J.P. Morgan Securities, Inc.	April 28, 2011		4,579,500		4,532,347		—		(190,466	)
		(AUD)		(USD)
Total						$	797	$	(190,879	)

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 97.23% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Non-income producing.
(d)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2011, the value of these securities amounted to $4,750,893, which represents 1.52% of net assets.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	6,249,441	$	17,289,099	$	(12,664,059	)	$	—	$	10,874,481	$	2,846	$	10,874,481

(f)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(g)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	132,519
Arabella Ltd		188,398
BP Capital Markets PLC		68,294
BPCE		266,656
Dexia Delaware LLC		305,175
Electricite De France		239,888
European Investment Bank		190,320
Nationwide Building		130,409
Skandin Ens Banken AG		231,865
Societe Generale		346,476
Total Market Value of Collateral Securities	$	2,100,000
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	4,413
Fannie Mae REMICS		326,384
Fannie Mae Whole Loan		7,607
Fannie Mae-Aces		2,052
Freddie Mac Reference REMIC		30,585
Freddie Mac REMICS		498,578
Government National Mortgage Association		150,381
Total Market Value of Collateral Securities	$	1,020,000
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	44,129
Fannie Mae REMICS		3,263,844
Fannie Mae Whole Loan		76,069
Fannie Mae-Aces		20,515
Freddie Mac Reference REMIC		305,851
Freddie Mac REMICS		4,985,784
Government National Mortgage Association		1,503,808
Total Market Value of Collateral Securities	$	10,200,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	4,339,599
Total Market Value of Collateral Securities	$	4,339,599
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	5,343
Fannie Mae REMICS		874,960
Fannie Mae Whole Loan		3,249
Freddie Mac REMICS		1,263,319
Government National Mortgage Association		750,426
United States Treasury Bill		162,703
Total Market Value of Collateral Securities	$	3,060,000

^(h)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $274,361,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	64,463,000
Unrealized Depreciation		(914,000	)
Net Unrealized Appreciation	$	63,549,000

⁽ⁱ⁾  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Currency Legend

AUD	Australian Dollar
JPY	Japanese Yen
SGD	Singapore Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	—	$	36,558,189		$	—	$	36,558,189
Consumer Staples		—		5,542,494			—		5,542,494
Energy		6,412,906		7,713,098			—		14,126,004
Financials		5,444,359		22,601,654			—		28,046,013
Health Care		—		19,781,185			—		19,781,185
Industrials		—		117,147,748			—		117,147,748
Information Technology		—		36,219,581			—		36,219,581
Materials		—		36,378,277			—		36,378,277
Telecommunication Services		—		4,717,368			—		4,717,368
Utilities		—		6,264,119			—		6,264,119
Total Equity Securities		11,857,265		292,923,713			—		304,780,978
Other
Affiliated Money Market Fund(c)		10,874,481		—			—		10,874,481
Investments of Cash Collateral Received for Securities on Loan		—		22,254,509			—		22,254,509
Total Other		10,874,481		22,254,509			—		33,128,990
Investments in Securities		22,731,746		315,178,222			—		337,909,968
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		797			—		797
Liabilities
Forward Foreign Currency Exchange Contracts		—		(190,879	)		—		(190,879	)
Total	$	22,731,746	$	314,988,140		$	—	$	337,719,886

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

^(d) Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio – Morgan Stanley Global Real Estate Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (96.3%)
AUSTRALIA (7.9%)
CFS Retail Property Trust(a)		1,277,063	$	2,430,628
Commonwealth Property Office Fund(a)(b)		1,241,173		1,103,881
Dexus Property Group(a)		1,123,635		987,076
Goodman Group(a)		879,420		622,990
GPT Group(a)(b)		905,340		2,938,986
Mirvac Group(a)		1,141,534		1,470,222
Stockland(a)		1,256,470		4,820,101
Westfield Group(a)		1,256,270		12,131,228
Westfield Retail Trust(a)		1,657,055		4,490,613
Total				30,995,725
AUSTRIA (—%)
Conwert Immobilien Invest SE(a)		10,554		174,400
BELGIUM (0.2%)
Befimmo SCA Sicafi(a)		7,067		617,346
BERMUDA (4.5%)
Hongkong Land Holdings Ltd.(a)(b)		1,790,000		12,537,320
Kerry Properties Ltd.(a)		1,006,500		5,034,648
Total				17,571,968
BRAZIL (0.4%)
BR Malls Participacoes SA(a)		67,900		699,940
BR Properties SA(a)		87,400		919,690
Total				1,619,630
CANADA (2.7%)
Boardwalk Real Estate Investment Trust(a)		29,930		1,485,232
Brookfield Properties Corp.(a)		259,387		4,596,337
Extendicare Real Estate Investment Trust(a)		29,730		389,449
RioCan Real Estate Investment Trust(a)		149,210		3,918,398
Total				10,389,416
CAYMAN ISLANDS (2.0%)
Agile Property Holdings Ltd.(a)(b)		484,000		762,159
China Resources Land Ltd.(a)		3,178,000		5,943,886
KWG Property Holding Ltd.(a)		506,000		408,702
Shimao Property Holdings Ltd.(a)(b)		474,000		671,118
Total				7,785,865
CHINA (0.8%)
Guangzhou R&F Properties Co., Ltd., Series H(a)(b)		2,112,800		3,140,394

Issuer	Shares		Value
Common Stocks (continued)
FINLAND (0.2%)
Citycon OYJ(a)		145,721	$	667,046
Sponda OYJ(a)		47,775		271,504
Total				938,550
FRANCE (4.5%)
Fonciere Des Regions(a)		7,822		833,506
Gecina SA(a)		4,822		665,059
ICADE(a)		15,282		1,885,948
Klepierre(a)		65,317		2,651,125
Mercialys SA(a)		18,119		722,200
Societe de la Tour Eiffel(a)		3,154		290,540
Societe Immobiliere de Location pour l’Industrie et le Commerce(a)		4,853		680,202
Unibail-Rodamco SE(a)		45,466		9,848,796
Total				17,577,376
GERMANY (0.6%)
Alstria Office REIT AG(a)		106,116		1,473,197
Deutsche Euroshop AG(a)		19,606		748,822
Total				2,222,019
HONG KONG (13.8%)
China Overseas Land & Investment Ltd.(a)(b)		3,676,000		7,472,862
Hang Lung Properties Ltd.(a)		1,249,000		5,478,080
Henderson Land Development Co., Ltd.(a)		626,837		4,343,683
Hysan Development Co., Ltd.(a)		853,404		3,509,995
New World Development Ltd.(a)		514,000		906,252
Sino Land Co., Ltd.(a)		389,840		692,387
Sun Hung Kai Properties Ltd.(a)		1,467,000		23,231,453
Wharf Holdings Ltd.(a)		1,229,466		8,468,330
Total				54,103,042
ITALY (0.4%)
Beni Stabili SpA(a)		1,403,253		1,458,703
Beni Stabili SpA(a)		44,178		45,924
Total				1,504,627
JAPAN (8.5%)
Japan Real Estate Investment Corp.(a)		213		2,017,914
Japan Retail Fund Investment Corp.(a)		192		301,063
Mitsubishi Estate Co., Ltd.(a)		735,000		12,420,805
Mitsui Fudosan Co., Ltd.(a)		590,000		9,698,685
Nippon Building Fund, Inc.(a)(b)		202		1,969,106
NTT Urban Development Corp.(a)		229		191,972
Sumitomo Realty & Development Co., Ltd.(a)		340,000		6,798,742
Total				33,398,287

Issuer	Shares		Value
Common Stocks (continued)
NETHERLANDS (1.4%)
Corio NV(a)		39,293	$	2,748,662
Eurocommercial Properties NV(a)		40,311		1,997,220
VastNed Retail NV(a)		2,373		173,700
Wereldhave NV(a)		5,356		572,021
Total				5,491,603
SINGAPORE (2.8%)
CapitaCommercial Trust(a)(b)		357,000		393,188
CapitaLand Ltd.(a)		1,826,000		4,780,196
CapitaMall Trust(a)		249,000		371,131
CapitaMalls Asia Ltd.(a)(b)		388,000		547,807
City Developments Ltd.(a)		254,000		2,320,658
Keppel Land Ltd.(a)		601,000		2,139,031
Suntec Real Estate Investment Trust(a)		405,000		495,079
Total				11,047,090
SWEDEN (0.5%)
Atrium Ljungberg AB, Series B(a)(b)		21,686		298,909
Castellum AB(a)		16,322		237,386
Hufvudstaden AB, Series A(a)		124,597		1,483,462
Total				2,019,757
SWITZERLAND (1.1%)
PSP Swiss Property AG(a)(c)		40,587		3,342,849
Swiss Prime Site AG(a)(c)		10,030		791,152
Total				4,134,001
UNITED KINGDOM (7.4%)
Atrium European Real Estate Ltd.(a)(b)		38,353		240,244
Big Yellow Group PLC(a)		240,976		1,278,398
British Land Co. PLC(a)(b)		432,649		3,834,655
Capital & Counties Properties PLC(a)		185,650		501,826
Capital & Regional PLC(a)(c)		958,326		599,565
Capital Shopping Centres Group PLC(a)		313,568		1,926,588
Derwent London PLC(a)		58,038		1,529,707
Development Securities PLC(a)		123,771		443,767
Grainger PLC(a)		717,058		1,234,276
Great Portland Estates PLC(a)		109,245		676,117
Hammerson PLC(a)		503,474		3,609,489
Land Securities Group PLC(a)		417,167		4,908,721
LXB Retail Properties PLC(a)(c)		548,130		969,439
Metric Property Investments PLC(a)(c)		175,731		307,984
Minerva PLC(a)(c)		344,305		510,909
Quintain Estates & Development PLC(a)(c)		897,934		633,805

Issuer	Shares		Value
Common Stocks (continued)
UNITED KINGDOM (CONTINUED)
Safestore Holdings PLC(a)		530,151	$	1,301,216
Segro PLC(a)		296,909		1,531,308
Shaftesbury PLC(a)		61,717		468,399
St. Modwen Properties PLC(a)		361,954		1,044,002
Unite Group PLC(a)(c)		445,822		1,544,804
Total				29,095,219
UNITED STATES (36.6%)
Acadia Realty Trust(b)		83,270		1,575,468
AMB Property Corp.(b)		87,850		3,159,964
American Campus Communities, Inc.(b)		8,440		278,520
Apartment Investment & Management Co., Class A		17,300		440,631
Ashford Hospitality Trust, Inc.		72,020		793,660
Assisted Living Concepts, Inc., Class A(b)(c)		42,545		1,665,211
AvalonBay Communities, Inc.(b)		45,978		5,521,038
BioMed Realty Trust, Inc.(b)		13,548		257,683
Boston Properties, Inc.(b)		73,185		6,941,597
BRE Properties, Inc.		4,153		195,939
Camden Property Trust(b)		77,190		4,385,936
CommonWealth REIT		31,811		826,132
Coresite Realty Corp.(b)		45,050		713,592
Cousins Properties, Inc.(b)		247,404		2,065,823
DCT Industrial Trust, Inc.(b)		173,098		960,694
Digital Realty Trust, Inc.(b)		34,133		1,984,493
Douglas Emmett, Inc.(b)		53,508		1,003,275
Equity Lifestyle Properties, Inc.		43,188		2,489,788
Equity Residential(b)		230,433		12,998,726
Federal Realty Investment Trust(b)		23,081		1,882,486
Forest City Enterprises, Inc., Class A(b)(c)		315,343		5,937,909
General Growth Properties, Inc.(c)		367,640		5,691,067
HCP, Inc.		175,595		6,662,074
Healthcare Realty Trust, Inc.(b)		167,818		3,809,469
Host Hotels & Resorts, Inc.		522,075		9,193,741
Hudson Pacific Properties, Inc.(b)		34,930		513,471
Lexington Realty Trust(b)		16,013		149,722
Liberty Property Trust(b)		32,611		1,072,902
Macerich Co. (The)(b)		15,675		776,383
Mack-Cali Realty Corp.(b)		94,185		3,192,871
Nationwide Health Properties, Inc.		9,790		416,369
Parkway Properties, Inc.(b)		1,830		31,110
Post Properties, Inc.(b)		10,150		398,388
PS Business Parks, Inc.(b)		9,343		541,333
Public Storage		58,635		6,503,208
Regency Centers Corp.(b)		167,778		7,294,987

Issuer	Shares		Value
Common Stocks (continued)
UNITED STATES (CONTINUED)
Retail Opportunity Investments Corp.(b)		101,105	$	1,106,089
Senior Housing Properties Trust		101,075		2,328,768
Simon Property Group, Inc.		157,693		16,898,382
Sovran Self Storage, Inc.(b)		8,270		327,079
Starwood Hotels & Resorts Worldwide, Inc.		151,333		8,795,474
Starwood Property Trust, Inc.		74,490		1,661,127
Taubman Centers, Inc.(b)		7,185		384,972
Ventas, Inc.		24,008		1,303,634
Vornado Realty Trust(b)		86,298		7,551,075
Winthrop Realty Trust(b)		34,140		418,215
Total				143,100,475
Total Common Stocks
(Cost: $314,549,485)			$	376,926,790

	Shares		Value
Mutual Fund (0.1%)
ProLogis European Properties(a)(c)		56,654	$	401,049
Total Mutual Fund
(Cost: $311,781)			$	401,049
Money Market Fund (2.8%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		10,855,922	$	10,855,922
Total Money Market Fund
(Cost: $10,855,922)			$	10,855,922

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (15.0%)
Asset-Backed Commercial Paper (0.3%)
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%	$	998,671	$	998,671

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (3.1%)
Credit Industrial et Commercial
05/23/11		0.400	%	$	2,000,000	$	2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		1,000,000		1,000,000
KBC Bank NV
04/29/11		0.450	%		2,000,000		2,000,000
Mitsubishi UFJ Trust and Banking Corp.
06/08/11		0.340	%		2,000,000		2,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		2,000,000		2,000,000
Norinchukin Bank
04/25/11		0.340	%		1,000,000		1,000,000
Societe Generale
07/01/11		0.363	%		1,000,000		1,000,000
United Overseas Bank Ltd.
05/23/11		0.400	%		1,000,000		1,000,000
Total							12,000,000
Repurchase Agreements (11.6%)
Barclays Capital, Inc.
dated 01/04/11, matures 04/15/11, repurchase price $2,000,225(f)
		0.270	%		2,000,000		2,000,000
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,064(f)
		0.230	%		10,000,000		10,000,000
Citigroup Global Markets, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $25,000,090(f)
		0.130	%		25,000,000		25,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $8,595,780(f)
		0.160	%		8,595,742		8,595,742
Total							45,595,742
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $58,594,413)							$58,594,413
Total Investments
(Cost: $384,311,601)(g)						$	446,778,174(h)
Other Assets & Liabilities, Net							(55,464,750)
Net Assets						$	391,313,424

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011:

	Percentage of Net
Industry	Assets			Value
Health Care Providers & Services		0.4	%	$	1,665,211
Hotels, Restaurants & Leisure		2.3			8,795,474
Real Estate Investment Trusts (REITs)		55.1			215,773,681
Real Estate Management & Development		38.6			151,093,473
Other(1)		17.8			69,450,335
Total				$	446,778,174

⁽¹⁾  Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 59.86% of net assets.
(b)	At March 31, 2011, security was partially or fully on loan.
(c)	Non-income producing.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/						Dividends
					Proceeds from		Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales		Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	7,978,394	$	16,135,710	$	(13,258,182)	$	—	$	10,855,922	$	5,714	$	10,855,922

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	132,519
Arabella Ltd		188,398
BP Capital Markets PLC		68,294
BPCE		266,656
Dexia Delaware LLC		305,175
Electricite De France		239,888
European Investment Bank		190,320
Nationwide Building		130,409
Skandin Ens Banken AG		231,865
Societe Generale		346,476
Total Market Value of Collateral Securities	$	2,100,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	1,389
Fannie Mae Interest Strip		540,477
Fannie Mae Pool		4,760,356
Fannie Mae Principal Strip		50,941
Fannie Mae REMICS		158,514
Federal Farm Credit Bank		90,922
Federal Home Loan Banks		134,906
Federal Home Loan Mortgage Corp		79,034
Federal National Mortgage Association		61,819
FHLMC Structured Pass Through Securities		27,682
Freddie Mac Coupon Strips		599
Freddie Mac Gold Pool		674,629
Freddie Mac Non Gold Pool		2,044,067
Freddie Mac REMICS		202,495
Freddie Mac Strips		52,658
Ginnie Mae I Pool		143,064
Ginnie Mae II Pool		435,182
Government National Mortgage Association		168,991
LMA SA & LMA Americas		478
Metlife Short Term Funding		657
Sanofi-Aventis		2,042
Silver Tower US Fund		456
Suncorp-Metway Ltd		1,402
United States Treasury Inflation Indexed Bonds		30,044
United States Treasury Strip Coupon		489,561
United States Treasury Strip Principal		47,636
Total Market Value of Collateral Securities	$	10,200,001
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	110,323
Fannie Mae REMICS		8,159,609
Fannie Mae Whole Loan		190,173
Fannie Mae-Aces		51,287
Freddie Mac Reference REMIC		764,628
Freddie Mac REMICS		12,464,460
Government National Mortgage Association		3,759,520
Total Market Value of Collateral Securities	$	25,500,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	8,767,657
Total Market Value of Collateral Securities	$	8,767,657

^(g) At March 31, 2011, the cost of securities for federal income tax purposes was approximately $384,312,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$62,804,000
Unrealized Depreciation	(338,000	)
Net Unrealized Appreciation	$62,466,000

^(h) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	8,795,474	$	—	$	—	$	8,795,474
Financials		144,648,837		221,817,268		—		366,466,105
Health Care		1,665,211		—		—		1,665,211
Total Equity Securities		155,109,522		221,817,268		—		376,926,790
Other
Mutual Fund		—		401,049		—		401,049
Affiliated Money Market Fund(c)		10,855,922		—		—		10,855,922
Investments of Cash Collateral Received for Securities on Loan		—		58,594,413		—		58,594,413
Total Other		10,855,922		58,995,462		—		69,851,384
Total	$	165,965,444	$	280,812,730	$	—	$	446,778,174

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio - NFJ Dividend Value Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (92.6%)
CONSUMER DISCRETIONARY (3.7%)
Media (1.8%)
Time Warner, Inc.		861,300	$	30,748,410
Textiles, Apparel & Luxury Goods (1.9%)
VF Corp.(a)		318,700		31,401,511
TOTAL CONSUMER DISCRECTIONARY				62,149,921
CONSUMER STAPLES (10.4%)
Beverages (1.9%)
PepsiCo, Inc.		501,300		32,288,733
Food Products (2.1%)
Kraft Foods, Inc., Class A(a)		1,099,700		34,486,592
Household Products (2.2%)
Kimberly-Clark Corp.		556,600		36,329,282
Tobacco (4.2%)
Altria Group, Inc.		1,423,800		37,061,514
Reynolds American, Inc.(a)		957,200		34,009,316
Total				71,070,830
TOTAL CONSUMER STAPLES				174,175,437
ENERGY (18.1%)
Energy Equipment & Services (2.0%)
Diamond Offshore Drilling, Inc.(a)		425,800		33,084,660
Oil, Gas & Consumable Fuels (16.1%)
Chesapeake Energy Corp.		932,900		31,270,808
Chevron Corp.		318,300		34,194,969
ConocoPhillips		839,100		67,010,526
Marathon Oil Corp.		698,400		37,231,704
Royal Dutch Shell PLC, ADR(b)		471,700		34,368,062
Total SA, ADR(b)		1,074,100		65,487,877
Total				269,563,946
TOTAL ENERGY				302,648,606
FINANCIALS (16.1%)
Commercial Banks (3.9%)
PNC Financial Services Group, Inc.		530,800		33,435,092
Wells Fargo & Co.		1,024,200		32,467,140
Total				65,902,232

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Insurance (6.0%)
Allstate Corp. (The)		1,134,300	$	36,048,054
MetLife, Inc.		695,900		31,127,607
Travelers Companies, Inc. (The)		560,300		33,326,644
Total				100,502,305
Real Estate Investment Trusts (REITs) (2.9%)
Annaly Capital Management, Inc.(a)		2,810,300		49,039,735
Thrifts & Mortgage Finance (3.3%)
Hudson City Bancorp, Inc.(a)		2,803,400		27,136,912
New York Community Bancorp, Inc.(a)		1,574,100		27,168,966
Total				54,305,878
TOTAL FINANCIALS				269,750,150
HEALTH CARE (11.9%)
Health Care Equipment & Supplies (1.9%)
Medtronic, Inc.		800,000		31,480,000
Pharmaceuticals (10.0%)
GlaxoSmithKline PLC, ADR(a)(b)		721,200		27,701,292
Johnson & Johnson		559,500		33,150,375
Pfizer, Inc.		3,500,000		71,085,000
Sanofi-Aventis SA, ADR(b)		1,023,100		36,033,582
Total				167,970,249
TOTAL HEALTH CARE				199,450,249
INDUSTRIALS (8.5%)
Aerospace & Defense (3.6%)
Huntington Ingalls Industries, Inc.(c)		68,317		2,835,141
Lockheed Martin Corp.		398,200		32,015,280
Northrop Grumman Corp.		409,900		25,704,829
Total				60,555,250
Commercial Services & Supplies (3.2%)
Pitney Bowes, Inc.(a)		740,100		19,013,169
RR Donnelley & Sons Co.		1,778,000		33,639,760
Total				52,652,929
Industrial Conglomerates (1.7%)
General Electric Co.		1,450,000		29,072,500
TOTAL INDUSTRIALS				142,280,679
INFORMATION TECHNOLOGY (11.6%)
Communications Equipment (1.6%)
Harris Corp.(a)		534,300		26,501,280

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
IT Services (1.8%)
IBM Corp.		186,200	$	30,363,634
Office Electronics (2.2%)
Xerox Corp.(a)		3,468,300		36,937,395
Semiconductors & Semiconductor Equipment (3.9%)
Intel Corp.		3,209,200		64,729,564
Software (2.1%)
Microsoft Corp.		1,412,800		35,828,608
TOTAL INFORMATION TECHNOLOGY				194,360,481
MATERIALS (2.4%)
Metals & Mining (1.8%)
Freeport-McMoRan Copper & Gold, Inc.		530,400		29,463,720
Paper & Forest Products (0.6%)
International Paper Co.		360,700		10,885,926
TOTAL MATERIALS				40,349,646
TELECOMMUNICATION SERVICES (5.9%)
Diversified Telecommunication Services (5.9%)
AT&T, Inc.		1,191,900		36,472,140
CenturyLink, Inc.(a)		732,400		30,431,220
Verizon Communications, Inc.		794,300		30,612,322
Total				97,515,682
TOTAL TELECOMMUNICATION SERVICES				97,515,682
UTILITIES (4.0%)
Electric Utilities (2.0%)
Edison International		880,300		32,210,177
Multi-Utilities (2.0%)
Ameren Corp.		1,192,300		33,467,861
TOTAL UTILITIES				65,678,038
Total Common Stocks (Cost: $1,319,687,662)			$	1,548,358,889

	Shares		Value
Money Market Fund (7.5%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		125,771,416	$	125,771,416
Total Money Market Fund (Cost: $125,771,416)			$	125,771,416

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (12.1%)
Asset-Backed Commercial Paper (1.8%)
Cancara Asset Securitisation LLC
04/21/11		0.250	%	$	9,998,125	$	9,998,125
Ebbets Funding LLC
04/12/11		0.480	%		6,997,013		6,997,013
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559
05/10/11		0.395	%		2,497,531		2,497,531
Rheingold Securitization
04/28/11		0.551	%		2,995,875		2,995,875
05/16/11		0.551	%		4,993,202		4,993,202
Total							29,979,305
Certificates of Deposit (6.2%)
Australia and New Zealand Bank Group, Ltd.
06/30/11		0.400	%		5,000,000		5,000,000
Barclays Bank PLC
06/15/11		0.400	%		8,000,000		8,000,000
Credit Industrial et Commercial
06/07/11		0.400	%		5,000,000		5,000,000
Den Danske Bank
04/01/11		0.190	%		10,000,000		10,000,000
Development Bank of Singapore Ltd.
05/09/11		0.400	%		3,000,000		3,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		7,000,000		7,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		2,000,000		2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		7,000,000		7,000,000
KBC Bank NV
04/29/11		0.450	%		8,000,000		8,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		7,000,000		7,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/23/11		0.345	%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		10,000,000		10,000,000
Natixis
05/09/11		0.503	%		5,000,000		5,000,000
Norinchukin Bank
06/02/11		0.350	%		5,000,000		5,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Pohjola Bank PLC
06/16/11		0.460	%	$	5,000,000	$	5,000,000
Societe Generale
07/01/11		0.364	%		7,000,000		7,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
Total							103,995,431
Commercial Paper (0.4%)
Suncorp Metway Ltd.
04/27/11		0.300	%		2,999,125		2,999,125
04/28/11		0.300	%		4,998,542		4,998,542
Total							7,997,667
Other Short-Term Obligations (0.2%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		2,000,000		2,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		1,000,000		1,000,000
Total							3,000,000
Repurchase Agreements (3.5%)
Barclays Capital, Inc.
dated 10/13/10, matures 04/15/11, repurchase price $10,001,125(f)
		0.270	%		10,000,000		10,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $3,309,246(f)
		0.160	%	$	3,309,231	$	3,309,231
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11, repurchase price $5,000,750(f)
		0.300	%		5,000,000		5,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $15,000,117(f)
		0.280	%		15,000,000		15,000,000
Natixis Financial Products, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $15,000,054(f)
		0.130	%		15,000,000		15,000,000
RBS Securities, Inc.
dated 08/18/10, matures 05/05/11, repurchase price $10,002,625(f)
		0.270	%		10,000,000		10,000,000
Total							58,309,231
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $203,281,634)							$203,281,634
Total Investments (Cost: $1,648,740,712)						$	1,877,411,939(g)
Other Assets & Liabilities, Net							(203,947,601)
Net Assets							$1,673,464,338

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 9.78% of net assets.
(c)	Non-income producing.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/						Dividends
					Proceeds from		Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales		Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	77,230,081	$	126,923,507	$	(78,382,172)	$	—	$	125,771,416	$	49,758	$	125,771,416

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	662,593
Arabella Ltd		941,989
BP Capital Markets PLC		341,468
BPCE		1,333,282
Dexia Delaware LLC		1,525,876
Electricite De France		1,199,440
European Investment Bank		951,599
Nationwide Building		652,047
Skandin Ens Banken AG		1,159,327
Societe Generale		1,732,379
Total Market Value of Collateral Securities	$	10,500,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	3,375,416
Total Market Value of Collateral Securities	$	3,375,416

Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)

Security Description	Value
Breeds Hill Capital Ltd	$	2,386,690
LMA SA & LMA Americas		80,684
Metlife Short Term Funding		709,608
Sanofi-Aventis		743,018
Silver Tower US Fund		707,367
Suncorp-Metway Ltd		622,633
Total Market Value of Collateral Securities	$	5,250,000

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	138,334
Fannie Mae Pool		7,766,249
Fannie Mae Principal Strip		132,966
Fannie Mae Whole Loan		126,408
Federal Farm Credit Bank		1,592,984
Federal Farm Credit Discount Notes		193,375
Federal Home Loan Bank Discount Notes		715,181
Federal Home Loan Banks		1,098,182
Federal Home Loan Mortgage Corp		78,763
Federal National Mortgage Association		909,596
FHLMC Structured Pass Through Securities		109,445
Freddie Mac Gold Pool		727,607
Freddie Mac Non Gold Pool		1,705,637
Government National Mortgage Association		5,273
Total Market Value of Collateral Securities	$	15,300,000

Natixis Financial Products, Inc. (0.130%)

Security Description	Value
Fannie Mae Interest Strip	$	298,557
Fannie Mae Pool		209,829
Fannie Mae REMICS		7,831,026
Freddie Mac REMICS		4,457,160
Government National Mortgage Association		567,658
United States Treasury Note/Bond		1,935,828
Total Market Value of Collateral Securities	$	15,300,058

RBS Securities, Inc. (0.270%)

Security Description	Value
Fannie Mae REMICS	$	1,546,474
FHLMC Structured Pass Through Securities		3,529,088
Freddie Mac REMICS		3,936,888
Freddie Mac Strips		1,081,557
Government National Mortgage Association		106,027
Total Market Value of Collateral Securities	$	10,200,034

^(g) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
•	Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
•	Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
•	Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	62,149,921	$	—	$	—	$	62,149,921
Consumer Staples		174,175,437		—		—		174,175,437
Energy		302,648,606		—		—		302,648,606
Financials		269,750,150		—		—		269,750,150
Health Care		199,450,249		—		—		199,450,249
Industrials		142,280,679		—		—		142,280,679
Information Technology		194,360,481		—		—		194,360,481
Materials		40,349,646		—		—		40,349,646
Telecommunication Services		97,515,682		—		—		97,515,682
Utilities		65,678,038		—		—		65,678,038
Total Equity Securities		1,548,358,889		—		—		1,548,358,889
Other
Affiliated Money Market Fund(c)		125,771,416		—		—		125,771,416
Investments of Cash Collateral Received for Securities on Loan		—		203,281,634		—		203,281,634
Total Other		125,771,416		203,281,634		—		329,053,050
Total	$	1,674,130,305	$	203,281,634	$	—	$	1,877,411,939

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio - Partners Small Cap Growth Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.1%)
CONSUMER DISCRETIONARY (15.5%)
Auto Components (—%)
Qihoo 360 Technology Co Ltd., ADR(a)(b)		3,900	$	115,401
Diversified Consumer Services (2.4%)
Capella Education Co.(b)(c)		126,524		6,299,630
Service Corp. International		549,877		6,081,640
Total				12,381,270
Hotels, Restaurants & Leisure (2.8%)
7 Days Group Holdings Ltd., ADR(a)(b)(c)		121,434		2,462,681
BJ’s Restaurants, Inc.(b)(c)		123,100		4,841,523
Bravo Brio Restaurant Group, Inc.(b)		37,737		667,568
California Pizza Kitchen, Inc.(b)(c)		155,177		2,619,388
Life Time Fitness, Inc.(b)		80,230		2,993,381
Texas Roadhouse, Inc.		58,000		985,420
Total				14,569,961
Internet & Catalog Retail (1.4%)
Makemytrip Ltd.(a)(b)		94,000		2,755,140
Shutterfly, Inc.(b)(c)		82,682		4,329,230
Total				7,084,370
Leisure Equipment & Products (1.3%)
Hasbro, Inc.		66,261		3,103,665
Sturm Ruger & Co., Inc.(c)		156,763		3,600,846
Total				6,704,511
Media (0.6%)
IMAX Corp.(a)(b)(c)		90,710		2,900,906
Specialty Retail (6.3%)
Cabela’s, Inc.(b)(c)		303,712		7,595,837
CarMax, Inc.(b)(c)		68,972		2,214,001
Dick’s Sporting Goods, Inc.(b)		36,800		1,471,264
hhgregg, Inc.(b)(c)		28,792		385,525
Hibbett Sports, Inc.(b)(c)		82,420		2,951,460
Lumber Liquidators Holdings, Inc.(b)(c)		115,429		2,884,571
Pacific Sunwear of California, Inc.(b)(c)		254,173		917,565
Rue21, Inc.(b)(c)		87,976		2,533,709
Tractor Supply Co.		72,740		4,354,216
Ulta Salon Cosmetics & Fragrance, Inc.(b)(c)		93,110		4,481,384
Vitamin Shoppe, Inc.(b)(c)		80,360		2,718,579
Total				32,508,111

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER DISCRETIONARY (CONTINUED)
Textiles, Apparel & Luxury Goods (0.7%)
Volcom, Inc.(c)		154,663	$	2,865,905
Warnaco Group, Inc. (The)(b)(c)		11,910		681,133
Total				3,547,038
TOTAL CONSUMER DISCRECTIONARY				79,811,568
CONSUMER STAPLES (4.7%)
Beverages (0.7%)
Constellation Brands, Inc., Class A(b)		178,319		3,616,310
Food & Staples Retailing (1.9%)
Pricesmart, Inc.(c)		175,662		6,436,256
United Natural Foods, Inc.(b)(c)		73,975		3,315,559
Total				9,751,815
Food Products (1.5%)
Green Mountain Coffee Roasters, Inc.(b)(c)		118,400		7,649,824
Household Products (0.6%)
Energizer Holdings, Inc.(b)		46,064		3,277,914
TOTAL CONSUMER STAPLES				24,295,863
ENERGY (7.5%)
Energy Equipment & Services (3.1%)
Atwood Oceanics, Inc.(b)(c)		189,056		8,777,870
Core Laboratories NV(a)(c)		33,506		3,423,308
Lufkin Industries, Inc.(c)		38,189		3,569,526
Total				15,770,704
Oil, Gas & Consumable Fuels (4.4%)
Approach Resources, Inc.(b)		52,800		1,774,080
Berry Petroleum Co., Class A(c)		49,465		2,495,509
Brigham Exploration Co.(b)		252,205		9,376,982
Houston American Energy Corp.(c)		89,312		1,376,298
Northern Oil and Gas, Inc.(b)(c)		197,778		5,280,673
Oasis Petroleum, Inc.(b)(c)		75,700		2,393,634
Total				22,697,176
TOTAL ENERGY				38,467,880
FINANCIALS (10.4%)
Capital Markets (2.5%)
Eaton Vance Corp.(c)		115,940		3,737,906
Financial Engines, Inc.(b)(c)		206,897		5,702,081
Janus Capital Group, Inc.		266,900		3,328,243
Total				12,768,230

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Commercial Banks (0.6%)
SVB Financial Group(b)(c)		45,875	$	2,611,664
Wilshire Bancorp, Inc.(b)(c)		97,356		477,044
Total				3,088,708
Consumer Finance (0.1%)
Green Dot Corp., Class A(b)		6,908		296,422
Insurance (4.1%)
Alleghany Corp.(b)(c)		9,051		2,995,521
MBIA, Inc.(b)(c)		494,271		4,962,481
Montpelier Re Holdings Ltd.(a)(c)		260,576		4,604,378
Tower Group, Inc.		144,891		3,481,731
Wesco Financial Corp.(c)		4,373		1,701,971
White Mountains Insurance Group Ltd.(a)(c)		9,404		3,424,937
Total				21,171,019
Real Estate Investment Trusts (REITs) (2.1%)
First Industrial Realty Trust, Inc.(b)(c)		283,762		3,373,930
Hatteras Financial Corp.(c)		132,691		3,731,271
UDR, Inc.(c)		155,472		3,788,853
Total				10,894,054
Real Estate Management & Development (1.0%)
China Real Estate Information Corp., ADR(a)(b)(c)		7,567		59,099
Tejon Ranch Co.(b)		141,853		5,211,679
Total				5,270,778
TOTAL FINANCIALS				53,489,211
HEALTH CARE (15.7%)
Biotechnology (3.2%)
Ardea Biosciences, Inc.(b)		29,177		837,088
Arqule, Inc.(b)(c)		115,141		824,409
AVEO Pharmaceuticals, Inc.(b)(c)		57,520		770,193
BioMimetic Therapeutics, Inc.(b)(c)		203,700		2,670,507
Chelsea Therapeutics International Ltd.(b)		258,183		1,006,914
Exact Sciences Corp.(b)(c)		119,710		881,066
Genomic Health, Inc.(b)(c)		49,543		1,218,758
Human Genome Sciences, Inc.(b)(c)		160,478		4,405,121
InterMune, Inc.(b)(c)		33,120		1,562,933
Ironwood Pharmaceuticals, Inc.(b)(c)		63,750		892,500
QLT, Inc.(a)(b)		104,823		728,520
Targacept, Inc.(b)(c)		32,850		873,481
Total				16,671,490
Health Care Equipment & Supplies (5.5%)
Delcath Systems, Inc.(b)(c)		108,681		800,979
DexCom, Inc.(b)(c)		292,891		4,545,668

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (CONTINUED)
Health Care Equipment & Supplies (cont.)
HeartWare International, Inc.(b)(c)		49,077	$	4,197,556
MAKO Surgical Corp.(b)(c)		76,597		1,853,648
Masimo Corp.(c)		98,990		3,276,569
NxStage Medical, Inc.(b)(c)		170,597		3,749,722
SonoSite, Inc.(b)		48,000		1,599,360
Volcano Corp.(b)		250,847		6,421,683
Zoll Medical Corp.(b)(c)		48,200		2,159,842
Total				28,605,027
Health Care Providers & Services (3.0%)
Catalyst Health Solutions, Inc.(b)		31,204		1,745,240
ePocrates, Inc.(b)		21,894		433,501
HMS Holdings Corp.(b)(c)		50,600		4,141,610
Owens & Minor, Inc.(c)		90,151		2,928,105
Tenet Healthcare Corp.(b)		807,054		6,012,552
Total				15,261,008
Health Care Technology (1.2%)
athenahealth, Inc.(b)		78,202		3,529,256
SXC Health Solutions Corp.(a)(b)		53,120		2,910,976
Total				6,440,232
Life Sciences Tools & Services (0.1%)
Fluidigm Corp.(b)		22,790		326,125
Pharmaceuticals (2.7%)
Akorn, Inc.(b)		621,310		3,584,958
Cardiome Pharma Corp.(a)(b)		86,378		369,698
Corcept Therapeutics, Inc.(b)		221,244		940,287
Impax Laboratories, Inc.(b)(c)		103,100		2,623,895
Jazz Pharmaceuticals, Inc.(b)(c)		47,600		1,516,060
MAP Pharmaceuticals, Inc.(b)(c)		54,553		752,286
Mylan, Inc.(b)		147,990		3,354,933
Optimer Pharmaceuticals, Inc.(b)		54,607		646,001
Total				13,788,118
TOTAL HEALTH CARE				81,092,000
INDUSTRIALS (14.1%)
Commercial Services & Supplies (2.6%)
Clean Harbors, Inc.(b)		47,896		4,725,419
Corrections Corp. of America(b)		229,588		5,601,947
Higher One Holdings, Inc.(b)(c)		74,500		1,076,525
Knoll, Inc.(c)		99,231		2,079,882
ServiceSource International, Inc.(b)		3,650		44,457
Total				13,528,230

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Construction & Engineering (0.5%)
Insituform Technologies, Inc., Class A(b)(c)		88,804	$	2,375,507
Electrical Equipment (0.8%)
Polypore International, Inc.(b)(c)		72,510		4,175,126
Industrial Conglomerates (1.2%)
Tredegar Corp.(c)		279,247		6,026,150
Machinery (3.9%)
Altra Holdings, Inc.(b)(c)		171,270		4,045,397
Badger Meter, Inc.(c)		27,340		1,126,681
Chart Industries, Inc.(b)(c)		97,931		5,390,122
Force Protection, Inc.(b)(c)		455,784		2,233,342
Greenbrier Companies, Inc.(b)		72,700		2,063,226
Middleby Corp.(b)(c)		9,930		925,675
Robbins & Myers, Inc.		36,100		1,660,239
Sun Hydraulics Corp.(c)		19,100		823,210
Trimas Corp.(b)		77,900		1,674,850
Total				19,942,742
Marine (1.4%)
Alexander & Baldwin, Inc.(c)		157,783		7,202,794
Professional Services (0.7%)
Resources Connection, Inc.(c)		193,097		3,744,151
Road & Rail (2.2%)
Genesee & Wyoming, Inc., Class A(b)(c)		53,000		3,084,600
Kansas City Southern(b)		41,309		2,249,275
Old Dominion Freight Line, Inc.(b)(c)		178,684		6,270,022
Total				11,603,897
Trading Companies & Distributors (0.8%)
DXP Enterprises, Inc.(b)(c)		53,400		1,232,472
WESCO International, Inc.(b)(c)		44,837		2,802,312
Total				4,034,784
TOTAL INDUSTRIALS				72,633,381
INFORMATION TECHNOLOGY (26.5%)
Communications Equipment (2.4%)
Aruba Networks, Inc.(b)		242,069		8,191,615
Ixia(b)(c)		126,200		2,004,056
Riverbed Technology, Inc.(b)		17,920		674,688
ShoreTel, Inc.(b)(c)		187,000		1,539,010
Total				12,409,369

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Computers & Peripherals (1.3%)
Smart Technologies, Inc., Class A(a)(b)(c)		315,550	$	3,221,766
Stratasys, Inc.(b)(c)		76,351		3,588,497
Total				6,810,263
Electronic Equipment, Instruments & Components (1.7%)
Hollysys Automation Technologies Ltd.(a)(b)(c)		156,163		2,076,968
OSI Systems, Inc.(b)		37,608		1,411,428
Rofin-Sinar Technologies, Inc.(b)(c)		27,300		1,078,350
Universal Display Corp.(b)		76,433		4,206,872
Total				8,773,618
Internet Software & Services (8.3%)
AOL, Inc.(b)(c)		174,731		3,412,496
ChinaCache International Holdings Ltd., ADR(a)(b)(c)		63,600		1,159,428
comScore, Inc.(b)(c)		54,600		1,611,246
Cornerstone OnDemand, Inc.(b)		21,323		388,718
Demand Media, Inc.(b)(c)		45,000		1,059,750
Envestnet, Inc.(b)(c)		156,100		2,097,984
IntraLinks Holdings, Inc.(b)(c)		28,275		756,074
KIT Digital, Inc.(b)(c)		67,513		812,857
LivePerson, Inc.(b)(c)		293,350		3,707,944
LogMeIn, Inc.(b)(c)		75,940		3,201,630
LoopNet, Inc.(b)(c)		149,954		2,121,849
MercadoLibre, Inc.		30,980		2,528,897
Perficient, Inc.(b)		197,780		2,375,338
QuinStreet, Inc.(b)(c)		44,800		1,018,304
SciQuest, Inc.(b)(c)		129,894		1,886,061
Soufun Holdings Ltd., ADR(a)(b)(c)		45,800		856,918
support.com, Inc.(b)(c)		205,400		1,066,026
Travelzoo, Inc.(b)(c)		17,100		1,138,689
ValueClick, Inc.(b)(c)		331,289		4,790,439
Velti PLC(a)(b)		138,232		1,740,341
VistaPrint NV(a)(b)		50,130		2,601,747
Youku.com, Inc., ADR(a)(b)(c)		51,083		2,426,953
Total				42,759,689
IT Services (0.5%)
Wright Express Corp.(b)(c)		51,010		2,644,358
Semiconductors & Semiconductor Equipment (4.3%)
Cavium Networks, Inc.(b)(c)		83,554		3,754,081
Entegris, Inc.(b)(c)		254,920		2,235,648
Entropic Communications, Inc.(b)(c)		88,970		751,797
EZchip Semiconductor Ltd.(a)(b)(c)		46,500		1,378,493
MaxLinear, Inc., Class A(b)(c)		216,378		1,767,808
Micrel, Inc.(c)		307,394		4,143,671
Netlogic Microsystems, Inc.(b)(c)		62,610		2,630,872

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment (cont.)
Power Integrations, Inc.(c)		85,500	$	3,277,215
Silicon Laboratories, Inc.(b)(c)		47,850		2,067,599
Total				22,007,184
Software (8.0%)
Advent Software, Inc.(b)		152,060		4,359,560
Allot Communications Ltd.(b)(c)		74,200		1,161,972
Ariba, Inc.(b)(c)		74,090		2,529,433
Concur Technologies, Inc.(b)(c)		16,310		904,390
Fortinet, Inc.(b)		130,615		5,747,060
MicroStrategy, Inc., Class A(b)		11,318		1,522,045
PROS Holdings, Inc.(b)(c)		209,791		3,056,655
QLIK Technologies, Inc.(b)		69,435		1,805,310
Radiant Systems, Inc.(b)(c)		89,400		1,582,380
RealD, Inc.(b)		21,309		583,014
RealPage, Inc.(b)(c)		61,800		1,713,714
SuccessFactors, Inc.(b)(c)		168,190		6,574,547
Take-Two Interactive Software, Inc.(b)(c)		194,725		2,992,923
Ultimate Software Group, Inc.(b)(c)		72,486		4,258,552
VanceInfo Technologies, Inc., ADR(a)(b)(c)		73,500		2,308,635
Total				41,100,190
TOTAL INFORMATION TECHNOLOGY				136,504,671
MATERIALS (3.7%)
Chemicals (3.1%)
Albemarle Corp.		96,443		5,764,398
NewMarket Corp.(c)		49,244		7,791,386
Solutia, Inc.(b)		84,500		2,146,300
Total				15,702,084
Construction Materials (0.6%)
Martin Marietta Materials, Inc.(c)		35,586		3,190,996
TOTAL MATERIALS				18,893,080
Total Common Stocks (Cost: $379,153,301)			$	505,187,654
Limited Partnerships (0.9%)
ENERGY (0.9%)
Oil, Gas & Consumable Fuels (0.9%)
Kinder Morgan Management LLC(b)(d)		71,229	$	4,671,910
Total Limited Partnerships (Cost: $3,784,864)			$	4,671,910

	Shares		Value
Money Market Fund (1.9%)
Columbia Short-Term Cash Fund, 0.229%(e)(f)		9,719,253	$	9,719,253
Total Money Market Fund (Cost: $9,719,253)			$	9,719,253

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (28.8%)
Asset-Backed Commercial Paper (2.0%)
Macquarie Bank Ltd.
05/09/11		0.395	%	$	2,497,559		$2,497,559
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		1,997,342		1,997,342
Rheingold Securitization
04/20/11		0.551	%		998,701		998,701
05/16/11		0.551	%		4,993,201		4,993,201
Total							10,486,803
Certificates of Deposit (11.6%)
Barclays Bank PLC
06/15/11		0.400	%		5,000,000		5,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		3,000,000		3,000,000
06/07/11		0.400	%		2,000,000		2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		1,000,000		1,000,000
05/17/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		2,000,000		2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		3,000,000		3,000,000
06/27/11		0.380	%		2,000,000		2,000,000
KBC Bank NV
04/29/11		0.450	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		4,995,677		4,995,677
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		5,000,000		5,000,000
Norinchukin Bank
04/25/11		0.340	%		2,500,000		2,500,000
05/13/11		0.350	%		2,000,000		2,000,000
Societe Generale
07/01/11		0.364	%		3,000,000		3,000,000
Sumitomo Mitsui Banking Corp.
04/14/11		0.330	%		3,000,000		3,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,431		4,995,431
United Overseas Bank Ltd.
05/23/11		0.400	%		2,000,000		2,000,000
Total							59,491,108

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Commercial Paper (1.5%)
Macquarie Bank Ltd.
06/30/11		0.400	%	$	2,996,933	$	2,996,933
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Total							7,989,350
Money Market Fund (1.0%)
JP Morgan Prime Money Market Fund, 0.010%(f)					5,000,000		5,000,000
Other Short-Term Obligations (0.8%)
Goldman Sachs Group, Inc. (The)
04/20/11		0.270	%		2,000,000		2,000,000
Natixis Financial Products LLC
04/01/11		0.470	%		2,000,000		2,000,000
Total							4,000,000
Repurchase Agreements (11.9%)
Barclays Capital, Inc.(g)
dated 10/13/10, matures 04/15/11,
repurchase price $4,000,450
		0.270	%		4,000,000		4,000,000
dated 01/04/11, matures 04/15/11,
repurchase price $3,000,338
		0.270	%		3,000,000		3,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Cantor Fitzgerald & Co. dated 03/31/11, matures 04/01/11, repurchase price $15,000,096(g)
		0.230	%	$	15,000,000	$	15,000,000
Citigroup Global Markets, Inc.(g)
dated 03/31/11, matures 04/01/11, repurchase price $14,000,051
		0.130	%		14,000,000		14,000,000
repurchase price $5,000,018
		0.130	%		5,000,000		5,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $1,041,916(g)
		0.160	%		1,041,912		1,041,912
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,081(g)
		0.290	%		10,000,000		10,000,000
Natixis Financial Products, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $4,000,014(g)
		0.130	%		4,000,000		4,000,000
Nomura Securities
dated 03/31/11, matures 04/01/11, repurchase price $5,000,033(g)
		0.240	%		5,000,000		5,000,000
Total							61,041,912
Total Investments of Cash Collateral Received for
Securities on Loan (Cost: $148,009,173)						$	148,009,173
Total Investments (Cost: $540,666,591)						$	667,587,990(h)
Other Assets & Liabilities, Net							(152,785,257)
Net Assets						$	514,802,733

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 8.07% of net assets.
(b)	Non-income producing.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At March 31, 2011, there was no capital committed to the LLC or LP for future investment.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		from Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	4,581,311	$	34,081,932	$	(28,943,990	)	$	—	$	9,719,253	$	3,691	$	9,719,253

(f)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(g)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	265,038
Arabella Ltd		376,795
BP Capital Markets PLC		136,587
BPCE		533,313
Dexia Delaware LLC		610,350
Electricite De France		479,775
European Investment Bank		380,640
Nationwide Building		260,819
Skandin Ens Banken AG		463,731
Societe Generale		692,952
Total Market Value of Collateral Securities	$	4,200,000

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	198,778
Arabella Ltd		282,597
BP Capital Markets PLC		102,440
BPCE		399,985
Dexia Delaware LLC		457,763
Electricite De France		359,831
European Investment Bank		285,480
Nationwide Building		195,614
Skandin Ens Banken AG		347,798
Societe Generale		519,714
Total Market Value of Collateral Securities	$	3,150,000

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	2,083
Fannie Mae Interest Strip		810,715
Fannie Mae Pool		7,140,534
Fannie Mae Principal Strip		76,411
Fannie Mae REMICS		237,771
Federal Farm Credit Bank		136,383
Federal Home Loan Banks		202,359
Federal Home Loan Mortgage Corp		118,552
Federal National Mortgage Association		92,729
FHLMC Structured Pass Through Securities		41,522
Freddie Mac Coupon Strips		899
Freddie Mac Gold Pool		1,011,944
Freddie Mac Non Gold Pool		3,066,100
Freddie Mac REMICS		303,742
Freddie Mac Strips		78,986
Ginnie Mae I Pool		214,596
Ginnie Mae II Pool		652,772
Government National Mortgage Association		253,487
LMA SA & LMA Americas		718
Metlife Short Term Funding		986
Sanofi-Aventis		3,064
Silver Tower US Fund		684
Suncorp-Metway Ltd		2,103
United States Treasury Inflation Indexed Bonds		45,068
United States Treasury Strip Coupon		734,341
United States Treasury Strip Principal		71,453
Total Market Value of Collateral Securities	$	15,300,002

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	61,781
Fannie Mae REMICS		4,569,381
Fannie Mae Whole Loan		106,497
Fannie Mae-Aces		28,721
Freddie Mac Reference REMIC		428,191
Freddie Mac REMICS		6,980,098
Government National Mortgage Association		2,105,331
Total Market Value of Collateral Securities	$	14,280,000

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae Benchmark REMIC	$	22,065
Fannie Mae REMICS		1,631,922
Fannie Mae Whole Loan		38,035
Fannie Mae-Aces		10,257
Freddie Mac Reference REMIC		152,925
Freddie Mac REMICS		2,492,892
Government National Mortgage Association		751,904
Total Market Value of Collateral Securities	$	5,100,000

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	1,062,750
Total Market Value of Collateral Securities	$	1,062,750

MF Global Holdings Ltd. (0.290%)

Security Description	Value
Fannie Mae REMICS	$	219,666
Freddie Mac Gold Pool		6,389,591
Freddie Mac REMICS		141,484
Ginnie Mae I Pool		636,847
Ginnie Mae II Pool		2,632,939
Government National Mortgage Association		179,527
Total Market Value of Collateral Securities	$	10,200,054

Natixis Financial Products, Inc. (0.130%)

Security Description	Value
Fannie Mae Interest Strip	$	79,615
Fannie Mae Pool		55,954
Fannie Mae REMICS		2,088,274
Freddie Mac REMICS		1,188,576
Government National Mortgage Association		151,376
United States Treasury Note/Bond		516,221
Total Market Value of Collateral Securities	$	4,080,016

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	3,714,073
Freddie Mac Gold Pool		1,385,927
Total Market Value of Collateral Securities	$	5,100,000

^(h)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR  American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	79,811,568	$	—	$	—	$	79,811,568
Consumer Staples		24,295,863		—		—		24,295,863
Energy		38,467,880		—		—		38,467,880
Financials		53,489,211		—		—		53,489,211
Health Care		81,092,000		—		—		81,092,000
Industrials		72,633,381		—		—		72,633,381
Information Technology		136,504,671		—		—		136,504,671
Materials		18,893,080		—		—		18,893,080
Total Equity Securities		505,187,654		—		—		505,187,654
Other
Limited Partnerships		4,671,910		—		—		4,671,910
Affiliated Money Market Fund(c)		9,719,253		—		—		9,719,253
Investments of Cash Collateral Received for Securities on Loan		5,000,000		143,009,173		—		148,009,173
Total Other		19,391,163		143,009,173		—		162,400,336
Total	$	524,578,817	$	143,009,173	$	—	$	667,587,990

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency(a) (105.9%)
Federal Home Loan Mortgage Corp.(b)(c)
CMO IO Series 2980 Class SL
11/15/34		14.120	%	$	1,453,623	$	262,682
CMO Series 2863 Class FM
10/15/31		0.755	%		18,211,916		18,236,586
CMO Series 3671 Class QF
12/15/36		0.755	%		9,437,334		9,467,889
Federal Home Loan Mortgage Corp.(c)
01/01/40-01/01/41		4.000	%		1,144,527		1,125,650
03/01/28-02/01/39		5.000	%		2,259,203		2,371,515
01/01/38-08/01/39		5.500	%		36,931,009		39,432,126
04/01/36-11/01/39		6.000	%		25,696,311		27,969,486
Federal Home Loan Mortgage Corp.(c)(d)
04/01/41		4.000	%		27,000,000		26,510,625
04/01/41		4.500	%		70,000,000		71,115,660
04/01/41		6.000	%		13,000,000		14,121,250
Federal National Mortgage Association(b)(c)
CMO Series 2003-W8 Class 3F1
05/25/42		0.650	%		9,198,668		9,151,459
CMO Series 2010-38 Class JF
04/25/40		1.150	%		13,547,485		13,615,423
CMO Series 2010-54 Class DF
05/25/37		0.500	%		17,460,938		17,306,295
CMO Series 2010-54 Class TF
04/25/37		0.800	%		15,007,718		15,120,044
Federal National Mortgage Association(c)
01/01/21-12/01/40		3.500	%		55,258,846		54,861,720
09/01/13-04/01/41		4.000	%		257,988,937		254,259,209
01/01/15-04/01/41		4.500	%		44,679,282		46,301,758
04/01/13-05/01/37		5.000	%		26,900,798		28,584,438
11/01/13-09/01/38		5.500	%		95,887,870		102,932,508
03/01/23-12/01/39		6.000	%		46,950,251		51,166,497
08/01/37-11/01/37		6.500	%		24,901,293		28,145,393
Federal National Mortgage Association(c)(d)
05/01/41		3.500	%		1,500,000		1,408,125
04/01/26		4.000	%		24,000,000		24,660,000
05/01/25-04/01/41		4.500	%		90,000,000		91,616,853
04/01/41		5.000	%		25,000,000		26,156,250
04/01/26		5.500	%		5,000,000		5,407,810
04/01/41		6.000	%		3,000,000		3,262,734
05/01/40		6.500	%		6,000,000		6,705,936
Government National Mortgage Association(b)(c)
CMO Series 2011-H08 Class FA
02/20/61		0.860	%		21,000,000		21,001,641

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities - Agency(a) (continued)
Government National Mortgage Association(c)
08/15/39-03/15/41		3.500	%	$	88,886,892	$	84,831,428
08/15/33-09/15/40		4.500	%		57,833,382		59,786,319
08/15/37-12/15/39		5.500	%		2,157,365		2,339,858
Government National Mortgage Association(c)(d)
05/01/41		3.500	%		4,000,000		3,799,376
05/01/41		4.000	%		22,000,000		21,931,250
Government National Mortgage Association(c)(e)
12/15/40		3.500	%		30,471,560		29,081,295
Total Residential Mortgage-Backed Securities - Agency (Cost: $1,212,876,055)						$	1,214,047,088
Residential Mortgage-Backed Securities - Non-Agency (7.6%)
CC Mortgage Funding Corp.
CMO Series 2004-1A Class A1 (AMBAC)(b)(c)(f)
01/25/35		0.530	%	$	104,712	$	82,285
Citigroup Mortgage Loan Trust, Inc.
CMO Series 2005-4 Class A(b)(c)
08/25/35		5.349	%		2,293,439		2,243,819
Deutsche Mortgage Securities, Inc.
CMO Series 2010-RS2 Class A1(b)(c)(f)(g)
10/25/47		1.498	%		9,709,999		9,697,004
JP Morgan Chase Commercial Mortgage Securities Corp.
CMO IO Series 2011-C3 Class XA(b)(c)(f)
02/15/46		6.093	%		65,000,000		4,800,120
Mortgage Equity Conversion Asset Trust
CMO Series 2007-FF2 Class A(b)(c)(f)
02/25/42		0.770	%		2,606,867		2,492,817
NCUA Guaranteed Notes(b)(c)
CMO Series 2011-R4 Class 1A
03/06/20		0.626	%		10,000,000		10,000,000
NCUA Guaranteed Notes(b)(c)
CMO Series 2010-R3 Class 2A
12/08/20		0.819	%		19,432,422		19,532,621
RiverView HECM Trust(b)(c)(f)
CMO Series 2007-1 Class A
05/25/47		0.800	%		7,524,114		7,270,175
CMO Series 2008-1 Class A1
09/26/41		0.998	%		13,754,554		13,479,463
Thornburg Mortgage Securities Trust(b)(c)
CMO Series 2006-4 Class A2B
07/25/36		0.370	%		4,646,690		4,616,185
CMO Series 2006-5 Class A1
10/25/46		0.370	%		4,189,440		4,150,176
WaMu Mortgage Pass-Through Certificates(b)(c)
CMO Series 2003-AR10 Class A7
10/25/33		2.623	%		5,329,974		5,346,582
CMO Series 2003-AR9 Class 1A6
09/25/33		2.712	%		3,958,628		3,916,049
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $87,493,277)						$	87,627,296

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (2.4%)
BCRR Trust(c)(f)
Series 2010-LEAF Class 24A
04/22/35		4.230	%	$	1,082,421	$	1,085,942
Series 2010-LEAF Class 37A
03/22/34		4.230	%		4,125,000		4,226,647
Series 2010-LEAF Class 3A
02/22/41		4.230	%		5,733,243		5,856,128
Greenwich Capital Commercial Funding Corp.
Series 2006-FL4A Class A2(b)(c)(f)
11/05/21		0.383	%		1,432,857		1,405,164
JP Morgan Chase Commercial Mortgage Securities Corp.(b)(c)(f)
CMO IO Series 2010-C1 Class XA
06/15/43		6.050	%		74,864,977		6,447,042
JP Morgan Chase Commercial Mortgage Securities Corp.(c)(f)
Series 2011-C3 Class A3
02/15/46		4.388	%		5,100,000		5,120,634
UBS Commercial Mortgage Trust
Series 2007-FL1 Class A1(b)(c)(f)
07/15/24		1.155	%		3,798,030		3,665,332
Total Commercial Mortgage-Backed Securities (Cost: $27,316,962)						$	27,806,889
Asset-Backed Securities (1.2%)
Citibank Omni Master Trust
Series 2009-A8 Class A8(b)(f)
05/16/16		2.355	%	$	6,500,000	$	6,598,154
SLM Student Loan Trust
Series 2009B Class A1(b)(f)
07/15/42		6.255	%		6,947,757		6,713,470
Total Asset-Backed Securities (Cost: $13,323,207)						$	13,311,624
U.S. Treasury Obligations (5.0%)
U.S. Treasury
11/30/12		0.500	%	$	54,000,000	$	53,886,114
U.S. Treasury(h)
02/15/21		3.625	%		3,700,000		3,752,610
Total U.S. Treasury Obligations (Cost: $57,684,370)						$	57,638,724

	Coupon			Principal
Issuer	Rate			Amount		Value
U.S. Government & Agency Obligations (18.1%)
Federal Agricultural Mortgage Corp.
04/29/14		3.125	%	$	5,000,000	$	5,243,695
Federal Home Loan Mortgage Corp.(d)
04/01/40		5.000	%		38,000,000		39,656,572
Federal National Mortgage Association(d)
05/01/39		6.500	%		5,000,000		5,628,125
05/01/40		4.000	%		2,000,000		1,960,624
05/01/40		5.000	%		45,000,000		46,926,585
05/01/40		5.500	%		1,000,000		1,066,250
Government National Mortgage Association(d)
05/01/38		5.500	%		28,500,000		30,802,259
05/01/39		6.000	%		21,000,000		23,050,780
05/01/40		4.500	%		30,000,000		30,843,750
05/01/40		5.000	%		21,000,000		22,207,500
Total U.S. Government & Agency Obligations (Cost: $207,243,657)						$	207,386,140
Treasury Note Short-Term (0.5%)
U.S. Treasury Bills
08/18/11		0.140	%	$	3,270,000	$	3,268,291
09/01/11		0.150	%		1,290,000		1,289,205
09/15/11		0.160	%		1,760,000		1,758,694
Total Treasury Note Short-Term (Cost: $6,316,162)						$	6,316,190
Repurchase Agreements (1.8%)
Barclays Capital, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $10,400,038 (collateralized by: U.S. Treasury Note) Total market value $10,400,000
		0.130	%	$	10,400,000	$	10,400,000
Citigroup Global Markets, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,039 (collateralized by: U.S. Treasury Note) Total market value $10,000,000
		0.140	%		10,000,000		10,000,000
Total Repurchase Agreements (Cost: $20,400,000)						$	20,400,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (2.3%)
Asset-Backed Commercial Paper (0.2%)
Macquarie Bank Ltd.
05/09/11		0.395	%	$	999,023	$	999,023
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		998,671		998,671
Total							1,997,694
Certificates of Deposit (0.8%)
Credit Industrial et Commercial
06/07/11		0.400	%		2,000,000		2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		2,000,000		2,000,000
KBC Bank NV
04/22/11		0.450	%		2,000,000		2,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/23/11		0.345	%		1,000,000		1,000,000
Norinchukin Bank
05/09/11		0.350	%		2,000,000		2,000,000
Total							9,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (1.3%)
Barclays Capital, Inc.
dated 01/04/11, matures 04/15/11, repurchase price $5,000,563(i)
		0.270	%	$	5,000,000	$	5,000,000
Citigroup Global Markets, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,018(i)
		0.130	%		5,000,000		5,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $178,806(i)
		0.160	%		178,806		178,806
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $5,000,040(i)
		0.290	%		5,000,000		5,000,000
Total							15,178,806
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $26,176,500)						$	26,176,500
Total Investments (Cost: $1,658,830,190)(j)(k)						$	1,660,710,451(l)
Other Assets & Liabilities, Net							(514,092,061)
Net Assets						$	1,146,618,390

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts		Notional		Expiration	Unrealized		Unrealized
Contract Description	Long (Short)		Market Value		Date	Appreciation		Depreciation
U.S. Treasury Note, 10-year		38	$	4,523,188	June 2011	$	—	$	—

Notes to Portfolio of Investments

^(a)  Represents comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at March 31, 2011:

	Principal		Settlement		Proceeds
Security Description	Amount		Date		Receivable		Value
Federal National Mortgage Association
04/01/26 3.500%	$	14,000,000		04/18/11	$	14,096,250	$	14,035,000
04/01/26 5.000		3,000,000		04/18/11		3,180,938		3,187,032
05/01/40 4.500		4,000,000		05/12/11		4,048,125		4,056,876
04/01/41 4.000		175,000,000		04/13/11		171,530,273		172,101,650
04/01/41 5.500		6,000,000		04/13/11		6,430,469		6,417,187
Government National Mortgage Association
04/01/41 3.500		119,310,000		04/20/11		113,825,196		113,642,775

(b)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.
(c)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(d)	Represents a security purchased on a when-issued or delayed delivery basis.
(e)	At March 31, 2011, security was partially or fully on loan.
(f)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $98,472,998 or 8.59% of net assets.
(g)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2011 was $9,697,004, representing 0.85% of net assets. Information concerning such security holdings at March 31, 2011 was as follows:

	Acquisition
Security Description	Dates		Cost
Deutsche Mortgage Securities, Inc. CMO Series 2010-RS2 Class A1		10/01/10	$	10,009,446
1.498% 2047

(h)

At March 31, 2011, investments in securities included securities valued at $61,110 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

(i)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	331,297
Arabella Ltd		470,994
BP Capital Markets PLC		170,734
BPCE		666,641
Dexia Delaware LLC		762,938
Electricite De France		599,720
European Investment Bank		475,799
Nationwide Building		326,024
Skandin Ens Banken AG		579,663
Societe Generale		866,190
Total Market Value of Collateral Securities	$	5,250,000
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	22,065
Fannie Mae REMICS		1,631,922
Fannie Mae Whole Loan		38,035
Fannie Mae-Aces		10,257
Freddie Mac Reference REMIC		152,925
Freddie Mac REMICS		2,492,892
Government National Mortgage Association		751,904
Total Market Value of Collateral Securities	$	5,100,000
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	182,382
Total Market Value of Collateral Securities	$	182,382
MF Global Holdings Ltd. (0.290%)
Security Description	Value
Fannie Mae REMICS	$	109,833
Freddie Mac Gold Pool		3,194,796
Freddie Mac REMICS		70,742
Ginnie Mae I Pool		318,423
Ginnie Mae II Pool		1,316,470
Government National Mortgage Association		89,763
Total Market Value of Collateral Securities	$	5,100,027

^(j)  Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	1,081	$	—	$	(1,081	)	$	—	$	—	$	—	$	—

^(k)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,658,830,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	5,833,000
Unrealized Depreciation		(3,953,000	)
Net Unrealized Appreciation	$	1,880,000

^(l)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

AMBAC	Ambac Assurance Corporation
CMO	Collateralized Mortgage Obligation
IO	Interest Only

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Bonds
Residential Mortgage-Backed Securities - Agency	$	—	$	1,193,045,447	$	21,001,641	$	1,214,047,088
Residential Mortgage-Backed Securities - Non-Agency		—		54,384,842		33,242,454		87,627,296
Commercial Mortgage-Backed Securities		—		27,806,889		—		27,806,889
Asset-Backed Securities		—		13,311,624		—		13,311,624
U.S. Treasury Obligations		57,638,724		—		—		57,638,724
U.S. Government & Agency Obligations		—		207,386,140		—		207,386,140
Total Bonds		57,638,724		1,495,934,942		54,244,095		1,607,817,761
Short-Term Securities
Treasury Note Short-Term		6,316,190		—		—		6,316,190
Repurchase Agreements		—		20,400,000		—		20,400,000
Total Short-Term Securities		6,316,190		20,400,000		—		26,716,190
Other
Investments of Cash Collateral Received for Securities on Loan		—		26,176,500		—		26,176,500
Total Other		—		26,176,500		—		26,176,500
Total	$	63,954,914	$	1,542,511,442	$	54,244,095	$	1,660,710,451

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Residential		Residential
	Mortgage-Backed		Mortgage-Backed
	Securities-		Securities- Non-
	Agency		Agency			Total
Balance as of December 31, 2010	$	—	$	33,454,462		$	33,454,462
Accrued discounts/premiums		—		—			—
Realized gain (loss)		—		2,154			2,154
Change in unrealized appreciation (depreciation)*		—		—			—
Sales		—		(57,536	)		(57,536	)
Purchases		21,001,641		19,818,374			40,820,015
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		(19,975,000	)		(19,975,000	)
Balance as of March 31, 2011	$	21,001,641	$	33,242,454		$	54,244,095

*  Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $0.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Portfolio of Investments

Variable Portfolio – Pyramis International Equity Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (94.6%)
AUSTRALIA (8.8%)
AMP Ltd.(a)		264,300	$	1,486,121
Australia & New Zealand Banking Group Ltd.(a)		468,300		11,527,279
BHP Billiton Ltd.(a)		181,600		8,716,343
Billabong International Ltd.(a)		213,700		1,667,180
CSL Ltd.(a)		124,877		4,611,895
Commonwealth Bank of Australia(a)		204,804		11,096,722
Foster’s Group Ltd.(a)		1,130,209		6,683,041
Incitec Pivot Ltd.(a)		324,800		1,454,020
MAp Group(a)		1,879,100		5,907,826
Macquarie Group Ltd.(a)		83,700		3,163,789
Metcash Ltd.(a)		712,436		3,063,644
Newcrest Mining Ltd.(a)		253,026		10,423,248
Origin Energy Ltd.(a)		242,040		4,062,270
QBE Insurance Group Ltd.(a)		42,900		784,687
Ramsay Health Care Ltd.(a)		52,570		1,038,588
Rio Tinto Ltd.(a)		110,900		9,720,244
Suncorp-Metway Ltd.(a)		264,000		2,316,264
Telstra Corp., Ltd.(a)		914,854		2,668,611
Wesfarmers Ltd.(a)		38,500		1,264,912
Westfield Group(a)		403,800		3,899,313
Total				95,555,997
AUSTRIA (0.4%)
Erste Group Bank AG(a)		30,920		1,560,204
Verbund AG(a)		65,522		2,911,090
Total				4,471,294
BELGIUM (1.1%)
Ageas(a)		1,022,900		2,906,555
KBC Groep NV(a)(b)		66,573		2,503,503
Umicore SA(a)		135,700		6,730,027
Total				12,140,085
BERMUDA (0.6%)
Li & Fung Ltd.(a)		838,000		4,285,527
Orient Overseas International Ltd.(a)		182,000		1,904,943
Total				6,190,470
DENMARK (2.1%)
Carlsberg A/S, Series B(a)		38,075		4,099,728
Novo Nordisk A/S, Series B(a)(c)		130,900		16,445,849
William Demant Holding AS(a)(b)		23,875		2,067,484
Total				22,613,061
FINLAND (0.7%)
Fortum OYJ(a)(c)		221,800		7,531,463

Issuer	Shares		Value
Common Stocks (continued)
FRANCE (8.6%)
AXA SA(a)		333,400	$	6,966,928
Accor SA(a)		86,400		3,882,151
Air Liquide SA(a)		17,900		2,378,492
Alstom SA(a)		103,100		6,096,576
BNP Paribas(a)		130,700		9,559,615
Cap Gemini SA(a)		37,700		2,189,764
Christian Dior SA(a)		14,200		1,998,940
Credit Agricole SA(a)		324,000		5,317,219
Eiffage SA(a)		28,900		1,736,170
Iliad SA(a)(c)		22,500		2,697,639
L’Oreal SA(a)		50,240		5,852,648
LVMH Moet Hennessy Louis Vuitton SA(a)		38,922		6,161,398
PPR(a)		28,100		4,306,890
Safran SA(a)		116,000		4,100,015
Sanofi-Aventis SA(a)		110,830		7,770,950
Schneider Electric SA(a)		45,200		7,725,324
Societe Generale(a)		146,700		9,532,360
VINCI SA(a)		82,600		5,161,790
Total				93,434,869
GERMANY (8.9%)
Allianz SE(a)		30,701		4,308,740
BASF SE(a)		84,300		7,291,249
BMW AG(a)		71,409		5,945,547
Bayer AG(a)		100,500		7,782,295
Deutsche Boerse AG(a)		57,800		4,386,501
Deutsche Post AG(a)		225,000		4,056,025
Deutsche Telekom AG(a)		231,800		3,570,869
E.ON AG(a)		55,123		1,683,492
Fresenius Medical Care AG & Co. KGaA(a)		45,000		3,022,249
GEA Group AG(a)		75,800		2,496,527
HeidelbergCement AG(a)		43,900		3,066,269
Lanxess AG(a)		37,900		2,834,912
Linde AG(a)		54,807		8,656,594
MAN SE(a)		32,770		4,086,863
Metro AG(a)		53,600		3,662,502
SAP AG(a)		148,800		9,109,985
Siemens AG(a)		117,633		16,122,468
ThyssenKrupp AG(a)		30,100		1,229,821
Wacker Chemie AG(a)		13,600		3,058,770
Total				96,371,678
GUERNSEY (0.3%)
Resolution Ltd.(a)		650,500		3,087,810

Issuer	Shares		Value
Common Stocks (continued)
HONG KONG (2.2%)
AIA Group Ltd.(a)(b)		938,000	$	2,888,083
BOC Hong Kong Holdings Ltd.(a)(c)		1,133,000		3,693,857
Cathay Pacific Airways Ltd.(a)		648,000		1,552,159
Cheung Kong Holdings Ltd.(a)		167,000		2,722,072
Hang Lung Properties Ltd.(a)		393,000		1,723,687
Henderson Land Development Co., Ltd.(a)(c)		382,000		2,647,079
PCCW Ltd.(a)		3,307,000		1,377,563
Swire Pacific Ltd., Series A(a)		218,000		3,192,881
Wharf Holdings Ltd.(a)(c)		580,000		3,994,931
Total				23,792,312
ISRAEL (0.3%)
Mizrahi Tefahot Bank Ltd.(a)		241,800		2,730,476
ITALY (2.9%)
Enel SpA(a)		1,190,496		7,504,533
Fiat Industrial SpA(a)(b)		258,300		3,708,214
Intesa Sanpaolo SpA(a)		2,226,400		6,588,168
Saipem SpA(a)		193,000		10,259,716
Telecom Italia SpA(a)		1,819,400		2,797,621
Total				30,858,252
JAPAN (19.3%)
ABC-Mart, Inc.(a)(c)		45,100		1,642,161
Air Water, Inc.(a)		106,000		1,290,931
Aisin Seiki Co., Ltd.(a)		63,000		2,189,955
Asahi Glass Co., Ltd.(a)		229,000		2,881,127
Astellas Pharma, Inc.(a)(c)		91,000		3,369,996
Bridgestone Corp.(a)		162,000		3,387,552
Canon, Inc.(a)		32,100		1,380,614
Chiyoda Corp.(a)(c)		109,000		998,285
Coca-Cola West Co., Ltd.(a)		10,600		201,929
Dena Co., Ltd.(a)		42,000		1,519,997
Denso Corp.(a)		80,300		2,670,370
East Japan Railway Co.(a)		30,600		1,699,187
Elpida Memory, Inc.(a)(b)(c)		170,000		2,186,213
FUJIFILM Holdings Corp.(a)		99,000		3,068,530
Fanuc Corp.(a)		34,500		5,214,915
Fuji Heavy Industries Ltd.(a)(c)		238,000		1,537,791
Fujitsu Ltd.(a)		167,000		943,726
Hirose Electric Co., Ltd.(a)(c)		13,700		1,474,896
Hitachi Ltd.(a)		293,000		1,525,234
Honda Motor Co., Ltd.(a)		222,000		8,248,102
Hoya Corp.(a)(c)		80,900		1,846,216
ITOCHU Corp.(a)		338,000		3,537,124
JFE Holdings, Inc.(a)		54,800		1,604,520

Issuer	Shares		Value
Common Stocks (continued)
JAPAN (CONTINUED)
JSR Corp.(a)(c)		126,000	$	2,526,929
Japan Tobacco, Inc.(a)		1,076		3,890,154
KDDI Corp.(a)		383		2,367,966
Kamigumi Co., Ltd.(a)		155,000		1,322,742
Komatsu Ltd.(a)		176,700		5,994,661
Kubota Corp.(a)(c)		222,000		2,089,031
Kyocera Corp.(a)		31,400		3,182,312
Lawson, Inc.(a)		17,300		833,860
MS&AD Insurance Group Holdings, Inc.(a)(c)		64,000		1,460,453
Makita Corp.(a)		39,000		1,814,152
Mitsubishi Chemical Holdings Corp.(a)		194,000		1,222,010
Mitsubishi Corp.(a)		215,000		5,961,610
Mitsubishi Estate Co., Ltd.(a)		209,000		3,531,902
Mitsubishi Materials Corp.(a)(c)		472,000		1,598,753
Mitsubishi Tanabe Pharma Corp.(a)(c)		190,000		3,080,933
Mitsubishi UFJ Financial Group, Inc.(a)(c)		458,700		2,113,535
Mitsubishi UFJ Lease & Finance Co., Ltd.(a)		32,000		1,283,613
Mitsui & Co., Ltd.(a)(c)		317,000		5,675,527
Mitsui Chemicals, Inc.(a)(c)		441,000		1,565,353
Mizuho Financial Group, Inc.(a)(c)		1,882,300		3,105,966
NHK Spring Co., Ltd.(a)(c)		106,000		1,050,252
NKSJ Holdings, Inc.(a)(c)		342,000		2,232,515
NOK Corp.(a)		64,900		1,154,214
NSK Ltd.(a)(c)		225,000		1,940,984
NTT DoCoMo, Inc.(a)(c)		1,106		1,930,794
Nintendo Co., Ltd.(a)(c)		12,300		3,344,491
Nippon Telegraph & Telephone Corp.(a)		87,700		3,917,115
Nippon Yusen KK(a)		599,000		2,343,479
Nitto Denko Corp.(a)		26,700		1,414,778
Nomura Holdings, Inc.(a)		324,000		1,674,753
ORIX Corp.(a)(c)		44,000		4,124,270
Obayashi Corp.(a)(c)		282,000		1,250,569
Panasonic Corp.(a)		215,000		2,723,551
Promise Co., Ltd.(a)(b)(c)		245,800		1,723,555
Rakuten, Inc.(a)(c)		2,271		2,037,464
Rohto Pharmaceutical Co., Ltd.(a)		104,000		1,116,992
SMC Corp.(a)		6,400		1,053,394
Sega Sammy Holdings, Inc.(a)		12,200		211,574
Sekisui House Ltd.(a)		187,000		1,745,117
Seven & I Holdings Co., Ltd.(a)		137,200		3,494,972
Shin-Etsu Chemical Co., Ltd.(a)		66,500		3,309,729
SoftBank Corp.(a)		154,900		6,171,884
Sony Corp.(a)		86,600		2,762,197
Sony Financial Holdings, Inc.(a)		116,800		2,314,347

Issuer	Shares		Value
Common Stocks (continued)
JAPAN (CONTINUED)
Start Today Co., Ltd.(a)		76,100	$	1,173,370
Sumitomo Chemical Co., Ltd.(a)(c)		408,000		2,038,414
Sumitomo Corp.(a)		215,000		3,072,614
Sumitomo Mitsui Financial Group, Inc.(a)		297,500		9,230,028
Sumitomo Mitsui Trust Holdings, Inc.(a)		655,600		2,322,560
T&D Holdings, Inc.(a)(c)		81,000		1,995,712
TDK Corp.(a)		45,400		2,684,998
Takashimaya Co., Ltd.(a)		195,000		1,246,154
Terumo Corp.(a)		53,900		2,839,829
Tokyo Electric Power Co., Inc. (The)(a)(c)		101,100		563,499
Tokyo Electron Ltd.(a)		54,300		2,993,748
Tokyo Gas Co., Ltd.(a)(c)		176,000		802,804
Toshiba Corp.(a)		280,000		1,369,089
Toyo Suisan Kaisha Ltd.(a)(c)		53,000		1,150,787
Toyota Motor Corp.(a)		200,000		7,936,855
Ube Industries Ltd.(a)		503,000		1,601,361
West Japan Railway Co.(a)(c)		271		1,044,736
Total				208,150,381
NETHERLANDS (4.1%)
ASML Holding NV(a)(b)		102,400		4,513,270
Aegon NV(a)(b)		676,100		5,062,962
Gemalto NV(a)(c)		47,400		2,331,317
ING Groep NV-CVA(a)(b)		526,100		6,658,852
Koninklijke KPN NV(a)(c)		273,367		4,656,735
Koninklijke Philips Electronics NV(a)(c)		265,500		8,486,690
STMicroelectronics NV(a)		206,200		2,554,060
Unilever NV-CVA(a)		318,400		9,983,603
Total				44,247,489
NORWAY (1.9%)
Aker Solutions ASA(a)(c)		141,100		3,242,857
DnB NOR ASA(a)		232,000		3,559,550
Statoil ASA(a)		123,300		3,417,909
Storebrand ASA(a)(b)		140,000		1,201,211
Telenor ASA(a)		334,100		5,497,600
Yara International ASA(a)		64,100		3,247,741
Total				20,166,868
PAPUA NEW GUINEA (0.2%)
Oil Search Ltd.(a)		306,600		2,258,055
SINGAPORE (1.2%)
Keppel Corp., Ltd.(a)		507,000		4,945,920

Issuer	Shares		Value
Common Stocks (continued)
SINGAPORE (CONTINUED)
Keppel Land Ltd.(a)		505,000	$	1,797,355
Singapore Telecommunications Ltd.(a)		684,000		1,637,752
United Overseas Bank Ltd.(a)		342,000		5,099,076
Total				13,480,103
SPAIN (3.1%)
Banco Bilbao Vizcaya Argentaria SA(a)		790,710		9,593,403
Banco Popular Espanol SA(a)		280,800		1,650,695
Banco Santander SA(a)		512,226		5,946,789
Inditex SA(a)		67,816		5,441,680
Indra Sistemas SA(a)		102,700		2,059,481
Repsol YPF SA(a)		204,500		7,006,333
Telefonica SA(a)		66,602		1,667,370
Total				33,365,751
SWEDEN (1.7%)
Elekta AB, Series B(a)		110,200		4,406,673
Modern Times Group AB, Series B(a)		38,800		2,950,617
Sandvik AB(a)		72,000		1,358,577
Swedbank AB, Series A(a)(c)		349,800		5,985,266
Telefonaktiebolaget LM Ericsson, Class B(a)		311,900		4,022,348
Total				18,723,481
SWITZERLAND (6.0%)
Cie Financiere Richemont SA, Series A(a)		53,887		3,112,363
Kuehne & Nagel International AG(a)(c)		41,825		5,851,402
Nestlé SA(a)		440,076		25,225,913
Schindler Holding AG(a)(c)		10,679		1,283,573
Sonova Holding AG(a)(c)		17,865		1,591,998
Swisscom AG(a)		20,800		9,273,380
Transocean Ltd.(a)(b)		96,500		7,585,520
UBS AG(a)(b)		617,130		11,072,730
Total				64,996,879
UNITED KINGDOM (20.0%)
AMEC PLC(a)		102,200		1,955,913
ARM Holdings PLC(a)		234,900		2,166,752
Anglo American PLC(a)		192,200		9,888,049
BG Group PLC(a)		540,052		13,437,103
BHP Billiton PLC(a)		60,007		2,368,074
BP PLC(a)		1,430,200		10,416,238
Barclays PLC(a)		2,486,882		11,072,730
British American Tobacco PLC(a)		87,800		3,524,034

Issuer	Shares		Value
Common Stocks (continued)
UNITED KINGDOM (CONTINUED)
British Land Co. PLC(a)(c)		340,800	$	3,020,579
British Sky Broadcasting Group PLC(a)		189,100		2,502,671
Burberry Group PLC(a)		142,700		2,687,512
Carphone Warehouse Group PLC(a)(b)		245,593		1,434,088
Experian PLC(a)		176,300		2,183,373
Genting Singapore PLC(a)(b)(c)		1,433,000		2,329,907
GlaxoSmithKline PLC(a)		344,400		6,571,823
HSBC Holdings PLC(a)		1,685,607		17,332,956
IG Group Holdings PLC(a)		164,700		1,206,390
ITV PLC(a)(b)		1,400,200		1,737,435
International Power PLC(a)		998,500		4,933,522
Johnson Matthey PLC(a)		151,300		4,514,505
Kazakhmys PLC(a)		80,100		1,791,239
Kingfisher PLC(a)		746,200		2,943,554
Lloyds Banking Group PLC(a)(b)		6,331,100		5,899,821
National Grid PLC(a)		860,800		8,202,514
Pearson PLC(a)		109,600		1,935,781
Prudential PLC(a)		253,200		2,869,684
Reckitt Benckiser Group PLC(a)		132,700		6,816,329
Rexam PLC(a)		133,300		777,094
Rio Tinto PLC(a)		52,300		3,673,964
Royal Dutch Shell PLC, Class A(a)		434,000		15,762,476
Royal Dutch Shell PLC, Series B(a)		244,926		8,879,768
SABMiller PLC(a)		142,100		5,032,144
Shire PLC(a)		312,300		9,072,954
TalkTalk Telecom Group PLC(a)		1,916,900		4,237,473
Tesco PLC(a)		55,800		341,050
Unilever PLC(a)		140,600		4,285,458
United Business Media Ltd.(a)		203,100		1,949,990
Vodafone Group PLC(a)		5,425,400		15,361,540
WPP PLC(a)		123,000		1,516,377
Xstrata PLC(a)		402,200		9,400,694
Total				216,033,558
VIRGIN ISLANDS (0.2%)
Playtech Ltd.(a)		323,600		1,785,769
Total Common Stocks (Cost: $859,627,910)			$	1,021,986,101
Preferred Stocks (1.0%)
GERMANY (1.0%)
Volkswagen AG(a)		67,700	$	10,980,837
Total Preferred Stocks (Cost: $9,115,269)			$	10,980,837

	Shares		Value
Money Market Fund (4.0%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)		43,409,190	$	43,409,190
Total Money Market Fund (Cost: $43,409,190)			$	43,409,190

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (10.0%)
Asset-Backed Commercial Paper (0.4%)
Cancara Asset Securitisation LLC
04/28/11		0.250	%	$	1,999,583	$	1,999,583
Rhein-Main Securitisation Ltd.
04/18/11		0.551	%		1,997,342		1,997,342
Total							3,996,925
Certificates of Deposit (1.6%)
Credit Industrial et Commercial
06/13/11		0.400	%		2,000,000		2,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		1,000,000		1,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		2,000,000		2,000,000
KBC Bank NV
04/22/11		0.450	%		3,000,000		3,000,000
Mitsubishi UFJ Trust and Banking Corp.
06/08/11		0.340	%		2,000,000		2,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		3,000,000		3,000,000
Norinchukin Bank
04/25/11		0.340	%		1,000,000		1,000,000
Societe Generale
07/01/11		0.363	%		1,000,000		1,000,000
United Overseas Bank Ltd.
04/18/11		0.390	%		1,000,000		1,000,000
05/23/11		0.400	%		1,000,000		1,000,000
Total							17,000,000
Repurchase Agreements (8.0%)
Barclays Capital, Inc.(f)
dated 10/13/10, matures 4/15/11, repurchase price $5,000,563
		0.270	%		5,000,000		5,000,000
dated 01/04/11, matures 04/15/11, repurchase price $3,000,338
		0.270	%		3,000,000		3,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $26,000,166(f)
		0.230	%	$	26,000,000	$	26,000,000
G.X. Clarke and Company
dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(f)
		0.220	%		5,000,000		5,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $5,853,076(f)
		0.160	%		5,853,050		5,853,050
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $3,000,024(f)
		0.290	%		3,000,000		3,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $20,000,156(f)
		0.280	%		20,000,000		20,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Natixis Financial Products, Inc. dated 03/31/11, matures 04/01/11, repurchase price $4,000,014(f)
		0.130	%	$	4,000,000	$	4,000,000
Nomura Securities dated 03/31/11, matures 04/01/11, repurchase price $10,000,067(f)
		0.240	%		10,000,000		10,000,000
Pershing LLC dated 03/31/11, matures 04/01/11, repurchase price $5,000,031(f)
		0.220	%		5,000,000		5,000,000
Total							86,853,050
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $107,849,975)						$	107,849,975
Total Investments (Cost: $1,020,002,344)(g)						$	1,184,226,103(h)
Other Assets & Liabilities, Net							(103,349,157)
Net Assets						$	1,080,876,946

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2011

	Percentage of Net
Industry	Assets			Value
Aerospace & Defense		0.4	%	$	4,100,015
Air Freight & Logistics		0.4			4,056,025
Airlines		0.1			1,552,159
Auto Components		1.0			10,452,342
Automobiles		3.2			34,649,131
Beverages		1.5			16,016,842
Biotechnology		0.4			4,611,895
Building Products		0.3			2,881,128
Capital Markets		1.5			15,911,272
Chemicals		5.1			55,135,813
Commercial Banks		13.6			147,021,777
Communications Equipment		0.4			4,022,348
Computers & Peripherals		0.4			4,644,131
Construction & Engineering		0.8			9,146,815
Construction Materials		0.3			3,066,269
Consumer Finance		0.2			1,723,555
Containers & Packaging		0.1			777,094
Distributors		0.4			4,285,527
Diversified Financial Services		1.6			17,659,627
Diversified Telecommunication Services		4.1			43,999,729
Electric Utilities		1.9			20,194,077
Electrical Equipment		1.3			13,821,900
Electronic Equipment, Instruments & Components		1.3			13,782,187
Energy Equipment & Services		2.1			23,044,006
Food & Staples Retailing		1.2			12,660,940
Food Products		3.8			40,645,761
Gas Utilities		0.1			802,804
Health Care Equipment & Supplies		1.0			10,905,985
Health Care Providers & Services		0.4			4,060,836
Hotels, Restaurants & Leisure		0.6			6,212,058
Household Durables		0.7			7,230,864
Household Products		0.6			6,816,329
Independent Power Producers & Energy Traders		0.4			4,933,522
Industrial Conglomerates		2.7			29,555,078
Insurance		3.9			41,882,073
Internet & Catalog Retail		0.4			4,730,831
IT Services		0.4			4,249,245
Leisure Equipment & Products		0.0	*		211,574
Machinery		2.9			31,040,891
Marine		0.9			10,099,823
Media		1.2			12,592,871
Metals & Mining		5.6			60,414,949
Multiline Retail		0.5			5,553,044
Multi-Utilities		0.8			8,202,514
Office Electronics		0.1			1,380,614
Oil, Gas & Consumable Fuels		6.0			65,240,153
Personal Products		0.5			5,852,648
Pharmaceuticals		5.1			55,211,792
Professional Services		0.2			2,183,373
Real Estate Investment Trusts (REITs)		0.6			6,919,892
Real Estate Management & Development		1.8			19,609,907
Road & Rail		0.2			2,743,923
Semiconductors & Semiconductor Equipment		1.3			14,414,043
Software		1.3			14,240,245
Specialty Retail		1.1			11,461,483
Textiles, Apparel & Luxury Goods		1.4			15,627,393
Tobacco		0.7			7,414,188
Trading Companies & Distributors		1.7			18,246,875
Transportation Infrastructure		0.7			7,230,568
Wireless Telecommunication Services		2.4			25,832,185
Other(1)		14.0			151,259,165
Total				$	1,184,226,103

*	Rounds to less than 0.1%
(1)	Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investment in Derivatives

At March 31, 2011, $2,400,000 was held in a margin deposit account as collateral to cover initial margin requirements on open stock index futures contracts.

Futures Contracts Outstanding at March 31, 2011

	Number of
	Contracts		Notional		Expiration	Unrealized		Unrealized
Contract Description	Long (Short)		Market Value		Date	Appreciation		Depreciation
E-Mini MSCI EAFE Index		300	$	25,305,000	June 2011	$	768,765	$	—

Forward Foreign Currency Exchange Contracts Open at March 31, 2011

		Currency to be		Currency to be		Unrealized		Unrealized
Counterparty	Exchange Date	Delivered		Received		Appreciation		Depreciation
Goldman, Sachs & Co.	April 1, 2011		783,413		1,103,429	$	—	$	(6,823	)
		(EUR)		(USD)
Bank of America	April 1, 2011		348,351		557,114		—		(1,710	)
		(GBP)		(USD)
J.P. Morgan Securities, Inc.	April 1, 2011		59,917,442		728,528		8,194		—
		(JPY)		(USD)
Morgan Stanley	April 1, 2011		2,370,697		373,030		—		(2,562	)
		(SEK)		(USD)
CS First Boston NZ	April 1, 2011		166,920		153,813		541		—
		(USD)		(CHF)
Goldman, Sachs & Co.	April 1, 2011		2,284,129		1,621,687		14,124		—
		(USD)		(EUR)
Bank of America	April 1, 2011		168,577		105,407		517		—
		(USD)		(GBP)
J.P. Morgan Securities, Inc.	April 1, 2011		907,010		74,596,572		—		(10,201	)
		(USD)		(JPY)
HSBC Securities (USA), Inc.	April 4, 2011		527,597		847,405		1,035		—
		(GBP)		(USD)
UBS Securities	April 4, 2011		111,391,709		1,341,435		2,271		—
		(JPY)		(USD)
Citigroup Global Markets, Inc.	April 4, 2011		1,848,027		292,141		—		(643	)
		(SEK)		(USD)
Goldman, Sachs & Co.	April 4, 2011		171,591		157,830		243		—
		(USD)		(CHF)
J.P. Morgan Securities, Inc.	April 4, 2011		492,779		348,915		1,703		—
		(USD)		(EUR)
HSBC Securities (USA), Inc.	April 4, 2011		603,565		375,781		—		(737	)
		(USD)		(GBP)
UBS Securities	April 4, 2011		201,350		16,719,984		—		(341	)
		(USD)		(JPY)
Goldman, Sachs & Co.	April 4, 2011		399,071		503,623		472		—
		(USD)		(SGD)
Barclays Capital	April 5, 2011		888,315		1,427,505		2,470		—
		(GBP)		(USD)
HSBC Securities (USA), Inc.	April 5, 2011		103,185,250		1,245,462		4,956		—
		(JPY)		(USD)
CS First Boston NZ	April 5, 2011		1,283,543		1,241,230		322		—
		(USD)		(AUD)
Royal Bank of Scotland	April 5, 2011		72,404		66,342		—		(176	)
		(USD)		(CHF)
Barclays Capital	April 5, 2011		1,144,480		712,193		—		(1,981	)
		(USD)		(GBP)
HSBC Securities (USA), Inc.	April 5, 2011		1,696,683		140,568,490		—		(6,752	)
		(USD)		(JPY)
Total						$	36,848	$	(31,926	)

Notes to Portfolio of Investments

(a)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 95.57% of net assets.
(b)	Non-income producing.
(c)	At March 31, 2011, security was partially or fully on loan.
(d)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/						Dividends
					Proceeds from			Realized			or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss	Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	37,750,307	$	44,575,969	$	(38,917,086	)		$	43,409,190	$	8,153	$	43,409,190

(e)

The rate shown is the seven-day current annualized yield at March 31, 2011.

(f)

The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	331,297
Arabella Ltd		470,994
BP Capital Markets PLC		170,734
BPCE		666,641
Dexia Delaware LLC		762,938
Electricite De France		599,720
European Investment Bank		475,799
Nationwide Building		326,024
Skandin Ens Banken AG		579,663
Societe Generale		866,190
Total Market Value of Collateral Securities	$	5,250,000

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	198,778
Arabella Ltd		282,597
BP Capital Markets PLC		102,440
BPCE		399,985
Dexia Delaware LLC		457,763
Electricite De France		359,831
European Investment Bank		285,480
Nationwide Building		195,614
Skandin Ens Banken AG		347,798
Societe Generale		519,714
Total Market Value of Collateral Securities	$	3,150,000

Cantor Fitzgerald & Co. (0.230%)

Security Description	Value
Breeds Hill Capital Ltd	$	3,611
Fannie Mae Interest Strip		1,405,240
Fannie Mae Pool		12,376,925
Fannie Mae Principal Strip		132,446
Fannie Mae REMICS		412,136
Federal Farm Credit Bank		236,398
Federal Home Loan Banks		350,756
Federal Home Loan Mortgage Corp		205,490
Federal National Mortgage Association		160,730
FHLMC Structured Pass Through Securities		71,972
Freddie Mac Coupon Strips		1,558
Freddie Mac Gold Pool		1,754,036
Freddie Mac Non Gold Pool		5,314,573
Freddie Mac REMICS		526,486
Freddie Mac Strips		136,910
Ginnie Mae I Pool		371,967
Ginnie Mae II Pool		1,131,472
Government National Mortgage Association		439,377
LMA SA & LMA Americas		1,244
Metlife Short Term Funding		1,708
Sanofi-Aventis		5,310
Silver Tower US Fund		1,185
Suncorp-Metway Ltd		3,646
United States Treasury Inflation Indexed Bonds		78,116
United States Treasury Strip Coupon		1,272,858
United States Treasury Strip Principal		123,853
Total Market Value of Collateral Securities	$	26,520,003

G.X. Clarke and Company (0.220%)

Security Description	Value
Fannie Mae Discount Notes	$	15,269
Fannie Mae Interest Strip		5,407
Federal Farm Credit Bank		493,176
Federal Home Loan Banks		1,021,690
Federal Home Loan Mortgage Corp		642,340
Federal National Mortgage Association		1,020,505
Freddie Mac Discount Notes		29,579
Freddie Mac Strips		16,315
Resolution Funding Corp Interest Strip		285
Tennessee Valley Authority		72,935
Tennessee Valley Authority Generic Strip		206
United States Treasury Inflation Indexed Bonds		245,183
United States Treasury Note/Bond		1,327,497
United States Treasury Strip Coupon		156,206
United States Treasury Strip Principal		53,422
Total Market Value of Collateral Securities	$	5,100,015

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	5,970,111
Total Market Value of Collateral Securities	$	5,970,111

MF Global Holdings Ltd. (0.290%)

Security Description	Value
Fannie Mae REMICS	$	65,900
Freddie Mac Gold Pool		1,916,877
Freddie Mac REMICS		42,445
Ginnie Mae I Pool		191,054
Ginnie Mae II Pool		789,882
Government National Mortgage Association		53,858
Total Market Value of Collateral Securities	$	3,060,016

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	184,445
Fannie Mae Pool		10,354,999
Fannie Mae Principal Strip		177,288
Fannie Mae Whole Loan		168,545
Federal Farm Credit Bank		2,123,979
Federal Farm Credit Discount Notes		257,833
Federal Home Loan Bank Discount Notes		953,574
Federal Home Loan Banks		1,464,243
Federal Home Loan Mortgage Corp		105,017
Federal National Mortgage Association		1,212,795
FHLMC Structured Pass Through Securities		145,927
Freddie Mac Gold Pool		970,142
Freddie Mac Non Gold Pool		2,274,182
Government National Mortgage Association		7,031
Total Market Value of Collateral Securities	$	20,400,000

Natixis Financial Products, Inc. (0.130%)

Security Description	Value
Fannie Mae Interest Strip	$	79,615
Fannie Mae Pool		55,954
Fannie Mae REMICS		2,088,274
Freddie Mac REMICS		1,188,576
Government National Mortgage Association		151,376
United States Treasury Note/Bond		516,221
Total Market Value of Collateral Securities	$	4,080,016

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	7,428,146
Freddie Mac Gold Pool		2,771,854
Total Market Value of Collateral Securities	$	10,200,000
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	8,905
Fannie Mae REMICS		1,458,267
Fannie Mae Whole Loan		5,416
Freddie Mac REMICS		2,105,531
Government National Mortgage Association		1,250,710
United States Treasury Bill		271,171
Total Market Value of Collateral Securities	$	5,100,000

^(g) At March 31, 2011, the cost of securities for federal income tax purposes was approximately $1,020,002,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	172,534,000
Unrealized Depreciation		(8,310,000	)
Net Unrealized Appreciation	$	164,224,000

^(h) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Currency Legend

AUD	Australian Dollar
CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling
JPY	Japanese Yen
SEK	Swedish Krona
SGD	Singapore Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2			Level 3
Description(a)	quoted prices		other			significant		Total
	in active		significant			unobservable
	markets for		observable			inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	—	$	102,026,283		$	—	$	102,026,283
Consumer Staples		—		89,406,709			—		89,406,709
Energy		—		88,284,158			—		88,284,158
Financials		—		250,728,103			—		250,728,103
Health Care		—		74,790,508			—		74,790,508
Industrials		—		136,658,572			—		136,658,572
Information Technology		—		56,732,812			—		56,732,812
Materials		—		119,394,125			—		119,394,125
Telecommunication Services		—		69,831,914			—		69,831,914
Utilities		—		34,132,917			—		34,132,917
Preferred Stocks
Consumer Discretionary		—		10,980,837			—		10,980,837
Total Equity Securities		—		1,032,966,938			—		1,032,966,938
Other
Affiliated Money Market Fund(c)		43,409,190		—			—		43,409,190
Investments of Cash Collateral Received for Securities on Loan		—		107,849,975			—		107,849,975
Total Other		43,409,190		107,849,975			—		151,259,165
Investments in Securities		43,409,190		1,140,816,913			—		1,184,226,103
Derivatives(d)
Assets
Futures Contracts		768,765		—			—		768,765
Forward Foreign Currency Exchange Contracts		—		36,848			—		36,848
Liabilities
Forward Foreign Currency Exchange Contracts		—		(31,926	)		—		(31,926	)
Total	$	44,177,955	$	1,140,821,835		$	—	$	1,184,999,790

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.
(d)	Derivative instruments are valued at unrealized appreciation (depreciation).

Portfolio of Investments

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (98.2%)
CONSUMER DISCRETIONARY (14.7%)
Auto Components (1.1%)
BorgWarner, Inc.(a)(b)		225,400	$	17,962,126
Automobiles (1.0%)
Ford Motor Co.(a)(b)		1,101,600		16,424,856
Hotels, Restaurants & Leisure (3.4%)
Ctrip.com International Ltd., ADR(a)(b)(c)		338,600		14,048,514
Las Vegas Sands Corp.(b)		549,700		23,208,334
Yum! Brands, Inc.		330,800		16,996,504
Total				54,253,352
Internet & Catalog Retail (4.9%)
Amazon.com, Inc.(b)		208,900		37,629,157
priceline.com, Inc.(a)(b)		82,230		41,644,561
Total				79,273,718
Media (2.3%)
Scripps Networks Interactive, Inc., Class A		340,200		17,040,618
Walt Disney Co. (The)		481,500		20,747,835
Total				37,788,453
Multiline Retail (0.9%)
Dollar General Corp.(a)(b)		465,900		14,605,965
Specialty Retail (1.1%)
O’Reilly Automotive, Inc.(a)(b)		314,400		18,065,424
TOTAL CONSUMER DISCRECTIONARY				238,373,894
CONSUMER STAPLES (3.4%)
Food & Staples Retailing (1.0%)
Costco Wholesale Corp.		213,300		15,639,156
Food Products (1.2%)
Green Mountain Coffee Roasters, Inc.(a)(b)		304,500		19,673,745
Personal Products (1.2%)
Estee Lauder Companies, Inc. (The), Class A		210,000		20,235,600
TOTAL CONSUMER STAPLES				55,548,501
ENERGY (9.4%)
Energy Equipment & Services (5.6%)
FMC Technologies, Inc.(b)		345,800		32,671,184
Halliburton Co.		339,700		16,930,648
Schlumberger Ltd.(c)		446,400		41,631,264
Total				91,233,096

Issuer	Shares		Value
Common Stocks (continued)
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (3.8%)
Occidental Petroleum Corp.		300,100	$	31,357,449
Peabody Energy Corp.(a)		192,400		13,845,104
Petroleo Brasileiro SA, ADR(a)(c)		438,700		15,591,398
Total				60,793,951
TOTAL ENERGY				152,027,047
FINANCIALS (9.3%)
Capital Markets (5.9%)
Charles Schwab Corp. (The)(a)		883,900		15,936,717
Franklin Resources, Inc.		186,900		23,377,452
Goldman Sachs Group, Inc. (The)(a)		257,200		40,758,484
TD Ameritrade Holding Corp.(a)		734,300		15,324,841
Total				95,397,494
Diversified Financial Services (3.4%)
CME Group, Inc.		52,800		15,921,840
IntercontinentalExchange, Inc.(b)		108,800		13,441,152
JPMorgan Chase & Co.		567,300		26,152,530
Total				55,515,522
TOTAL FINANCIALS				150,913,016
HEALTH CARE (7.4%)
Health Care Equipment & Supplies (2.2%)
Edwards Lifesciences Corp.(b)		89,200		7,760,400
Intuitive Surgical, Inc.(a)(b)		37,300		12,438,058
Varian Medical Systems, Inc.(a)(b)		225,400		15,246,056
Total				35,444,514
Health Care Providers & Services (2.7%)
Express Scripts, Inc.(a)(b)		793,800		44,143,218
Health Care Technology (1.1%)
Cerner Corp.(a)(b)		167,100		18,581,520
Pharmaceuticals (1.4%)
Shire PLC, ADR(a)(c)		259,400		22,593,740
TOTAL HEALTH CARE				120,762,992
INDUSTRIALS (14.8%)
Aerospace & Defense (2.8%)
Goodrich Corp.		167,100		14,292,063
United Technologies Corp.		362,900		30,719,485
Total				45,011,548

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (CONTINUED)
Air Freight & Logistics (1.1%)
CH Robinson Worldwide, Inc.(a)		230,900	$	17,116,617
Construction & Engineering (1.8%)
Fluor Corp.		402,400		29,640,784
Machinery (6.2%)
Danaher Corp.(a)		824,500		42,791,550
Deere & Co.(a)		321,000		31,101,690
Illinois Tool Works, Inc.(a)		493,600		26,516,192
Total				100,409,432
Road & Rail (2.9%)
Union Pacific Corp.		482,300		47,424,559
TOTAL INDUSTRIALS				239,602,940
INFORMATION TECHNOLOGY (34.2%)
Communications Equipment (3.7%)
Juniper Networks, Inc.(a)(b)		253,900		10,684,112
QUALCOMM, Inc.		905,800		49,665,014
Total				60,349,126
Computers & Peripherals (8.3%)
Apple, Inc.(b)		223,500		77,878,575
EMC Corp.(a)(b)		1,544,600		41,009,130
NetApp, Inc.(b)		340,300		16,395,654
Total				135,283,359
Internet Software & Services (5.2%)
Baidu, Inc., ADR(b)(c)		208,900		28,788,509
Google, Inc., Class A(b)		68,300		40,038,143
VeriSign, Inc.(a)		444,200		16,084,482
Total				84,911,134
IT Services (5.8%)
Cognizant Technology Solutions Corp., Class A(b)		847,700		69,002,780
Visa, Inc., Class A		328,700		24,198,894
Total				93,201,674
Semiconductors & Semiconductor Equipment (3.1%)
Altera Corp.		423,200		18,629,264
ASML Holding NV(b)(c)		362,200		16,117,900
Texas Instruments, Inc.		445,300		15,389,568
Total				50,136,732

Issuer				Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Software (8.1%)
Autodesk, Inc.(b)					520,000	$	22,937,200
Citrix Systems, Inc.(a)(b)					350,700		25,762,422
Intuit, Inc.(b)					329,800		17,512,380
Oracle Corp.					1,355,400		45,229,698
Salesforce.com, Inc.(a)(b)					144,800		19,342,384
VMware, Inc., Class A(b)					11,900		970,326
Total							131,754,410
TOTAL INFORMATION TECHNOLOGY							555,636,435
MATERIALS (3.5%)
Chemicals (0.8%)
Ecolab, Inc.					251,700		12,841,734
Metals & Mining (2.7%)
Cliffs Natural Resources, Inc.					266,000		26,142,480
Walter Energy, Inc.					133,100		18,025,733
Total							44,168,213
TOTAL MATERIALS							57,009,947
TELECOMMUNICATION SERVICES (1.5%)
Wireless Telecommunication Services (1.5%)
American Tower Corp., Class A(b)					472,700		24,495,314
TOTAL TELECOMMUNICATION SERVICES							24,495,314
Total Common Stocks (Cost: $1,363,105,946)						$	1,594,370,086
				Shares		Value
Money Market Fund (2.1%)
Columbia Short-Term Cash Fund, 0.229%(d)(e)					34,532,242	$	34,532,242
Total Money Market Fund (Cost: $34,532,242)						$	34,532,242
	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (15.3%)
Asset-Backed Commercial Paper (1.6%)
Antalis US Funding Corp.
04/08/11		0.260	%	$	9,999,422	$	9,999,422
Ebbets Funding LLC
04/12/11		0.480	%		4,997,867		4,997,867
Macquarie Bank Ltd.
05/09/11		0.395	%		2,497,559		2,497,559

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Asset-Backed Commercial Paper (continued)
05/10/11		0.395	%	$	2,997,037	$	2,997,037
Royal Park Investments Funding Corp.
04/21/11		0.510	%		4,996,954		4,996,954
Total							25,488,839
Certificates of Deposit (7.4%)
Australia and New Zealand Bank Group, Ltd.
05/17/11		0.410	%		10,000,000		10,000,000
Barclays Bank PLC
06/15/11		0.400	%		10,000,000		10,000,000
Credit Industrial et Commercial
06/07/11		0.400	%		8,000,000		8,000,000
06/13/11		0.400	%		1,000,000		1,000,000
Development Bank of Singapore Ltd.
05/17/11		0.400	%		10,000,000		10,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		10,000,000		10,000,000
KBC Bank NV
04/29/11		0.450	%		3,000,000		3,000,000
La Banque Postale
06/01/11		0.400	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		3,000,000		3,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/11/11		0.370	%		7,493,146		7,493,146
06/08/11		0.340	%		3,000,000		3,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		10,000,000		10,000,000
Norinchukin Bank
05/13/11		0.350	%		5,000,000		5,000,000
06/02/11		0.350	%		5,000,000		5,000,000
Overseas Chinese Banking Corp.
05/09/11		0.470	%		4,000,000		4,000,000
Pohjola Bank PLC
06/10/11		0.470	%		10,000,000		10,000,000
06/16/11		0.460	%		2,500,000		2,500,000
Societe Generale
07/01/11		0.363	%		6,000,000		6,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		5,994,517		5,994,517

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
United Overseas Bank Ltd.
05/23/11		0.410	%	$	1,000,000	$	1,000,000
Total							119,987,663
Commercial Paper (0.6%)
Suncorp Metway Ltd.
04/27/11		0.300	%		4,998,541		4,998,541
04/28/11		0.300	%		4,998,542		4,998,542
Total							9,997,083
Money Market Fund (0.3%)
JP Morgan Prime Money Market Fund, 0.010%(d)					5,000,000		5,000,000
Repurchase Agreements (5.4%)
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $4,368,049(f)
		0.160	%		4,368,029		4,368,029
MF Global Holdings Ltd.(f)
dated 03/31/11, matures 04/01/11, repurchase price $25,000,174
		0.250	%		25,000,000		25,000,000
repurchase price $25,000,201
		0.290	%		25,000,000		25,000,000
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $8,000,040(f)
		0.180	%		8,000,000		8,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,078(f)
		0.280	%		10,000,000		10,000,000
Nomura Securities
dated 03/31/10, matures 04/01/11, repurchase price $15,000,100(f)
		0.240	%		15,000,000		15,000,000
Total							87,368,029
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $247,841,614)						$	247,841,614
Total Investments (Cost: $1,645,479,802)						$	1,876,743,942(g)
Other Assets & Liabilities, Net							(253,495,266)
Net Assets						$	1,623,248,676

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Notes to Portfolio of Investments

(a)	At March 31, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 8.55% of net assets.

(d)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(e)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends or
					Proceeds from			Realized				Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	17,933,881	$	398,283,109	$	(381,684,748	)	$	—	$	34,532,242	$	23,483	$	34,532,242

^(f) The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Goldman Sachs & Co. (0.160%)

Security Description	Value
Government National Mortgage Association	$	4,455,390
Total Market Value of Collateral Securities	$	4,455,390

MF Global Holdings Ltd. (0.250%)

Security Description	Value
Ginnie Mae I Pool	$	15,232,869
Ginnie Mae II Pool		10,267,438
Total Market Value of Collateral Securities	$	25,500,307

MF Global Holdings Ltd. (0.290%)

Security Description	Value
Fannie Mae REMICS	$	549,165
Freddie Mac Gold Pool		15,973,978
Freddie Mac REMICS		353,710
Ginnie Mae I Pool		1,592,117
Ginnie Mae II Pool		6,582,350
Government National Mortgage Association		448,816
Total Market Value of Collateral Securities	$	25,500,136

Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS	$	2,325,281
Freddie Mac REMICS		1,736,306
Government National Mortgage Association		4,098,413
Total Market Value of Collateral Securities	$	8,160,000

Mizuho Securities USA, Inc. (0.280%)

Security Description	Value
Fannie Mae Grantor Trust	$	92,222
Fannie Mae Pool		5,177,499
Fannie Mae Principal Strip		88,644
Fannie Mae Whole Loan		84,272
Federal Farm Credit Bank		1,061,990
Federal Farm Credit Discount Notes		128,917
Federal Home Loan Bank Discount Notes		476,787
Federal Home Loan Banks		732,122
Federal Home Loan Mortgage Corp		52,508
Federal National Mortgage Association		606,397
FHLMC Structured Pass Through Securities		72,964
Freddie Mac Gold Pool		485,071
Freddie Mac Non Gold Pool		1,137,091
Government National Mortgage Association		3,516
Total Market Value of Collateral Securities	$	10,200,000

Nomura Securities (0.240%)

Security Description	Value
Fannie Mae Pool	$	11,142,219
Freddie Mac Gold Pool		4,157,781
Total Market Value of Collateral Securities	$	15,300,000

^(g) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

ADR      American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated December 31, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(b)		inputs
Equity Securities
Common Stocks
Consumer Discretionary	$	238,373,894	$	—	$	—	$	238,373,894
Consumer Staples		55,548,501		—		—		55,548,501
Energy		152,027,047		—		—		152,027,047
Financials		150,913,016		—		—		150,913,016
Health Care		120,762,992		—		—		120,762,992
Industrials		239,602,940		—		—		239,602,940
Information Technology		555,636,435		—		—		555,636,435
Materials		57,009,947		—		—		57,009,947
Telecommunication Services		24,495,314		—		—		24,495,314
Total Equity Securities		1,594,370,086		—		—		1,594,370,086
Other
Affiliated Money Market Fund(c)		34,532,242		—		—		34,532,242
Investments of Cash Collateral Received for Securities on Loan		5,000,000		242,841,614		—		247,841,614
Total Other		39,532,242		242,841,614		—		282,373,856
Total	$	1,633,902,328	$	242,841,614	$	—	$	1,876,743,942

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

^(c) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

Portfolio of Investments

Variable Portfolio – Wells Fargo Short Duration Government Fund

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Coupon			Principal
Issuer	Rate			Amount		Value
Corporate Bonds & Notes (2.5%)
Banking (1.4%)
Nordea Eiendomskreditt AS(a)(b)(c)(d)
04/07/14		0.714	%	$	22,590,000	$	22,597,229
Other Financial Institutions (1.1%)
FIH Erhvervsbank AS
Government Liquid Guaranteed(b)(c)
06/12/13		2.000	%		18,720,000		19,031,875
Total Corporate Bonds & Notes (Cost: $41,263,574)						$	41,629,104

Residential Mortgage-Backed Securities – Agency (32.9%)
Federal Home Loan Mortgage Corp.(d)(e)
03/01/36	5.658	%	$	8,299,558	$	8,840,124
04/01/37	6.054	%		1,804,491		1,948,267
09/01/37	6.129	%		2,245,589		2,415,850
07/01/38	5.741	%		21,862,976		23,561,534
Structured Pass-Through Securities
CMO Series T-41 Class 3A
07/25/32	7.222	%		2,633,355		3,015,092
CMO Series T-51 Class 2A
08/25/42	7.500	%		2,943,622		3,382,368
Federal Home Loan Mortgage Corp.(e)
07/01/32- 11/13/40	6.500	%		16,228,181		18,264,532
05/01/35	7.000	%		12,299,977		14,151,822
10/01/40	7.500	%		4,644,529		5,309,601
CMO Series 2420 Class XK
02/15/32	6.500	%		4,040,097		4,413,455
CMO Series 3510 Class BD
03/15/32	4.500	%		4,619,000		4,836,501
CMO Series 3531 Class JA
05/15/39	4.500	%		9,760,948		10,217,057
CMO Series 3704 Class CT
12/15/36	7.000	%		4,110,500		4,577,286
CMO Series T-42 Class A5
02/25/42	7.500	%		91,247		107,817
Structured Pass-Through Securities
CMO Series T-55 Class 1A2
03/25/43	7.000	%		2,837		3,162
CMO Series T-57 Class 1A3
07/25/43	7.500	%		714,105		841,640
CMO Series T-59 Class 1A3
10/25/43	7.500	%		278,976		329,637
CMO Series T-60 Class 1A2
03/25/44	7.000	%		276,400		309,573
CMO Series T-60 Class 1A3
03/25/44	7.500	%		117,329		138,283
Federal National Mortgage Association(d)(e)
06/01/37	5.872	%		15,950,053		17,231,863
CMO Series 1999-T2 Class A1
01/19/39	7.500	%		528,437		590,849
CMO Series 2001-W3 Class A
09/25/41	7.000	%		245,446		284,456

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO Series 2002-W1 Class 2A
02/25/42		7.244	%	$	922,880	$	1,073,713
CMO Series 2002-W6 Class 2A
06/25/42		7.223	%		4,655,962		5,370,012
CMO Series 2003-W1 Class 2A
12/25/42		7.279	%		442,331		502,742
CMO Series 2003-W4 Class 4A
10/25/42		7.355	%		1,392,307		1,587,860
Federal National Mortgage Association(e)
03/01/29- 02/01/41		6.500	%		30,651,358		34,699,158
04/01/35- 08/01/36		7.000	%		23,596,069		27,199,837
10/01/40		7.500	%		5,002,635		5,744,276
CMO Series 2000-T6 Class A1
06/25/30		7.500	%		1,063,819		1,184,560
CMO Series 2001-50 Class BA
10/25/31		7.000	%		312,382		350,397
CMO Series 2001-81 Class HE
01/25/32		6.500	%		10,121,410		11,302,503
CMO Series 2001-T1 Class A1
10/25/40		7.500	%		4,115,653		4,601,521
CMO Series 2001-T3 Class A1
11/25/40		7.500	%		1,147,383		1,276,787
CMO Series 2001-T4 Class A1
07/25/41		7.500	%		170,216		194,040
CMO Series 2001-T7 Class A1
02/25/41		7.500	%		950,957		1,097,111
CMO Series 2001-T8 Class A1
07/25/41		7.500	%		3,477,052		3,880,173
CMO Series 2002-14 Class A1
01/25/42		7.000	%		1,208,985		1,310,218
CMO Series 2002-14 Class A2
01/25/42		7.500	%		2,489,761		2,775,498
CMO Series 2002-26 Class A1
01/25/48		7.000	%		1,652,272		1,822,686
CMO Series 2002-26 Class A2
01/25/48		7.500	%		2,201,592		2,441,692
CMO Series 2002-33 Class A2
06/25/32		7.500	%		259,290		295,645
CMO Series 2002-T12 Class A3
05/25/42		7.500	%		986,351		1,152,489
CMO Series 2002-T16 Class A2
07/25/42		7.000	%		46,880		53,387
CMO Series 2002-T16 Class A3
07/25/42		7.500	%		692,837		813,001
CMO Series 2002-T18 Class A4
08/25/42		7.500	%		1,626,357		1,912,494
CMO Series 2002-T19 Class A3
07/25/42		7.500	%		1,756,700		2,039,419
CMO Series 2002-T6 Class A2
10/25/41		7.500	%		474,212		536,181
CMO Series 2002-W8 Class A3
06/25/42		7.500	%		211,061		237,080
CMO Series 2004-W14 Class 2A
07/25/44		7.500	%		277,965		325,369
CMO Series 2004-W2 Class 5A
03/01/34		7.500	%		586,281		679,170
CMO Series 2004-W9 Class 1A3
02/25/44		6.050	%		8,287,000		9,029,065
CMO Series 2004-W9 Class 2A3
02/25/44		7.500	%		1,858,359		2,155,384
CMO Series 2005-W1 Class 1A4
10/25/44		7.500	%		3,171,365		3,658,927
CMO Series 2005-W3 Class 1A
03/25/45		7.500	%		2,891,924		3,263,808
CMO Series 2005-W4 Class 1A3
08/25/35		7.000	%		177,617		201,864
CMO Series 2006-4 Class PB
09/25/35		6.000	%		12,305,491		13,538,902
CMO Series 2007-16 Class AB
08/25/35		6.000	%		4,030,961		4,325,061
CMO Series 2009-111 Class CL
03/25/38		4.500	%		5,258,926		5,365,262
CMO Series 2009-19 Class TA
12/25/37		4.500	%		4,156,993		4,212,871

	Coupon			Principal
Issuer	Rate			Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
CMO Series 2009-47 Class MT
07/25/39		7.000	%	$	3,459,737	$	3,840,073
CMO Series 2009-47 Class PA
07/25/39		4.500	%		9,161,887		9,549,580
CMO Series 2010-64 Class BA
05/25/40		5.000	%		16,002,050		16,614,591
CMO Series 2044-W8 Class 3A
06/25/44		7.500	%		2,671,869		3,032,868
Federal National Mortgage Association(e)(f)
08/01/37-07/01/40		6.500	%		110,100,255		125,420,699
04/01/38		7.000	%		49,176,804		56,622,216
Government National Mortgage Association(e)
09/15/35		6.000	%		36,604,417		40,480,937
08/15/36		6.500	%		4,081,443		4,641,365
Total Residential Mortgage-Backed Securities — Agency (Cost: $543,623,506)						$	547,183,261

Federal National Mortgage Association^(e)

Commercial Mortgage-Backed Securities (4.6%)
Bear Stearns Commercial Mortgage Securities
Series 2004-PWR4 Class A2(d)(e)
06/11/41	5.286	%	$	6,451,588	$	6,733,482
Developers Diversified Realty Corp.
Series 2009-DDR1 Class A(b)(e)
10/14/22	3.807	%		25,984,335		26,879,721
Federal Home Loan Mortgage Corp.
Multifamily Structured Pass-Through Certificates
CMO Series K007 Class A1(e)
12/25/19	3.342	%		4,405,847		4,428,130
Federal National Mortgage Association(e)
12/01/11	5.622	%		9,698,547		9,838,032
07/01/12	6.108	%		9,238,945		9,560,870
Greenwich Capital Commercial Funding Corp.
Series 2005-GG5 Class A41(d)(e)
04/10/37	5.243	%		8,907,000		9,308,455
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP5 Class A4(d)(e)
12/15/44	5.202	%		840,000		899,322

	Coupon			Principal
Issuer	Rate			Amount		Value
Commercial Mortgage-Backed Securities (continued)
LB-UBS Commercial Mortgage Trust(d)(e)
Series 2005-C7 Class A3
11/15/30		5.442	%	$	3,163,000	$	3,303,445
LB-UBS Commercial Mortgage Trust(e)
Series 2005-C2 Class A4
04/15/30		4.998	%		1,353,000		1,383,281
Morgan Stanley Capital I
Series 2003-IQ4 Class A2(e)
05/15/40		4.070	%		4,048,842		4,170,353
Total Commercial Mortgage-Backed Securities (Cost: $76,551,726)						$	76,505,091

Asset-Backed Securities (7.5%)
Chase Issuance Trust
Series 2007-A17 Class A
10/15/14	5.120	%	$	26,414,000	$	28,125,564
Discover Card Master Trust
Series 2011-A1 Class A1(d)
08/15/16	0.610	%		15,971,000		15,989,145
Honda Auto Receivables Owner Trust
Series 2010-3 Class A4
09/22/14	0.940	%		11,279,000		11,104,419
MMCA Automobile Trust
Series 2009A Class A4(b)
11/15/15	6.250	%		5,871,000		6,268,036
Nissan Auto Receivables Owner Trust
Series 2010-A Class A4
09/15/16	1.310	%		6,400,000		6,354,038
SLM Student Loan Trust(d)
Series 2002-6 Class A4CP
03/15/19	0.590	%		4,739,789		4,736,590
Series 2005-1 Class A2
04/27/20	0.383	%		4,612,653		4,582,779
Series 2008-2 Class A2
01/25/17	0.753	%		17,278,000		17,303,848

	Coupon			Principal
Issuer	Rate			Amount		Value
Asset-Backed Securities (continued)
Series 2008-6-A2
10/25/17		0.853	%	$	25,193,000	$	25,242,280
USAA Auto Owner Trust
Series 2010-1 Class A4
09/15/15		2.140	%		5,423,000		5,518,717
Total Asset-Backed Securities (Cost: $125,504,783)						$	125,225,416

U.S. Treasury Obligations (44.0%)
U.S. Treasury
08/31/12	4.125	%	$	33,645,000	$	35,354,839
03/13/13	0.750	%		15,799,000		15,786,677
U.S. Treasury(a)
03/13/13	0.750	%		194,982,000		194,829,914
U.S. Treasury(f)
06/15/12	1.875	%		85,479,000		86,991,551
11/30/12	0.500	%		123,421,000		123,160,705
01/31/13	0.625	%		157,754,000		157,458,211
03/15/14	1.250	%		119,789,000		119,751,566
Total U.S. Treasury Obligations (Cost: $733,274,643)					$	733,333,463
U.S. Government & Agency Obligations (4.0%)
Federal Home Loan Banks
03/27/13	1.000	%	$	67,000,000	$	67,189,811
Total U.S. Government & Agency Obligations (Cost: $67,240,090)					$	67,189,811

	Shares		Value
Money Market Fund (4.0%)
Columbia Short-Term Cash Fund, 0.229%(g)(h)		66,284,048	$	66,284,048
Total Money Market Fund (Cost: $66,284,048)			$	66,284,048

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (28.5%)
Asset-Backed Commercial Paper (2.4%)
Cancara Asset Securitisation LLC
04/21/11		0.250	%	$	9,998,125	$	9,998,125
Macquarie Bank Ltd.
05/09/11		0.395	%		7,492,676		7,492,676
05/10/11		0.395	%		7,492,594		7,492,594
Rheingold Securitization
04/20/11		0.551	%		4,993,507		4,993,507
04/28/11		0.551	%		2,995,875		2,995,875

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Asset-Backed Commercial Paper (continued)
Royal Park Investments Funding Corp.
04/21/11		0.510	%	$	6,995,736	$	6,995,736
Total							39,968,513
Certificates of Deposit (13.9%)
Australia and New Zealand Bank Group, Ltd.
05/23/11		0.400	%		10,000,000		10,000,000
06/30/11		0.400	%		5,000,000		5,000,000
Bank of Tokyo Securities
04/01/11		0.250	%		5,000,000		5,000,000
Barclays Bank PLC
05/23/11		0.400	%		10,000,000		10,000,000
Clydesdale Bank PLC
04/21/11		0.400	%		10,000,000		10,000,000
04/26/11		0.395	%		10,000,000		10,000,000
Credit Industrial et Commercial
05/23/11		0.400	%		7,000,000		7,000,000
05/23/11		0.400	%		10,000,000		10,000,000
Den Danske Bank
04/01/11		0.190	%		20,000,000		20,000,000
Development Bank of Singapore Ltd.
04/26/11		0.400	%		8,000,000		8,000,000
05/17/11		0.400	%		5,000,000		5,000,000
Erste Bank der Oesterreichische
04/15/11		0.370	%		10,000,000		10,000,000
Erste Bank der Oesterreichischen Sparkassen AG
04/04/11		0.380	%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
05/12/11		0.400	%		15,000,000		15,000,000
KBC Bank NV
04/29/11		0.450	%		10,000,000		10,000,000
La Banque Postale
06/01/11		0.400	%		5,000,000		5,000,000
Landesbank Hessen Thuringen
04/11/11		0.300	%		12,000,000		12,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/18/11		0.350	%		4,995,677		4,995,677
05/23/11		0.345	%		6,000,000		6,000,000
06/08/11		0.340	%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
06/30/11		0.360	%		5,000,000		5,000,000
Natixis
05/09/11		0.503	%		12,000,000		12,000,000
Norinchukin Bank
05/13/11		0.350	%		5,000,000		5,000,000
Overseas Chinese Banking Corp.
05/09/11		0.470	%		7,000,000		7,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (continued)
Pohjola Bank PLC
06/16/11		0.460	%	$	10,000,000	$	10,000,000
Societe Generale
07/01/11		0.363	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd.
05/25/11		0.370	%		4,995,430		4,995,430
United Overseas Bank Ltd.
04/18/11		0.390	%		10,000,000		10,000,000
Total							231,991,107
Commercial Paper (1.2%)
Macquarie Bank Ltd.
06/30/11		0.400	%		4,994,889		4,994,889
Royal Park Investments Funding Corp.
06/28/11		0.601	%		4,992,417		4,992,417
Suncorp Metway Ltd.
04/27/11		0.300	%		9,997,083		9,997,083
Total							19,984,389
Other Short-Term Obligations (0.7%)
Goldman Sachs Group, Inc. (The)
04/14/11		0.270	%		6,000,000		6,000,000
04/20/11		0.270	%		5,000,000		5,000,000
Total							11,000,000
Repurchase Agreements (10.3%)
Barclays Capital, Inc.(i)
dated 10/13/10, matures 04/15/11,
repurchase price $15,001,688
		0.270	%		15,000,000		15,000,000
dated 01/04/11, matures 04/15/11,
repurchase price $20,002,250
		0.270	%		20,000,000		20,000,000

	Effective			Par/
Issuer	Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
Cantor Fitzgerald & Co.
dated 03/31/11, matures 04/01/11, repurchase price $50,000,319(i)
		0.230	%	$	50,000,000	$	50,000,000
G.X. Clarke and Company
dated 03/31/11, matures 04/01/11, repurchase price $14,000,086(i)
		0.220	%		14,000,000		14,000,000
Goldman Sachs & Co.
dated 03/31/11, matures 04/01/11, repurchase price $12,165,746(i)
		0.160	%		12,165,692		12,165,692
MF Global Holdings Ltd.
dated 03/31/11, matures 04/01/11, repurchase price $10,000,081(i)
		0.290	%		10,000,000		10,000,000
Merrill Lynch Pierce Fenner & Smith, Inc.
dated 01/18/11, matures 04/18/11, repurchase price $7,001,050(i)
		0.300	%		7,000,000		7,000,000
Mizuho Securities USA, Inc.
dated 03/31/11, matures 04/01/11, repurchase price $20,000,156(i)
		0.280	%		20,000,000		20,000,000
Nomura Securities
dated 03/31/11, matures 04/01/11, repurchase price $5,000,033(i)
		0.240	%		5,000,000		5,000,000
Pershing LLC
dated 03/31/11, matures 04/01/11, repurchase price $19,000,116(i)
		0.220	%		19,000,000		19,000,000
Total							172,165,692
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $475,109,701)						$	475,109,701
Total Investments (Cost: $2,128,852,071)(j)						$	2,132,459,895(k)
Other Assets & Liabilities, Net							(466,130,998)
Net Assets						$	1,666,328,897

Notes to Portfolio of Investments

(a)	Represents a security purchased on a when-issued or delayed delivery basis.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of these securities amounted to $74,776,861 or 4.49% of net assets.
(c)	Represents a foreign security. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 2.50% of net assets.
(d)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2011.

(e)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(f)	At March 31, 2011, security was partially or fully on loan.
(g)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(h)	Investments in affiliates during the period ended March 31, 2011:

					Sales Cost/							Dividends
					Proceeds from			Realized				or Interest
Issuer	Beginning Cost		Purchase Cost		Sales			Gain/Loss		Ending Cost		Income		Value
Columbia Short-Term Cash Fund	$	78,369,813	$	1,116,882,270	$	(1,128,968,035	)	$	—	$	66,284,048	$	66,630	$	66,284,048

⁽ⁱ⁾  The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

Barclays Capital, Inc. (0.270%)

Security Description	Value
Abbey National NA	$	993,890
Arabella Ltd		1,412,983
BP Capital Markets PLC		512,202
BPCE		1,999,923
Dexia Delaware LLC		2,288,814
Electricite De France		1,799,160
European Investment Bank		1,427,398
Nationwide Building		978,071
Skandin Ens Banken AG		1,738,990
Societe Generale		2,598,569
Total Market Value of Collateral Securities	$	15,750,000
Barclays Capital, Inc. (0.270%)
Security Description	Value
Abbey National NA	$	1,325,188
Arabella Ltd		1,883,977
BP Capital Markets PLC		682,937
BPCE		2,666,563
Dexia Delaware LLC		3,051,751
Electricite De France		2,398,880
European Investment Bank		1,903,198
Nationwide Building		1,304,094
Skandin Ens Banken AG		2,318,653
Societe Generale		3,464,759
Total Market Value of Collateral Securities	$	21,000,000
Cantor Fitzgerald & Co. (0.230%)
Security Description	Value
Breeds Hill Capital Ltd	$	13,888
Fannie Mae Interest Strip		5,404,768
Fannie Mae Pool		47,603,562
Fannie Mae Principal Strip		509,406
Fannie Mae REMICS		1,585,139
Federal Farm Credit Bank		909,222
Federal Home Loan Banks		1,349,061
Federal Home Loan Mortgage Corp		790,344
Federal National Mortgage Association		618,193
FHLMC Structured Pass Through Securities		276,815
Freddie Mac Coupon Strips		5,991
Freddie Mac Gold Pool		6,746,293
Freddie Mac Non Gold Pool		20,440,666
Freddie Mac REMICS		2,024,945
Freddie Mac Strips		526,575
Ginnie Mae I Pool		1,430,642
Ginnie Mae II Pool		4,351,816
Government National Mortgage Association		1,689,911
LMA SA & LMA Americas		4,785
Metlife Short Term Funding		6,571
Sanofi-Aventis		20,424
Silver Tower US Fund		4,560
Suncorp-Metway Ltd		14,021
United States Treasury Inflation Indexed Bonds		300,450
United States Treasury Strip Coupon		4,895,606
United States Treasury Strip Principal		476,356
Total Market Value of Collateral Securities	$	102,000,010
G.X. Clarke and Company (0.220%)
Security Description	Value
Fannie Mae Discount Notes	$	42,753
Fannie Mae Interest Strip		15,141
Federal Farm Credit Bank		1,380,891
Federal Home Loan Banks		2,860,733
Federal Home Loan Mortgage Corp		1,798,552
Federal National Mortgage Association		2,857,415
Freddie Mac Discount Notes		82,821
Freddie Mac Strips		45,680
Resolution Funding Corp Interest Strip		796
Tennessee Valley Authority		204,218
Tennessee Valley Authority Generic Strip		578
United States Treasury Inflation Indexed Bonds		686,513
United States Treasury Note/Bond		3,716,992
United States Treasury Strip Coupon		437,378
United States Treasury Strip Principal		149,582
Total Market Value of Collateral Securities	$	14,280,043
Goldman Sachs & Co. (0.160%)
Security Description	Value
Government National Mortgage Association	$	12,409,006
Total Market Value of Collateral Securities	$	12,409,006
MF Global Holdings Ltd. (0.290%)
Security Description	Value
Fannie Mae REMICS	$	219,666
Freddie Mac Gold Pool		6,389,591
Freddie Mac REMICS		141,484
Ginnie Mae I Pool		636,847
Ginnie Mae II Pool		2,632,939
Government National Mortgage Association		179,527
Total Market Value of Collateral Securities	$	10,200,054
Merrill Lynch Pierce Fenner & Smith, Inc. (0.300%)
Security Description	Value
Breeds Hill Capital Ltd	$	3,341,365
LMA SA & LMA Americas		112,958
Metlife Short Term Funding		993,451
Sanofi-Aventis		1,040,226
Silver Tower US Fund		990,314
Suncorp-Metway Ltd		871,686
Total Market Value of Collateral Securities	$	7,350,000
Mizuho Securities USA, Inc. (0.280%)
Security Description	Value
Fannie Mae Grantor Trust	$	184,445
Fannie Mae Pool		10,354,999
Fannie Mae Principal Strip		177,288
Fannie Mae Whole Loan		168,545
Federal Farm Credit Bank		2,123,979
Federal Farm Credit Discount Notes		257,833
Federal Home Loan Bank Discount Notes		953,574
Federal Home Loan Banks		1,464,243
Federal Home Loan Mortgage Corp		105,017
Federal National Mortgage Association		1,212,795
FHLMC Structured Pass Through Securities		145,927
Freddie Mac Gold Pool		970,142
Freddie Mac Non Gold Pool		2,274,182
Government National Mortgage Association		7,031
Total Market Value of Collateral Securities	$	20,400,000
Nomura Securities (0.240%)
Security Description	Value
Fannie Mae Pool	$	3,714,073
Freddie Mac Gold Pool		1,385,927
Total Market Value of Collateral Securities	$	5,100,000
Pershing LLC (0.220%)
Security Description	Value
Fannie Mae Benchmark REMIC	$	67,678
Fannie Mae REMICS		11,082,829
Fannie Mae Whole Loan		41,159
Freddie Mac REMICS		16,002,039
Government National Mortgage Association		9,505,393
United States Treasury Bill		2,060,903
Total Market Value of Collateral Securities	$	38,760,001

^(j)  At March 31, 2011, the cost of securities for federal income tax purposes was approximately $2,128,852,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$	6,729,000
Unrealized Depreciation		(3,121,000	)
Net Unrealized Appreciation	$	3,608,000

^(k)  Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Abbreviation Legend

CMO     Collateralized Mortgage Obligation

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Bonds
Corporate Bonds & Notes	$	—	$	41,629,104	$	—	$	41,629,104
Residential Mortgage-Backed Securities — Agency		—		547,183,261		—		547,183,261
Commercial Mortgage-Backed Securities		—		76,505,091		—		76,505,091
Asset-Backed Securities		—		125,225,416		—		125,225,416
U.S. Treasury Obligations		733,333,463		—		—		733,333,463
U.S. Government Agency Obligations		—		67,189,811		—		67,189,811
Total Bonds		733,333,463		857,732,683		—		1,591,066,146
Other
Affiliated Money Market Fund(c)		66,284,048		—		—		66,284,048
Investments of Cash Collateral Received for Securities on Loan		—		475,109,701		—		475,109,701
Total Other		66,284,048		475,109,701		—		541,393,749
Total	$	799,617,511	$	1,332,842,384	$	—	$	2,132,459,895

(a)	See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)	There were no significant transfers between Levels 1 and 2 during the period.
(c)	Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2011.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Residential
	Mortgage-Backed
	Securities-Agency
Balance as of December 31, 2010	$	7,222,867
Accrued discounts/premiums		—
Realized gain (loss)		(16,406	)
Change in unrealized appreciation (depreciation)*		12,133
Sales		(7,218,594	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of March 31, 2011	$	—

* Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2011 was $0.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Investments in Affiliated Funds

Variable Portfolio – Conservative Portfolio

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Shares		Value
Equity Funds (20.1%)
Global Real Estate (0.5%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund(a)		810,201	$	9,746,710
International (4.2%)
Variable Portfolio – AllianceBernstein International Value Fund		1,875,147		21,395,424
Variable Portfolio – Columbia Wanger International Equities Fund		478,002		5,879,426
Variable Portfolio – Invesco International Growth Fund		2,081,556		24,937,039
Variable Portfolio – Mondrian International Small Cap Fund		618,872		7,878,235
Variable Portfolio – Pyramis® International Equity Fund		1,822,310		21,667,272
Total				81,757,396
U.S. Large Cap (10.4%)
Columbia Variable Portfolio – Diversified Equity Income Fund(a)		2,238,654		31,341,153
Variable Portfolio – American Century Growth Fund(a)		2,528,943		30,347,316
Variable Portfolio – Davis New York Venture Fund(a)		1,771,241		18,527,185
Variable Portfolio – MFS Value Fund(a)		2,740,807		31,300,018
Variable Portfolio – Marsico Growth Fund(a)		2,399,362		30,375,922
Variable Portfolio – NFJ Dividend Value Fund(a)		2,606,453		31,251,373
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund(a)		2,472,387		30,385,640
Total				203,528,607
U.S. Mid Cap (2.7%)
Variable Portfolio – Goldman Sachs Mid Cap Value Fund(a)		2,484,361		29,389,992
Variable Portfolio – Jennison Mid Cap Growth Fund(a)		1,855,290		22,708,749
Total				52,098,741
U.S. Small Cap (2.3%)
Variable Portfolio – Columbia Wanger U.S. Equities Fund(a)		1,028,437		13,256,546
Variable Portfolio – Partners Small Cap Growth Fund(a)		617,400		7,964,461
Variable Portfolio – Partners Small Cap Value Fund(a)		1,444,475		23,516,054
Total				44,737,061
Total Equity Funds (Cost: $312,160,354)			$	391,868,515

	Shares		Value
Fixed-Income Funds (73.6%)
Floating Rate (3.9%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund(a)(b)		7,450,334	$	75,099,372
Global Bond (2.9%)
Columbia Variable Portfolio – Global Bond Fund		4,755,382		56,113,506
High Yield (2.0%)
Columbia Variable Portfolio – Income Opportunities Fund		3,488,620		38,584,137
Inflation Protected Securities (7.0%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund(b)		14,136,913		136,703,947
Investment Grade (55.8%)
Columbia Variable Portfolio – Diversified Bond Fund(b)		20,574,430		228,993,404
Columbia Variable Portfolio – Limited Duration Credit Fund(a)(b)		16,818,392		174,743,092
Columbia Variable Portfolio – Short Duration U.S. Government Fund(b)		6,522,760		67,771,478
Variable Portfolio – American Century Diversified Bond Fund(a)(b)		21,272,547		223,574,465
Variable Portfolio – J.P. Morgan Core Bond Fund(a)(b)		20,014,720		209,153,825
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund(a)(b)		7,445,438		77,581,468
Variable Portfolio – Wells Fargo Short Duration Government Fund(a)(b)		10,413,710		106,532,253
Total				1,088,349,985
Multisector (2.0%)
RiverSource Variable Portfolio – Strategic Income Fund(a)		3,667,714		39,831,376
Total Fixed-Income Funds (Cost: $1,401,582,196)			$	1,434,682,323
Cash Equivalents (6.3%)
Money Market (6.3%)
Columbia Short-Term Cash Fund, 0.229%(c)		6	$	6
Columbia Variable Portfolio – Cash Management Fund, 0.010%(b)(c)		123,851,240		123,851,240
Total				123,851,246
Total Cash Equivalents (Cost: $123,851,246)				$123,851,246
Total Investments in Affiliated Funds (Cost: $1,837,593,796)			$	1,950,402,084(d)
Other Assets and Liabilities				(42,900)
Net Assets				$1,950,359,184

Notes to Investments in Affiliated Funds

(a)	Non-income producing.
(b)	The fund does not invest in underlying funds for the purpose of exercising management control. At March 31, 2011, the fund held the following positions, which exceed 5% of the underlying fund’s shares outstanding:

Underlying Fund	Percent of Shares Held
Columbia VP Cash Management Fund		15.77	%
VP J.P. Morgan Core Bond Fund		11.22
VP American Century Diversified Bond Fund		10.76
VP Eaton Vance Floating-Rate Income Fund		8.76
Columbia VP Limited Duration Credit Fund		7.02
VP PIMCO Mortgage Backed Securitites Fund		6.77
VP Wells Fargo Short Duration Government Fund		6.40
Columbia VP Short Duration U.S. Government Fund		5.84
Columbia VP Diversified Bond Fund		5.81
Columbia VP Global Inflation Protected Securities Fund		5.15

(c)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(d)	Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(a)		inputs
Investments in Affiliated Funds	$	1,950,402,084	$	—	$	—	$	1,950,402,084

^(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds

Variable Portfolio – Moderately Conservative Portfolio

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Shares		Value
Equity Funds (36.6%)
Global Real Estate (0.8%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund(a)(b)		3,004,502	$	36,144,162
International (8.9%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		1,353,664		24,338,882
Variable Portfolio – AllianceBernstein International Value Fund(b)		8,661,401		98,826,581
Variable Portfolio – Columbia Wanger International Equities Fund(b)		3,611,459		44,420,940
Variable Portfolio – Invesco International Growth Fund(b)		11,653,134		139,604,545
Variable Portfolio – Mondrian International Small Cap Fund(b)		2,528,584		32,188,872
Variable Portfolio – Pyramis® International Equity Fund(b)		7,304,893		86,855,183
Total				426,235,003
U.S. Large Cap (18.6%)
Columbia Variable Portfolio – Diversified Equity Income Fund (a)		10,005,551		140,077,721
Variable Portfolio – American Century Growth Fund(a)(b)		10,840,827		130,089,925
Variable Portfolio – Davis New York Venture Fund(a)(b)		9,223,167		96,474,323
Variable Portfolio – MFS Value Fund (a)(b)		12,288,645		140,336,324
Variable Portfolio – Marsico Growth Fund(a)(b)		9,966,761		126,179,194
Variable Portfolio – NFJ Dividend Value Fund(a)(b)		11,756,747		140,963,397
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund(a)(b)		9,610,780		118,116,485
Total				892,237,369
U.S. Mid Cap (4.5%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund(a)(b)		4,880,117		57,292,575
Variable Portfolio – Goldman Sachs Mid Cap Value Fund (a)(b)		5,835,617		69,035,342
Variable Portfolio – Jennison Mid Cap Growth Fund(a)(b)		7,274,828		89,043,899
Total				215,371,816
U.S. Small Cap (3.8%)
Variable Portfolio – Columbia Wanger U.S. Equities Fund (a)(b)		4,005,269		51,627,921
Variable Portfolio – Partners Small Cap Growth Fund (a)(b)		2,940,946		37,938,210
Variable Portfolio – Partners Small Cap Value Fund (a)(b)		5,595,230		91,090,337
Total				180,656,468
Total Equity Funds (Cost: $1,386,745,658)			$	1,750,644,818

	Shares		Value
Fixed-Income Funds (61.5%)
Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund(a)(b)		9,422,013	$	94,973,890
Global Bond (2.2%)
Columbia Variable Portfolio – Global Bond Fund (b)		8,837,654		104,284,315
High Yield (1.5%)
Columbia Variable Portfolio – Income Opportunities Fund (b)		6,440,904		71,236,392
Inflation Protected Securities (6.8%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund(b)		33,967,546		328,466,173
Investment Grade (48.0%)
Columbia Variable Portfolio – Diversified Bond Fund(b)		37,877,721		421,579,034
Columbia Variable Portfolio – Limited Duration Credit Fund(a)(b)		41,828,921		434,602,487
Columbia Variable Portfolio – Short Duration U.S. Government Fund(b)		13,480,172		140,058,984
Variable Portfolio – American Century Diversified Bond Fund(a)(b)		39,637,003		416,584,899
Variable Portfolio – J.P. Morgan Core Bond Fund(a)(b)		35,443,237		370,381,831
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund (a)(b)		22,365,101		233,044,352
Variable Portfolio – Wells Fargo Short Duration Government Fund (a)(b)		27,334,512		279,632,062
Total				2,295,883,649
Multisector (1.0%)
RiverSource Variable Portfolio – Strategic Income Fund(a)		4,371,226		47,471,518
Total Fixed-Income Funds (Cost: $2,881,498,432)			$	2,942,315,937
Cash Equivalents (1.9%)
Money Market (1.9%)
Columbia Short-Term Cash Fund, 0.229% (c)		7	$	7
Columbia Variable Portfolio – Cash Management Fund, 0.010%(b)(c)		92,102,063		92,102,063
Total				92,102,070
Total Cash Equivalents (Cost: $92,102,070)				$92,102,070
Total Investments in Affiliated Funds (Cost: $4,360,346,160)			$	4,785,062,825(d)
Other Assets and Liabilities				(50,633)
Net Assets			$	4,785,012,192

Notes to Investments in Affiliated Funds

(a)	Non-income producing.
(b)	The fund does not invest in underlying funds for the purpose of exercising management control. At March 31, 2011, the fund held the following positions, which exceed 5% of the underlying fund’s shares outstanding:

Underlying Fund	Percent of Shares Held
VP PIMCO Mortgage Backed Securities Fund		20.33	%
VP American Century Diversified Bond Fund		20.04
VP J.P. Morgan Core Bond Fund		19.85
Columbia VP Limited Duration Credit Fund		17.44
VP Wells Fargo Short Duration Government Fund		16.80
Columbia VP Global Inflation Protected Securities Fund		12.37
Columbia VP Short Duration U.S. Government Fund		12.06
Columbia VP Cash Management Fund		11.73
VP Eaton Vance Floating-Rate Income Fund		11.09
Columbia VP Diversified Bond Fund		10.69
VP Mondrian International Small Cap Fund		10.27
VP Jennison Mid Cap Growth Fund		9.79
VP Morgan Stanley Global Real Estate Fund		9.24
VP Columbia Wanger International Equities Fund		8.47
VP NFJ Dividend Value Fund		8.45
VP MFS Value Fund		8.45
VP Pyramis International Equity Fund		8.04
VP Invesco International Growth Fund		7.95
VP American Century Growth Fund		7.53
VP Marsico Fund		7.51
VP AllianceBernstein International Value Fund		7.47
VP Columbia Wanger U.S. Equities Fund		7.40
VP Partners Small Cap Growth Fund		7.35
VP Nuveen Winslow Large Cap Growth Fund		7.28
VP Goldman Sachs Mip Cap Value Fund		7.23
VP Davis New York Venture Fund		7.16
Columbia VP Mid Cap Value Opportunity Fund		6.35
Columbia VP Global Bond Fund		6.31
Columbia VP Income Opportunities Fund		6.10
VP Partners Small Cap Value Fund		5.98

(c)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(d)	Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(a)		inputs
Investments in Affiliated Funds	$	4,785,062,825	$	—	$	—	$	4,785,062,825

^(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds

Variable Portfolio – Moderate Portfolio

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Shares		Value
Equity Funds (50.8%)
Global Real Estate (1.0%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund(a)(b)		15,522,540	$	186,736,156
International (12.4%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund(b)		13,387,322		240,704,057
Variable Portfolio – AllianceBernstein International Value Fund(b)		48,816,716		556,998,730
Variable Portfolio – Columbia Wanger International Equities Fund(b)		19,370,532		238,257,546
Variable Portfolio – Invesco International Growth Fund(b)		61,994,167		742,690,113
Variable Portfolio – Mondrian International Small Cap Fund(b)		10,582,491		134,715,113
Variable Portfolio – Pyramis® International Equity Fund(b)		34,860,775		414,494,616
Total				2,327,860,175
U.S. Large Cap (25.8%)
Columbia Variable Portfolio – Diversified Equity Income Fund(a)(b)		50,826,975		711,577,646
Variable Portfolio – American Century Growth Fund(a)(b)		62,823,736		753,884,829
Variable Portfolio – Davis New York Venture Fund(a)(b)		53,213,899		556,617,383
Variable Portfolio – MFS Value Fund(a)(b)		62,293,986		711,397,321
Variable Portfolio – Marsico Growth Fund(a)(b)		56,815,236		719,280,884
Variable Portfolio – NFJ Dividend Value Fund(a)(b)		59,853,702		717,645,888
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund(a)(b)		53,885,584		662,253,823
Total				4,832,657,774
U.S. Mid Cap (6.2%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund(a)(b)		29,266,962		343,594,136
Variable Portfolio – Goldman Sachs Mid Cap Value Fund(a)(b)		36,481,092		431,571,315
Variable Portfolio – Jennison Mid Cap Growth Fund(a)(b)		31,659,644		387,514,041
Total				1,162,679,492
U.S. Small Cap (5.4%)
Variable Portfolio – Columbia Wanger U.S. Equities Fund(a)(b)		21,489,653		277,001,635
Variable Portfolio – Partners Small Cap Growth Fund(a)(b)		14,044,299		181,171,463
Variable Portfolio – Partners Small Cap Value Fund(a)(b)		33,622,915		547,381,052
Total				1,005,554,150
Total Equity Funds (Cost: $7,583,421,484)			$	9,515,487,747

	Shares		Value
Fixed-Income Funds (49.2%)
Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund(a)(b)		36,666,209	$	369,595,386
Global Bond (3.0%)
Columbia Variable Portfolio – Global Bond Fund(b)		47,275,042		557,845,496
High Yield (2.9%)
Columbia Variable Portfolio – Income Opportunities Fund(b)		50,026,942		553,297,980
Inflation Protected Securities (6.4%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund(b)		124,275,848		1,201,747,446
Investment Grade (32.0%)
Columbia Variable Portfolio – Diversified Bond Fund(b)		94,508,604		1,051,880,758
Columbia Variable Portfolio – Limited Duration Credit Fund(a)(b)		118,444,941		1,230,642,933
Columbia Variable Portfolio – Short Duration U.S. Government Fund(b)		31,340,490		325,627,695
Variable Portfolio – American Century Diversified Bond Fund(a)(b)		101,521,342		1,066,989,302
Variable Portfolio – J.P. Morgan Core Bond Fund(a)(b)		98,650,072		1,030,893,258
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund(a)(b)		53,472,234		557,180,677
Variable Portfolio – Wells Fargo Short Duration Government Fund(a)(b)		71,416,030		730,585,991
Total				5,993,800,614
Multisector (2.9%)
RiverSource Variable Portfolio – Strategic Income Fund(a)(b)		50,961,700		553,444,064
Total Fixed-Income Funds (Cost: $9,006,213,810)			$	9,229,730,986
Cash Equivalents (—%)
Money Market (—%)
Columbia Short-Term Cash Fund, 0.229%(c)		9	$	9
Columbia Variable Portfolio – Cash Management Fund, 0.010%(c)		317,003		317,003
Total				317,012
Total Cash Equivalents (Cost: $317,012)				$317,012
Total Investments in Affiliated Funds (Cost: $16,589,952,308)			$	18,745,535,745(d)
Other Assets and Liabilities				(51,307)
Net Assets			$	18,745,484,438

Notes to Investments in Affiliated Funds

(a)	Non-income producing.
(b)	The fund does not invest in underlying funds for the purpose of exercising management control. At March 31, 2011, the fund held the following positions, which exceed 5% of the underlying fund’s shares outstanding:

Underlying Fund	Percent of Shares Held
RiverSource VP Strategic Income Fund		57.92	%
VP J.P. Morgan Core Bond Fund		55.23
VP American Century Diviersified Bond Fund		51.29
Columbia VP Limited Duration Credit Fund		49.35
VP PIMCO Mortgage-Backed Securiites Fund		48.59
VP Morgan Stanley Global Real Estate Fund		47.72
Columbia VP Income Opportunities Fund		47.41
VP Columbia Wanger International Equities Fund		45.43
Columbia VP Global Inflation Protected Securities Fund		45.26
VP Goldman Sachs Mid Cap Value Fund		45.16
VP Wells Fargo Short Duration Government Fund		43.86
VP American Century Growth Fund		43.59
VP Eaton Vance Floating-Rate Income Fund		43.16
VP Mondrian International Small Cap Fund		42.98
VP NFJ Dividend Value Fund		42.88
VP MFS Value Fund		42.69
VP Marsico Growth Fund		42.64
VP Jennison Mid Cap Growth Fund		42.52
VP Invesco International Growth Fund		42.28
VP AllianceBernstein International Value Fund		42.10
VP Davis New York Venture Fund		41.25
VP Nuveen Winslow Large Cap Growth Fund		40.81
VP Columbia Wanger U.S. Equities Fund		39.93
VP Pyramis International Equity Fund		38.34
Columbia VP Mid Cap Value Opportunity Fund		38.09
VP Partners Small Cap Value Fund		35.85
VP Partners Small Cap Growth Fund		35.44
Columbia VP Global Bond Fund		33.72
Columbia VP Short Duration U.S. Government Fund		28.02
Columbia VP Diversified Bond Fund		26.65
Columbia VP Emerging Markets Opportunity Fund		22.43
Columbia VP Diversified Equity Income Fund		21.85

(c)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(d)	Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(a)		inputs
Investments in Affiliated Funds	$	18,745,535,745	$	—	$	—	$	18,745,535,745

^(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds

Variable Portfolio – Moderately Aggressive Portfolio

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Shares		Value
Equity Funds (65.2%)
Global Real Estate (1.0%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund(a)(b)		10,361,221	$	124,645,489
International (16.4%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund(b)		10,764,682		193,548,979
Variable Portfolio – AllianceBernstein International Value Fund(b)		42,711,039		487,332,959
Variable Portfolio – Columbia Wanger International Equities Fund(b)		13,735,339		168,944,664
Variable Portfolio – Invesco International Growth Fund(b)		54,206,910		649,398,778
Variable Portfolio – Mondrian International Small Cap Fund(b)		7,950,212		101,206,201
Variable Portfolio – Pyramis® International Equity Fund(b)		36,195,237		430,361,374
Total				2,030,792,955
U.S. Large Cap (33.2%)
Columbia Variable Portfolio – Diversified Equity Income Fund(a)(b)		42,382,054		593,348,750
Variable Portfolio – American Century Growth Fund(a)(b)		52,055,390		624,664,686
Variable Portfolio – Davis New York Venture Fund(a)(b)		44,171,750		462,036,504
Variable Portfolio – MFS Value Fund(a)(b)		52,003,290		593,877,578
Variable Portfolio – Marsico Growth Fund(a)(b)		48,812,066		617,960,750
Variable Portfolio – NFJ Dividend Value Fund(a)(b)		49,592,674		594,616,162
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund(a)(b)		50,287,290		618,030,797
Total				4,104,535,227
U.S. Mid Cap (7.1%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund(a)(b)		23,409,418		274,826,572
Variable Portfolio – Goldman Sachs Mid Cap Value Fund(a)(b)		25,117,503		297,140,055
Variable Portfolio – Jennison Mid Cap Growth Fund(a)(b)		24,601,397		301,121,101
Total				873,087,728
U.S. Small Cap (7.5%)
Variable Portfolio – Columbia Wanger U.S. Equities Fund(a)(b)		20,526,239		264,583,215
Variable Portfolio – Partners Small Cap Growth Fund(a)(b)		16,870,553		217,630,128
Variable Portfolio – Partners Small Cap Value Fund(a)(b)		27,206,011		442,913,867
Total				925,127,210
Total Equity Funds (Cost: $6,484,474,161)			$	8,058,188,609

	Shares		Value
Fixed-Income Funds (34.8%)
Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund(a)(b)		24,341,389	$	245,361,197
Global Bond (3.0%)
Columbia Variable Portfolio – Global Bond Fund(b)		31,351,665		369,949,652
High Yield (2.0%)
Columbia Variable Portfolio – Income Opportunities Fund(b)		22,514,756		249,013,199
Inflation Protected Securities (4.5%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund(b)		57,396,110		555,020,379
Investment Grade (21.3%)
Columbia Variable Portfolio – Diversified Bond Fund(b)		51,338,287		571,395,130
Columbia Variable Portfolio – Limited Duration Credit Fund(a)(b)		54,845,637		569,846,164
Columbia Variable Portfolio – Short Duration U.S. Government Fund(b)		20,770,939		215,810,059
Variable Portfolio – American Century Diversified Bond Fund(a)(b)		32,813,607		344,871,012
Variable Portfolio – J.P. Morgan Core Bond Fund(a)(b)		21,827,614		228,098,563
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund(a)(b)		23,682,508		246,771,735
Variable Portfolio – Wells Fargo Short Duration Government Fund(a)(b)		45,593,264		466,419,095
Total				2,643,211,758
Multisector (2.0%)
RiverSource Variable Portfolio – Strategic Income Fund(a)(b)		22,708,587		246,615,258
Total Fixed-Income Funds (Cost: $4,208,713,185)			$	4,309,171,443
Cash Equivalents (—%)
Money Market (—%)
Columbia Short-Term Cash Fund, 0.229%(c)		16	$	16
Columbia Variable Portfolio – Cash Management Fund, 0.010%(c)		12		12
Total				28
Total Cash Equivalents (Cost: $28)				$28
Total Investments in Affiliated Funds (Cost: $10,693,187,374)			$	12,367,360,080(d)
Other Assets and Liabilities				(48,695)
Net Assets			$	12,367,311,385

Notes to Investments in Affiliated Funds

(a)	Non-income producing.
(b)	The fund does not invest in underlying funds for the purpose of exercising management control. At March 31, 2011, the fund held the following positions, which exceed 5% of the underlying fund’s shares outstanding:

Underlying Fund	Percent of Shares Held
VP Partners Small Cap Growth Fund		42.28	%
VP Pyramis International Equity Fund		39.81
VP Nuveen Winslow Large Cap Growth Fund		38.08
VP Columbia Wanger U.S. Equities Fund		37.98
VP Invesco International Growth Fund		36.97
VP AllianceBernstein International Value Fund		36.84
VP Marsico Growth Fund		36.58
VP American Century Growth Fund		36.00
VP MFS Value Fund		35.64
VP NFJ Dividend Value Fund		35.53
VP Davis New York Venture Fund		34.11
VP Jennison Mid Cap Growth Fund		33.01
VP Mondrian International Small Cap Fund		32.29
VP Columbia Wanger International Equities Fund		32.22
VP Morgan Stanley Global Real Estate Fund		31.85
VP Goldman Sachs Mid Cap Value Fund		31.01
Columbia VP Mid Cap Value Opportunity Fund		30.34
VP Partners Small Cap Value Fund		28.93
VP Eaton Vance Floating-Rate Income Fund		28.65
VP Wells Fargo Short Duration Government Fund		27.97
RiverSource VP Strategic Income Fund		25.81
Columbia VP Limited Duration Credit Fund		22.82
Columbia VP Global Bond Fund		22.31
VP PIMCO Mortgage-Backed Securiites Fund		21.48
Columbia VP Income Opportunities Fund		21.34
Columbia VP Global Inflation Protected Securities Fund		20.90
Columbia Short Duration U.S. Government Fund		18.55
Columbia VP Diversified Equity Income Fund		18.19
Columbia VP Emerging Markets Opportunity Fund		18.03
VP American Century Diviersified Bond Fund		16.56
Columbia VP Diversified Bond Fund		14.47
VP J.P. Morgan Core Bond Fund		12.20

(c)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(d)	Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(a)		inputs
Investments in Affiliated Funds	$	12,367,360,080	$	—	$	—	$	12,367,360,080

^(a) There were no significant transfers between Levels 1 and 2 during the period.

Investments in Affiliated Funds

Variable Portfolio – Aggressive Portfolio

March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

	Shares		Value
Equity Funds (80.1%)
Global Real Estate (1.0%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund(a)(b)		2,692,110	$	32,386,075
International (20.3%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund(b)		3,726,936		67,010,317
Variable Portfolio – AllianceBernstein International Value Fund(b)		13,800,124		157,459,412
Variable Portfolio – Columbia Wanger International Equities Fund(b)		5,247,358		64,542,498
Variable Portfolio – Invesco International Growth Fund(b)		16,638,015		199,323,424
Variable Portfolio – Mondrian International Small Cap Fund(b)		2,942,775		37,461,521
Variable Portfolio – Pyramis® International Equity Fund(b)		10,713,329		127,381,486
Total				653,178,658
U.S. Large Cap (39.8%)
Columbia Variable Portfolio – Diversified Equity Income Fund(a)(b)		13,184,554		184,583,759
Variable Portfolio – American Century Growth Fund(a)(b)		16,069,193		192,830,320
Variable Portfolio – Davis New York Venture Fund(a)(b)		13,289,139		139,004,390
Variable Portfolio – MFS Value Fund(a)(b)		16,461,664		187,992,205
Variable Portfolio – Marsico Growth Fund(a)(b)		15,225,206		192,751,114
Variable Portfolio – NFJ Dividend Value Fund(a)(b)		15,689,025		188,111,406
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund(a)(b)		15,766,435		193,769,487
Total				1,279,042,681
U.S. Mid Cap (9.7%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund(a)(b)		7,602,256		89,250,480
Variable Portfolio – Goldman Sachs Mid Cap Value Fund(a)(b)		9,350,022		110,610,767
Variable Portfolio – Jennison Mid Cap Growth Fund(a)(b)		9,039,869		110,647,998
Total				310,509,245
U.S. Small Cap (9.3%)
Variable Portfolio – Columbia Wanger U.S. Equities Fund(a)(b)		6,860,293		88,429,172
Variable Portfolio – Partners Small Cap Growth Fund(a)(b)		5,408,880		69,774,548
Variable Portfolio – Partners Small Cap Value Fund(a)(b)		8,556,708		139,303,214
Total				297,506,934
Total Equity Funds (Cost: $2,077,039,787)			$	2,572,623,593

	Shares		Value
Fixed-Income Funds (19.9%)
Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund(a)(b)		6,315,951	$	63,664,789
Global Bond (2.0%)
Columbia Variable Portfolio – Global Bond Fund		5,435,945		64,144,146
Inflation Protected Securities (3.5%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		11,638,629		112,545,543
Investment Grade (10.4%)
Columbia Variable Portfolio – Diversified Bond Fund		5,016,245		55,830,812
Columbia Variable Portfolio – Limited Duration Credit Fund(a)		7,931,944		82,412,899
Columbia Variable Portfolio – Short Duration U.S. Government Fund		2,607,913		27,096,212
Variable Portfolio – American Century Diversified Bond Fund(a)		2,579,846		27,114,180
Variable Portfolio – J.P. Morgan Core Bond Fund(a)		2,594,897		27,116,677
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund(a)		3,062,174		31,907,850
Variable Portfolio – Wells Fargo Short Duration Government Fund(a)		8,050,018		82,351,689
Total				333,830,319
Multisector (2.0%)
RiverSource Variable Portfolio – Strategic Income Fund(a)(b)		5,884,881		63,909,805
Total Fixed-Income Funds (Cost: $621,213,863)			$	638,094,602
Cash Equivalents (—%)
Money Market (—%)
Columbia Short-Term Cash Fund, 0.229%(c)		1	$	1
Columbia Variable Portfolio – Cash Management Fund, 0.010%(c)		8		8
Total				9
Total Cash Equivalents (Cost: $9)				$9
Total Investments in Affiliated Funds (Cost: $2,698,253,659)			$	3,210,718,204(d)
Other Assets and Liabilities				(49,431)
Net Assets				$3,210,668,773

Notes to Investments in Affiliated Funds

(a)	Non-income producing.
(b)	The fund does not invest in underlying funds for the purpose of exercising management control. At March 31, 2011, the fund held the following positions, which exceed 5% of the underlying fund’s shares outstanding:

Underlying Fund	Percent of Shares Held
VP Partners Small Cap Growth Fund		13.36	%
VP Columbia Wanger U.S. Equities Fund		12.58
VP Columbia Wanger International Equities Fund		12.31
VP Jennison Mid Cap Growth Fund		12.10
VP Mondrian International Small Cap Fund		11.95
VP Nuveen Winslow Large Cap Growth Fund		11.94
VP AllianceBernstein International Value Fund		11.90
VP Pyramis International Equity Fund		11.78
VP Goldman Sachs Mid Cap Value Fund		11.54
VP Marsico Growth Fund		11.41
VP Invesco International Growth Fund		11.35
VP MFS Value Fund		11.28
VP NFJ Dividend Value Fund		11.24
VP American Century Growth Fund		11.10
VP Davis New York Venture Fund		10.26
Columbia VP Mid Cap Value Opportunity Fund		9.82
VP Partners Small Cap Value Fund		9.09
VP Morgan Stanley Global Real Estate Fund		8.28
VP Eaton Vance Floating-Rate Income Fund		7.79
RiverSource VP Strategic Income Fund		6.86
Columbia VP Emerging Markets Opportunity Fund		6.24
Columbia VP Diversified Equity Income Fund		5.66

(c)	The rate shown is the seven-day current annualized yield at March 31, 2011.
(d)	Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

• Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2011:

	Fair value at March 31, 2011
	Level 1		Level 2		Level 3
Description	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets(a)		inputs
Investments in Affiliated Funds	$	3,210,718,204	$	—	$	—	$	3,210,718,204

^(a)  There were no significant transfers between Levels 1 and 2 during the period.

Item 2. Control and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s 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 Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

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)            Columbia Funds Variable Series Trust II

By	/s/ J. Kevin Connaughton J. Kevin Connaughton
	President and Principal Executive Officer
Date	May 20, 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/ J. Kevin Connaughton J. Kevin Connaughton
	President and Principal Executive Officer
Date	May 20, 2011
By	/s/ Michael G. Clarke Michael G. Clarke
	Treasurer and Principal Financial Officer
Date	May 20, 2011

EX-99.CERT

Certification Pursuant to
270.30a-2 of the Investment Company Act of 1940

I, J. Kevin Connaughton, certify that:

1. I have reviewed this report on Form N-Q of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule(s) of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 20, 2011
	/s/ J. Kevin Connaughton J. Kevin Connaughton
	President and Principal Executive Officer

Certification Pursuant to
270.30a-2 of the Investment Company Act of 1940

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-Q of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule(s) of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 20, 2011
	/s/ Michael G. Clarke Michael G. Clarke
	Treasurer and Principal Financial Officer