-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PPAlpXRaSxipKIqs3g0YWhJpczBuuIiBZtIFLfKuT8tmAyof+TSx3VFRKNoIVnNb gs0FvuGA16YuS2rodKfKKw== 0000820027-06-000066.txt : 20060131 0000820027-06-000066.hdr.sgml : 20060131 20060131162046 ACCESSION NUMBER: 0000820027-06-000066 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051130 FILED AS OF DATE: 20060131 DATE AS OF CHANGE: 20060131 EFFECTIVENESS DATE: 20060131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXP VARIABLE PORTFOLIO INVESTMENT SERIES INC CENTRAL INDEX KEY: 0000353968 IRS NUMBER: 411409539 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03218 FILM NUMBER: 06566215 BUSINESS ADDRESS: STREET 1: 50606 AXP FINANCIAL CENTER STREET 2: 50606 AXP FINANCIAL CENTER CITY: MINNEAPOLIS STATE: MN ZIP: 55474 BUSINESS PHONE: 6126718626 MAIL ADDRESS: STREET 1: 50606 AXP FINANCIAL CENTER STREET 2: 50606 AXP FINANCIAL CENTER CITY: MINNEAPOLIS STATE: MN ZIP: 55474 FORMER COMPANY: FORMER CONFORMED NAME: IDS LIFE INVESTMENT SERIES INC DATE OF NAME CHANGE: 19981102 FORMER COMPANY: FORMER CONFORMED NAME: IDS LIFE CAPITAL RESOURCE FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IDS LIFE CAPITAL RESOURCE FUND II INC DATE OF NAME CHANGE: 19851104 N-Q 1 vpinvestment-nq.txt AXP VARIABLE PORTFOLIO - INVESTMENT SERIES, INC. 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 811-3218 ------------ AXP Variable Portfolio - Investment Series, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 50606 AXP Financial Center, Minneapolis, Minnesota 55474 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Leslie L. Ogg - 901 S. Marquette Avenue, Suite 2810, Minneapolis, MN 55402-3268 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (612) 330-9283 ----------------- Date of fiscal year end: 8/31 -------------- Date of reporting period: 11/30 -------------- PORTFOLIO HOLDINGS FOR RIVERSOURCE VARIABLE PORTFOLIO FUNDS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Balanced Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (66.1%) Issuer Shares Value(a) Aerospace & Defense (2.5%) Boeing 75,956 $5,179,440 Empresa Brasileira de Aeronautica ADR 59,506(c) 2,243,971 General Dynamics 40,709 4,653,039 Goodrich 136,098 5,242,495 Honeywell Intl 301,913 11,031,901 Lockheed Martin 169,433 10,267,640 Northrop Grumman 231,063 13,256,084 United Technologies 104,467 5,624,503 Total 57,499,073 Automobiles (0.1%) General Motors 57,260(o) 1,253,994 Beverages (0.8%) Coca-Cola 94,000 4,012,860 PepsiCo 221,390 13,106,288 Total 17,119,148 Biotechnology (0.1%) Biogen Idec 45,902(b) 1,965,065 Building Products (0.3%) American Standard Companies 54,053 2,058,338 Masco 143,407 4,269,227 Total 6,327,565 Capital Markets (3.2%) Bank of New York 343,625 11,133,450 Franklin Resources 53,565 4,975,117 Investors Financial Services 85,879 3,241,932 Legg Mason 7,547 925,640 Lehman Brothers Holdings 104,753 13,198,878 Merrill Lynch & Co 173,892 11,549,907 Morgan Stanley 371,627 20,822,261 State Street 111,490 6,431,858 Total 72,279,043 Common Stocks (continued) Issuer Shares Value(a) Chemicals (1.1%) Dow Chemical 364,033 $16,472,493 Eastman Chemical 58,877 3,257,664 Lyondell Chemical 148,999 3,789,045 RPM Intl 87,432 1,626,235 Total 25,145,437 Commercial Banks (5.5%) Bank of America 1,245,861 57,172,560 Commerce Bancorp 86,610(o) 2,917,891 PNC Financial Services Group 158,031 10,077,637 US Bancorp 459,019 13,899,095 Wachovia 277,124 14,798,422 Wells Fargo & Co 433,661 27,255,594 Total 126,121,199 Commercial Services & Supplies (0.4%) Avery Dennison 64,885 3,814,589 Cendant 290,875 5,168,849 Total 8,983,438 Communications Equipment (0.9%) Cisco Systems 327,003(b) 5,735,633 Corning 81,610(b) 1,652,603 Nokia ADR 748,122(c) 12,777,923 Total 20,166,159 Computers & Peripherals (1.9%) Dell 238,664(b) 7,198,106 EMC 497,799(b) 6,934,340 Hewlett-Packard 423,949 12,578,567 Intl Business Machines 187,335 16,654,082 Total 43,365,095 Consumer Finance (0.9%) American Express 30,389 1,562,602 Capital One Financial 113,476 9,425,317 MBNA 370,621 9,921,524 Total 20,909,443 Common Stocks (continued) Issuer Shares Value(a) Containers & Packaging (0.3%) Temple-Inland 183,872 $7,698,721 Diversified Financial Services (4.0%) Citigroup 1,184,765 57,520,340 JPMorgan Chase & Co 852,211 32,597,071 Total 90,117,411 Diversified Telecommunication Services (4.1%) ALLTEL 40,993 2,739,562 AT&T 900,155 22,422,861 BellSouth 538,440 14,677,874 Chunghwa Telecom ADR 306,262(c) 5,335,084 Citizens Communications 125,241 1,634,395 MCI 874,651 17,370,569 Sprint Nextel 757,978 18,979,769 Tele Norte Leste Participacoes ADR 54,250(c) 1,009,050 Telewest Global 111,724(b,c) 2,490,328 Verizon Communications 219,682 7,025,430 Total 93,684,922 Electric Utilities (1.7%) Entergy 114,731 8,031,170 Exelon 236,522 12,308,606 FPL Group 45,407 1,924,803 PPL 148,078 4,353,493 Southern 272,295 9,451,359 Xcel Energy 158,324 2,930,577 Total 39,000,008 Electronic Equipment & Instruments (0.1%) Flextronics Intl 277,799(b,c) 2,866,886 Energy Equipment & Services (1.4%) Cooper Cameron 59,549(b) 4,741,887 Halliburton 133,571 8,501,793 Schlumberger 34,583 3,310,631 TODCO Cl A 18,338 762,311 Transocean 101,757(b) 6,496,167 Weatherford Intl 99,232(b) 6,897,616 Total 30,710,405 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Common Stocks (continued) Issuer Shares Value(a) Food & Staples Retailing (0.8%) CVS 76,525 $2,067,706 Safeway 266,274 6,190,871 Wal-Mart Stores 213,674 10,376,008 Total 18,634,585 Food Products (0.6%) Campbell Soup 52,378 1,582,339 General Mills 110,975 5,274,642 Kellogg 152,613 6,725,655 Total 13,582,636 Gas Utilities (0.2%) ONEOK 156,507 4,292,987 Health Care Equipment & Supplies (1.1%) Baxter Intl 207,049 8,052,136 Boston Scientific 145,494(b) 3,852,681 Guidant 144,374 8,904,988 Hospira 76,599(b) 3,381,846 Total 24,191,651 Health Care Providers & Services (1.0%) Cardinal Health 73,673 4,711,388 CIGNA 40,498 4,556,835 HCA 169,797 8,657,949 McKesson 33,085 1,664,176 Medco Health Solutions 39,253(b) 2,105,923 Total 21,696,271 Hotels, Restaurants & Leisure (0.3%) McDonald's 189,175 6,403,574 Household Products (1.2%) Colgate-Palmolive 90,137 4,914,269 Procter & Gamble 253,584 14,502,469 Spectrum Brands 426,935(b) 7,684,830 Total 27,101,568 Industrial Conglomerates (1.9%) General Electric 723,627 25,847,957 Tyco Intl 573,449(c) 16,354,765 Total 42,202,722 Insurance (3.9%) ACE 277,431(c) 15,397,421 American Intl Group 635,901 42,694,393 Aon 105,672 3,847,518 Aspen Insurance Holdings 95,108(c) 2,380,553 Chubb 107,726 10,432,186 Endurance Specialty Holdings 71,713(c) 2,470,513 Hartford Financial Services Group 97,882 8,551,950 Max Re Capital 58,529(c) 1,562,724 Total 87,337,258 IT Services (0.5%) Accenture Cl A 48,529(c) 1,380,165 Affiliated Computer Services Cl A 144,881(b) 8,081,462 Computer Sciences 25,993(b) 1,305,628 Total 10,767,255 Common Stocks (continued) Issuer Shares Value(a) Leisure Equipment & Products (0.1%) Mattel 81,832 $1,362,503 Machinery (0.8%) Caterpillar 101,610 5,871,026 Deere & Co 51,803 3,592,538 Illinois Tool Works 33,772 2,981,054 Ingersoll-Rand Cl A 76,404(c) 3,027,891 ITT Inds 20,959 2,279,501 Total 17,752,010 Media (4.1%) Clear Channel Communications 49,125 1,599,510 Comcast Cl A 241,454(b) 6,374,386 Comcast Special Cl A 336,241(b) 8,755,716 EchoStar Communications Cl A 46,889 1,211,612 Liberty Global Cl A 113,964(b) 2,542,537 Liberty Global Series C 113,964(b) 2,367,032 Liberty Media Cl A 1,544,542(b) 11,862,082 News Corp Cl A 402,345 5,958,729 NTL 289,750(b) 16,872,142 Time Warner 659,709 11,861,568 Viacom Cl B 485,909 16,229,360 Vivendi Universal ADR 159,143(c) 4,607,190 Walt Disney 222,020 5,534,959 Total 95,776,823 Metals & Mining (0.3%) Alcan 119,512(c) 4,583,285 Alcoa 59,573 1,632,896 Total 6,216,181 Multiline Retail (0.6%) Federated Dept Stores 51,646 3,327,552 JC Penney 79,732 4,183,538 Target 129,558 6,932,648 Total 14,443,738 Multi-Utilities & Unregulated Power (0.5%) Dominion Resources 141,208 10,724,748 Office Electronics (0.1%) Xerox 116,381(b) 1,652,610 Oil & Gas (8.0%) Amerada Hess 24,361 2,984,710 Anadarko Petroleum 233,547 21,161,694 BP ADR 226,360(c) 14,903,542 Chevron 518,835 29,734,434 ConocoPhillips 531,883 32,184,240 Devon Energy 122,189 7,355,778 Exxon Mobil 1,143,630 66,364,848 Newfield Exploration 119,180(b) 5,513,267 Royal Dutch Shell ADR Series A 69,710(c) 4,295,530 Total 184,498,043 Paper & Forest Products (0.8%) Bowater 92,342 2,867,219 Georgia-Pacific 97,589 4,614,984 Intl Paper 142,449 4,491,417 Common Stocks (continued) Issuer Shares Value(a) Paper & Forest Products (cont.) Weyerhaeuser 78,079 $5,177,418 Total 17,151,038 Personal Products (--%) Estee Lauder Companies Cl A 22,568 744,970 Pharmaceuticals (2.7%) Bristol-Myers Squibb 185,597 4,007,039 GlaxoSmithKline ADR 77,295(c) 3,831,513 Merck & Co 250,031 7,350,911 Novartis ADR 116,774(c) 6,118,958 Pfizer 1,233,574 26,151,769 Schering-Plough 380,187 7,345,213 Wyeth 127,282 5,289,840 Total 60,095,243 Real Estate (0.3%) Apartment Investment & Management Cl A 53,363 2,066,749 Equity Office Properties Trust 143,314(o) 4,468,531 HomeBanc 147,913 1,161,117 Total 7,696,397 Semiconductors & Semiconductor Equipment (1.3%) ATI Technologies 118,857(b,c) 1,944,501 Broadcom Cl A 52,791(b) 2,456,893 Credence Systems 88,665(b) 719,073 Cypress Semiconductor 242,543(b) 3,638,145 Freescale Semiconductor Cl A 113,983(b) 2,935,062 Freescale Semiconductor Cl B 37,409(b) 965,152 Intel 271,038 7,231,294 MEMC Electronic Materials 265,349(b) 5,938,511 Texas Instruments 96,183 3,124,024 Total 28,952,655 Software (1.4%) Cadence Design Systems 379,465(b) 6,504,030 Compuware 294,800(b) 2,721,004 Microsoft 412,302 11,424,888 Oracle 613,598(b) 7,712,927 Siebel Systems 184,310 1,935,255 TIBCO Software 109,415(b) 915,804 Total 31,213,908 Specialty Retail (0.4%) Gap 118,349 2,056,906 Home Depot 142,522 5,954,569 Total 8,011,475 Thrifts & Mortgage Finance (2.3%) Countrywide Financial 532,918 18,550,876 Fannie Mae 396,663 19,059,657 Freddie Mac 178,696 11,159,565 Washington Mutual 75,557 3,112,193 Total 51,882,291 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Common Stocks (continued) Issuer Shares Value(a) Tobacco (1.4%) Altria Group 438,771 $31,938,141 Wireless Telecommunication Services (0.2%) Vodafone Group ADR 218,522(c) 4,709,149 Total Common Stocks (Cost: $1,287,992,813) $1,496,245,442 Preferred Stocks & Other (--%) Issuer Shares Value(a) Mexico Value Recovery Series D Rights 2,000,000(b,c) $41,200 Mexico Value Recovery Series E Rights 2,000,000(b,c) 52,600 Paxson Communications 13.25% Pay-in-kind --(e) 1,442 Xerox 6.25% Cv 5,390 650,573 Total Preferred Stocks & Other (Cost: $539,413) $745,815 Bonds (37.4%) Issuer Coupon Principal Value(a) rate amount Sovereign (0.6%) Bundesrepublik Deutschland (European Monetary Unit) 01-04-07 6.00% 6,661,000(c) $8,127,065 United Kingdom Treasury (British Pound) 12-07-06 7.50 3,124,000(c) 5,572,503 Total 13,699,568 U.S. Government Obligations & Agencies (10.3%) Federal Farm Credit Bank 10-10-08 4.25 3,480,000 3,439,562 Federal Home Loan Bank 05-22-06 2.88 7,120,000 7,066,906 04-18-08 4.13 1,240,000 1,223,918 Federal Home Loan Mtge Corp 06-15-08 3.88 18,465,000 18,100,316 10-15-08 4.50 14,610,000 14,519,973 10-15-08 5.13 3,775,000 3,814,396 12-19-08 4.63 5,000,000 4,985,550 03-18-09 3.76 2,790,000 2,704,726 07-15-09 4.25 800,000 787,056 07-12-10 4.13 22,646,000 22,034,354 U.S. Treasury 11-30-07 4.25 49,080,000 48,922,798 11-15-15 4.50 24,550,000(o) 24,553,830 08-15-23 6.25 32,588,000(n) 38,131,774 02-15-26 6.00 28,495,000 32,846,044 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 9,106,300(r) 8,729,916 Total 231,861,119 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Asset-Backed (1.0%) Aesop Funding II LLC Series 2004-2A Cl A1 (FGIC) 04-20-08 2.76% $800,000(d,g) $780,486 AmeriCredit Automobile Receivables Trust Series 2005-BM Cl A3 (MBIA) 02-06-10 4.05 3,000,000(g) 2,962,031 AmeriCredit Automobile Receivables Trust Series 2005-DA Cl A3 12-06-10 4.87 850,000 850,631 ARG Funding Series 2005-1A Cl A3 (MBIA) 04-20-11 4.29 2,200,000(d,g) 2,140,866 Capital Auto Receivables Asset Trust Series 2004-1 09-15-10 2.84 1,000,000 968,030 Capital Auto Receivables Asset Trust Series 2005-1 Cl A4 07-15-09 4.05 2,400,000 2,355,744 Capital One Auto Finance Trust Series 2005-BSS Cl A3 11-15-09 4.08 1,750,000 1,723,243 Carmax Auto Owner Trust Series 2005-1 Cl A4 03-15-10 4.35 850,000 839,974 Citibank Credit Card Issuance Trust Series 2003-A3 Cl A3 03-10-10 3.10 2,450,000 2,359,899 Countrywide Asset-Backed Certificates Series 2005-10 Cl AF6 02-25-36 4.92 1,365,000 1,324,254 Long Beach Auto Receivables Trust Series 2004-C Cl A3 (FSA) 09-15-09 3.40 1,450,000(g) 1,433,383 Metris Master Trust Series 2004-2 Cl D 10-20-10 7.42 450,000(d,m) 456,192 Metris Master Trust Series 2005-1A Cl D 03-21-11 6.06 400,000(d,m) 401,016 Morgan Stanley Auto Loan Trust Series 2004-HB2 Cl A3 03-16-09 2.94 1,300,000 1,274,993 Popular ABS Mtge Pass-Through Trust Series 2005-A Cl AF2 06-25-35 4.49 925,000 908,283 Residential Asset Securities Series 2002-KS1 Cl AI4 (AMBAC) 11-25-29 5.86 66,375(g) 66,134 Triad Auto Receivables Owner Trust Series 2005-A Cl A3 (AMBAC) 03-12-10 4.05 2,700,000(g) 2,667,222 Total 23,512,381 Commercial Mortgage-Backed (4.4%)(f) Banc of America Commercial Mtge Series 2005-1 Cl A4 11-10-42 4.88 1,250,000 1,241,209 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) Banc of America Large Loan Series 2005-BOCA Cl A1 12-15-16 4.24% $1,048,747(d,m) $1,049,014 Banc of America Large Loan Series 2005-BOCA Cl A2 12-15-16 4.29 2,800,000(d,m) 2,801,578 Bank of America-First Union NB Commercial Mtge Series 2001-3 Cl A1 04-11-37 4.89 1,277,766 1,274,953 Bear Stearns Commercial Mtge Securities Series 2003-T10 Cl A1 03-13-40 4.00 3,126,846 3,023,879 Bear Stearns Commercial Mtge Securities Series 2004-T16 Cl A3 02-13-46 4.03 960,000 925,568 Bear Stearns Commercial Mtge Securities Series 2005-PWR8 Cl A1 06-11-41 4.21 2,370,783 2,330,029 Bear Stearns Commercial Mtge Securities Series 2005-T20 Cl E 10-12-42 5.16 800,000 782,872 California State Teachers' Retirement System Trust Series 2002-C6 Cl A3 11-20-14 4.46 3,305,148(d) 3,242,030 CDC Commercial Mtge Trust Series 2002-FX1 Cl A2 11-15-30 5.68 1,700,000 1,739,674 Citigroup Commercial Mtge Trust Series 2005-EMG Cl A1 09-20-51 4.15 3,332,802(d) 3,271,192 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl A4 07-15-44 5.23 2,350,000 2,351,840 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl ASB 07-15-44 5.23 775,000 777,325 Commercial Mtge Pass-Through Ctfs Series 2004-CNL Cl A1 09-15-14 4.34 1,660,000(d,m) 1,659,618 CS First Boston Mtge Securities Series 2002-CKS4 Cl A1 11-15-36 4.49 1,857,809 1,824,554 CS First Boston Mtge Securities Series 2004-C1 Cl A2 01-15-37 3.52 1,550,000 1,492,118 CS First Boston Mtge Securities Series 2005-C5 Cl A2 08-15-38 5.10 775,000 774,651 Federal Natl Mtge Assn 08-25-12 4.72 320,000 313,536 Federal Natl Mtge Assn #385717 11-01-12 4.84 1,153,676 1,146,442 Federal Natl Mtge Assn #386599 11-01-10 4.47 577,942 567,254 Federal Natl Mtge Assn #555316 02-01-13 4.87 1,724,236 1,703,480 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) GE Capital Commercial Mtge Series 2001-3 Cl A1 06-10-38 5.56% $1,290,345 $1,303,277 GE Capital Commercial Mtge Series 2004-C2 Cl A2 03-10-40 4.12 2,050,000 1,986,737 GE Capital Commercial Mtge Series 2005-C3 Cl A1 07-10-45 4.59 1,593,165 1,576,279 General Electric Capital Assurance Series 2003-1 Cl A3 05-12-35 4.77 2,650,000(d) 2,598,641 GMAC Commercial Mtge Securities Series 2004-C3 Cl A4 12-10-41 4.55 1,700,000 1,639,836 GMAC Commercial Mtge Securities Series 2005-C1 Cl A1 05-10-43 4.21 1,240,558 1,217,448 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A5 06-10-36 4.88 775,000 765,343 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A1 08-10-42 3.92 1,092,003 1,072,806 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A3 08-10-42 4.57 2,500,000 2,420,957 GS Mtge Securities II Series 2004-GG2 Cl A4 08-10-38 4.96 1,500,000 1,484,114 GS Mtge Securities II Series 2005-GG4 Cl A1 07-10-39 4.37 2,102,972 2,069,369 JPMorgan Chase Commercial Mtge Securities Series 2002-CIB5 Cl A1 10-12-37 4.37 1,629,571 1,599,624 JPMorgan Chase Commercial Mtge Securities Series 2003-CB6 Cl A2 07-12-37 5.26 1,400,000 1,400,534 JPMorgan Chase Commercial Mtge Securities Series 2003-LN1 Cl A1 10-15-37 4.13 1,794,300 1,728,812 JPMorgan Chase Commercial Mtge Securities Series 2003-ML1A Cl A1 03-12-39 3.97 1,089,865 1,052,551 JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A3 01-12-37 4.18 1,000,000 967,823 JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A5 01-12-37 4.65 1,500,000 1,453,244 JPMorgan Chase Commercial Mtge Securities Series 2005-LDP2 Cl A1 07-15-42 4.33 2,553,037 2,517,524 LB-UBS Commercial Mtge Trust Series 2002-C2 Cl A3 06-15-26 5.39 2,500,000 2,525,803 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) LB-UBS Commercial Mtge Trust Series 2002-C4 Cl A5 09-15-31 4.85% $1,000,000 $979,795 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A2 11-15-27 4.21 2,415,000 2,361,315 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A3 11-15-27 4.83 1,625,000 1,603,225 LB-UBS Commercial Mtge Trust Series 2004-C2 Cl A3 03-15-29 3.97 1,250,000 1,176,513 LB-UBS Commercial Mtge Trust Series 2004-C4 Cl A3 06-15-29 4.99 1,150,000 1,151,504 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A2 08-15-29 4.19 1,800,000 1,753,938 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A4 08-15-29 4.58 1,550,000 1,508,499 LB-UBS Commercial Mtge Trust Series 2004-C7 Cl A2 10-15-29 3.99 1,600,000 1,542,688 LB-UBS Commercial Mtge Trust Series 2004-C8 Cl A2 12-15-29 4.20 2,000,000 1,944,540 LB-UBS Commercial Mtge Trust Series 2005-C3 Cl A1 07-15-30 4.39 1,314,602 1,299,458 LB-UBS Commercial Mtge Trust Series 2005-C5 Cl A2 09-15-30 4.89 1,625,000 1,612,244 Merrill Lynch Mtge Trust Series 2005-MCP1 Cl A1 06-12-43 4.22 1,647,066 1,619,373 Morgan Stanley Capital I Series 2003-IQ4 Cl A1 05-15-40 3.27 2,844,473 2,662,933 Morgan Stanley Capital I Series 2003-T11 Cl A2 06-13-41 4.34 1,175,000 1,146,191 Morgan Stanley Capital I Series 2004-HQ4 Cl A5 04-14-40 4.59 1,250,000 1,214,800 Morgan Stanley Capital I Series 2005-IQ10 Cl A4A 09-15-42 5.23 1,550,000 1,541,063 Morgan Stanley, Dean Witter Capital I Series 2002-TOP7 Cl A2 01-15-39 5.98 2,100,000 2,183,760 Prudential Commercial Mtge Trust Series 2003-PWR1 Cl A1 02-11-36 3.67 1,541,337 1,477,044 Wachovia Bank Commercial Mtge Trust Series 2005-C16 Cl A2 10-15-41 4.38 1,500,000 1,461,304 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) Wachovia Bank Commercial Mtge Trust Series 2005-C16 Cl A3 10-15-41 4.62% $2,000,000 $1,940,232 Total 97,853,957 Mortgage-Backed (14.2%)(f,q) Adjustable Rate Mtge Trust Series 2004-2 Cl 6A1 02-25-35 5.26 1,648,020(i) 1,645,361 Banc of America Mtge Securities Series 2004-E Cl B1 06-25-34 4.04 1,011,520(i) 981,873 Banc of America Mtge Securities Series 2004-F Cl B1 07-25-34 4.13 1,826,752(i) 1,761,884 Bank of America Alternative Loan Trust Series 2003-11 Cl 1A1 01-25-34 6.00 1,847,835 1,846,763 Bank of America Alternative Loan Trust Series 2003-11 Cl 4A1 01-25-19 4.75 1,270,303 1,231,004 Bear Stearns Adjustable Rate Mtge Trust Series 2004-10 Cl 13A1 01-25-35 5.03 2,401,757(i) 2,373,125 Chaseflex Trust Series 2005-2 Cl 2A2 06-25-35 6.50 2,846,761 2,903,697 Countrywide Alternative Loan Trust Series 2003-11T1 Cl A1 07-25-18 4.75 1,404,844 1,361,382 Countrywide Alternative Loan Trust Series 2005-54CB Cl 2A3 11-25-35 5.50 1,953,283 1,956,883 Countrywide Alternative Loan Trust Series 2005-54CB Cl 3A7 11-25-35 5.50 1,973,882 1,980,183 Countrywide Alternative Loan Trust Series 2005-6CB Cl 1A1 04-25-35 7.50 2,008,843 2,076,921 Countrywide Home Loans Series 2004-12 Cl 1M 08-25-34 4.61 972,869(i) 944,790 Countrywide Home Loans Series 2005-R2 Cl 2A1 06-25-35 7.00 2,679,917(d) 2,758,441 CS First Boston Mtge Securities Series 2004-AR5 Cl CB1 06-25-34 4.40 1,162,611(i) 1,129,499 CS First Boston Mtge Securities Series 2005 12-25-35 7.00 3,625,000(j) 3,751,875 CS First Boston Mtge Securities Series 2005-10 Cl 4A1 11-25-35 6.50 3,000,453 3,049,211 CS First Boston Mtge Securities Series 2005-8 Cl 7A1 09-25-35 7.00 3,946,660 4,035,760 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 4 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Downey Savings & Loan Assn Mtge Loan Trust Collateralized Mtge Obligation Interest Only Series 2005-AR5 Cl X1 08-19-45 6.38% $26,090,140(k) $391,352 Federal Home Loan Mtge Corp 10-01-34 6.50 895,538 916,627 Federal Home Loan Mtge Corp #A28602 11-01-34 6.50 1,332,371 1,363,747 Federal Home Loan Mtge Corp #B11835 01-01-19 5.50 664,572 667,886 Federal Home Loan Mtge Corp #C53878 12-01-30 5.50 2,950,962 2,920,445 Federal Home Loan Mtge Corp #C65869 04-01-32 6.00 1,712,449 1,727,844 Federal Home Loan Mtge Corp #C66871 05-01-32 6.50 4,506,288 4,635,180 Federal Home Loan Mtge Corp #C71514 07-01-32 6.50 193,134 197,938 Federal Home Loan Mtge Corp #C77689 03-01-33 6.50 552,649 568,012 Federal Home Loan Mtge Corp #C90598 10-01-22 6.50 587,173 606,125 Federal Home Loan Mtge Corp #C90767 12-01-23 6.00 3,131,697 3,177,790 Federal Home Loan Mtge Corp #D32310 11-01-22 8.00 23,128 24,672 Federal Home Loan Mtge Corp #D55755 08-01-24 8.00 78,268 83,608 Federal Home Loan Mtge Corp #D96300 10-01-23 5.50 408,173 406,481 Federal Home Loan Mtge Corp #D96348 10-01-23 5.50 6,566,576 6,539,349 Federal Home Loan Mtge Corp #E01127 02-01-17 6.50 427,510 440,173 Federal Home Loan Mtge Corp #E01419 05-01-18 5.50 1,831,937 1,841,754 Federal Home Loan Mtge Corp #E81009 07-01-15 7.50 150,112 157,676 Federal Home Loan Mtge Corp #E89496 04-01-17 6.00 3,719,587 3,793,647 Federal Home Loan Mtge Corp #E96516 05-01-13 4.50 1,370,978 1,339,802 Federal Home Loan Mtge Corp #E97591 06-01-18 5.50 464,572 467,439 Federal Home Loan Mtge Corp #E97855 08-01-18 5.00 2,079,112 2,057,909 Federal Home Loan Mtge Corp #E98725 08-01-18 5.00 4,313,085 4,259,857 Federal Home Loan Mtge Corp #E99592 10-01-18 5.00 217,913 215,195 Federal Home Loan Mtge Corp #E99684 10-01-18 5.00 2,087,895 2,061,740 Federal Home Loan Mtge Corp #G01410 04-01-32 7.00 670,919 699,043 Federal Home Loan Mtge Corp #G01535 04-01-33 6.00 2,677,073 2,712,262 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Home Loan Mtge Corp #G30216 04-01-22 6.50% $5,429,458 $5,605,986 Federal Home Loan Mtge Corp Collateralized Mtge Obligation 01-15-18 6.50 1,293,207 1,348,215 10-15-27 5.00 4,525,000 4,487,323 10-15-27 5.00 2,725,000 2,704,518 06-15-28 5.00 4,500,000 4,465,701 12-15-28 5.50 2,115,000 2,123,703 02-15-33 5.50 2,223,671 2,247,725 Federal Home Loan Mtge Corp Collateralized Mtge Obligation Interest Only 02-15-14 17.16 726,910(k) 41,099 07-15-17 7.51 2,599,527(k) 308,019 10-15-22 14.56 3,122,780(k) 191,398 Federal Natl Mtge Assn 12-01-20 6.00 4,000,000(j) 4,083,760 12-01-35 6.50 6,800,000(j) 6,961,500 Federal Natl Mtge Assn #190899 04-01-23 8.50 268,274 287,969 Federal Natl Mtge Assn #190944 05-01-24 6.00 1,005,576 1,013,507 Federal Natl Mtge Assn #190988 06-01-24 9.00 166,747 179,472 Federal Natl Mtge Assn #250322 08-01-25 7.50 23,431 24,665 Federal Natl Mtge Assn #250384 11-01-25 7.50 256,430 269,944 Federal Natl Mtge Assn #250495 03-01-26 7.00 367,973 385,286 Federal Natl Mtge Assn #252381 04-01-14 5.50 5,270,638 5,306,463 Federal Natl Mtge Assn #254259 04-01-17 5.50 811,265 815,809 Federal Natl Mtge Assn #254494 08-01-22 7.00 326,143 341,617 Federal Natl Mtge Assn #254675 01-01-23 6.50 402,534 415,730 Federal Natl Mtge Assn #254708 02-01-23 7.00 592,843 620,972 Federal Natl Mtge Assn #254916 09-01-23 5.50 2,960,423 2,944,435 Federal Natl Mtge Assn #304279 02-01-25 8.50 112,869 122,431 Federal Natl Mtge Assn #309341 05-01-25 8.50 28,013 30,387 Federal Natl Mtge Assn #313049 08-01-11 8.50 378,666 396,862 Federal Natl Mtge Assn #323606 03-01-29 6.50 71,731 73,732 Federal Natl Mtge Assn #433310 08-01-28 6.50 777,238 798,917 Federal Natl Mtge Assn #440730 12-01-28 6.00 265,807 269,070 Federal Natl Mtge Assn #505122 07-01-29 7.00 1,032,532 1,079,182 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #50553 04-01-22 8.00% $127,743 $136,325 Federal Natl Mtge Assn #510587 08-01-29 7.00 333,515 348,583 Federal Natl Mtge Assn #540041 02-01-29 7.00 695,286 727,998 Federal Natl Mtge Assn #545489 03-01-32 6.50 288,713 296,124 Federal Natl Mtge Assn #545684 05-01-32 7.50 217,123 228,079 Federal Natl Mtge Assn #545885 08-01-32 6.50 392,716 404,006 Federal Natl Mtge Assn #555375 04-01-33 6.00 5,267,988 5,321,543 Federal Natl Mtge Assn #555376 04-01-18 4.50 1,163,013 1,127,966 Federal Natl Mtge Assn #555458 05-01-33 5.50 1,989,654 1,964,166 Federal Natl Mtge Assn #555734 07-01-23 5.00 1,932,576 1,879,052 Federal Natl Mtge Assn #555740 08-01-18 4.50 3,061,848 2,965,927 Federal Natl Mtge Assn #615135 11-01-16 6.00 207,049 211,561 Federal Natl Mtge Assn #616572 03-01-17 6.50 910,498 938,882 Federal Natl Mtge Assn #642346 05-01-32 7.00 1,254,746 1,310,359 Federal Natl Mtge Assn #643381 06-01-17 6.00 225,844 230,761 Federal Natl Mtge Assn #645277 05-01-32 7.00 145,408 151,853 Federal Natl Mtge Assn #645569 06-01-32 7.00 999,938 1,044,258 Federal Natl Mtge Assn #646446 06-01-17 6.50 214,435 221,068 Federal Natl Mtge Assn #650105 08-01-17 6.50 1,067,863 1,100,896 Federal Natl Mtge Assn #662197 09-01-32 6.50 460,431 472,142 Federal Natl Mtge Assn #667604 10-01-32 5.50 470,894 465,098 Federal Natl Mtge Assn #670387 08-01-32 7.00 343,390 358,720 Federal Natl Mtge Assn #670711 10-01-32 7.00 668,261 697,879 Federal Natl Mtge Assn #673179 02-01-18 6.00 500,096 510,984 Federal Natl Mtge Assn #676511 12-01-32 7.00 384,547 401,590 Federal Natl Mtge Assn #678397 12-01-32 7.00 1,247,102 1,302,376 Federal Natl Mtge Assn #684601 03-01-33 6.00 3,896,231 3,942,513 Federal Natl Mtge Assn #687736 02-01-33 5.50 1,521,557 1,502,261 Federal Natl Mtge Assn #687887 03-01-33 5.50 2,023,490 2,002,884 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 5 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #688002 03-01-33 5.50% $2,260,511 $2,236,433 Federal Natl Mtge Assn #688034 03-01-33 5.50 1,988,489 1,967,303 Federal Natl Mtge Assn #689093 07-01-28 5.50 1,089,151 1,076,484 Federal Natl Mtge Assn #694546 03-01-33 5.50 989,918 977,364 Federal Natl Mtge Assn #694795 04-01-33 5.50 4,096,902 4,055,477 Federal Natl Mtge Assn #701937 04-01-33 6.00 2,155,319 2,168,321 Federal Natl Mtge Assn #703726 02-01-33 5.00 3,415,691 3,288,000 Federal Natl Mtge Assn #703818 05-01-33 6.00 2,057,319 2,074,408 Federal Natl Mtge Assn #709901 06-01-18 5.00 2,074,797 2,049,277 Federal Natl Mtge Assn #710823 05-01-33 5.50 2,324,977 2,301,575 Federal Natl Mtge Assn #720006 07-01-33 5.50 2,426,057 2,395,290 Federal Natl Mtge Assn #720070 07-01-23 5.50 2,799,011 2,783,895 Federal Natl Mtge Assn #720378 06-01-18 4.50 2,852,454 2,766,495 Federal Natl Mtge Assn #725232 03-01-34 5.00 7,386,285 7,131,885 Federal Natl Mtge Assn #725284 11-01-18 7.00 302,258 314,480 Federal Natl Mtge Assn #725425 04-01-34 5.50 8,042,006 7,940,018 Federal Natl Mtge Assn #725431 08-01-15 5.50 171,354 172,607 Federal Natl Mtge Assn #725684 05-01-18 6.00 3,758,612 3,840,098 Federal Natl Mtge Assn #725737 08-01-34 4.53 5,905,588(i) 5,869,800 Federal Natl Mtge Assn #726940 08-01-23 5.50 369,959 366,370 Federal Natl Mtge Assn #730231 08-01-23 5.50 2,613,623 2,599,508 Federal Natl Mtge Assn #735057 01-01-19 4.50 2,550,284 2,473,431 Federal Natl Mtge Assn #737330 09-01-18 5.50 1,907,391 1,918,300 Federal Natl Mtge Assn #737374 09-01-18 5.50 2,444,869 2,459,708 Federal Natl Mtge Assn #747642 11-01-28 5.50 406,671 401,941 Federal Natl Mtge Assn #747784 10-01-18 4.50 872,387 846,098 Federal Natl Mtge Assn #753074 12-01-28 5.50 2,150,419 2,125,408 Federal Natl Mtge Assn #753206 01-01-34 6.00 1,717,520 1,727,881 Federal Natl Mtge Assn #755056 12-01-23 5.50 2,211,961 2,200,015 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #755598 11-01-28 5.00% $681,370 $655,898 Federal Natl Mtge Assn #758947 12-01-18 6.00 775,842 793,702 Federal Natl Mtge Assn #761031 01-01-34 5.00 565,680 544,390 Federal Natl Mtge Assn #765760 02-01-19 5.00 4,559,580 4,500,570 Federal Natl Mtge Assn #766641 03-01-34 5.00 2,482,072 2,393,511 Federal Natl Mtge Assn #768117 08-01-34 5.44 1,043,503(i) 1,047,188 Federal Natl Mtge Assn #790759 09-01-34 4.82 2,554,675(i) 2,546,685 Federal Natl Mtge Assn #811925 04-01-35 4.92 2,087,539(i) 2,080,550 Federal Natl Mtge Assn #815264 05-01-35 5.25 3,983,807(i) 3,981,284 Federal Natl Mtge Assn #821378 05-01-35 5.04 2,011,292(i) 2,011,930 Federal Natl Mtge Assn Collateralized Mtge Obligation 12-25-26 8.00 1,009,225 1,072,087 Federal Natl Mtge Assn Collateralized Mtge Obligation Interest Only 12-25-12 13.29 557,279(k) 24,238 12-25-22 8.27 1,010,525(k) 153,743 12-25-31 10.31 2,119,877(k) 358,310 First Horizon Alternative Mtge Securities Series 2004-AA4 Cl A1 10-25-34 5.41 1,492,353(m) 1,504,143 First Horizon Alternative Mtge Securities Series 2005-AA2 Cl 2A1 04-25-35 5.42 1,959,177(m) 1,969,443 First Horizon Alternative Mtge Securities Series 2005-AA3 Cl 3A1 05-25-35 5.40 2,005,635(m) 2,005,876 Govt Natl Mtge Assn #604708 10-15-33 5.50 2,105,438 2,100,995 Govt Natl Mtge Assn #619592 09-15-33 5.00 2,848,737 2,791,499 Govt Natl Mtge Assn #780394 12-15-08 7.00 916,671 939,158 Govt Natl Mtge Assn Collateralized Mtge Obligation Interest Only Series 2002-80 Cl CI 01-20-32 20.00 196,766(k) 20,161 Harborview Mtge Loan Trust Series 2004-3 Cl B1 05-19-34 4.39 1,413,563(i) 1,370,059 Harborview Mtge Loan Trust Series 2005-16 Cl 3A1B 01-19-36 4.55 3,125,000(i) 3,125,000 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) IndyMac Index Mtge Loan Trust Collateralized Mtge Obligation Interest Only Series 2005-AR8 Cl AX1 04-25-35 4.50% $59,681,355(k) $708,716 IndyMac Index Mtge Loan Trust Series 2005-AR3 Cl 3A1 04-25-35 5.33 1,177,273(i) 1,174,038 Master Adjustable Rate Mtge Trust Series 2004-5 Cl B1 07-25-34 4.39 1,453,920(i) 1,409,386 Master Alternative Loans Trust Series 2004-2 Cl 4A1 02-25-19 5.00 2,146,654 2,122,504 Master Alternative Loans Trust Series 2004-4 Cl 2A1 05-25-34 6.00 2,480,459 2,497,847 Master Alternative Loans Trust Series 2004-7 Cl 8A1 08-25-19 5.00 4,488,069 4,430,038 Master Alternative Loans Trust Series 2004-8 Cl 7A1 09-25-19 5.00 2,194,170 2,165,360 Structured Adjustable Rate Mtge Loan Trust Series 2004-3AC Cl B1 03-25-34 4.93 1,835,365(i) 1,808,917 Structured Adjustable Rate Mtge Loan Trust Series 2004-5 Cl B1 05-25-34 4.60 1,319,751(i) 1,274,009 Structured Asset Securities Series 2003-33H Cl 1A1 10-25-33 5.50 4,375,658 4,282,191 Washington Mutual Alternative Mtge Loan Trust Pass-Through Certificates Collateralized Mtge Obligation Interest Only Series 2005-AR1 Cl X2 12-25-35 0.00 20,300,000(k) 231,943 Washington Mutual Series 2003-AR10 Cl A7 10-25-33 4.07 2,400,000(i) 2,319,245 Washington Mutual Series 2004-CB2 Cl 6A 07-25-19 4.50 221,769 213,235 Washington Mutual Series 2004-CB4 Cl 22A 12-25-19 6.00 2,191,594 2,207,156 Washington Mutual Series 2005 12-25-45 4.39 1,670,000(j) 1,670,000 Wells Fargo Mtge Backed Securities Trust Series 2005-10 Cl A1 10-25-35 5.00 4,182,125 4,013,536 Wells Fargo Mtge Backed Securities Trust Series 2005-5 Cl 2A1 05-25-35 5.50 3,798,265 3,716,366 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 6 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Wells Fargo Mtge Backed Securities Trust Series 2005-AR1 Cl 1A1 02-25-35 4.55% $9,406,641(i) $9,259,427 Wells Fargo Mtge Backed Securities Trust Series 2005-AR4 Cl B1 04-25-35 4.57 622,703(i) 599,919 Total 318,895,579 Aerospace & Defense (--%) L-3 Communications 06-15-12 7.63 330,000 346,500 Automotive (--%) DaimlerChrysler NA Holding 11-15-13 6.50 735,000 763,569 GMAC 09-15-11 6.88 235,000 212,329 Total 975,898 Banking (0.8%) Bank United 03-15-09 8.00 3,500,000 3,822,935 Banknorth Group Sr Nts 05-01-08 3.75 3,385,000 3,303,658 HSBC Bank USA Sub Nts 08-15-35 5.63 4,600,000 4,373,957 JPMorgan Chase & Co Sub Nts 10-01-15 5.15 4,015,000 3,933,483 Sovereign Bank Sub Nts 03-15-13 5.13 545,000 531,302 Washington Mutual 09-15-17 5.25 2,485,000 2,377,531 Total 18,342,866 Brokerage (0.2%) Morgan Stanley 10-15-15 5.38 3,500,000 3,475,105 Chemicals (--%) Airgas 10-01-11 9.13 225,000 238,500 Compass Minerals Group 08-15-11 10.00 305,000 329,400 MacDermid 07-15-11 9.13 175,000 185,500 Total 753,400 Diversified Manufacturing (0.1%) Tyco Intl Group 02-15-11 6.75 3,070,000(c) 3,219,564 Electric (1.0%) Aquila Canada Finance 06-15-11 7.75 675,000(c) 691,875 Carolina Power & Light 1st Mtge 12-15-15 5.25 1,200,000 1,186,363 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Electric (cont.) CMS Energy Sr Nts 01-15-09 7.50% $450,000 $460,125 Consumers Energy 1st Mtge 02-15-17 5.15 690,000 645,302 09-15-35 5.80 720,000 667,071 Dayton Power & Light 1st Mtge 10-01-13 5.13 1,175,000 1,162,029 Detroit Edison 1st Mtge 10-01-37 5.70 950,000 909,388 Dominion Resources Sr Unsecured Series B 06-15-35 5.95 1,465,000 1,405,689 DPL Sr Nts 09-01-11 6.88 975,000 1,033,500 Exelon 06-15-15 4.90 1,685,000 1,596,644 IPALCO Enterprises Secured 11-14-08 8.38 375,000 390,000 11-14-11 8.63 595,000 650,038 Ohio Edison 06-15-09 5.65 1,425,000(d) 1,439,549 Ohio Edison Sr Nts 05-01-15 5.45 425,000 424,419 Ohio Power Sr Nts Series H 01-15-14 4.85 1,450,000 1,402,730 Pacific Gas & Electric 03-01-34 6.05 1,390,000 1,404,428 PacifiCorp 1st Mtge 06-15-35 5.25 985,000 915,126 Potomac Edison 1st Mtge 11-15-14 5.35 960,000 956,731 PSI Energy 10-15-35 6.12 1,910,000 1,906,701 Southern California Edison 1st Mtge Series 2005-E 07-15-35 5.35 1,070,000 1,011,999 Westar Energy 1st Mtge 07-01-14 6.00 3,253,000 3,385,824 Total 23,645,531 Entertainment (0.1%) Time Warner 05-15-29 6.63 1,470,000 1,495,086 United Artists Theatre Circuit 07-01-15 9.30 1,509,378 1,494,284 Total 2,989,370 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Food and Beverage (0.3%) Cott Beverages USA 12-15-11 8.00% $310,000 $317,750 Kraft Foods 06-01-12 6.25 4,025,000 4,224,717 Kraft Foods Sr Unsecured 11-01-11 5.63 2,710,000 2,762,926 Total 7,305,393 Gaming (0.2%) Caesars Entertainment Sr Nts 04-15-13 7.00 895,000 950,614 MGM MIRAGE 10-01-09 6.00 265,000 263,675 07-15-15 6.63 770,000(d) 760,375 MGM MIRAGE Sr Nts 02-27-14 5.88 115,000 108,675 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 165,000 161,700 Mohegan Tribal Gaming Authority Sr Sub Nts 04-01-12 8.00 310,000 327,050 Station Casinos Sr Nts 04-01-12 6.00 345,000 344,138 Station Casinos Sr Sub Nts 03-01-16 6.88 540,000(d) 548,100 Total 3,464,327 Gas Pipelines (0.1%) ANR Pipeline 03-15-10 8.88 440,000 470,518 Colorado Interstate Gas Sr Nts 03-15-15 5.95 160,000 153,406 11-15-15 6.80 290,000(d) 290,725 Pacific Energy Partners LP/Finance Sr Nts 09-15-15 6.25 220,000(d) 216,700 Southern Natural Gas 03-15-10 8.88 290,000 310,114 Southern Star Central Secured 08-01-10 8.50 225,000 239,063 Transcontinental Gas Pipe Line Series B 08-15-11 7.00 400,000 416,500 Total 2,097,026 Health Care (0.3%) Cardinal Health 06-15-15 4.00 6,680,000 5,944,499 HCA Sr Nts 03-15-14 5.75 340,000 331,501 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 7 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Health Care (cont.) Triad Hospitals Sr Nts 05-15-12 7.00% $300,000 $303,750 Total 6,579,750 Independent Energy (0.1%) Chesapeake Energy 01-15-15 7.75 450,000 475,875 Chesapeake Energy Sr Nts 06-15-14 7.50 39,000 41,145 Chesapeake Energy Sr Unsecured 08-15-17 6.50 660,000(d) 645,150 Encore Acquisition Sr Sub Nts 04-15-14 6.25 510,000 485,775 Newfield Exploration Sr Nts 03-01-11 7.63 50,000 53,250 Newfield Exploration Sr Sub Nts 08-15-12 8.38 880,000 937,200 Plains Exploration & Production Sr Nts 06-15-14 7.13 235,000 240,875 Total 2,879,270 Life Insurance (0.2%) Pricoa Global Funding I 06-25-12 4.63 5,655,000(d) 5,473,582 Lodging (--%) ITT 11-15-15 7.38 445,000 477,263 Media Cable (0.4%) Comcast 03-15-11 5.50 8,110,000 8,129,463 DIRECTV Holdings LLC/Financing Sr Nts 03-15-13 8.38 180,000 195,300 Videotron Ltee 01-15-14 6.88 145,000(c) 146,813 12-15-15 6.38 115,000(c,d) 113,994 Total 8,585,570 Media Non Cable (0.2%) Corus Entertainment Sr Sub Nts 03-01-12 8.75 140,000(c) 148,400 Dex Media East LLC/Finance 11-15-09 9.88 75,000 81,188 Dex Media West LLC/Finance Sr Nts Series B 08-15-10 8.50 145,000 152,975 Gray Television 12-15-11 9.25 325,000 347,750 Lamar Media 01-01-13 7.25 165,000 169,950 News America 12-15-34 6.20 2,210,000 2,174,990 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Media Non Cable (cont.) Quebecor Media Sr Nts 07-15-11 11.13% $95,000(c) $102,719 Radio One Series B 07-01-11 8.88 350,000 368,813 Sun Media 02-15-13 7.63 240,000(c) 246,600 Susquehanna Media Sr Sub Nts 04-15-13 7.38 300,000 318,375 Total 4,111,760 Metals (--%) Peabody Energy Series B 03-15-13 6.88 550,000 567,875 Oil Field Services (--%) Pride Intl Sr Nts 07-15-14 7.38 140,000 150,850 Other Financial Institutions (0.4%) American Express Credit 12-02-10 5.00 1,915,000(j) 1,913,085 Residential Capital Sr Unsecured 06-30-10 6.38 5,320,000 5,362,523 Willis North America 07-15-15 5.63 1,180,000 1,166,557 Total 8,442,165 Paper (--%) Crown Americas LLC/Capital Sr Nts 11-15-13 7.63 135,000(d) 138,375 11-15-15 7.75 390,000(d) 397,800 Total 536,175 Pharmaceuticals (0.1%) AmerisourceBergen 09-15-15 5.88 440,000(d) 442,200 Merck & Co 02-15-13 4.38 1,360,000 1,285,254 03-01-15 4.75 1,460,000 1,392,337 Total 3,119,791 Property & Casualty (--%) Marsh & McLennan Companies Sr Unsecured 09-15-15 5.75 965,000 961,362 REITS (0.1%) Simon Property Group LP 12-01-15 5.75 2,170,000(d) 2,182,922 Retailers (0.2%) CVS 09-15-14 4.88 2,300,000 2,211,618 Flooring America Series B 10-15-07 9.25 1,849,000(b,h,l) -- Bonds (continued) Issuer Coupon Principal Value(a) rate amount Retailers (cont.) May Department Stores 07-15-34 6.70% $2,015,000 $2,085,589 Total 4,297,207 Transportation Services (0.2%) ERAC USA Finance 05-01-15 5.60 1,755,000(d) 1,733,390 11-15-15 5.90 1,675,000(d) 1,689,623 Total 3,423,013 Wireless (0.5%) Nextel Communications Sr Nts Series F 03-15-14 5.95 9,875,000 9,874,961 US Cellular Sr Nts 12-15-33 6.70 2,255,000 2,198,787 Total 12,073,748 Wirelines (1.4%) Qwest 03-15-12 8.88 350,000 392,875 Qwest Sr Nts 06-15-15 7.63 220,000(d) 234,025 Telecom Italia Capital 10-01-15 5.25 7,170,000(c) 6,946,016 TELUS 06-01-11 8.00 7,402,500(c) 8,315,176 Verizon Pennsylvania Series A 11-15-11 5.65 14,780,000 14,742,755 Total 30,630,847 Total Bonds (Cost: $860,823,610) $846,930,734 Short-Term Securities (1.6%)(p) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-29-05 4.14% $20,000,000(s) $19,933,461 Falcon Asset Securitization 12-07-05 4.02 3,500,000(s) 3,497,264 Park Granada LLC 12-05-05 4.05 10,000,000(s) 9,994,375 Thames Asset Global Securitization 12-19-05 4.11 3,500,000(s) 3,492,426 Total Short-Term Securities (Cost: $36,921,736) $36,917,526 Total Investments in Securities (Cost: $2,186,277,572)(t) $2,380,839,517 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 8 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. For long-term debt securities, item identified is in default as to payment of interest and/or principal. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. At Nov. 30, 2005, the value of foreign securities represented 6.5% of net assets. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $37,465,584 or 1.7% of net assets. (e) Pay-in-kind securities are securities in which the issuer makes interest or dividend payments in cash or in additional securities. The securities usually have the same terms as the original holdings. (f) Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. 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) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- Ambac Assurance Corporation FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance MBIA -- MBIA Insurance Corporation (h) Negligible market value. (i) Adjustable rate mortgage; interest rate varies to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (j) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $18,430,945. (k) Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows at Nov. 30, 2005. (l) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Nov. 30, 2005, is as follows: Security Acquisition Cost dates Flooring America 9.25% Series B 2007 10-09-97 thru 12-17-02 $2,058,360 (m) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (n) Partially pledged as initial deposit on the following open interest rate futures contracts. Type of security Notional amount Purchase contracts U.S. Treasury Note, March 2006, 2-year $12,000,000 U.S. Long Bond, March 2006, 20-year 12,200,000 Sale contracts U.S. Treasury Note, Dec. 2005, 5-year 27,800,000 U.S. Treasury Note, Dec. 2005, 10-year 22,500,000 U.S. Treasury Note, March 2006, 5-year 100,000 U.S. Treasury Note, March 2006, 10-year 13,500,000 (o) At Nov. 30, 2005, security was partially or fully on loan. (p) Cash collateral received from security lending activity is invested in short-term securities and represents 1.0% of net assets. 0.6% of net assets is the Fund's cash equivalent position. - -------------------------------------------------------------------------------- 9 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Balanced Fund Notes to Investments in Securities (continued) (q) Comparable securities are held to satisfy future delivery requirements of the following open forward sale commitments at Nov. 30, 2005:
Security Principal Settlement Proceeds Value amount date receivable Federal Natl Mtge Assn 12-01-20 4.50% $ 4,000,000 12-15-05 $ 3,843,125 $ 3,866,248 12-01-20 5.00 3,000,000 12-15-05 2,939,063 2,953,140 12-01-35 5.00 5,000,000 12-13-05 4,822,070 4,809,375 12-01-35 5.50 17,000,000 12-13-05 16,661,250 16,739,696 12-01-35 6.00 4,000,000 12-13-05 4,030,000 4,021,240
(r) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (s) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $36,917,526 or 1.6% of net assets. (t) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $2,186,278,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $258,262,000 Unrealized depreciation (63,700,000) ----------- Net unrealized appreciation $194,562,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 10 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP - Cash Management Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Certificates of Deposit (6.1%) Issuer Effective Principal Value(a) yield amount Certificate of Deposit Barclays Bank 06-01-06 4.03% $5,000,000(c) $4,999,751 Citibank 01-27-06 4.18 7,000,000 7,000,000 Credit Suisse First Boston NY 02-14-06 4.30 10,000,000(c) 10,000,000 09-26-06 3.93 5,000,000(c) 5,000,000 DEPFA Bank 02-09-06 4.26 5,000,000 5,000,000 03-27-06 4.28 5,000,000 5,000,000 SunTrust Banks 05-12-06 4.28 5,000,000(c) 4,999,891 Total Certificates of Deposit (Cost: $41,999,642) $41,999,642 Commercial Paper (94.1%) Issuer Effective Principal Value(a) yield amount Asset-Backed (54.0%) Amstel Funding 12-13-05 3.62% $9,200,000(b) $9,187,979 02-28-06 4.31 8,300,000(b) 8,211,561 05-16-06 4.50 3,000,000(b) 2,938,718 Amsterdam Funding 12-19-05 3.79 5,000,000(b) 4,990,025 Barton Capital 01-10-06 4.04 5,300,000(b) 5,275,738 Bryant Park Funding LLC 01-04-06 3.96 7,000,000(b) 6,973,159 01-06-06 3.95 6,600,000(b) 6,573,321 01-12-06 3.97 5,000,000(b) 4,976,375 CAFCO LLC 12-14-05 3.70 3,800,000(b) 3,794,539 CC (USA)/Centari 02-08-06 4.18 6,300,000 6,249,164 CHARTA LLC 12-16-05 3.73 6,000,000(b) 5,990,075 01-17-06 4.03 4,300,000(b) 4,277,039 02-03-06 4.18 3,600,000(b) 3,573,056 CIESCO LLC 12-08-05 3.46 6,000,000(b) 5,995,392 02-10-06 4.23 8,000,000(b) 7,932,866 Citibank Credit Card Dakota Nts 01-05-06 4.08 7,000,000(b) 6,971,553 CRC Funding LLC 12-16-05 3.77 14,500,000(b) 14,475,772 Commercial Paper (continued) Issuer Effective Principal Value(a) yield amount Asset-Backed (cont.) Cullinan Finance 12-08-05 3.43% $4,000,000 $3,996,951 01-05-06 3.93 3,400,000 3,386,679 01-10-06 4.04 3,000,000 2,986,267 01-23-06 4.07 8,000,000 7,951,476 03-23-06 4.35 3,900,000 3,847,407 Dakota Nts 12-22-05 3.87 3,300,000(b) 3,292,223 01-10-06 3.98 6,500,000(b) 6,470,678 02-27-06 4.31 5,100,000(b) 5,046,269 Dorada Finance 12-15-05 3.53 2,000,000 1,997,060 02-13-06 4.24 5,300,000 5,253,590 Edison Asset Securitization 12-13-05 3.48 3,000,000(b) 2,996,240 Emerald Certificates MBNA MCCT 12-01-05 3.76 5,100,000(b) 5,100,000 12-06-05 3.28 1,500,000(b) 1,499,181 02-07-06 4.20 5,000,000(b) 4,960,050 Fairway Finance 01-03-06 4.04 5,000,000(b,c) 4,999,955 Falcon Asset Securitization 12-01-05 3.78 7,000,000(b) 7,000,000 FCAR Owner Trust 12-02-05 1.88 6,300,000 6,299,342 Five Finance 01-27-06 4.08 13,000,000 12,915,117 02-03-06 4.15 5,000,000 4,962,844 02-06-06 4.18 3,000,000 2,976,494 Galaxy Funding 12-06-05 3.28 3,000,000(b) 2,998,363 01-23-06 4.06 6,000,000(b) 5,963,695 01-26-06 4.11 8,000,000(b) 7,948,231 02-07-06 4.18 6,300,000(b) 6,249,901 02-17-06 4.25 2,900,000(b) 2,873,233 Grampian Funding LLC 12-16-05 3.55 5,000,000(b) 4,992,125 02-16-06 4.22 5,000,000(b) 4,954,656 02-21-06 4.13 5,200,000(b) 5,150,964 03-28-06 4.37 5,000,000(b) 4,929,313 05-09-06 4.46 2,300,000(b) 2,255,303 K2 (USA) LLC 01-17-06 4.07 3,500,000(c) 3,499,913 Nieuw Amsterdam 12-01-05 3.85 1,800,000(b) 1,800,000 12-09-05 3.55 1,400,000(b) 1,398,759 02-06-06 4.18 6,000,000(b) 5,952,988 Commercial Paper (continued) Issuer Effective Principal Value(a) yield amount Asset-Backed (cont.) Park Granada LLC 12-02-05 1.96% $4,500,000(b) $4,499,511 12-05-05 3.15 3,000,000(b) 2,998,690 12-07-05 3.37 7,400,000(b) 7,395,148 12-09-05 3.51 5,000,000(b) 4,995,611 Scaldis Capital LLC 01-30-06 4.11 4,500,000(b) 4,468,875 02-15-06 4.22 4,200,000(b) 4,162,405 Sedna Finance 02-14-06 4.26 9,900,000 9,811,725 08-15-06 4.30 10,000,000(c) 9,999,999 Sigma Finance 02-10-06 4.19 5,000,000 4,958,485 06-16-06 4.07 15,000,000(c) 14,999,593 Thames Asset Global Securitization No 1 01-09-06 4.07 3,400,000(b) 3,384,677 Thunder Bay Funding LLC 02-21-06 4.27 6,000,000(b) 5,941,507 White Pine Finance LLC 12-13-05 3.49 6,000,000 5,992,440 02-10-06 4.06 5,500,000(c) 5,499,786 03-15-06 4.08 5,000,000(c) 4,999,680 09-06-06 4.05 10,000,000(c) 9,999,236 Total 371,398,967 Banking (27.3%) Bank of Ireland 03-13-06 4.32 4,200,000(b) 4,148,711 Barclays U.S. Funding 12-05-05 3.13 5,000,000 4,997,825 BNP Paribas Finance 02-22-06 4.27 5,000,000 4,950,719 Calyon North America 01-31-06 4.07 8,100,000 8,043,590 Danske 12-02-05 1.95 1,500,000 1,499,838 DekaBank Deutsche Girozentrale 11-17-06 4.17 4,000,000(c) 4,000,000 DEPFA Bank 09-15-06 3.88 10,000,000(c) 10,000,000 HBOS Treasury Services 02-06-06 4.14 10,000,000 9,922,392 02-08-06 4.15 6,700,000 6,646,322 02-21-06 4.26 7,000,000 6,931,917 ING (US) Funding LLC 02-17-06 4.24 8,400,000 8,322,650 03-02-06 4.23 3,000,000 2,967,923 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 11 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP - Cash Management Fund Commercial Paper (continued) Issuer Effective Principal Value(a) yield amount Banking (cont.) Irish Life & Permanent 01-20-06 4.05% $3,800,000(b) $3,778,308 01-31-06 4.12 7,400,000(b) 7,347,838 12-21-06 4.18 5,000,000(c) 4,999,545 JPMorgan Chase & Co 02-01-06 4.10 4,500,000 4,467,915 02-02-06 4.13 6,000,000 5,956,320 Natexis Banques Populair 12-15-06 4.10 3,000,000(c) 3,000,000 Northern Rock 10-06-06 3.85 10,700,000(c) 10,700,000 11-03-06 4.10 5,000,000(c) 5,000,000 Skandinaviska Enskilda Banken 12-27-05 3.91 4,000,000(b) 3,988,300 01-17-06 4.11 5,000,000(c) 5,000,000 12-18-06 4.13 10,000,000(c) 10,000,000 Societe Generale North America 12-12-05 3.50 2,000,000 1,997,672 12-14-05 3.50 7,800,000 7,789,409 02-01-06 4.07 8,000,000 7,943,373 02-21-06 4.21 6,400,000 6,338,482 UBS Finance (Delaware) LLC 12-07-05 3.28 9,000,000 8,994,255 Wells Fargo Bank 12-04-06 4.05 5,000,000(c) 5,000,000 Commercial Paper (continued) Issuer Effective Principal Value(a) yield amount Banking (cont.) Westpac Banking 10-11-06 3.84% $10,700,000(c) $10,699,999 Westpac Capital 12-15-05 3.55 3,000,000 2,995,573 Total 188,428,876 Brokerage (8.9%) Bear Stearns Companies 12-15-06 4.13 5,000,000(c) 5,000,000 12-28-06 4.21 5,000,000(c) 5,000,000 Credit Suisse First Boston 04-03-06 4.32 6,000,000(b) 5,912,055 Goldman Sachs Group 02-23-06 4.27 9,900,000 9,801,132 05-24-06 4.16 5,000,000(b,c) 5,000,000 05-25-06 4.08 5,000,000(b,c) 5,000,000 12-15-06 4.14 5,000,000(c) 5,000,000 Lehman Brothers Holdings 12-22-06 4.26 8,000,000(c) 8,000,000 Merrill Lynch & Co 12-15-06 4.10 5,000,000(c) 5,000,000 Morgan Stanley & Co 01-11-06 3.99 8,000,000 7,962,918 Total 61,676,105 Commercial Paper (continued) Issuer Effective Principal Value(a) yield amount Non Captive Consumer (2.5%) SLM 12-15-06 4.12% $7,500,000(c) $7,500,000 12-20-06 4.16 10,000,000(c) 10,000,000 Total 17,500,000 Other Financial Institutions (0.7%) HSBC Finance 12-28-06 4.18 5,000,000(c) 5,000,000 Pharmaceuticals (0.7%) Eli Lilly Services 12-01-06 4.06 5,000,000(c) 5,000,000 Total Commercial Paper (Cost: $649,003,948) $649,003,948 Total Investments in Securities (Cost: $691,003,590)(d) $691,003,590 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $273,990,931 or 39.7% of net assets. (c) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. The maturity date disclosed represents the final maturity. For purposes of Rule 2a-7, maturity is the later of the next put or interest rate reset date. (d) Also represents the cost of securities for federal income tax purposes at Nov. 30, 2005. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 12 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Core Bond Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (97.1%) Issuer Coupon Principal Value(a) rate amount Sovereign (1.4%) Bundesrepublik Deutschland (European Monetary Unit) 01-04-07 6.00% 409,000(c) $499,020 United Kingdom Treasury (British Pound) 12-07-06 7.50 180,000(c) 321,079 Total 820,099 U.S. Government Obligations & Agencies (33.9%) Federal Farm Credit Bank 10-10-08 4.25 225,000 222,386 Federal Home Loan Mtge Corp 09-15-06 3.63 895,000 888,066 06-15-08 3.88 870,000 852,818 10-15-08 5.13 120,000 121,252 12-19-08 4.63 350,000 348,989 03-18-09 3.76 125,000 121,180 07-12-10 4.13 1,097,000 1,067,371 Federal Natl Mtge Assn 05-15-07 3.88 1,250,000 1,236,088 10-15-08 4.50 585,000 581,395 02-15-09 3.25 1,215,000 1,164,330 U.S. Treasury 11-30-06 2.88 75,000 73,852 06-30-07 3.63 270,000 266,762 11-30-07 4.25 4,175,000 4,161,626 09-15-10 3.88 795,000 775,746 11-15-10 4.50 1,945,000 1,951,305 11-15-15 4.50 570,000 570,089 08-15-23 6.25 1,522,000(i) 1,780,918 02-15-26 6.00 2,953,000 3,403,907 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 546,378(h) 523,795 Total 20,111,875 Asset-Backed (1.8%) Aesop Funding II LLC Series 2004-2A Cl A1 (FGIC) 04-20-08 2.76 50,000(d,e) 48,780 AmeriCredit Automobile Receivables Trust Series 2005-BM Cl A3 (MBIA) 02-06-10 4.05 150,000(e) 148,102 AmeriCredit Automobile Receivables Trust Series 2005-DA Cl A3 12-06-10 4.87 50,000 50,037 ARG Funding Series 2005-1A Cl A3 (MBIA) 04-20-11 4.29 100,000(d,e) 97,312 Capital Auto Receivables Asset Trust Series 2004-1 09-15-10 2.84 50,000 48,402 Capital Auto Receivables Asset Trust Series 2005-1 Cl A4 07-15-09 4.05 125,000 122,695 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Asset-Backed (cont.) Capital One Auto Finance Trust Series 2005-BSS Cl A3 11-15-09 4.08% $100,000 $98,471 Carmax Auto Owner Trust Series 2005-1 Cl A4 03-15-10 4.35 50,000 49,410 Countrywide Asset-Backed Certificates Series 2005-10 Cl AF6 02-25-36 4.92 30,000 29,104 Franklin Auto Trust Series 2004-1 Cl A3 (MBIA) 03-15-12 4.15 25,000(e) 24,668 Long Beach Auto Receivables Trust Series 2004-C Cl A3 (FSA) 09-15-09 3.40 50,000(e) 49,427 Morgan Stanley Auto Loan Trust Series 2004-HB2 Cl A3 03-16-09 2.94 60,000 58,846 Popular ABS Mtge Pass-Through Trust Series 2005-A Cl AF2 06-25-35 4.49 55,000 54,006 Triad Auto Receivables Owner Trust Series 2005-A Cl A3 (AMBAC) 03-12-10 4.05 150,000(e) 148,179 WFS Financial Owner Trust Series 2004-1 Cl D 08-22-11 3.17 44,827 44,105 Total 1,071,544 Commercial Mortgage-Backed (10.7%)(f) Banc of America Commercial Mtge Series 2005-1 Cl A4 11-10-42 4.88 75,000 74,473 Banc of America Large Loan Series 2005-BOCA Cl A1 12-15-16 4.24 74,911(d,k) 74,930 Banc of America Large Loan Series 2005-BOCA Cl A2 12-15-16 4.29 50,000(d,k) 50,028 Bank of America-First Union NB Commercial Mtge Series 2001-3 Cl A1 04-11-37 4.89 58,748 58,619 Bear Stearns Commercial Mtge Securities Series 2004-PWR5 Cl A3 07-11-42 5.16 100,000 97,138 Bear Stearns Commercial Mtge Securities Series 2004-T16 Cl A3 02-13-46 4.03 195,000 188,005 Bear Stearns Commercial Mtge Securities Series 2005-PWR8 Cl A1 06-11-41 4.21 142,247 139,802 Bear Stearns Commercial Mtge Securities Series 2005-T20 Cl E 10-12-42 5.16 100,000 97,859 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) California State Teachers' Retirement System Trust Series 2002-C6 Cl A3 11-20-14 4.46% $164,961(d) $161,810 CDC Commercial Mtge Trust Series 2002-FX1 Cl A1 05-15-19 5.25 154,210 155,435 CDC Commercial Mtge Trust Series 2002-FX1 Cl A2 11-15-30 5.68 100,000 102,334 Citigroup Commercial Mtge Trust Series 2005-EMG Cl A1 09-20-51 4.15 148,125(d) 145,386 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl A4 07-15-44 5.23 175,000 175,137 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl ASB 07-15-44 5.23 50,000 50,150 Commercial Mtge Pass-Through Ctfs Series 2004-CNL Cl A1 09-15-14 4.34 50,000(d,k) 49,989 CS First Boston Mtge Securities Series 2002-CKS4 Cl A1 11-15-36 4.49 242,321 237,982 CS First Boston Mtge Securities Series 2004-C1 Cl A2 01-15-37 3.52 50,000 48,133 CS First Boston Mtge Securities Series 2005-C5 Cl A2 08-15-38 5.10 50,000 49,978 Federal Natl Mtge Assn 08-25-12 4.72 100,000 97,980 Federal Natl Mtge Assn #385717 11-01-12 4.84 96,193 95,590 Federal Natl Mtge Assn #386599 11-01-10 4.47 24,081 23,636 Federal Natl Mtge Assn #386768 01-01-11 4.23 97,396 93,811 Federal Natl Mtge Assn #555806 10-01-13 5.11 184,996 185,393 Federal Natl Mtge Assn #735029 09-01-13 5.28 147,768 149,147 GE Capital Commercial Mtge Series 2001-3 Cl A1 06-10-38 5.56 56,102 56,664 GE Capital Commercial Mtge Series 2004-C2 Cl A2 03-10-40 4.12 50,000 48,457 GE Capital Commercial Mtge Series 2005-C1 Cl A5 06-10-48 4.77 100,000 96,394 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 13 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Core Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) GE Capital Commercial Mtge Series 2005-C3 Cl A1 07-10-45 4.59% $107,514 $106,375 General Electric Capital Assurance Series 2003-1 Cl A3 05-12-35 4.77 175,000(d) 171,608 GMAC Commercial Mtge Securities Series 2004-C3 Cl A4 12-10-41 4.55 100,000 96,461 GMAC Commercial Mtge Securities Series 2005-C1 Cl A1 05-10-43 4.21 71,571 70,237 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A4 06-10-36 4.76 125,000 122,979 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A5 06-10-36 4.88 50,000 49,377 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A1 08-10-42 3.92 43,680 42,912 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A3 08-10-42 4.57 150,000 145,257 GS Mtge Securities II Series 2004-GG2 Cl A4 08-10-38 4.96 75,000 74,206 GS Mtge Securities II Series 2005-GG4 Cl A1 07-10-39 4.37 122,266 120,312 JPMorgan Chase Commercial Mtge Securities Series 2002-CIB5 Cl A1 10-12-37 4.37 108,638 106,642 JPMorgan Chase Commercial Mtge Securities Series 2003-CB6 Cl A2 07-12-37 5.26 50,000 50,019 JPMorgan Chase Commercial Mtge Securities Series 2003-LN1 Cl A1 10-15-37 4.13 112,144 108,051 JPMorgan Chase Commercial Mtge Securities Series 2003-ML1A Cl A1 03-12-39 3.97 45,411 43,856 JPMorgan Chase Commercial Mtge Securities Series 2004-C2 Cl A2 05-15-41 5.26 100,000(k) 99,771 JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A3 01-12-37 4.18 50,000 48,391 JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A5 01-12-37 4.65 50,000 48,441 JPMorgan Chase Commercial Mtge Securities Series 2005-LDP2 Cl A1 07-15-42 4.33 236,392 233,103 LB-UBS Commercial Mtge Trust Series 2002-C4 Cl A4 09-15-26 4.56 60,000 58,489 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A2 11-15-27 4.21% $180,000 $175,999 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A3 11-15-27 4.83 100,000 98,660 LB-UBS Commercial Mtge Trust Series 2004-C2 Cl A3 03-15-29 3.97 50,000 47,061 LB-UBS Commercial Mtge Trust Series 2004-C4 Cl A3 06-15-29 4.99 50,000(k) 50,065 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A2 08-15-29 4.19 100,000 97,441 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A4 08-15-29 4.58 125,000 121,653 LB-UBS Commercial Mtge Trust Series 2004-C7 Cl A2 10-15-29 3.99 50,000 48,209 LB-UBS Commercial Mtge Trust Series 2004-C8 Cl A2 12-15-29 4.20 75,000 72,920 LB-UBS Commercial Mtge Trust Series 2005-C3 Cl A1 07-15-30 4.39 69,563 68,762 LB-UBS Commercial Mtge Trust Series 2005-C5 Cl A2 09-15-30 4.89 100,000 99,215 Merrill Lynch Mtge Trust Series 2005-MCP1 Cl A1 06-12-43 4.22 94,118 92,536 Morgan Stanley Capital I Series 2003-IQ4 Cl A1 05-15-40 3.27 134,097 125,538 Morgan Stanley Capital I Series 2003-T11 Cl A2 06-13-41 4.34 75,000 73,161 Morgan Stanley Capital I Series 2004-HQ4 Cl A5 04-14-40 4.59 75,000 72,888 Morgan Stanley Capital I Series 2005-IQ10 Cl A4A 09-15-42 5.23 100,000 99,423 Morgan Stanley, Dean Witter Capital I Series 2002-TOP7 Cl A2 01-15-39 5.98 125,000 129,986 Prudential Commercial Mtge Trust Series 2003-PWR1 Cl A1 02-11-36 3.67 85,630 82,058 Wachovia Bank Commercial Mtge Trust Series 2005-C16 Cl A2 10-15-41 4.38 100,000 97,420 Wachovia Bank Commercial Mtge Trust Series 2005-C16 Cl A3 10-15-41 4.62 100,000 97,012 Total 6,350,754 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (34.3%)(f,j) Adjustable Rate Mtge Trust Series 2005-3 Cl 7A1 07-25-35 5.09% $136,235(g) $135,143 Bank of America Alternative Loan Trust Series 2003-11 Cl 4A1 01-25-19 4.75 76,988 74,606 Bear Stearns Adjustable Rate Mtge Trust Series 2004-10 Cl 13A1 01-25-35 5.03 142,477(g) 140,779 Bear Stearns Adjustable Rate Mtge Trust Series 2004-12 Cl 3A1 02-25-35 5.17 92,971(g) 92,277 Countrywide Alternative Loan Trust Series 2003-11T1 Cl A1 07-25-18 4.75 46,334 44,900 Countrywide Alternative Loan Trust Series 2005-54CB Cl 2A3 11-25-35 5.50 132,509 132,753 Countrywide Alternative Loan Trust Series 2005-54CB Cl 3A7 11-25-35 5.50 137,143 137,581 Countrywide Alternative Loan Trust Series 2005-6CB Cl 1A1 04-25-35 7.50 110,376 114,117 Countrywide Home Loans Series 2005-HYB1 Cl 6A1 03-25-35 5.20 339,127(g) 336,261 Countrywide Home Loans Series 2005-R2 Cl 2A1 06-25-35 7.00 165,262(d) 170,104 CS First Boston Mtge Securities Series 2005 12-25-35 7.00 250,000(b) 258,750 CS First Boston Mtge Securities Series 2005-10 Cl 4A1 11-25-35 6.50 196,751 199,948 CS First Boston Mtge Securities Series 2005-8 Cl 7A1 09-25-35 7.00 281,904 288,269 Downey Savings & Loan Assn Mtge Loan Trust Collateralized Mtge Obligation Interest Only Series 2005-AR5 Cl X1 08-19-45 6.38 1,796,370(l) 26,946 Federal Home Loan Mtge Corp Collateralized Mtge Obligation 01-15-18 6.50 66,318 69,139 10-15-27 5.00 300,000 297,603 06-15-28 5.00 275,000 272,904 12-15-28 5.50 125,000 125,514 Federal Home Loan Mtge Corp Collateralized Mtge Obligation Interest Only 07-15-17 7.50 281,030(l) 33,299 Federal Home Loan Mtge Corp #B11452 12-01-18 6.00 174,516 177,992 Federal Home Loan Mtge Corp #B11835 01-01-19 5.50 147,683 148,419 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 14 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Core Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Home Loan Mtge Corp #B12280 02-01-19 5.50% $185,148 $186,071 Federal Home Loan Mtge Corp #C46101 08-01-29 6.50 356,459 366,200 Federal Home Loan Mtge Corp #C90613 01-01-23 5.00 61,257 59,545 Federal Home Loan Mtge Corp #C90683 06-01-23 5.00 121,679 118,279 Federal Home Loan Mtge Corp #C90767 12-01-23 6.00 61,406 62,310 Federal Home Loan Mtge Corp #D96348 10-01-23 5.50 182,222 181,467 Federal Home Loan Mtge Corp #G01410 04-01-32 7.00 103,218 107,545 Federal Natl Mtge Assn 12-01-20 5.00 550,000(b) 541,409 12-01-20 5.50 540,000(b) 542,193 12-01-20 6.00 500,000(b) 510,470 12-01-35 6.50 725,000(b) 742,219 01-01-36 6.00 1,000,000(b) 1,003,750 Federal Natl Mtge Assn #252440 05-01-29 7.00 202,618 211,772 Federal Natl Mtge Assn #254560 11-01-32 5.00 25,758 24,880 Federal Natl Mtge Assn #255788 06-01-15 5.50 417,688 420,834 Federal Natl Mtge Assn #323715 05-01-29 6.00 92,695 93,472 Federal Natl Mtge Assn #545869 07-01-32 6.50 56,483 58,125 Federal Natl Mtge Assn #545874 08-01-32 6.50 168,281 173,056 Federal Natl Mtge Assn #555340 04-01-33 5.50 177,003 175,210 Federal Natl Mtge Assn #615135 11-01-16 6.00 224,303 229,191 Federal Natl Mtge Assn #645569 06-01-32 7.00 503,165 525,466 Federal Natl Mtge Assn #650009 09-01-31 7.50 38,894 40,908 Federal Natl Mtge Assn #667604 10-01-32 5.50 214,043 211,408 Federal Natl Mtge Assn #677089 01-01-33 5.50 207,575 205,020 Federal Natl Mtge Assn #677695 02-01-33 6.50 417,552 429,193 Federal Natl Mtge Assn #683116 02-01-33 6.00 363,677 366,121 Federal Natl Mtge Assn #704610 06-01-33 5.50 210,820 208,146 Federal Natl Mtge Assn #720378 06-01-18 4.50 71,311 69,162 Federal Natl Mtge Assn #724867 06-01-18 5.00 139,748 138,049 Federal Natl Mtge Assn #725232 03-01-34 5.00 461,643 445,743 Federal Natl Mtge Assn #725284 11-01-18 7.00 53,975 56,157 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #725425 04-01-34 5.50% $529,079 $522,370 Federal Natl Mtge Assn #725431 08-01-15 5.50 118,176 119,040 Federal Natl Mtge Assn #725719 07-01-33 4.84 84,533(g) 82,986 Federal Natl Mtge Assn #725737 08-01-34 4.53 93,001(g) 92,438 Federal Natl Mtge Assn #735160 12-01-34 4.36 90,187(g) 89,250 Federal Natl Mtge Assn #743455 10-01-18 5.50 231,479 232,797 Federal Natl Mtge Assn #743579 11-01-33 5.50 125,844 124,248 Federal Natl Mtge Assn #747784 10-01-18 4.50 246,544 239,115 Federal Natl Mtge Assn #749745 11-01-18 4.50 322,870 313,140 Federal Natl Mtge Assn #753074 12-01-28 5.50 168,002 166,048 Federal Natl Mtge Assn #759330 01-01-19 6.50 161,914 166,917 Federal Natl Mtge Assn #759342 01-01-34 6.50 130,735 134,587 Federal Natl Mtge Assn #761031 01-01-34 5.00 215,447 207,338 Federal Natl Mtge Assn #763754 02-01-29 5.50 170,163 168,163 Federal Natl Mtge Assn #763798 03-01-34 5.50 285,304 281,619 Federal Natl Mtge Assn #765760 02-01-19 5.00 162,444 160,341 Federal Natl Mtge Assn #790759 09-01-34 4.82 196,513(g) 195,899 Federal Natl Mtge Assn #791447 10-01-34 6.00 453,727 456,520 Federal Natl Mtge Assn #794958 10-01-19 6.00 256,584 262,096 Federal Natl Mtge Assn #811925 04-01-35 4.92 139,169(g) 138,703 Federal Natl Mtge Assn #815264 05-01-35 5.25 379,410(g) 379,170 Federal Natl Mtge Assn #821378 05-01-35 5.04 143,664(g) 143,709 Federal Natl Mtge Assn #829227 08-01-35 6.00 481,152 484,128 First Horizon Alternative Mtge Securities Series 2004-AA4 Cl A1 10-25-34 5.41 60,912(k) 61,394 First Horizon Alternative Mtge Securities Series 2005-AA2 Cl 2A1 04-25-35 5.42 123,738(k) 124,386 First Horizon Alternative Mtge Securities Series 2005-AA3 Cl 3A1 05-25-35 5.40 103,383(k) 103,396 First Horizon Alternative Mtge Securities Series 2005-AA4 Cl B1 06-25-35 5.38 129,883 129,558 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Harborview Mtge Loan Trust Series 2005-16 Cl 3A1B 01-19-36 4.55% $225,000(g) $225,000 IndyMac Index Mtge Loan Trust Series 2005-AR3 Cl 3A1 04-25-35 5.33 59,861(g) 59,697 Master Alternative Loans Trust Series 2004-2 Cl 4A1 02-25-19 5.00 127,458 126,024 Master Alternative Loans Trust Series 2004-4 Cl 2A1 05-25-34 6.00 100,559 101,264 Master Alternative Loans Trust Series 2004-7 Cl 8A1 08-25-19 5.00 54,477 53,773 Master Alternative Loans Trust Series 2004-8 Cl 7A1 09-25-19 5.00 85,210 84,092 Master Alternative Loans Trust Series 2005-3 Cl 1A2 04-25-35 5.50 300,000 294,051 Structured Adjustable Rate Mtge Loan Trust Series 2004-5 Cl B1 05-25-34 4.60 99,604(g) 96,152 Structured Asset Securities Series 2003-33H Cl 1A1 10-25-33 5.50 170,480 166,839 Washington Mutual Series 2003-AR10 Cl A7 10-25-33 4.07 125,000(g) 120,794 Washington Mutual Series 2004-CB2 Cl 6A 07-25-19 4.50 251,059 241,398 Washington Mutual Series 2005 12-25-45 4.39 120,000(b) 120,000 Washington Mutual Series 2005-AR8 Cl 2AB1 07-25-45 4.44 406,957(g) 406,893 Wells Fargo Mtge Backed Securities Trust Series 2005-10 Cl A1 10-25-35 5.00 273,830 262,791 Wells Fargo Mtge Backed Securities Trust Series 2005-5 Cl 2A1 05-25-35 5.50 189,913 185,818 Wells Fargo Mtge Backed Securities Trust Series 2005-AR1 Cl 1A1 02-25-35 4.55 153,131(g) 150,735 Wells Fargo Mtge Backed Securities Trust Series 2005-AR16 Cl 6A3 10-25-35 5.00 289,808(g) 287,719 Total 20,343,071 Automotive (0.1%) DaimlerChrysler NA Holding 11-15-13 6.50 45,000 46,749 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 15 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Core Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Banking (1.1%) Banknorth Group Sr Nts 05-01-08 3.75% $155,000 $151,275 JPMorgan Chase & Co Sub Nts 10-01-15 5.15 270,000 264,518 Washington Mutual 09-15-17 5.25 265,000 253,540 Total 669,333 Brokerage (0.4%) Morgan Stanley 10-15-15 5.38 245,000 243,257 Diversified Manufacturing (0.4%) Tyco Intl Group 02-15-11 6.75 220,000(c) 230,718 Electric (1.9%) Carolina Power & Light 1st Mtge 12-15-15 5.25 85,000 84,034 Consumers Energy 1st Mtge 02-15-17 5.15 50,000 46,761 09-15-35 5.80 55,000 50,957 Dayton Power & Light 1st Mtge 10-01-13 5.13 60,000 59,338 Detroit Edison 1st Mtge 10-01-37 5.70 65,000 62,221 Dominion Resources Sr Unsecured Series B 06-15-35 5.95 85,000 81,559 Exelon 06-15-15 4.90 120,000 113,708 Ohio Power Sr Nts Series H 01-15-14 4.85 60,000 58,044 Pacific Gas & Electric 03-01-34 6.05 100,000 101,038 PacifiCorp 1st Mtge 06-15-35 5.25 55,000 51,098 Potomac Edison 1st Mtge 11-15-14 5.35 50,000 49,830 PSI Energy 10-15-35 6.12 135,000 134,767 Southern California Edison 1st Mtge 07-15-35 5.35 55,000 52,019 Westar Energy 1st Mtge 07-01-14 6.00 175,000 182,144 Total 1,127,518 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Entertainment (0.2%) Time Warner 05-15-29 6.63% $100,000 $101,707 Food and Beverage (0.8%) Kraft Foods 06-01-12 6.25 260,000 272,901 Kraft Foods Sr Unsecured 11-01-11 5.63 225,000 229,394 Total 502,295 Health Care (0.7%) Cardinal Health 06-15-15 4.00 473,000 420,920 Life Insurance (0.4%) Pricoa Global Funding I 06-25-12 4.63 250,000(d) 241,980 Media Cable (1.0%) Comcast 03-15-11 5.50 575,000 576,380 Media Non Cable (0.3%) News America 12-15-34 6.20 155,000 152,545 Other Financial Institutions (1.1%) American Express Credit 12-02-10 5.00 175,000(b) 174,825 Residential Capital Sr Unsecured 06-30-10 6.38 390,000 393,117 Willis North America 07-15-15 5.63 70,000 69,203 Total 637,145 Pharmaceuticals (0.3%) Merck & Co 02-15-13 4.38 100,000 94,504 03-01-15 4.75 105,000 100,134 Total 194,638 Property & Casualty (0.1%) Marsh & McLennan Companies Sr Unsecured 09-15-15 5.75 65,000 64,755 REITS (0.3%) Simon Property Group LP 12-01-15 5.75 155,000(d) 155,923 Retailers (0.5%) CVS 09-15-14 4.88 155,000 149,044 May Department Stores 07-15-34 6.70 135,000 139,729 Total 288,773 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Transportation Services (0.4%) ERAC USA Finance 05-01-15 5.60% $90,000(d) $88,892 11-15-15 5.90 150,000(d) 151,309 Total 240,201 Wireless (1.4%) Nextel Communications Sr Nts Series F 03-15-14 5.95 680,000 679,997 US Cellular Sr Nts 12-15-33 6.70 160,000 156,012 Total 836,009 Wirelines (3.5%) Telecom Italia Capital 10-01-15 5.25 515,000(c) 498,912 TELUS 06-01-11 8.00 530,000(c) 595,345 Verizon Pennsylvania Series A 11-15-11 5.65 995,000 992,493 Total 2,086,750 Total Bonds (Cost: $58,325,310) $57,514,939 Short-Term Securities (8.8%) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agency (1.5%) Federal Home Loan Mtge Corp Disc Nt 12-13-05 3.94% $900,000 $898,721 Commercial Paper (7.3%) Alpine Securitization 12-15-05 4.06 1,000,000(m) 998,313 Amsterdam Funding 12-01-05 4.05 1,300,000(m) 1,299,854 Kitty Hawk Funding 12-13-05 4.06 2,000,000(m) 1,997,075 Total 4,295,242 Total Short-Term Securities (Cost: $5,194,545) $5,193,963 Total Investments in Securities (Cost: $63,519,855)(n) $62,708,902 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 16 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Core Bond Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $3,897,678. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. At Nov. 30, 2005, the value of foreign securities represented 3.6% of net assets. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $1,608,051 or 2.7% of net assets. (e) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- Ambac Assurance Corporation FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance MBIA -- MBIA Insurance Corporation (f) Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. 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) Adjustable rate mortgage; interest rate varies to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (h) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (i) Partially pledged as initial deposit on the following open interest rate futures contracts: Type of security Notional amount Purchase contracts U.S. Long Bond, March 2006, 20-year $1,000,000 U.S. Treasury Note, March 2006, 2-year 800,000 Sale contracts U.S. Treasury Note, Dec. 2005, 5-year 2,900,000 U.S. Treasury Note, March 2006, 10-year 100,000 (j) Comparable securities are held to satisfy future delivery requirements of the following open forward sale commitments at Nov. 30, 2005:
Security Principal Settlement Proceeds Value amount date receivable Federal Natl Mtge Assn 12-01-20 4.50% $ 50,000 12-15-05 $ 48,039 $ 48,328 12-01-35 5.00 500,000 12-13-05 482,207 480,938
(k) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (l) Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows at Nov. 30, 2005. (m) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $4,295,242 or 7.2% of net assets. (n) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $63,520,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 60,000 Unrealized depreciation (871,000) -------- Net unrealized depreciation $(811,000) --------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 17 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Diversified Bond Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (99.0%) Issuer Coupon Principal Value(a) rate amount Sovereign (1.5%) Bundesrepublik Deutschland (European Monetary Unit) 01-04-07 6.00% 13,364,000(c) $16,305,374 United Kingdom Treasury (British Pound) 12-07-06 7.50 6,159,000(c) 10,986,251 Total 27,291,625 U.S. Government Obligations & Agencies (31.2%) Federal Farm Credit Bank 10-10-08 4.25 7,115,000 7,032,324 Federal Home Loan Bank 05-22-06 2.88 19,005,000 18,863,280 04-18-08 4.13 3,310,000 3,267,073 Federal Home Loan Mtge Corp 09-15-06 3.63 9,085,000 9,014,609 06-15-08 3.88 33,800,000 33,132,450 10-15-08 5.13 15,010,000 15,166,644 12-19-08 4.63 11,400,000 11,367,054 03-18-09 3.76 5,110,000 4,953,818 07-12-10 4.13 30,380,000 29,559,467 Federal Natl Mtge Assn 04-13-06 2.15 20,300,000 20,143,731 10-15-08 4.50 8,050,000 8,000,396 02-15-09 3.25 45,124,000 43,242,148 U.S. Treasury 12-31-05 1.88 10,255,000 10,236,879 11-30-06 2.88 6,520,000 6,420,166 06-30-07 3.63 20,200,000(g) 19,957,762 11-30-07 4.25 118,775,000 118,394,563 11-15-15 4.50 31,895,000(g) 31,899,976 08-15-23 6.25 109,797,000(j) 128,475,335 02-15-26 6.00 35,110,000 40,471,121 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 18,170,971(m) 17,419,924 Total 577,018,720 Asset-Backed (2.1%) Aesop Funding II LLC Series 2004-2A Cl A1 (FGIC) 04-20-08 2.76 1,500,000(d,q) 1,463,412 AmeriCredit Automobile Receivables Trust Series 2005-BM Cl A3 (MBIA) 02-06-10 4.05 5,800,000(q) 5,726,594 AmeriCredit Automobile Receivables Trust Series 2005-DA Cl A3 12-06-10 4.87 1,800,000 1,801,336 ARG Funding Series 2005-1A Cl A3 (MBIA) 04-20-11 4.29 3,900,000(d,q) 3,795,172 Capital Auto Receivables Asset Trust Series 2004-1 09-15-10 2.84 2,000,000 1,936,060 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Asset-Backed (cont.) Capital Auto Receivables Asset Trust Series 2005-1 Cl A4 07-15-09 4.05% $5,200,000 $5,104,112 Capital One Auto Finance Trust Series 2005-BSS Cl A3 11-15-09 4.08 3,100,000 3,052,601 Carmax Auto Owner Trust Series 2005-1 Cl A4 03-15-10 4.35 1,600,000 1,581,127 Citibank Credit Card Issuance Trust Series 2003-A3 Cl A3 03-10-10 3.10 300,000 288,967 Countrywide Asset-Backed Certificates Series 2005-10 Cl AF6 02-25-36 4.92 1,020,000 989,553 Long Beach Auto Receivables Trust Series 2004-C Cl A3 (FSA) 09-15-09 3.40 2,500,000(q) 2,471,350 Metris Master Trust Series 2004-2 Cl D 10-20-10 7.42 850,000(d,p) 861,696 Metris Master Trust Series 2005-1A Cl D 03-21-11 6.06 900,000(d,p) 902,287 Morgan Stanley Auto Loan Trust Series 2004-HB2 Cl A3 03-16-09 2.94 2,500,000 2,451,909 Popular ABS Mtge Pass-Through Trust Series 2005-A Cl AF2 06-25-35 4.49 1,815,000 1,782,198 Residential Asset Securities Series 2002-KS1 Cl AI4 (AMBAC) 11-25-29 5.86 132,749(q) 132,269 Triad Auto Receivables Owner Trust Series 2005-A Cl A3 (AMBAC) 03-12-10 4.05 5,000,000(q) 4,939,300 Total 39,279,943 Commercial Mortgage-Backed (10.9%)(f) Banc of America Commercial Mtge Series 2005-1 Cl A4 11-10-42 4.88 2,250,000 2,234,177 Banc of America Large Loan Series 2005-BOCA Cl A1 12-15-16 4.24 5,243,737(d,p) 5,245,072 Banc of America Large Loan Series 2005-BOCA Cl A2 12-15-16 4.29 5,800,000(d,p) 5,803,268 Bank of America-First Union NB Commercial Mtge Series 2001-3 Cl A1 04-11-37 4.89 2,261,793 2,256,813 Bear Stearns Commercial Mtge Securities Series 2003-T10 Cl A1 03-13-40 4.00 352,684 341,070 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) Bear Stearns Commercial Mtge Securities Series 2004-PWR5 Cl A3 07-11-42 4.57% $1,790,000 $1,738,762 Bear Stearns Commercial Mtge Securities Series 2004-T16 Cl A3 02-13-46 4.03 2,140,000 2,063,246 Bear Stearns Commercial Mtge Securities Series 2005-PWR8 Cl A1 06-11-41 4.21 4,646,735 4,566,857 Bear Stearns Commercial Mtge Securities Series 2005-T20 Cl E 10-12-42 5.16 1,700,000 1,663,603 California State Teachers' Retirement System Trust Series 2002-C6 Cl A3 11-20-14 4.46 5,193,804(d) 5,094,618 CDC Commercial Mtge Trust Series 2002-FX1 Cl A2 11-15-30 5.68 3,275,000 3,351,430 Citigroup Commercial Mtge Trust Series 2005-EMG Cl A1 09-20-51 4.15 5,924,981(d) 5,815,450 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl A4 07-15-44 5.20 5,250,000 5,254,110 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl ASB 07-15-44 5.20 1,750,000 1,755,249 Commercial Mtge Pass-Through Ctfs Series 2004-CNL Cl A1 09-15-14 4.34 3,400,000(d,p) 3,399,218 CS First Boston Mtge Securities Series 2002-CKS4 Cl A1 11-15-36 4.49 4,281,039 4,204,408 CS First Boston Mtge Securities Series 2004-C1 Cl A2 01-15-37 3.52 1,750,000 1,684,649 CS First Boston Mtge Securities Series 2005-C5 Cl A2 08-15-38 5.10 1,750,000 1,749,213 Federal Natl Mtge Assn #385683 02-01-13 4.83 3,124,872 3,079,118 Federal Natl Mtge Assn #385717 11-01-12 4.84 2,303,833 2,289,388 Federal Natl Mtge Assn #386599 11-01-10 4.47 1,059,560 1,039,966 Federal Natl Mtge Assn #555316 02-01-13 4.87 977,709 965,940 Federal Natl Mtge Assn #555806 10-01-13 5.11 973,665 975,753 GE Capital Commercial Mtge Series 2001-3 Cl A1 06-10-38 5.56 2,244,078 2,266,569 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 18 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) GE Capital Commercial Mtge Series 2004-C2 Cl A2 03-10-40 4.12% $5,150,000 $4,991,071 GE Capital Commercial Mtge Series 2005-C1 Cl A5 06-10-48 4.77 2,200,000 2,120,663 GE Capital Commercial Mtge Series 2005-C3 Cl A1 07-10-45 4.59 3,274,297 3,239,593 General Electric Capital Assurance Series 2003-1 Cl A3 05-12-35 4.77 5,625,000(d) 5,515,983 GMAC Commercial Mtge Securities Series 2004-C3 Cl A4 12-10-41 4.55 3,235,000 3,120,512 GMAC Commercial Mtge Securities Series 2005-C1 Cl A1 05-10-43 4.21 3,149,110 3,090,445 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A4 06-10-36 4.76 3,200,000 3,148,267 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A5 06-10-36 4.88 1,625,000 1,604,752 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A1 08-10-42 3.92 2,009,286 1,973,963 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A3 08-10-42 4.57 5,000,000 4,841,914 GS Mtge Securities II Series 2004-GG2 Cl A4 08-10-38 4.96 3,000,000 2,968,228 GS Mtge Securities II Series 2005-GG4 Cl A1 07-10-39 4.37 3,961,413 3,898,114 JPMorgan Chase Commercial Mtge Securities Series 2002-CIB5 Cl A1 10-12-37 4.37 3,519,873 3,455,188 JPMorgan Chase Commercial Mtge Securities Series 2003-CB6 Cl A1 07-12-37 4.39 3,740,993 3,643,091 JPMorgan Chase Commercial Mtge Securities Series 2003-CB6 Cl A2 07-12-37 5.26 2,500,000 2,500,954 JPMorgan Chase Commercial Mtge Securities Series 2003-LN1 Cl A1 10-15-37 4.13 2,242,875 2,161,015 JPMorgan Chase Commercial Mtge Securities Series 2003-ML1A Cl A1 03-12-39 3.97 1,907,264 1,841,963 JPMorgan Chase Commercial Mtge Securities Series 2004-C2 Cl A2 05-15-41 5.26 1,000,000(p) 997,707 JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A3 01-12-37 4.18 1,950,000 1,887,254 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A5 01-12-37 4.65% $3,000,000 $2,906,488 JPMorgan Chase Commercial Mtge Securities Series 2005-LDP2 Cl A1 07-15-42 4.33 4,916,960 4,848,565 LB-UBS Commercial Mtge Trust Series 2002-C2 Cl A3 06-15-26 5.39 3,590,000 3,627,053 LB-UBS Commercial Mtge Trust Series 2002-C4 Cl A5 09-15-31 4.85 3,000,000 2,939,384 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A2 11-15-27 4.21 4,600,000 4,497,742 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A3 11-15-27 4.83 4,550,000 4,489,030 LB-UBS Commercial Mtge Trust Series 2004-C2 Cl A3 03-15-29 3.97 2,200,000 2,070,662 LB-UBS Commercial Mtge Trust Series 2004-C4 Cl A3 06-15-29 4.99 2,100,000(p) 2,102,746 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A2 08-15-29 4.19 3,175,000 3,093,752 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A4 08-15-29 4.58 2,925,000 2,846,684 LB-UBS Commercial Mtge Trust Series 2004-C7 Cl A2 10-15-29 3.99 3,200,000 3,085,376 LB-UBS Commercial Mtge Trust Series 2004-C8 Cl A2 12-15-29 4.20 3,700,000 3,597,399 LB-UBS Commercial Mtge Trust Series 2005-C3 Cl A1 07-15-30 4.39 2,629,204 2,598,916 LB-UBS Commercial Mtge Trust Series 2005-C5 Cl A2 09-15-30 4.89 3,350,000 3,323,703 Merrill Lynch Mtge Trust Series 2005-MCP1 Cl A1 06-12-43 4.22 3,129,426 3,076,808 Morgan Stanley Capital I Series 2003-IQ4 Cl A1 05-15-40 3.27 6,014,029 5,630,202 Morgan Stanley Capital I Series 2003-T11 Cl A2 06-13-41 4.34 2,625,000 2,560,640 Morgan Stanley Capital I Series 2004-HQ4 Cl A5 04-14-40 4.59 2,400,000 2,332,416 Morgan Stanley Capital I Series 2005-IQ10 Cl A4A 09-15-42 5.23 3,475,000 3,454,964 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Commercial Mortgage-Backed (cont.) Morgan Stanley, Dean Witter Capital I Series 2002-TOP7 Cl A2 01-15-39 5.98% $7,185,000 $7,471,579 Prudential Commercial Mtge Trust Series 2003-PWR1 Cl A1 02-11-36 3.67 2,782,969 2,666,885 Wachovia Bank Commercial Mtge Trust Series 2005-C16 Cl A3 10-15-41 4.62 3,500,000 3,395,407 Total 202,455,025 Mortgage-Backed (35.2%)(f,r) Adjustable Rate Mtge Trust Series 2004-2 Cl 6A1 02-25-35 5.26 3,036,801(o) 3,031,902 Adjustable Rate Mtge Trust Series 2005-3 Cl 7A1 07-25-35 5.09 1,089,879(o) 1,081,141 Banc of America Mtge Securities Series 2004-E Cl B1 06-25-34 4.04 1,751,657(o) 1,700,316 Banc of America Mtge Securities Series 2004-F Cl B1 07-25-34 4.13 3,159,787(o) 3,047,583 Bank of America Alternative Loan Trust Series 2003-11 Cl 1A1 01-25-34 6.00 3,353,478 3,351,533 Bank of America Alternative Loan Trust Series 2003-11 Cl 4A1 01-25-19 4.75 2,405,878 2,331,447 Bank of America Alternative Loan Trust Series 2004-3 Cl 1A1 04-25-34 6.00 5,858,113 5,902,049 Bear Stearns Adjustable Rate Mtge Trust Series 2004-10 Cl 13A1 01-25-35 5.03 4,945,990(o) 4,887,030 Bear Stearns Adjustable Rate Mtge Trust Series 2004-12 Cl 3A1 02-25-35 5.17 3,353,415(o) 3,328,398 Countrywide Alternative Loan Trust Series 2003-11T1 Cl A1 07-25-18 4.75 2,513,628 2,435,864 Countrywide Alternative Loan Trust Series 2005-54CB Cl 2A3 11-25-35 5.50 4,186,307 4,194,022 Countrywide Alternative Loan Trust Series 2005-54CB Cl 3A7 11-25-35 5.50 4,271,031 4,284,664 Countrywide Alternative Loan Trust Series 2005-6CB Cl 1A1 04-25-35 7.50 3,836,670 3,966,691 Countrywide Home Loans Series 2004-12 Cl 1M 08-25-34 4.61 1,995,629(o) 1,938,031 Countrywide Home Loans Series 2005-R2 Cl 2A1 06-25-35 7.00 5,359,833(d) 5,516,883 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 19 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) CS First Boston Mtge Securities Series 2003-29 Cl 8A1 11-25-18 6.00% $2,496,057 $2,494,874 CS First Boston Mtge Securities Series 2004-AR5 Cl CB1 06-25-34 4.40 2,053,121(o) 1,994,647 CS First Boston Mtge Securities Series 2005 12-25-35 7.00 8,025,000(e) 8,305,875 CS First Boston Mtge Securities Series 2005-10 Cl 4A1 11-25-35 6.50 6,517,378 6,623,285 CS First Boston Mtge Securities Series 2005-8 Cl 7A1 09-25-35 7.00 9,396,809 9,608,953 Downey Savings & Loan Assn Mtge Loan Trust Collateralized Mtge Obligation Interest Only Series 2005-AR5 Cl X1 08-19-45 6.38 56,371,812(n) 845,577 Federal Home Loan Mtge Corp 10-01-34 6.50 1,116,361 1,142,650 Federal Home Loan Mtge Corp #B11452 12-01-18 6.00 1,713,566 1,747,700 Federal Home Loan Mtge Corp #C00356 08-01-24 8.00 150,389 160,649 Federal Home Loan Mtge Corp #C14412 09-01-28 6.00 1,528,842 1,543,989 Federal Home Loan Mtge Corp #C53878 12-01-30 5.50 1,282,263 1,269,003 Federal Home Loan Mtge Corp #C59161 10-01-31 6.00 3,714,695 3,748,092 Federal Home Loan Mtge Corp #C79930 06-01-33 5.50 3,381,943 3,343,294 Federal Home Loan Mtge Corp #C80198 08-01-24 8.00 86,793 92,714 Federal Home Loan Mtge Corp #C80253 01-01-25 9.00 71,757 78,702 Federal Home Loan Mtge Corp #C90767 12-01-23 6.00 5,465,119 5,545,555 Federal Home Loan Mtge Corp #D95319 03-01-22 6.00 506,779 514,545 Federal Home Loan Mtge Corp #D96300 10-01-23 5.50 408,173 406,481 Federal Home Loan Mtge Corp #E01127 02-01-17 6.50 3,762,085 3,873,526 Federal Home Loan Mtge Corp #E01419 05-01-18 5.50 1,890,873 1,901,007 Federal Home Loan Mtge Corp #E96516 05-01-13 4.50 1,639,212 1,601,937 Federal Home Loan Mtge Corp #E97591 06-01-18 5.50 463,480 466,340 Federal Home Loan Mtge Corp #E98725 08-01-18 5.00 5,885,850 5,813,212 Federal Home Loan Mtge Corp #E99684 10-01-18 5.00 4,697,764 4,638,914 Federal Home Loan Mtge Corp #G01108 04-01-30 7.00 2,996,456 3,124,230 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Home Loan Mtge Corp #G01427 12-01-31 6.50% $769,852 $789,222 Federal Home Loan Mtge Corp #G01535 04-01-33 6.00 669,268 678,066 Federal Home Loan Mtge Corp #G10198 05-01-07 9.00 32,909 33,279 Federal Home Loan Mtge Corp #G30225 02-01-23 6.00 6,775,825 6,879,663 Federal Home Loan Mtge Corp Collateralized Mtge Obligation 01-15-18 6.50 2,420,619 2,523,582 06-15-20 8.00 12,512 12,481 03-15-22 7.00 1,544,551 1,541,906 10-15-27 5.00 13,400,000 13,292,517 06-15-28 5.00 8,400,000 8,335,976 12-15-28 5.50 4,175,000 4,192,180 02-15-33 5.50 5,717,664 5,779,515 Federal Home Loan Mtge Corp Collateralized Mtge Obligation Interest Only 02-15-14 17.16 1,635,547(n) 92,474 10-15-22 14.56 5,204,634(n) 318,997 Federal Natl Mtge Assn 12-01-20 5.00 6,205,000(e) 6,108,078 12-01-20 5.50 15,000,000(e) 15,060,929 12-01-20 6.00 11,000,000(e) 11,230,340 12-01-35 6.50 16,700,000(e) 17,096,624 12-01-35 7.00 600,000(e) 625,969 Federal Natl Mtge Assn #125032 11-01-21 8.00 31,268 33,338 Federal Natl Mtge Assn #125474 02-01-27 7.50 863,930 908,996 Federal Natl Mtge Assn #190764 09-01-07 8.50 74,754 74,980 Federal Natl Mtge Assn #190899 04-01-23 8.50 383,237 411,372 Federal Natl Mtge Assn #190988 06-01-24 9.00 412,871 444,379 Federal Natl Mtge Assn #253883 08-01-16 6.00 851,726 870,287 Federal Natl Mtge Assn #254224 02-01-17 7.00 1,318,193 1,371,032 Federal Natl Mtge Assn #254560 11-01-32 5.00 3,786,549 3,657,506 Federal Natl Mtge Assn #254675 01-01-23 6.50 173,674 179,367 Federal Natl Mtge Assn #254906 10-01-18 4.50 6,223,719 6,036,166 Federal Natl Mtge Assn #254916 09-01-23 5.50 5,212,919 5,184,766 Federal Natl Mtge Assn #255788 06-01-15 5.50 6,557,561 6,606,953 Federal Natl Mtge Assn #303727 02-01-11 6.00 140,723 143,777 Federal Natl Mtge Assn #442411 11-01-28 6.50 1,893,829 1,946,653 Federal Natl Mtge Assn #445254 12-01-13 5.50 2,627,557 2,646,768 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #446964 10-01-28 6.00% $4,207,409 $4,242,665 Federal Natl Mtge Assn #450370 01-01-29 6.50 2,132,664 2,192,149 Federal Natl Mtge Assn #484820 04-01-14 5.50 17,080 17,205 Federal Natl Mtge Assn #50553 04-01-22 8.00 117,763 125,675 Federal Natl Mtge Assn #510587 08-01-29 7.00 166,758 174,292 Federal Natl Mtge Assn #545339 11-01-31 6.50 130,948 134,834 Federal Natl Mtge Assn #545342 04-01-13 7.00 2,084,549 2,131,738 Federal Natl Mtge Assn #545869 07-01-32 6.50 1,807,459 1,860,003 Federal Natl Mtge Assn #545885 08-01-32 6.50 3,927,156 4,040,062 Federal Natl Mtge Assn #545910 08-01-17 6.00 2,138,387 2,190,340 Federal Natl Mtge Assn #555375 04-01-33 6.00 11,706,640 11,825,651 Federal Natl Mtge Assn #555376 04-01-18 4.50 253,534 245,894 Federal Natl Mtge Assn #555458 05-01-33 5.50 13,501,222 13,328,272 Federal Natl Mtge Assn #555734 07-01-23 5.00 3,826,501 3,720,523 Federal Natl Mtge Assn #555740 08-01-18 4.50 2,259,936 2,189,136 Federal Natl Mtge Assn #576603 03-01-15 6.00 4,076,582 4,165,829 Federal Natl Mtge Assn #609621 11-01-31 7.00 3,173,406 3,315,101 Federal Natl Mtge Assn #617746 08-01-32 6.50 276,376 283,406 Federal Natl Mtge Assn #626720 01-01-17 6.00 217,483 222,223 Federal Natl Mtge Assn #630599 05-01-32 7.00 4,153,201 4,337,279 Federal Natl Mtge Assn #634367 03-01-17 6.50 1,363,632 1,406,836 Federal Natl Mtge Assn #646938 06-01-32 7.00 1,998,150 2,086,712 Federal Natl Mtge Assn #647549 08-01-17 6.00 2,033,635 2,077,913 Federal Natl Mtge Assn #650159 10-01-32 6.50 3,107,412 3,209,079 Federal Natl Mtge Assn #652600 02-01-18 5.50 7,376,902 7,418,220 Federal Natl Mtge Assn #667604 10-01-32 5.50 6,951,309 6,865,747 Federal Natl Mtge Assn #667721 03-01-33 6.00 2,426,267 2,446,329 Federal Natl Mtge Assn #667787 02-01-18 5.50 1,028,839 1,034,070 Federal Natl Mtge Assn #669925 09-01-17 6.50 2,852,938 2,947,484 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 20 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #670382 09-01-32 6.00% $7,178,121 $7,226,374 Federal Natl Mtge Assn #670387 08-01-32 7.00 1,011,167 1,056,309 Federal Natl Mtge Assn #672289 12-01-17 5.50 636,842 640,979 Federal Natl Mtge Assn #678028 09-01-17 6.00 645,409 659,461 Federal Natl Mtge Assn #683116 02-01-33 6.00 363,677 366,121 Federal Natl Mtge Assn #684585 02-01-33 5.50 618,616 611,674 Federal Natl Mtge Assn #684586 03-01-33 6.00 2,279,591 2,300,864 Federal Natl Mtge Assn #684601 03-01-33 6.00 1,426,489 1,443,434 Federal Natl Mtge Assn #687051 01-01-33 6.00 6,271,135 6,309,925 Federal Natl Mtge Assn #687736 02-01-33 5.50 3,382,672 3,339,773 Federal Natl Mtge Assn #688691 03-01-33 5.50 753,416 743,861 Federal Natl Mtge Assn #689093 07-01-28 5.50 1,906,015 1,883,846 Federal Natl Mtge Assn #694316 03-01-18 5.50 2,010,753 2,023,544 Federal Natl Mtge Assn #694546 03-01-33 5.50 2,222,726 2,194,537 Federal Natl Mtge Assn #694628 04-01-33 5.50 2,767,854 2,739,951 Federal Natl Mtge Assn #694795 04-01-33 5.50 3,482,366 3,447,156 Federal Natl Mtge Assn #694988 03-01-33 5.50 7,125,928 7,044,556 Federal Natl Mtge Assn #695202 03-01-33 6.50 2,534,150 2,594,357 Federal Natl Mtge Assn #695220 04-01-33 5.50 176,848 174,606 Federal Natl Mtge Assn #695387 04-01-18 5.00 1,354,990 1,342,288 Federal Natl Mtge Assn #705096 06-01-18 5.00 630,597 622,812 Federal Natl Mtge Assn #709901 06-01-18 5.00 3,388,835 3,347,152 Federal Natl Mtge Assn #711501 05-01-33 5.50 1,714,508 1,697,455 Federal Natl Mtge Assn #712109 04-01-18 5.00 1,704,749 1,688,614 Federal Natl Mtge Assn #720006 07-01-33 5.50 4,727,701 4,667,745 Federal Natl Mtge Assn #720378 06-01-18 4.50 4,156,144 4,030,898 Federal Natl Mtge Assn #723687 08-01-28 5.50 2,654,331 2,623,458 Federal Natl Mtge Assn #725232 03-01-34 5.00 14,310,927 13,818,027 Federal Natl Mtge Assn #725284 11-01-18 7.00 172,719 179,703 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #725425 04-01-34 5.50% $17,988,698 $17,760,566 Federal Natl Mtge Assn #725684 05-01-18 6.00 6,595,996 6,738,996 Federal Natl Mtge Assn #725719 07-01-33 4.84 3,592,662(o) 3,526,916 Federal Natl Mtge Assn #725737 08-01-34 4.53 $3,487,552(o) 3,466,418 Federal Natl Mtge Assn #725813 12-01-33 6.50 9,831,458 10,065,036 Federal Natl Mtge Assn #726940 08-01-23 5.50 73,992 73,274 Federal Natl Mtge Assn #730153 08-01-33 5.50 683,755 675,083 Federal Natl Mtge Assn #730231 08-01-23 5.50 7,696,631 7,655,063 Federal Natl Mtge Assn #731075 07-01-18 5.50 168,290 169,350 Federal Natl Mtge Assn #731417 09-01-18 5.50 2,055,959 2,068,711 Federal Natl Mtge Assn #732094 08-01-18 5.50 136,468 137,351 Federal Natl Mtge Assn #735057 01-01-19 4.50 5,198,492 5,041,834 Federal Natl Mtge Assn #735160 12-01-34 4.36 2,344,850(o) 2,320,510 Federal Natl Mtge Assn #737330 09-01-18 5.50 1,590,978 1,600,077 Federal Natl Mtge Assn #742840 10-01-18 5.50 1,516,459 1,525,663 Federal Natl Mtge Assn #743262 10-01-18 5.00 3,337,503 3,295,611 Federal Natl Mtge Assn #743455 10-01-18 5.50 5,577,145 5,608,904 Federal Natl Mtge Assn #747584 11-01-28 5.50 4,678,616 4,624,199 Federal Natl Mtge Assn #753919 12-01-33 4.94 3,868,712(o) 3,793,216 Federal Natl Mtge Assn #756844 02-01-19 5.00 2,682,749 2,645,291 Federal Natl Mtge Assn #759342 01-01-34 6.50 1,019,732 1,049,775 Federal Natl Mtge Assn #761031 01-01-34 5.00 574,525 552,902 Federal Natl Mtge Assn #765758 02-01-19 5.00 3,198,666 3,157,269 Federal Natl Mtge Assn #765760 02-01-19 5.00 324,887 320,683 Federal Natl Mtge Assn #776962 04-01-29 5.00 9,946,103 9,571,761 Federal Natl Mtge Assn #776987 04-01-29 5.00 332,343 319,834 Federal Natl Mtge Assn #790759 09-01-34 4.82 3,301,426(o) 3,291,100 Federal Natl Mtge Assn #793188 07-01-34 6.50 4,411,073 4,517,402 Federal Natl Mtge Assn #811925 04-01-35 4.92 4,383,832(o) 4,369,156 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #821378 05-01-35 5.04% $4,357,800(o) $4,359,182 Federal Natl Mtge Assn #837258 09-01-35 4.92 2,433,645(o) 2,400,937 Federal Natl Mtge Assn Collateralized Mtge Obligation 12-25-26 8.00 2,071,567 2,200,599 Federal Natl Mtge Assn Collateralized Mtge Obligation Interest Only 12-25-12 13.29 1,253,878(n) 54,536 12-25-22 8.27 2,021,051(n) 307,486 12-25-31 10.31 2,199,449(n) 371,760 First Horizon Alternative Mtge Securities Series 2004-AA4 Cl A1 10-25-34 5.41 2,710,601(p) 2,732,015 First Horizon Alternative Mtge Securities Series 2005-AA2 Cl 2A1 04-25-35 5.42 3,609,010(p) 3,627,921 First Horizon Alternative Mtge Securities Series 2005-AA3 Cl 3A1 05-25-35 5.40 3,804,504(p) 3,804,960 First Horizon Alternative Mtge Securities Series 2005-AA4 Cl B1 06-25-35 5.38 2,472,774 2,466,592 Govt Natl Mtge Assn #604708 10-15-33 5.50 4,550,463 4,540,860 Govt Natl Mtge Assn Collateralized Mtge Obligation Interest Only Series 2002-70 Cl IC 08-20-32 11.69 4,326,208(n) 770,879 Govt Natl Mtge Assn Collateralized Mtge Obligation Interest Only Series 2002-80 Cl CI 01-20-32 22.66 1,033,022(n) 105,845 Harborview Mtge Loan Trust Series 2004-3 Cl B1 05-19-34 4.39 2,347,952(o) 2,275,692 Harborview Mtge Loan Trust Series 2005-16 Cl 3A1B 01-19-36 4.55 7,000,000(o) 7,000,000 IndyMac Index Mtge Loan Trust Collateralized Mtge Obligation Interest Only Series 2005-AR8 Cl AX1 04-25-35 4.50 116,452,263(n) 1,382,871 IndyMac Index Mtge Loan Trust Collateralized Mtge Obligation Series 2005-AR25 Cl 1A21 12-25-35 5.91 6,244,661(o) 6,299,302 IndyMac Index Mtge Loan Trust Series 2005-AR3 Cl 3A1 04-25-35 5.33 2,214,869(o) 2,208,784 Master Adjustable Rate Mtge Trust Series 2004-5 Cl B1 07-25-34 4.39 2,538,199(o) 2,460,454 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 21 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Master Alternative Loans Trust Series 2004-2 Cl 4A1 02-25-19 5.00% $4,293,308 $4,245,009 Master Alternative Loans Trust Series 2004-7 Cl 8A1 08-25-19 5.00 2,803,471 2,767,222 Master Alternative Loans Trust Series 2004-8 Cl 7A1 09-25-19 5.00 3,919,682 3,868,217 Structured Adjustable Rate Mtge Loan Trust Series 2004-3AC Cl B1 03-25-34 4.93 3,206,432(o) 3,160,227 Structured Adjustable Rate Mtge Loan Trust Series 2004-5 Cl B1 05-25-34 4.60 2,365,592(o) 2,283,600 Structured Asset Securities Series 2003-33H Cl 1A1 10-25-33 5.50 7,785,261 7,618,963 Washington Mutual Alternative Mtge Loan Trust Pass-Through Certificates Collateralized Mtge Obligation Interest Only Series 2005-AR1 Cl X2 12-25-35 0.00 45,300,000(n) 517,586 Washington Mutual Series 2003-AR10 Cl A7 10-25-33 4.07 4,425,000(o) 4,276,108 Washington Mutual Series 2004-CB2 Cl 6A 07-25-19 4.50 2,677,960 2,574,912 Washington Mutual Series 2004-CB3 Cl 4A 10-25-19 6.00 3,666,125 3,730,283 Washington Mutual Series 2004-CB4 Cl 22A 12-25-19 6.00 1,800,238 1,813,021 Washington Mutual Series 2005 12-25-45 4.39 3,735,000(e) 3,735,000 Washington Mutual Series 2005-AR8 Cl 2AB1 07-25-45 4.44 6,498,306(o) 6,497,290 Wells Fargo Mtge Backed Securities Trust Series 2005-10 Cl A1 10-25-35 5.00 8,762,549 8,409,313 Wells Fargo Mtge Backed Securities Trust Series 2005-5 Cl 2A1 05-25-35 5.50 6,646,963 6,503,641 Wells Fargo Mtge Backed Securities Trust Series 2005-AR1 Cl 1A1 02-25-35 4.55 6,015,875(o) 5,921,726 Wells Fargo Mtge Backed Securities Trust Series 2005-AR16 Cl 6A3 10-25-35 5.00 4,854,285(o) 4,819,285 Wells Fargo Mtge Backed Securities Trust Series 2005-AR4 Cl B1 04-25-35 4.57 1,095,958(o) 1,055,857 Total 651,155,476 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Aerospace & Defense (0.1%) L-3 Communications 06-15-12 7.63% $980,000 $1,029,000 Automotive (0.1%) DaimlerChrysler NA Holding 11-15-13 6.50 1,565,000 1,625,832 GMAC 09-15-11 6.88 485,000 438,210 Total 2,064,042 Banking (1.7%) Banknorth Group Sr Nts 05-01-08 3.75 3,405,000 3,323,178 HSBC Bank USA Sub Nts 08-15-35 5.63 10,260,000 9,755,824 JPMorgan Chase & Co Sub Nts 10-01-15 5.15 8,685,000 8,508,668 Sovereign Bank Sub Nts 03-15-13 5.13 1,210,000 1,179,588 Washington Mutual 09-15-17 5.25 8,620,000 8,247,211 Total 31,014,469 Brokerage (0.4%) Morgan Stanley 10-15-15 5.38 7,795,000 7,739,554 Chemicals (0.1%) Airgas 10-01-11 9.13 800,000 848,000 Compass Minerals Group 08-15-11 10.00 535,000 577,800 MacDermid 07-15-11 9.13 290,000 307,400 Total 1,733,200 Diversified Manufacturing (0.4%) Tyco Intl Group 02-15-11 6.75 6,895,000(c) 7,230,911 Electric (2.7%) Aquila Canada Finance 06-15-11 7.75 1,290,000(c) 1,322,250 Carolina Power & Light 1st Mtge 12-15-15 5.25 2,660,000 2,629,772 CMS Energy Sr Nts 01-15-09 7.50 860,000 879,350 Consumers Energy 1st Mtge 02-15-17 5.15 1,540,000 1,440,239 09-15-35 5.80 1,650,000 1,528,704 Dayton Power & Light 1st Mtge 10-01-13 5.13 2,220,000(j) 2,195,493 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Electric (cont.) Detroit Edison 1st Mtge 10-01-37 5.70% $2,085,000 $1,995,868 Dominion Resources Sr Unsecured Series B 06-15-35 5.95 2,910,000 2,792,189 DPL Sr Nts 09-01-11 6.88 1,841,000 1,951,460 Exelon 06-15-15 4.90 3,760,000 3,562,837 IPALCO Enterprises Secured 11-14-08 8.38 265,000 275,600 11-14-11 8.63 1,765,000 1,928,263 Ohio Edison 06-15-09 5.65 2,895,000(d) 2,924,558 Ohio Edison Sr Nts 05-01-15 5.45 785,000 783,928 Ohio Power Sr Nts Series H 01-15-14 4.85 3,785,000 3,661,609 Pacific Gas & Electric 03-01-34 6.05 3,130,000 3,162,489 PacifiCorp 1st Mtge 06-15-35 5.25 1,970,000 1,830,252 Potomac Edison 1st Mtge 11-15-14 5.35 2,145,000 2,137,696 PSI Energy 10-15-35 6.12 4,300,000 4,292,574 Southern California Edison 1st Mtge 07-15-35 5.35 1,950,000 1,844,296 Westar Energy 1st Mtge 07-01-14 6.00 6,265,000 6,520,806 Total 49,660,233 Entertainment (0.3%) Time Warner 05-15-29 6.63 3,105,000 3,157,987 United Artists Theatre Circuit 07-01-15 9.30 2,799,210 2,771,218 Total 5,929,205 Food and Beverage (0.9%) Cott Beverages USA 12-15-11 8.00 555,000 568,875 Kraft Foods 06-01-12 6.25 8,685,000 9,115,941 Kraft Foods Sr Unsecured 11-01-11 5.63 6,335,000 6,458,723 Total 16,143,539 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 22 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Gaming (0.3%) Caesars Entertainment Sr Nts 04-15-13 7.00% $1,710,000 $1,816,258 MGM MIRAGE 10-01-09 6.00 355,000 353,225 07-15-15 6.63 1,550,000(d) 1,530,625 MGM MIRAGE Sr Nts 02-27-14 5.88 370,000 349,650 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 290,000 284,200 Mohegan Tribal Gaming Authority Sr Sub Nts 04-01-12 8.00 380,000 400,900 Station Casinos Sr Nts 04-01-12 6.00 530,000 528,675 Station Casinos Sr Sub Nts 03-01-16 6.88 1,090,000(d) 1,106,350 Total 6,369,883 Gas Pipelines (0.2%) ANR Pipeline 03-15-10 8.88 880,000 941,037 Colorado Interstate Gas Sr Nts 03-15-15 5.95 295,000 282,842 11-15-15 6.80 645,000(d) 646,613 Pacific Energy Partners LP/Finance Sr Nts 09-15-15 6.25 445,000(d) 438,325 Southern Natural Gas 03-15-10 8.88 410,000 438,438 Southern Star Central Secured 08-01-10 8.50 420,000 446,250 Transcontinental Gas Pipe Line Series B 08-15-11 7.00 910,000 947,537 Total 4,141,042 Health Care (0.8%) Cardinal Health 06-15-15 4.00 14,945,000 13,299,481 HCA Sr Nts 03-15-14 5.75 595,000 580,127 Triad Hospitals Sr Nts 05-15-12 7.00 550,000 556,875 Total 14,436,483 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Independent Energy (0.3%) Chesapeake Energy 01-15-15 7.75% $860,000 $909,450 Chesapeake Energy Sr Nts 06-15-14 7.50 69,000 72,795 Chesapeake Energy Sr Unsecured 08-15-17 6.50 1,335,000(d) 1,304,963 Encore Acquisition Sr Sub Nts 04-15-14 6.25 995,000 947,738 Newfield Exploration Sr Nts 03-01-11 7.63 1,500,000 1,597,499 Newfield Exploration Sr Sub Nts 08-15-12 8.38 270,000 287,550 Plains Exploration & Production Sr Nts 06-15-14 7.13 400,000 410,000 Total 5,529,995 Life Insurance (0.5%) Pricoa Global Funding I 06-25-12 4.63 10,280,000(d) 9,950,207 Lodging (0.1%) ITT 11-15-15 7.38 875,000 938,438 Media Cable (1.0%) Comcast 03-15-11 5.50 18,065,000 18,108,356 DIRECTV Holdings LLC/Financing Sr Nts 03-15-13 8.38 320,000 347,200 Videotron Ltee 01-15-14 6.88 255,000(c) 258,188 12-15-15 6.38 240,000(c,d) 237,900 Total 18,951,644 Media Non Cable (0.4%) Corus Entertainment Sr Sub Nts 03-01-12 8.75 240,000(c) 254,400 Dex Media West LLC/Finance Sr Nts Series B 08-15-10 8.50 335,000 353,425 Gray Television 12-15-11 9.25 25,000 26,750 Lamar Media 01-01-13 7.25 335,000 345,050 News America 12-15-34 6.20 4,890,000 4,812,537 Quebecor Media Sr Nts 07-15-11 11.13 295,000(c) 318,969 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Media Non Cable (cont.) Radio One Series B 07-01-11 8.88% $535,000 $563,756 Sun Media 02-15-13 7.63 400,000(c) 411,000 Susquehanna Media Sr Sub Nts 04-15-13 7.38 450,000 477,563 Total 7,563,450 Metals (0.1%) Peabody Energy Series B 03-15-13 6.88 970,000 1,001,525 Oil Field Services (--%) Pride Intl Sr Nts 07-15-14 7.38 250,000 269,375 Other Financial Institutions (0.9%) American Express Credit 12-02-10 5.00 2,705,000(e) 2,702,295 Residential Capital Sr Unsecured 06-30-10 6.38 11,885,000 11,979,997 Willis North America 07-15-15 5.63 2,385,000 2,357,830 Total 17,040,122 Other Industry (--%) ARAMARK Services 12-01-06 7.10 500,000 507,120 Paper (0.1%) Crown Americas LLC/Capital Sr Nts 11-15-13 7.63 300,000(d) 307,500 11-15-15 7.75 865,000(d) 882,300 Total 1,189,800 Pharmaceuticals (0.4%) AmerisourceBergen 09-15-15 5.88 885,000(d) 889,425 Merck & Co 02-15-13 4.38 2,935,000 2,773,692 03-01-15 4.75 3,390,000 3,232,891 Total 6,896,008 Property & Casualty (0.1%) Marsh & McLennan Companies Sr Unsecured 09-15-15 5.75 2,050,000 2,042,272 REITS (0.3%) Simon Property Group LP 12-01-15 5.75 4,830,000(d) 4,858,763 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 23 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Retailers (0.5%) CVS 09-15-14 4.88% $5,170,000 $4,971,332 Flooring America Series B 10-15-07 9.25 185,000(b,i,k) -- May Department Stores 07-15-34 6.70 4,180,000 4,326,434 Total 9,297,766 Transportation Services (0.4%) ERAC USA Finance 05-01-15 5.60 3,330,000(d) 3,288,998 11-15-15 5.90 4,280,000(d) 4,317,364 Greater Beijing First Expressways Sr Nts 06-15-07 9.50 2,290,000(b,c,i,k) -- Total 7,606,362 Wireless (1.4%) Nextel Communications Sr Nts Series F 03-15-14 5.95 21,880,000 21,879,912 US Cellular Sr Nts 12-15-33 6.70 5,035,000 4,909,488 Total 26,789,400 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Wirelines (3.6%) Qwest 03-15-12 8.88% $655,000 $735,238 Qwest Sr Nts 06-15-15 7.63 450,000(d) 478,688 Telecom Italia Capital 10-01-15 5.25 16,025,000(c) 15,524,395 TELUS 06-01-11 8.00 16,540,000(c) 18,579,265 Verizon Pennsylvania Series A 11-15-11 5.65 31,443,000 31,363,763 Total 66,681,349 Total Bonds (Cost: $1,856,896,506) $1,831,805,946 Short-Term Securities (5.8%)(h) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Abbey Natl North America LLC 12-13-05 4.06% $10,000,000 $9,985,375 Alpine Securitization 12-05-05 4.03 11,800,000(l) 11,793,395 Dakota Nts 12-01-05 4.03 15,000,000(l) 14,998,321 Kitty Hawk Funding 12-13-05 4.06 20,000,000(l) 19,970,750 Old Line Funding 12-19-05 4.07 20,000,000(l) 19,957,145 Park Granada LLC 12-05-05 4.05 30,600,000(l) 30,582,788 Total Short-Term Securities (Cost: $107,299,846) $107,287,774 Total Investments in Securities (Cost: $1,964,196,352)(s) $1,939,093,720 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. For long-term debt securities, item identified is in default as to payment of interest and/or principal. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. At Nov. 30, 2005, the value of foreign securities represented 3.9% of net assets. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $76,575,638 or 4.1% of net assets. (e) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $64,981,248. (f) Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. 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) At Nov. 30, 2005, security was partially or fully on loan. (h) Cash collateral received from security lending activity is invested in short-term securities and represents 2.1% of net assets. 3.7% of net assets is the Fund's cash equivalent position. (i) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Nov. 30, 2005, is as follows: Security Acquisition Cost dates Flooring America 9.25% Series B 2007 10-09-97 thru 12-17-02 $205,934 Greater Beijing First Expressway 9.50% Sr Nts 2007 06-12-97 thru 11-3-98 380,438 - -------------------------------------------------------------------------------- 24 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Bond Fund Notes to Investments in Securities (continued) (j) Partially pledged as initial deposit on the following open interest rate futures contracts: Type of security Notional amount Purchase contracts U.S. Treasury Note, March 2006, 2-year $27,000,000 U.S. Long Bond, March 2006, 20-year 22,800,000 Sale contracts U.S. Treasury Note, Dec. 2005, 5-year 34,500,000 U.S. Treasury Note, Dec. 2005, 10-year 29,000,000 U.S. Treasury Note, March 2006, 5-year 200,000 U.S. Treasury Note, March 2006, 10-year 20,300,000 (k) Negligible market value. (l) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $97,302,399 or 5.3% of net assets. (m) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (n) Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows at Nov. 30, 2005. (o) Adjustable rate mortgage; interest rate varies to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (p) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (q) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- Ambac Assurance Corporation FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance MBIA -- MBIA Insurance Corporation (r) Comparable securities are held to satisfy future delivery requirements of the following open forward sale commitments at Nov. 30, 2005:
Security Principal Settlement Proceeds Value amount date receivable Federal Natl Mtge Assn 12-01-20 4.50% $ 1,000,000 12-15-05 $ 960,781 $ 966,562 12-01-35 5.00 7,000,000 12-13-05 6,750,898 6,733,125 12-01-35 5.50 13,000,000 12-13-05 12,735,953 12,800,944
(s) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $1,964,196,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 5,278,000 Unrealized depreciation (30,380,000) ----------- Net unrealized depreciation $(25,102,000) ------------ How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 25 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Diversified Equity Income Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (101.5%) Issuer Shares Value(a) Aerospace & Defense (2.7%) Goodrich 267,800 $10,315,656 Honeywell Intl 633,400 23,144,436 United Technologies 308,600 16,615,024 Total 50,075,116 Airlines (1.0%) AMR 920,600(b,d) 15,548,934 Continental Airlines Cl B 132,900(b) 2,069,253 Total 17,618,187 Auto Components (0.2%) Ballard Power Systems 297,800(b,c,d) 1,331,166 Dana 228,200 1,590,554 Total 2,921,720 Building Products (--%) Ameron Intl 1,900 85,405 Capital Markets (2.0%) Lehman Brothers Holdings 53,900 6,791,400 Mellon Financial 378,000 12,715,920 Merrill Lynch & Co 174,200 11,570,364 Morgan Stanley 98,500 5,518,955 Total 36,596,639 Chemicals (2.7%) Air Products & Chemicals 99,000 5,857,830 Cabot 45,000 1,577,250 Dow Chemical 491,200 22,226,800 Eastman Chemical 74,200 4,105,486 EI du Pont de Nemours & Co 262,200 11,209,050 Olin 190,307 3,663,410 Total 48,639,826 Commercial Banks (3.8%) Bank of America 807,900 37,074,531 US Bancorp 291,500 8,826,620 Wachovia 278,300 14,861,220 Wells Fargo & Co 147,800 9,289,230 Total 70,051,601 Commercial Services & Supplies (1.9%) Avery Dennison 32,200 1,893,038 Cendant 621,027 11,035,650 PHH 26,565(b) 766,666 Pitney Bowes 98,600 4,107,676 RR Donnelley & Sons 266,100 9,100,620 Waste Management 284,100 8,497,431 Total 35,401,081 Computers & Peripherals (1.1%) Hewlett-Packard 703,500 20,872,845 Common Stocks (continued) Issuer Shares Value(a) Construction & Engineering (3.1%) Fluor 203,400 $15,071,940 Insituform Technologies Cl A 98,000(b) 1,947,260 McDermott Intl 949,800(b) 39,758,628 Total 56,777,828 Construction Materials (1.6%) CEMEX ADR 231,102(c) 13,011,043 Hanson ADR 329,500(c) 16,870,400 Total 29,881,443 Consumer Finance (0.5%) Capital One Financial 104,800 8,704,688 Containers & Packaging (0.2%) Packaging Corp of America 180,200 4,178,838 Diversified Financial Services (3.6%) Citigroup 1,367,300 66,382,415 Diversified Telecommunication Services (7.9%) at&t 1,821,220 45,366,635 BellSouth 729,674 19,890,913 BT Group 3,672,140(c) 13,497,867 MCI 191,200 3,797,232 Sprint Nextel 509,440 12,756,998 Telefonos de Mexico ADR Cl L 1,406,200(c) 31,541,066 Verizon Communications 569,405 18,209,572 Total 145,060,283 Electrical Equipment (1.4%) Cooper Inds Cl A 113,300 8,241,442 Energy Conversion Devices 85,400(b) 2,506,490 FuelCell Energy 151,000(b,d) 1,272,930 Hubbell Cl B 34,600 1,678,446 Plug Power 254,600(b) 1,306,098 Rockwell Automation 181,200 10,225,116 Total 25,230,522 Energy Equipment & Services (8.7%) Baker Hughes 561,000 32,173,350 GlobalSantaFe 337,700 15,318,072 Halliburton 805,783 51,288,088 Schlumberger 347,800 33,294,894 Tidewater 616,400 27,861,280 Total 159,935,684 Food & Staples Retailing (1.0%) Albertson's 466,500 10,962,750 Wal-Mart Stores 139,900 6,793,544 Total 17,756,294 Food Products (0.6%) Archer-Daniels-Midland 503,300 11,862,781 Common Stocks (continued) Issuer Shares Value(a) Gas Utilities (0.5%) NiSource 401,200 $8,637,836 Health Care Providers & Services (0.7%) CIGNA 66,100 7,437,572 Tenet Healthcare 780,700(b) 6,105,074 Total 13,542,646 Hotels, Restaurants & Leisure (0.9%) Royal Caribbean Cruises 366,100 16,789,346 Household Durables (0.9%) Whirlpool 205,700 16,836,545 Industrial Conglomerates (4.7%) 3M 238,700 18,733,176 General Electric 1,168,808 41,749,822 Textron 216,800 17,105,520 Tomkins ADR 430,200(c,d) 8,715,852 Total 86,304,370 Insurance (13.9%) ACE 768,300(c) 42,640,650 American Intl Group 142,100 9,540,594 Aon 527,800 19,217,198 Axis Capital Holdings 369,900(c) 11,200,572 Endurance Specialty Holdings 328,300(c) 11,309,935 Hartford Financial Services Group 60,400 5,277,148 Jefferson-Pilot 176,600 9,810,130 Lincoln Natl 176,800 9,190,064 Loews 250,700 24,212,606 Marsh & McLennan Companies 741,198 22,895,606 Montpelier Re Holdings 609,010(c) 11,954,866 Safeco 251,900 14,169,375 St. Paul Travelers Companies 427,500 19,891,575 Torchmark 174,400 9,438,528 UnumProvident 79,800 1,755,600 XL Capital Cl A 517,200(c) 34,331,736 Total 256,836,183 IT Services (1.6%) Computer Sciences 198,900(b) 9,990,747 Electronic Data Systems 820,389 18,909,966 Total 28,900,713 Leisure Equipment & Products (0.6%) Eastman Kodak 422,200(d) 10,120,134 Machinery (9.6%) Caterpillar 1,186,000 68,527,079 Crane 289,200 9,182,100 Deere & Co 279,658 19,394,282 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 26 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Equity Income Fund Common Stocks (continued) Issuer Shares Value(a) Machinery (cont.) Eaton 221,900 $14,139,468 Illinois Tool Works 214,000 18,889,780 Ingersoll-Rand Cl A 680,000(c) 26,948,400 Parker Hannifin 300,200 20,536,682 Total 177,617,791 Media (1.3%) Gannett 137,000 8,441,940 Time Warner 390,700 7,024,786 Viacom Cl B 239,600 8,002,640 Total 23,469,366 Metals & Mining (1.1%) Alcoa 475,900 13,044,419 Compass Minerals Intl 172,343 4,150,019 Freeport-McMoRan Copper & Gold Cl B 43,500 2,266,785 Total 19,461,223 Multiline Retail (0.3%) JC Penney 103,700 5,441,139 Oil & Gas (8.3%) Anadarko Petroleum 53,400 4,838,574 BP ADR 116,600(c) 7,676,944 Chevron 581,418 33,321,055 ConocoPhillips 205,700 12,446,907 Exxon Mobil 61,500 3,568,845 Kerr-McGee 62,952 5,442,200 Marathon Oil 430,600 25,530,274 Petroleo Brasileiro ADR 432,700(c) 29,250,520 Pioneer Natural Resources 190,700 9,712,351 Repsol YPF ADR 283,800(c) 8,377,776 Total ADR 97,400(c,d) 12,144,806 Total 152,310,252 Paper & Forest Products (2.1%) Abitibi-Consolidated 689,000(c) 2,308,150 Intl Paper 579,700 18,277,941 MeadWestvaco 136,500 3,820,635 Weyerhaeuser 202,200 13,407,882 Total 37,814,608 Common Stocks (continued) Issuer Shares Value(a) Pharmaceuticals (2.6%) Abbott Laboratories 236,900 $8,933,499 Bristol-Myers Squibb 388,100 8,379,079 Merck & Co 419,500 12,333,300 Pfizer 615,900 13,057,080 Wyeth 124,900 5,190,844 Total 47,893,802 Real Estate Investment Trust (0.5%) Rayonier 67,950 2,700,333 Starwood Hotels & Resorts Worldwide Unit 99,600 6,025,800 Total 8,726,133 Road & Rail (2.0%) Burlington Northern Santa Fe 355,200 23,507,136 Union Pacific 177,000 13,547,580 Total 37,054,716 Semiconductors & Semiconductor Equipment (1.1%) Intel 652,700 17,414,036 Linear Technology 87,800 3,275,818 Total 20,689,854 Software (0.6%) Microsoft 377,200 10,452,212 Thrifts & Mortgage Finance (2.2%) Fannie Mae 695,356 33,411,856 Washington Mutual 178,000 7,331,820 Total 40,743,676 Tobacco (1.9%) Altria Group 480,100 34,946,479 Total Common Stocks (Cost: $1,576,839,342) $1,862,622,220 Preferred Stocks (0.7%) Issuer Shares Value(a) Schering-Plough 6.00% Cv 90,800 $4,618,633 UnumProvident 8.25% Cv 134,900 5,734,869 Xerox 6.25% Cv 13,300 1,605,310 Total Preferred Stocks (Cost: $11,231,474) $11,958,812 Bond (0.9%) Issuer Coupon Principal Value(a) rate amount Wirelines Qwest Communications Intl 11-15-25 3.50% $14,590,000 $15,822,709 Total Bond (Cost: $14,590,000) $15,822,709 Short-Term Securities (4.3%)(e) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.05% $28,500,000(f) $28,496,798 12-05-05 4.03 10,000,000(f) 9,994,410 Bryant Park Funding 12-27-05 4.16 15,000,000(f) 14,953,313 Chariot Funding 12-14-05 4.07 15,000,000(f) 14,976,317 Park Granada LLC 12-05-05 4.04 10,000,000(f) 9,994,389 Total Short-Term Securities (Cost: $78,424,089) $78,415,227 Total Investments in Securities (Cost: $1,681,084,905)(g) $1,968,818,968 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 27 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Diversified Equity Income Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 15.4% of net assets. (d) At Nov. 30, 2005, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 1.7% of net assets. 2.6% of net assets is the Fund's cash equivalent position. (f) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $78,415,227 or 4.3% of net assets. (g) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $1,681,085,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $338,360,000 Unrealized depreciation (50,626,000) ----------- Net unrealized appreciation $287,734,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 28 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Emerging Markets Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (99.5%)(c) Issuer Shares Value(a) Argentina (1.0%) Real Estate IRSA Inversiones y Representaciones GDR 207,563(b) $2,611,143 Brazil (12.7%) Commercial Banks (1.0%) UNIBANCO - Uniao de Bancos Brasileiros ADR 41,516 2,567,349 Diversified Telecommunication Services (1.0%) Tele Norte Leste Participacoes ADR 139,520 2,595,072 Metals & Mining (3.4%) Cia Vale do Rio Doce ADR 201,730 7,633,463 Usinas Siderurgicas de Minas Gerais Cl A 30,700 719,586 Total 8,353,049 Oil & Gas (4.1%) Petroleo Brasileiro ADR 163,564 10,075,542 Real Estate (1.5%) Cyrela Brazil Realty 337,275 3,746,310 Specialty Retail (1.7%) Lojas Renner 125,557 4,212,367 Chile (0.5%) Metals & Mining Antofagasta 45,080 1,294,320 China (4.9%) Insurance (1.2%) China Life Insurance Cl H 3,794,000(b) 2,983,991 Oil & Gas (3.7%) CNOOC 7,975,000 5,310,436 PetroChina Cl H 4,944,000 3,884,058 Total 9,194,494 Colombia (0.5%) Commercial Banks Bancolombia ADR 48,336 1,242,235 Czechoslovakia Federated Republic (0.1%) Pharmaceuticals Zentiva 6,218 276,291 Hong Kong (1.9%) Multiline Retail (0.8%) Lifestyle Intl Holdings 1,421,500 2,022,918 Specialty Retail (1.1%) Esprit Holdings 368,500 2,593,626 Common Stocks (continued) Issuer Shares Value(a) Hungary (2.6%) Commercial Banks (1.4%) OTP Bank 109,156 $3,589,389 Oil & Gas (1.2%) MOL Magyar Olaj-es Gazipari 31,353 2,969,743 India (4.8%) Commercial Banks (0.7%) State Bank of India GDR 38,938(c,d) 1,775,183 Construction Materials (0.5%) Grasim Inds GDR 43,053(d) 1,290,729 IT Services (1.5%) Infosys Technologies 61,991 3,616,939 Tobacco (1.2%) ITC 1,035,377 3,028,191 Wireless Telecommunication Services (0.9%) Bharti Tele-Ventures 276,324(b) 2,151,360 Indonesia (0.6%) Machinery United Tractors 4,097,109 1,470,064 Israel (1.5%) Electronic Equipment & Instruments (0.6%) Lipman Electronic Engineering 70,949(b) 1,589,967 Pharmaceuticals (0.9%) Teva Pharmaceutical Inds ADR 52,477 2,145,260 Mexico (7.3%) Beverages (0.5%) Grupo Modelo Series C 365,300 1,229,952 Construction Materials (1.2%) CEMEX ADR 53,046 2,986,490 Food & Staples Retailing (1.0%) Wal-Mart de Mexico Series V 480,106 2,606,231 Media (1.6%) Grupo Televisa ADR 49,356 3,918,866 Wireless Telecommunication Services (3.0%) America Movil ADR Series L 260,483 7,481,072 Netherlands (0.6%) Beverages Efes Breweries Intl GDR 46,358(b,d) 1,483,457 Common Stocks (continued) Issuer Shares Value(a) Russia (7.5%) Commercial Banks (0.3%) Sberbank 652 $717,200 Diversified Telecommunication Services (0.5%) VolgaTelecom 331,386 1,212,873 Food & Staples Retailing (0.9%) Pyaterochka Holding GDR 94,673(b,d) 2,176,532 Oil & Gas (4.4%) LUKOIL ADR 158,740 9,056,116 Surgutneftegas ADR 38,109 1,962,614 Total 11,018,730 Wireless Telecommunication Services (1.4%) Mobile Telesystems ADR 97,441 3,456,232 South Africa (13.8%) Commercial Banks (2.3%) ABSA Group 412,669 5,847,014 Food & Staples Retailing (0.8%) Massmart Holdings 253,528 1,967,400 Metals & Mining (6.0%) Anglo American 125,462 3,920,686 Anglo Platinum 19,093 1,258,002 Gold Fields 295,729 4,465,490 Impala Platinum Holdings 40,042 5,228,329 Total 14,872,507 Oil & Gas (1.9%) Sasol 138,912 4,625,798 Specialty Retail (1.0%) Foschini 367,346 2,573,412 Wireless Telecommunication Services (1.8%) MTN Group 543,963 4,526,257 South Korea (21.9%) Auto Components (0.6%) Hankook Tire 127,600 1,536,177 Automobiles (1.7%) Hyundai Motor 51,639 4,252,663 Commercial Banks (5.3%) Kookmin Bank 143,430 9,464,094 Shinhan Financial Group 103,880 4,005,305 Total 13,469,399 Construction & Engineering (0.8%) Hyundai Development 49,610 2,089,310 Electric Utilities (0.7%) Korea Electric Power 49,450 1,655,568 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 29 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Emerging Markets Fund Common Stocks (continued) Issuer Shares Value(a) South Korea (cont.) Electrical Equipment (0.8%) Kumho Electric 32,130 $2,004,939 Food & Staples Retailing (1.7%) Shinsegae 10,084 4,143,765 Insurance (1.0%) Samsung Fire & Marine Insurance 23,230 2,435,624 Machinery (0.8%) Samsung Heavy Inds 130,810 1,907,570 Media (0.2%) Cheil Communications 2,319 521,113 Oil & Gas (0.8%) SK 37,720 1,965,869 Personal Products (0.9%) Amorepacific 6,676 2,171,054 Semiconductors & Semiconductor Equipment (6.6%) Samsung Electronics 29,046 16,768,912 Taiwan (12.2%) Computers & Peripherals (2.8%) Acer 1,399,019 3,098,467 Asustek Computer 801,980 2,265,676 Quanta Computer 1,126,000 1,724,942 Total 7,089,085 Electronic Equipment & Instruments (3.0%) AU Optronics ADR 272,271 3,934,316 Hon Hai Precision Industry 699,774 3,549,694 Total 7,484,010 Industrial Conglomerates (--%) Far Eastern Textile 145,400 88,723 Common Stocks (continued) Issuer Shares Value(a) Taiwan (cont.) Insurance (0.9%) Cathay Financial Holding 1,175,000 $2,125,390 Real Estate (0.8%) Hung Poo Real Estate Development 3,422,000 1,875,713 Semiconductors & Semiconductor Equipment (4.7%) Siliconware Precision Industries 1,505,000 1,583,761 Taiwan Semiconductor Mfg 5,693,898 10,122,552 Total 11,706,313 Thailand (2.0%) Commercial Banks Bangkok Bank 1,035,800 2,634,699 Kasikornbank 1,467,600 2,275,276 Total 4,909,975 Turkey (3.1%) Beverages (0.6%) Anadolu Efes Biracilik ve Malt Sanayil 51,954 1,396,764 Commercial Banks (1.8%) Akbank 418,470 3,299,817 Turkiye Vakiflar Bankasi Tao Cl D 277,400(b) 1,372,253 Total 4,672,070 Household Durables (0.7%) Arcelik 276,312 1,754,194 Total Common Stocks (Cost: $213,099,266) $248,119,755 Preferred Stocks (2.8%)(c) Issuer Shares Value(a) Brazil (1.8%) Banco Bradesco 98,172 $3,010,988 Caemi Mineracao e Metalurgica 924,000 1,441,066 Total 4,452,054 Russia (1.0%) Transneft 1,416(b) 2,534,640 Total Preferred Stocks (Cost: $5,921,123) $6,986,694 Short-Term Security (2.7%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.03% $6,700,000(e) $6,699,250 Total Short-Term Security (Cost: $6,700,000) $6,699,250 Total Investments in Securities (Cost: $225,720,389)(f) $261,805,699 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 30 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Emerging Markets Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $6,725,901 or 2.7% of net assets. (e) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $6,699,250 or 2.7% of net assets. (f) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $225,720,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $38,619,000 Unrealized depreciation (2,534,000) ---------- Net unrealized appreciation $36,085,000 ----------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 31 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Global Bond Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (94.8%)(c) Issuer Coupon Principal Value(a) rate amount Australia (1.8%) Commonwealth Bank of Australia (European Monetary Unit) 11-12-09 3.38% 610,000 $726,599 New South Wales Treasury (Australian Dollar) 03-01-08 8.00 8,330,000 6,471,331 Telstra 04-01-12 6.38 450,000 476,947 Western Australian Treasury (Australian Dollar) 10-16-06 5.50 3,360,000 2,482,808 Total 10,157,685 Austria (1.0%) Republic of Austria (European Monetary Unit) 01-15-10 5.50 4,490,000 5,791,983 Belgium (3.0%) Kingdom of Belgium (European Monetary Unit) 03-28-10 3.00 9,150,000 10,758,067 09-28-10 5.75 4,750,000 6,253,151 Total 17,011,218 Brazil (0.2%) Federal Republic of Brazil 01-15-18 8.00 1,055,000 1,107,750 Canada (2.3%) Aquila Canada Finance 06-15-11 7.75 150,000 153,750 Canada Housing Trust #1 (Canadian Dollar) 06-15-06 5.53 3,150,000 2,727,840 Canadian Pacific Railway (Canadian Dollar) 06-15-10 4.90 395,000(d) 346,607 Corus Entertainment Sr Sub Nts 03-01-12 8.75 30,000 31,800 Province of British Columbia (Canadian Dollar) 08-23-10 6.38 6,900,000 6,512,880 Province of Ontario (Canadian Dollar) 03-08-06 5.90 3,600,000 3,110,772 Sun Media 02-15-13 7.63 50,000 51,375 Videotron Ltee 01-15-14 6.88 35,000 35,438 12-15-15 6.38 75,000(d) 74,343 Total 13,044,805 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Czechoslovakia Federated Republic (0.2%) Republic of Czechoslovakia (Czech Crown) 06-16-13 3.70% 32,900,000 $1,356,357 Denmark (0.7%) Realkredit Danmark (Danish Krone) 01-01-08 4.00 25,100,000 4,053,541 Finland (2.0%) Republic of Finland (European Monetary Unit) 07-04-07 5.00 9,470,000 11,555,735 France (6.3%) Dexia Municipal Agency (European Monetary Unit) 09-03-07 4.25 600,000 723,965 France Telecom 03-01-06 7.20 550,000 553,615 Govt of France (European Monetary Unit) 04-25-12 5.00 9,465,000 12,291,117 04-25-13 4.00 9,790,000 12,065,226 10-25-16 5.00 7,570,000 10,123,446 Total 35,757,369 Germany (10.6%) Allgemeine Hypothekenbank Rheinboden (European Monetary Unit) 09-02-09 5.00 2,130,000(d) 2,661,553 Bayerische Landesbank (Japanese Yen) Sr Nts 04-22-13 1.40 300,000,000 2,540,948 Bundesrepublik Deutschland (European Monetary Unit) 01-04-10 5.38 520,000 667,543 07-04-13 3.75 12,600,000 15,274,898 07-04-27 6.50 7,495,000 12,377,481 07-04-28 4.75 2,050,000 2,763,813 07-04-34 4.75 4,895,000 6,727,474 Bundesschatzanweisungen (European Monetary Unit) 12-16-05 2.75 7,200,000 8,491,449 DEPFA Deutsche Pfandbriefbank (European Monetary Unit) 01-15-10 5.50 2,190,000 2,815,925 Deutsche Bank (European Monetary Unit) 07-28-09 4.25 460,000 565,530 Landesbank Berlin Girozentrale (European Monetary Unit) 04-30-07 5.00 2,100,000 2,547,488 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Germany (cont.) Rheinische Hypothekenbank (European Monetary Unit) 07-05-10 5.75% 2,250,000 $2,940,317 Total 60,374,419 Greece (4.0%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75 7,810,000 9,215,158 04-19-07 4.65 6,040,000 7,297,199 10-22-22 5.90 4,330,000 6,337,684 Total 22,850,041 Italy (4.9%) Buoni Poliennali Del Tesoro (European Monetary Unit) 03-01-07 4.50 7,930,000 9,548,270 10-15-07 5.00 8,690,000 10,640,030 11-01-26 7.25 3,600,191 6,219,153 Telecom Italia Capital 10-01-15 5.25 1,735,000 1,680,800 Total 28,088,253 Japan (8.5%) Development Bank of Japan (Japanese Yen) 06-20-12 1.40 680,000,000 5,811,985 Govt of Japan (Japanese Yen) 12-21-09 1.70 2,239,000,000 19,513,762 03-22-10 1.70 328,000,000 2,859,725 06-20-12 1.40 736,000,000 6,291,964 12-20-12 1.00 1,358,000,000 11,264,406 12-20-14 1.30 233,000,000 1,932,150 12-20-34 2.40 74,000,000 617,307 Total 48,291,299 Malaysia (0.3%) Petronas Capital 05-22-12 7.00 1,475,000(d) 1,619,307 Mexico (0.3%) Govt of Mexico (Mexican Peso) 12-24-09 9.00 15,350,000 1,492,464 United Mexican States (Japanese Yen) 06-06-06 6.75 48,000,000 413,695 Total 1,906,159 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 32 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Global Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Netherlands (3.0%) Bank Nederlandse Gemeenten (British Pound) Sr Unsub 08-06-07 7.38% 1,200,000 $2,166,489 Govt of Netherlands (European Monetary Unit) 01-15-08 2.50 9,810,000 11,504,527 07-15-12 5.00 2,565,000 3,339,762 Total 17,010,778 New Zealand (1.1%) Govt of New Zealand (New Zealand Dollar) 11-15-06 8.00 9,200,000 6,527,906 Norway (1.1%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 38,500,000 6,349,511 Poland (1.2%) Republic of Poland (Polish Zloty) 03-24-10 5.75 22,190,000 6,812,976 South Africa (0.3%) Republic of South Africa (South African Rand) 08-31-10 13.00 10,415,000 1,957,698 South Korea (0.1%) Korea Development Bank (Japanese Yen) 06-25-08 0.98 65,000,000 544,104 Spain (3.2%) Caja de Ahorros y Monte de Piedad de Madrid (European Monetary Unit) 03-25-11 3.50 2,900,000 3,460,295 Govt of Spain (European Monetary Unit) 07-30-09 5.15 11,865,000 15,028,020 Total 18,488,315 Supra-National (1.0%) European Investment Bank (British Pound) 12-07-11 5.50 3,080,000 5,598,359 Sweden (0.5%) Govt of Sweden (Swedish Krona) 03-15-11 5.25 20,520,000 2,804,029 United Kingdom (4.5%) BT Group 12-15-10 8.38 550,000 626,743 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United Kingdom (cont.) HBOS Treasury Services (European Monetary Unit) 02-12-09 3.50% 1,900,000 $2,270,150 United Kingdom Treasury (British Pound) 03-07-12 5.00 6,795,000 12,232,361 09-07-14 5.00 5,790,000 10,565,339 Total 25,694,593 United States (32.8%) Aesop Funding II LLC Series 2004-2A Cl A1 (FGIC) 04-20-08 2.76 500,000(d,h) 487,804 Airgas 10-01-11 9.13 75,000 79,500 Allied Waste North America Series B 04-01-08 8.88 35,000 36,838 AmeriCredit Automobile Receivables Trust Series 2005-BM Cl A3 (MBIA) 02-06-10 4.05 1,700,000(h) 1,678,486 AmeriCredit Automobile Receivables Trust Series 2005-DA Cl A3 12-06-10 4.87 550,000 550,408 AmerisourceBergen 09-15-15 5.88 225,000(d) 226,125 ANR Pipeline 03-15-10 8.88 75,000 80,202 ARG Funding Series 2005-1A Cl A3 (MBIA) 04-20-11 4.29 1,000,000(d,h) 973,121 Banc of America Commercial Mtge Series 2005-1 Cl A4 11-10-42 4.88 650,000(f) 645,429 Banc of America Large Loan Series 2005-BOCA Cl A1 12-15-16 4.24 724,135(d,f,g) 724,320 Banc of America Large Loan Series 2005-BOCA Cl A2 12-15-16 4.29 1,675,000(d,f,g) 1,675,943 Bank of America-First Union NB Commercial Mtge Series 2001-3 Cl A1 04-11-37 4.89 734,300(f) 732,683 Bayerische Landesbank Sub Nts 12-01-08 5.88 800,000 826,463 Bear Stearns Commercial Mtge Securities Series 2003-T10 Cl A1 03-13-40 4.00 344,082(f) 332,752 Bear Stearns Commercial Mtge Securities Series 2004-T16 Cl A3 02-13-46 4.03 480,000(f) 462,784 Bear Stearns Commercial Mtge Securities Series 2005-PWR8 Cl A1 06-11-41 4.21 1,422,470(f) 1,398,018 Bear Stearns Commercial Mtge Securities Series 2005-T20 Cl E 10-12-42 5.16 500,000(f) 489,295 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Caesars Entertainment Sr Nts 04-15-13 7.00% $510,000(i) $541,691 California State Teachers' Retirement System Trust Series 2002-C6 Cl A3 11-20-14 4.46 1,885,265(d,f) 1,849,261 Capital Auto Receivables Asset Trust Series 2004-1 09-15-10 2.84 700,000 677,621 Capital Auto Receivables Asset Trust Series 2005-1 Cl A4 07-15-09 4.05 1,400,000 1,374,184 Capital One Auto Finance Trust Series 2005-BSS Cl A3 11-15-09 4.08 1,000,000 984,710 Cardinal Health 06-15-15 4.00 1,300,000(i) 1,156,864 Carmax Auto Owner Trust Series 2005-1 Cl A4 03-15-10 4.35 500,000 494,102 CDC Commercial Mtge Trust Series 2002-FX1 Cl A2 11-15-30 5.68 1,000,000(f) 1,023,338 Chesapeake Energy 01-15-15 7.75 105,000 111,038 Chesapeake Energy Sr Nts 06-15-14 7.50 15,000 15,825 Chesapeake Energy Sr Unsecured 08-15-17 6.50 165,000(d) 161,288 Citigroup Commercial Mtge Trust Series 2005-C3 Cl A1 05-15-43 4.39 951,902(f) 937,461 Citigroup Commercial Mtge Trust Series 2005-EMG Cl A1 09-20-51 4.15 1,777,494(d,f) 1,744,634 Citigroup (European Monetary Unit) Sr Nts 05-21-10 3.88 2,580,000 3,121,573 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl A4 07-15-44 5.23 1,650,000(f) 1,651,292 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl ASB 07-15-44 5.23 1,075,000(f) 1,078,224 CMS Energy Sr Nts 01-15-09 7.50 150,000 153,375 Colorado Interstate Gas Sr Nts 03-15-15 5.95 35,000 33,558 11-15-15 6.80 200,000(d) 200,500 Comcast Cable Communications Holdings 03-15-13 8.38 48,000 55,407 Compass Minerals Group 08-15-11 10.00 75,000 81,000 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 33 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Global Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Cott Beverages USA 12-15-11 8.00% $195,000 $199,875 Countrywide Alternative Loan Trust Series 2005-6CB Cl 1A1 04-25-35 7.50 1,156,741(f) 1,195,941 Crown Americas LLC/Capital Sr Nts 11-15-13 7.63 35,000(d) 35,875 11-15-15 7.75 105,000(d) 107,100 CS First Boston Mtge Securities Series 2002-CKS4 Cl A1 11-15-36 4.49 1,130,841(f) 1,110,598 CS First Boston Mtge Securities Series 2004-C1 Cl A2 01-15-37 3.52 150,000(f) 144,399 CS First Boston Mtge Securities Series 2005-C4 Cl A1 08-15-38 4.77 2,173,434(f) 2,161,448 CS First Boston Mtge Securities Series 2005-C5 Cl A2 08-15-38 5.10 550,000(f) 549,753 DaimlerChrysler NA Holding (European Monetary Unit) 01-16-07 5.63 655,000 794,547 Dex Media West LLC/Finance Sr Nts Series B 08-15-10 8.50 55,000 58,025 DIRECTV Holdings LLC/Financing Sr Nts 03-15-13 8.38 45,000 48,825 Encore Acquisition Sr Sub Nts 04-15-14 6.25 130,000 123,825 ERAC USA Finance 05-01-15 5.60 1,515,000(d) 1,496,345 11-15-15 5.90 305,000(d) 307,663 Federal Home Loan Mtge Corp 07-12-10 4.13 6,765,000 6,582,284 Federal Home Loan Mtge Corp #A11799 08-01-33 6.50 130,648(f) 133,691 Federal Home Loan Mtge Corp #A15881 11-01-33 5.00 915,175(f) 883,771 Federal Home Loan Mtge Corp #E01377 05-01-18 4.50 685,450(f) 665,341 Federal Home Loan Mtge Corp #E91326 09-01-17 6.50 210,338(f) 216,504 Federal Home Loan Mtge Corp #E99967 10-01-18 5.00 730,357(f) 721,141 Federal Home Loan Mtge Corp #G01535 04-01-33 6.00 1,057,444(f) 1,071,344 Federal Home Loan Mtge Corp (European Monetary Unit) 02-15-07 4.63 3,835,000 4,619,396 Federal Natl Mtge Assn 10-15-06 4.38 3,025,000 3,019,879 Federal Natl Mtge Assn #255377 08-01-34 7.00 992,179(f) 1,035,856 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Federal Natl Mtge Assn #360800 01-01-09 5.74% $633,697(f) $644,631 Federal Natl Mtge Assn #386599 11-01-10 4.47 361,214(f) 354,534 Federal Natl Mtge Assn #440730 12-01-28 6.00 886,024(f) 896,900 Federal Natl Mtge Assn #555316 02-01-13 4.87 794,690(f) 785,124 Federal Natl Mtge Assn #555734 07-01-23 5.00 657,076(f) 638,878 Federal Natl Mtge Assn #555740 08-01-18 4.50 364,506(f) 353,087 Federal Natl Mtge Assn #575487 04-01-17 6.50 491,049(f) 508,329 Federal Natl Mtge Assn #621581 12-01-31 6.50 406,754(f) 420,243 Federal Natl Mtge Assn #631315 02-01-17 5.50 259,695(f) 261,519 Federal Natl Mtge Assn #639965 08-01-17 6.00 840,332(f) 860,297 Federal Natl Mtge Assn #640996 05-01-32 7.50 308,501(f) 323,907 Federal Natl Mtge Assn #646147 06-01-32 7.00 245,787(f) 258,362 Federal Natl Mtge Assn #652284 08-01-32 6.50 283,648(f) 290,862 Federal Natl Mtge Assn #653145 07-01-17 6.00 172,821(f) 177,020 Federal Natl Mtge Assn #654121 09-01-17 6.00 653,209(f) 669,068 Federal Natl Mtge Assn #655589 08-01-32 6.50 1,103,286(f) 1,137,488 Federal Natl Mtge Assn #666424 08-01-32 6.50 228,171(f) 233,975 Federal Natl Mtge Assn #670461 11-01-32 7.50 323,982(f) 340,162 Federal Natl Mtge Assn #683897 01-01-33 6.00 1,457,639(f) 1,467,437 Federal Natl Mtge Assn #684595 03-01-33 6.00 1,037,652(f) 1,044,627 Federal Natl Mtge Assn #687583 04-01-33 6.00 2,496,380(f) 2,514,214 Federal Natl Mtge Assn #688034 03-01-33 5.50 331,415(f) 327,884 Federal Natl Mtge Assn #688691 03-01-33 5.50 627,847(f) 619,885 Federal Natl Mtge Assn #720786 09-01-33 5.50 1,322,489(f) 1,305,718 Federal Natl Mtge Assn #725232 03-01-34 5.00 1,000,226(f) 965,776 Federal Natl Mtge Assn #735029 09-01-13 5.28 689,586(f) 696,019 Federal Natl Mtge Assn #739474 10-01-33 5.50 726,159(f) 718,587 Federal Natl Mtge Assn #741850 09-01-33 5.50 1,910,589(f) 1,886,359 Federal Natl Mtge Assn #748110 10-01-33 6.50 2,431,432(f) 2,489,198 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Federal Natl Mtge Assn #753507 12-01-18 5.00% $2,524,027(f) $2,492,060 Federal Natl Mtge Assn #755498 11-01-18 5.50 1,676,584(f) 1,686,914 Federal Natl Mtge Assn #756799 11-01-33 6.50 589,460(f) 604,967 Federal Natl Mtge Assn #756844 02-01-19 5.00 580,176(f) 572,075 Federal Natl Mtge Assn #757299 09-01-19 4.50 3,356,880(f) 3,251,635 Federal Natl Mtge Assn #783646 06-01-34 5.50 840,984(f) 829,273 Federal Natl Mtge Assn #791393 10-01-19 5.50 2,896,398(f) 2,910,264 Franklin Auto Trust Series 2004-1 Cl A3 (MBIA) 03-15-12 4.15 800,000(h) 789,378 GE Capital Commercial Mtge Series 2001-3 Cl A1 06-10-38 5.56 673,224(f) 679,971 GE Capital Commercial Mtge Series 2005-C1 Cl A5 06-10-48 4.77 500,000(f) 481,969 GE Capital Commercial Mtge Series 2005-C3 Cl A1 07-10-45 4.59 1,036,046(f) 1,025,065 General Electric Capital Assurance Series 2003-1 Cl A3 05-12-35 4.77 1,775,000(d,f) 1,740,598 General Electric Capital (European Monetary Unit) Sr Unsub 06-20-07 5.13 540,000 657,584 General Electric Capital (New Zealand Dollar) 02-04-10 6.63 3,435,000 2,368,720 Genworth Financial (Japanese Yen) 06-20-11 1.60 140,000,000 1,170,158 GMAC 09-15-11 6.88 60,000 54,212 GMAC Commercial Mtge Securities Series 2004-C3 Cl A4 12-10-41 4.55 900,000(f) 868,149 GMAC Commercial Mtge Securities Series 2005-C1 Cl A1 05-10-43 4.21 763,421(f) 749,199 Govt Natl Mtge Assn #604708 10-15-33 5.50 815,008(f) 813,288 Govt Natl Mtge Assn Collateralized Mtge Obligation Interest Only Series 2002-80 Cl CI 01-20-32 20.00 737,873(f,e) 75,604 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A4 06-10-36 4.76 800,000(f) 787,067 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 34 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Global Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Greenwich Capital Commercial Funding Series 2004-GG1 Cl A5 06-10-36 4.88% $500,000(f) $493,770 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A1 08-10-42 3.92 524,162(f) 514,947 Greenwich Capital Commercial Funding Series 2005-GG3 Cl A3 08-10-42 4.57 1,550,000(f) 1,500,993 GS Mtge Securities II Series 2004-GG2 Cl A4 08-10-38 4.96 900,000(f) 890,468 GS Mtge Securities II Series 2005-GG4 Cl A1 07-10-39 4.37 1,198,205(f) 1,179,059 HCA Sr Nts 03-15-14 5.75 100,000 97,500 HSBC Bank USA Sub Nts 08-15-35 5.63 2,750,000 2,614,865 Intl Paper (European Monetary Unit) 08-11-06 5.38 500,000 599,171 IPALCO Enterprises Secured 11-14-08 8.38 140,000 145,600 ITT 11-15-15 7.38 180,000 193,050 JPMorgan Chase & Co Sub Nts 10-01-15 5.15 1,785,000 1,748,759 JPMorgan Chase Commercial Mtge Securities Series 2002-CIB5 Cl A1 10-12-37 4.37 1,129,836(f) 1,109,073 JPMorgan Chase Commercial Mtge Securities Series 2003-LN1 Cl A1 10-15-37 4.13 358,860(f) 345,762 JPMorgan Chase Commercial Mtge Securities Series 2003-ML1A Cl A1 03-12-39 3.97 408,699(f) 394,706 JPMorgan Chase Commercial Mtge Securities Series 2004-CBX Cl A5 01-12-37 4.65 700,000(f) 678,181 L-3 Communications 06-15-12 7.63 155,000 162,750 Lamar Media 01-01-13 7.25 50,000 51,500 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A3 11-15-27 4.83 900,000(f) 887,940 LB-UBS Commercial Mtge Trust Series 2004-C2 Cl A3 03-15-29 3.97 650,000(f) 611,787 LB-UBS Commercial Mtge Trust Series 2004-C4 Cl A3 06-15-29 4.99 850,000(f) 851,111 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A1 08-15-29 3.88% $1,199,227(f) $1,169,210 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A2 08-15-29 4.19 1,100,000(f) 1,071,851 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A4 08-15-29 4.58 950,000(f) 924,564 LB-UBS Commercial Mtge Trust Series 2004-C7 Cl A2 10-15-29 3.99 800,000(f) 771,344 LB-UBS Commercial Mtge Trust Series 2004-C8 Cl A2 12-15-29 4.20 1,000,000(f) 972,270 LB-UBS Commercial Mtge Trust Series 2005-C3 Cl A1 07-15-30 4.39 834,756(f) 825,140 LB-UBS Commercial Mtge Trust Series 2005-C5 Cl A2 09-15-30 4.89 1,050,000(f) 1,041,758 Long Beach Auto Receivables Trust Series 2004-C Cl A3 (FSA) 09-15-09 3.40 600,000(h) 593,124 MacDermid 07-15-11 9.13 20,000 21,200 Merrill Lynch Mtge Trust Series 2005-MCP1 Cl A1 06-12-43 4.22 1,082,358(f) 1,064,159 MGM MIRAGE 10-01-09 6.00 25,000 24,875 07-15-15 6.63 190,000(d) 187,625 MGM MIRAGE Sr Nts 02-27-14 5.88 125,000 118,125 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 30,000 29,400 Mohegan Tribal Gaming Authority Sr Sub Nts 04-01-12 8.00 50,000 52,750 Morgan Stanley Capital I Series 2003-T11 Cl A2 06-13-41 4.34 825,000(f) 804,772 Morgan Stanley Capital I Series 2004-HQ4 Cl A5 04-14-40 4.59 690,000(f) 670,570 Morgan Stanley Capital I Series 2005-IQ10 Cl A4A 09-15-42 5.23 1,100,000(f) 1,093,658 Morgan Stanley Group (European Monetary Unit) 03-16-06 5.25 2,180,000 2,588,245 Morgan Stanley, Dean Witter Capital I Series 2002-TOP7 Cl A2 01-15-39 5.98 1,350,000(f) 1,403,846 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Newfield Exploration Sr Sub Nts 08-15-12 8.38% $320,000 $340,799 Nextel Communications Sr Nts Series F 03-15-14 5.95 185,000 184,999 Pacific Energy Partners LP/Finance Sr Nts 09-15-15 6.25 55,000(d) 54,175 Peabody Energy Series B 03-15-13 6.88 145,000 149,713 Plains Exploration & Production Sr Nts 06-15-14 7.13 50,000 51,250 Popular ABS Mtge Pass-Through Trust Series 2005-A Cl AF2 06-25-35 4.49 560,000 549,879 Potomac Edison 1st Mtge 11-15-14 5.35 75,000 74,745 Pricoa Global Funding I 06-25-12 4.63 2,935,000(d) 2,840,842 Pride Intl Sr Nts 07-15-14 7.38 25,000 26,938 Prudential Commercial Mtge Trust Series 2003-PWR1 Cl A1 02-11-36 3.67 813,483(f) 779,551 Qwest 03-15-12 8.88 130,000 145,925 Qwest Sr Nts 06-15-15 7.63 140,000(d) 148,925 Residential Capital Sr Unsecured 06-30-10 6.38 2,305,000 2,323,424 Simon Property Group LP 12-01-15 5.75 85,000(d) 85,506 Southern Natural Gas 03-15-10 8.88 100,000 106,936 Southern Star Central Secured 08-01-10 8.50 60,000 63,750 Sprint Capital 11-15-28 6.88 1,470,000 1,578,858 Station Casinos Sr Nts 04-01-12 6.00 90,000 89,775 Station Casinos Sr Sub Nts 03-01-16 6.88 335,000(d) 340,025 Susquehanna Media Sr Sub Nts 04-15-13 7.38 115,000 122,044 Toyota Motor Credit (Japanese Yen) Sr Unsub 06-09-08 0.75 312,000,000 2,623,237 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 35 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Global Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Transcontinental Gas Pipe Line Series B 08-15-11 7.00% $85,000 $88,506 Triad Auto Receivables Owner Trust Series 2005-A Cl A3 (AMBAC) 03-12-10 4.05 1,500,000(h) 1,481,790 Triad Hospitals Sr Nts 05-15-12 7.00 100,000 101,250 U.S. Treasury 06-30-07 3.63 2,050,000 2,025,416 02-15-08 3.38 1,910,000 1,868,517 11-15-10 4.50 1,180,000 1,183,826 11-15-15 4.50 1,270,000 1,270,198 08-15-23 6.25 5,870,000 6,868,587 02-15-26 6.00 7,490,000(i) 8,633,685 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63% $5,916,493(j) 5,671,951 Verizon Pennsylvania Series A 11-15-11 5.65 7,865,000 7,845,180 Wachovia Bank Commercial Mtge Trust Series 2003-C8 Cl A2 11-15-35 3.89 750,000(f) 726,166 Wachovia Bank Commercial Mtge Trust Series 2005-C16 Cl A3 10-15-41 4.62 1,050,000(f) 1,018,622 Washington Mutual Series 2005 12-25-45 4.39 1,165,000(b,f) 1,165,000 Total 187,058,251 Total Bonds (Cost: $550,555,561) $541,812,441 Short-Term Securities (3.9%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Nieuw Amsterdam 12-01-05 4.04% $2,500,000(k) $2,499,719 Park Granada LLC 12-01-05 4.05 10,000,000(k) 9,998,875 12-14-05 4.09 5,000,000(k) 4,992,067 12-21-05 4.13 5,000,000(k) 4,987,983 Total Short-Term Securities (Cost: $22,481,189) $22,478,644 Total Investments in Securities (Cost: $573,036,750)(l) $564,291,085 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $1,165,000. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $20,089,485 or 3.5% of net assets. (e) Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows at Nov. 30, 2005. (f) Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. 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) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (h) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- Ambac Assurance Corporation FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance MBIA -- MBIA Insurance Corporation (i) Partially pledged as initial deposit on the following open interest rate futures contracts: Type of security Notional amount Purchase contracts EuroBund, Dec. 2005, 10-year $2,200,000 U.S. Treasury Note, March 2006, 10-year 4,800,000 Sale contracts U.S. Treasury Note, Dec, 2005, 5-year 5,000,000 - -------------------------------------------------------------------------------- 36 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Global Bond Fund Notes to Investments in Securities (continued) (j) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (k) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $22,478,644 or 3.9% of net assets. (l) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $573,037,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 8,949,000 Unrealized depreciation (17,695,000) ----------- Net unrealized depreciation $ (8,746,000) ------------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 37 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Global Inflation Protected Securities Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (95.3%) Issuer Coupon Principal Value(a) rate amount Canada (3.0%) Govt of Canada (Canadian Dollar) 12-01-26 4.25% 4,161,647(b,c) $5,203,875 France (9.9%) Govt of France (European Monetary Unit) 07-25-12 3.00 7,967,494(b,c) 10,502,241 07-25-20 2.25 5,206,572(b,c) 6,735,870 Total 17,238,111 Italy (10.0%) Buoni Poliennali Del Tesoro (European Monetary Unit) 09-15-10 0.95 10,755,624(b,c) 12,577,891 09-17-35 2.35 3,653,628(b,c) 4,762,906 Total 17,340,797 Sweden (2.0%) Govt of Sweden (Swedish Krone) 12-01-28 3.50 18,880,000(c,e) 3,467,017 Bonds (95.3%) Issuer Coupon Principal Value(a) rate amount United Kingdom (17.6%) United Kingdom Gilt Inflation Linked (British Pound) 07-26-16 2.50% 1,530,000(c,e) $6,785,251 04-16-20 2.50 3,020,000(c,e) 13,676,273 07-22-30 4.13 2,600,000(c,e) 10,218,642 Total 30,680,166 United States (52.8%) Federal Home Loan Bank 04-18-08 4.13 1,000,000 987,031 Federal Home Loan Mtge Corp 10-15-08 5.13 1,100,000 1,111,480 07-15-09 4.25 1,000,000 983,820 07-12-10 4.13 1,000,000 972,991 Federal Natl Mtge Assn 05-15-07 3.88 1,000,000 988,870 08-15-08 3.25 1,000,000 963,310 U.S. Treasury Inflation-Indexed Bond 01-15-07 3.38 9,651,531(b) 9,744,092 01-15-08 3.63 8,013,776(b) 8,252,154 04-15-10 0.88 7,521,043(b) 7,145,798 07-15-12 3.00 11,450,183(b) 12,090,571 01-15-14 2.00 11,684,982(b) 11,573,320 07-15-14 2.00 6,704,966(b) 6,638,200 01-15-15 1.63 7,727,346(b) 7,407,957 01-15-25 2.38 4,649,198(b) 4,788,219 Bonds (95.3%) Issuer Coupon Principal Value(a) rate amount United States (cont.) U.S. Treasury Inflation-Indexed Bond (cont.) 04-15-28 3.63% $11,156,051(b) $14,046,540 04-15-29 3.88 3,378,624(b) 4,445,314 Total 92,139,667 Total Bonds (Cost: $170,854,998) $166,069,633 Short-Term Securities (6.0%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Citibank Credit Card Dakota Nts 12-02-05 4.03% $3,000,000(d) $2,999,328 Park Granada LLC 12-01-05 4.07 2,400,000(d) 2,399,729 12-12-05 4.07 3,200,000(d) 3,195,669 Thames Asset Global Securitization 12-19-05 4.11 1,800,000(d) 1,796,105 Total Short-Term Securities (Cost: $10,392,004) $10,390,831 Total Investments in Securities (Cost: $181,247,002)(f) $176,460,464 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. (d) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $10,390,831 or 6.0% of net assets. (e) These inflation-indexed bonds are securities in which the principal amount disclosed represents the original face. (f) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $181,247,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 78,000 Unrealized depreciation (4,865,000) ---------- Net unrealized depreciation $(4,787,000) ----------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 38 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Growth Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (91.5%) Issuer Shares Value(a) Aerospace & Defense (1.0%) Boeing 25,328 $1,727,116 Goodrich 10,547 406,270 Honeywell Intl 17,441 637,294 Lockheed Martin 39,812 2,412,608 Total 5,183,288 Beverages (1.4%) PepsiCo 116,543 6,899,346 Biotechnology (3.1%) Amgen 92,997(b) 7,526,248 Biogen Idec 44,678(b) 1,912,665 Genentech 46,278(b) 4,425,102 Gilead Sciences 29,703(b) 1,505,645 Total 15,369,660 Capital Markets (0.1%) State Street 4,814 277,720 Chemicals (0.1%) Monsanto 5,916 433,465 Commercial Banks (0.2%) Commerce Bancorp 15,331 516,501 ICICI Bank ADR 15,182(c) 386,686 Total 903,187 Commercial Services & Supplies (0.4%) Cendant 124,882 2,219,153 Communications Equipment (5.8%) CIENA 537,044(b) 1,605,762 Cisco Systems 424,259(b) 7,441,503 Nokia ADR 1,170,660(c) 19,994,872 Total 29,042,137 Computers & Peripherals (2.6%) Dell 279,927(b) 8,442,599 EMC 251,523(b) 3,503,715 Hewlett-Packard 35,406 1,050,496 Total 12,996,810 Consumer Finance (0.1%) Capital One Financial 7,197 597,783 Diversified Telecommunication Services (14.6%) ALLTEL 47,224 3,155,980 Brasil Telecom Participacoes ADR 20,063(c) 778,444 Chunghwa Telecom ADR 50,407(c) 878,090 France Telecom 51,080(c) 1,273,933 Sprint Nextel 2,070,168 51,837,006 Tele Norte Leste Participacoes ADR 71,007(c) 1,320,730 Telewest Global 577,525(b,c) 12,873,032 Total 72,117,215 Common Stocks (continued) Issuer Shares Value(a) Energy Equipment & Services (1.5%) BJ Services 20,290 $743,629 Halliburton 64,201 4,086,394 Nabors Inds 7,135(b,c) 499,521 Schlumberger 10,928 1,046,137 Transocean 16,110(b) 1,028,462 Total 7,404,143 Food & Staples Retailing (2.5%) Rite Aid 389,070(b) 1,435,668 Safeway 220,690 5,131,043 Wal-Mart Stores 116,902 5,676,761 Total 12,243,472 Food Products (0.8%) General Mills 19,360 920,181 Kellogg 72,872 3,211,469 Total 4,131,650 Health Care Equipment & Supplies (4.1%) Alcon 7,956(c) 1,115,431 Baxter Intl 188,522 7,331,620 Boston Scientific 148,345(b) 3,928,176 Guidant 110,325 6,804,846 Hospira 23,499(b) 1,037,481 Total 20,217,554 Health Care Providers & Services (5.9%) Aetna 13,664 1,263,783 AmerisourceBergen 8,101 650,915 Cardinal Health 109,603 7,009,112 HCA 139,097 7,092,556 HealthSouth 73,860(b) 275,129 Magellan Health Services 28,113(b) 821,462 McKesson 17,817 896,195 Medco Health Solutions 70,960(b) 3,807,004 UnitedHealth Group 116,093 6,949,327 Universal Health Services Cl B 9,391 450,017 Total 29,215,500 Hotels, Restaurants & Leisure (0.2%) McDonald's 26,626 901,290 Household Durables (0.6%) Harman Intl Inds 19,810 1,931,475 Sony 27,500(c) 1,021,494 Total 2,952,969 Household Products (3.2%) Procter & Gamble 208,331 11,914,450 Spectrum Brands 234,335(b) 4,218,030 Total 16,132,480 Industrial Conglomerates (1.6%) General Electric 115,377 4,121,267 Tyco Intl 125,518(c) 3,579,773 Total 7,701,040 Common Stocks (continued) Issuer Shares Value(a) Insurance (2.2%) ACE 56,517(c) $3,136,694 American Intl Group 110,253 7,402,386 Chubb 5,117 495,530 Total 11,034,610 Internet & Catalog Retail (0.1%) IAC/InterActiveCorp 17,952(b) 495,655 Internet Software & Services (3.6%) Google Cl A 44,232(b) 17,913,518 IT Services (0.1%) Electronic Data Systems 19,900 458,695 Media (11.2%) Clear Channel Communications 29,812 970,679 Clear Channel Outdoor Cl A 12,883(b) 261,525 Comcast Cl A 271,055(b) 7,155,852 Comcast Special Cl A 43,911(b) 1,143,442 Grupo Televisa ADR 2,414(c) 191,672 Liberty Global Cl A 283,927(b) 6,334,411 Liberty Global Series C 123,314(b) 2,561,232 News Corp Cl A 219,986 3,257,993 NTL 397,177(b) 23,127,616 Time Warner 124,406 2,236,820 Viacom Cl B 55,053 1,838,770 Vivendi Universal ADR 219,679(c) 6,359,707 Total 55,439,719 Metals & Mining (1.5%) Agnico-Eagle Mines 20,488(c) 299,739 Coeur d'Alene Mines 480,514(b) 2,071,015 Glamis Gold 24,513(b,c) 546,395 Newmont Mining 78,296 3,611,012 PAN American Silver 41,717(b,c) 792,206 Stillwater Mining 13,222(b) 141,343 Total 7,461,710 Multiline Retail (0.2%) JC Penney 12,970 680,536 Kohl's 9,136(b) 420,256 Total 1,100,792 Oil & Gas (4.2%) Anadarko Petroleum 25,067 2,271,321 Burlington Resources 22,839 1,650,118 Chevron 41,912 2,401,977 ConocoPhillips 48,368 2,926,748 Devon Energy 28,547 1,718,529 Exxon Mobil 49,977 2,900,165 Kinder Morgan Management LLC --(b) 1 Marathon Oil 27,844 1,650,871 Ultra Petroleum 36,691(b) 1,973,242 Valero Energy 33,782 3,249,827 Total 20,742,799 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 39 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Growth Fund Common Stocks (continued) Issuer Shares Value(a) Pharmaceuticals (6.5%) Abbott Laboratories 58,819 $2,218,064 AstraZeneca 15,611(c) 716,871 Bristol-Myers Squibb 36,193 781,407 Eli Lilly & Co 8,323 420,312 GlaxoSmithKline ADR 19,904(c) 986,641 Johnson & Johnson 72,318 4,465,637 Novartis ADR 94,436(c) 4,948,446 Pfizer 403,586 8,556,023 Roche Holding 26,480(c) 3,964,019 Schering-Plough 105,083 2,030,204 Teva Pharmaceutical Inds ADR 11,747(c) 480,217 Wyeth 63,256 2,628,919 Total 32,196,760 Semiconductors & Semiconductor Equipment (3.5%) ATI Technologies 31,912(b,c) 522,080 Freescale Semiconductor Cl A 199,447(b) 5,135,761 Freescale Semiconductor Cl B 42,748(b) 1,102,898 Intel 227,988 6,082,721 MEMC Electronic Materials 115,777(b) 2,591,089 Texas Instruments 53,928 1,751,581 Total 17,186,130 Software (3.2%) Compuware 91,233(b) 842,081 Macromedia 24,632(b) 1,104,992 Mercury Interactive 41,703(b) 1,159,343 Microsoft 339,770 9,415,027 Oracle 262,664(b) 3,301,686 Total 15,823,129 Thrifts & Mortgage Finance (0.7%) Countrywide Financial 48,089 1,673,979 Fannie Mae 27,749 1,333,339 Freddie Mac 9,207 574,977 Total 3,582,295 Common Stocks (continued) Issuer Shares Value(a) Tobacco (0.9%) Altria Group 64,087 $4,664,893 Wireless Telecommunication Services (3.9%) LG Telecom 11,903(b,c) 74,271 Motient 53,265(b) 1,008,040 NeuStar Cl A 158,490(b) 4,805,417 O2 750,998(c) 2,534,500 Orascom Telecom GDR 161,567(c) 8,118,743 Partner Communications ADR 26,861(c) 214,888 Telesp Celular Participacoes ADR 259,897(c) 922,634 Vodafone Group ADR 80,733(c) 1,739,796 Total 19,418,289 Total Common Stocks (Cost: $434,736,200) $454,458,856 Options Purchased (0.1%) Issuer Contracts Exercise Expiration Value(a) Price date Calls Sprint Nextel 920 $27.50 Jan. 2006 $496,800 Puts S&P 500 Index 135 1,135 Dec. 2005 4,725 Total Options Purchased (Cost: $744,845) $501,525 Short-Term Securities (9.0%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Bryant Park Funding 12-27-05 4.16% $5,000,000(d) $4,984,438 Dakota Nts 12-01-05 4.03 5,100,000(d) 5,099,429 12-05-05 4.04 5,100,000(d) 5,097,138 Nieuw Amsterdam 12-01-05 4.04 4,800,000(d) 4,799,461 Park Granada LLC 12-12-05 4.09 10,000,000(d) 9,986,400 12-30-05 4.20 5,000,000(d) 4,982,542 Sheffield Receivables 12-05-05 4.03 5,000,000(d) 4,997,201 Thames Asset Global Securitization 12-22-05 4.13 5,000,000(d) 4,987,411 Total Short-Term Securities (Cost: $44,939,126) $44,934,020 Total Investments in Securities (Cost: $480,420,171)(e) $499,894,401 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 40 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Growth Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 16.2% of net assets. (d) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $44,934,020 or 9.0% of net assets. (e) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $480,420,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 32,818,000 Unrealized depreciation (13,344,000) ----------- Net unrealized appreciation $ 19,474,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 41 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- High Yield Bond Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (96.5%) Issuer Coupon Principal Value(a) rate amount Aerospace & Defense (2.8%) Communications & Power Inds Sr Sub Nts 02-01-12 8.00% $5,300,000 $5,300,000 CPI Holdco Sr Nts 02-01-15 9.67 4,200,000(k) 4,090,934 DRS Technologies Sr Sub Nts 11-01-13 6.88 4,895,000 4,650,250 L-3 Communications 06-15-12 7.63 5,335,000 5,601,750 07-15-13 6.13 3,900,000 3,812,250 L-3 Communications Sr Sub Nts 10-15-15 6.38 8,850,000(d) 8,717,250 Standard Aero Holdings 09-01-14 8.25 2,050,000 1,701,500 Total 33,873,934 Automotive (4.0%) Affinia Group 11-30-14 9.00 5,955,000 4,793,775 ArvinMeritor 02-15-09 6.80 2,195,000 2,008,425 03-01-12 8.75 1,055,000 986,425 GMAC 09-15-11 6.88 12,950,000 11,700,662 11-01-31 8.00 4,890,000 4,845,794 Insurance Auto Auctions 04-01-13 11.00 4,900,000 5,132,417 Lear Series B 08-01-14 5.75 10,360,000 8,616,329 Tenneco Secured Series B 07-15-13 10.25 5,250,000 5,735,625 TRW Automotive Sr Nts 02-15-13 9.38 4,325,000 4,660,188 Total 48,479,640 Brokerage (0.8%) LaBranche & Co Sr Nts 05-15-09 9.50 830,000 871,500 05-15-12 11.00 8,370,000 9,227,925 Total 10,099,425 Building Materials (2.6%) Ainsworth Lumber 10-01-12 7.25 7,635,000(c) 6,814,238 Associated Materials 04-15-12 9.75 1,755,000 1,649,700 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Building Materials (cont.) Gibraltar Inds Sr Sub Nts 12-01-15 8.00% $5,710,000(d,f) $5,767,100 Norcraft Companies LP/Finance Sr Sub Nts 11-01-11 9.00 5,190,000 5,319,750 Norcraft Holdings LP/Capital Sr Disc Nts (Zero coupon through 09-01-08, thereafter 9.75%) 09-01-12 10.20 7,935,000(l) 5,554,500 Nortek Sr Sub Nts 09-01-14 8.50 1,950,000 1,872,000 NTK Holdings Sr Disc Nts (Zero coupon through 09-01-09, thereafter 10.75%) 03-01-14 12.45 3,405,000(l) 2,060,025 Panolam Inds Intl Sr Sub Nts 10-01-13 10.75 2,725,000(d) 2,616,000 Total 31,653,313 Chemicals (3.4%) BCP Crystal US Holdings 3 LLC/Sub3 Sr Disc Nts Series B (Zero coupon through 10-01-09, thereafter 10.50%) 10-01-14 9.45 7,712,000(l) 5,398,400 Equistar Chemicals LP/Funding Sr Nts 05-01-11 10.63 3,875,000 4,272,188 Georgia Gulf Sr Nts 12-15-13 7.13 4,005,000 3,984,975 INVISTA 05-01-12 9.25 14,360,000(d) 15,401,099 NALCO Sr Sub Nts 11-15-13 8.88 3,345,000 3,470,438 PQ 02-15-13 7.50 6,115,000(d) 5,625,800 Resolution Performance Products LLC/Capital Secured 04-15-10 9.50 3,520,000 3,555,200 Total 41,708,100 Construction Machinery (1.3%) Neff Rental LLC/Finance Secured 06-15-12 11.25 2,210,000(d) 2,314,975 United Rentals North America 02-15-12 6.50 6,425,000 6,184,063 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Construction Machinery (cont.) United Rentals North America Sr Sub Nts 02-15-14 7.00% $7,795,000 $7,210,375 Total 15,709,413 Consumer Products (3.0%) AAC Group Holding Sr Disc Nts (Zero coupon through 10-01-08, thereafter 10.25%) 10-01-12 10.28 4,225,000(l) 3,042,000 ACCO Brands 08-15-15 7.63 2,200,000 2,057,000 Amscan Holdings Sr Sub Nts 05-01-14 8.75 1,895,000 1,430,725 Sealy Mattress Sr Sub Nts 06-15-14 8.25 6,230,000 6,354,600 Simmons Bedding Sr Disc Nts (Zero coupon through 12-15-09, thereafter 10.00%) 12-15-14 10.51 2,765,000(d,l) 1,437,800 Simmons Bedding Sr Sub Nts 01-15-14 7.88 6,365,000 5,760,325 Spectrum Brands 02-01-15 7.38 10,255,000 8,870,575 Visant 10-01-12 7.63 5,105,000 5,066,713 Visant Holding Sr Disc Nts (Zero coupon through 12-01-08, thereafter 10.25%) 12-01-13 10.14 3,350,000(l) 2,428,750 Total 36,448,488 Diversified Manufacturing (1.3%) ALH Finance LLC/Finance Sr Sub Nts 01-15-13 8.50 5,605,000 5,212,650 JohnsonDiversey Series B 05-15-12 9.63 5,165,000 5,165,000 Kinetek Sr Nts Series D 11-15-06 10.75 782,000 738,990 TriMas 06-15-12 9.88 5,385,000 4,415,700 Total 15,532,340 Electric (4.3%) Aquila Sr Nts 11-15-09 7.63 6,185,000 6,308,700 02-01-11 9.95 3,645,000 4,027,725 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 42 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- High Yield Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Electric (cont.) Aquila Canada Finance 06-15-11 7.75% $2,005,000(c) $2,055,125 CMS Energy Sr Nts 08-01-10 7.75 5,905,000 6,141,200 Midwest Generation LLC Series B 01-02-16 8.56 6,910,160 7,532,075 NRG Energy 12-15-13 8.00 3,823,000 4,195,743 Reliant Energy Secured 12-15-14 6.75 8,665,000 7,581,875 Tenaska Alabama Partners LP Secured 06-30-21 7.00 5,471,568(d) 5,531,268 Texas Genco LLC/Financing Sr Nts 12-15-14 6.88 9,043,000(d) 9,676,010 Total 53,049,721 Entertainment (1.9%) AMC Entertainment Sr Sub Nts 02-01-11 9.50 2,150,000 2,096,250 Hit Entertainment Term Loan B 02-24-12 8.88 2,700,000 2,723,625 Loews Cineplex Entertainment 08-01-14 9.00 8,500,000 8,510,624 Six Flags Sr Nts 06-01-14 9.63 4,115,000 4,042,988 Speedway Motorsports Sr Sub Nts 06-01-13 6.75 3,325,000 3,383,188 United Artists Theatre Circuit Series AU4 07-01-15 9.30 2,282,278 2,259,455 United Artists Theatre Circuit Series AV2 07-01-15 9.30 740,958 733,548 Total 23,749,678 Environmental (2.2%) Allied Waste North America Secured 02-15-14 6.13 6,740,000 6,386,150 Allied Waste North America Series B 09-01-12 9.25 695,000 755,813 Allied Waste North America Sr Nts 04-15-13 7.88 5,680,000 5,907,200 Clean Harbors 07-15-12 11.25 5,350,000 6,018,750 Waste Services Sr Sub Nts 04-15-14 9.50 7,530,000 7,530,000 Total 26,597,913 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Food and Beverage (0.9%) American Seafoods Group LLC/Finance Sr Disc Nts (Zero coupon through 11-01-08, thereafter 11.50%) 11-01-11 12.21% $10,755,000(l) $8,388,900 Cott Beverages USA 12-15-11 8.00 2,465,000 2,526,625 Total 10,915,525 Gaming (7.0%) Boyd Gaming Sr Sub Nts 04-15-14 6.75 12,235,000 12,143,237 CCM Merger 08-01-13 8.00 3,725,000(d) 3,603,938 Circus & Eldorado Jt Venture/Silver Legacy Capital 1st Mtge 03-01-12 10.13 2,200,000 2,326,500 Kerzner Intl Sr Sub Nts 10-01-15 6.75 9,730,000(c,d) 9,413,774 MGM MIRAGE Sr Nts 02-27-14 5.88 15,345,000 14,501,024 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 6,675,000 6,541,500 Mohegan Tribal Gaming Authority Sr Sub Nts 04-01-12 8.00 6,277,000 6,622,235 Penn Natl Gaming Sr Sub Nts 03-01-15 6.75 3,635,000 3,516,863 River Rock Entertainment Authority Sr Nts 11-01-11 9.75 6,105,000 6,578,138 San Pasqual Casino 09-15-13 8.00 2,765,000(d) 2,740,806 Seneca Gaming Sr Nts 05-01-12 7.25 3,405,000 3,451,819 Station Casinos Sr Nts 04-01-12 6.00 7,605,000 7,585,988 Tunica-Biloxi Gaming Authority Sr Unsecured 11-15-15 9.00 6,100,000(d) 6,084,750 Wheeling Island Gaming 12-15-09 10.13 560,000 586,600 Total 85,697,172 Gas Pipelines (3.4%) ANR Pipeline 03-15-10 8.88 8,045,000 8,603,001 Colorado Interstate Gas Sr Nts 03-15-15 5.95 5,275,000 5,057,607 11-15-15 6.80 3,875,000(d) 3,884,688 El Paso Natural Gas Sr Nts Series A 08-01-10 7.63 9,185,000 9,557,414 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Gas Pipelines (cont.) Pacific Energy Partners LP/Finance Sr Nts 09-15-15 6.25% $1,755,000(d) 1,728,675 Southern Natural Gas 03-15-10 8.88 4,875,000 5,213,130 Southern Star Central Secured 08-01-10 8.50 7,235,000 7,687,188 Total 41,731,703 Health Care (8.1%) Accellent 12-01-13 10.50 3,170,000(d) 3,201,700 Community Health Systems Sr Sub Nts 12-15-12 6.50 6,060,000 5,976,675 DaVita 03-15-13 6.63 2,385,000 2,444,625 03-15-15 7.25 8,975,000 9,165,718 HCA Sr Unsecured 12-01-09 5.50 3,910,000 3,793,654 01-15-15 6.38 7,630,000 7,581,046 IASIS Healthcare LLC/Capital Sr Sub Nts 06-15-14 8.75 8,000,000 8,400,000 LifeCare Holdings Sr Sub Nts 08-15-13 9.25 4,060,000(d) 3,248,000 MedCath Holdings Sr Nts 07-15-12 9.88 6,110,000 6,507,150 Select Medical 02-01-15 7.63 8,600,000 8,170,000 09-15-15 9.93 4,175,000(d,k) 4,164,563 Tenet Healthcare Sr Nts 02-01-15 9.25 1,080,000(d) 1,058,400 Triad Hospitals Sr Nts 05-15-12 7.00 8,605,000 8,712,562 US Oncology 08-15-12 9.00 3,550,000 3,789,625 08-15-14 10.75 2,215,000 2,453,113 US Oncology Holdings Sr Nts 03-15-15 9.26 6,280,000(k) 6,201,500 Vanguard Health Holding I LLC Sr Disc Nts (Zero coupon through 10-01-09, thereafter 11.25%) 10-01-15 10.69 4,665,000(l) 3,335,475 Vanguard Health Holding II LLC Sr Sub Nts 10-01-14 9.00 8,150,000 8,598,249 VWR Intl Sr Sub Nts 04-15-14 8.00 1,870,000 1,851,300 Total 98,653,355 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 43 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- High Yield Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Home Construction (1.2%) Meritage Homes 03-15-15 6.25% $4,930,000 $4,461,650 Stanley-Martin Communities LLC 08-15-15 9.75 3,320,000(d) 3,087,600 WCI Communities 03-15-15 6.63 4,155,000 3,614,850 William Lyon Homes Sr Nts 02-15-14 7.50 3,430,000 2,966,950 Total 14,131,050 Independent Energy (3.7%) Chesapeake Energy Sr Nts 09-15-13 7.50 1,300,000 1,371,500 06-15-14 7.50 2,177,000 2,296,735 08-15-14 7.00 7,841,000 8,115,435 06-15-15 6.38 3,060,000 2,998,800 01-15-16 6.88 1,760,000 1,768,800 Encore Acquisition Sr Sub Nts 04-15-14 6.25 2,300,000 2,190,750 07-15-15 6.00 5,500,000 5,060,000 12-01-17 7.25 2,740,000 2,705,750 Hilcorp Energy I LP/Finance Sr Nts 09-01-10 10.50 3,241,000(d) 3,638,023 11-01-15 7.75 5,560,000(d) 5,629,500 Newfield Exploration Sr Sub Nts 08-15-12 8.38 4,663,000 4,966,095 09-01-14 6.63 3,970,000 4,009,700 Total 44,751,088 Life Insurance (0.2%) UnumProvident Finance 11-15-15 6.85 2,175,000(c,d) 2,230,323 Lodging (0.9%) Vail Resorts Sr Sub Nts 02-15-14 6.75 10,790,000 10,803,488 Media Cable (6.3%) CCH I LLC Secured 10-01-15 11.00 2,824,000(d) 2,421,580 CCO Holdings LLC/Capital Sr Nts 12-15-10 8.00 4,020,000(k) 3,919,500 11-15-13 8.75 6,400,000 6,144,000 Charter Communications Operating LLC/Capital Sr Nts 04-30-12 8.00 6,730,000(d) 6,696,350 CSC Holdings Sr Nts 04-15-12 7.00 12,010,000(d) 11,439,524 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Media Cable (cont.) CSC Holdings Sr Sub Deb 05-15-16 10.50% $1,235,000 $1,318,363 DIRECTV Holdings LLC 06-15-15 6.38 5,000,000 4,906,250 DIRECTV Holdings LLC/Financing Sr Nts 03-15-13 8.38 4,265,000 4,627,525 Echostar DBS 10-01-14 6.63 4,045,000 3,903,425 Echostar DBS Sr Nts 10-01-11 6.38 6,345,000 6,138,788 Insight Midwest LP/Capital Sr Nts 11-01-10 10.50 2,370,000 2,491,463 Kabel Deutschland 07-01-14 10.63 6,350,000(c,d) 6,826,250 Mediacom LLC/Capital Sr Nts 01-15-13 9.50 7,040,000 6,916,800 Videotron Ltee 01-15-14 6.88 9,070,000(c) 9,183,374 Total 76,933,192 Media Non Cable (8.1%) American Media Operations Series B 05-01-09 10.25 2,100,000 1,932,000 Corus Entertainment Sr Sub Nts 03-01-12 8.75 8,475,000(c) 8,983,499 Dex Media 11-15-13 8.00 880,000 897,600 Dex Media (Zero coupon through 11-15-08, thereafter 9.00%) 11-15-13 10.11 3,200,000(l) 2,536,000 Dex Media West LLC/Finance Sr Sub Nts Series B 08-15-13 9.88 5,345,000 5,912,906 Emmis Operating Sr Sub Nts 05-15-12 6.88 6,090,000 6,006,263 Inmarsat Finance 06-30-12 7.63 2,815,000(c) 2,864,263 Lamar Media 01-01-13 7.25 6,275,000 6,463,250 Lamar Media Sr Sub Nts 08-15-15 6.63 3,475,000(d) 3,492,375 Liberty Media Sr Nts 05-15-13 5.70 16,220,000 14,793,985 LIN TV Sr Sub Nts 05-15-13 6.50 2,010,000(d) 1,924,575 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Media Non Cable (cont.) LodgeNet Entertainment Sr Sub Deb 06-15-13 9.50% $3,990,000 $4,289,250 Medianews Group Sr Sub Nts 04-01-14 6.38 3,700,000 3,468,750 PanAmSat 08-15-14 9.00 1,580,000 1,659,000 Quebecor Media Sr Nts 07-15-11 11.13 4,455,000(c) 4,816,969 Rainbow Natl Services LLC Sr Nts 09-01-12 8.75 8,115,000(d) 8,561,325 Rainbow Natl Services LLC Sr Sub Deb 09-01-14 10.38 3,775,000(d) 4,114,750 RH Donnelley Sr Nts 01-15-13 6.88 9,565,000 8,751,975 Sinclair Broadcast Group 03-15-12 8.00 2,340,000 2,410,200 Sun Media 02-15-13 7.63 5,020,000(c) 5,158,050 Susquehanna Media Sr Sub Nts 04-15-13 7.38 1,295,000 1,374,319 Total 100,411,304 Metals (1.0%) Earle M Jorgensen Secured 06-01-12 9.75 4,390,000 4,697,300 Euramax Term Loan B 08-08-13 11.09 4,250,000 4,090,625 Metals USA Secured 12-01-15 11.13 3,430,000(d) 3,515,750 Total 12,303,675 Oil Field Services (1.2%) Chaparral Energy Sr Nts 12-01-15 8.50 3,120,000(d,f) 3,166,800 Chart Inds Sr Sub Nts 10-15-15 9.13 4,855,000(d) 4,879,275 Compton Petroleum Sr Nts 12-01-13 7.63 4,090,000(c,d) 4,151,350 Grant Prideco Sr Unsecured 08-15-15 6.13 1,485,000(d) 1,470,150 Offshore Logistics 06-15-13 6.13 775,000 716,875 Total 14,384,450 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 44 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- High Yield Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Other Financial Institutions (2.9%) Cardtronics Sr Sub Nts 08-15-13 9.25% $5,765,000(d) $5,678,525 Dow Jones CDX NA High Yield Series 5-T1 12-29-10 8.75 14,900,000(d) 14,974,500 Residential Capital Sr Unsecured 06-30-10 6.38 8,745,000 8,814,899 Triad Acquisition 05-01-13 11.13 6,345,000(d) 6,281,550 Total 35,749,474 Packaging (1.1%) Owens-Brockway Glass Container 05-15-11 7.75 1,985,000 2,064,400 05-15-13 8.25 7,160,000 7,392,700 Owens-Brockway Glass Container Secured 11-15-12 8.75 3,970,000 4,287,600 Total 13,744,700 Paper (5.5%) Boise Cascade LLC 10-15-14 7.13 9,070,000 8,163,000 Cascades Sr Nts 02-15-13 7.25 2,505,000(c) 2,310,863 Crown Americas LLC/Capital Sr Nts 11-15-15 7.75 11,350,000(d) 11,576,999 Domtar 12-01-13 5.38 8,575,000(c) 7,074,375 08-15-15 7.13 1,075,000(c) 951,375 Georgia-Pacific 06-15-15 7.70 9,955,000 9,780,787 Jefferson Smurfit US 10-01-12 8.25 2,275,000 2,206,750 06-01-13 7.50 3,695,000 3,408,638 JSG Funding Sr Nts 10-01-12 9.63 7,640,000(c) 7,563,600 JSG Funding Sr Sub Nts 04-01-15 7.75 4,770,000(c) 3,911,400 NewPage Sr Sub Nts 05-01-13 12.00 9,660,000 8,694,000 Norampac Sr Nts 06-01-13 6.75 1,900,000(c) 1,833,500 Total 67,475,287 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Pharmaceuticals (1.1%) CDRV Investors Sr Disc Nts (Zero coupon through 01-01-10, thereafter 9.63%) 01-01-15 10.64% $6,300,000(l) $3,780,000 Warner Chilcott 02-01-15 8.75 10,725,000(d) 9,759,750 Total 13,539,750 Railroads (0.1%) TFM Sr Nts 05-01-12 9.38 725,000(c,d) 792,063 Retailers (4.2%) Blockbuster Sr Sub Nts 09-01-12 9.50 4,190,000(d) 3,624,350 Flooring America Series B 10-15-07 9.25 1,109,000(b,h,i) -- General Nutrition Centers 01-15-11 8.63 4,890,000 4,743,300 General Nutrition Centers Sr Sub Nts 12-01-10 8.50 5,635,000 4,846,100 Movie Gallery Sr Unsecured 05-01-12 11.00 5,380,000 4,061,900 NBTY Sr Sub Nts 10-01-15 7.13 5,770,000(d) 5,553,625 Toys "R" Us 04-15-13 7.88 8,880,000 7,126,200 Toys "R" Us Term Loan B 08-21-06 9.43 14,000,000(i) 14,000,000 United Auto Group 03-15-12 9.63 7,570,000 7,834,950 Total 51,790,425 Technology (0.8%) SS&C Technologies Sr Sub Nts 12-01-13 11.75 1,785,000(d) 1,807,313 SunGard Data Systems Sr Sub Nts 08-15-15 10.25 1,570,000(d) 1,585,700 SunGard Data Systems Sr Unsecured 08-15-13 9.13 6,665,000(d) 6,898,275 Total 10,291,288 Transportation Services (1.1%) Quality Distribution LLC/Capital 01-15-12 8.65 14,055,000(k) 13,369,819 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Wireless (5.0%) Alamosa Delaware 07-31-10 11.00% $1,790,000 $2,031,650 Alamosa Delaware Sr Nts 01-31-12 8.50 1,590,000 1,733,100 American Tower Sr Nts 10-15-12 7.13 5,035,000 5,198,638 Centennial Communications/Cellular Operating LLC Sr Nts 02-01-14 8.13 4,415,000 4,569,525 Dobson Cellular Systems Secured 11-01-12 9.88 6,890,000 7,630,675 Dobson Communications Sr Nts 10-15-12 8.40 2,835,000(d,k) 2,792,475 Rogers Wireless Secured 12-15-10 7.00 1,605,000(c,k) 1,657,163 12-15-12 7.25 1,765,000(c) 1,855,456 Rogers Wireless Sr Sub Nts 12-15-12 8.00 7,780,000(c) 8,237,075 Rural Cellular Secured 03-15-12 8.25 5,570,000 5,848,500 Rural Cellular Sr Sub Nts 11-01-12 10.04 1,790,000(d,k) 1,772,100 SBA Telecommunications/Communications Sr Disc Nts (Zero coupon through 12-15-07, thereafter 9.75%) 12-15-11 7.95 5,887,000(l) 5,386,605 UbiquiTel Operating Sr Nts 03-01-11 9.88 3,380,000 3,739,125 US Unwired Secured Series B 06-15-12 10.00 7,430,000 8,414,474 Total 60,866,561 Wirelines (5.0%) Cincinnati Bell 07-15-13 7.25 5,850,000 6,084,000 02-15-15 7.00 3,740,000 3,609,100 Cincinnati Bell Sr Sub Nts 01-15-14 8.38 2,055,000 2,013,900 Citizens Communications Sr Nts 01-15-13 6.25 9,370,000 9,018,625 GCI Sr Nts 02-15-14 7.25 12,520,000 12,269,599 Qwest Sr Nts 06-15-15 7.63 6,950,000(d) 7,393,063 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 45 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- High Yield Bond Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Wirelines (cont.) Qwest Term Loan B 06-30-10 6.95% $10,555,000 $10,647,356 Qwest Communications Intl 02-15-14 7.50 3,410,000 3,444,100 Valor Telecommunications Enterprises LLC/Finance 02-15-15 7.75 7,045,000 6,904,100 Total 61,383,843 Total Bonds (Cost: $1,191,463,981) $1,178,851,500 Common Stock (--%) Issuer Shares Value(a) Link Energy LLC Unit 494,265(b) $17,299 Total Common Stock (Cost: $3,913,363) $17,299 Preferred Stocks & Other (0.6%) Issuer Shares Value(a) GNC 12.00% Pay-in-kind Series A 2,105(g) $1,684,000 SGW Holding 12.50% Cm Pay-in-kind Series B 20,650(b,g,h,i) -- SGW Holding Cv Series A 9,677(b,h,i) -- SGW Holding Warrants 250(b,h,i) -- Varde Fund V LP 5,000,000(b,e,i) 2,838,200 Wayland Investment LLC 6,000,000(b,e,i) 2,586,540 Total 5,424,740 Total Preferred Stocks & Other (Cost: $7,747,437) $7,108,740 Short-Term Securities (3.1%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Abbey Natl North America LLC 12-13-05 4.06% $10,000,000 $9,985,374 Amsterdam Funding 12-01-05 4.02 5,300,000(j) 5,299,408 Nieuw Amsterdam 12-20-05 4.13 5,000,000(j) 4,988,556 Park Granada LLC 12-01-05 4.07 4,400,000(j) 4,399,503 12-05-05 4.05 3,200,000(j) 3,198,200 12-09-05 4.05 10,000,000(j) 9,989,875 Total Short-Term Securities (Cost: $37,865,188) $37,860,916 Total Investments in Securities (Cost: $1,240,989,969)(m) $1,223,838,455 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. For long-term debt securities, item identified is in default as to payment of interest and/or principal. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. At Nov. 30, 2005, the value of foreign securities represented 8.1% of net assets. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $253,952,384 or 20.8% of net assets. (e) The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. (f) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $8,734,358. (g) Pay-in-kind securities are securities in which the issuer makes interest or dividend payments in cash or in additional securities. The securities usually have the same terms as the original holdings. (h) Negligible market value. (i) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Nov. 30, 2005, is as follows: Security Acquisition Cost dates Flooring America 9.25% Series B 2007 10-09-97 thru 12-17-02 $1,236,852 SGW Holding 12.50% Cm Pay-in-kind Series B 08-12-97 thru 04-15-03 271,392 Cv Series A 08-12-97 100,002 Warrants 08-12-97 78,900 Toys "R" Us 9.43% Term Loan B 2006 08-24-05 13,940,700 Varde Fund V LP 04-27-00 thru 06-19-00 --* Wayland Investment LLC 05-19-00 5,111,880 * The original cost for this position in fiscal year 2004 was $5,000,000. During the prior year, $5,000,000 was returned to the Fund in the form of return of capital. - -------------------------------------------------------------------------------- 46 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- High Yield Bond Fund Notes to Investments in Securities (continued) (j) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $27,875,542 or 2.3% of net assets. (k) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (l) For those zero coupon bonds that become coupon paying at a future date, the interest rate disclosed represents the annualized effective yield from the date of acquisition to maturity. (m) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $1,240,990,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 16,713,000 Unrealized depreciation (33,865,000) ----------- Net unrealized depreciation $(17,152,000) ------------ How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 47 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Income Opportunities Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (95.8%) Issuer Coupon Principal Value(a) rate amount Asset-Backed Securities (0.9%) Metris Master Trust Series 2001-2 Cl C 11-20-09 6.06% $175,000(d,e) $175,252 Metris Master Trust Series 2004-2 Cl D 10-20-10 7.42 275,000(d,e) 278,784 Metris Master Trust Series 2005-1A Cl D 03-21-11 6.06 75,000(d,e) 75,191 Total 529,227 Aerospace & Defense (2.8%) Communications & Power Inds Sr Sub Nts 02-01-12 8.00 455,000 455,000 CPI Holdco Sr Nts 02-01-15 9.67 200,000(e) 194,806 DRS Technologies Sr Sub Nts 11-01-13 6.88 400,000 380,000 L-3 Communications 06-15-12 7.63 150,000 157,500 L-3 Communications Sr Sub Nts 01-15-15 5.88 225,000 216,000 10-15-15 6.38 200,000(d) 197,000 Total 1,600,306 Automotive (4.3%) ArvinMeritor 02-15-09 6.80 55,000 50,325 GMAC 09-15-11 6.88 875,000 790,584 11-01-31 8.00 450,000 445,932 Lear Series B 05-15-09 8.11 370,000 346,875 Tenneco Automotive 11-15-14 8.63 150,000 140,063 Tenneco Secured Series B 07-15-13 10.25 175,000 191,188 TRW Automotive Sr Nts 02-15-13 9.38 460,000 495,650 Total 2,460,617 Brokerage (0.7%) LaBranche & Co Sr Nts 05-15-12 11.00 380,000 418,950 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Building Materials (1.8%) Ainsworth Lumber 10-01-12 7.25% $275,000(c) $245,438 Gibraltar Inds Sr Sub Nts 12-01-15 8.00 225,000(b,d) 227,250 Norcraft Companies LP/Finance Sr Sub Nts 11-01-11 9.00 545,000 558,625 Total 1,031,313 Chemicals (5.3%) BCP Crystal US Holdings Sr Sub Nts 06-15-14 9.63 326,000 361,453 Equistar Chemicals LP/Funding Sr Nts 05-01-11 10.63 150,000 165,375 Georgia Gulf Sr Nts 12-15-13 7.13 640,000 636,800 INVISTA 05-01-12 9.25 580,000(d) 622,050 MacDermid 07-15-11 9.13 275,000 291,500 NALCO Sr Nts 11-15-11 7.75 150,000 154,125 NALCO Sr Sub Nts 11-15-13 8.88 170,000 176,375 PQ 02-15-13 7.50 415,000(d) 381,800 Resolution Performance Products LLC/Capital Secured 04-15-10 9.50 260,000 262,600 Total 3,052,078 Construction Machinery (1.3%) Gardner Denver 05-01-13 8.00 135,000 140,738 NationsRent Companies Secured 10-15-10 9.50 40,000 43,700 Neff Rental LLC/Finance Secured 06-15-12 11.25 60,000(d) 62,850 United Rentals North America 02-15-12 6.50 545,000 524,562 Total 771,850 Consumer Cyclical Services (0.2%) Da-Lite Screen Sr Nts 05-15-11 9.50 100,000 105,000 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Consumer Products (2.2%) ACCO Brands 08-15-15 7.63% $115,000 $107,525 Sealy Mattress Sr Sub Nts 06-15-14 8.25 480,000 489,600 Simmons Bedding Sr Sub Nts 01-15-14 7.88 125,000 113,125 Spectrum Brands Sr Sub Nts 10-01-13 8.50 275,000 249,219 Visant 10-01-12 7.63 280,000 277,900 Total 1,237,369 Diversified Manufacturing (1.3%) ALH Finance LLC/Finance Sr Sub Nts 01-15-13 8.50 125,000 116,250 JohnsonDiversey Series B 05-15-12 9.63 215,000 215,000 TriMas 06-15-12 9.88 170,000 139,400 Valmont Inds 05-01-14 6.88 245,000 247,450 Total 718,100 Electric (6.7%) Aquila Canada Finance 06-15-11 7.75 770,000(c) 789,249 Aquila Sr Nts 11-15-09 7.63 80,000 81,600 02-01-11 9.95 50,000 55,250 CMS Energy Sr Nts 02-01-12 6.30 180,000 176,400 DPL Sr Nts 09-01-11 6.88 54,000 57,240 IPALCO Enterprises Secured 11-14-08 8.38 65,000 67,600 11-14-11 8.63 345,000 376,912 Midwest Generation LLC Series B 01-02-16 8.56 359,536 391,893 NRG Energy 12-15-13 8.00 125,000 137,188 Pacific Gas & Electric 03-01-34 6.05 125,000 126,298 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 48 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Income Opportunities Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Electric (cont.) PacifiCorp 1st Mtge 06-15-35 5.25% $250,000 $232,266 Potomac Edison 1st Mtge 11-15-14 5.35 310,000 308,944 Reliant Energy Secured 07-15-13 9.50 185,000 188,700 12-15-14 6.75 145,000 126,875 Sierra Pacific Power 04-15-12 6.25 75,000 75,938 Southern California Edison 1st Mtge 07-15-35 5.35 345,000 326,298 Tenaska Alabama Partners LP Secured 06-30-21 7.00 298,993(d) 302,255 Total 3,820,906 Entertainment (0.6%) Loews Cineplex Entertainment 08-01-14 9.00 125,000 125,156 Speedway Motorsports Sr Sub Nts 06-01-13 6.75 200,000 203,500 Total 328,656 Environmental (1.6%) Allied Waste North America Secured 04-15-11 6.38 100,000 98,250 Allied Waste North America Secured Series B 02-15-11 5.75 260,000 247,650 Allied Waste North America Series B 09-01-12 9.25 235,000 255,563 Clean Harbors 07-16-12 11.25 260,000 292,500 Total 893,963 Food and Beverage (1.5%) American Seafoods Group LLC 04-15-10 10.13 250,000 265,625 American Seafoods Group LLC/Finance Sr Disc Nts (Zero coupon through 11-01-08, thereafter 11.50%) 11-01-11 9.83 175,000(f) 136,500 Cott Beverages USA 12-15-11 8.00 450,000 461,250 Total 863,375 Gaming (7.7%) Boyd Gaming Sr Sub Nts 04-15-14 6.75 20,000 19,850 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Gaming (cont.) Caesars Entertainment Sr Nts 04-15-13 7.00% $245,000 $260,224 Caesars Entertainment Sr Sub Nts 03-15-10 7.88 50,000 53,688 CCM Merger 08-01-13 8.00 170,000(d) 164,475 Circus & Eldorado Jt Venture/Silver Legacy Capital 1st Mtge 03-01-12 10.13 450,000 475,874 Kerzner Intl Sr Sub Nts 10-01-15 6.75 435,000(c,d) 420,862 MGM MIRAGE 09-15-10 8.50 170,000 184,025 02-01-11 8.38 245,000 260,313 07-15-15 6.63 100,000(d) 98,750 MGM MIRAGE Sr Nts 12-15-11 6.38 100,000 99,500 09-01-12 6.75 225,000 226,688 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 365,000 357,699 MTR Gaming Group Series B 04-01-10 9.75 165,000 173,250 Penn Natl Gaming Sr Sub Nts 12-01-11 6.88 50,000 49,750 River Rock Entertainment Authority Sr Nts 11-01-11 9.75 285,000 307,088 San Pasqual Casino 09-15-13 8.00 95,000(d) 94,169 Seneca Gaming Sr Nts 05-01-12 7.25 190,000 192,613 Station Casinos Sr Nts 04-01-12 6.00 100,000 99,750 Station Casinos Sr Sub Nts 03-01-16 6.88 260,000(d) 263,900 Tunica-Biloxi Gaming Authority Sr Unsecured 11-15-15 9.00 440,000(d) 438,899 Wheeling Island Gaming 12-15-09 10.13 210,000 219,975 Total 4,461,342 Gas Pipelines (6.9%) ANR Pipeline 03-15-10 8.88 450,000 481,211 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Gas Pipelines (cont.) Colorado Interstate Gas Sr Nts 03-15-15 5.95% $185,000 $177,376 11-15-15 6.80 135,000(d) 135,338 El Paso Natural Gas Sr Nts Series A 08-01-10 7.63 185,000 192,501 Energy Transfer Partners LP 02-01-15 5.95 145,000 141,988 Energy Transfer Partners LP Sr Unsecured 08-01-12 5.65 250,000(d) 244,252 Pacific Energy Partners LP/Finance Sr Nts 09-15-15 6.25 235,000(d) 231,475 Southern Natural Gas 03-15-10 8.88 50,000 53,468 03-01-32 8.00 450,000 483,615 Southern Star Central Secured 08-01-10 8.50 455,000 483,437 Transcontinental Gas Pipe Line 07-15-26 7.08 425,000 447,313 12-01-26 7.25 150,000 160,875 Transcontinental Gas Pipe Line Series B 08-15-11 7.00 75,000 78,094 Transcontinental Gas Pipe Line Sr Nts Series B 07-15-12 8.88 100,000 114,000 Williams Companies 03-15-32 8.75 120,000 136,200 Williams Companies Series A 01-15-31 7.50 380,000 383,800 Total 3,944,943 Health Care (5.4%) Accellent 12-01-13 10.50 110,000(d) 111,100 Community Health Systems Sr Sub Nts 12-15-12 6.50 55,000 54,244 Coventry Health Care Sr Nts 01-15-12 5.88 215,000 215,538 DaVita 03-15-13 6.63 340,000 348,500 HCA Sr Nts 02-01-11 7.88 75,000 79,898 05-01-12 6.95 50,000 51,375 03-15-14 5.75 385,000 375,376 HCA Sr Unsecured 12-01-09 5.50 40,000 38,810 01-15-15 6.38 205,000 203,685 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 49 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Income Opportunities Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Health Care (cont.) MedCath Holdings Sr Nts 07-15-12 9.88% $380,000 $404,700 Select Medical 02-01-15 7.63 585,000 555,749 Triad Hospitals Sr Nts 05-15-12 7.00 455,000 460,687 US Oncology 08-15-12 9.00 195,000 208,163 Total 3,107,825 Home Construction (1.8%) DR Horton Sr Nts 02-15-15 5.25 115,000 106,522 DR Horton Sr Sub Nts 09-15-10 9.75 100,000 112,598 KB HOME Sr Sub Nts 02-01-10 7.75 100,000 102,276 Meritage Homes 03-15-15 6.25 205,000 185,524 Meritage Homes Sr Nts 05-01-14 7.00 150,000 140,249 Standard Pacific Sr Nts 05-15-11 6.88 75,000 71,813 Stanley-Martin Communities LLC 08-15-15 9.75 90,000(d) 83,700 WCI Communities 05-01-12 9.13 100,000 99,500 William Lyon Homes 04-01-13 10.75 100,000 103,000 Total 1,005,182 Independent Energy (3.7%) Chesapeake Energy Sr Nts 09-15-13 7.50 70,000 73,850 06-15-14 7.50 15,000 15,825 08-15-14 7.00 230,000 238,050 06-15-15 6.38 650,000 636,999 Encore Acquisition Sr Sub Nts 04-15-14 6.25 525,000 500,063 12-01-17 7.25 150,000 148,125 Hilcorp Energy I LP/Finance Sr Nts 11-01-15 7.75 345,000(d) 349,313 Newfield Exploration Sr Nts 03-01-11 7.63 35,000 37,275 Newfield Exploration Sr Sub Nts 08-15-12 8.38 100,000 106,500 Total 2,106,000 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Life Insurance (0.1%) UnumProvident Finance 12-15-23 6.85% $80,000(c,d) $82,035 Lodging (1.5%) ITT 11-15-15 7.38 375,000 402,188 Vail Resorts Sr Sub Nts 02-15-14 6.75 445,000 445,556 Total 847,744 Media Cable (4.9%) Charter Communications Operating LLC/Capital Sr Nts 04-30-12 8.00 200,000(d) 199,000 04-30-14 8.38 270,000(d) 268,650 CSC Holdings Sr Nts 07-15-08 7.25 75,000 75,000 CSC Holdings Sr Nts Series B 04-01-11 7.63 570,000 567,149 DIRECTV Holdings LLC 06-15-15 6.38 310,000 304,188 Echostar DBS 10-01-14 6.63 210,000 202,650 Echostar DBS Sr Nts 10-01-11 6.38 60,000 58,050 Kabel Deutschland 07-01-14 10.63 390,000(c,d) 419,250 Mediacom LLC/Capital Sr Nts 01-15-13 9.50 240,000 235,800 Videotron Ltee 01-15-14 6.88 345,000(c) 349,313 12-15-15 6.38 115,000(c,d) 113,994 Total 2,793,044 Media Non Cable (8.2%) Corus Entertainment Sr Sub Nts 03-01-12 8.75 325,000(c) 344,500 Dex Media East LLC/Finance 11-15-12 12.13 50,000 58,250 Dex Media West LLC/Finance Sr Nts Series B 08-15-10 8.50 595,000 627,724 Entercom Radio LLC/Capital 03-01-14 7.63 432,000 430,920 Lamar Media 01-01-13 7.25 310,000 319,300 Lamar Media Sr Sub Nts 08-15-15 6.63 110,000(d) 110,550 Liberty Media Sr Nts 05-15-13 5.70 615,000 560,931 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Media Non Cable (cont.) LIN TV Sr Sub Nts 05-15-13 6.50% $60,000(d) $57,450 05-15-13 6.50 125,000 119,688 LodgeNet Entertainment Sr Sub Deb 06-15-13 9.50 75,000 80,625 PanAmSat 08-15-14 9.00 25,000 26,250 Radio One 02-15-13 6.38 75,000 72,375 Radio One Series B 07-01-11 8.88 160,000 168,600 Rainbow Natl Services LLC Sr Nts 09-01-12 8.75 130,000(d) 137,150 RH Donnelley 12-15-12 10.88 250,000 283,125 Salem Communications 12-15-10 7.75 624,000 643,499 Sun Media 02-15-13 7.63 400,000(c) 411,000 Susquehanna Media Sr Sub Nts 04-15-13 7.38 310,000 328,988 Total 4,780,925 Metals (0.7%) California Steel Inds Sr Nts 03-15-14 6.13 150,000 141,000 Earle M Jorgensen Secured 06-01-12 9.75 80,000 85,600 Metals USA Secured 12-01-15 11.13 135,000(d) 138,375 Peabody Energy Series B 03-15-13 6.88 50,000 51,625 Total 416,600 Oil Field Services (2.3%) Chaparral Energy Sr Nts 12-01-15 8.50 120,000(b,d) 121,800 Chart Inds Sr Sub Nts 10-15-15 9.13 250,000(d) 251,250 Compton Petroleum Sr Nts 12-01-13 7.63 160,000(c,d) 162,400 Grant Prideco Sr Unsecured 08-15-15 6.13 40,000(d) 39,600 Offshore Logistics 06-15-13 6.13 480,000 444,000 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 50 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Income Opportunities Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Oil Field Services (cont.) Pride Intl Sr Nts 07-15-14 7.38% $295,000 $317,863 Total 1,336,913 Other Financial Institutions (5.3%) Cardtronics Sr Sub Nts 08-15-13 9.25 310,000(d) 305,350 Dow Jones CDX NA High Yield Series 5-T1 06-29-10 8.75 1,980,000(d) 1,989,900 Residential Capital 11-21-08 6.13 175,000 175,577 Residential Capital Sr Unsecured 06-30-10 6.38 330,000 332,638 Triad Acquisition 05-01-13 11.13 260,000(d) 257,400 Total 3,060,865 Packaging (1.1%) Owens-Brockway Glass Container 05-15-11 7.75 430,000 447,200 Owens-Brockway Glass Container Secured 11-15-12 8.75 25,000 27,000 Silgan Holdings Sr Sub Nts 11-15-13 6.75 150,000 150,000 Total 624,200 Paper (5.1%) Boise Cascade LLC 10-15-14 7.13 390,000 351,000 Crown Americas LLC/Capital Sr Nts 11-15-13 7.63 225,000(d) 230,625 11-15-15 7.75 350,000(d) 357,000 Domtar 12-01-13 5.38 250,000(c) 206,250 08-15-15 7.13 150,000(c) 132,750 Georgia-Pacific 02-01-10 8.88 250,000 281,250 06-15-15 7.70 515,000 505,988 Jefferson Smurfit US 10-01-12 8.25 60,000 58,200 06-01-13 7.50 90,000 83,025 JSG Funding Sr Nts 10-01-12 9.63 435,000(c) 430,650 NewPage Secured 05-01-12 10.00 80,000 78,800 Norampac Sr Nts 06-01-13 6.75 35,000(c) 33,775 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Paper (cont.) Stone Container Sr Nts 02-01-11 9.75% $150,000 $153,000 Total 2,902,313 Pharmaceuticals (0.4%) AmerisourceBergen 09-15-12 5.63 90,000(d) 89,775 Elan 11-15-11 7.75 150,000(c) 137,625 Total 227,400 Railroads (0.5%) TFM Sr Nts 05-01-12 9.38 245,000(c,d) 267,663 Retailers (1.7%) General Nutrition Centers 01-15-11 8.63 135,000 130,950 NBTY Sr Sub Nts 10-01-15 7.13 220,000(d) 211,750 Toys "R" Us 04-15-13 7.88 55,000 44,138 10-15-18 7.38 110,000 80,850 United Auto Group 03-15-12 9.63 490,000 507,150 Total 974,838 Technology (0.8%) Flextronics Intl Sr Sub Nts 11-15-14 6.25 260,000(c) 255,450 SunGard Data Systems Sr Unsecured 08-15-13 9.13 180,000(d) 186,300 Total 441,750 Transportation Services (0.2%) Interpool 08-01-07 7.20 100,000 102,000 Wireless (2.1%) American Cellular Sr Nts Series B 08-01-11 10.00 175,000 189,437 Dobson Cellular Systems Secured 11-01-11 8.38 175,000 185,500 Nextel Communications Sr Nts Series E 10-31-13 6.88 140,000 145,620 Rogers Wireless Secured 12-15-10 7.00 40,000(c,e) 41,300 05-01-11 9.63 125,000(c) 143,281 12-15-12 7.25 150,000(c) 157,688 03-01-14 6.38 150,000(c) 149,063 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Wireless (cont.) Rogers Wireless Sr Sub Nts 12-15-12 8.00% $40,000(c) $42,350 US Cellular Sr Nts 12-15-33 6.70 175,000 170,638 Total 1,224,877 Wirelines (4.1%) Cincinnati Bell 07-15-13 7.25 200,000 208,000 Citizens Communications 05-15-11 9.25 100,000 109,250 GCI Sr Nts 02-15-14 7.25 300,000 294,000 MCI Sr Nts 05-01-09 7.69 80,000 82,900 Qwest 11-15-08 5.63 25,000 24,750 03-15-12 8.88 705,000 791,363 Qwest Sr Nts 06-15-13 7.12 80,000(d,e) 86,200 Qwest Communications Intl 02-15-14 7.50 440,000 444,400 Valor Telecommunications Enterprises LLC/Finance 02-15-15 7.75 320,000 313,600 Total 2,354,463 Total Bonds (Cost: $55,250,920) $54,894,632 Short-Term Securities (9.4%) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agency (4.2%) Federal Home Loan Mtge Corp Disc Nt 12-13-05 3.95% $2,400,000 $2,396,585 Commercial Paper (5.2%) Sheffield Receivables 12-05-05 4.03 2,000,000(g) 1,998,880 Thunder Bay Funding LLC 12-01-05 4.05 1,000,000(g) 999,888 Total 2,998,768 Total Short-Term Securities (Cost: $5,395,952) $5,395,353 Total Investments in Securities (Cost: $60,646,872)(h) $60,289,985 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 51 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Income Opportunities Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $341,231. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. At Nov. 30, 2005, the value of foreign securities represented 9.3% of net assets. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $11,042,132 or 19.3% of net assets. (e) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (f) For those zero coupon bonds that become coupon paying at a future date, the interest rate disclosed represents the annualized effective yield from the date of acquisition to maturity. (g) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $2,998,768 or 5.2% of net assets. (h) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $60,647,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 333,000 Unrealized depreciation (690,000) -------- Net unrealized depreciation $(357,000) --------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 52 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- International Opportunity Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (98.3%)(c) Issuer Shares Value(a) Australia (2.1%) Metals & Mining (1.7%) BHP Billiton 644,037 $10,340,696 Newcrest Mining 252,107 3,938,900 Rio Tinto 132,787 6,001,987 Total 20,281,583 Real Estate (0.4%) Lend Lease 453,238 4,671,251 Austria (0.5%) Commercial Banks Erste Bank der Oesterreichischen Sparkassen 108,014 5,740,929 Brazil (1.1%) Metals & Mining Cia Vale do Rio Doce ADR 346,800 13,122,912 Canada (1.2%) Metals & Mining (0.6%) Cameco 135,000 7,688,657 Oil & Gas (0.6%) Suncor Energy 115,000 6,540,724 China (0.5%) Oil & Gas PetroChina Cl H 8,308,000 6,526,852 Czechoslovakia Federated Republic (0.1%) Pharmaceuticals Zentiva GDR 38,768(b,d,g) 1,726,110 Denmark (1.7%) Insurance (0.7%) TrygVesta 194,703(b) 8,840,475 Marine (1.0%) AP Moller - Maersk 1,165 10,934,117 Finland (1.4%) Electric Utilities (0.6%) Fortum 416,200 7,303,563 Oil & Gas (0.8%) Neste Oil 311,988(b) 9,079,466 France (9.6%) Beverages (0.5%) Pernod-Ricard 33,047 5,411,927 Commercial Banks (0.6%) BNP Paribas 90,524 7,133,972 Common Stocks (continued) Issuer Shares Value(a) France (cont.) Construction & Engineering (0.6%) VINCI 91,744 $7,299,276 Construction Materials (0.4%) Imerys 71,906 4,998,456 Electrical Equipment (0.8%) Schneider Electric 117,117 10,060,909 Health Care Equipment & Supplies (0.6%) Essilor Intl 92,919 7,702,861 Insurance (2.0%) AXA 753,891 22,642,566 IT Services (0.6%) Atos Origin 113,259(b) 7,601,141 Office Electronics (0.6%) Neopost 78,590 7,400,986 Oil & Gas (2.1%) Total 96,552(e) 24,090,989 Pharmaceuticals (0.8%) Sanofi-Aventis 118,416 9,524,359 Germany (7.8%) Auto Components (0.7%) Continental 93,608 7,929,217 Automobiles (0.5%) DaimlerChrysler 117,701 5,934,119 Capital Markets (0.5%) Deutsche Postbank 110,839 6,022,211 Computers & Peripherals (0.5%) Wincor Nixdorf 57,693 5,596,543 Diversified Telecommunication Services (0.3%) Deutsche Telekom 209,247 3,475,374 Electric Utilities (1.1%) E.ON 140,729 13,389,357 Health Care Providers & Services (1.2%) Celesio 105,738 8,386,937 Fresenius Medical Care 67,303(e) 6,385,544 Total 14,772,481 Insurance (1.5%) Allianz 123,030 17,860,309 Machinery (0.5%) MAN 131,194 6,532,787 Thrifts & Mortgage Finance (1.0%) Hypo Real Estate Holding 222,352 11,546,024 Common Stocks (continued) Issuer Shares Value(a) Greece (0.7%) Commercial Banks EFG Eurobank Ergasias 267,350 $8,477,580 Hong Kong (2.8%) Real Estate (2.3%) Cheung Kong Holdings 610,000 6,325,806 New World Development 4,033,400 5,304,974 Sun Hung Kai Properties 1,010,000 9,589,978 Swire Pacific Cl A 690,000 6,254,337 Total 27,475,095 Specialty Retail (0.5%) Esprit Holdings 815,000 5,736,243 Hungary (0.1%) Commercial Banks OTP Bank 53,144 1,747,540 Ireland (0.6%) Construction Materials CRH 279,764 7,401,630 Italy (4.3%) Commercial Banks (0.6%) UniCredito Italiano 1,178,243 7,274,297 Diversified Telecommunication Services (0.8%) FastWeb 203,480(b) 9,495,208 Energy Equipment & Services (0.5%) Saipem 423,874 6,455,756 Food & Staples Retailing (0.4%) Parmalat 2,005,154(b) 4,917,699 Oil & Gas (2.0%) Eni 865,037 23,441,436 Japan (22.6%) Auto Components (0.2%) Toyota Inds 59,500 2,057,846 Automobiles (2.4%) Honda Motor 200,500 11,155,562 Toyota Motor 364,500 17,604,196 Total 28,759,758 Beverages (0.2%) Asahi Breweries 211,600 2,523,723 Building Products (0.6%) Asahi Glass 522,000 5,981,280 Daikin Inds 28,100 760,969 Total 6,742,249 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 53 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- International Opportunity Fund Common Stocks (continued) Issuer Shares Value(a) Japan (cont.) Capital Markets (1.4%) Nikko Cordial 317,000 $4,308,674 Nomura Holdings 436,300 7,250,020 Tokai Tokyo Securities 1,115,000 4,586,573 Total 16,145,267 Chemicals (1.2%) Showa Denko 1,779,000 6,616,045 Sumitomo Chemical 1,317,000 8,175,687 Total 14,791,732 Commercial Banks (2.6%) Bank of Yokohama 1,027,000 7,637,123 Mitsubishi UFJ Financial Group 1,114 13,996,648 Mizuho Financial Group 727 5,103,724 Sumitomo Mitsui Financial Group 542 5,087,843 Total 31,825,338 Commercial Services & Supplies (0.5%) Toppan Printing 565,000 6,190,092 Computers & Peripherals (0.3%) NEC 583,000 3,506,080 Construction & Engineering (0.9%) Nishimatsu Construction 1,527,000 6,404,945 Okumura 841,000 4,728,049 Total 11,132,994 Consumer Finance (0.3%) ACOM 66,840 3,973,055 Electrical Equipment (0.3%) Japan Cash Machine 155,800 2,979,288 Electronic Equipment & Instruments (0.5%) Hoya 162,100 5,843,671 Health Care Providers & Services (0.3%) Nichii Gakkan 134,100 3,274,913 Hotels, Restaurants & Leisure (0.3%) Yoshinoya D&C 1,822 3,348,673 Household Durables (1.7%) Daito Trust Construction 134,600 6,558,767 Pioneer 287,000 3,958,035 Sharp 384,000 5,935,639 Victor Company of Japan 617,000 3,948,244 Total 20,400,685 Insurance (0.6%) T&D Holdings 118,100 7,442,584 Internet Software & Services (0.5%) eAccess 8,936 5,365,838 Machinery (0.9%) AMADA 623,000 5,155,340 Kurita Water Inds 208,400 3,571,760 Takuma 337,000 2,500,127 Total 11,227,227 Common Stocks (continued) Issuer Shares Value(a) Japan (cont.) Media (0.1%) Nippon Telegraph & Telephone 183 $821,753 Metals & Mining (1.2%) Mitsui Mining & Smelting 1,255,000 7,089,136 Nippon Steel 2,009,000 6,777,478 Total 13,866,614 Multiline Retail (0.4%) Marui 250,800 4,706,300 Office Electronics (1.3%) Canon 169,100 9,488,242 Ricoh 344,000 5,996,645 Total 15,484,887 Oil & Gas (0.6%) Nippon Oil 919,000 6,681,946 Pharmaceuticals (0.7%) Astellas Pharma 202,600 7,808,574 Real Estate (0.9%) Mitsui Fudosan 240,000 3,848,501 TOC 1,143,750 6,933,419 Total 10,781,920 Software (0.4%) Nintendo 41,300 4,535,587 Specialty Retail (0.5%) Komeri 162,600 5,948,131 Textiles, Apparel & Luxury Goods (0.4%) ONWARD Kashiyama 293,000 4,857,134 Transportation Infrastructure (0.4%) Mitsubishi Logistics 416,000 5,316,894 Mexico (1.5%) Food & Staples Retailing (0.9%) Wal-Mart de Mexico Series V 1,936,225 10,510,700 Media (0.6%) Grupo Televisa ADR 87,091 6,915,026 Netherlands (4.2%) Diversified Financial Services (1.5%) ING Groep 553,202 17,872,841 Food Products (1.2%) Royal Numico 342,001(b) 14,077,365 Oil & Gas (1.0%) Royal Dutch Shell Cl A 368,510 11,349,411 Semiconductors & Semiconductor Equipment (0.5%) ASML Holding 321,271(b) 6,135,836 Singapore (1.0%) Industrial Conglomerates (0.4%) Keppel 672,000 4,638,248 Common Stocks (continued) Issuer Shares Value(a) Singapore (cont.) Real Estate (0.6%) City Developments 1,382,000 $6,734,880 South Africa (1.7%) Metals & Mining Anglo American 523,781 16,392,342 Impala Platinum Holdings 27,963 3,651,160 Total 20,043,502 South Korea (2.9%) Commercial Banks (1.4%) Kookmin Bank 137,690 9,085,345 Shinhan Financial Group 188,060 7,251,035 Total 16,336,380 Semiconductors & Semiconductor Equipment (1.5%) Samsung Electronics 31,220 18,024,011 Spain (1.8%) Commercial Banks (1.4%) Banco Bilbao Vizcaya Argentaria 945,118 16,646,760 IT Services (0.4%) Indra Sistemas 259,546 5,107,015 Sweden (0.7%) Tobacco Swedish Match 721,000 8,236,336 Switzerland (10.3%) Capital Markets (3.3%) Julius Baer Holding Cl B 149,387 10,460,489 UBS 316,963(b) 29,170,172 Total 39,630,661 Chemicals (0.7%) Syngenta 78,452(b) 8,591,787 Food Products (1.5%) Nestle 60,124 17,756,299 Health Care Equipment & Supplies (0.9%) Nobel Biocare Holding 48,635 11,053,558 Pharmaceuticals (3.9%) Novartis 353,768 18,492,800 Roche Holding 182,270 27,285,564 Total 45,778,364 Taiwan (1.0%) Semiconductors & Semiconductor Equipment Taiwan Semiconductor Mfg 6,536,402 11,620,347 Thailand (0.3%) Commercial Banks Bangkok Bank 1,242,100 3,159,451 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 54 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- International Opportunity Fund Common Stocks (continued) Issuer Shares Value(a) United Kingdom (15.8%) Aerospace & Defense (0.8%) Rolls-Royce Group 1,407,836(b) $9,465,798 Rolls-Royce Group Series B 47,021,722 81,315 Total 9,547,113 Commercial Banks (3.3%) Barclays 900,162 9,142,101 HSBC Holdings 478,761 7,640,742 Standard Chartered Bank 1,050,724 22,415,294 Total 39,198,137 Electric Utilities (0.9%) British Energy Group 648,287(b) 5,224,711 Scottish Power 605,180 5,545,025 Total 10,769,736 Food & Staples Retailing (2.0%) Tesco 2,330,681 12,177,488 Wm Morrison Supermarkets 3,677,807 11,249,204 Total 23,426,692 Hotels, Restaurants & Leisure (1.4%) Carnival 173,678 9,714,770 Enterprise Inns 449,905 6,768,131 Total 16,482,901 Common Stocks (continued) Issuer Shares Value(a) United Kingdom (cont.) Insurance (0.6%) Legal & General Group 3,770,173 $7,595,725 Metals & Mining (0.5%) BHP Billiton 363,117 5,432,312 Multiline Retail (0.6%) Marks & Spencer Group 962,384 7,576,448 Oil & Gas (3.2%) BG Group 1,986,905 18,503,520 BP 1,756,095 19,279,769 Total 37,783,289 Pharmaceuticals (0.5%) GlaxoSmithKline 247,731 6,122,133 Wireless Telecommunication Services (2.0%) O2 4,226,896 14,265,110 Vodafone Group 4,208,963 9,055,651 Total 23,320,761 Total Common Stocks (Cost: $981,881,504) $1,167,619,765 Preferred Stock & Other (0.6%)(c) Issuer Shares Value(a) Germany Porsche 9,576 $7,135,503 Singapore City Development Warrants 138,200(b,g) 469,929 Total Preferred Stock & Other (Cost: $6,161,269) $7,605,432 Short-Term Securities (1.6%)(f) Issuer Effective Principal Value(a) yield amount Commercial Paper Danske 12-01-05 4.02% $8,800,000(h) $8,799,017 Park Granada LLC 12-12-05 4.06 10,000,000(h) 9,986,500 Total Short-Term Securities (Cost: $18,787,625) $18,785,517 Total Investments in Securities (Cost: $1,006,830,398)(i) $1,194,010,714 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 55 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- International Opportunity Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $1,726,110 or 0.1% of net assets. (e) At Nov. 30, 2005, security was partially or fully on loan. (f) Cash collateral received from security lending activity is invested in short-term securities and represents 1.0% of net assets. 0.6% of net assets is the Fund's cash equivalent position. (g) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Nov. 30, 2005, is as follows: Security Acquisition Cost dates Zentiva GDR* 08-22-05 thru 08-25-05 $1,489,876 City Development Warrants 05-04-04 -- *Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. (h) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $18,785,517 or 1.6% of net assets. (i) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $1,006,830,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $202,279,000 Unrealized depreciation (15,098,000) ----------- Net unrealized appreciation $187,181,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 56 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Large Cap Equity Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (97.8%) Issuer Shares Value(a) Aerospace & Defense (2.9%) Boeing 212,838 $14,513,423 Empresa Brasileira de Aeronautica ADR 66,254(c,d) 2,498,438 General Dynamics 21,841 2,496,426 Goodrich 180,859 6,966,689 Honeywell Intl 355,482 12,989,312 Lockheed Martin 251,318 15,229,871 Northrop Grumman 127,742 7,328,559 United Technologies 206,526 11,119,360 Total 73,142,078 Auto Components (0.1%) Cooper Tire & Rubber 5,175 76,124 Dana 11,492 80,099 Delphi 40,004 14,601 Goodyear Tire & Rubber 12,790(b) 219,093 Johnson Controls 14,186 985,219 Visteon 9,465 63,983 Total 1,439,119 Automobiles (0.2%) Ford Motor 136,682 1,111,225 General Motors 74,151(d) 1,623,907 Harley-Davidson 21,214 1,142,586 Total 3,877,718 Beverages (1.4%) Coca-Cola 108,582 4,635,366 PepsiCo 514,233 30,442,593 Total 35,077,959 Biotechnology (1.7%) Amgen 260,615(b) 21,091,572 Biogen Idec 179,939(b) 7,703,189 Genentech 91,715(b) 8,769,788 Gilead Sciences 82,041(b) 4,158,658 Total 41,723,207 Building Products (0.2%) American Standard Companies 42,736 1,627,387 Masco 114,473 3,407,861 Total 5,035,248 Capital Markets (2.6%) Bank of New York 259,499 8,407,768 Charles Schwab 119,424 1,821,216 Franklin Resources 98,117 9,113,107 Investors Financial Services 91,332 3,447,783 Legg Mason 3,603 441,908 Lehman Brothers Holdings 97,077 12,231,702 Merrill Lynch & Co 96,135 6,385,287 Morgan Stanley 329,693 18,472,698 State Street 90,397 5,215,003 Total 65,536,472 Common Stocks (continued) Issuer Shares Value(a) Chemicals (1.1%) Air Products & Chemicals 16,588 $981,512 Dow Chemical 271,817 12,299,719 Eastman Chemical 38,521 2,131,367 Ecolab 16,194 538,774 EI du Pont de Nemours & Co 71,449 3,054,445 Engelhard 8,810 259,895 Hercules 8,437(b) 99,219 Intl Flavors & Fragrances 6,746 219,515 Lyondell Chemical 82,373 2,094,745 Monsanto 30,764 2,254,078 PPG Inds 12,609 765,745 Praxair 22,627 1,176,604 Rohm & Haas 13,950 611,010 RPM Intl 48,336 899,050 Sigma-Aldrich 5,152 340,238 Total 27,725,916 Commercial Banks (4.6%) Bank of America 1,092,861 50,151,392 Commerce Bancorp 188,687(d) 6,356,865 ICICI Bank ADR 40,603(c) 1,034,158 PNC Financial Services Group 164,549 10,493,290 US Bancorp 253,766 7,684,034 Wachovia 264,168 14,106,571 Wells Fargo & Co 420,386 26,421,260 Total 116,247,570 Commercial Services & Supplies (0.7%) Allied Waste Inds 19,397(b) 163,129 Apollo Group Cl A 11,857(b) 844,218 Avery Dennison 43,409 2,552,015 Cendant 511,665 9,092,286 Cintas 10,892 487,090 Equifax 9,769 374,153 Monster Worldwide 8,373(b) 325,710 Pitney Bowes 17,563 731,675 RR Donnelley & Sons 15,703 537,043 Waste Management 43,877 1,312,361 Total 16,419,680 Communications Equipment (3.1%) CIENA 941,656(b) 2,815,551 Cisco Systems 1,311,571(b) 23,004,955 Corning 187,536(b) 3,797,604 Nokia ADR 2,844,804(c) 48,589,253 Total 78,207,363 Computers & Peripherals (3.1%) Dell 830,086(b) 25,035,395 EMC 1,127,571(b) 15,707,064 Hewlett-Packard 502,720 14,915,702 Intl Business Machines 237,996 21,157,844 Total 76,816,005 Common Stocks (continued) Issuer Shares Value(a) Construction & Engineering (--%) Fluor 6,131 $454,307 Construction Materials (--%) Vulcan Materials 7,255 483,909 Consumer Finance (1.1%) American Express 55,902 2,874,481 Capital One Financial 158,301 13,148,453 First Marblehead 56,986(d) 1,926,127 MBNA 372,455 9,970,620 Total 27,919,681 Containers & Packaging (0.2%) Ball 8,095 333,676 Bemis 8,119 223,678 Pactiv 10,943(b) 221,486 Sealed Air 5,945(b) 307,416 Temple-Inland 110,771 4,637,982 Total 5,724,238 Distributors (--%) Genuine Parts 12,660 560,965 Diversified Financial Services (3.1%) Citigroup 975,975 47,383,586 Consumer Discretionary Select Sector SPDR Fund 28,750 951,625 Industrial Select Sector SPDR Fund 104,228 3,279,013 iShares Dow Jones USHealthcare Sector Index Fund 1 61 JPMorgan Chase & Co 649,422 24,840,392 Materials Select Sector SPDR Trust 40,854 1,212,138 Total 77,666,815 Diversified Telecommunication Services (8.3%) ALLTEL 128,806 8,608,105 at&t 614,287 15,301,889 BellSouth 351,373 9,578,428 Brasil Telecom Participacoes ADR 36,057(c) 1,399,012 Chunghwa Telecom ADR 261,233(c) 4,550,679 Citizens Communications 69,239 903,569 France Telecom 133,985(c) 3,341,580 MCI 483,546 9,603,224 Sprint Nextel 4,950,288 123,955,211 Tele Norte Leste Participacoes ADR 188,582(c) 3,507,625 Telewest Global 1,124,347(b,c) 25,061,695 Verizon Communications 121,808 3,895,420 Total 209,706,437 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 57 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Large Cap Equity Fund Common Stocks (continued) Issuer Shares Value(a) Electric Utilities (1.6%) Allegheny Energy 11,447(b) $318,570 Ameren 15,085 791,359 American Electric Power 29,241 1,068,466 CenterPoint Energy 21,389 282,763 Cinergy 15,283 627,826 Consolidated Edison 18,191 828,418 DTE Energy 13,326 581,547 Edison Intl 24,191 1,091,498 Entergy 79,203 5,544,210 Exelon 179,134 9,322,133 FirstEnergy 25,172 1,182,077 FPL Group 53,856 2,282,956 PG&E 27,356 1,006,154 Pinnacle West Capital 7,395 306,819 PPL 108,361 3,185,813 Progress Energy 18,662 835,684 Southern 206,826 7,178,930 TECO Energy 15,715 274,855 TXU 16,936 1,738,142 Xcel Energy 117,520 2,175,295 Total 40,623,515 Electrical Equipment (0.1%) American Power Conversion 13,366 299,532 Cooper Inds Cl A 7,192 523,146 Emerson Electric 31,003 2,344,137 Total 3,166,815 Electronic Equipment & Instruments (0.1%) Flextronics Intl 228,612(b,c) 2,359,276 Energy Equipment & Services (1.7%) Baker Hughes 24,909 1,428,531 BJ Services 59,279 2,172,575 Cooper Cameron 32,921(b) 2,621,499 Halliburton 222,963 14,191,595 Nabors Inds 23,751(b,c) 1,662,808 Natl Oilwell Varco 12,046(b) 730,229 Noble 9,752 702,827 Rowan Companies 7,639 274,087 Schlumberger 81,717 7,822,768 TODCO Cl A 10,307 428,462 Transocean 108,151(b) 6,904,360 Weatherford Intl 64,714(b) 4,498,270 Total 43,438,011 Food & Staples Retailing (2.0%) CVS 145,520 3,931,950 Rite Aid 684,626(b) 2,526,270 Safeway 647,916 15,064,047 Wal-Mart Stores 575,399 27,941,376 Total 49,463,643 Food Products (1.0%) Campbell Soup 61,696 1,863,836 General Mills 95,550 4,541,492 Kellogg 433,160 19,089,361 Total 25,494,689 Common Stocks (continued) Issuer Shares Value(a) Gas Utilities (0.1%) KeySpan 12,920 $433,595 Nicor 3,248 130,245 NiSource 20,627 444,099 ONEOK 86,524 2,373,354 Peoples Energy 3,026 108,724 Total 3,490,017 Health Care Equipment & Supplies (2.5%) Alcon 14,260(c) 1,999,252 Baxter Intl 589,013 22,906,716 Boston Scientific 499,944(b) 13,238,517 Guidant 273,948 16,897,113 Hospira 83,767(b) 3,698,313 Medtronic 74,283 4,127,906 Total 62,867,817 Health Care Providers & Services (3.5%) Aetna 26,326 2,434,892 AmerisourceBergen 14,560 1,169,896 Cardinal Health 293,445 18,765,808 Caremark Rx 14,251(b) 732,359 CIGNA 32,076 3,609,192 HCA 395,310 20,156,856 HealthSouth 385,074(b) 1,434,401 Magellan Health Services 50,215(b) 1,467,282 McKesson 50,046 2,517,314 Medco Health Solutions 202,322(b) 10,854,575 UnitedHealth Group 366,173 21,919,115 Universal Health Services Cl B 40,703 1,950,488 Total 87,012,178 Hotels, Restaurants & Leisure (0.5%) Carnival Unit 39,810 2,169,247 Marriott Intl Cl A 34,357 2,219,806 McDonald's 192,324 6,510,167 Orient-Express Hotels Cl A 13,660(c) 430,563 Total 11,329,783 Household Durables (0.4%) Centex 9,472 680,563 DR Horton 19,626 695,545 Fortune Brands 11,386 887,653 Harman Intl Inds 35,304 3,442,141 KB HOME 6,151 429,155 Leggett & Platt 13,928 327,029 Maytag 5,843 103,889 Pulte Homes 16,969 706,419 Snap-On 4,049 151,311 Sony 50,900(c) 1,890,693 Stanley Works 5,543 266,064 Whirlpool 4,941 404,421 Total 9,984,883 Household Products (2.6%) Colgate-Palmolive 163,446 8,911,076 Procter & Gamble 780,470 44,635,079 Spectrum Brands 667,022(b) 12,006,396 Total 65,552,551 Common Stocks (continued) Issuer Shares Value(a) Industrial Conglomerates (2.9%) General Electric 1,421,063 $50,760,371 Tyco Intl 783,383(c) 22,342,083 Total 73,102,454 Insurance (4.2%) ACE 331,938(c) 18,422,559 AFLAC 23,733 1,139,184 American Intl Group 842,131 56,540,674 Aon 144,514 5,261,755 Aspen Insurance Holdings 129,820(c) 3,249,395 Chubb 94,618 9,162,807 Endurance Specialty Holdings 38,806(c) 1,336,867 Hartford Financial Services Group 92,724 8,101,296 Max Re Capital 120,458(c) 3,216,229 Total 106,430,766 Internet & Catalog Retail (0.2%) eBay 83,674(b) 3,749,432 IAC/InterActiveCorp 32,068(b) 885,397 Total 4,634,829 Internet Software & Services (1.4%) Google Cl A 78,607(b) 31,835,049 Yahoo! 97,441(b) 3,920,051 Total 35,755,100 IT Services (0.6%) Accenture Cl A 36,154(c) 1,028,220 Affiliated Computer Services Cl A 105,941(b) 5,909,389 Automatic Data Processing 58,077 2,729,619 Cognizant Technology Solutions Cl A 16,390(b) 796,390 Computer Sciences 28,969(b) 1,455,113 Electronic Data Systems 33,500 772,175 First Data 37,289 1,613,495 Ness Technologies 28,977(b,c) 289,480 Paychex 22,281 944,937 Satyam Computer Services ADR 7,367(c) 259,613 Total 15,798,431 Leisure Equipment & Products (--%) Mattel 45,240 753,246 Machinery (0.8%) Caterpillar 106,331 6,143,804 Danaher 20,579 1,142,135 Deere & Co 46,436 3,220,336 Dover 15,519 627,744 Eaton 11,354 723,477 Illinois Tool Works 38,802 3,425,052 Ingersoll-Rand Cl A 66,001(c) 2,615,620 ITT Inds 11,068 1,203,756 Navistar Intl 4,988(b) 141,510 Pall 9,526 264,442 Total 19,507,876 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 58 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Large Cap Equity Fund Common Stocks (continued) Issuer Shares Value(a) Media (7.5%) Clear Channel Communications 153,926 $5,011,831 Clear Channel Outdoor Holdings Cl A 24,492(b) 497,188 Comcast Cl A 683,885(b) 18,054,564 Comcast Special Cl A 291,254(b) 7,584,254 EchoStar Communications Cl A 25,922 669,824 Grupo Televisa ADR 4,214(c) 334,592 Liberty Global Cl A 562,015(b) 12,538,555 Liberty Global Series C 281,338(b) 5,843,390 Liberty Media Cl A 935,093(b) 7,181,514 News Corp Cl A 1,111,371 16,459,405 NTL 912,139(b) 53,113,853 Time Warner 964,320 17,338,474 Viacom Cl B 565,177 18,876,912 Vivendi Universal ADR 724,451(c) 20,972,856 Walt Disney 122,834 3,062,252 Total 187,539,464 Metals & Mining (0.9%) Agnico-Eagle Mines 36,724(c) 537,272 Alcan 66,072(c) 2,533,861 Alcoa 95,885 2,628,208 Allegheny Technologies 6,212 204,872 Coeur d'Alene Mines 845,535(b) 3,644,256 Freeport-McMoRan Copper & Gold Cl B 12,772 665,549 Glamis Gold 43,785(b,c) 975,968 Newmont Mining 170,829 7,878,632 Nucor 10,738 720,305 PAN American Silver 74,244(b,c) 1,409,894 Stillwater Mining 23,597(b) 252,252 Total 21,451,069 Multiline Retail (1.0%) Dollar General 26,594 502,893 Federated Dept Stores 41,708 2,687,246 JC Penney 157,089 8,242,460 Kohl's 97,672(b) 4,492,912 Target 170,132(d) 9,103,763 Total 25,029,274 Multi-Utilities & Unregulated Power (0.5%) AES 47,651(b) 751,456 Calpine 35,514(b) 18,112 CMS Energy 16,020(b) 223,960 Constellation Energy Group 12,919 684,578 Dominion Resources 102,128 7,756,621 Duke Energy 69,437 1,865,078 Dynegy Cl A 27,697(b) 132,669 Public Service Enterprise Group 17,399 1,091,265 Sempra Energy 17,498 769,037 Total 13,292,776 Office Electronics (0.1%) Xerox 159,552(b) 2,265,638 Common Stocks (continued) Issuer Shares Value(a) Oil & Gas (7.9%) Amerada Hess 19,711 $2,414,992 Anadarko Petroleum 191,402 17,342,935 Apache 24,922 1,626,908 Ashland 4,891 272,673 BP ADR 125,142(c) 8,239,349 Burlington Resources 69,244 5,002,879 Chevron 516,422 29,596,145 ConocoPhillips 481,116 29,112,329 Devon Energy 151,771 9,136,614 El Paso 47,200 518,728 EOG Resources 18,298 1,312,882 Exxon Mobil 1,199,491 69,606,464 Kerr-McGee 8,480 733,096 Kinder Morgan 7,765 703,509 Marathon Oil 76,494 4,535,329 Newfield Exploration 65,888(b) 3,047,979 Occidental Petroleum 30,051 2,383,044 Royal Dutch Shell ADR Series A 38,539(c) 2,374,773 Sunoco 9,888 763,354 Ultra Petroleum 65,298(b) 3,511,726 Valero Energy 78,947 7,594,701 Williams Companies 41,421 890,552 XTO Energy 26,648 1,084,307 Total 201,805,268 Paper & Forest Products (0.5%) Bowater 51,051 1,585,134 Georgia-Pacific 73,113 3,457,514 Intl Paper 111,998 3,531,297 Louisiana-Pacific 8,157 219,994 MeadWestvaco 14,006 392,028 Weyerhaeuser 61,176 4,056,580 Total 13,242,547 Personal Products (0.1%) Estee Lauder Companies Cl A 46,792 1,544,604 Pharmaceuticals (5.8%) Abbott Laboratories 234,245 8,833,379 AstraZeneca 28,939(c) 1,328,904 Bristol-Myers Squibb 165,267 3,568,115 Eli Lilly & Co 125,261 6,325,681 GlaxoSmithKline ADR 77,148(c) 3,824,226 Johnson & Johnson 262,346 16,199,866 Merck & Co 138,228 4,063,903 Novartis ADR 300,676(c) 15,755,422 Pfizer 2,080,131 44,098,776 Roche Holding 82,916(c) 12,412,409 Schering-Plough 664,905 12,845,965 Teva Pharmaceutical Inds ADR 20,762(c) 848,751 Wyeth 362,632 15,070,986 Total 145,176,383 Real Estate Investment Trust (0.3%) Apartment Investment & Management Cl A 28,630 1,108,840 Equity Office Properties Trust 79,032 2,464,218 HomeBanc 501,423 3,936,170 Total 7,509,228 Common Stocks (continued) Issuer Shares Value(a) Road & Rail (0.1%) Norfolk Southern 41,035 $1,815,388 Semiconductors & Semiconductor Equipment (3.0%) Analog Devices 56,807 2,154,121 Applied Materials 176,067 3,188,573 ATI Technologies 121,863(b,c) 1,993,679 Atmel 29,406(b) 98,510 Broadcom Cl A 65,840(b) 3,064,194 Credence Systems 49,018(b) 397,536 Cypress Semiconductor 134,089(b) 2,011,335 Freescale Semiconductor Cl A 452,124(b) 11,642,193 Freescale Semiconductor Cl B 172,689(b) 4,455,376 Integrated Device Technology 28,209(b) 337,944 Intel 942,649 25,149,875 Linear Technology 54,367 2,028,433 MEMC Electronic Materials 351,418(b) 7,864,735 Micron Technology 37,689(b) 537,445 Texas Instruments 295,148 9,586,407 Total 74,510,356 Software (3.2%) Adobe Systems 177,325(d) 5,782,568 Cadence Design Systems 209,785(b) 3,595,715 Check Point Software Technologies 20,816(b,c) 443,173 Compuware 550,833(b) 5,084,189 Electronic Arts 11,936(b) 672,713 Macromedia 65,516(b) 2,939,048 McAfee 12,900(b) 358,749 Mercury Interactive 123,282(b) 3,427,240 Microsoft 1,263,788 35,019,564 Oracle 1,253,459(b) 15,755,980 SAP ADR 97,444(c) 4,399,597 Siebel Systems 102,826 1,079,673 Symantec 2(b) 35 TIBCO Software 198,143(b) 1,658,457 Total 80,216,701 Specialty Retail (0.8%) AutoNation 16,194(b) 335,540 AutoZone 4,766(b) 424,460 Bed Bath & Beyond 45(b) 1,920 Circuit City Stores 20,108 420,860 Gap 65,430 1,137,173 Home Depot 240,121 10,032,256 Lowe's Companies 56,711 3,826,859 Office Depot 23,008(b) 682,877 OfficeMax 5,538 161,599 RadioShack 10,002 228,146 Sherwin-Williams 9,079 398,023 Staples 54,524 1,259,504 Tiffany & Co 16,446 669,352 Total 19,578,569 Textiles, Apparel & Luxury Goods (0.1%) Jones Apparel Group 9,520 273,795 Liz Claiborne 7,975 278,168 Nike Cl B 16,447 1,402,930 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 59 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Large Cap Equity Fund Common Stocks (continued) Issuer Shares Value(a) Textiles, Apparel & Luxury Goods (cont.) Reebok Intl 3,992 $229,859 VF 7,296 413,318 Total 2,598,070 Thrifts & Mortgage Finance (2.3%) Countrywide Financial 638,342 22,220,685 Fannie Mae 409,770 19,689,449 Freddie Mac 210,457 13,143,040 Washington Mutual 41,771 1,720,547 Total 56,773,721 Tobacco (1.6%) Altria Group 537,100 39,095,509 Trading Companies & Distributors (--%) WW Grainger 6,290 441,747 Wireless Telecommunication Services (1.5%) LG Telecom 57,020(b,c) 355,789 Motient 91,358(b) 1,728,950 NeuStar Cl A 278,887(b) 8,455,854 O2 1,360,901(c) 4,592,827 Orascom Telecom GDR 288,023(c) 14,473,156 Common Stocks (continued) Issuer Shares Value(a) Wireless Telecommunication Services (cont.) Partner Communications ADR 47,988(c) $383,904 Telesp Celular Participacoes ADR 460,586(c) 1,635,080 Vodafone Group ADR 262,871(c) 5,664,870 Total 37,290,430 Total Common Stocks (Cost: $2,302,310,601) $2,455,707,309 Short-Term Securities (3.2%)(e) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Bryant Park Funding 12-09-05 4.02% $8,500,000(f) $8,491,458 Chariot Funding 12-13-05 4.04 14,200,000(f) 14,179,335 Nieuw Amsterdam 12-14-05 4.06 10,000,000(f) 9,984,250 Short-Term Securities (continued) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper (cont.) Park Granada LLC 12-09-05 4.05% $4,000,000(f) $3,995,950 12-29-05 4.19 15,000,000(f) 14,949,492 Sheffield Receivables 12-01-05 4.04 19,400,000(f) 19,397,822 Thames Asset Global Securitization 12-22-05 4.13 10,000,000(f) 9,974,822 Total Short-Term Securities (Cost: $80,982,306) $80,973,129 Total Investments in Securities (Cost: $2,383,292,907)(g) $2,536,680,438 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 10.2% of net assets. (d) At Nov. 30, 2005, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 0.7% of net assets. 2.5% of net assets is the Fund's cash equivalent position. (f) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $80,973,129 or 3.2% of net assets. (g) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $2,383,293,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $229,485,000 Unrealized depreciation (76,098,000) ----------- Net unrealized appreciation $153,387,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 60 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Large Cap Value Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (98.8%) Issuer Shares Value(a) Aerospace & Defense (3.8%) Boeing 803 $54,757 Empresa Brasileira de Aeronautica ADR 579(c) 21,834 General Dynamics 412 47,092 Goodrich 1,447 55,738 Honeywell Intl 3,209 117,257 Lockheed Martin 1,801 109,141 Northrop Grumman 2,456 140,900 United Technologies 1,105 59,493 Total 606,212 Automobiles (0.1%) General Motors 609 13,337 Beverages (1.1%) Coca-Cola 999 42,647 PepsiCo 2,353 139,298 Total 181,945 Biotechnology (0.1%) Biogen Idec 465(b) 19,907 Building Products (0.4%) American Standard Companies 547 20,830 Masco 1,524 45,369 Total 66,199 Capital Markets (4.8%) Bank of New York 3,653 118,357 Franklin Resources 566 52,570 Investors Financial Services 913 34,466 Legg Mason 64 7,850 Lehman Brothers Holdings 1,114 140,364 Merrill Lynch & Co 1,848 122,744 Morgan Stanley 3,950 221,318 State Street 1,185 68,363 Total 766,032 Chemicals (1.7%) Dow Chemical 3,818 172,765 Eastman Chemical 626 34,637 Lyondell Chemical 1,584 40,281 RPM Intl 929 17,279 Total 264,962 Commercial Banks (8.3%) Bank of America 12,616 578,948 Commerce Bancorp 921 31,028 PNC Financial Services Group 1,680 107,134 US Bancorp 4,879 147,736 Wachovia 2,946 157,316 Wells Fargo & Co 4,610 289,739 Total 1,311,901 Common Stocks (continued) Issuer Shares Value(a) Commercial Services & Supplies (0.6%) Avery Dennison 690 $40,565 Cendant 3,092 54,945 Total 95,510 Communications Equipment (1.3%) Cisco Systems 3,476(b) 60,969 Corning 868(b) 17,577 Nokia ADR 7,952(c) 135,820 Total 214,366 Computers & Peripherals (2.9%) Dell 2,537(b) 76,516 EMC 5,292(b) 73,718 Hewlett-Packard 4,507 133,723 Intl Business Machines 1,991 176,999 Total 460,956 Consumer Finance (1.4%) American Express 322 16,557 Capital One Financial 1,206 100,170 MBNA 3,940 105,474 Total 222,201 Containers & Packaging (0.5%) Temple-Inland 1,955 81,856 Diversified Financial Services (6.0%) Citigroup 12,594 611,438 JPMorgan Chase & Co 9,059 346,507 Total 957,945 Diversified Telecommunication Services (6.2%) ALLTEL 415 27,734 at&t 9,553 237,965 BellSouth 5,730 156,200 Chunghwa Telecom ADR 3,256(c) 56,720 Citizens Communications 1,331 17,370 MCI 9,297 184,638 Sprint Nextel 8,050 201,572 Tele Norte Leste Participacoes ADR 577(c) 10,732 Telewest Global 1,131(b,c) 25,210 Verizon Communications 2,344 74,961 Total 993,102 Electric Utilities (2.6%) Entergy 1,215 85,050 Exelon 2,509 130,568 FPL Group 480 20,347 PPL 1,569 46,129 Southern 2,894 100,451 Xcel Energy 1,683 31,152 Total 413,697 Electronic Equipment & Instruments (0.2%) Flextronics Intl 2,953(b,c) 30,475 Common Stocks (continued) Issuer Shares Value(a) Energy Equipment & Services (2.0%) Cooper Cameron 633(b) $50,406 Halliburton 1,420 90,383 Schlumberger 350 33,506 TODCO Cl A 199 8,272 Transocean 1,082(b) 69,075 Weatherford Intl 1,055(b) 73,333 Total 324,975 Food & Staples Retailing (1.2%) CVS 812 21,940 Safeway 2,800 65,100 Wal-Mart Stores 2,269 110,183 Total 197,223 Food Products (0.9%) Campbell Soup 557 16,827 General Mills 1,180 56,085 Kellogg 1,622 71,482 Total 144,394 Gas Utilities (0.3%) ONEOK 1,664 45,644 Health Care Equipment & Supplies (1.6%) Baxter Intl 2,201 85,597 Boston Scientific 1,473(b) 39,005 Guidant 1,473 90,855 Hospira 847(b) 37,395 Total 252,852 Health Care Providers & Services (1.4%) Cardinal Health 746 47,707 CIGNA 400 45,008 HCA 1,719 87,652 McKesson 346 17,404 Medco Health Solutions 399(b) 21,406 Total 219,177 Hotels, Restaurants & Leisure (0.4%) McDonald's 2,011 68,072 Household Products (1.7%) Colgate-Palmolive 958 52,230 Procter & Gamble 2,696 154,184 Spectrum Brands 3,996(b) 71,928 Total 278,342 Industrial Conglomerates (2.8%) General Electric 7,699 275,008 Tyco Intl 6,083(c) 173,487 Total 448,495 Insurance (5.8%) ACE 2,975(c) 165,113 American Intl Group 6,760 453,866 Aon 1,116 40,634 Aspen Insurance Holdings 977(c) 24,454 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 61 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Large Cap Value Fund Common Stocks (continued) Issuer Shares Value(a) Insurance (cont.) Chubb 1,145 $110,882 Endurance Specialty Holdings 736(c) 25,355 Hartford Financial Services Group 1,040 90,865 Max Re Capital 622(c) 16,607 Total 927,776 IT Services (0.7%) Accenture Cl A 507(c) 14,419 Affiliated Computer Services Cl A 1,540(b) 85,901 Computer Sciences 268(b) 13,462 Total 113,782 Leisure Equipment & Products (0.1%) Mattel 870 14,486 Machinery (1.1%) Caterpillar 1,080 62,402 Deere & Co 525 36,409 Illinois Tool Works 342 30,188 Ingersoll-Rand Cl A 774(c) 30,674 ITT Inds 207 22,513 Total 182,186 Media (6.2%) Clear Channel Communications 522 16,996 Comcast Cl A 2,567(b) 67,769 Comcast Special Cl A 3,405(b) 88,666 EchoStar Communications Cl A 498 12,868 Liberty Global Cl A 1,154(b) 25,746 Liberty Global Series C 1,154(b) 23,969 Liberty Media Cl A 15,640(b) 120,115 News Corp Cl A 4,277 63,342 NTL 2,961(b) 172,419 Time Warner 7,013 126,094 Viacom Cl B 5,165 172,511 Vivendi Universal ADR 1,611(c) 46,638 Walt Disney 2,361 58,860 Total 995,993 Metals & Mining (0.4%) Alcan 1,270(c) 48,705 Alcoa 603 16,528 Total 65,233 Multi-Utilities & Unregulated Power (0.7%) Dominion Resources 1,497 113,697 Common Stocks (continued) Issuer Shares Value(a) Multiline Retail (1.0%) Federated Dept Stores 523 $33,697 JC Penney 848 44,495 Target 1,382 73,950 Total 152,142 Office Electronics (0.1%) Xerox 1,178(b) 16,728 Oil & Gas (12.4%) Amerada Hess 254 31,120 Anadarko Petroleum 2,483 224,985 BP ADR 2,406(c) 158,411 Chevron 5,516 316,122 ConocoPhillips 5,653 342,063 Devon Energy 1,299 78,200 Exxon Mobil 12,157 705,472 Newfield Exploration 1,267(b) 58,611 Royal Dutch Shell ADR Series A 741(c) 45,660 Total 1,960,644 Paper & Forest Products (1.1%) Bowater 982 30,491 Georgia-Pacific 1,037 49,040 Intl Paper 1,442 45,466 Weyerhaeuser 830 55,037 Total 180,034 Personal Products (--%) Estee Lauder Companies Cl A 229 7,559 Pharmaceuticals (4.0%) Bristol-Myers Squibb 1,879 40,568 GlaxoSmithKline ADR 783(c) 38,813 Merck & Co 2,658 78,145 Novartis ADR 1,182(c) 61,937 Pfizer 13,113 277,995 Schering-Plough 4,041 78,072 Wyeth 1,353 56,231 Total 631,761 Real Estate Investment Trust (0.5%) Apartment Investment & Management Cl A 540 20,914 Equity Office Properties Trust 1,519 47,363 HomeBanc 1,499 11,767 Total 80,044 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (1.9%) ATI Technologies 1,263(b,c) $20,663 Broadcom Cl A 561(b) 26,109 Credence Systems 943(b) 7,648 Cypress Semiconductor 2,578(b) 38,670 Freescale Semiconductor Cl A 1,212(b) 31,209 Freescale Semiconductor Cl B 379(b) 9,778 Intel 2,881 76,864 MEMC Electronic Materials 2,821(b) 63,134 Texas Instruments 1,022 33,195 Total 307,270 Software (2.1%) Cadence Design Systems 4,034(b) 69,143 Compuware 3,134(b) 28,927 Microsoft 4,383 121,453 Oracle 6,213(b) 78,097 Siebel Systems 1,959 20,570 TIBCO Software 1,163(b) 9,734 Total 327,924 Specialty Retail (0.5%) Gap 1,258 21,864 Home Depot 1,515 63,297 Total 85,161 Thrifts & Mortgage Finance (3.5%) Countrywide Financial 5,665 197,199 Fannie Mae 4,217 202,626 Freddie Mac 1,900 118,655 Washington Mutual 803 33,076 Total 551,556 Tobacco (2.1%) Altria Group 4,664 339,493 Wireless Telecommunication Services (0.3%) Vodafone Group ADR 2,323(c) 50,061 Total Common Stocks (Cost: $15,051,479) $15,783,307 Total Investments in Securities (Cost: $15,051,479)(d) $15,783,307 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 62 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Large Cap Value Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 7.5% of net assets. (d) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $15,051,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $1,140,000 Unrealized depreciation (48,000) ------- Net unrealized appreciation $ 732,000 ---------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 63 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Mid Cap Growth Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (102.9%) Issuer Shares Value(a) Biotechnology (9.1%) Biogen Idec 63,916(b) $2,736,244 Gilead Sciences 55,005(b) 2,788,203 Invitrogen 60,944(b) 4,061,918 MedImmune 163,646(b) 5,876,528 OSI Pharmaceuticals 48,066(b) 1,165,601 Techne 108,613(b) 6,001,954 Total 22,630,448 Capital Markets (5.9%) Investors Financial Services 73,695 2,781,986 Legg Mason 64,196 7,873,640 T Rowe Price Group 54,977 3,955,595 Total 14,611,221 Chemicals (2.3%) Sigma-Aldrich 86,800 5,732,272 Commercial Services & Supplies (5.5%) Cintas 93,107 4,163,745 Robert Half Intl 184,639 7,064,288 Strayer Education 25,739 2,568,752 Total 13,796,785 Communications Equipment (1.0%) Juniper Networks 114,109(b) 2,566,311 Computers & Peripherals (1.1%) Network Appliance 90,680(b) 2,640,602 Construction Materials (2.4%) Martin Marietta Materials 80,682 6,060,025 Electrical Equipment (1.4%) American Power Conversion 1 50,322 3,368,716 Energy Equipment & Services (7.4%) BJ Services 104,264 3,821,276 ENSCO Intl 126,562 5,993,976 Nabors Inds 51,887(b,c) 3,632,609 Noble 52,784 3,804,143 Tidewater 27,317 1,234,728 Total 18,486,732 Food & Staples Retailing (4.3%) Whole Foods Market 72,541 10,683,838 Common Stocks (continued) Issuer Shares Value(a) Health Care Equipment & Supplies (5.7%) Biomet 73,075 $2,602,932 Diagnostic Products 137,796 6,276,608 Kinetic Concepts 59,493(b) 2,317,252 St. Jude Medical 62,108(b) 2,966,899 Total 14,163,691 Health Care Providers & Services (10.5%) Dendrite Intl 241,090(b) 4,542,136 Express Scripts 76,810(b) 6,487,372 Health Management Associates Cl A 207,313 4,855,270 Lincare Holdings 115,804(b) 4,971,466 Omnicare 92,209 5,251,302 Total 26,107,546 Hotels, Restaurants & Leisure (4.2%) Brinker Intl 67,792 2,689,987 Cheesecake Factory 106,967(b) 3,919,271 Panera Bread Cl A 32,942(b) 2,240,056 Station Casinos 22,918 1,589,134 Total 10,438,448 IT Services (8.8%) Acxiom 220,309 4,886,454 Fiserv 129,471(b) 5,892,225 Paychex 173,334 7,351,095 VeriFone Holdings 168,811(b) 3,865,772 Total 21,995,546 Machinery (0.5%) Danaher 24,154 1,340,547 Media (3.6%) Catalina Marketing 146,703 3,883,228 Univision Communications Cl A 97,672(b) 2,952,625 Westwood One 113,900 2,066,146 Total 8,901,999 Oil & Gas (6.9%) Denbury Resources 57,091(b) 1,292,540 EOG Resources 80,769 5,795,176 Murphy Oil 27,860 1,377,956 Newfield Exploration 67,947(b) 3,143,228 Pogo Producing 67,946 3,329,354 XTO Energy 57,687 2,347,284 Total 17,285,538 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (5.6%) Broadcom Cl A 62,637(b) $2,915,126 KLA-Tencor 39,454 2,019,650 Maxim Integrated Products 52,851 1,931,704 Microchip Technology 140,676 4,692,952 Novellus Systems 92,548(b) 2,283,159 Total 13,842,591 Software (7.4%) Advent Software 123,640(b) 3,541,050 BMC Software 193,040(b) 3,955,390 Fair Isaac 140,864 6,454,388 Kronos 48,830(b) 2,311,124 NAVTEQ 52,639(b) 2,210,838 Total 18,472,790 Specialty Retail (4.5%) Advance Auto Parts 47,870(b) 2,026,816 Chico's FAS 49,087(b) 2,165,228 Williams-Sonoma 162,892(b) 7,067,883 Total 11,259,927 Textiles, Apparel & Luxury Goods (1.6%) Coach 112,122(b) 3,860,360 Trading Companies & Distributors (3.2%) Fastenal 198,528 7,881,562 Total Common Stocks (Cost: $195,951,765) $256,127,495 Short-Term Securities (2.5%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.02% $2,900,000(d) $2,899,676 Park Granada LLC 12-14-05 4.09 3,300,000(d) 3,294,764 Total Short-Term Securities (Cost: $6,195,138) $6,194,440 Total Investments in Securities (Cost: $202,146,903)(e) $262,321,935 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 64 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Mid Cap Growth Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 1.5% of net assets. (d) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $6,194,440 or 2.5% of net assets. (e) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $202,147,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $65,177,000 Unrealized depreciation (5,002,000) ---------- Net unrealized appreciation $60,175,000 ----------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 65 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Mid Cap Value Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (95.6%) Issuer Shares Value(a) Aerospace & Defense (0.7%) Goodrich 2,398 $92,371 Airlines (1.4%) AMR 8,117(b) 137,096 Continental Airlines Cl B 3,401(b) 52,954 Total 190,050 Auto Components (0.5%) Ballard Power Systems 2,392(b,c) 10,692 Johnson Controls 793 55,074 Total 65,766 Building Products (1.3%) American Standard Companies 4,645 176,882 Capital Markets (0.8%) AMVESCAP 2,906(c) 19,850 Mellon Financial 2,909 97,859 Total 117,709 Chemicals (5.1%) Agrium 2,042(c) 41,677 Cabot 1,598 56,010 Eastman Chemical 3,134 173,405 Imperial Chemical Inds ADR 2,604(c) 58,225 Lubrizol 1,351 57,026 Monsanto 1,723 126,244 Mosaic 2,604(b) 35,258 PPG Inds 2,662 161,663 Total 709,508 Commercial Banks (3.8%) AmSouth Bancorporation 5,382 143,107 Comerica 2,449 141,234 Huntington Bancshares 2,349 56,282 KeyCorp 3,368 111,683 North Fork Bancorporation 2,960 79,920 Total 532,226 Commercial Services & Supplies (1.4%) Dun & Bradstreet 623(b) 40,495 Pitney Bowes 1,073 44,701 Ritchie Bros Auctioneers 1,106(c) 43,189 RR Donnelley & Sons 2,052 70,179 Total 198,564 Communications Equipment (1.3%) Scientific-Atlanta 1,948 82,439 Tellabs 9,807(b) 100,620 Total 183,059 Computers & Peripherals (0.8%) Diebold 2,892 112,383 Common Stocks (continued) Issuer Shares Value(a) Construction & Engineering (2.0%) Fluor 1,966 $145,680 Insituform Technologies Cl A 779(b) 15,479 McDermott Intl 2,932(b) 122,734 Total 283,893 Consumer Finance (0.8%) Capital One Financial 1,328 110,304 Containers & Packaging (0.4%) Temple-Inland 1,433 60,000 Diversified Telecommunication Services (1.8%) CenturyTel 3,124 103,404 MCI 2,032 40,356 Qwest Communications Intl 20,423(b) 107,016 Total 250,776 Electric Utilities (2.9%) Consolidated Edison 1,726 78,602 DPL 2,095 53,527 DTE Energy 1,433 62,536 Pinnacle West Capital 4,501 186,747 Xcel Energy 1,291 23,896 Total 405,308 Electrical Equipment (2.6%) Cooper Inds Cl A 2,201 160,101 Energy Conversion Devices 581(b) 17,052 FuelCell Energy 1,254(b) 10,571 Plug Power 1,685(b) 8,644 Rockwell Automation 3,019 170,363 Total 366,731 Electronic Equipment & Instruments (0.6%) Solectron 23,850(b) 85,622 Energy Equipment & Services (8.6%) BJ Services 5,085 186,365 Cooper Cameron 2,151(b) 171,284 GlobalSantaFe 8,234 373,495 Nabors Inds 2,048(b,c) 143,380 Smith Intl 3,041 114,919 Weatherford Intl 2,889(b) 200,815 Total 1,190,258 Food Products (2.1%) Archer-Daniels-Midland 6,684 157,542 Del Monte Foods 4,958(b) 48,985 Tyson Foods Cl A 5,221 87,869 Total 294,396 Gas Utilities (1.3%) NiSource 8,620 185,589 Common Stocks (continued) Issuer Shares Value(a) Health Care Providers & Services (0.9%) CIGNA 485 $54,572 Tenet Healthcare 8,849(b) 69,199 Total 123,771 Hotels, Restaurants & Leisure (1.4%) Royal Caribbean Cruises 4,218 193,437 Household Durables (2.8%) Centex 683 49,074 DR Horton 1,110 39,338 Lennar Cl A 695 40,088 Mohawk Inds 631(b) 55,515 Stanley Works 1,447 69,456 Whirlpool 1,662 136,035 Total 389,506 Industrial Conglomerates (0.6%) Textron 975 76,928 Insurance (13.7%) ACE 6,349(c) 352,369 Aon 9,437 343,600 Axis Capital Holdings 1,130(c) 34,216 Bristol West Holdings 3,144 58,258 Everest Re Group 2,432(c) 255,652 Jefferson-Pilot 1,708 94,879 Lincoln Natl 1,397 72,616 Loews 2,232 215,567 Torchmark 1,781 96,388 Willis Group Holdings 2,782(c) 103,741 XL Capital Cl A 3,915(c) 259,878 Total 1,887,164 IT Services (2.3%) Computer Sciences 2,760(b) 138,635 Electronic Data Systems 7,743 178,476 Total 317,111 Leisure Equipment & Products (1.0%) Eastman Kodak 3,559 85,309 Hasbro 2,368 48,355 Total 133,664 Machinery (5.9%) AGCO 6,246(b) 105,745 Cummins 1,309 116,501 Dover 3,862 156,218 Eaton 3,236 206,197 Ingersoll-Rand Cl A 4,270(c) 169,220 Manitowoc 1,227 61,473 Total 815,354 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 66 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Mid Cap Value Fund Common Stocks (continued) Issuer Shares Value(a) Media (1.0%) Dex Media 1,560 $42,463 Interpublic Group of Companies 5,605(b) 52,239 Tribune 1,351 43,191 Total 137,893 Metals & Mining (3.3%) Freeport-McMoRan Copper & Gold Cl B 4,152 216,360 Nucor 1,385 92,906 Phelps Dodge 1,050 142,454 Total 451,720 Multi-Utilities & Unregulated Power (2.6%) CMS Energy 2,210(b) 30,896 Constellation Energy Group 815 43,187 Energy East 4,611 108,128 Public Service Enterprise Group 2,942 184,522 Total 366,733 Multiline Retail (1.5%) Family Dollar Stores 3,113 70,074 Federated Dept Stores 1,149 74,030 JC Penney 1,287 67,529 Total 211,633 Oil & Gas (5.8%) Amerada Hess 888 108,798 El Paso 2,294 25,211 Kerr-McGee 651 56,279 Pioneer Natural Resources 5,627 286,583 Suncor Energy 3,112(c) 177,042 Sunoco 2,020 155,944 Total 809,857 Paper & Forest Products (1.7%) Abitibi-Consolidated 3,350(c) 11,223 Bowater 3,186 98,925 Georgia-Pacific 925 43,743 Louisiana-Pacific 950 25,622 MeadWestvaco 2,002 56,036 Total 235,549 Common Stocks (continued) Issuer Shares Value(a) Real Estate Investment Trust (3.5%) Boston Properties 477 $35,875 Crescent Real Estate Equities 5,525 114,754 Equity Residential 3,199 130,391 Rayonier 3,267 129,831 Starwood Hotels & Resorts Worldwide Unit 1,225 74,113 Total 484,964 Road & Rail (1.6%) CSX 4,441 216,010 Semiconductors & Semiconductor Equipment (1.9%) Intersil Cl A 2,840 72,846 Natl Semiconductor 7,546 195,290 Total 268,136 Software (0.9%) BMC Software 6,360(b) 130,316 Specialty Retail (1.2%) AnnTaylor Stores 2,329(b) 70,638 AutoZone 411(b) 36,604 RadioShack 2,660 60,675 Total 167,917 Textiles, Apparel & Luxury Goods (1.3%) Liz Claiborne 2,803 97,769 VF 1,485 84,125 Total 181,894 Tobacco (0.6%) Reynolds American 876 77,982 Total Common Stocks (Cost: $12,539,712) $13,288,934 Bond (0.6%) Issuer Coupon Principal Value(a) rate amount Wirelines Qwest Communications Intl 11-15-25 3.50% $80,000 $86,759 Total Bond (Cost: $80,000) $86,759 Short-Term Security (3.6%) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agency Federal Home Loan Mtge Corp Disc Nt 12-13-05 3.95% $500,000 $499,290 Total Short-Term Security (Cost: $499,345) $499,290 Total Investments in Securities (Cost: $13,119,057)(d) $13,874,983 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 67 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Mid Cap Value Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 12.1% of net assets. (d) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $13,119,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 952,000 Unrealized depreciation (196,000) -------- Net unrealized appreciation $ 756,000 --------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 68 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- New Dimensions Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (92.2%) Issuer Shares Value(a) Aerospace & Defense (2.7%) Boeing 147,992 $10,091,574 Empresa Brasileira de Aeronautica ADR 44,782(c) 1,688,729 General Dynamics 16,153(g) 1,846,288 Goodrich 133,579 5,145,463 Honeywell Intl 262,551 9,593,614 Lockheed Martin 185,618 11,248,451 Northrop Grumman 94,348 5,412,745 United Technologies 152,538 8,212,646 Total 53,239,510 Auto Components (0.1%) Cooper Tire & Rubber 3,802 55,927 Dana 8,444 58,855 Delphi 29,394 10,729 Goodyear Tire & Rubber 9,398(b) 160,988 Johnson Controls 10,424 723,946 Visteon 6,955 47,016 Total 1,057,461 Automobiles (0.1%) Ford Motor 100,608 817,943 General Motors 54,766(e) 1,199,376 Harley-Davidson 15,541 837,038 Total 2,854,357 Beverages (1.3%) Coca-Cola 80,196 3,423,567 PepsiCo 379,801 22,484,219 Total 25,907,786 Biotechnology (1.5%) Amgen 192,472(b) 15,576,758 Biogen Idec 132,139(b) 5,656,871 Genentech 67,192(b) 6,424,899 Gilead Sciences 60,043(b) 3,043,580 Total 30,702,108 Building Products (0.2%) American Standard Companies 31,540 1,201,043 Masco 84,547 2,516,964 Total 3,718,007 Capital Markets (2.4%) Bank of New York 191,619 6,208,456 Charles Schwab 86,988 1,326,567 Franklin Resources 73,023 6,782,376 Investors Financial Services 67,456 2,546,464 Legg Mason 2,432 298,285 Lehman Brothers Holdings 71,699 9,034,074 Merrill Lynch & Co 71,003 4,716,019 Morgan Stanley 243,504 13,643,529 State Street 66,741 3,850,288 Total 48,406,058 Common Stocks (continued) Issuer Shares Value(a) Chemicals (1.0%) Air Products & Chemicals 12,189 $721,223 Dow Chemical 200,758 9,084,299 Eastman Chemical 28,451 1,574,194 Ecolab 11,899 395,880 EI du Pont de Nemours & Co 52,756 2,255,319 Engelhard 6,474 190,983 Hercules 6,199(b) 72,900 Intl Flavors & Fragrances 4,957 161,301 Lyondell Chemical 60,839 1,547,136 Monsanto 22,443 1,644,399 PPG Inds 9,265 562,663 Praxair 16,626 864,552 Rohm & Haas 10,250 448,950 RPM Intl 35,700 664,020 Sigma-Aldrich 3,785 249,961 Total 20,437,780 Commercial Banks (4.3%) Bank of America 805,423 36,960,861 Commerce Bancorp 139,360(e) 4,695,038 ICICI Bank ADR 29,742(c) 757,529 PNC Financial Services Group 121,532 7,750,096 US Bancorp 187,426 5,675,259 Wachovia 195,109 10,418,821 Wells Fargo & Co 310,488 19,514,171 Total 85,771,775 Commercial Services & Supplies (0.6%) Allied Waste Inds 14,253(b) 119,868 Apollo Group Cl A 8,686(b) 618,443 Avery Dennison 32,061 1,884,866 Cendant 377,905 6,715,372 Cintas 8,003 357,894 Equifax 7,178 274,917 Monster Worldwide 6,152(b) 239,313 Pitney Bowes 12,905 537,622 RR Donnelley & Sons 11,538 394,600 Waste Management 32,142 961,367 Total 12,104,262 Communications Equipment (2.9%) CIENA 698,422(b) 2,088,282 Cisco Systems 966,341(b) 16,949,621 Corning 138,510(b) 2,804,828 Nokia ADR 2,100,878(c) 35,882,996 Total 57,725,727 Computers & Peripherals (2.8%) Dell 613,084(b) 18,490,614 EMC 832,800(b) 11,600,904 Hewlett-Packard 371,318 11,017,005 Intl Business Machines 175,779 15,626,753 Total 56,735,276 Common Stocks (continued) Issuer Shares Value(a) Construction & Engineering (--%) Fluor 4,505 $333,821 Construction Materials (--%) Vulcan Materials 5,331 355,578 Consumer Finance (1.0%) American Express 41,321 2,124,726 Capital One Financial 116,834 9,704,225 First Marblehead 36,190(e) 1,223,222 MBNA 275,087 7,364,079 Total 20,416,252 Containers & Packaging (0.2%) Ball 5,948 245,177 Bemis 5,965 164,336 Pactiv 8,041(b) 162,750 Sealed Air 4,368(b) 225,869 Temple-Inland 81,813 3,425,510 Total 4,223,642 Distributors (--%) Genuine Parts 9,302 412,172 Diversified Financial Services (4.5%) Citigroup 720,822 34,995,907 Consumer Discretionary Select Sector SPDR Fund 21,125 699,238 Industrial Select Sector SPDR Fund 76,584 2,409,333 JPMorgan Chase & Co 479,634 18,346,001 Materials Select Sector SPDR Trust 30,019 890,664 SPDR Trust Series 1 265,300 33,271,272 Total 90,612,415 Diversified Telecommunication Services (7.9%) ALLTEL 94,618 6,323,321 at&t 453,528 11,297,382 BellSouth 259,432 7,072,116 Brasil Telecom Participacoes ADR 26,649(c) 1,033,981 Chunghwa Telecom ADR 192,941(c) 3,361,032 Citizens Communications 51,138 667,351 France Telecom 98,545(c) 2,457,708 MCI 357,137 7,092,741 Sprint Nextel 3,665,218 91,777,059 Tele Norte Leste Participacoes ADR 139,252(c) 2,590,087 Telewest Global 879,087(b,c) 19,594,849 Verizon Communications 90,071 2,880,471 Total 156,148,098 Electric Utilities (1.5%) Allegheny Energy 8,411(b) 234,078 Ameren 11,085 581,519 American Electric Power 21,486 785,098 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 69 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- New Dimensions Fund Common Stocks (continued) Issuer Shares Value(a) Electric Utilities (cont.) CenterPoint Energy 15,716 $207,766 Cinergy 11,230 461,328 Consolidated Edison 13,366 608,688 DTE Energy 9,791 427,279 Edison Intl 17,775 802,008 Entergy 58,477 4,093,390 Exelon 132,276 6,883,644 FirstEnergy 18,496 868,572 FPL Group 39,760 1,685,426 PG&E 20,100 739,278 Pinnacle West Capital 5,434 225,457 PPL 80,008 2,352,235 Progress Energy 13,712 614,023 Southern 152,757 5,302,196 TECO Energy 11,547 201,957 TXU 12,406 1,273,228 Xcel Energy 86,798 1,606,631 Total 29,953,801 Electrical Equipment (0.1%) American Power Conversion 9,821 220,089 Cooper Inds Cl A 5,284 384,358 Emerson Electric 22,711 1,717,178 Total 2,321,625 Electronic Equipment & Instruments (0.1%) Flextronics Intl 168,848(b,c) 1,742,511 Energy Equipment & Services (1.6%) Baker Hughes 18,303 1,049,677 BJ Services 43,748 1,603,364 Cooper Cameron 24,315(b) 1,936,203 Halliburton 164,708 10,483,664 Nabors Inds 17,395(b,c) 1,217,824 Natl Oilwell Varco 8,851(b) 536,548 Noble 7,166 516,454 Rowan Companies 5,613 201,394 Schlumberger 59,943 5,738,343 TODCO Cl A 7,638 317,512 Transocean 79,878(b) 5,099,412 Weatherford Intl 47,796(b) 3,322,300 Total 32,022,695 Food & Staples Retailing (1.8%) CVS 107,439 2,903,002 Rite Aid 505,650(b) 1,865,849 Safeway 458,158 10,652,174 Wal-Mart Stores 424,975 20,636,785 Total 36,057,810 Food Products (0.9%) Campbell Soup 45,567 1,376,579 General Mills 70,571(g) 3,354,240 Kellogg 319,960 14,100,637 Total 18,831,456 Gas Utilities (0.1%) KeySpan 9,494 318,619 Nicor 2,387 95,719 NiSource 15,156 326,309 Common Stocks (continued) Issuer Shares Value(a) Gas Utilities (cont.) ONEOK 63,905 $1,752,914 Peoples Energy 2,223 79,872 Total 2,573,433 Health Care Equipment & Supplies (2.3%) Alcon 10,446(c) 1,464,529 Baxter Intl 435,032 16,918,395 Boston Scientific 368,521(b) 9,758,436 Guidant 202,285 12,476,939 Hospira 61,839(b) 2,730,192 Medtronic 54,846 3,047,792 Total 46,396,283 Health Care Providers & Services (3.2%) Aetna 19,181 1,774,051 AmerisourceBergen 10,652 855,888 Cardinal Health 215,505 13,781,545 Caremark Rx 10,428(b) 535,895 CIGNA 23,647 2,660,760 HCA 290,310 14,802,907 HealthSouth 283,061(b) 1,054,402 Magellan Health Services 36,912(b) 1,078,569 McKesson 36,813 1,851,694 Medco Health Solutions 148,578(b) 7,971,210 UnitedHealth Group 270,454 16,189,376 Universal Health Services Cl B 29,816 1,428,783 Total 63,985,080 Hotels, Restaurants & Leisure (0.4%) Carnival Unit 29,164 1,589,146 Marriott Intl Cl A 25,145 1,624,618 McDonald's 142,046 4,808,258 Orient-Express Hotels Cl A 10,100(c) 318,352 Total 8,340,374 Household Durables (0.4%) Centex 6,959 500,004 DR Horton 14,421 511,080 Fortune Brands 8,340 650,186 Harman Intl Inds 25,916 2,526,811 KB HOME 4,520 315,360 Leggett & Platt 10,234 240,294 Maytag 4,293 76,330 Pulte Homes 12,468 519,043 Snap-On 2,975 111,176 Sony 37,228(c) 1,382,843 Stanley Works 4,073 195,504 Whirlpool 3,631 297,197 Total 7,325,828 Household Products (2.3%) Colgate-Palmolive 120,717 6,581,491 Procter & Gamble 576,438 32,966,489 Spectrum Brands 330,005(b) 5,940,090 Total 45,488,070 Industrial Conglomerates (2.7%) General Electric 1,049,622 37,492,497 Tyco Intl 578,507(c) 16,499,020 Total 53,991,517 Common Stocks (continued) Issuer Shares Value(a) Insurance (3.9%) ACE 245,159(c) $13,606,325 AFLAC 16,641 798,768 American Intl Group 621,980 41,759,737 Aon 106,366 3,872,786 Aspen Insurance Holdings 95,510(c) 2,390,615 Chubb 69,883 6,767,470 Endurance Specialty Holdings 28,688(c) 988,302 Hartford Financial Services Group 68,662 5,998,999 Max Re Capital 88,479(c) 2,362,389 Total 78,545,391 Internet & Catalog Retail (0.2%) eBay 60,963(b) 2,731,752 IAC/InterActiveCorp 23,563(b) 650,574 Total 3,382,326 Internet Software & Services (1.3%) Google Cl A 57,648(b) 23,346,863 Yahoo! 71,724(b) 2,885,457 Total 26,232,320 IT Services (0.6%) Accenture Cl A 26,656(c) 758,097 Affiliated Computer Services Cl A 78,248(b) 4,364,673 Automatic Data Processing 42,596 2,002,012 Cognizant Technology Solutions Cl A 12,015(b) 583,809 Computer Sciences 21,396(b) 1,074,721 Electronic Data Systems 24,800 571,640 First Data 27,490 1,189,492 Ness Technologies 21,237(b,c) 212,158 Paychex 16,209 687,424 Satyam Computer Services ADR 5,339(c) 188,146 Total 11,632,172 Leisure Equipment & Products (--%) Mattel 33,413 556,326 Machinery (0.7%) Caterpillar 78,534(g) 4,537,694 Danaher 15,121 839,216 Deere & Co 34,254(g) 2,375,515 Dover 11,403 461,251 Eaton 8,342 531,552 Illinois Tool Works 28,560 2,520,991 Ingersoll-Rand Cl A 48,693(c) 1,929,704 ITT Inds 8,184 890,092 Navistar Intl 3,665(b) 103,976 Pall 6,999 194,292 Total 14,384,283 Media (7.0%) Clear Channel Communications 113,815 3,705,816 Clear Channel Outdoor Cl A 21,120(b) 428,736 Comcast Cl A 62,431(b) 1,648,178 Comcast Special Cl A 609,471(b) 15,870,625 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 70 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- New Dimensions Fund Common Stocks (continued) Issuer Shares Value(a) Media (cont.) EchoStar Communications Cl A 19,145 $494,707 Grupo Televisa ADR 3,147(c) 249,872 Liberty Global Cl A 412,562(b) 9,204,258 Liberty Global Series C 206,650(b) 4,292,121 Liberty Media Cl A 687,569(b) 5,280,530 News Corp Cl A 820,835 12,156,566 NTL 669,173(b) 38,965,944 Time Warner 712,226 12,805,823 Viacom Cl B 417,427 13,942,062 Vivendi Universal ADR 533,628(c) 15,448,531 Walt Disney 90,703 2,261,226 Total 136,754,995 Metals & Mining (0.8%) Agnico-Eagle Mines 26,934(c) 394,044 Alcan 48,799(c) 1,871,442 Alcoa 70,363 1,928,650 Allegheny Technologies 4,565 150,554 Coeur d'Alene Mines 624,494(b) 2,691,569 Freeport-McMoRan Copper & Gold Cl B 9,385 489,052 Glamis Gold 32,201(b,c) 717,760 Newmont Mining 126,125 5,816,885 Nucor 7,890 529,261 PAN American Silver 54,403(b,c) 1,033,113 Stillwater Mining 17,336(b) 185,322 Total 15,807,652 Multi-Utilities & Unregulated Power (0.5%) AES 35,013(b) 552,155 Calpine 26,095(b) 13,308 CMS Energy 11,771(b) 164,559 Constellation Energy Group 9,493 503,034 Dominion Resources 75,411 5,727,466 Duke Energy 50,865 1,366,234 Dynegy Cl A 20,351(b) 97,481 Public Service Enterprise Group 12,785 801,875 Sempra Energy 12,857 565,065 Total 9,791,177 Multiline Retail (0.9%) Dollar General 19,481 368,386 Federated Dept Stores 30,838 1,986,892 JC Penney 116,018 6,087,464 Kohl's 72,138(b) 3,318,348 Target 125,674 6,724,816 Total 18,485,906 Office Electronics (0.1%) Xerox 117,353(b) 1,666,413 Oil & Gas (7.6%) Amerada Hess 14,450 1,770,414 Anadarko Petroleum 141,365 12,809,083 Apache 18,256 1,191,752 Ashland 3,594 200,366 BP ADR 92,427(c) 6,085,394 Burlington Resources 50,723 3,664,737 Common Stocks (continued) Issuer Shares Value(a) Oil & Gas (cont.) Chevron 381,425 $21,859,466 ConocoPhillips 355,329 21,500,957 Devon Energy 112,129 6,750,166 El Paso 34,681 381,144 EOG Resources 13,445 964,679 Exxon Mobil 885,954 51,411,910 Kerr-McGee 6,231 538,670 Kinder Morgan 5,706 516,964 Marathon Oil 56,093 3,325,754 Newfield Exploration 48,663(b) 2,251,150 Occidental Petroleum 22,015 1,745,790 Royal Dutch Shell ADR Series A 28,464(c) 1,753,952 Sunoco 7,265 560,858 Ultra Petroleum 47,849(b) 2,573,319 Valero Energy 57,830 5,563,246 Williams Companies 30,436 654,374 XTO Energy 19,580 796,710 Total 148,870,855 Paper & Forest Products (0.5%) Bowater 37,705 1,170,740 Georgia-Pacific 54,000 2,553,660 Intl Paper 82,661 2,606,301 Louisiana-Pacific 5,993 161,631 MeadWestvaco 10,292 288,073 Weyerhaeuser 45,183 2,996,086 Total 9,776,491 Personal Products (0.1%) Estee Lauder Companies Cl A 34,276 1,131,451 Pharmaceuticals (5.4%) Abbott Laboratories 173,009 6,524,169 AstraZeneca 21,063(c) 967,231 Bristol-Myers Squibb 121,259(g) 2,617,982 Eli Lilly & Co 92,515 4,672,008 GlaxoSmithKline ADR 56,727(c) 2,811,957 Johnson & Johnson 193,860(g) 11,970,855 Merck & Co 102,092 3,001,505 Novartis ADR 220,651(c) 11,562,112 Pfizer 1,536,340 32,570,409 Roche Holding 61,236(c) 9,166,943 Schering-Plough 491,085 9,487,762 Teva Pharmaceutical Inds ADR 15,293(c) 625,178 Wyeth 267,832 11,131,098 Total 107,109,209 Real Estate Investment Trust (0.1%) Apartment Investment & Management Cl A 21,174 820,069 Equity Office Properties Trust 58,348 1,819,291 HomeBanc 15,400 120,890 Total 2,760,250 Road & Rail (0.1%) Norfolk Southern 30,059 1,329,810 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (2.8%) Analog Devices 41,956 $1,590,972 Applied Materials 130,872 2,370,092 ATI Technologies 90,005(b,c) 1,472,482 Atmel 21,539(b) 72,156 Broadcom Cl A 48,623(b) 2,262,914 Credence Systems 36,204(b) 293,614 Cypress Semiconductor 99,035(b) 1,485,525 Freescale Semiconductor Cl A 333,929(b) 8,598,672 Freescale Semiconductor Cl B 127,544(b) 3,290,635 Integrated Device Technology 20,663(b) 247,543 Intel 696,022 18,569,866 Linear Technology 40,154 1,498,146 MEMC Electronic Materials 259,487(b) 5,807,319 Micron Technology 27,779(b) 396,129 Texas Instruments 217,990(g) 7,080,315 Total 55,036,380 Software (3.0%) Adobe Systems 130,310 4,249,409 Cadence Design Systems 154,943(b) 2,655,723 Check Point Software Technologies 15,248(b,c) 324,630 Compuware 406,833(b) 3,755,069 Electronic Arts 8,748(b) 493,037 Macromedia 47,992(b) 2,152,921 McAfee 9,490(b) 263,917 Mercury Interactive 90,983(b) 2,529,327 Microsoft 933,407 25,864,708 Oracle 918,525(b) 11,545,859 SAP ADR 71,379(c) 3,222,762 Siebel Systems 75,259 790,220 TIBCO Software 146,344(b) 1,224,899 Total 59,072,481 Specialty Retail (0.7%) AutoNation 11,899(b) 246,547 AutoZone 3,491(b) 310,908 Circuit City Stores 14,729 308,278 Gap 48,325 839,889 Home Depot 177,348 7,409,599 Lowe's Companies 41,544 2,803,389 Office Depot 16,906(b) 501,770 OfficeMax 4,069 118,733 RadioShack 7,350 167,654 Sherwin-Williams 6,671 292,457 Staples 39,940 922,614 Tiffany & Co 12,047 490,313 Total 14,412,151 Textiles, Apparel & Luxury Goods (0.1%) Jones Apparel Group 6,995 201,176 Liz Claiborne 5,860 204,397 Nike Cl B 12,047 1,027,609 Reebok Intl 2,933 168,882 VF 5,361 303,701 Total 1,905,765 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 71 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- New Dimensions Fund Common Stocks (continued) Issuer Shares Value(a) Thrifts & Mortgage Finance (2.1%) Countrywide Financial 471,466 $16,411,731 Fannie Mae 302,647 14,542,188 Freddie Mac 155,439 9,707,166 Washington Mutual 30,851 1,270,753 Total 41,931,838 Tobacco (1.4%) Altria Group 396,691 28,875,138 Trading Companies & Distributors (--%) WW Grainger 4,622 324,603 Wireless Telecommunication Services (1.4%) LG Telecom 40,450(b,c) 252,397 Motient 67,554(b) 1,278,459 NeuStar Cl A 205,980(b) 6,245,314 O2 1,029,100(c) 3,473,051 Orascom Telecom GDR 209,911(c) 10,548,027 Partner Communications ADR 35,312(c) 282,496 Telesp Celular Participacoes ADR 339,781(c) 1,206,223 Common Stocks (continued) Issuer Shares Value(a) Wireless Telecommunication Services (cont.) Vodafone Group ADR 194,151(c) $4,183,954 Total 27,469,921 Total Common Stocks (Cost: $1,768,018,553) $1,837,437,872 Short-Term Securities (7.7%)(f) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.05% $21,100,000(d) $21,097,625 Bryant Park Funding 12-15-05 4.08 10,000,000(d) 9,983,042 12-22-05 4.15 15,000,000(d) 14,962,050 Nieuw Amsterdam 12-01-05 4.04 18,500,000(d) 18,497,924 Park Avenue Receivables 12-06-05 4.02 10,000,000(d) 9,993,300 12-19-05 4.09 10,000,000(d) 9,978,467 Short-Term Securities (7.7%)(f) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper (cont.) Park Granada LLC 12-09-05 4.05% $10,000,000(d) $9,989,875 12-12-05 4.09 10,000,000(d) 9,986,400 12-23-05 4.15 5,000,000(d) 4,986,775 12-28-05 4.19 10,000,000(d) 9,967,489 12-30-05 4.20 10,000,000(d) 9,965,083 Ranger Funding LLC 12-27-05 4.17 5,000,000(d) 4,984,400 Thames Asset Global Securitization 12-13-05 4.06 10,000,000(d) 9,985,375 12-19-05 4.11 5,000,000(d) 4,989,181 12-22-05 4.13 5,000,000(d) 4,987,411 Total Short-Term Securities (Cost: $154,371,956) $154,354,397 Total Investments in Securities (Cost: $1,922,390,509)(h) $1,991,792,269 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 9.5% of net assets. (d) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $154,354,397 or 7.7% of net assets. (e) At Nov. 30, 2005, security was partially or fully on loan. (f) Cash collateral received from security lending activity is invested in short-term securities and represents 0.3% of net assets. 7.4% of net assets is the Fund's cash equivalent position. (g) Partially pledged as initial margin deposit on the following open stock index futures contracts. Type of security Contracts Purchase contracts S&P 500 Index, Dec. 2005 299 (h) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $1,922,391,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $104,939,000 Unrealized depreciation (35,538,000) ----------- Net unrealized appreciation $ 69,401,000 ------------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 72 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- S&P 500 Index Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (99.0%) Issuer Shares Value(a) Aerospace & Defense (2.2%) Boeing 27,106 $1,848,359 General Dynamics 6,636 758,495 Goodrich 4,018 154,773 Honeywell Intl 28,247 1,032,145 L-3 Communications Holdings 3,915 291,668 Lockheed Martin 12,024 728,654 Northrop Grumman 11,790 676,392 Raytheon 14,903 572,573 Rockwell Collins 5,832 266,522 United Technologies 33,852 1,822,592 Total 8,152,173 Air Freight & Logistics (1.0%) FedEx 10,004 976,590 Ryder System 2,117 89,824 United Parcel Service Cl B 36,573 2,849,037 Total 3,915,451 Airlines (0.1%) Southwest Airlines 22,884 377,586 Auto Components (0.2%) Cooper Tire & Rubber 2,019 29,699 Dana 4,969 34,634 Goodyear Tire & Rubber 5,815(b) 99,611 Johnson Controls 6,356 441,425 Visteon 4,249 28,723 Total 634,092 Automobiles (0.4%) Ford Motor 61,207 497,612 General Motors 18,682 409,136 Harley-Davidson 9,066 488,295 Total 1,395,043 Beverages (2.2%) Anheuser-Busch Companies 25,657 1,122,237 Brown-Forman Cl B 2,744 188,952 Coca-Cola 68,584 2,927,851 Coca-Cola Enterprises 9,960 191,431 Constellation Brands Cl A 6,470(b) 152,821 Molson Coors Brewing Cl B 1,885 125,522 Pepsi Bottling Group 4,584 135,228 PepsiCo 55,158 3,265,354 Total 8,109,396 Biotechnology (1.5%) Amgen 40,750(b) 3,297,898 Applera-Applied Biosystems Group 6,452(e) 177,946 Biogen Idec 11,174(b) 478,359 Chiron 3,596(b) 159,303 Genzyme 8,482(b) 630,552 Gilead Sciences 15,060(b) 763,391 MedImmune 8,140(b) 292,307 Total 5,799,756 Common Stocks (continued) Issuer Shares Value(a) Building Products (0.2%) American Standard Companies 6,057 $230,651 Masco 14,219 423,299 Total 653,950 Capital Markets (3.2%) Ameriprise Financial 8,196 344,642 Bank of New York 25,714 833,134 Bear Stearns Companies 3,717 412,550 Charles Schwab 34,326 523,472 E*TRADE Financial 13,370(b) 260,982 Federated Investors Cl B 2,800 102,312 Franklin Resources 4,905 455,576 Goldman Sachs Group 15,355 1,980,181 Janus Capital Group 7,363 141,149 Lehman Brothers Holdings 8,984 1,131,984 Mellon Financial 13,810 464,568 Merrill Lynch & Co 30,597 2,032,252 Morgan Stanley 35,877 2,010,188 Northern Trust 6,127 322,832 State Street 10,932 630,667 T Rowe Price Group 4,290 308,666 Total 11,955,155 Chemicals (1.5%) Air Products & Chemicals 7,325 433,420 Dow Chemical 31,863 1,441,800 Eastman Chemical 2,687 148,672 Ecolab 6,084 202,415 EI du Pont de Nemours & Co 30,372 1,298,403 Engelhard 3,967 117,027 Hercules 3,725(b) 43,806 Intl Flavors & Fragrances 2,696 87,728 Monsanto 8,876 650,345 PPG Inds 5,613 340,877 Praxair 10,678 555,256 Rohm & Haas 4,799 210,196 Sigma-Aldrich 2,228 147,137 Total 5,677,082 Commercial Banks (5.7%) AmSouth Bancorporation 11,578 307,859 Bank of America 132,714(d) 6,090,246 BB&T 18,085 769,517 Comerica 5,527 318,742 Compass Bancshares 4,110 199,171 Fifth Third Bancorp 18,366 739,599 First Horizon Natl 4,136 160,973 Huntington Bancshares 7,622 182,623 KeyCorp 13,515 448,157 M&T Bank 2,670 288,947 Marshall & Ilsley 6,840 293,983 Natl City 18,785 636,999 North Fork Bancorporation 15,806 426,749 PNC Financial Services Group 9,604 612,447 Regions Financial 15,213 512,526 SunTrust Banks 11,979 871,352 Common Stocks (continued) Issuer Shares Value(a) Commercial Banks (cont.) Synovus Financial 10,297 $289,861 US Bancorp 60,369 1,827,973 Wachovia 52,100 2,782,140 Wells Fargo & Co 55,753 3,504,077 Zions Bancorporation 2,978 225,226 Total 21,489,167 Commercial Services & Supplies (0.9%) Allied Waste Inds 7,202(b) 60,569 Apollo Group Cl A 4,833(b) 344,110 Avery Dennison 3,644 214,231 Cendant 34,556 614,059 Cintas 4,563 204,057 Equifax 4,300 164,690 H&R Block 10,722 262,046 Monster Worldwide 4,023(b) 156,495 Pitney Bowes 7,556 314,783 Robert Half Intl 5,597 214,141 RR Donnelley & Sons 7,088 242,410 Waste Management 18,570 555,429 Total 3,347,020 Communications Equipment (2.8%) ADC Telecommunications 3,851(b) 78,676 Andrew 5,369(b) 58,683 Avaya 14,009(b) 166,987 CIENA 19,095(b) 57,094 Cisco Systems 211,086(b) 3,702,449 Comverse Technology 6,648(b) 174,244 Corning 48,624(b) 984,636 JDS Uniphase 54,443(b) 139,919 Lucent Technologies 146,818(b) 409,622 Motorola 81,549 1,964,515 QUALCOMM 53,852 2,448,650 Scientific-Atlanta 5,060 214,139 Tellabs 14,783(b) 151,674 Total 10,551,288 Computers & Peripherals (3.8%) Apple Computer 27,414(b) 1,859,217 Dell 79,191(b) 2,388,401 EMC 79,626(b) 1,109,190 Gateway 8,707(b) 26,469 Hewlett-Packard 94,633 2,807,761 Intl Business Machines 52,708(d) 4,685,742 Lexmark Intl Cl A 3,921(b) 186,718 NCR 6,134(b) 208,249 Network Appliance 12,149(b) 353,779 QLogic 2,664(b) 88,072 Sun Microsystems 112,921(b) 425,712 Total 14,139,310 Construction & Engineering (0.1%) Fluor 2,869 212,593 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 73 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- S&P 500 Index Fund Common Stocks (continued) Issuer Shares Value(a) Construction Materials (0.1%) Vulcan Materials 3,377 $225,246 Consumer Finance (1.3%) American Express 40,984 2,107,397 Capital One Financial 9,540 792,392 MBNA 41,548 1,112,240 SLM 13,787 724,507 Total 4,736,536 Containers & Packaging (0.2%) Ball 3,608 148,722 Bemis 3,528 97,196 Pactiv 4,948(b) 100,148 Sealed Air 2,740(b) 141,685 Temple-Inland 3,730 156,175 Total 643,926 Distributors (0.1%) Genuine Parts 5,746 254,605 Diversified Financial Services (3.7%) CIT Group 6,665 329,918 Citigroup 170,771 8,290,931 JPMorgan Chase & Co 116,035 4,438,339 Moody's 8,350 502,253 Principal Financial Group 9,238 468,089 Total 14,029,530 Diversified Telecommunication Services (3.1%) ALLTEL 12,609 842,659 at&t 129,782 3,232,869 BellSouth 60,527 1,649,966 CenturyTel 4,295 142,165 Citizens Communications 11,338 147,961 Qwest Communications Intl 50,372(b) 263,949 Sprint Nextel 96,875 2,425,750 Verizon Communications 91,333 2,920,829 Total 11,626,148 Electric Utilities (2.3%) Allegheny Energy 5,377(b) 149,642 Ameren 6,730 353,056 American Electric Power 12,985 474,472 CenterPoint Energy 10,226 135,188 Cinergy 6,567 269,772 Consolidated Edison 8,074 367,690 DTE Energy 5,875 256,385 Edison Intl 10,761 485,536 Entergy 6,852 479,640 Exelon 22,144 1,152,374 FirstEnergy 10,896 511,676 FPL Group 13,014 551,663 PG&E 11,281 414,915 Pinnacle West Capital 3,267 135,548 PPL 12,536 368,558 Progress Energy 8,301 371,719 Southern 24,664 856,087 TECO Energy 6,865 120,069 TXU 7,925 813,343 Xcel Energy 13,307 246,313 Total 8,513,646 Common Stocks (continued) Issuer Shares Value(a) Electrical Equipment (0.5%) American Power Conversion 5,647 $126,549 Cooper Inds Cl A 3,055 222,221 Emerson Electric 13,642 1,031,472 Rockwell Automation 5,994 338,241 Total 1,718,483 Electronic Equipment & Instruments (0.3%) Agilent Technologies 16,323(b) 582,077 Jabil Circuit 5,685(b) 188,287 Molex 4,783 128,137 Sanmina-SCI 17,248(b) 71,407 Solectron 30,210(b) 108,454 Symbol Technologies 8,027 91,749 Tektronix 2,793 71,473 Total 1,241,584 Energy Equipment & Services (1.6%) Baker Hughes 11,251 645,245 BJ Services 10,648 390,249 Halliburton 16,787 1,068,493 Nabors Inds 5,205(b,c) 364,402 Natl Oilwell Varco 5,725(b) 347,050 Noble 4,512 325,180 Rowan Companies 3,600 129,168 Schlumberger 19,436 1,860,607 Transocean 10,859(b) 693,239 Weatherford Intl 5,435(b) 377,787 Total 6,201,420 Food & Staples Retailing (2.4%) Albertson's 12,172 286,042 Costco Wholesale 15,829 791,133 CVS 26,852 725,541 Kroger 23,914(b) 465,366 Safeway 14,823 344,635 SUPERVALU 4,489 146,880 SYSCO 20,907 675,714 Walgreen 33,774 1,542,796 Wal-Mart Stores 82,493 4,005,861 Total 8,983,968 Food Products (1.0%) Archer-Daniels-Midland 21,485 506,401 Campbell Soup 6,114(d) 184,704 ConAgra Foods 17,102 367,693 General Mills 12,094 574,829 Hershey 6,060 328,573 HJ Heinz 11,257 390,843 Kellogg 8,461 372,876 McCormick & Co 4,420 137,992 Sara Lee 25,915 468,025 Tyson Foods Cl A 8,300 139,689 WM Wrigley Jr 5,939 407,356 Total 3,878,981 Gas Utilities (0.1%) KeySpan 5,752 193,037 Nicor 1,458 58,466 NiSource 9,003 193,834 Peoples Energy 1,258 45,200 Total 490,537 Common Stocks (continued) Issuer Shares Value(a) Health Care Equipment & Supplies (2.1%) Bausch & Lomb 1,778 $144,480 Baxter Intl 20,564 799,734 Becton Dickinson & Co 8,260 480,980 Biomet 8,243(d) 293,616 Boston Scientific 19,502(b) 516,413 CR Bard 3,482 225,877 Fisher Scientific Intl 4,025(b) 259,532 Guidant 10,899 672,250 Hospira 5,277(b) 232,980 Medtronic 39,999 2,222,744 Millipore 1,700(b) 108,562 PerkinElmer 4,306 98,220 St Jude Medical 12,044(b) 575,342 Stryker 9,598 415,593 Thermo Electron 5,339(b) 164,708 Waters 3,796(b) 148,917 Zimmer Holdings 8,168(b) 511,889 Total 7,871,837 Health Care Providers & Services (3.0%) Aetna 9,574 885,499 AmerisourceBergen 3,424 275,118 Cardinal Health 14,103 901,887 Caremark Rx 14,865(b) 763,912 CIGNA 4,250 478,210 Coventry Health Care 5,325(b) 317,210 Express Scripts 4,910(b) 414,699 HCA 13,987 713,197 Health Management Associates Cl A 8,162 191,154 Humana 5,361(b) 245,695 IMS Health 7,455 182,275 Laboratory Corp of America Holdings 4,468(b) 231,845 Manor Care 2,614 103,070 McKesson 10,184 512,255 Medco Health Solutions 10,055(b) 539,451 Patterson Companies 4,555(b) 159,152 Quest Diagnostics 5,500 275,495 Tenet Healthcare 15,479(b) 121,046 UnitedHealth Group 41,718 2,497,238 WellPoint 20,272(b) 1,557,498 Total 11,365,906 Hotels, Restaurants & Leisure (1.4%) Carnival Unit 14,257 776,864 Darden Restaurants 4,433 158,613 Harrah's Entertainment 6,062 412,762 Hilton Hotels 10,822 237,218 Intl Game Technology 11,266 330,657 Marriott Intl Cl A 5,654 365,305 McDonald's 41,290 1,397,666 Starbucks 25,382(b,d) 772,882 Wendy's Intl 3,812 193,573 Yum! Brands 9,426 459,895 Total 5,105,435 Household Durables (0.7%) Black & Decker 2,662 233,750 Centex 4,242 304,788 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 74 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- S&P 500 Index Fund Common Stocks (continued) Issuer Shares Value(a) Household Durables (cont.) DR Horton 8,990 $318,605 Fortune Brands 4,819 375,688 KB HOME 2,566 179,030 Leggett & Platt 6,227 146,210 Lennar Cl A 4,420 254,946 Maytag 2,637 46,886 Newell Rubbermaid 9,100 209,937 Pulte Homes 7,090 295,157 Snap-On 1,911 71,414 Stanley Works 2,401 115,248 Whirlpool 2,209 180,807 Total 2,732,466 Household Products (2.3%) Clorox 5,009 271,889 Colgate-Palmolive 17,160 935,563 Kimberly-Clark 15,734 927,991 Procter & Gamble 113,323(d) 6,480,942 Total 8,616,385 Industrial Conglomerates (4.4%) 3M 25,266 1,982,876 General Electric 350,151(d) 12,507,393 Textron 4,423 348,975 Tyco Intl 66,848(c) 1,906,505 Total 16,745,749 Insurance (4.8%) ACE 10,464(c) 580,752 AFLAC 16,569 795,312 Allstate 21,696 1,217,146 Ambac Financial Group 3,530 270,716 American Intl Group 85,715 5,754,906 Aon 10,516 382,888 Chubb 6,556 634,883 Cincinnati Financial 5,770 256,938 Hartford Financial Services Group 9,893 864,351 Jefferson-Pilot 4,448 247,086 Lincoln Natl 5,700 296,286 Loews 4,478 432,485 Marsh & McLennan Companies 17,683 546,228 MBIA 4,431 273,747 MetLife 24,983 1,285,126 Progressive 6,513 801,034 Prudential Financial 16,942 1,311,311 Safeco 4,128 232,200 St Paul Travelers Companies 22,313 1,038,224 Torchmark 3,445 186,443 UnumProvident 9,841 216,502 XL Capital Cl A 4,640(c) 308,003 Total 17,932,567 Internet & Catalog Retail (0.6%) Amazon.com 10,130(b) 490,900 eBay 36,668(b) 1,643,093 Total 2,133,993 Internet Software & Services (0.4%) Yahoo! 41,420(b) 1,666,327 Common Stocks (continued) Issuer Shares Value(a) IT Services (1.0%) Affiliated Computer Services Cl A 4,150(b) $231,487 Automatic Data Processing 19,162 900,614 Computer Sciences 6,104(b) 306,604 Convergys 4,627(b) 76,808 Electronic Data Systems 17,140 395,077 First Data 25,486 1,102,778 Fiserv 6,211(b) 282,663 Paychex 10,999 466,468 Sabre Holdings Cl A 4,326 98,936 Unisys 11,253(b) 69,206 Total 3,930,641 Leisure Equipment & Products (0.2%) Brunswick 3,217 126,396 Eastman Kodak 9,483 227,308 Hasbro 5,915 120,784 Mattel 13,339 222,094 Total 696,582 Machinery (1.4%) Caterpillar 22,350 1,291,384 Cummins 1,533 136,437 Danaher 7,846 435,453 Deere & Co 7,966 552,442 Dover 6,685 270,408 Eaton 4,872 310,444 Illinois Tool Works 6,900 609,063 Ingersoll-Rand Cl A 11,138(c) 441,399 ITT Inds 3,061 332,914 Navistar Intl 2,039(b) 57,846 PACCAR 5,665 407,087 Pall 4,107 114,010 Parker Hannifin 3,950 270,220 Total 5,229,107 Media (3.3%) Clear Channel Communications 17,927 583,703 Comcast Cl A 72,578(b) 1,916,060 Dow Jones & Co 1,939 66,139 Gannett 8,059 496,596 Interpublic Group of Companies 13,973(b) 130,228 Knight Ridder 2,288 138,195 McGraw-Hill Companies 12,342 654,743 Meredith 1,387 70,737 New York Times Cl A 4,800 132,000 News Corp Cl A 80,910 1,198,277 Omnicom Group 6,015 508,628 Time Warner 155,053 2,787,854 Tribune 8,761 280,089 Univision Communications Cl A 7,602(b) 229,808 Viacom Cl B 52,366 1,749,024 Walt Disney 66,399 1,655,327 Total 12,597,408 Metals & Mining (0.7%) Alcoa 28,813 789,764 Allegheny Technologies 2,776 91,552 Common Stocks (continued) Issuer Shares Value(a) Metals & Mining (cont.) Freeport-McMoRan Copper & Gold Cl B 5,862 $305,469 Newmont Mining 14,739 679,763 Nucor 5,158 345,999 Phelps Dodge 3,200 434,144 United States Steel 3,773 179,595 Total 2,826,286 Multiline Retail (1.1%) Big Lots 3,762(b) 46,235 Dillard's Cl A 2,130 44,666 Dollar General 10,606 200,559 Family Dollar Stores 5,112 115,071 Federated Dept Stores 8,753 563,956 JC Penney 8,268 433,822 Kohl's 11,382(b) 523,572 Nordstrom 7,318 269,888 Sears Holdings 3,380(b) 388,768 Target 29,225 1,563,830 Total 4,150,367 Multi-Utilities & Unregulated Power (0.9%) AES 21,573(b) 340,206 Calpine 18,765(b) 9,570 CMS Energy 7,246(b) 101,299 Constellation Energy Group 5,876 311,369 Dominion Resources 11,261 855,273 Duke Energy 30,599 821,889 Dynegy Cl A 9,952(b) 47,670 Public Service Enterprise Group 7,898 495,363 Sempra Energy 8,461 371,861 Total 3,354,500 Office Electronics (0.1%) Xerox 31,690(b,d) 449,998 Oil & Gas (7.5%) Amerada Hess 2,634 322,718 Anadarko Petroleum 7,807 707,392 Apache 10,864 709,202 Ashland 2,449 136,532 Burlington Resources 12,592 909,772 Chevron 74,384 4,262,947 ConocoPhillips 45,978 2,782,129 Devon Energy 14,966 900,953 El Paso 21,773 239,285 EOG Resources 7,928 568,834 Exxon Mobil 208,258 12,085,212 Kerr-McGee 3,811 329,461 Kinder Morgan 3,471 314,473 Marathon Oil 12,090 716,816 Murphy Oil 5,425 268,321 Occidental Petroleum 13,201 1,046,839 Sunoco 4,516 348,635 Valero Energy 10,090 970,658 Williams Companies 18,895 406,243 XTO Energy 11,936 485,676 Total 28,512,098 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 75 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- S&P 500 Index Fund Common Stocks (continued) Issuer Shares Value(a) Paper & Forest Products (0.5%) Georgia-Pacific 8,596 $406,505 Intl Paper 16,206 510,975 Louisiana-Pacific 3,660 98,710 MeadWestvaco 6,073 169,983 Weyerhaeuser 8,089 536,382 Total 1,722,555 Personal Products (0.1%) Alberto-Culver 2,490 108,265 Avon Products 15,546 425,183 Total 533,448 Pharmaceuticals (6.0%) Abbott Laboratories 51,344 1,936,182 Allergan 4,320 432,000 Bristol-Myers Squibb 64,601 1,394,736 Eli Lilly & Co 37,448 1,891,124 Forest Laboratories 11,230(b) 438,756 Johnson & Johnson 98,255 6,067,246 King Pharmaceuticals 7,985(b) 125,604 Merck & Co 72,519 2,132,059 Mylan Laboratories 7,220 150,826 Pfizer 243,448(d) 5,161,098 Schering-Plough 48,765 942,140 Watson Pharmaceuticals 3,442(b) 114,825 Wyeth 44,303 1,841,233 Total 22,627,829 Real Estate Investment Trust (0.9%) Apartment Investment & Management Cl A 3,150 122,000 Archstone-Smith Trust 6,990 292,252 Equity Office Properties Trust 13,559 422,769 Equity Residential 9,489 386,772 Plum Creek Timber 6,079 236,838 ProLogis 8,145 369,457 Public Storage 2,730 192,738 Simon Property Group 6,049 467,647 Starwood Hotels & Resorts Worldwide Unit 7,195 435,298 Vornado Realty Trust 3,890 332,012 Total 3,257,783 Road & Rail (0.6%) Burlington Northern Santa Fe 12,339 816,596 CSX 7,166 348,554 Norfolk Southern 13,366 591,312 Union Pacific 8,712 666,816 Total 2,423,278 Semiconductors & Semiconductor Equipment (3.3%) Advanced Micro Devices 13,160(b) 344,529 Altera 12,309(b) 224,762 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (cont.) Analog Devices 12,303 $466,530 Applied Materials 53,596 970,624 Applied Micro Circuits 10,088(b) 26,632 Broadcom Cl A 9,334(b) 434,404 Freescale Semiconductor Cl B 13,382(b) 345,256 Intel 201,257 5,369,537 KLA-Tencor 6,523 333,912 Linear Technology 10,138 378,249 LSI Logic 12,909(b) 105,983 Maxim Integrated Products 10,835 396,019 Micron Technology 20,349(b) 290,177 Natl Semiconductor 11,338 293,427 Novellus Systems 4,580(b) 112,989 NVIDIA 5,571(b) 201,503 PMC-Sierra 6,024(b) 47,409 Teradyne 6,494(b) 95,007 Texas Instruments 53,613 1,741,350 Xilinx 11,551 305,408 Total 12,483,707 Software (3.6%) Adobe Systems 16,236 529,456 Autodesk 7,542 314,652 BMC Software 7,201(b) 147,548 Citrix Systems 5,625(b) 152,663 Computer Associates Intl 15,302 436,260 Compuware 12,814(b) 118,273 Electronic Arts 10,024(b) 564,953 Intuit 5,986(b) 320,670 Mercury Interactive 2,857(b) 79,425 Microsoft 304,304(d) 8,432,263 Novell 12,614(b) 98,137 Oracle 124,570(b) 1,565,845 Parametric Technology 9,023(b) 52,785 Siebel Systems 17,254 181,167 Symantec 35,739(b) 631,508 Total 13,625,605 Specialty Retail (2.3%) AutoNation 5,960(b) 123,491 AutoZone 1,836(b) 163,514 Bed Bath & Beyond 9,765(b) 416,575 Best Buy 13,373 645,114 Circuit City Stores 5,434 113,734 Gap 19,140 332,653 Home Depot 70,697 2,953,720 Limited Brands 11,533 256,609 Lowe's Companies 25,755 1,737,947 Office Depot 10,449(b) 310,126 OfficeMax 2,331 68,019 RadioShack 4,438 101,231 Sherwin-Williams 3,757 164,707 Common Stocks (continued) Issuer Shares Value(a) Specialty Retail (cont.) Staples 24,282 $560,914 Tiffany & Co 4,705 191,494 TJX Companies 15,388 344,845 Total 8,484,693 Textiles, Apparel & Luxury Goods (0.4%) Coach 12,560(b) 432,441 Jones Apparel Group 3,912 112,509 Liz Claiborne 3,542 123,545 Nike Cl B 6,311 538,329 Reebok Intl 1,733 99,786 VF 2,948 167,004 Total 1,473,614 Thrifts & Mortgage Finance (1.6%) Countrywide Financial 19,636 683,529 Fannie Mae 31,973 1,536,303 Freddie Mac 22,824 1,425,359 Golden West Financial 8,436 546,568 MGIC Investment 3,073 200,052 Sovereign Bancorp 11,946 261,140 Washington Mutual 32,951 1,357,252 Total 6,010,203 Tobacco (1.4%) Altria Group 68,551 4,989,826 Reynolds American 2,825 251,482 UST 5,425 209,297 Total 5,450,605 Trading Companies & Distributors (--%) WW Grainger 2,506 175,996 Total Common Stocks (Cost: $330,708,568) $373,140,640 Short-Term Securities (1.4%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.05% $2,000,000(f) $1,999,775 Sheffield Receivables 12-05-05 4.03 3,400,000(f) 3,398,097 Total Short-Term Securities (Cost: $5,398,478) $5,397,872 Total Investments in Securities (Cost: $336,107,046)(g) $378,538,512 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 76 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- S&P 500 Index Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 1.0% of net assets. (d) Partially pledged as initial margin deposit on the following open stock index futures contracts. Type of security Contracts Purchase contracts E-Mini S&P 500 Index, Dec. 2005 84 (e) Shareholders of tracking stocks have a financial interest only in a unit or division of the company. Unlike the common stock of the company itself, a tracking stock usually has limited or no voting rights. In the event of a company's liquidation, tracking stock shareholders typically do not have a legal claim on the company's assets. (f) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $5,397,872 or 1.4% of net assets. (g) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $336,107,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 63,847,000 Unrealized depreciation (21,415,000) ----------- Net unrealized appreciation $ 42,432,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 77 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Select Value Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (89.7%) Issuer Shares Value(a) Aerospace & Defense (3.7%) Curtiss-Wright 1,000 $58,600 GenCorp 5,000(b) 91,300 Honeywell Intl 8,000 292,320 Kaman 3,000 57,630 Precision Castparts 3,000 152,970 Sequa Cl A 3,000(b) 189,600 Sequa Cl B 1,000(b) 64,000 Total 906,420 Auto Components (1.0%) BorgWarner 1,000 60,000 Dana 7,000 48,790 Midas 2,000(b) 37,760 Modine Mfg 2,500 83,225 Proliance Intl 589(b) 3,216 Total 232,991 Automobiles (0.2%) Coachmen Inds 4,000 48,520 Beverages (3.4%) Brown-Forman Cl A 3,000 209,280 Coca-Cola 6,000 256,140 Diageo ADR 2,500(c) 145,375 Fomento Economico Mexicano ADR 2,000(c) 135,980 PepsiAmericas 1,000 22,860 Pernod-Ricard ADR 1,516(c) 62,064 Total 831,699 Building Products (0.8%) Griffon 7,000(b) 170,520 Water Pik Technologies 1,500(b) 31,290 Total 201,810 Capital Markets (1.0%) Deutsche Bank 1,000(c) 97,420 Merrill Lynch & Co 1,000 66,420 T Rowe Price Group 1,000 71,950 Total 235,790 Chemicals (2.1%) Ferro 17,000 321,300 Hercules 5,000(b) 58,800 Sensient Technologies 7,000 127,190 Total 507,290 Commercial Banks (1.2%) Bank of America 2,000 91,780 M&T Bank 500 54,110 PNC Financial Services Group 1,000 63,770 Wilmington Trust 2,000 80,980 Total 290,640 Common Stocks (continued) Issuer Shares Value(a) Commercial Services & Supplies (1.9%) Allied Waste Inds 7,000(b) $58,870 Nashua 10,000(b) 76,000 Republic Services 2,000 71,700 Rollins 2,000 40,700 Waste Management 7,000 209,370 Total 456,640 Communications Equipment (0.5%) Corning 2,000(b) 40,500 Motorola 3,000 72,270 Total 112,770 Computers & Peripherals (0.2%) UNOVA 2,000(b) 56,260 Containers & Packaging (0.2%) Greif Cl A 1,000 60,050 Distributors (0.5%) Genuine Parts 3,000 132,930 Diversified Telecommunication Services (2.2%) BCE 3,000(c) 71,166 CenturyTel 1,000 33,100 Cincinnati Bell 10,000(b) 39,000 Citizens Communications 5,000 65,250 Commonwealth Telephone Enterprises 3,000 103,980 Qwest Communications Intl 7,500(b) 39,300 Sprint Nextel 7,000 175,280 Total 527,076 Electric Utilities (3.7%) Allegheny Energy 2,500(b) 69,575 DPL 8,000 204,400 Duquesne Light Holdings 1,500 25,425 Edison Intl 3,000 135,360 El Paso Electric 1,000(b) 21,630 FPL Group 2,000 84,780 Northeast Utilities 1,000 18,580 NSTAR 2,000 56,180 Unisource Energy 1,000 32,360 Westar Energy 3,000 67,860 Xcel Energy 10,000 185,100 Total 901,250 Electrical Equipment (3.6%) Cooper Inds Cl A 5,000 363,700 GrafTech Intl 5,000(b) 32,700 Thomas & Betts 12,000(b) 480,480 Total 876,880 Electronic Equipment & Instruments (0.5%) CTS 8,000 96,240 Paxar 1,000(b) 19,130 Total 115,370 Common Stocks (continued) Issuer Shares Value(a) Energy Equipment & Services (0.5%) RPC 2,000 $66,400 Transocean 1,000(b) 63,840 Total 130,240 Food & Staples Retailing (1.2%) Albertson's 7,000 164,500 Safeway 4,000 93,000 Topps 5,000 39,700 Total 297,200 Food Products (5.8%) Archer-Daniels-Midland 5,000 117,850 Cadbury Schweppes ADR 3,000(c) 115,740 Campbell Soup 1,000 30,210 Corn Products Intl 2,000 44,500 Del Monte Foods 2,000(b) 19,760 Dreyer's Grand Ice Cream Holdings 3,500 289,450 Flowers Foods 3,000 77,760 General Mills 9,000 427,770 Groupe Danone ADR 4,000(c) 82,480 Hershey 500 27,110 HJ Heinz 2,000 69,440 WM Wrigley Jr 2,000 137,180 Total 1,439,250 Gas Utilities (0.3%) ONEOK 1,000 27,430 Southwest Gas 2,000 53,360 Total 80,790 Health Care Equipment & Supplies (0.7%) Conmed 2,000(b) 45,180 INAMED 400(b) 33,536 Sybron Dental Specialties 2,000(b) 87,480 Total 166,196 Health Care Providers & Services (2.3%) Beverly Enterprises 10,000(b) 119,200 Chemed 1,600 81,120 Henry Schein 2,000(b) 85,300 IMS Health 5,000 122,250 Patterson Companies 2,000(b) 69,880 Renal Care Group 2,000(b) 93,900 Total 571,650 Hotels, Restaurants & Leisure (5.2%) Aztar 10,000(b) 313,100 Churchill Downs 8,000 303,040 Gaylord Entertainment 1,000(b) 43,260 GTECH Holdings 2,000 61,200 Hilton Group 40,000(c) 231,553 Hilton Hotels 2,000 43,840 Kerzner Intl 500(b,c) 32,505 Las Vegas Sands 2,000(b) 83,420 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 78 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Select Value Fund Common Stocks (continued) Issuer Shares Value(a) Hotels, Restaurants & Leisure (cont.) MGM Mirage 3,500(b) $133,385 Pinnacle Entertainment 2,000(b) 47,780 Total 1,293,083 Household Durables (3.7%) Cavalier Homes 12,000(b) 70,200 Cavco Inds 4,000(b) 157,000 Champion Enterprises 15,000(b) 217,050 Fleetwood Enterprises 10,000(b) 114,100 Palm Harbor Homes 5,000(b) 94,150 Skyline 6,000 229,500 Southern Energy Homes 2,000(b) 11,950 Total 893,950 Household Products (1.4%) Church & Dwight 750 24,915 Clorox 1,000 54,280 Energizer Holdings 600(b) 31,626 Procter & Gamble 4,000 228,760 Total 339,581 Industrial Conglomerates (1.6%) Alleghany 500(b) 147,095 Tredegar 5,000 62,500 Tyco Intl 6,000(c) 171,120 Total 380,715 Insurance (0.2%) Unitrin 1,000 47,400 Internet & Catalog Retail (0.4%) IAC/InterActiveCorp 3,800(b) 104,918 Internet Software & Services (1.1%) Yahoo! 6,400(b) 257,472 Machinery (5.5%) CIRCOR Intl 2,000 52,100 Clarcor 4,000 118,680 CNH Global 6,000(c) 100,800 Crane 5,000 158,750 Deere & Co 2,000 138,700 Flowserve 2,000(b) 74,720 ITT Inds 4,500 489,420 Navistar Intl 2,000(b) 56,740 Oshkosh Truck 2,000 89,860 Watts Water Technologies Cl A 3,000 86,670 Total 1,366,440 Media (17.4%) Cablevision Systems Cl A 18,000(b) 425,881 Comcast Cl A 2,000(b) 52,800 DIRECTV Group 3,500(b) 46,165 Discovery Holding Cl A 1,500(b) 23,415 Dow Jones & Co 1,000 34,110 EchoStar Communications Cl A 9,000 232,560 EW Scripps Cl A 6,000 278,100 Common Stocks (continued) Issuer Shares Value(a) Media (cont.) Fisher Communications 3,500(b) $159,285 Gemstar-TV Guide Intl 32,000(b) 84,800 Gray Television 2,000 17,840 Grupo Televisa ADR 1,000(c) 79,400 Knight-Ridder 1,200 72,480 Liberty Global Cl A 4,000(b) 89,240 Liberty Global Series C 4,000(b) 83,080 Liberty Media Cl A 15,000(b) 115,200 LIN TV Cl A 5,000(b) 65,400 McClatchy Cl A 1,000 61,610 McGraw-Hill Companies 2,000 106,100 Media General Cl A 3,000 152,100 New York Times Cl A 500 13,750 News Corp Cl A 16,120 238,737 Paxson Communications 2,000(b) 1,900 Reader's Digest Assn 2,000 31,060 Rogers Communications Cl B 5,000(c) 191,050 Sinclair Broadcast Group Cl A 16,000 153,920 Time Warner 18,000 323,640 Tribune 8,000 255,760 Viacom Cl A 10,000 334,800 Vivendi Universal ADR 10,000(c) 289,500 Walt Disney 10,000 249,300 Young Broadcasting Cl A 7,000(b) 13,160 Total 4,276,143 Metals & Mining (0.6%) Newmont Mining 3,000 138,360 Multi-Utilities & Unregulated Power (0.6%) Aquila 12,000(b) 42,600 CMS Energy 5,000(b) 69,900 Energy East 1,000 23,450 Total 135,950 Oil & Gas (4.5%) BP ADR 1,000(c) 65,840 Burlington Resources 1,000 72,250 Cabot Oil & Gas 1,000 42,210 Chevron 5,858 335,722 ConocoPhillips 1,000 60,510 Devon Energy 3,000 180,600 El Paso 3,000 32,970 Exxon Mobil 1,000 58,030 Kerr-McGee 500 43,225 Royal Dutch Shell ADR Series A 2,500(c) 154,050 Spinnaker Exploration 1,000(b) 65,270 Total 1,110,677 Pharmaceuticals (2.5%) Bristol-Myers Squibb 2,000 43,180 Eli Lilly & Co 5,000 252,500 Merck & Co 2,000 58,800 Pfizer 12,000 254,400 Total 608,880 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (0.7%) Texas Instruments 5,000 $162,400 Software (0.6%) Siebel Systems 15,000 157,500 Specialty Retail (1.0%) AutoNation 2,000(b) 41,440 CSK Auto 10,000(b) 155,000 Rent-A-Center 2,000(b) 39,100 Total 235,540 Thrifts & Mortgage Finance (1.5%) Commercial Federal 10,800 371,952 Tobacco (0.6%) Swedish Match 12,000(c) 137,082 Trading Companies & Distributors (0.3%) GATX 2,000 75,280 Water Utilities (0.2%) SJW 1,000 51,000 Wireless Telecommunication Services (2.6%) O2 23,000(c) 77,621 Telephone & Data Systems 1,500 54,825 Telephone & Data Systems Special Shares 1,500 52,575 US Cellular 8,700(b) 441,960 Total 626,981 Total Common Stocks (Cost: $21,159,677) $21,951,016 Short-Term Securities (11.4%) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agency (6.1%) Federal Natl Mtge Assn Disc Nt 12-13-05 3.95% $1,500,000 $1,497,866 Commercial Paper (5.3%) BNP Paribas Finance 12-01-05 4.04 600,000 599,933 Deutsche Bank 12-01-05 4.04 700,000 699,921 Total 1,299,854 Total Short-Term Securities (Cost: $2,798,030) $2,797,720 Total Investments in Securities (Cost: $23,957,707)(d) $24,748,736 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 79 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Select Value Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 9.2% of net assets. (d) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $23,958,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 1,887,000 Unrealized depreciation (1,096,000) ---------- Net unrealized appreciation $ 791,000 ----------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 80 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP-- Short Duration U.S. Government Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (100.9%) Issuer Coupon Principal Value(a) rate amount U.S. Government Obligations & Agencies (51.0%) Federal Farm Credit Bank 07-17-06 2.13% $3,200,000 $3,153,024 10-02-06 2.38 3,000,000 2,944,782 04-05-07 2.15 6,600,000 6,385,236 06-19-07 6.75 2,565,000 2,642,599 10-10-08 4.25 4,040,000 3,993,055 Federal Home Loan Bank 05-15-06 3.00 5,000,000 4,968,470 05-15-06 5.38 3,500,000 3,514,980 09-15-06 3.50 6,035,000 5,981,095 10-19-07 4.13 15,000,000 14,843,580 04-18-08 4.13 8,290,000 8,182,487 11-21-08 4.63 2,215,000 2,208,590 Federal Home Loan Mtge Corp 01-30-07 3.00 2,500,000 2,446,150 12-20-07 3.53 450,000 439,737 10-15-08 5.13 2,610,000 2,637,238 Federal Natl Mtge Assn 02-15-06 5.50 3,650,000 3,658,632 04-13-06 2.15 4,650,000 4,614,204 03-02-07 3.00 3,855,000 3,776,354 05-15-07 3.88 5,000,000 4,944,350 10-15-08 4.50 1,400,000 1,391,373 11-17-08 3.88 150,000 146,481 U.S. Treasury 01-31-06 1.88 23,795,000(i) 23,714,145 11-30-06 2.88 15,515,000 15,277,434 02-15-07 2.25 18,585,000 18,110,934 02-28-07 3.38 10,900,000 10,758,638 06-30-07 3.63 39,400,000 38,927,515 11-30-07 4.25 27,425,000 27,337,158 02-15-08 3.38 8,565,000 8,378,977 08-15-23 6.25 4,210,000 4,926,193 02-15-26 6.00 7,380,000 8,506,889 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 5,115,139(l) 4,903,719 Total 243,714,019 Asset-Backed (2.2%) Capital Auto Receivables Asset Trust Series 2005-1 Cl A4 07-15-09 4.05 2,500,000 2,453,900 Chase Funding Mtge Loan Series 2004-2 Cl 2A1 01-25-25 4.32 48,142(h) 48,142 Franklin Auto Trust Series 2004-2 Cl A4 (MBIA) 08-15-12 3.93 5,000,000(c) 4,888,635 Morgan Stanley Auto Loan Trust Series 2004-HB2 Cl A3 03-16-09 2.94 2,500,000 2,451,909 Residential Asset Securities Series 2002-KS1 Cl AI4 (AMBAC) 11-25-29 5.86 116,155(c) 115,735 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Asset-Backed (cont.) Small Business Administration Participation Ctfs Series 2001-10B Cl 1 09-10-11 5.89% $393,647 $403,311 Small Business Administration Participation Ctfs Series 2001-20H Cl 1 08-01-21 6.34 352,366 370,389 Total 10,732,021 Commercial Mortgage-Backed (1.6%)(f) Citigroup Commercial Mtge Trust Series 2005-C3 Cl A1 05-15-43 4.39 4,759,508 4,687,304 Federal Natl Mtge Assn #360800 01-01-09 5.74 905,281 920,901 Federal Natl Mtge Assn #381990 10-01-09 7.11 471,186 503,025 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A2 08-15-29 4.19 1,500,000 1,461,615 Total 7,572,845 Mortgage-Backed (46.1%)(f,j) Bear Stearns Alternative Trust Series 2005-5 Cl 1A1 07-25-35 4.41 1,910,461(h) 1,912,830 Citigroup Mtge Loan Trust Series 2005-5 Cl 1A2 08-25-35 5.41 3,530,286(g) 3,534,147 Countrywide Alternative Loan Trust Series 2005-6CB Cl 1A1 04-25-35 7.50 1,103,760 1,141,165 Countrywide Home Loans Series 2005-R2 Cl 2A1 06-25-35 7.00 2,679,917(d) 2,758,441 CS First Boston Mtge Securities Series 2005-10 Cl 4A1 11-25-35 6.50 1,721,572 1,749,547 CS First Boston Mtge Securities Series 2005-8 Cl 7A1 09-25-35 7.00 2,349,202 2,402,238 Federal Home Loan Mtge Corp 01-15-18 5.00 1,502,596 1,494,525 Federal Home Loan Mtge Corp #782436 10-01-34 5.01 1,335,342(g) 1,322,403 Federal Home Loan Mtge Corp #A18107 01-01-34 5.50 2,410,468 2,379,930 Federal Home Loan Mtge Corp #B10776 11-01-13 5.00 133,554 132,101 Federal Home Loan Mtge Corp #B16408 09-01-19 5.50 1,737,781 1,745,800 Federal Home Loan Mtge Corp #C73304 11-01-32 7.00 384,689 400,814 Federal Home Loan Mtge Corp #D95319 03-01-22 6.00 168,926 171,515 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Home Loan Mtge Corp #E00489 06-01-12 7.00% $11,112 $11,545 Federal Home Loan Mtge Corp #E81240 06-01-15 7.50 1,533,535 1,630,177 Federal Home Loan Mtge Corp #E92454 11-01-17 5.00 995,960 983,559 Federal Home Loan Mtge Corp #E93465 11-01-17 5.50 1,208,118 1,214,668 Federal Home Loan Mtge Corp #E95188 03-01-18 6.00 594,314 606,526 Federal Home Loan Mtge Corp #E96579 06-01-13 4.50 819,039 795,686 Federal Home Loan Mtge Corp #G10669 03-01-12 7.50 675,076 713,885 Federal Home Loan Mtge Corp #G11243 04-01-17 6.50 1,693,257 1,748,528 Federal Home Loan Mtge Corp Collateralized Mtge Obligation 06-15-16 7.00 1,609,774 1,668,130 12-15-28 5.50 1,180,000 1,184,856 Federal Home Loan Mtge Corp Collateralized Mtge Obligation Interest Only 02-15-14 17.16 1,150,940(e) 65,074 07-15-17 7.50 1,475,407(e) 174,821 10-15-22 14.56 763,346(e) 46,786 03-15-25 11.74 2,086,956(e) 164,436 Federal Home Loan Mtge Corp Collateralized Mtge Obligation Interest Only/Inverse Floater 11-15-19 20.00 2,402,747(e,k) 195,185 Federal Natl Mtge Assn 01-01-35 5.00 3,800,000(b) 3,651,564 12-01-35 6.50 6,500,000(b) 6,654,376 01-01-36 6.00 5,000,000(b) 5,018,751 Federal Natl Mtge Assn #252211 01-01-29 6.00 139,593 140,763 Federal Natl Mtge Assn #252409 03-01-29 6.50 1,732,342 1,803,992 Federal Natl Mtge Assn #254369 06-01-12 6.00 1,468,933 1,502,263 Federal Natl Mtge Assn #254384 06-01-17 7.00 468,528 487,298 Federal Natl Mtge Assn #254723 05-01-23 5.50 4,358,647 4,335,107 Federal Natl Mtge Assn #254748 04-01-13 5.50 1,324,237 1,331,737 Federal Natl Mtge Assn #254757 05-01-13 5.00 1,303,836 1,290,019 Federal Natl Mtge Assn #254774 05-01-13 5.50 1,080,736 1,085,999 Federal Natl Mtge Assn #254864 08-01-13 4.50 1,664,812 1,624,259 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 81 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP-- Short Duration U.S. Government Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #255488 10-01-14 5.50% $1,656,498 $1,668,975 Federal Natl Mtge Assn #255501 09-01-14 6.00 1,576,227 1,611,991 Federal Natl Mtge Assn #313470 08-01-10 7.50 478,409 496,306 Federal Natl Mtge Assn #323133 04-01-13 5.50 57,992 58,416 Federal Natl Mtge Assn #323980 04-01-14 6.00 293,078 299,418 Federal Natl Mtge Assn #357324 01-01-33 5.00 4,092,462 3,952,993 Federal Natl Mtge Assn #357485 02-01-34 5.50 5,444,850 5,375,800 Federal Natl Mtge Assn #507182 07-01-14 6.00 123,515 126,219 Federal Natl Mtge Assn #512232 05-01-29 7.00 47,710 49,955 Federal Natl Mtge Assn #535168 12-01-14 5.50 193,652 194,968 Federal Natl Mtge Assn #545818 07-01-17 6.00 1,684,005 1,724,920 Federal Natl Mtge Assn #545864 08-01-17 5.50 2,189,483 2,205,128 Federal Natl Mtge Assn #545910 08-01-17 6.00 1,973,895 2,021,853 Federal Natl Mtge Assn #555063 11-01-17 5.50 2,603,254 2,620,181 Federal Natl Mtge Assn #555343 08-01-17 6.00 770,787 787,569 Federal Natl Mtge Assn #555367 03-01-33 6.00 3,615,978 3,640,285 Federal Natl Mtge Assn #555375 04-01-33 6.00 175,600 177,385 Federal Natl Mtge Assn #555387 04-01-33 4.62 2,563,622(g) 2,588,617 Federal Natl Mtge Assn #555740 08-01-18 4.50 218,704 211,852 Federal Natl Mtge Assn #602630 10-01-31 7.00 256,135 267,572 Federal Natl Mtge Assn #606789 10-01-31 7.00 2,788,206 2,912,701 Federal Natl Mtge Assn #626720 01-01-17 6.00 573,539 586,038 Federal Natl Mtge Assn #630992 09-01-31 7.00 1,066,358 1,125,926 Federal Natl Mtge Assn #630993 09-01-31 7.50 876,363 922,077 Federal Natl Mtge Assn #633672 06-01-17 6.00 428,500 438,913 Federal Natl Mtge Assn #636720 05-01-17 5.50 146,512 147,332 Federal Natl Mtge Assn #638210 05-01-32 6.50 183,403 189,447 Federal Natl Mtge Assn #648040 06-01-32 6.50 815,713 836,461 Federal Natl Mtge Assn #648349 06-01-17 6.00 1,465,866 1,501,480 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #648679 07-01-32 6.00% $3,210,445 $3,232,027 Federal Natl Mtge Assn #650501 06-01-17 6.50 2,917,421 3,007,665 Federal Natl Mtge Assn #654413 09-01-32 7.00 195,063 203,708 Federal Natl Mtge Assn #656562 02-01-33 7.00 396,557 417,665 Federal Natl Mtge Assn #665752 09-01-32 6.50 690,201 707,756 Federal Natl Mtge Assn #668412 02-01-18 5.50 769,878 775,204 Federal Natl Mtge Assn #670387 08-01-32 7.00 23,074 24,104 Federal Natl Mtge Assn #671054 01-01-33 7.00 32,400 33,836 Federal Natl Mtge Assn #671174 02-01-33 4.61 730,136(g) 720,467 Federal Natl Mtge Assn #675692 02-01-18 6.00 544,591 556,449 Federal Natl Mtge Assn #678940 02-01-18 5.50 1,092,486 1,099,408 Federal Natl Mtge Assn #679183 02-01-18 5.50 1,209,907 1,218,618 Federal Natl Mtge Assn #684588 03-01-33 6.50 257,770 265,464 Federal Natl Mtge Assn #688181 03-01-33 6.00 1,831,011 1,843,319 Federal Natl Mtge Assn #695838 04-01-18 5.50 321,398 323,438 Federal Natl Mtge Assn #696154 04-01-33 4.57 1,938,187(g) 1,910,976 Federal Natl Mtge Assn #696711 05-01-18 5.50 1,285,467 1,297,880 Federal Natl Mtge Assn #696714 05-01-18 5.50 453,647 457,945 Federal Natl Mtge Assn #701937 04-01-33 6.00 195,938 197,120 Federal Natl Mtge Assn #704610 06-01-33 5.50 4,216,394 4,162,922 Federal Natl Mtge Assn #705655 05-01-33 5.00 1,813,458 1,750,998 Federal Natl Mtge Assn #720378 06-01-18 4.50 1,782,784 1,729,059 Federal Natl Mtge Assn #722325 07-01-33 4.97 780,582(g) 769,536 Federal Natl Mtge Assn #723448 07-01-13 5.00 1,012,063 1,008,725 Federal Natl Mtge Assn #725232 03-01-34 5.00 4,154,785 4,011,685 Federal Natl Mtge Assn #725425 04-01-34 5.50 4,761,714 4,701,327 Federal Natl Mtge Assn #725431 08-01-15 5.50 2,895,298 2,916,466 Federal Natl Mtge Assn #725558 06-01-34 4.59 1,851,919(g) 1,817,847 Federal Natl Mtge Assn #725737 08-01-34 4.53 1,023,015(g) 1,016,816 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Federal Natl Mtge Assn #735057 01-01-19 4.50% $2,643,950 $2,564,274 Federal Natl Mtge Assn #740843 11-01-18 5.00 156,889 154,908 Federal Natl Mtge Assn #744010 07-01-13 5.00 2,096,136 2,085,555 Federal Natl Mtge Assn #747536 11-01-33 5.00 2,364,268 2,282,837 Federal Natl Mtge Assn #754297 12-01-33 4.74 100,449(g) 98,050 Federal Natl Mtge Assn #755891 03-01-13 5.00 422,455 420,584 Federal Natl Mtge Assn #790382 09-01-34 4.87 1,416,041(g) 1,416,804 Federal Natl Mtge Assn #790759 09-01-34 4.82 2,103,814(g) 2,097,234 Federal Natl Mtge Assn #791447 10-01-34 6.00 907,454 913,041 Federal Natl Mtge Assn #797044 07-01-34 5.50 3,674,981 3,623,804 Federal Natl Mtge Assn #797168 02-01-35 4.64 2,006,213(g) 1,990,648 Federal Natl Mtge Assn #799769 11-01-34 5.07 1,408,996(g) 1,399,753 Federal Natl Mtge Assn #801344 10-01-34 5.07 1,556,090(g) 1,540,327 Federal Natl Mtge Assn #815264 05-01-35 5.25 2,276,461(g) 2,275,019 Federal Natl Mtge Assn #815463 02-01-35 5.50 999,863 985,939 Federal Natl Mtge Assn #821378 05-01-35 5.04 1,149,310(g) 1,149,674 Federal Natl Mtge Assn #836561 10-01-35 6.00 1,996,351 2,008,699 Federal Natl Mtge Assn Collateralized Mtge Obligation 07-25-23 5.50 3,000,470 3,013,167 12-25-26 8.00 531,171 564,256 06-25-33 6.20 124,518(g) 125,600 04-25-34 5.50 2,340,735 2,348,789 05-25-34 3.50 21,012 20,926 Federal Natl Mtge Assn Collateralized Mtge Obligation Interest Only 12-25-12 13.29 882,358(e) 38,377 11-25-13 10.08 1,700,000(e) 118,402 12-25-22 8.27 565,894(e) 86,096 03-25-23 8.45 848,936(e) 158,260 12-25-31 10.31 718,023(e) 121,363 First Horizon Alternative Mtge Securities Series 2004-AA4 Cl A1 10-25-34 5.41 807,089(h) 813,465 First Horizon Alternative Mtge Securities Series 2005-AA3 Cl 3A1 05-25-35 5.40 2,005,635(h) 2,005,876 GMAC Mtge Corporation Loan Trust Series 2004-AR2 Cl 3A 08-19-34 4.41 1,510,213(g) 1,475,735 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 82 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP-- Short Duration U.S. Government Fund Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Govt Natl Mtge Assn #498182 05-15-16 6.00% $1,037,184 $1,064,508 Govt Natl Mtge Assn #605970 03-15-33 6.00 456,183 463,412 Govt Natl Mtge Assn #615738 03-15-18 7.00 1,174,023 1,226,709 Govt Natl Mtge Assn #615740 08-15-13 6.00 2,657,942 2,727,507 Govt Natl Mtge Assn #780758 04-15-13 7.00 255,202 266,671 Govt Natl Mtge Assn #781507 09-15-14 6.00 1,238,775 1,271,223 Govt Natl Mtge Assn Collateralized Mtge Obligation 10-16-13 4.54 124,896 125,054 10-16-27 5.00 125,000 123,935 04-16-31 6.00 1,583,267 1,589,075 03-20-34 4.50 1,598,166 1,574,550 GSR Mtge Loan Trust Series 2005-AR2 Cl 2A1 04-25-35 4.87 1,752,655(g) 1,732,394 Harborview Mtge Loan Trust Series 2004-4 Cl 3A 06-19-34 2.97 1,780,250(g) 1,741,889 Harborview Mtge Loan Trust Series 2005-12 Cl 2A11 10-19-35 5.16 2,241,545(g) 2,291,210 Morgan Stanley Mtge Loan Trust Series 2004-10AR Cl 2A1 11-25-34 5.14 726,932(g) 728,873 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Morgan Stanley Mtge Loan Trust Series 2004-2AR Cl 3A 02-25-34 5.03% $1,461,938(g) $1,442,699 Structured Adjustable Rate Mtge Loan Trust Series 2005-15 Cl 4A1 07-25-35 5.53 3,417,365(g) 3,386,397 Structured Asset Securities Series 2004-12H Cl 2A 04-25-34 5.53 1,172,601(g) 1,174,982 Vendee Mtge Trust Series 2003-1 Cl D 12-15-25 5.75 4,420,629 4,432,167 Vendee Mtge Trust Series 2003-2 Cl C 07-15-20 5.00 2,400,000 2,398,047 Vendee Mtge Trust Series 2003-2 Cl D 11-15-23 5.00 100,000 99,958 Washington Mutual Series 2002-AR15 Cl A5 12-25-32 4.38 742,904(g) 732,523 Washington Mutual Series 2005-AR3 Cl A2 03-25-35 4.65 2,271,477(g) 2,230,386 Wells Fargo Mtge Backed Securities Trust Series 2005-10 Cl A1 10-25-35 5.00 4,774,593 4,582,121 Wells Fargo Mtge Backed Securities Trust Series 2005-5 Cl 2A1 05-25-35 5.50 1,899,132 1,858,183 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Mortgage-Backed (cont.) Wells Fargo Mtge Backed Securities Trust Series 2005-AR2 Cl 2A2 03-25-35 4.56% $1,102,439(g) $1,080,843 Total 220,437,432 Total Bonds (Cost: $488,281,495) $482,456,317 Short-Term Securities (2.1%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.02% $6,900,000(m) $6,899,229 Dakota Nts 12-05-05 4.04 3,000,000(m) 2,998,317 Total Short-Term Securities (Cost: $9,898,653) $9,897,546 Total Investments in Securities (Cost: $498,180,148)(n) $492,353,863 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) At Nov. 30, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $15,371,477. (c) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- Ambac Assurance Corporation MBIA -- MBIA Insurance Corporation (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $2,758,441 or 0.6% of net assets. (e) Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows at Nov. 30, 2005. (f) Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. 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) Adjustable rate mortgage; interest rate varies to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. (h) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Nov. 30, 2005. - -------------------------------------------------------------------------------- 83 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP-- Short Duration U.S. Government Fund Notes to Investments in Securities (continued) (i) Partially pledged as initial deposit on the following open interest rate futures contracts. Type of security Notional amount Purchase contracts U.S. Treasury Note, March 2006, 2-year $40,000,000 Sale contracts U.S. Treasury Note, Dec. 2005, 5-year 9,700,000 U.S. Treasury Note, Dec. 2005, 10-year 1,900,000 U.S. Treasury Note, March 2006, 10-year 2,400,000 (j) Comparable securities are held to satisfy future delivery requirements of the following open forward sale commitment at Nov. 30, 2005: Security Principal Settlement Proceeds Value amount date receivable Federal Natl Mtge Assn 12-01-35 5.50% $10,000,000 12-13-05 $9,806,250 $9,846,880 (k) Inverse floaters represent securities that pay interest at a rate that increases (decreases) in the same magnitude as, or in a multiple of, a decline (increase) in the LIBOR (London InterBank Offering Rate) Index. Interest rate disclosed is the rate in effect on Nov. 30, 2005. (l) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (m) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $9,897,546 or 2.1% of net assets. (n) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $498,180,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 374,000 Unrealized depreciation (6,200,000) ---------- Net unrealized depreciation $(5,826,000) ----------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 84 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Small Cap Advantage Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (112.5%) Issuer Shares Value(a) Aerospace & Defense (2.1%) AAR 13,000(b) $272,220 Armor Holdings 15,700(b) 689,073 BE Aerospace 8,549(b) 149,778 DRS Technologies 17,300 854,620 GenCorp 8,550(b) 156,123 Kaman 12,500 240,125 Moog Cl A 12,706(b) 372,159 Orbital Sciences 43,000(b) 518,580 Teledyne Technologies 19,700(b) 644,978 Triumph Group 13,000(b) 493,350 Total 4,391,006 Air Freight & Logistics (0.3%) Forward Air 14,300 549,835 Airlines (0.8%) Alaska Air Group 11,000(b) 387,530 Continental Airlines Cl B 27,000(b) 420,390 ExpressJet Holdings 16,035(b) 139,825 SkyWest 26,700 792,990 Total 1,740,735 Auto Components (0.5%) American Axle & Mfg Holdings 6,433 136,766 ArvinMeritor 6,136 81,609 Bandag 2,513 107,682 Cooper Tire & Rubber 9,406 138,362 Modine Mfg 13,000 432,770 Superior Inds Intl 6,303 143,771 Total 1,040,960 Beverages (0.2%) Hansen Natural 6,029(b) 468,152 Biotechnology (3.6%) Abgenix 6,366(b) 87,278 Albany Molecular Research 22,800(b) 279,072 Alkermes 24,000(b) 436,320 Amylin Pharmaceuticals 12,000(b) 448,920 Applera - Celera Genomics Group 37,700(b,d) 468,234 Arena Pharmaceuticals 36,000(b) 388,080 BioMarin Pharmaceutical 6,834(b) 66,563 Caliper Life Sciences 54,000(b) 389,880 Cubist Pharmaceuticals 3,777(b) 85,398 CV Therapeutics 22,000(b) 544,060 deCODE genetics 61,700(b,c) 512,110 Exelixis 36,000(b) 290,880 Human Genome Sciences 29,300(b) 271,025 ICOS 8,000(b) 227,920 InterMune 12,000(b) 173,400 Lexicon Genetics 57,600(b) 217,728 Medarex 49,300(b) 515,678 Myriad Genetics 10,400(b) 199,784 Progenics Pharmaceuticals 3,067(b) 81,183 Regeneron Pharmaceuticals 41,000(b) 457,970 Common Stocks (continued) Issuer Shares Value(a) Biotechnology (cont.) Savient Pharmaceuticals 25,400(b) $94,996 United Therapeutics 9,200(b) 657,156 Vertex Pharmaceuticals 16,000(b) 408,000 Total 7,301,635 Building Products (1.2%) Ameron Intl 3,607 162,135 ElkCorp 14,000 478,520 Lennox Intl 29,224 853,341 USG 6,897(b) 422,096 Water Pik Technologies 22,000(b) 458,920 Total 2,375,012 Capital Markets (1.1%) Investment Technology Group 31,471(b) 1,223,907 Jefferies Group 14,400 633,744 Knight Capital Group Cl A 16,973(b) 171,767 LaBranche & Co 6,371(b) 68,042 MCG Capital 3,096 43,932 Waddell & Reed Financial Cl A 4,700 100,298 Total 2,241,690 Chemicals (1.1%) Cambrex 4,693 84,709 FMC 9,328(b) 495,970 HB Fuller 23,940 741,661 Hercules 47,900(b) 563,304 Octel 6,021(c) 93,205 Sensient Technologies 12,454 226,289 WR Grace & Co 14,175(b) 123,181 Total 2,328,319 Commercial Banks (5.8%) Amcore Financial 5,448 170,359 AmericanWest Bancorp 3,191(b) 73,553 BancorpSouth 43,859 996,038 Bank of Hawaii 17,000 877,370 Bank of the Ozarks 13,400 497,140 BOK Financial 14,000 665,980 Camden Natl 1,625 57,996 Chemical Financial 5,959 192,595 Chittenden 6,519 194,071 Citizens Banking 4,275 126,497 City Holding 16,100 587,328 Colonial BancGroup 26,200 652,642 Community Trust Bancorp 3,430 112,847 East-West Bancorp 9,000 340,560 First Citizens BancShares Cl A 463 86,799 First Community Bancshares 2,051 63,335 First Financial Bancorp 3,862 74,344 First Indiana 2,290 80,036 First Midwest Bancorp 18,000 673,740 First Republic Bank 22,600 876,202 Greater Bay Bancorp 32,146 856,369 Common Stocks (continued) Issuer Shares Value(a) Commercial Banks (cont.) Hanmi Financial 36,300 $676,269 Hudson United Bancorp 2,900 122,090 Irwin Financial 3,304 74,736 Old Natl Bancorp 3,510 76,869 Oriental Financial Group 5,917(c) 78,637 Prosperity Bancshares 8,000 244,800 Republic Bancorp 5,268 65,427 S&T Bancorp 3,092 118,856 Southwest Bancorp 3,216 72,585 Sterling Bancshares 19,000 296,210 Susquehanna Bancshares 3,879 95,113 Tompkins Trustco 1,449 65,495 Trustmark 10,333 295,524 UMB Financial 1,426 94,658 Vineyard Natl Bancorp 14,000 408,380 Wintrust Financial 14,900 837,082 Total 11,878,532 Commercial Services & Supplies (3.2%) Administaff 3,723 167,721 Banta 2,962 149,581 Bright Horizons Family Solutions 8,000(b) 283,040 Consolidated Graphics 8,000(b) 409,520 FTI Consulting 23,523(b) 667,112 IKON Office Solutions 7,800 78,468 Jackson Hewitt Tax Service 24,000 576,960 Labor Ready 32,700(b) 722,016 NCO Group 6,486(b) 111,819 PHH 25,000(b) 721,500 Portfolio Recovery Associates 6,100(b) 233,752 Pre-Paid Legal Services 1,780 75,739 Resources Connection 25,000(b) 726,000 Sotheby's Holdings Cl A 23,000(b) 437,690 SOURCECORP 4,120(b) 107,367 Spherion 41,000(b) 401,800 TeleTech Holdings 26,000(b) 323,180 United Stationers 5,688(b) 278,712 Viad 5,189 158,005 Total 6,629,982 Communications Equipment (3.9%) 3Com 48,000(b) 173,760 ADTRAN 16,000 472,960 ARRIS Group 87,900(b) 854,388 Black Box 17,574 820,882 CIENA 110,000(b) 328,900 CommScope 25,200(b) 516,852 Comtech Telecommunications 13,900(b) 606,040 Digi Intl 29,600(b) 381,248 F5 Networks 9,500(b) 501,885 Foundry Networks 22,000(b) 305,580 Ixia 13,113(b) 180,697 NETGEAR 25,800(b) 497,940 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 85 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Advantage Fund Common Stocks (continued) Issuer Shares Value(a) Communications Equipment (cont.) Powerwave Technologies 28,715(b) $360,660 SiRF Technology Holdings 17,000(b) 471,240 Sycamore Networks 62,700(b) 255,189 Tekelec 27,000(b) 351,000 UTStarcom 50,259(b) 416,647 Westell Technologies Cl A 87,000(b) 411,510 Total 7,907,378 Computers & Peripherals (1.8%) Electronics for Imaging 25,000(b) 698,250 Emulex 30,900(b) 615,837 Imation 20,497 901,048 Iomega 40,800(b) 105,672 Komag 22,189(b) 775,284 Maxtor 48,000(b) 194,880 Palm 15,900(b) 451,242 Total 3,742,213 Construction & Engineering (2.2%) Comfort Systems USA 60,800 570,912 EMCOR Group 1,312(b) 92,824 Granite Construction 10,000 371,100 MasTec 44,000(b) 434,280 Quanta Services 41,900(b) 592,885 Shaw Group 34,113(b) 985,525 URS 18,700(b) 787,644 Washington Group Intl 11,188 578,531 Total 4,413,701 Construction Materials (0.7%) Eagle Materials 6,600 758,340 Headwaters 8,300(b) 295,729 Texas Inds 9,000 448,920 Total 1,502,989 Consumer Finance (1.2%) AmeriCredit 21,200(b) 525,760 CompuCredit 20,969(b) 819,259 MoneyGram Intl 28,100 727,228 World Acceptance 16,220(b) 446,699 Total 2,518,946 Containers & Packaging (0.6%) Crown Holdings 21,088(b) 390,972 Greif Cl A 1,200 72,060 Rock-Tenn Cl A 4,786 63,941 Silgan Holdings 18,400 649,335 Total 1,176,308 Distributors (0.3%) Building Material Holding 7,127 586,766 Handleman 7,317 100,462 Total 687,228 Diversified Financial Services (0.3%) NASDAQ Stock Market 13,307(b) 520,703 Diversified Telecommunication Services (1.1%) Cincinnati Bell 64,000(b) 249,600 Commonwealth Telephone Enterprises 13,500 467,910 Common Stocks (continued) Issuer Shares Value(a) Diversified Telecommunication Services (cont.) Level 3 Communications 123,000(b) $418,200 Premiere Global Services 55,000(b) 415,800 Talk America Holdings 60,700(b) 582,720 Time Warner Telecom Cl A 7,033(b) 66,110 Total 2,200,340 Electric Utilities (1.6%) Allete 3,000 138,750 Black Hills 3,274 119,665 CH Energy Group 1,171 54,686 Cleco 30,934 683,023 Duquesne Light Holdings 34,046 577,080 El Paso Electric 36,900(b) 798,147 Idacorp 28,276 807,562 Otter Tail 2,725 81,886 Sierra Pacific Resources 5,000(b) 67,400 Total 3,328,199 Electrical Equipment (0.7%) Artesyn Technologies 35,100(b) 350,298 Energy Conversion Devices 2,327(b) 68,297 General Cable 11,609(b) 210,703 Genlyte Group 14,000(b) 737,801 Total 1,367,099 Electronic Equipment & Instruments (2.8%) Aeroflex 61,174(b) 671,079 Agilysys 21,900 417,195 Anixter Intl 11,800 432,352 Benchmark Electronics 18,275(b) 560,129 Checkpoint Systems 18,500(b) 443,075 Itron 14,200(b) 663,850 Lexar Media 42,500(b) 362,525 Methode Electronics 12,000 125,400 Metrologic Instruments 17,600(b) 344,080 MTS Systems 14,800 521,996 PAR Technology 11,500(b) 369,150 Paxar 9,893(b) 189,253 Rofin-Sinar Technologies 11,000(b) 474,870 SYNNEX 9,997(b) 156,453 Total 5,731,407 Energy Equipment & Services (4.1%) Atwood Oceanics 9,200(b) 653,108 Cal Dive Intl 19,414(b) 1,409,650 Grey Wolf 118,200(b) 887,682 GulfMark Offshore 2,581(b) 86,154 Hydril 12,500(b) 801,250 Lone Star Technologies 3,072(b) 150,528 Lufkin Inds 2,100 93,975 NS Group 12,835(b) 527,005 Oil States Intl 40,778(b) 1,388,899 Parker Drilling 64,514(b) 611,593 Pioneer Drilling 5,900(b) 103,368 Superior Energy Services 9,536(b) 207,599 TODCO Cl A 21,000 872,970 Unit 12,900(b) 698,664 Total 8,492,445 Common Stocks (continued) Issuer Shares Value(a) Food & Staples Retailing (0.8%) Casey's General Stores 17,000 $391,340 Great Atlantic & Pacific Tea 5,883(b) 177,431 Longs Drug Stores 12,000 511,561 Nash Finch 3,225 86,656 Pathmark Stores 6,345(b) 68,272 Ruddick 8,383 169,420 Spartan Stores 7,200(b) 72,072 Weis Markets 3,294 138,677 Total 1,615,429 Food Products (1.3%) Chiquita Brands Intl 18,400 382,720 Corn Products Intl 35,700 794,325 Farmer Brothers 1,872 38,133 Lancaster Colony 3,469 135,291 Lance 36,000 660,240 Ralcorp Holdings 9,900(b) 412,731 Seaboard 145 249,400 Total 2,672,840 Gas Utilities (1.6%) Energen 17,672 648,562 Nicor 4,418 177,162 ONEOK 22,500 617,175 Peoples Energy 4,826 173,398 South Jersey Inds 29,200 839,500 UGI 25,378 558,316 WGL Holdings 5,654 171,995 Total 3,186,108 Health Care Equipment & Supplies (3.5%) Cyberonics 13,000(b) 366,730 EPIX Pharmaceuticals 55,900(b) 275,587 Gen-Probe 12,800(b) 590,976 Haemonetics 19,000(b) 971,471 Hologic 6,169(b) 438,431 Illumina 12,200(b) 192,150 Immucor 24,984(b) 618,854 Intuitive Surgical 7,503(b) 838,235 Invacare 1,750 59,780 Kyphon 5,033(b) 213,852 LifeCell 3,788(b) 61,138 Nektar Therapeutics 21,000(b) 353,220 OraSure Technologies 6,308(b) 85,536 Sybron Dental Specialties 22,000(b) 962,280 Thoratec 27,016(b) 552,477 Varian 10,000(b) 419,600 Ventana Medical Systems 4,530(b) 174,450 Vital Signs 1,658 79,136 Total 7,253,903 Health Care Providers & Services (6.7%) Advisory Board 13,500(b) 652,320 Alderwoods Group 4,499(b) 67,575 Allscripts Healthcare Solutions 24,300(b) 325,620 Amedisys 14,300(b) 634,634 American Retirement 8,100(b) 199,422 AMERIGROUP 6,249(b) 116,606 AMN Healthcare Services 28,000(b) 533,400 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 86 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Advantage Fund Common Stocks (continued) Issuer Shares Value(a) Health Care Providers & Services (cont.) Centene 21,300(b) $511,413 Chemed 10,600 537,420 Cross Country Healthcare 15,000(b) 277,200 Dendrite Intl 21,100(b) 397,524 Genesis HealthCare 17,700(b) 744,285 Horizon Health 2,200(b) 51,084 Kindred Healthcare 14,800(b) 410,404 LCA-Vision 10,800 515,484 Magellan Health Services 26,000(b) 759,720 Matria Healthcare 2,449(b) 83,095 MedCath 3,700(b) 71,928 Odyssey HealthCare 16,000(b) 296,320 Option Care 41,250 516,863 Per-Se Technologies 23,318(b) 533,516 PRA Intl 17,000(b) 471,580 PSS World Medical 44,900(b) 739,503 Psychiatric Solutions 12,700(b) 716,534 Radiation Therapy Services 16,800(b) 637,392 RehabCare Group 4,836(b) 93,625 Sierra Health Services 9,500(b) 743,090 Stewart Enterprises Cl A 7,907 40,326 Sunrise Senior Living 4,616(b) 154,174 TriZetto Group 17,800(b) 289,250 United Surgical Partners Intl 4,044(b) 140,367 Ventiv Health 39,686(b) 978,657 WellCare Health Plans 16,000(b) 631,680 Total 13,872,011 Hotels, Restaurants & Leisure (2.7%) Ameristar Casinos 24,346 574,322 Bluegreen 47,000(b) 698,890 Bob Evans Farms 8,838 213,703 Domino's Pizza 35,900 897,500 Jack in the Box 14,962(b) 502,723 Lone Star Steakhouse & Saloon 17,300 400,841 Monarch Casino & Resort 20,000(b) 427,800 Multimedia Games 27,000(b) 274,860 Panera Bread Cl A 7,700(b) 523,600 Papa John's Intl 2,341(b) 127,491 Ryan's Restaurant Group 11,779(b) 140,052 Shuffle Master 14,000(b) 392,140 Vail Resorts 12,000(b) 447,120 Total 5,621,042 Household Durables (2.1%) Beazer Homes USA 6,175 432,065 Blyth 3,961 78,428 Brookfield Homes 10,100 499,243 Ethan Allen Interiors 15,048 561,290 Fleetwood Enterprises 38,000(b) 433,580 Furniture Brands Intl 14,185 282,991 Jarden 19,763(b) 645,262 La-Z-Boy 13,800 184,506 M/I Homes 3,371 147,481 Tupperware 38,438 886,765 WCI Communities 3,468(b) 89,058 Total 4,240,669 Common Stocks (continued) Issuer Shares Value(a) Household Products (0.3%) Central Garden & Pet 14,800(b) $651,496 Industrial Conglomerates (0.2%) Standex Intl 3,155 87,520 Walter Inds 6,023 303,258 Total 390,778 Insurance (5.3%) Alfa 9,740 169,768 AmerUs Group 5,196 305,161 Argonaut Group 2,572(b) 81,790 Commerce Group 3,676 213,429 Delphi Financial Group Cl A 28,624 1,356,205 FBL Financial Group Cl A 3,897 122,171 FPIC Insurance Group 18,100(b) 685,628 Horace Mann Educators 53,078 1,005,297 Infinity Property & Casualty 2,819 104,162 LandAmerica Financial Group 13,178 853,276 Navigators Group 13,800(b) 557,658 Odyssey Re Holdings 17,500(e) 448,700 Ohio Casualty 34,800 1,030,080 Phoenix Companies 29,000 394,400 Presidential Life 5,183 99,980 ProAssurance 21,500(b) 1,070,270 Safety Insurance Group 17,000 681,870 Selective Insurance Group 18,000 1,007,460 Stewart Information Services 3,721 188,134 Triad Guaranty 2,600(b) 112,736 United Fire & Casualty 4,225 193,083 Universal American Financial 9,086(b) 134,109 Total 10,815,367 Internet & Catalog Retail (0.5%) Coldwater Creek 7,052(b) 221,433 Insight Enterprises 8,279(b) 172,452 NetFlix 7,534(b) 207,486 NutriSystem 4,841(b) 188,460 Priceline.com 8,000(b) 192,160 Total 981,991 Internet Software & Services (2.4%) aQuantive 21,151(b) 568,750 Blue Coat Systems 1,742(b) 78,895 CNET Networks 17,188(b) 257,648 Digital River 6,261(b) 162,285 Digitas 16,040(b) 200,500 EarthLink 50,700(b) 580,008 j2 Global Communications 19,418(b) 926,821 United Online 40,450 570,750 ValueClick 45,100(b) 851,488 Websense 12,000(b) 779,400 Total 4,976,545 IT Services (2.1%) Anteon Intl 13,000(b) 557,310 BISYS Group 6,385(b) 85,559 CSG Systems Intl 42,293(b) 1,015,032 MAXIMUS 9,615 349,986 MPS Group 47,000(b) 590,790 Perot Systems Cl A 42,896(b) 596,254 Common Stocks (continued) Issuer Shares Value(a) IT Services (cont.) SRA Intl Cl A 17,400(b) $532,962 Wright Express 20,000(b) 487,200 Total 4,215,093 Leisure Equipment & Products (0.9%) Callaway Golf 12,029 176,225 JAKKS Pacific 6,531(b) 133,102 Oakley 26,800 430,944 RC2 11,000(b) 388,740 SCP Pool 16,825 654,997 Total 1,784,008 Machinery (4.2%) Actuant Cl A 12,000 636,600 Barnes Group 17,000 585,990 Bucyrus Intl Cl A 5,000 234,500 Cascade 10,895 551,832 CIRCOR Intl 3,000 78,150 Clarcor 24,500 726,915 Crane 27,840 883,919 ESCO Technologies 8,800(b) 378,400 Flowserve 3,797(b) 141,856 Gardner Denver 18,000(b) 878,400 JLG Inds 14,159 644,235 Joy Global 8,409 444,752 Kaydon 12,000 388,320 Kennametal 13,700 750,623 Lincoln Electric Holdings 3,872 158,016 Middleby 6,600(b) 517,440 Mueller Inds 3,998 108,226 Wabtec 17,900 462,357 Total 8,570,531 Media (1.3%) Arbitron 10,000 386,000 Catalina Marketing 11,000 291,170 Entravision Communications Cl A 33,000(b) 247,170 Martha Stewart Living Omnimedia Cl A 2,837(b) 57,080 Mediacom Communications Cl A 43,000(b) 224,030 PRIMEDIA 34,693(b) 70,080 Reader's Digest Assn 29,582 459,408 Scholastic 17,100(b) 568,918 Sinclair Broadcast Group Cl A 32,000 307,840 Valassis Communications 3,015(b) 91,716 Total 2,703,412 Metals & Mining (2.8%) AK Steel Holding 14,730(b) 122,112 Carpenter Technology 9,100 596,505 Century Aluminum 20,000(b) 462,400 Cleveland-Cliffs 5,400 514,566 Commercial Metals 16,637 583,959 Compass Minerals Intl 16,600 399,728 Metal Management 18,400 463,128 Quanex 11,000 680,349 Royal Gold 17,000 442,340 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 87 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Advantage Fund Common Stocks (continued) Issuer Shares Value(a) Metals & Mining (cont.) RTI Intl Metals 3,190(b) $118,987 Steel Dynamics 14,000 484,680 Titanium Metals 4,544(b) 286,954 Worthington Inds 28,000 568,120 Total 5,723,828 Multiline Retail (--%) 99 Cents Only Stores 7,995(b) 76,992 Multi-Utilities & Unregulated Power (0.1%) Aquila 68,183(b) 242,050 Oil & Gas (3.5%) Arena Resources 8,000(b) 200,800 ATP Oil & Gas 2,716(b) 98,075 Berry Petroleum Cl A 11,350 647,518 Carrizo Oil & Gas 25,300(b) 640,849 Cimarex Energy 26,394(b) 1,026,991 Frontier Oil 7,834 295,185 Giant Inds 1,675(b) 89,864 Holly 4,130 251,187 Houston Exploration 1,903(b) 104,018 KCS Energy 6,411(b) 167,648 Parallel Petroleum 3,952(b) 64,852 Southwestern Energy 11,276(b) 384,173 St. Mary Land & Exploration 38,947 1,387,291 Swift Energy 15,800(b) 729,802 Tesoro 2,561 141,034 Toreador Resources 1,900(b) 43,301 Vintage Petroleum 7,034 368,441 World Fuel Services 15,000 515,250 Total 7,156,279 Paper & Forest Products (0.3%) Potlatch 11,900 575,246 Schweitzer-Mauduit Intl 4,563 108,645 Total 683,891 Personal Products (0.9%) Chattem 14,200(b) 451,134 Nu Skin Enterprises Cl A 16,000 278,080 Parlux Fragrances 16,000(b) 460,480 Playtex Products 40,900(b) 572,600 Total 1,762,294 Pharmaceuticals (0.8%) Alpharma Cl A 17,000 449,140 CNS 2,100 48,300 First Horizon Pharmaceutical 27,800(b) 489,836 MGI PHARMA 15,000(b) 296,100 Perrigo 29,500 427,750 Total 1,711,126 Real Estate (0.4%) Jones Lang LaSalle 14,000 699,720 Trammell Crow 4,839(b) 125,137 Total 824,857 Real Estate Investment Trust (5.2%) Alexandria Real Estate Equities 8,000 672,000 Common Stocks (continued) Issuer Shares Value(a) Real Estate Investment Trust (cont.) American Home Mortgage Investment 27,703 $822,502 Anthracite Capital 15,492 167,933 Anworth Mtge Asset 17,575 139,546 Arbor Realty Trust 20,000 539,600 Bedford Property Investors 4,989 114,747 Commercial Net Lease Realty 33,000 668,580 EastGroup Properties 12,200 550,586 Highwoods Properties 19,000 547,770 IMPAC Mtge Holdings 24,014 276,161 Innkeepers USA Trust 29,000 505,760 MFA Mtge Investments 34,856 212,622 Mid-America Apartment Communitites 12,000 582,840 New Century Financial 3,666 132,599 Novastar Financial 2,233 62,502 Omega Healthcare Investors 39,000 468,780 Pan Pacific Retail Properties 10,400 699,920 PS Business Parks 13,000 612,300 RAIT Investment Trust 6,063 159,336 Redwood Trust 2,982 128,643 Saul Centers 2,800 104,356 Saxon Capital 12,068 144,816 Sovran Self Storage 12,000 595,200 Tanger Factory Outlet Centers 25,000 687,250 Universal Health Realty Income Trust 16,616 550,654 Ventas 18,100 570,693 Total 10,717,696 Road & Rail (0.8%) Amerco 1,951(b) 137,975 Arkansas Best 2,809 115,843 Dollar Thrifty Automotive Group 2,248(b) 84,300 Florida East Coast Inds 9,000 398,340 Genesee & Wyoming Cl A 9,700(b) 326,114 Old Dominion Freight Line 9,900(b) 376,299 Werner Enterprises 5,919 121,162 Total 1,560,033 Semiconductors & Semiconductor Equipment (4.3%) Atheros Communications 23,150(b) 224,324 Axcelis Technologies 16,000(b) 75,840 Conexant Systems 50,000(b) 123,500 Cypress Semiconductor 32,000(b) 480,000 DSP Group 20,700(b) 538,200 Entegris 40,173(b) 405,747 ESS Technology 57,725(b) 176,061 Genesis Microchip 22,560(b) 505,344 Microsemi 45,400(b) 1,259,849 MKS Instruments 21,000(b) 396,270 OmniVision Technologies 23,000(b) 407,100 ON Semiconductor 130,300(b) 755,740 Photronics 28,700(b) 455,756 PMC-Sierra 28,000(b) 220,360 PortalPlayer 15,000(b) 360,450 Power Integrations 22,000(b) 479,820 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (cont.) Silicon Image 23,600(b) $229,156 Silicon Storage Technology 87,300(b) 481,023 Skyworks Solutions 43,140(b) 232,525 Tessera Technologies 6,000(b) 165,000 Trident Microsystems 6,800(b) 128,112 Varian Semiconductor Equipment Associates 15,600(b) 686,712 Zoran 5,092(b) 86,157 Total 8,873,046 Software (4.9%) ANSYS 25,822(b) 1,085,040 Bottomline Technologies 18,000(b) 199,800 Epicor Software 50,500(b) 697,405 EPIQ Systems 20,000(b) 380,200 FileNet 17,200(b) 463,368 Hyperion Solutions 7,700(b) 407,715 Informatica 34,400(b) 386,656 Internet Security Systems 19,500(b) 445,770 Kronos 13,000(b) 615,290 Lawson Software 50,000(b) 379,500 MICROS Systems 21,104(b) 1,019,534 MicroStrategy Cl A 5,000(b) 369,350 Parametric Technology 121,300(b) 709,605 Progress Software 19,513(b) 603,732 Quality Systems 1,906 154,615 THQ 2,850(b) 64,752 Transaction Systems Architects 27,300(b) 794,430 Ultimate Software Group 27,700(b) 476,717 VASCO Data Security Intl 77,938(b) 879,141 Total 10,132,620 Specialty Retail (4.6%) Blockbuster Cl A 13,500 50,625 Buckle 2,270 74,070 Burlington Coat Factory Warehouse 6,258 248,067 Cache 17,000(b) 286,110 Cato Cl A 29,775 643,140 Charming Shoppes 47,000(b) 552,250 Children's Place Retail Stores 12,000(b) 595,200 Dick's Sporting Goods 12,000(b) 421,320 Genesco 16,600(b) 658,190 Group 1 Automotive 5,361(b) 165,494 Guitar Center 11,900(b) 627,606 Hibbett Sporting Goods 3,172(b) 95,033 Jos A Bank Clothiers 9,100(b) 455,091 Linens 'N Things 9,395(b) 240,606 Lithia Motors Cl A 2,100 59,955 Movie Gallery 8,498 41,895 Pacific Sunwear of California 21,000(b) 555,660 Pantry 24,900(b) 1,023,389 Payless ShoeSource 5,872(b) 134,175 Pier 1 Imports 11,311 143,650 Sonic Automotive 32,337 672,610 Stage Stores 19,050 569,786 Talbots 4,081 111,085 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 88 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Advantage Fund Common Stocks (continued) Issuer Shares Value(a) Specialty Retail (cont.) Tractor Supply 13,000(b) $700,180 Zale 11,415(b) 318,479 Total 9,443,666 Textiles, Apparel & Luxury Goods (2.0%) Brown Shoe 4,893 201,347 Hartmarx 83,900(b) 615,826 Kellwood 4,923 113,820 Phillips-Van Heusen 29,600 1,003,143 Russell 7,382 116,857 Skechers USA Cl A 17,000(b) 254,320 Steven Madden 2,700 73,521 Stride Rite 7,044 96,785 Warnaco Group 31,400(b) 771,498 Wolverine World Wide 35,500 771,060 Total 4,018,177 Thrifts & Mortgage Finance (1.8%) Anchor BanCorp Wisconsin 2,526 78,053 CharterMac LP 4,800 104,784 Corus Bankshares 13,000 764,140 Doral Financial 10,400(c) 105,040 Downey Financial 8,029 519,476 FirstFed Financial 16,092(b) 842,255 Common Stocks (continued) Issuer Shares Value(a) Thrifts & Mortgage Finance (cont.) Flagstar Bancorp 3,939 $59,361 Fremont General 5,000 117,050 ITLA Capital 929(b) 48,726 Ocwen Financial 54,500(b) 459,980 R-G Financial Cl B 7,327(c) 93,273 W Holding 14,832(c) 122,364 WSFS Financial 7,200 455,040 Total 3,769,542 Tobacco (0.1%) Universal 6,564 265,054 Trading Companies & Distributors (1.5%) Applied Industrial Technologies 17,000 543,150 GATX 25,053 942,995 Hughes Supply 11,000 426,140 United Rentals 4,783(b) 101,208 Watsco 3,253 204,126 WESCO Intl 21,100(b) 880,925 Total 3,098,544 Wireless Telecommunication Services (1.4%) Centennial Communications 13,700(b) 217,419 Dobson Communications Cl A 13,770(b) 101,485 Common Stocks (continued) Issuer Shares Value(a) Wireless Telecommunication Services (cont.) Leap Wireless Intl 19,000(b) $723,140 SBA Communications Cl A 61,187(b) 1,128,288 UbiquiTel 65,800(b) 643,524 Total 2,813,856 Total Common Stocks (Cost: $204,439,634) $230,959,588 Short-Term Security (2.1%)(f) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Nieuw Amsterdam 12-01-05 4.04% $4,300,000(g) $4,299,517 Total Short-Term Security (Cost: $4,300,000) $4,299,517 Total Investments in Securities (Cost: $208,739,634)(h) $235,259,105 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 0.5% of net assets. (d) Shareholders of tracking stocks have a financial interest only in a unit or division of the company. Unlike the common stock of the company itself, a tracking stock usually has limited or no voting rights. In the event of a company's liquidation, tracking stock shareholders typically do not have a legal claim on the company's assets. (e) At Nov. 30, 2005, security was partially or fully on loan. (f) Cash collateral received from security lending activity is invested in short-term securities and represents 0.2% of net assets. 1.9% of net assets is the Fund's cash equivalent position. (g) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $4,299,517 or 2.1% of net assets. (h) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $208,740,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $33,683,000 Unrealized depreciation (7,164,000) ---------- Net unrealized appreciation $26,519,000 ----------- The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 89 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Small Cap Value Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (95.8%) Issuer Shares Value(a) Aerospace & Defense (0.6%) AAR 45,200(b) $946,487 Curtiss-Wright 7,000 410,200 Ducommun 14,867(b) 304,625 EDO 11,341 302,011 MTC Technologies 18,523(b) 606,999 Total 2,570,322 Air Freight & Logistics (--%) Forward Air 2,257 86,782 Airlines (1.2%) Air France-KLM ADR 56,650(c) 1,054,257 AirTran Holdings 41,116(b) 617,562 Alaska Air Group 39,000(b) 1,373,970 ExpressJet Holdings 36,800(b) 320,896 Frontier Airlines 12,168(b) 99,291 SkyWest 33,700 1,000,890 US Airways Group 25,575(b) 859,064 Total 5,325,930 Auto Components (2.5%) Drew Inds 33,900(b) 1,021,068 Goodyear Tire & Rubber 44,300(b) 758,859 Lear 83,000 2,310,720 STRATTEC SECURITY 13,400(b) 650,570 Superior Inds Intl 189,400 4,320,214 Tenneco 28,342(b) 492,301 Visteon 159,000 1,074,840 Total 10,628,572 Automobiles (0.7%) Monaco Coach 43,400 643,622 Thor Inds 27,800 1,065,296 Winnebago Inds 34,400 1,156,184 Total 2,865,102 Beverages (0.2%) Boston Beer Cl A 26,900(b) 727,914 Biotechnology (0.4%) Albany Molecular Research 34,800(b) 425,952 Arena Pharmaceuticals 26,100(b) 281,358 ArQule 11,600(b) 80,388 BioMarin Pharmaceutical 32,100(b) 312,654 Lexicon Genetics 32,700(b) 123,606 Medarex 34,246(b) 358,213 Myriad Genetics 12,200(b) 234,362 Total 1,816,533 Building Products (1.8%) Aaon 27,700(b) 471,454 American Woodmark 18,288 468,539 Builders FirstSource 4,892(b) 97,351 ElkCorp 8,843 302,254 Lennox Intl 8,636 252,171 Royal Group Technologies 464,700(b,c) 4,126,535 Common Stocks (continued) Issuer Shares Value(a) Building Products (cont.) Simpson Mfg 25,900 $1,061,382 Trex 1,538(b) 35,174 Universal Forest Products 8,939 513,635 USG 10,300(b) 630,360 Total 7,958,855 Capital Markets (1.3%) Affiliated Managers Group 9,854(b) 776,889 Apollo Investment 29,866 566,558 Cohen & Steers 14,400 263,376 Gladstone Capital 4,900 114,954 Investment Technology Group 18,900(b) 735,021 Investors Financial Services 7,231 272,970 Knight Capital Group Cl A 251,427(b) 2,544,442 LaBranche & Co 36,800(b) 393,024 SWS Group 6,200 127,844 Total 5,795,078 Chemicals (1.4%) Agrium 16,286(c) 332,397 Albemarle 17,914 659,235 American Vanguard 1,549 35,704 HB Fuller 26,000 805,480 Minerals Technologies 10,739 608,042 Penford 11,895 158,204 Pioneer Companies 12,100(b) 300,443 PolyOne 321,500(b) 1,855,055 Sensient Technologies 35,758 649,723 Terra Inds 71,300(b) 428,513 Total 5,832,796 Commercial Banks (4.9%) Alabama Natl BanCorporation 11,155 739,577 Alliance Bankshares 6,201(b) 101,572 Bancorp 28,433(b) 520,324 Bank of Hawaii 48,800 2,518,568 Boston Private Financial Holdings 24,800 768,800 Cardinal Financial 43,156 472,558 Central Pacific Financial 28,554 1,045,076 Chittenden 11,000 327,470 Citizens Banking 29,339 868,141 City Holding 9,200 335,616 Columbia Banking System 2,800 80,780 Community Bancorp 2,600(b) 84,162 Cullen/Frost Bankers 49,400 2,660,684 First BanCorp Puerto Rico 39,800(c) 481,580 First Citizens BancShares Cl A 500 93,735 First Community Bancorp 12,900 667,704 First Financial Bancorp 17,700 340,725 First Midwest Bancorp 15,900 595,137 First Oak Brook Bancshares 4,684 129,559 First Republic Bank 14,550 564,104 Hanmi Financial 28,900 538,407 Common Stocks (continued) Issuer Shares Value(a) Commercial Banks (cont.) IBERIABANK 11,842 $650,244 Independent Bank 9,915 289,221 Interchange Financial Services 2,390 42,996 Irwin Financial 22,422 507,186 Main Street Banks 17,768 493,417 MainSource Financial Group 1,600 28,944 Mercantile Bank 2,620 104,800 Midwest Banc Holdings 14,336 323,850 Millennium Bankshares 19,890(b) 164,689 Nexity Financial 7,660(b) 106,857 Placer Sierra Bancshares 10,018 285,513 Prosperity Bancshares 5,518 168,851 Provident Bankshares 10,400 370,656 Republic Bancorp 40,480 502,762 Seacoast Banking Corporation of Florida 3,700 89,836 Signature Bank 16,470(b) 474,171 Southcoast Financial 7,685(b) 186,746 Sterling Bancorp 7,041 140,544 Sterling Bancshares 21,100 328,949 Sun Bancorp 3,389(b) 67,204 Susquehanna Bancshares 14,200 348,184 SVB Financial Group 5,200(b) 250,068 Taylor Capital Group 2,200 86,218 Texas United Bancshares 6,679 126,901 Umpqua Holdings 19,300 509,906 United Community Banks 15,508 442,753 Total 21,025,745 Commercial Services & Supplies (2.2%) Brady Cl A 93,700 3,511,875 Ennis 5,200 92,300 FTI Consulting 17,800(b) 504,808 Healthcare Services Group 29,275 622,094 Heidrick & Struggles Intl 16,600(b) 548,630 ITT Educational Services 7,893(b) 484,393 John H Harland 16,900 638,820 LECG 8,388(b) 137,060 Providence Service 2,864(b) 83,686 Resources Connection 5,573(b) 161,840 School Specialty 7,008(b) 258,175 Spherion 28,700(b) 281,260 TRC Companies 5,301(b) 61,333 Waste Connections 17,315(b) 603,255 West 34,525(b) 1,369,607 Total 9,359,136 Communications Equipment (3.1%) 3Com 1,131,000(b) 4,094,220 Anaren 12,600(b) 180,810 Andrew 15,265(b) 166,846 Audiovox Cl A 40,000(b) 554,000 CommScope 44,200(b) 906,542 Digi Intl 34,100(b) 439,208 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 90 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Value Fund Common Stocks (continued) Issuer Shares Value(a) Communications Equipment (cont.) Ditech Communications 24,127(b) $211,594 Foundry Networks 86,100(b) 1,195,929 Packeteer 22,200(b) 204,240 Powerwave Technologies 4,119(b) 51,735 Superior Essex 4,300(b) 81,055 Sycamore Networks 195,300(b) 794,871 UTStarcom 525,000(b) 4,352,250 Total 13,233,300 Computers & Peripherals (1.3%) Emulex 17,000(b) 338,810 Hutchinson Technology 52,791(b) 1,509,295 Imation 22,000 967,120 Intergraph 20,100(b) 965,202 Komag 27,700(b) 967,838 Mobility Electronics 24,660(b) 277,178 Rimage 14,800(b) 424,020 Total 5,449,463 Construction & Engineering (0.7%) Comfort Systems USA 33,910 318,415 Dycom Inds 7,000(b) 143,010 Infrasource Services 14,221(b) 166,812 Insituform Technologies Cl A 105,700(b) 2,100,259 Modtech Holdings 15,413(b) 132,244 Total 2,860,740 Construction Materials (0.3%) Eagle Materials 1,000 114,900 Florida Rock Inds 18,075 901,401 Texas Inds 3,888 193,933 Total 1,210,234 Consumer Finance (0.4%) Advanta Cl B 15,000 485,700 CompuCredit 17,500(b) 683,725 Metris Companies 37,300(b) 559,127 Total 1,728,552 Containers & Packaging (0.6%) Caraustar Inds 75,638(b) 745,791 Chesapeake 88,006 1,548,905 Rock-Tenn Cl A 8,200 109,552 Total 2,404,248 Distributors (0.3%) Earle M Jorgensen 40,024(b) 384,231 Handleman 24,200 332,266 Prestige Brands Holdings 31,024(b) 372,908 Total 1,089,405 Diversified Financial Services (0.5%) CapitalSource 27,301 652,494 Financial Federal 15,207 614,667 Hudson Highland Group 6,600(b) 166,650 iShares Russell 2000 Value Index Fund 13,440 896,582 Total 2,330,393 Diversified Telecommunication Services (0.2%) Alaska Communications Systems Group 10,655 106,657 Common Stocks (continued) Issuer Shares Value(a) Diversified Telecommunication Services (cont.) Commonwealth Telephone Enterprises 3,500 $121,310 Golden Telecom 19,200(c) 518,400 Premiere Global Services 5,500(b) 41,580 Talk America Holdings 27,600(b) 264,960 Total 1,052,907 Electric Utilities (1.8%) Black Hills 3,500 127,925 Central Vermont Public Service 4,003 81,661 CH Energy Group 7,333 342,451 Cleco 48,950 1,080,816 El Paso Electric 47,195(b) 1,020,828 MGE Energy 2,175 76,386 Otter Tail 7,300 219,365 Reliant Energy 324,000(b) 2,967,840 Sierra Pacific Resources 87,419(b) 1,178,408 Unisource Energy 4,706 152,286 Westar Energy 19,692 445,433 Total 7,693,399 Electrical Equipment (1.6%) AO Smith 12,400 451,360 Baldor Electric 11,656 299,443 Franklin Electric 7,772 330,310 General Cable 17,900(b) 324,885 GrafTech Intl 130,577(b) 853,974 LSI Inds 18,500 333,000 Regal-Beloit 83,000 2,929,069 Thomas & Betts 14,000(b) 560,560 Woodward Governor 7,400 604,358 Total 6,686,959 Electronic Equipment & Instruments (5.2%) Aeroflex 45,583(b) 500,046 Agilysys 30,500 581,025 Anixter Intl 47,722 1,748,534 Bell Microproducts 52,600(b) 452,360 Coherent 12,600(b) 398,034 CTS 10,100 121,503 CyberOptics 13,182(b) 166,225 Littelfuse 100,000(b) 2,594,000 LoJack 15,937(b) 449,105 Methode Electronics 17,100 178,695 MTS Systems 7,202 254,015 Nu Horizons Electronics 45,000(b) 449,550 Plexus 184,200(b) 3,960,300 Rofin-Sinar Technologies 25,500(b) 1,100,835 ScanSource 5,479(b) 324,850 Tech Data 104,000(b) 4,088,240 Tektronix 45,300 1,159,227 TTM Technologies 46,300(b) 423,182 Viisage Technology 34,929(b) 221,450 Vishay Intertechnology 247,800(b) 3,179,274 Total 22,350,450 Energy Equipment & Services (2.9%) Ensign Energy Services 34,200(c) 1,242,917 Hydril 3,988(b) 255,631 Newpark Resources 10,800(b) 79,164 Common Stocks (continued) Issuer Shares Value(a) Energy Equipment & Services (cont.) NS Group 10,300(b) $422,918 Oil States Intl 27,460(b) 935,288 Patterson-UTI Energy 13,600 424,864 RPC 24,050 798,460 SEACOR Holdings 4,400(b) 296,340 Superior Energy Services 26,500(b) 576,905 Superior Well Services 6,104(b) 128,550 TETRA Technologies 35,975(b) 1,054,068 Tidewater 91,500 4,135,799 Trican Well Service 16,600(b,c) 690,243 Unit 22,500(b) 1,218,600 W-H Energy Services 9,438(b) 314,569 Total 12,574,316 Food & Staples Retailing (0.4%) BJ's Wholesale Club 17,800(b) 471,522 Longs Drug Stores 8,700 370,881 Weis Markets 25,800 1,086,180 Total 1,928,583 Food Products (0.6%) Chiquita Brands Intl 33,900 705,120 Corn Products Intl 10,395 231,289 Gold Kist 23,600(b) 375,712 Lancaster Colony 36,000 1,404,000 Total 2,716,121 Gas Utilities (0.6%) Laclede Group 6,800 203,728 Nicor 8,100 324,810 Northwest Natural Gas 23,914 821,685 South Jersey Inds 15,219 437,546 Southern Union 1(b) 22 Southwest Gas 10,498 280,087 WGL Holdings 23,000 699,660 Total 2,767,538 Health Care Equipment & Supplies (0.8%) Biosite 2,176(b) 128,340 Cardiac Science 17,632(b) 165,388 Encore Medical 56,255(b) 297,026 Greatbatch 18,700(b) 541,926 Matthews Intl Cl A 2,262 88,874 Molecular Devices 21,100(b) 566,535 Nutraceutical Intl 35,500(b) 456,530 STERIS 2,300 57,776 Symmetry Medical 17,316(b) 318,095 ThermoGenesis 15,950(b) 68,107 Vital Signs 13,700 653,901 Total 3,342,498 Health Care Providers & Services (1.7%) AMERIGROUP 26,300(b) 490,758 Cross Country Healthcare 19,700(b) 364,056 Genesis HealthCare 80,400(b) 3,380,820 Hooper Holmes 83,700 244,404 Horizon Health 11,200(b) 260,064 Magellan Health Services 10,300(b) 300,966 Molina Healthcare 4,800(b) 128,160 NDCHealth 18,110(b) 341,192 PAREXEL Intl 14,433(b) 296,887 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 91 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Value Fund Common Stocks (continued) Issuer Shares Value(a) Health Care Providers & Services (cont.) PRA Intl 4,300(b) $119,282 PSS World Medical 30,925(b) 509,335 Radiologix 58,979(b) 182,835 U.S. Physical Therapy 41,000(b) 811,390 Total 7,430,149 Hotels, Restaurants & Leisure (4.1%) Applebee's Intl 19,600 449,232 Aztar 17,739(b) 555,408 Bluegreen 28,600(b) 425,282 Buca 20,569(b) 118,272 California Pizza Kitchen 7,284(b) 238,770 CBRL Group 27,800 1,028,322 CEC Entertainment 47,758(b) 1,709,736 Dover Downs Gaming & Entertainment 49,900 626,744 Fox & Hound Restaurant Group 9,608(b) 126,826 Isle of Capri Casinos 6,954(b) 188,592 Jack in the Box 21,800(b) 732,480 Kerzner Intl 52,900(b,c) 3,439,029 La Quinta 348,800(b) 3,822,848 Lodgian 149,300(b) 1,536,297 Lone Star Steakhouse & Saloon 6,200 143,654 Multimedia Games 59,000(b) 600,620 Ruby Tuesday 46,600 1,133,312 Ryan's Restaurant Group 52,200(b) 620,658 Sunterra 29,000(b) 340,750 Total 17,836,832 Household Durables (2.1%) Beazer Homes USA 5,196 363,564 Blyth 3,700 73,260 Brookfield Homes 7,728 381,995 Champion Enterprises 84,984(b) 1,229,718 Ethan Allen Interiors 29,800 1,111,540 Furniture Brands Intl 27,700 552,615 Helen of Troy 109,614(b,c) 1,975,244 Hooker Furniture 56,800 881,536 Lenox Group 3,900(b) 48,204 Oneida 31,532(b) 30,586 Stanley Furniture 40,000 996,000 Technical Olympic USA 27,350 566,966 Universal Electronics 17,100(b) 296,514 WCI Communities 15,688(b) 402,868 Yankee Candle 13,700 347,295 Total 9,257,905 Industrial Conglomerates (0.1%) Alleghany 628(b) 184,751 Tredegar 18,800 235,000 Total 419,751 Insurance (5.0%) American Natl Insurance 11,000 1,288,540 American Physicians Capital 14,900(b) 677,205 AmerUs Group 18,100 1,063,013 Argonaut Group 13,800(b) 438,840 Aspen Insurance Holdings 32,924(c) 824,088 Common Stocks (continued) Issuer Shares Value(a) Insurance (cont.) Assured Guaranty 42,900(c) $1,129,128 CNA Surety 25,100(b) 370,727 Donegal Group Cl A 7,622 184,681 Endurance Specialty Holdings 12,400(c) 427,180 Erie Indemnity Cl A 3,900 206,700 FBL Financial Group Cl A 37,000 1,159,950 Horace Mann Educators 15,600 295,464 LandAmerica Financial Group 5,300 343,175 Natl Atlantic Holdings Cl A 11,678(b) 120,984 Navigators Group 7,151(b) 288,972 NYMAGIC 5,980 153,806 Ohio Casualty 22,500 666,000 Phoenix Companies 68,000 924,800 Presidential Life 8,400 162,036 ProAssurance 24,384(b) 1,213,836 ProCentury 28,518 302,576 PXRE Group 50,950(c) 648,594 Quanta Capital Holdings 679,000(b,c) 2,845,009 Reinsurance Group of America 3,000 141,840 Republic Companies Group 18,269 264,901 RLI 30,212 1,577,065 Safety Insurance Group 10,400 417,144 Scottish Re Group 36,400(c) 918,372 StanCorp Financial Group 4,646 478,724 State Auto Financial 6,400 220,352 Stewart Information Services 5,900 298,304 UICI 17,700 630,474 United Fire & Casualty 18,289 835,807 Total 21,518,287 Internet & Catalog Retail (0.2%) Insight Enterprises 48,380(b) 1,007,755 Internet Software & Services (0.7%) Autobytel 43,735(b) 228,297 Corillian 55,700(b) 155,403 EarthLink 53,100(b) 607,464 Internet Capital Group 14,300(b) 118,690 iPass 102,300(b) 693,594 United Online 49,500 698,445 Vignette 33,300(b) 589,743 Total 3,091,636 IT Services (1.8%) BearingPoint 26,468(b) 192,687 Ciber 32,700(b) 201,105 CSG Systems Intl 9,400(b) 225,600 eFunds 48,000(b) 988,320 Kanbay Intl 9,763(b) 161,675 Keane 12,200(b) 127,612 Lionbridge Technologies 110,236(b) 716,534 ManTech Intl Cl A 8,800(b) 220,352 MAXIMUS 35,300 1,284,920 MPS Group 36,400(b) 457,548 Perot Systems Cl A 124,100(b) 1,724,990 SM&A 76,500(b) 634,950 Sykes Enterprises 54,300(b) 749,340 Total 7,685,633 Common Stocks (continued) Issuer Shares Value(a) Leisure Equipment & Products (1.7%) Arctic Cat 35,000 $734,300 Brunswick 86,100 3,382,870 Callaway Golf 7,800 114,270 Head 139,000(b,c) 391,980 JAKKS Pacific 36,400(b) 741,832 K2 37,259(b) 378,551 LeapFrog Enterprises 9,279(b) 120,998 Radica Games 38,300(c) 342,019 RC2 30,000(b) 1,060,200 Total 7,267,020 Machinery (6.5%) Actuant Cl A 9,418 499,625 AGCO 39,000(b) 660,270 Barnes Group 6,600 227,502 Commercial Vehicle Group 35,483(b) 702,209 EnPro Inds 9,600(b) 276,960 Flowserve 113,500(b) 4,240,360 Gardner Denver 13,700(b) 668,560 Graco 8,200 298,316 Harsco 52,800 3,508,560 IDEX 72,500 3,200,150 Kaydon 110,200 3,566,072 Key Technology 52,000(b) 694,200 Lincoln Electric Holdings 27,100 1,105,951 Lydall 36,188(b) 302,532 Mueller Inds 21,101 571,204 Tennant 11,362 533,105 Terex 86,423(b) 5,325,385 Titan Intl 26,700 460,308 Wabash Natl 82,461 1,636,851 Total 28,478,120 Marine (0.9%) Kirby 76,900(b) 4,091,080 Media (1.2%) ADVO 13,208 360,446 Arbitron 4,400 169,840 Courier 12,350 434,597 Entravision Communications Cl A 20,700(b) 155,043 Gray Television 33,400 297,928 Journal Register 36,128 564,681 LIN TV Cl A 14,500(b) 189,660 RCN 12,955(b) 282,549 Scholastic 5,100(b) 169,677 Sinclair Broadcast Group Cl A 17,500 168,350 Valassis Communications 72,000(b) 2,190,239 Total 4,983,010 Metals & Mining (3.3%) Agnico-Eagle Mines 25,900(c) 378,917 AK Steel Holding 211,200(b) 1,750,848 AM Castle & Co 4,800(b) 99,120 Apex Silver Mines 7,000(b) 117,740 Century Aluminum 98,600(b) 2,279,632 Commercial Metals 19,294 677,219 Eldorado Gold 51,900(b,c) 208,119 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 92 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Value Fund Common Stocks (continued) Issuer Shares Value(a) Metals & Mining (cont.) Glamis Gold 19,900(b,c) $443,571 Goldcorp 12,400(c) 251,968 Hecla Mining 66,200(b) 234,348 IPSCO 6,300(c) 487,494 Meridian Gold 26,900(b,c) 517,556 Oregon Steel Mills 16,863(b) 461,203 Quanex 7,900 488,615 Reliance Steel & Aluminum 15,200 980,552 Schnitzer Steel Inds Cl A 3,410 117,611 Steel Dynamics 10,900 377,358 Steel Technologies 27,000 715,230 Stillwater Mining 222,800(b) 2,381,732 USEC 122,800 1,350,800 Total 14,319,633 Multi-Utilities & Unregulated Power (0.2%) Avista 8,107 143,089 CMS Energy 36,800(b) 514,464 Total 657,553 Multiline Retail (1.8%) Big Lots 62,380(b) 766,650 Bon-Ton Stores 17,000 313,990 Conn's 23,800(b) 804,678 Dillard's Cl A 193,700 4,061,890 Dollar General 81,000 1,531,710 Tuesday Morning 12,474 340,415 Total 7,819,333 Oil & Gas (3.9%) Callon Petroleum 36,700(b) 649,590 Chesapeake Energy 104,800 3,033,960 Cimarex Energy 48,713(b) 1,895,423 Edge Petroleum 33,500(b) 819,410 Encore Acquisition 98,900(b) 3,069,855 Giant Inds 3,400(b) 182,410 Harvest Natural Resources 47,500(b) 436,050 Nordic American Tanker Shipping 21,900(c) 718,320 OMI 4,580 88,852 Parallel Petroleum 19,543(b) 320,701 Petroleum Development 3,409(b) 115,054 Range Resources 31,665 1,179,205 St. Mary Land & Exploration 54,500 1,941,290 Swift Energy 22,200(b) 1,025,418 TransMontaigne 15,300(b) 95,472 Whiting Petroleum 25,381(b) 1,052,042 Total 16,623,052 Paper & Forest Products (0.1%) Louisiana-Pacific 11,300 304,761 Schweitzer-Mauduit Intl 3,900 92,859 Total 397,620 Personal Products (0.8%) Chattem 4,867(b) 154,625 Elizabeth Arden 38,381(b) 730,774 Inter Parfums 46,300 766,728 Nu Skin Enterprises Cl A 50,700 881,166 Playtex Products 51,699(b) 723,786 Total 3,257,079 Common Stocks (continued) Issuer Shares Value(a) Pharmaceuticals (0.6%) Alpharma Cl A 30,900 $816,378 Endo Pharmaceuticals Holdings 16,400(b) 490,688 First Horizon Pharmaceutical 25,500(b) 449,310 Inspire Pharmaceuticals 12,000(b) 86,880 Perrigo 25,600 371,200 Salix Pharmaceuticals 14,901(b) 288,632 Total 2,503,088 Real Estate (0.8%) MI Developments Cl A 100,500(c) 3,411,976 Real Estate Investment Trust (4.4%) Acadia Realty Trust 12,898 264,151 Agree Realty 10,327 291,944 American Campus Communities 3,583 90,184 Arbor Realty Trust 26,000 701,480 Ashford Hospitality Trust 38,800 413,996 BioMed Realty Trust 16,830 432,026 Boykin Lodging 19,400(b) 232,800 Brandywine Realty Trust 31,582 915,246 Capital Automotive 15,253 589,223 Capital Trust Cl A 4,300 131,795 Cogdell Spencer 7,316(b) 122,543 Colonial Properties Trust 7,300 320,689 Commercial Net Lease Realty 64,180 1,300,287 Corporate Office Properties Trust 3,763 135,769 Correctional Properties Trust 15,477 445,119 Cousins Properties 20,600 573,504 CRIIMI MAE 7,400(b) 146,298 Digital Realty Trust 6,405 143,984 Entertainment Properties Trust 19,702 842,852 Equity Inns 54,200 743,624 FelCor Lodging Trust 53,500 908,430 Getty Realty 7,900 212,273 Hersha Hospitality Trust 9,131 84,188 Highwoods Properties 23,500 677,505 HomeBanc 25,900 203,315 Innkeepers USA Trust 23,000 401,120 Investors Real Estate Trust 11,700 110,097 LaSalle Hotel Properties 12,073 406,377 Lexington Corporate Properties Trust 22,712 483,538 LTC Properties 23,500 481,280 Luminent Mtge Capital 11,900 95,200 MFA Mtge Investments 49,930 304,573 Natl Health Investors 11,600 320,740 New Century Financial 4,200 151,914 Omega Healthcare Investors 70,187 843,648 Parkway Properties 13,434 561,541 Post Properties 5,000 202,300 Prentiss Properties Trust 9,838 403,358 RAIT Investment Trust 23,037 605,412 Redwood Trust 3,100 133,734 Senior Housing Properties Trust 25,700 483,417 Spirit Finance 12,868 147,982 Town & Country Trust 7,265 210,685 Common Stocks (continued) Issuer Shares Value(a) Real Estate Investment Trust (cont.) Trustreet Properties 8,600 $134,504 U-Store-It Trust 13,068 277,303 Wellsford Real Properties 50,300(b) 960,227 Winston Hotels 20,800 209,040 Total 18,851,215 Road & Rail (0.4%) Arkansas Best 11,600 478,384 Covenant Transport Cl A 63,000(b) 732,690 Heartland Express 10,086 214,933 SCS Transportation 15,513(b) 305,761 USA Truck 6,400(b) 173,440 Total 1,905,208 Semiconductors & Semiconductor Equipment (2.9%) Brooks Automation 8,900(b) 114,454 Cabot Microelectronics 1,388(b) 42,931 Catalyst Semiconductor 148,200(b) 703,950 Cymer 22,700(b) 867,594 Diodes 627(b) 25,312 Entegris 81,184(b) 819,958 Fairchild Semiconductor Intl 39,551(b) 685,814 FormFactor 4,743(b) 133,089 Integrated Device Technology 75,656(b) 906,359 Integrated Silicon Solution 182,800(b) 1,281,428 IXYS 42,000(b) 504,840 MIPS Technologies 46,600(b) 275,406 OmniVision Technologies 43,700(b) 773,490 Photronics 16,200(b) 257,256 Semitool 52,500(b) 499,800 SigmaTel 53,600(b) 780,416 Tessera Technologies 24,421(b) 671,578 TriQuint Semiconductor 721,600(b) 3,247,200 Total 12,590,875 Software (2.3%) Atari 152,430(b) 192,062 Catapult Communications 48,800(b) 825,208 Epicor Software 23,324(b) 322,104 InterVideo 59,100(b) 605,184 Intervoice 71,600(b) 619,340 Mentor Graphics 313,700(b) 2,810,752 Pervasive Software 173,600(b) 736,064 Reynolds & Reynolds Cl A 99,100 2,699,484 Take-Two Interactive Software 23,456(b) 428,072 Transaction Systems Architects 6,000(b) 174,600 Ulticom 13,800(b) 158,976 Ultimate Software Group 7,031(b) 121,004 Total 9,692,850 Specialty Retail (3.9%) Aaron Rents 31,540 655,086 Asbury Automotive Group 24,100(b) 403,675 Buckle 31,500 1,027,845 Cato Cl A 48,600 1,049,760 Charming Shoppes 11,540(b) 135,595 Claire's Stores 29,200 833,076 Cost Plus 115,043(b) 2,114,491 Deb Shops 42,800 1,244,624 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 93 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Value Fund Common Stocks (continued) Issuer Shares Value(a) Specialty Retail (cont.) Dress Barn 11,759(b) $392,515 Gymboree 13,783(b) 310,944 Lithia Motors Cl A 16,400 468,220 Men's Wearhouse 102,350(b) 2,998,856 Payless ShoeSource 20,100(b) 459,285 Pier 1 Imports 64,700 821,690 Select Comfort 44,619(b) 1,069,517 Sharper Image 2,963(b) 30,074 Sonic Automotive 40,000 832,000 Sports Authority 6,800(b) 213,996 Talbots 23,000 626,060 Too 20,900(b) 661,067 Trans World Entertainment 14,700(b) 95,991 United Auto Group 5,700 203,034 Zale 7,183(b) 200,406 Total 16,847,807 Textiles, Apparel & Luxury Goods (2.1%) Columbia Sportswear 19,500(b) 906,360 Cutter & Buck 56,500 683,650 Fossil 42,979(b) 857,001 K-Swiss Cl A 67,161 2,097,438 Kellwood 9,321 215,502 Kenneth Cole Productions Cl A 39,600 1,111,968 Polo Ralph Lauren 7,800 418,080 Steven Madden 5,600 152,488 Stride Rite 77,400 1,063,476 Timberland Cl A 27,300(b) 903,357 Warnaco Group 5,000(b) 122,850 Wolverine World Wide 14,900 323,628 Total 8,855,798 Thrifts & Mortgage Finance (2.6%) Accredited Home Lenders Holding 29,592(b) 1,281,925 Bank Mutual 12,600 133,308 BankAtlantic Bancorp Cl A 46,800 652,392 BankUnited Financial Cl A 21,199 540,363 Berkshire Hills Bancorp 8,856 288,617 Brookline Bancorp 24,164 339,746 Common Stocks (continued) Issuer Shares Value(a) Thrifts & Mortgage Finance (cont.) CharterMac LP 6,600 $144,078 Corus Bankshares 13,900 817,042 Downey Financial 1,300 84,110 Federal Agricultural Mtge Cl C 11,100 309,357 Fidelity Bankshares 20,479 638,740 First Financial Holdings 4,500 137,430 First Niagara Financial Group 129,373 1,874,615 FirstFed Financial 16,200(b) 847,908 Flagstar Bancorp 5,700 85,899 Franklin Bank 5,500(b) 101,750 Fremont General 21,300 498,633 KNBT Bancorp 6,500 106,535 NetBank 28,142 207,969 PFF Bancorp 38,595 1,179,077 Provident Financial Services 14,800 266,252 TierOne 24,300 728,271 Total 11,264,017 Tobacco (0.1%) Universal 3,100 125,178 Vector Group 27,125 511,035 Total 636,213 Trading Companies & Distributors (0.7%) Applied Industrial Technologies 15,596 498,292 GATX 26,000 978,640 Hughes Supply 28,427 1,101,262 NuCO2 8,224(b) 231,259 UAP Holding 4,183 79,393 Total 2,888,846 Transportation Infrastructure (0.2%) Sea Containers Cl A 61,000(c) 774,700 Wireless Telecommunication Services (0.2%) Dobson Communications Cl A 38,767(b) 285,713 Leap Wireless Intl 4,472(b) 170,204 Common Stocks (continued) Issuer Shares Value(a) Wireless Telecommunication Services (cont.) Price Communications 21,000(b) $318,570 UbiquiTel 13,403(b) 131,081 Total 905,568 Total Common Stocks (Cost: $371,802,389) $412,681,480 Other (--%) Issuer Shares Value(a) Air France ADR Warrants 51,500(b,c,d) $34,248 Total Other (Cost: $--) $34,248 Short-Term Securities (12.9%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-28-05 4.16% $3,000,000(e) $2,990,317 BNP Paribas Finance 12-01-05 4.04 12,800,000 12,798,563 CRC Funding LLC 01-10-06 4.08 10,000,000(e) 9,953,735 Deutsche Bank 12-01-05 4.04 14,300,000 14,298,394 Emerald Certificates MBNA MCCT 12-07-05 3.84 5,000,000(e) 4,996,271 Preferred Receivables Funding 12-27-05 4.17 5,000,000(e) 4,984,400 Rabobank USA Financial 12-01-05 4.03 5,400,000 5,399,396 Total Short-Term Securities (Cost: $55,426,374) $55,421,076 Total Investments in Securities (Cost: $427,228,763)(f) $468,136,804 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 94 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Small Cap Value Fund Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 6.6% of net assets. (d) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Nov. 30, 2005, is as follows: Security Acquisition Cost dates Air France ADR Warrants 05-05-04 $-- (e) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $22,924,723 or 5.3% of net assets. (f) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $427,229,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 58,686,000 Unrealized depreciation (17,778,000) ----------- Net unrealized appreciation $ 40,908,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 95 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 Investments in Securities RiverSource VP -- Strategy Aggressive Fund Nov. 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (98.7%) Issuer Shares Value(a) Aerospace & Defense (2.7%) Precision Castparts 165,000 $8,413,350 Rockwell Collins 210,100 9,601,570 Total 18,014,920 Air Freight & Logistics (3.0%) C.H. Robinson Worldwide 246,000 9,950,700 UTI Worldwide 104,000(c) 10,118,160 Total 20,068,860 Biotechnology (8.5%) Amylin Pharmaceuticals 222,100(b,d) 8,308,761 Genzyme 178,900(b) 13,299,426 Gilead Sciences 408,300(b) 20,696,727 Invitrogen 161,355(b) 10,754,311 OSI Pharmaceuticals 159,000(b) 3,855,750 Total 56,914,975 Capital Markets (2.0%) GreenHill & Co 96,900 5,318,841 Investors Financial Services 169,300 6,391,075 Legg Mason 14,020 1,719,553 Total 13,429,469 Chemicals (1.5%) Rohm & Haas 229,400 10,047,720 Commercial Services & Supplies (5.0%) Cintas 113,200 5,062,304 Corporate Executive Board 87,627 7,580,612 ITT Educational Services 68,000(b) 4,173,160 Manpower 263,939 12,259,966 Monster Worldwide 111,250(b) 4,327,625 Total 33,403,667 Communications Equipment (1.3%) Juniper Networks 394,312(b) 8,868,077 Computers & Peripherals (5.8%) NCR 234,600(b) 7,964,670 Network Appliance 651,700(b) 18,977,504 SanDisk 229,737(b,d) 11,730,371 Total 38,672,545 Diversified Financial Services (1.6%) CapitalSource 450,460(d) 10,765,994 Energy Equipment & Services (3.4%) BJ Services 151,200 5,541,480 Nabors Inds 129,500(b,c) 9,066,295 Natl Oilwell Varco 78,900(b) 4,782,918 Tidewater 74,850 3,383,220 Total 22,773,913 Food & Staples Retailing (0.5%) Whole Foods Market 22,930 3,377,130 Common Stocks (continued) Issuer Shares Value(a) Health Care Equipment & Supplies (7.2%) Beckman Coulter 61,122 $3,403,884 Cooper Companies 73,400 4,022,320 CR Bard 231,100 14,991,457 Foxhollow Technologies 88,900(b,d) 3,870,706 Gen-Probe 147,400(b) 6,805,458 Kinetic Concepts 109,300(b) 4,257,235 St. Jude Medical 229,500(b) 10,963,215 Total 48,314,275 Health Care Providers & Services (6.0%) Caremark Rx 443,100(b) 22,770,909 Community Health Systems 353,800(b) 14,183,842 Omnicare 57,450 3,271,778 Total 40,226,529 Hotels, Restaurants & Leisure (3.0%) Cheesecake Factory 92,259(b) 3,380,370 GTECH Holdings 335,100 10,254,060 Starbucks 206,400(b) 6,284,880 Total 19,919,310 Household Durables (0.9%) Harman Intl Inds 64,000 6,240,000 Household Products (1.5%) Church & Dwight 302,600 10,052,372 Insurance (2.1%) Assurant 161,600 7,129,792 IPC Holdings 101,100(c) 2,952,120 United America Indemnity Cl A 222,100(b,c) 4,208,795 Total 14,290,707 Internet Software & Services (1.8%) Akamai Technologies 137,400(b) 2,742,504 VeriSign 414,900(b) 9,223,227 Total 11,965,731 IT Services (6.0%) Affiliated Computer Services Cl A 205,500(b) 11,462,790 Alliance Data Systems 267,200(b) 10,305,904 DST Systems 75,300(b) 4,478,091 Paychex 119,100 5,051,031 TNS 208,960(b) 3,771,728 VeriFone Holdings 215,700(b) 4,939,530 Total 40,009,074 Machinery (1.7%) Danaher 202,600 11,244,300 Media (2.6%) Catalina Marketing 63,744 1,687,304 EW Scripps Cl A 144,200 6,683,670 Common Stocks (continued) Issuer Shares Value(a) Media (cont.) Univision Communications Cl A 232,054(b) $7,014,992 XM Satellite Radio Holdings Cl A 77,400(b,d) 2,264,724 Total 17,650,690 Metals & Mining (2.1%) Peabody Energy 175,480 13,838,353 Oil & Gas (7.7%) Apache 102,530 6,693,158 Chesapeake Energy 242,400 7,017,480 EOG Resources 213,000 15,282,750 Pioneer Natural Resources 172,900 8,805,797 XTO Energy 343,100 13,960,739 Total 51,759,924 Pharmaceuticals (2.2%) Barr Pharmaceuticals 78,000(b) 4,473,300 MGI PHARMA 118,200(b) 2,333,268 Sepracor 144,700(b) 7,955,606 Total 14,762,174 Semiconductors & Semiconductor Equipment (8.0%) ASML Holding 382,100(b,c) 7,321,036 Broadcom Cl A 144,402(b) 6,720,469 KLA-Tencor 176,900 9,055,511 Marvell Technology Group 414,800(b,c) 23,037,992 Microchip Technology 135,800 4,530,288 Skyworks Solutions 566,600(b) 3,053,974 Total 53,719,270 Software (3.8%) Autodesk 166,000 6,925,520 Fair Isaac 218,400 10,007,088 Mercury Interactive 184,425(b) 5,127,015 NAVTEQ 78,500(b) 3,297,000 Total 25,356,623 Specialty Retail (2.6%) Advance Auto Parts 119,224(b) 5,047,944 Chico's FAS 165,200(b) 7,286,972 Tiffany & Co 89,100 3,626,370 Williams-Sonoma 38,520(b) 1,671,383 Total 17,632,669 Textiles, Apparel & Luxury Goods (1.6%) Coach 303,300(b) 10,442,619 Trading Companies & Distributors (2.6%) Fastenal 435,600 17,293,320 Total Common Stocks (Cost: $472,583,677) $661,055,210 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 96 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 RiverSource VP -- Strategy Aggressive Fund Bond (0.3%) Issuer Coupon Principal Value(a) rate amount Federal Farm Credit Bank 03-15-06 2.50% $2,000,000 $1,989,770 Total Bond (Cost: $1,999,422) $1,989,770 Short-Term Securities (4.3%)(e) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Amsterdam Funding 12-01-05 4.02% $5,000,000(f) $4,999,442 Nieuw Amsterdam 12-01-05 4.04 4,000,000(f) 3,999,551 12-14-05 4.06 5,000,000(f) 4,992,125 12-20-05 4.11 5,000,000(f) 4,988,611 Park Granada LLC 12-07-05 4.04 5,000,000(f) 4,996,072 12-09-05 4.05 5,000,000(f) 4,994,938 Total Short-Term Securities (Cost: $28,974,001) $28,970,739 Total Investments in Securities (Cost: $503,557,100)(g) $692,015,719 Notes to Investments in Securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated Aug. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Nov. 30, 2005, the value of foreign securities represented 8.5% of net assets. (d) At Nov. 30, 2005, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 3.0% of net assets. 1.3% of net assets is the Fund's cash equivalent position. (f) Commercial paper 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 has been determined to be liquid under guidelines established by the Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Nov. 30, 2005, the value of these securities amounted to $28,970,739 or 4.3% of net assets. (g) At Nov. 30, 2005, the cost of securities for federal income tax purposes was approximately $503,557,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $208,280,000 Unrealized depreciation (19,821,000) ----------- Net unrealized appreciation $188,459,000 ------------ The Global Industry Classification Standard (GICS) 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. How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.riversource.com. - -------------------------------------------------------------------------------- 97 - RIVERSOURCE VARIABLE PORTFOLIO FUNDS - PORTFOLIO HOLDINGS AT NOV. 30, 2005 S-6466-80 D (1/06) Item 2. Control and Procedures. (a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, the registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no changes 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. Separate certification for the Registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. 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) AXP Variable Portfolio - Investment Series, Inc. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date January 31, 2006 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/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date January 31, 2006 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date January 31, 2006 EX-99.CERT 2 ex99-cert.txt CERTIFICATION PURSUANT TO 270.30A-2 OF THE INVESTMENT COMPANY ACT OF 1940 Certification Pursuant to 270.30a-2 of the Investment Company Act of 1940 I, Paula Meyer, certify that: 1. I have reviewed this report on Form N-Q of AXP Variable Portfolio - Investment Series, Inc.; 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 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 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 principals; 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 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: January 26, 2006 /s/ Paula R. Meyer -------------- Name: Paula R. Meyer Title: President and Chief Executive Officer Certification Pursuant to 270.30a-2 of the Investment Company Act of 1940 I, Jeffrey Fox, certify that: 1. I have reviewed this report on Form N-Q of AXP Variable Portfolio - Investment Series, Inc.; 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 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 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 principals; 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 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: January 26, 2006 /s/ Jeffrey P. Fox -------------- Name: Jeffrey P. Fox Title: Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----