N-Q 1 c63208nvq.htm FORM N-Q nvq
 
 
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 811-5696
RIVERSOURCE GLOBAL SERIES, INC.
 
(Exact name of registrant as specified in charter)
     
50606 Ameriprise Financial Center, Minneapolis, Minnesota   55474
 
(Address of principal executive offices)   (Zip code)
Scott R. Plummer — 5228 Ameriprise Financial Center, Minneapolis, MN 55474
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 671-1947
Date of fiscal year end: October 31
Date of reporting period: January 31, 2011
 
 
Item 1. Schedule of Investments

 

 

Portfolio of Investments
Columbia Absolute Return Currency and Income Fund
Jan. 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Bonds (6.8%)
                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Supranational (1.2%)(c)
                        
Inter-American Development Bank
                        
Senior Unsecured
                        
03-16-11
     0.502 %   $ 2,000,000  (g)   $ 2,000,579  
 
    
Asset-Backed (2.6%)
                        
Countrywide Home Equity Loan Trust
                        
Series 2005-H Class 2A (FGIC)
                        
12-15-35
     0.501       124,833  (e,g)     51,574  
Northstar Education Finance, Inc.
                        
Series 2007-1 Class A2
                        
01-29-46
     1.038       750,000  (g)     685,434  
SLM Student Loan Trust
                        
Series 2005-5 Class A2
                        
10-25-21
     0.383       677,421  (g)     674,516  
SLM Student Loan Trust
                        
Series 2005-8 Class A2
                        
07-25-22
     0.393       904,716  (g)     902,328  
SLM Student Loan Trust
                        
Series 2006-A Class A2
                        
12-15-20
     0.382       715,072  (g)     711,069  
SLM Student Loan Trust
                        
Series 2006-C Class A2
                        
09-15-20
     0.352       500,871  (g)     494,270  
SLM Student Loan Trust
                        
Series 2007-2 Class A2
                        
07-25-17
     0.303       818,668  (g)     811,833  
 
                      
Total
                     4,331,024  
 
                      
 
                        
Commercial Mortgage-Backed (1.7%)(f)
                        
GS Mortgage Securities Corp. II
                        
Series 2007-EOP Class A2
                        
03-06-20
     1.390       1,200,000  (d,g)     1,177,163  
GS Mortgage Securities Corp. II
                        
Series 2007-EOP Class A3
                        
03-06-20
     1.640       1,770,000  (d,g)     1,737,216  
 
                      
Total
                     2,914,379  
 
                      
 
    
Banking (1.2%)
                        
The Royal Bank of Scotland PLC
                        
Government Liquid Guaranteed
                        
05-11-12
     0.986       2,000,000  (c,d,g)     2,013,002  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Brokerage (0.1%)
                        
Lehman Brothers Holdings, Inc.
                        
Senior Unsecured
                        
10-22-08
     0.000       640,000  (b,g,h)     152,800  
 
                      
Total Bonds
                        
(Cost: $12,012,084)
                   $ 11,411,784  
 
                      
FDIC-Insured Debt (2.4%)(i)
                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
U.S. Agencies
                        
Bank of America Corp.
                        
FDIC Government Guaranty
                        
06-22-12
     0.503 %   $ 2,000,000  (g)   $ 2,006,876  
General Electric Capital Corp.
                        
FDIC Government Guaranty
                        
03-11-11
     0.382       2,000,000  (g)     2,000,396  
 
                      
Total FDIC-Insured Debt
                        
(Cost: $4,000,000)
                   $ 4,007,272  
 
                      
Money Market Fund (91.1%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.218%
     151,871,913  (j)   $ 151,871,913  
 
              
Total Money Market Fund
                
(Cost: $151,871,913)
           $ 151,871,913  
 
              
 
                
Total Investments in Securities
                
(Cost: $167,883,997)(k)
           $ 167,290,969  
 
              
Investments in Derivatives
Forward Foreign Currency Exchange Contracts Open at Jan. 31, 2011
                             
                Unrealized     Unrealized  
Counterparty   Exchange date   Currency to be delivered   Currency to be received   appreciation     depreciation  
 
HSBC Securities (USA), Inc.
  Feb.16, 2011   23,277,000
(CHF) 		  24,008,664
(USD) 		  $ —     $ (648,550 )
 
HSBC Securities (USA), Inc.
  Feb.16, 2011   14,566,000
(CHF) 		  15,512,247
(USD) 		    83,797       —  
 
Goldman, Sachs & Co.
  Feb.16, 2011   17,627,000
(EUR) 		  23,903,276
(USD) 		    —       (219,204 )
 
UBS Securities
  Feb.16, 2011   1,320,347,000
(JPY) 		  16,109,848
(USD) 		    25,708       —  
 
Barclays Bank PLC
  Feb.16, 2011   106,852,000
(SEK) 		  16,269,417
(USD) 		    —       (286,035 )
 
J.P. Morgan Securities, Inc.
  Feb.16, 2011   16,065,935
(USD) 		  16,173,000
(AUD) 		    28,044       —  
 
State Street Bank & Trust Co.
  Feb.16, 2011   24,490,026
(USD) 		  24,317,000
(CAD) 		    —       (205,088 )
 
HSBC Securities (USA), Inc.
  Feb.16, 2011   38,887,997
(USD) 		  232,558,000
(NOK) 		    1,340,778       —  
 
Total
              $ 1,478,327     $ (1,358,877 )
 
Notes to Portfolio of Investments
AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — European Monetary Unit

JPY — Japanese Yen

NOK — Norwegian Krone

SEK — Swedish Krona
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Oct. 31, 2010.
 
(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 Jan. 31, 2011, the value of foreign securities, excluding short-term securities, represented 2.41% 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 may be determined to be liquid under guidelines established by the Fund’s Board of Directors. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2011, the value of these securities amounted to $4,927,381 or 2.95% of net assets.

 

 

(e)   The following abbreviation is used in the portfolio security description to identify the insurer and/or guarantor of the issue:
 
    FGIC — Financial Guaranty Insurance Company
 
(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 Jan. 31, 2011.
 
(h)   Issuer is in bankruptcy.
 
(i)   This debt is guaranteed under the FDIC’s (Federal Deposit Insurance Corporation) Temporary Liquidity Guarantee Program (TLGP) and is backed by the full faith and credit of the United States.
 
(j)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Jan. 31, 2011.
 
(k)   At Jan. 31, 2011, the cost of securities for federal income tax purposes was approximately $167,884,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 46,000  
Unrealized depreciation
     (639,000 )
 
Net unrealized depreciation
   $ (593,000 )
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Jan. 31, 2011:
                                 
    Fair value at Jan. 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Bonds
                                
Foreign Government Obligations & Agencies
   $ —     $ 2,000,579     $ —     $ 2,000,579  
Asset-Backed Securities
     —       4,331,024       —       4,331,024  
Commercial Mortgage-Backed Securities
     —       2,914,379       —       2,914,379  
Corporate Debt Securities
     —       2,165,802       —       2,165,802  
 
Total Bonds
     —       11,411,784       —       11,411,784  
 
 
                                
Other
                                
FDIC-Insured Debt Securities
     —       4,007,272       —       4,007,272  
Affiliated Money Market Fund
     151,871,913       —       —       151,871,913  
 
Total Other
     151,871,913       4,007,272       —       155,879,185  
 
Investments in Securities
     151,871,913       15,419,056       —       167,290,969  
Derivatives(c)
                                
Assets
                                
Forward Foreign Currency Exchange Contracts
     —       1,478,327       —       1,478,327  
Liabilities
                                
Forward Foreign Currency Exchange Contracts
     —       (1,358,877 )     —       (1,358,877 )
 
 
                                
Total
   $ 151,871,913     $ 15,538,506     $ —     $ 167,410,419  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   There were no significant transfers between Levels 1 and 2 during the period.
 
(c)   Derivative instruments are valued at unrealized appreciation (depreciation).

 

 

Portfolio of Investments
Columbia Emerging Markets Bond Fund
January 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
                         
    Coupon     Principal        
Issuer   Rate     Amount     Value  
Corporate Bonds & Notes (29.6%)
                        
ARGENTINA (0.8%)
                        
Aeropuertos Argentina 2000 SA
                        
Senior Secured (a)
                        
12/01/20
     10.750 %   $ 2,000,000     $ 2,140,076  
 
                        
BRAZIL (2.0%)
                        
Banco Cruzeiro do Sul SA (a)
                        
Senior Unsecured
                        
01/20/16
     8.250 %     1,100,000       1,095,499  
Subordinated Notes
                        
09/22/20
     8.875 %     2,500,000       2,393,967  
Morgan Stanley & Co., Inc.
                        
Senior Unsecured
                        
10/22/20
     11.500 %     2,000,000       1,205,976  
Morgan Stanley
                        
Senior Unsecured (a)
                        
05/03/17
     10.090 % BRL     750,000       431,091  
 
                      
Total
                     5,126,533  
 
                      
 
                        
DOMINICAN REPUBLIC (1.3%)
                        
Cerveceria Nacional Dominicana C por A (a)
                        
03/27/12
     16.000 %     3,450,000       3,277,500  
 
                        
INDIA (0.8%)
                        
ICICI Bank Ltd.
                        
Senior Unsecured (a)(b)
                        
11/16/20
     5.750 %     2,000,000       1,944,442  
 
                        
INDONESIA (3.4%)
                        
Majapahit Holding BV (a)
                        
06/28/17
     7.250 %     1,150,000       1,262,453  
08/07/19
     8.000 %     2,100,000       2,373,000  
01/20/20
     7.750 %     2,900,000       3,263,941  
Majapahit Holding BV (a)(b)
                        
10/17/16
     7.750 %     1,630,000       1,841,900  
 
                      
Total
                     8,741,294  
 
                      
 
                        
KAZAKHSTAN (2.6%)
                        
KazMunayGas National Co. (a)
                        
Senior Unsecured
                        
07/02/18
     9.125 %     2,595,000       3,101,025  
04/09/21
     6.375 %     1,500,000       1,503,750  
KazMunayGaz National Co.
                        
Senior Unsecured (a)
                        
05/05/20
     7.000 %     1,850,000       1,948,253  
 
                      
Total
                     6,553,028  
 
                      
 
                        
NETHERLANDS (1.5%)
                        
Lukoil International Finance BV (a)
                        
11/05/19
     7.250 %     2,400,000       2,594,051  
11/09/20
     6.125 %     1,250,000       1,244,331  
 
                      
Total
                     3,838,382  
 
                      
 
                        
PERU (0.9%)
                        
Banco de Credito del Peru
                        
Subordinated Notes (a)(c)
                        
10/15/22
     7.170 %     6,000,000       2,179,061  
 
                        
PHILIPPINES (2.4%)
                        
Power Sector Assets & Liabilities Management Corp. (a)
                        
Government Guaranteed
                        
05/27/19
     7.250 %     2,250,000       2,579,063  
12/02/24
     7.390 %     3,000,000       3,479,867  
 
                      
Total
                     6,058,930  
 
                      
 
                        
QATAR (1.1%)
                        
Qtel International Finance Ltd. (a)
                        
02/16/21
     4.750 %     1,600,000       1,546,643  
10/19/25
     5.000 %     1,200,000       1,107,967  
 
                      
Total
                     2,654,610  
 
                      
 
                        
RUSSIAN FEDERATION (8.6%)
                        
AK Transneft OJSC Via TransCapitalInvest Ltd.
                        
Senior Unsecured (a)
                        
08/07/18
     8.700 %     3,680,000       4,552,535  
Gazprom Via Gaz Capital SA (a)
                        
Senior Unsecured
                        
11/22/16
     6.212 %     3,750,000       3,937,500  
08/16/37
     7.288 %     2,950,000       3,053,250  
Gazprom Via Gaz Capital SA (a)(b)
                        
Senior Unsecured
                        
04/11/18
     8.146 %     850,000       977,500  
03/07/22
     6.510 %     2,300,000       2,346,000  
Novatek Finance Ltd. (a)(d)
                        
02/03/21
     6.604 %     2,500,000       2,517,950  
TNK-BP Finance SA (a)
                        
03/13/18
     7.875 %     1,825,000       2,049,334  
Vnesheconombank Via VEB Finance Ltd.
                        
Bank Guaranteed (a)
                        
11/22/25
     6.800 %     2,500,000       2,504,238  
 
                      
Total
                     21,938,307  
 
                      
 
                        
UKRAINE (1.2%)
                        
MHP SA (a)
                        
04/29/15
     10.250 %     2,928,000       3,145,343  
 
                        
URUGUAY (3.0%)
                        
Uruguay Government International Bond
                        
04/05/27
     4.250% UYU     81,635,000       5,915,407  
06/26/37
     3.700% UYU     24,500,000       1,605,267  
 
                      
Total
                     7,520,674  
 
                      
Total Corporate Bonds & Notes
(Cost: $68,466,428)		                   $ 75,118,180  
 
                      

 

 

                         
    Coupon     Principal        
Issuer   Rate     Amount     Value  
Foreign Government Obligations (63.9%)
                        
ARGENTINA (7.5%)
                        
Argentina Bonos
                        
Senior Unsecured
                        
10/03/15
     7.000 %   $ 4,035,000     $ 3,792,900  
09/12/13
     7.000 %     1,010,000       1,035,137  
04/17/17
     7.000 %     4,555,000       3,990,180  
Argentina Government International Bond
                        
Senior Unsecured (e)
                        
12/15/35
     0.000 %     16,450,000       2,492,175  
Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I
                        
Senior Secured
                        
07/01/20
     7.750 %     1,300,000       1,332,500  
Provincia de Buenos Aires (a)
                        
10/05/15
     11.750 %     2,490,000       2,583,360  
01/26/21
     10.875 %     1,280,000       1,253,669  
Provincia de Cordoba
                        
Senior Unsecured (a)(b)
                        
08/17/17
     12.375 %     2,450,000       2,621,500  
 
                      
Total
                     19,101,421  
 
                      
 
                        
BRAZIL (7.9%)
                        
Banco Nacional de Desenvolvimento Economico e Social
                        
Senior Unsecured (a)
                        
06/16/18
     6.369 %     1,450,000       1,578,688  
Brazil Notas do Tesouro Nacional
                        
01/01/12
     10.000 % BRL     489,500       2,897,188  
01/01/13
     10.000 % BRL     1,218,100       7,023,531  
Brazilian Government International Bond
                        
Senior Unsecured
                        
01/07/41
     5.625 %     2,800,000       2,751,000  
Cia de Saneamento Basico do Estado de Sao Paulo
                        
Senior Unsecured (a)
                        
12/16/20
     6.250 %     1,000,000       1,006,838  
Petrobras International Finance Co.
                        
03/15/19
     7.875 %     3,200,000       3,776,928  
Petrobras International Finance Co. (b)
                        
01/20/40
     6.875 %     1,000,000       1,031,197  
 
                      
Total
                     20,065,370  
 
                      
 
                        
CAYMAN ISLANDS (0.5%)
                        
Government of the Cayman Islands
                        
Senior Unsecured (a)
                        
11/24/19
     5.950 %     1,300,000       1,332,500  
 
                        
COLOMBIA (4.9%)
                        
Bogota Distrito Capital
                        
Senior Unsecured (a)
                        
07/26/28
     9.750% COP     1,377,000,000       938,355  
Colombia Government International Bond
                        
10/22/15
     12.000% COP     2,093,000,000       1,403,371  
Senior Unsecured
                        
04/14/21
     7.750% COP     1,811,000,000       1,021,757  
Colombia Government International Bond (b)
                        
09/18/37
     7.375 %     1,400,000       1,666,000  
Columbia Government International Bond
                        
Senior Unsecured (b)
                        
01/18/41
     6.125 %     3,600,000       3,666,079  
Ecopetrol SA
                        
Senior Unsecured (b)
                        
07/23/19
     7.625 %     700,000       810,250  
Empresas Publicas de Medellin ESP
                        
Senior Unsecured (a)
                        
02/01/21
     8.375% COP     4,418,000,000       2,355,635  
Republic of Colombia
                        
06/28/27
     9.850% COP     1,000,000,000       640,660  
 
                      
Total
                     12,502,107  
 
                      
 
                        
CROATIA (0.4%)
                        
Croatia Government International Bond
                        
Senior Unsecured (a)
                        
07/14/20
     6.625 %     1,000,000       1,035,000  
 
                        
DOMINICAN REPUBLIC (1.6%)
                        
Dominican Republic International Bond
                        
Senior Unsecured (a)
                        
05/06/21
     7.500 %     3,700,000       3,949,750  
 
                        
EL SALVADOR (1.5%)
                        
El Salvador Government International Bond (a)
                        
Senior Unsecured
                        
04/10/32
     8.250 %     750,000       828,750  
06/15/35
     7.650 %     1,810,000       1,846,200  
El Salvador Government International Bond (a)(d)
                        
02/01/41
     7.625 %     1,100,000       1,094,500  
 
                      
Total
                     3,769,450  
 
                      
 
                        
INDONESIA (7.4%)
                        
Indonesia Government International Bond (a)
                        
Senior Unsecured
                        
01/17/38
     7.750 %     4,300,000       5,079,375  
Indonesia Government International Bond (a)(b)
                        
Senior Unsecured
                        
10/12/35
     8.500 %     650,000       833,625  
Indonesia Treasury Bond
                        
Senior Unsecured
                        
10/15/14
     11.000% IDR     6,000,000,000       727,678  
07/15/17
     10.000% IDR     10,000,000,000       1,194,120  
11/15/20
     11.000% IDR     9,000,000,000       1,136,051  
06/15/21
     12.800% IDR     12,800,000,000       1,784,160  
09/15/19
     11.500% IDR     29,400,000,000       3,789,879  
07/15/22
     10.250% IDR     29,000,000,000       3,447,867  
09/15/25
     11.000% IDR     7,310,000,000       888,195  
 
                      
Total
                     18,880,950  
 
                      

 

 

                         
    Coupon     Principal        
Issuer   Rate     Amount     Value  
LITHUANIA (1.1%)
                        
Lithuania Government International Bond (a)
                        
Senior Unsecured
                        
09/14/17
     5.125 %   $ 1,150,000     $ 1,127,486  
02/11/20
     7.375 %     1,600,000       1,757,540  
 
                      
Total
                     2,885,026  
 
                      
 
                        
MEXICO (7.6%)
                        
Mexican Bonos
                        
12/17/15
     8.000% MXN     19,400,000       1,701,491  
12/15/16
     7.250% MXN     33,010,000       2,805,899  
12/14/17
     7.750% MXN     39,100,000       3,398,346  
Pemex Project Funding Master Trust
                        
06/15/35
     6.625 %     4,304,000       4,308,721  
03/01/18
     5.750 %     1,550,000       1,646,965  
01/21/21
     5.500 %     1,500,000       1,512,750  
Pemex Project Funding Master Trust (b)
                        
06/15/38
     6.625 %     2,000,000       2,002,304  
Petroleos Mexicanos
                        
05/03/19
     8.000 %     1,600,000       1,917,920  
 
                      
Total
                     19,294,396  
 
                      
 
                        
NIGERIA (0.6%)
                        
Nigeria Government International Bond (a)
                        
01/28/21
     6.750 %     1,500,000       1,485,000  
 
                        
PERU (2.4%)
                        
Peru Enhanced Pass-Through Finance Ltd.
                        
Senior Secured (a)(e)
                        
05/31/18
     0.000 %     4,747,714       3,845,648  
Peruvian Government International Bond
                        
Senior Unsecured
                        
03/14/37
     6.550 %     1,500,000       1,653,750  
Peruvian Government International Bond (a)
                        
Senior Unsecured
                        
08/12/20
     7.840% PEN     1,400,000       575,719  
 
                      
Total
                     6,075,117  
 
                      
 
                        
PHILIPPINES (0.9%)
                        
Philippine Government International Bond
                        
Senior Unsecured
                        
01/14/36
     6.250% PHP     106,000,000       2,174,020  
 
                        
QATAR (0.4%)
                        
Qatar Government International Bond
                        
Senior Unsecured (a)
                        
01/20/40
     6.400 %     1,000,000       1,055,000  
 
                        
RUSSIAN FEDERATION (4.0%)
                        
Russian Foreign Bond — Eurobond (a)(b)
                        
Senior Unsecured
                        
04/29/20
     5.000 %     3,500,000       3,437,000  
Russian Foreign Bond — Eurobond (a)(c)
                        
03/31/30
     7.500 %     5,737,845       6,584,177  
 
                      
Total
                     10,021,177  
 
                      
 
                        
TRINIDAD AND TOBAGO (1.1%)
                        
Petroleum Co. of Trinidad & Tobado Ltd.
                        
Senior Unsecured (a)
                        
08/14/19
     9.750 %     2,300,000       2,776,552  
 
                        
TURKEY (6.2%)
                        
Republic of Turkey
                        
01/14/41
     6.000 %     2,100,000       1,939,875  
Turkey Government International Bond
                        
Senior Unsecured
                        
06/05/20
     7.000 %     1,300,000       1,449,500  
03/17/36
     6.875 %     3,800,000       3,933,000  
11/07/19
     7.500 %     2,025,000       2,341,406  
05/30/40
     6.750 %     3,100,000       3,146,500  
03/30/21
     5.625 %     2,850,000       2,871,375  
 
                      
Total
                     15,681,656  
 
                      
 
                        
URUGUAY (0.8%)
                        
Uruguay Government International Bond
                        
Senior Unsecured
                        
03/21/36
     7.625 %     1,783,939       2,122,888  
 
                        
VENEZUELA (7.1%)
                        
Petroleos de Venezuela SA
                        
04/12/17
     5.250 %     8,600,000       4,871,900  
Petroleos de Venezuela SA (a)
                        
11/02/17
     8.500 %     6,920,000       4,660,620  
Venezuela Government International Bond (a)
                        
02/26/16
     5.750 %     4,289,500       3,056,269  
03/31/38
     7.000 %     1,800,000       994,500  
Senior Unsecured
                        
05/07/23
     9.000 %     6,550,000       4,440,900  
 
                      
Total
                     18,024,189  
 
                      
Total Foreign Government Obligations
(Cost: $151,955,825)		                   $ 162,231,569  
 
                      
Money Market Fund (6.4%)
                 
    Shares     Value  
Columbia Short-Term Cash Fund, 0.218% (f)(g)
     16,307,463     $ 16,307,463  
 
              
Total Money Market Fund
(Cost: $16,307,463)
           $ 16,307,463  
 
              

 

 

                         
    Effective     Par/        
Issuer   Yield     Principal     Value  
Investments of Cash Collateral Received for Securities on Loan (2.9%)
Repurchase Agreements (2.9%)
                        
Citigroup Global Markets, Inc.
dated 01-31-11, matures 02-01-11,
repurchase price $2,000,012 (h)
     0.210 %   $ 2,000,000     $ 2,000,000  
Goldman Sachs & Co.
dated 01-31-11, matures 02-01-11,
repurchase price $5,374,693 (h)
     0.220 %     5,374,660       5,374,660  
 
                      
Total
                     7,374,660  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $7,374,660)
                   $ 7,374,660  
 
                      
Total Investments
                        
(Cost: $244,104,376) (i)
                   $ 261,031,872  
 
                      
Other Assets & Liabilities, Net
                     (7,089,467 )
 
                      
Net Assets
                   $ 253,942,405  
 
                      
Principal amounts are denominated in United States Dollars unless otherwise noted.
Investments in Derivatives
Credit Default Swap Contracts Outstanding at January 31, 2011
Buy Protection
                                                                 
                                    Unamortized   Periodic        
                                    premium   payments        
        Expiration   Pay fixed   Notional   Market   (paid)   receivable   Unrealized   Unrealized
Counterparty   Reference entity   date   rate   amount   Value   received   (payable)   appreciation   depreciation
 
JPMorgan Chase Bank, N.A.
   CDX Emerging Markets Index   June 20, 2013     2.650 %   $ 2,000,000     $ (26,754 )   $ (196,524 )   $ (6,331 )   $ —     $ (229,608 )
 
Total
                                                   $ —     $ (229,608 )
 
Credit Default Swap Contracts Outstanding at January 31, 2011
Sell Protection
                                                                 
                                    Unamortized   Periodic        
                                    premium   payments        
        Expiration   Receive   Notional   Market   (paid)   receivable   Unrealized   Unrealized
Counterparty   Reference entity   date   fixed rate   amount   Value   received   (payable)   appreciation   depreciation
 
Merril Lynch Intl
   CDX Emerging Markets Index   June 20, 2013     2.650 %   $ 2,000,000     $ 26,754     $ —     $ 6,331     $ 33,084     $ —  
 
Total
                                                   $ 33,084     $ —  
 
Notes to Portfolio of Investments
(a)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2011, the value of these securities amounted to $130,525,686 or 51.40% of net assets.
 
(b)   At January 31, 2011, security was partially or fully on loan.
 
(c)   Variable rate security. The interest rate shown reflects the rate as of January 31, 2011.
 
(d)   Represents a security purchased on a when-issued or delayed delivery basis.
 
(e)   Zero coupon bond.
 
(f)   Investments in affiliates during the period ended January 31, 2011:
                                                         
                    Sales Cost/                   Dividends    
                    Proceeds from   Realized           or Interest    
Issuer   Beginning Cost   Purchase Cost   Sales   Gain/Loss   Ending Cost   Income   Value
 
Columbia Short-Term Cash Fund
   $ 8,618,153     $ 32,443,224     $ (24,753,914 )   $ —     $ 16,307,463     $ 2,485     $ 16,307,463  
(g)   The rate shown is the seven-day current annualized yield at January 31, 2011.
 
(h)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
Citigroup Global Markets, Inc. (0.210%)
         
Security description   Value  
 
Fannie Mae Benchmark REMIC
   $ 9,507  
Fannie Mae REMICS
     698,778  
Fannie Mae Whole Loan
     16,426  
Fannie Mae-Aces
     1,304  
Freddie Mac Reference REMIC
     63,253  
Freddie Mac REMICS
     1,009,854  
Government National Mortgage Association
     240,878  
 
Total market value of collateral securities
   $ 2,040,000  
 
Goldman Sachs & Co. (0.220%)
         
Security description   Value  
 
Government National Mortgage Association
   $ 5,482,153  
 
Total market value of collateral securities
   $ 5,482,153  
 
(i)   At January 31, 2011, the cost of securities for federal income tax purposes was approximately $244,104,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 19,217,000  
Unrealized depreciation
     (2,289,000 )
 
Net unrealized appreciation
   $ 16,928,000  
 
Securities are valued using policies described in the notes to the financial statements in the most recent shareholder report.
Currency Legend
BRL   Brazilian Real
 
COP   Colombian Peso
 
IDR   Indonesian Rupiah
 
MXN   Mexican Peso
 
PEN   Peruvian New Sol
 
PHP   Philippine Peso
 
UYU   Uruguayan Peso
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of January 31, 2011:
                                 
    Fair value at January 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Bonds
                                
Corporate Bonds & Notes
                                
Banking
   $ —     $ 5,433,907     $ 3,385,037     $ 8,818,944  
All Other Industries
             66,299,236       —       66,299,236  
Foreign Government Obligations
     —       154,697,786       7,533,783       162,231,569  
 
Total Bonds
     —       226,430,929       10,918,820       237,349,749  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     16,307,463       —       —       16,307,463  
Investments of Cash Collateral Received for Securities on Loan
     —       7,374,660       —       7,374,660  
 
Total Other
     16,307,463       7,374,660       —       23,682,123  
 
 
                                
Investments in Securities
     16,307,463       233,805,589       10,918,820       261,031,872  
Derivatives(d)
                                
Assets
                                
Swap Contracts
     —       33,084       —       33,084  
Liabilities
                                
Swap Contracts
     —       (229,608 )     —       (229,608 )
 
 
                                
Total
   $ 16,307,463     $ 233,609,065     $ 10,918,820     $ 260,835,348  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   There were no significant transfers between Levels 1 and 2 during the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at January 31, 2011.
 
(d)   Derivative instruments are valued at unrealized appreciation (depreciation).
The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
                         
            Foreign    
    Corporate   Government    
    Bonds & Notes   Obligations   Total
 
Balance as of October 31, 2010
   $ 2,206,576     $ 5,458,488     $ 7,665,064  
Accrued discounts/premiums
     (557 )     37,850       37,293  
Realized gain (loss)
     —       106,699       106,699  
Change in unrealized appreciation (depreciation)*
     (2,610 )     (112,314 )     (114,924 )
Sales
     —       (316,514 )     (316,514 )
Purchases
     1,181,628       2,359,574       3,541,202  
Transfers into Level 3
     —       —       —  
Transfers out of Level 3
     —       —       —  
 
Balance as of January 31, 2011
   $ 3,385,037     $ 7,533,783     $ 10,918,820  
 
*   Change in unrealized appreciation(depreciation) relating to securities held at January 31, 2011 was $(114,924), which is comprised of Corporate Bonds & Notes of $(2,610) and Foreign Government Obligations of $(112,314).
Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

 

 

Portfolio of Investments
Columbia Emerging Markets Opportunity Fund
Jan. 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (96.9%)(c)
                 
Issuer   Shares     Value(a)  
Brazil (15.1%)
                
Anhanguera Educacional Participacoes SA
     304,500     $ 6,458,315  
Banco Santander Brasil SA, ADR
     688,099       7,981,948  
BM&FBovespa SA
     1,046,900       7,317,685  
Fibria Celulose SA, ADR
     270,149  (b)     4,135,981  
Itaú Unibanco Holding SA, ADR
     536,586       11,536,599  
Localiza Rent a Car SA
     424,903       6,386,164  
Lojas Renner SA
     218,000       6,330,593  
MRV Engenharia e Participacoes SA
     469,400       3,971,045  
OGX Petroleo e Gas Participacoes SA
     800,700  (b)     8,267,863  
Petroleo Brasileiro SA, ADR
     441,774       16,226,359  
Vale SA, ADR
     676,756       23,571,411  
 
              
Total
             102,183,963  
 
              
 
                
China (14.6%)
                
Bank of China Ltd., Series H
     11,953,399  (e)     6,244,113  
China Construction Bank Corp., Series H
     15,990,080       14,131,562  
China National Building Material Co., Ltd., Series H
     1,760,000       4,419,805  
China Yurun Food Group Ltd.
     1,483,000       4,840,760  
CNOOC Ltd.
     2,488,000       5,538,268  
CNOOC Ltd., ADR
     37,041       8,247,549  
Dongfang Electric Corp., Ltd., Series H
     978,800  (e)     4,162,574  
Dongfeng Motor Group Co., Ltd., Series H
     3,318,000       5,898,346  
Hengan International Group Co., Ltd.
     547,000       4,106,097  
New Oriental Education & Technology Group, ADR
     52,860  (b)     5,215,168  
PetroChina Co., Ltd., Series H
     3,600,000       5,025,624  
Ping An Insurance Group Co. of China Ltd., Series H
     808,500       8,089,822  
Tencent Holdings Ltd.
     300,000       7,829,151  
Yanzhou Coal Mining Co., Ltd., Series H
     2,918,000       8,530,757  
Zhuzhou CSR Times Electric Co., Ltd., Series H
     1,654,000       6,388,928  
 
              
Total
             98,668,524  
 
              
 
                
Egypt (0.3%)
                
Orascom Construction Industries, GDR
     68,351  (d)     2,280,488  
 
                
Hong Kong (1.5%)
                
Agile Property Holdings Ltd.
     2,896,000       4,335,516  
Belle International Holdings Ltd.
     3,156,000       5,426,558  
 
              
Total
             9,762,074  
 
              
 
                
Hungary (1.0%)
                
OTP Bank PLC
     234,246  (b,e)     6,551,683  

 

 

                 
Issuer   Shares     Value(a)  
India (7.2%)
                
Bharat Heavy Electricals Ltd.
     120,394       5,834,207  
ICICI Bank Ltd.
     354,466       7,950,435  
Infosys Technologies Ltd.
     101,202       6,886,595  
Jaiprakash Associates Ltd.
     1,767,488       3,222,126  
Larsen & Toubro Ltd.
     181,687       6,511,652  
Maruti Suzuki India Ltd.
     211,062       5,788,490  
Reliance Industries Ltd.
     278,120       5,579,446  
State Bank of India
     123,997       7,171,533  
 
              
Total
             48,944,484  
 
              
 
                
Indonesia (3.6%)
                
Astra International Tbk PT
     482,500       2,628,642  
Bank Mandiri Tbk PT
     7,204,500       4,779,758  
Bank Rakyat Indonesia Persero Tbk PT
     10,255,500       5,535,922  
Bumi Resources Tbk PT
     14,315,000       4,359,092  
Indofood CBP Sukses Makmur Tbk PT
     7,140,500  (b)     3,612,494  
Semen Gresik Persero Tbk PT
     4,243,000       3,655,929  
 
              
Total
             24,571,837  
 
              
 
                
Luxembourg (1.2%)
                
Evraz Group SA, GDR
     131,110  (b,d)     5,196,947  
Ternium SA, ADR
     81,273       3,164,771  
 
              
Total
             8,361,718  
 
              
 
                
Malaysia (2.4%)
                
Axiata Group Bhd
     4,040,100  (b)     6,365,122  
CIMB Group Holdings Bhd
     1,300,800       3,574,931  
Genting Bhd
     1,876,000       6,555,952  
 
              
Total
             16,496,005  
 
              
 
                
Mexico (4.3%)
                
America Movil SAB de CV, Series L, ADR
     215,551       12,284,252  
Grupo Financiero Banorte SAB de CV, Series O
     1,555,300  (e)     6,924,298  
Grupo Mexico SAB de CV, Series B
     1,091,900       4,287,768  
Wal-Mart de Mexico SAB de CV, Series V
     2,091,500  (e)     5,817,961  
 
              
Total
             29,314,279  
 
              
 
                
Philippine Islands (0.5%)
                
Ayala Corp.
     405,830       3,119,543  
 
                
Poland (1.2%)
                
Bank Pekao SA
     77,818       4,634,448  
Powszechna Kasa Oszczednosci Bank Polski SA
     232,618       3,333,504  
 
              
Total
             7,967,952  
 
              
 
                
Russia (7.9%)
                
Eurasia Drilling Co., Ltd., GDR
     110,425  (d)     3,345,878  
Lukoil OAO, ADR
     177,430       10,872,602  
Magnit OJSC, GDR
     192,973  (d)     5,050,451  
MMC Norilsk Nickel OJSC, ADR
     346,160       8,911,889  
Novolipetsk Steel OJSC, GDR
     153,817  (d)     6,566,258  
Sberbank of Russia
     3,738,687       13,118,492  
X5 Retail Group NV, GDR
     136,216  (b,d)     5,785,948  
 
              
Total
             53,651,518  
 
              

 

 

                 
Issuer   Shares     Value(a)  
South Africa (6.4%)
                
Impala Platinum Holdings Ltd.
     232,466       6,621,497  
Kumba Iron Ore Ltd.
     102,942       6,461,793  
Life Healthcare Group Holdings Ltd.
     2,645,422       5,429,697  
Mr Price Group Ltd.
     570,859       4,517,868  
MTN Group Ltd.
     318,035       5,453,336  
Naspers Ltd., Series N
     99,752       5,195,582  
Shoprite Holdings Ltd.
     330,901       4,109,171  
Standard Bank Group Ltd.
     382,578       5,610,715  
 
              
Total
             43,399,659  
 
              
 
                
South Korea (13.0%)
                
Hyundai Department Store Co., Ltd.
     51,866       6,076,333  
Hyundai Engineering & Construction Co., Ltd.
     99,984       7,772,555  
Hyundai Heavy Industries Co., Ltd.
     13,866       6,018,663  
Hyundai Mobis
     35,496       8,205,735  
Hyundai Motor Co.
     57,547       9,216,423  
LG Chem Ltd.
     25,697       9,671,576  
POSCO
     12,126       4,927,839  
Samsung Electronics Co., Ltd.
     24,869       21,838,531  
Samsung Engineering Co., Ltd.
     39,822       7,033,585  
Shinhan Financial Group Co., Ltd.
     165,970       7,368,734  
 
              
Total
             88,129,974  
 
              
 
                
Taiwan (9.6%)
                
Acer, Inc.
     1,992,163       5,412,726  
Cathay Financial Holding Co., Ltd.
     3,032,700       5,606,923  
Delta Electronics, Inc.
     1,622,000       7,482,259  
Formosa Plastics Corp.
     1,471,000       5,012,778  
Hon Hai Precision Industry Co., Ltd.
     2,815,196       12,011,345  
MediaTek, Inc.
     190,551       2,584,985  
Synnex Technology International Corp.
     1,566,569       4,120,028  
Taiwan Semiconductor Manufacturing Co., Ltd.
     4,485,858       11,665,411  
Tripod Technology Corp.
     1,498,766       6,902,080  
Yuanta Financial Holding Co., Ltd.
     5,137,000       4,139,680  
 
              
Total
             64,938,215  
 
              
 
                
Thailand (2.1%)
                
Bangkok Bank PCL-NVDR
     1,487,075       7,222,199  
Siam Commercial Bank PCL
     2,307,100       7,073,738  
 
              
Total
             14,295,937  
 
              
 
                
Turkey (2.7%)
                
BIM Birlesik Magazalar AS
     166,337       5,347,232  
KOC Holding AS
     1,454,179       5,966,109  
Turkiye Garanti Bankasi AS
     1,502,103       6,717,981  
 
              
Total
             18,031,322  
 
              
 
                
United Kingdom (1.0%)
                
Antofagasta PLC
     297,614       6,696,978  
 
    
United States (1.3%)
                
Southern Copper Corp.
     188,689       8,457,041  
 
              
Total Common Stocks
(Cost: $555,643,642)
           $ 655,823,194  
 
              

 

 

Preferred Stocks (1.4%)(c)
                 
Issuer   Shares     Value(a)  
Brazil
                
Itaú Unibanco Holding SA
     314,600     $ 6,717,835  
Petroleo Brasileiro SA
     170,200       2,766,375  
 
              
Total Preferred Stocks
(Cost: $9,479,059)
           $ 9,484,210  
 
              
Money Market Fund (0.8%)
                 
Issuer   Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.218%
     5,190,768  (f)   $ 5,190,768  
 
              
Total Money Market Fund
(Cost: $5,190,768)
           $ 5,190,768  
 
              
Investments of Cash Collateral Received for Securities on Loan (1.9%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(g)
                        
Cantor Fitzgerald & Co.
dated 01-31-11, matures 02-01-11,
repurchase price
$5,000,033
     0.240 %   $ 5,000,000     $ 5,000,000  
Goldman Sachs & Co.
dated 01-31-11, matures 02-01-11,
repurchase price
$4,675,317
     0.220       4,675,288       4,675,288  
Pershing LLC
dated 01-31-11, matures 02-01-11,
repurchase price
$3,000,025
     0.300       3,000,000       3,000,000  
 
                      
Total
                     12,675,288  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $12,675,288)
                   $ 12,675,288  
 
                      
Total Investments in Securities
                        
(Cost: $582,988,757)(h)
                   $ 683,173,460  
 
                      
Summary of Investments in Securities by Industry
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at Jan. 31, 2011:
                 
    Percentage of net        
Industry   assets     Value(a)  
 
Auto Components
     1.2 %   $ 8,205,735  
Automobiles
     3.5       23,531,901  
Banking
     1.0       6,717,835  
Capital Markets
     0.6       4,139,680  
Chemicals
     2.2       14,684,354  
Commercial Banks
     20.3       137,462,593  
Computers & Peripherals
     0.8       5,412,726  
Construction & Engineering
     3.5       23,598,280  
Construction Materials
     1.2       8,075,734  
Diversified Consumer Services
     1.7       11,673,483  
Diversified Financial Services
     1.5       10,437,228  
Electrical Equipment
     2.4       16,385,709  
Electronic Equipment, Instruments & Components
     4.5       30,515,712  
Energy Equipment & Services
     0.5       3,345,878  
Food & Staples Retailing
     3.9       26,110,763  
Food Products
     1.3       8,453,254  
Health Care Providers & Services
     0.8       5,429,697  
Hotels, Restaurants & Leisure
     1.0       6,555,952  
Household Durables
     0.6       3,971,045  
Industrial Conglomerates
     1.4       9,188,235  
Insurance
     2.0       13,696,745  
Internet Software & Services
     1.2       7,829,151  
IT Services
     1.0       6,886,595  
Machinery
     0.9       6,018,663  
Media
     0.8       5,195,582  
Metals & Mining
     12.5       84,864,192  
Multiline Retail
     1.8       12,406,926  
Oil Field Services
     0.4       2,766,375  
Oil, Gas & Consumable Fuels
     10.7       72,647,560  
Paper & Forest Products
     0.6       4,135,981  
Personal Products
     0.6       4,106,097  
Real Estate Management & Development
     0.6       4,335,516  
Road & Rail
     0.9       6,386,164  
Semiconductors & Semiconductor Equipment
     5.3       36,088,927  
Specialty Retail
     1.5       9,944,426  
Wireless Telecommunication Services
     3.6       24,102,710  
Other(1)
     2.6       17,866,056  
 
 
                
Total
           $ 683,173,460  
 
              
(1)   Cash & Cash Equivalents.
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
Notes to Portfolio of Investments
ADR — American Depositary Receipt

GDR — Global Depositary Receipt
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Oct. 31, 2010.
 
(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 may be determined to be liquid under guidelines established by the Fund’s Board of Directors. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2011, the value of these securities amounted to $28,225,970 or 4.17% of net assets.
 
(e)   At Jan. 31, 2011, security was partially or fully on loan.
 
(f)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Jan. 31, 2011.
 
(g)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
Cantor Fitzgerald & Co. (0.240%)
         
Security description   Value (a)
 
Fannie Mae Interest Strip
   $ 259,774  
Fannie Mae Pool
     1,111,095  
Fannie Mae Principal Strip
     10,799  
Fannie Mae REMICS
     328,424  
Fannie Mae Whole Loan
     18,089  
Federal Farm Credit Bank
     73,516  
Federal Home Loan Banks
     447,345  
Federal Home Loan Mortgage Corp
     122,738  
Federal National Mortgage Association
     315,021  
FHLMC Structured Pass Through Securities
     121,093  
Freddie Mac Coupon Strips
     163  
Freddie Mac Non Gold Pool
     469,381  
Freddie Mac Reference REMIC
     2,730  
Freddie Mac REMICS
     147,430  
Freddie Mac Strips
     39,305  
Ginnie Mae I Pool
     231,019  
Ginnie Mae II Pool
     469,876  
Government National Mortgage Association
     228,892  
United States Treasury Inflation Indexed Bonds
     75,550  
United States Treasury Note/Bond
     96,227  
United States Treasury Strip Coupon
     457,043  
United States Treasury Strip Principal
     74,501  
 
Total market value of collateral securities
   $ 5,100,011  
 
Goldman Sachs & Co. (0.220%)
         
Security description   Value (a)
 
Government National Mortgage Association
   $ 4,768,794  
 
Total market value of collateral securities
   $ 4,768,794  
 
Pershing LLC (0.300%)
         
Security description   Value (a)
 
Fannie Mae Pool
   $ 458,083  
Fannie Mae REMICS
     475,423  
Federal Farm Credit Bank
     47,797  
Federal Home Loan Banks
     27,934  
Federal Home Loan Mortgage Corp
     4,013  
Federal National Mortgage Association
     13,950  
Freddie Mac Gold Pool
     125,881  
Freddie Mac Non Gold Pool
     18,016  
Freddie Mac REMICS
     434,836  
Ginnie Mae I Pool
     78,188  
Ginnie Mae II Pool
     89,354  
Government National Mortgage Association
     1,283,142  
United States Treasury Note/Bond
     1,160  
United States Treasury Strip Principal
     2,223  
 
Total market value of collateral securities
   $ 3,060,000  
 
(h)   At Jan. 31, 2011, the cost of securities for federal income tax purposes was approximately $582,989,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 117,613,000  
Unrealized depreciation
     (17,429,000 )
 
Net unrealized appreciation
   $ 100,184,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
 
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Oct. 31, 2010.
 
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Jan. 31, 2011:
                                 
    Fair value at Jan. 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Equity Securities
                                
Common Stocks
                                
Auto Components
   $ —     $ 8,205,735     $ —     $ 8,205,735  
Automobiles
     —       23,531,901       —       23,531,901  
Capital Markets
     —       4,139,680       —       4,139,680  
Chemicals
     —       14,684,354       —       14,684,354  
Commercial Banks
     26,442,846       111,019,747       —       137,462,593  
Computers & Peripherals
     —       5,412,726       —       5,412,726  
Construction & Engineering
     —       23,598,280       —       23,598,280  
Construction Materials
     —       8,075,734       —       8,075,734  
Diversified Financial Services
     7,317,685       3,119,543       —       10,437,228  
Electrical Equipment
     —       16,385,709       —       16,385,709  
Electronic Equipment, Instruments & Components
     —       30,515,712       —       30,515,712  
Energy Equipment & Services
     —       3,345,878       —       3,345,878  
Food & Staples Retailing
     5,817,961       20,292,802       —       26,110,763  
Food Products
     —       8,453,254       —       8,453,254  
Health Care Providers & Services
     —       5,429,697       —       5,429,697  
Hotels, Restaurants & Leisure
     —       6,555,952       —       6,555,952  
Industrial Conglomerates
     —       9,188,235       —       9,188,235  
Insurance
     —       13,696,745       —       13,696,745  
Internet Software & Services
     —       7,829,151       —       7,829,151  
IT Services
     —       6,886,595       —       6,886,595  
Machinery
     —       6,018,663       —       6,018,663  
Media
     —       5,195,582       —       5,195,582  
Metals & Mining
     48,392,880       36,471,312       —       84,864,192  
Multiline Retail
     6,330,593       6,076,333       —       12,406,926  
Oil, Gas & Consumable Fuels
     32,741,771       39,905,789       —       72,647,560  
Personal Products
     —       4,106,097       —       4,106,097  
Real Estate Management & Development
     —       4,335,516       —       4,335,516  
Semiconductors & Semiconductor Equipment
     —       36,088,927       —       36,088,927  
Specialty Retail
     —       9,944,426       —       9,944,426  
Wireless Telecommunication Services
     12,284,251       11,818,459       —       24,102,710  
All Other Industries
     26,166,673       —       —       26,166,673  
Preferred Stocks
     9,484,210       —       —       9,484,210  
 
Total Equity Securities
     174,978,870       490,328,534       —       665,307,404  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     5,190,768       —       —       5,190,768  
Investments of Cash Collateral Received for Securities on Loan
     —       12,675,288       —       12,675,288  
 
Total Other
     5,190,768       12,675,288       —       17,866,056  
 
 
    
Total
   $ 180,169,638     $ 503,003,822     $ —     $ 683,173,460  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   The amount of securities transferred out of Level 1 into Level 2 during the period was $419,124,273.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Jan. 31, 2011.

 

 

Portfolio of Investments
Columbia Global Bond Fund
Jan. 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Bonds (96.5%)(c)
                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Argentina (0.3%)
                        
Argentina Bonos
                        
Senior Unsecured
                        
09-12-13
     7.000 %   $ 1,033,000     $ 1,058,710  
Argentina Government International Bond
                        
Senior Unsecured
                        
12-15-35
     0.000       2,900,000  (e)     439,350  
 
                      
Total
                     1,498,060  
 
                      
 
                        
Australia (1.8%)
                        
Australia & New Zealand Banking Group Ltd.
                        
(AUD)
                        
11-08-11
     6.500       420,000       422,423  
FMG Resources August 2006 Pty Ltd.
                        
Senior Notes
                        
11-01-15
     7.000       271,000  (d)     279,340  
02-01-16
     6.375       125,000  (d,j)     126,406  
New South Wales Treasury Corp.
                        
(AUD) Local Government Guaranteed
                        
05-01-12
     6.000       7,085,000       7,142,997  
Telstra Corp., Ltd.
                        
Senior Unsecured
                        
04-01-12
     6.375       500,000       527,523  
Westpac Banking Corp.
                        
(AUD) Senior Unsecured
                        
09-24-12
     7.250       300,000       306,025  
Woodside Finance Ltd.
                        
11-10-14
     4.500       520,000  (d)     551,057  
 
                      
Total
                     9,355,771  
 
                      
 
                        
Belgium (1.3%)
                        
Belgium Government Bond
                        
(EUR)
                        
09-28-12
     5.000       4,210,000       6,029,078  
Fortis Bank SA/NV
                        
(EUR) Senior Unsecured
                        
05-30-14
     4.500       420,000       599,319  
 
                      
Total
                     6,628,397  
 
                      
 
                        
Bermuda (0.1%)
                        
Bacardi Ltd.
                        
04-01-14
     7.450       245,000  (d)     284,754  
Intelsat Jackson Holdings SA
                        
Senior Unsecured
                        
10-15-20
     7.250       350,000  (d)     356,125  
 
                      
Total
                     640,879  
 
                      

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Brazil (2.5%)
                        
Banco Nacional de Desenvolvimento Economico e Social
                        
Senior Unsecured
                        
06-16-18
     6.369       535,000  (d)     582,481  
06-10-19
     6.500       910,000  (d)     1,001,603  
Brazil Notas do Tesouro Nacional
                        
(BRL)
                        
01-01-12
     10.000       762,500       4,512,985  
01-01-13
     10.000       886,000       5,108,652  
Brazilian Government International Bond
                        
01-15-18
     8.000       232,556       274,648  
Brazilian Government International Bond
                        
Senior Unsecured
                        
01-17-17
     6.000       307,000       344,607  
10-14-19
     8.875       115,000       152,088  
01-07-41
     5.625       270,000       265,275  
Centrais Eletricas Brasileiras SA
                        
Senior Unsecured
                        
07-30-19
     6.875       375,000  (d)     418,980  
 
                      
Total
                     12,661,319  
 
                      
 
                        
Canada (3.6%)
                        
Bank of Nova Scotia
                        
10-29-15
     1.650       1,465,000  (d)     1,415,260  
Canadian Government Bond
                        
(CAD)
                        
06-01-18
     4.250       1,080,000       1,165,420  
Canadian Government Bond
                        
(CAD)
                        
06-01-19
     3.750       2,465,000       2,562,433  
Cascades, Inc.
                        
12-15-17
     7.750       500,000       520,000  
Devon Financing Corp. ULC
                        
09-30-11
     6.875       110,000       114,461  
EnCana Corp.
                        
Senior Unsecured
                        
11-01-11
     6.300       30,000       31,247  
Novelis, Inc.
                        
12-15-17
     8.375       180,000  (d)     193,950  
12-15-20
     8.750       180,000  (d)     195,525  
Precision Drilling Corp.
                        
11-15-20
     6.625       100,000  (d)     103,375  
Province of British Columbia Canada
                        
(CAD)
                        
06-18-14
     5.300       1,640,000       1,797,890  
Province of Ontario Canada
                        
(CAD)
                        
03-08-14
     5.000       3,255,000       3,514,008  
Province of Quebec Canada
                        
(CAD)
                        
12-01-17
     4.500       4,083,000       4,339,498  
Royal Bank of Canada
                        
(EUR) Senior Unsecured
                        
01-18-13
     3.250       630,000       879,446  
TELUS Corp.
                        
Senior Unsecured
                        
06-01-11
     8.000       377,000       385,869  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
The Toronto-Dominion Bank
                        
(EUR) Senior Unsecured
                        
05-14-15
     5.375       600,000       899,557  
Thomson Reuters Corp.
                        
Senior Unsecured
                        
04-15-40
     5.850       235,000       243,205  
 
                      
Total
                     18,361,144  
 
                      
 
                        
Cayman Islands (0.1%)
                        
Pacific Life Funding LLC
                        
(GBP) Secured
                        
02-08-11
     6.250       251,000       402,214  
 
    
Colombia (0.3%)
                        
Colombia Government International Bond
                        
01-27-17
     7.375       230,000       274,505  
09-18-37
     7.375       260,000       309,400  
Colombia Government International Bond
                        
Senior Unsecured
                        
03-18-19
     7.375       250,000  (j)     300,625  
01-18-41
     6.125       235,000       239,313  
Ecopetrol SA
                        
Senior Unsecured
                        
07-23-19
     7.625       300,000       347,250  
 
                      
Total
                     1,471,093  
 
                      
 
                        
Czech Republic (0.1%)
                        
Czech Republic Government Bond
                        
(CZK)
                        
06-16-13
     3.700       11,530,000       673,398  
 
    
Denmark (0.3%)
                        
Nykredit Realkredit A/S
                        
(DKK)
                        
04-01-28
     5.000       7,960,651       1,518,779  
 
    
El Salvador (0.1%)
                        
El Salvador Government International Bond
                        
Senior Unsecured
                        
01-24-23
     7.750       245,000  (d)     271,950  
 
    
France (5.1%)
                        
BNP Paribas Home Loan Covered Bonds SA
                        
11-02-15
     2.200       1,300,000  (d)     1,246,188  
BNP Paribas
                        
(EUR) Subordinated Notes
                        
12-17-12
     5.250       555,000       789,670  
Cie de Financement Foncier
                        
09-16-15
     2.500       1,400,000  (d)     1,374,067  
Credit Agricole SA
                        
(EUR) Senior Unsecured
                        
06-24-13
     6.000       550,000       809,306  
EDF SA
                        
(EUR) Senior Unsecured
                        
02-05-18
     5.000       750,000       1,100,333  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
France Government Bond OAT
                        
(EUR)
                        
04-25-12
     5.000       540,000       773,459  
04-25-13
     4.000       7,020,000       10,099,261  
10-25-16
     5.000       3,180,000       4,842,556  
10-25-19
     3.750       2,000,000       2,810,681  
France Telecom SA
                        
(EUR) Senior Unsecured
                        
02-21-17
     4.750       1,180,000       1,707,448  
Veolia Environnement SA
                        
(EUR) Senior Unsecured
                        
01-16-17
     4.375       315,000       444,273  
 
                      
Total
                     25,997,242  
 
                      
 
                        
Germany (5.7%)
                        
Bayerische Landesbank
                        
(JPY) Senior Unsecured
                        
04-22-13
     1.400       170,000,000       2,104,738  
Bundesrepublik Deutschland
                        
(EUR)
                        
01-04-15
     3.750       1,650,000       2,399,119  
07-04-19
     3.500       3,885,000       5,496,970  
07-04-27
     6.500       4,140,000       7,659,302  
07-04-28
     4.750       2,415,000       3,764,864  
07-04-34
     4.750       4,025,000       6,415,254  
Landwirtschaftliche Rentenbank
                        
(AUD) Government Guaranteed
                        
06-15-11
     5.750       1,250,000       1,248,622  
 
                      
Total
                     29,088,869  
 
                      
 
                        
Greece (0.3%)
                        
Hellenic Republic Government Bond
                        
(EUR) Senior Unsecured
                        
03-20-24
     4.700       1,800,000       1,522,543  
 
    
Indonesia (1.4%)
                        
Indonesia Government International Bond
                        
Senior Unsecured
                        
01-17-18
     6.875       500,000  (d)     566,250  
10-12-35
     8.500       190,000  (d)     243,675  
01-17-38
     7.750       140,000  (d)     165,375  
Indonesia Treasury Bond
                        
(IDR) Senior Unsecured
                        
05-15-16
     10.750       9,320,000,000       1,141,130  
11-15-20
     11.000       19,540,000,000       2,466,493  
07-15-22
     10.250       21,944,000,000       2,608,965  
Perusahaan Penerbit SBSN
                        
Senior Unsecured
                        
04-23-14
     8.800       160,000  (d)     186,046  
 
                      
Total
                     7,377,934  
 
                      
 
                        
Ireland (—%)
                        
Ardagh Packaging Finance PLC
                        
Senior Secured
                        
10-15-17
     7.375       116,000  (d)     121,655  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Italy (3.0%)
                        
Intesa Sanpaolo SpA
                        
(EUR) Senior Unsecured
                        
12-19-13
     5.375       400,000       569,710  
Italy Buoni Poliennali Del Tesoro
                        
(EUR)
                        
04-15-12
     4.000       1,745,000       2,439,972  
08-01-15
     3.750       700,000       961,252  
02-01-19
     4.250       2,445,000       3,316,355  
11-01-26
     7.250       4,186,283       6,971,408  
11-01-27
     6.500       525,000       815,014  
 
                      
Total
                     15,073,711  
 
                      
 
                        
Japan (11.9%)
                        
Bayer Holding Ltd.
                        
(JPY)
                        
06-28-12
     1.955       40,000,000       490,798  
Development Bank of Japan
                        
(JPY) Government Guaranteed
                        
06-20-12
     1.400       326,000,000       4,031,391  
Japan Government 10-Year Bond
                        
(JPY) Senior Unsecured
                        
12-20-12
     1.000       581,000,000       7,185,156  
09-20-17
     1.700       811,000,000       10,508,263  
Japan Government 20-Year Bond
                        
(JPY) Senior Unsecured
                        
03-20-20
     2.400       420,000,000       5,687,380  
12-20-22
     1.400       808,000,000       9,773,374  
12-20-26
     2.100       757,000,000       9,609,225  
09-20-29
     2.100       300,000,000       3,739,760  
Japan Government 30-Year Bond
                        
(JPY) Senior Unsecured
                        
12-20-34
     2.400       283,000,000       3,650,335  
03-20-39
     2.300       123,000,000       1,555,413  
Japanese Government CPI-Linked Bond
                        
(JPY) Senior Unsecured
                        
03-10-18
     1.400       346,720,000  (h)     4,305,300  
 
                      
Total
                     60,536,395  
 
                      
 
                        
Kazakhstan (0.1%)
                        
KazMunayGas National Co.
                        
Senior Unsecured
                        
07-02-18
     9.125       250,000  (d)     298,750  
 
    
Lithuania (0.1%)
                        
Lithuania Government International Bond
                        
Senior Unsecured
                        
09-14-17
     5.125       760,000  (d)     745,121  
 
    
Luxembourg (0.1%)
                        
ArcelorMittal
                        
Senior Unsecured
                        
10-15-39
     7.000       545,000       559,649  
Telecom Italia Capital SA
                        
07-18-36
     7.200       35,000       33,717  
 
                      
Total
                     593,366  
 
                      

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Malaysia (0.5%)
                        
Petronas Capital Ltd.
                        
05-22-12
     7.000       500,000  (d)     536,211  
08-12-19
     5.250       1,980,000  (d)     2,086,993  
 
                      
Total
                     2,623,204  
 
                      
 
                        
Mexico (1.8%)
                        
Mexican Bonos
                        
(MXN)
                        
12-19-13
     8.000       41,180,000       3,589,866  
12-17-15
     8.000       55,280,000       4,848,372  
Mexican Government International Bond
                        
Senior Unsecured
                        
09-27-34
     6.750       270,000       303,750  
Pemex Project Funding Master Trust
                        
03-01-18
     5.750       617,000       655,598  
 
                      
Total
                     9,397,586  
 
                      
 
                        
Netherlands (6.4%)
                        
Allianz Finance II BV
                        
(EUR)
                        
11-23-16
     4.000       400,000       556,869  
BMW Finance NV
                        
(EUR)
                        
09-19-13
     8.875       650,000       1,027,589  
Deutsche Telekom International Finance BV
                        
(EUR)
                        
01-19-15
     4.000       1,335,000       1,876,895  
E.ON International Finance BV
                        
(EUR)
                        
10-02-17
     5.500       535,000       807,279  
ING Groep NV
                        
(EUR) Senior Unsecured
                        
05-31-17
     4.750       1,205,000       1,672,170  
Netherlands Government Bond
                        
(EUR)
                        
07-15-12
     5.000       3,030,000       4,366,465  
07-15-13
     4.250       2,345,000       3,410,396  
07-15-16
     4.000       5,060,000       7,392,412  
07-15-20
     3.500       7,720,000       10,721,693  
Rabobank Nederland NV
                        
(EUR) Senior Unsecured
                        
04-04-12
     4.125       600,000       844,253  
 
                      
Total
                     32,676,021  
 
                      
 
                        
New Zealand (1.2%)
                        
ANZ National International Ltd.
                        
Bank Guaranteed
                        
08-10-15
     3.125       1,270,000  (d)     1,261,934  
New Zealand Government Bond
                        
(NZD) Senior Unsecured
                        
04-15-13
     6.500       5,850,000       4,755,715  
 
                      
Total
                     6,017,649  
 
                      
 
                        
Norway (1.1%)
                        
Norway Government Bond
                        
(NOK)
                        
05-16-11
     6.000       31,250,000       5,466,318  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Philippine Islands (0.3%)
                        
Philippine Government International Bond
                        
Senior Unsecured
                        
01-15-21
     4.000       129,000       121,260  
01-14-31
     7.750       405,000       491,063  
Power Sector Assets & Liabilities Management Corp.
                        
Government Guaranteed
                        
05-27-19
     7.250       790,000  (d)     905,538  
 
                      
Total
                     1,517,861  
 
                      
 
                        
Poland (1.7%)
                        
Poland Government Bond
                        
(PLN)
                        
04-25-13
     5.250       6,400,000       2,238,540  
10-25-17
     5.250       19,985,000       6,652,657  
 
                      
Total
                     8,891,197  
 
                      
 
                        
Qatar (0.3%)
                        
Qatar Government International Bond
                        
Senior Unsecured
                        
04-09-19
     6.550       550,000  (d)     634,208  
Qatari Diar Finance QSC
                        
Government Guaranteed
                        
07-21-20
     5.000       500,000  (d)     497,385  
Ras Laffan Liquefied Natural Gas Co., Ltd. III
                        
Senior Secured
                        
09-30-14
     5.500       310,000  (d)     335,309  
 
                      
Total
                     1,466,902  
 
                      
 
                        
Russia (0.4%)
                        
AK Transneft OJSC Via TransCapitalInvest Ltd.
                        
Senior Unsecured
                        
03-05-14
     5.670       200,000  (d)     211,724  
08-07-18
     8.700       100,000  (d)     123,710  
Gazprom Via Gaz Capital SA
                        
Senior Unsecured
                        
11-22-16
     6.212       100,000  (d)     105,000  
08-16-37
     7.288       230,000  (d)     238,050  
Russian Foreign Bond — Eurobond
                        
03-31-30
     7.500       1,159,025  (d)     1,329,981  
 
                      
Total
                     2,008,465  
 
                      
 
                        
South Africa (0.5%)
                        
South Africa Government Bond
                        
(ZAR) Senior Unsecured
                        
12-21-14
     8.750       15,975,000       2,298,187  
 
    
South Korea (0.3%)
                        
Export-Import Bank of Korea
                        
Senior Unsecured
                        
01-21-14
     8.125       810,000       922,844  
01-14-15
     5.875       450,000       490,825  
 
                      
Total
                     1,413,669  
 
                      

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Spain (2.5%)
                        
Ayt Cedulas Cajas Global
                        
(EUR)
                        
06-14-18
     4.250       1,500,000       1,719,019  
Caja de Ahorros y Monte de Piedad de Madrid
                        
(EUR)
                        
03-25-11
     3.500       1,800,000       2,463,043  
Instituto de Credito Oficial
                        
(AUD) Government Guaranteed
                        
03-08-11
     5.500       1,210,000       1,203,517  
Santander International Debt SA Unipersonal
                        
(EUR) Bank Guaranteed
                        
04-11-11
     5.125       1,200,000       1,649,901  
Santander U.S. Debt SA Unipersonal
                        
Bank Guaranteed
                        
10-07-15
     3.781       1,000,000  (d)     938,425  
Spain Government Bond
                        
(EUR)
                        
07-30-17
     5.500       2,050,000       2,909,231  
Telefonica Emisiones SAU
                        
01-15-15
     4.949       1,300,000       1,362,790  
Telefonica Emisiones SAU
                        
(EUR)
                        
02-02-16
     4.375       550,000       751,159  
 
                      
Total
                     12,997,085  
 
                      
 
                        
Supra-National (0.3%)
                        
Corp. Andina de Fomento
                        
Senior Unsecured
                        
06-04-19
     8.125       730,000       872,591  
European Investment Bank
                        
(GBP) Senior Unsecured
                        
12-07-11
     5.500       445,000       739,977  
 
                      
Total
                     1,612,568  
 
                      
 
                        
Sweden (1.0%)
                        
Sweden Government Bond
                        
(SEK)
                        
05-05-14
     6.750       30,525,000  (j)     5,314,426  
 
    
Turkey (0.3%)
                        
Turkey Government International Bond
                        
Senior Unsecured
                        
07-14-17
     7.500       350,000       403,375  
04-03-18
     6.750       204,000       226,440  
06-05-20
     7.000       235,000       262,025  
03-17-36
     6.875       540,000       558,900  
 
                      
Total
                     1,450,740  
 
                      
 
                        
United Kingdom (4.6%)
                        
MetLife of Connecticut
                        
(JPY)
                        
05-24-12
     0.653       100,000,000  (b)     1,193,812  
SABMiller PLC
                        
Senior Unsecured
                        
01-15-14
     5.700       1,275,000  (d)     1,416,408  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
United Kingdom Gilt
                        
(GBP)
                        
09-07-16
     4.000       3,130,000       5,327,443  
03-07-18
     5.000       400,000       713,757  
03-07-19
     4.500       2,240,000       3,844,353  
03-07-25
     5.000       660,000       1,156,140  
12-07-27
     4.250       1,750,000       2,791,170  
03-07-36
     4.250       1,400,000       2,170,393  
12-07-38
     4.750       1,690,000       2,838,351  
12-07-49
     4.250       1,185,000       1,840,062  
 
                      
Total
                     23,291,889  
 
                      
 
                        
United States (34.5%)
                        
Ally Financial, Inc.
                        
03-15-20
     8.000       260,000       293,800  
09-15-20
     7.500       480,000  (d)     522,000  
Amkor Technology, Inc.
                        
Senior Unsecured
                        
05-01-18
     7.375       237,000  (j)     247,369  
Anadarko Petroleum Corp.
                        
Senior Unsecured
                        
09-15-16
     5.950       435,000       477,112  
Anheuser-Busch InBev Worldwide, Inc.
                        
01-15-14
     7.200       710,000  (d)     818,532  
11-15-14
     5.375       2,620,000  (d)     2,906,360  
Ashland, Inc.
                        
06-01-17
     9.125       180,000       209,475  
Associated Materials LLC
                        
Senior Secured
                        
11-01-17
     9.125       90,000  (d)     96,975  
AT&T, Inc.
                        
Senior Unsecured
                        
02-15-39
     6.550       2,485,000       2,646,419  
Ball Corp.
                        
09-01-19
     7.375       35,000       37,756  
09-15-20
     6.750       234,000       247,455  
Bank of America Corp.
                        
(GBP) Senior Unsecured
                        
02-02-11
     0.830       950,000  (b)     1,521,078  
Bank of America Corp.
                        
Senior Unsecured
                        
05-01-18
     5.650       2,190,000       2,278,105  
BellSouth Corp.
                        
Senior Unsecured
                        
10-15-11
     6.000       785,000       815,347  
Berry Petroleum Co.
                        
Senior Unsecured
                        
11-01-20
     6.750       50,000       50,750  
Brocade Communications Systems, Inc.
                        
Senior Secured
                        
01-15-18
     6.625       76,000       80,750  
01-15-20
     6.875       67,000       71,355  
Burlington Northern Santa Fe LLC
                        
Senior Unsecured
                        
05-01-40
     5.750       730,000       742,419  
Cardinal Health, Inc.
                        
Senior Unsecured
                        
12-15-20
     4.625       1,700,000       1,688,611  
Cardtronics, Inc.
                        
09-01-18
     8.250       190,000       202,825  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
CC Holdings GS V LLC/Crown Castle GS III Corp.
                        
Senior Secured
                        
05-01-17
     7.750       820,000  (d)     901,999  
CCO Holdings LLC/Capital Corp.
                        
04-30-18
     7.875       136,000       142,460  
01-15-19
     7.000       250,000       251,875  
04-30-20
     8.125       49,000       52,246  
Celanese U.S. Holdings LLC
                        
10-15-18
     6.625       232,000  (d)     242,440  
CenterPoint Energy Houston Electric LLC
                        
03-01-14
     7.000       605,000       695,479  
CenterPoint Energy Resources Corp.
                        
Senior Unsecured
                        
02-15-11
     7.750       1,270,000       1,273,117  
Central Garden and Pet Co.
                        
03-01-18
     8.250       65,000       67,600  
CF Industries, Inc.
                        
05-01-18
     6.875       65,000       71,338  
05-01-20
     7.125       65,000       72,638  
Chesapeake Energy Corp.
                        
08-15-20
     6.625       560,000       580,301  
CIT Group, Inc.
                        
Senior Secured
                        
05-01-16
     7.000       535,000       540,350  
CitiFinancial Auto Issuance Trust
                        
Series 2009-1 Class A2
                        
11-15-12
     1.830       2,521,574  (d)     2,529,406  
Citigroup Commercial Mortgage Trust
                        
Series 2006-C5 Class A4
                        
10-15-49
     5.431       1,700,000  (f)     1,828,134  
Citigroup, Inc.
                        
(EUR) Senior Unsecured
                        
08-02-19
     5.000       595,000       801,798  
Citigroup/Deutsche Bank Commercial Mortgage Trust
                        
Series 2007-CD4 Class A4
                        
12-11-49
     5.322       500,000  (f)     522,266  
Colorado Interstate Gas Co.
                        
Senior Unsecured
                        
11-15-15
     6.800       3,170,000       3,671,469  
Columbus McKinnon Corp.
                        
02-01-19
     7.875       55,000  (d)     56,238  
Comcast Corp.
                        
02-15-18
     5.875       415,000       459,340  
Commercial Mortgage Pass-Through Certificates
                        
Series 2006-CN2A Class BFL
                        
02-05-19
     0.571       400,000  (b,d,f)     387,463  
CommScope, Inc.
                        
Senior Notes
                        
01-15-19
     8.250       54,000  (d)     56,025  
Concho Resources, Inc.
                        
Senior Notes
                        
01-15-21
     7.000       120,000       125,100  
Continental Resources, Inc.
                        
04-01-21
     7.125       20,000  (d)     21,100  
Cott Beverages, Inc.
                        
09-01-18
     8.125       34,000       36,720  
Credit Suisse First Boston Mortgage Securities Corp.
                        
Series 2004-C2 Class A1
                        
05-15-36
     3.819       424,728  (f)     430,113  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Cricket Communications, Inc.
                        
Senior Secured
                        
05-15-16
     7.750       317,000       333,643  
Crown Americas Capital Corp. III/LLC
                        
Senior Notes
                        
02-01-21
     6.250       510,000  (d)     517,650  
CSC Holdings LLC
                        
Senior Unsecured
                        
02-15-19
     8.625       100,000       114,750  
CSX Corp.
                        
Senior Unsecured
                        
03-15-18
     6.250       940,000       1,077,824  
CVS Caremark Corp.
                        
Senior Unsecured
                        
09-15-39
     6.125       305,000       315,264  
Dana Holding Corp.
                        
Senior Unsecured
                        
02-15-19
     6.500       40,000       40,600  
02-15-21
     6.750       47,000       47,705  
Del Monte Corp.
                        
10-15-19
     7.500       161,000       198,030  
Denbury Resources, Inc.
                        
03-01-16
     9.750       310,000       350,300  
DIRECTV Holdings LLC/Financing Co., Inc.
                        
02-15-16
     3.125       1,465,000       1,450,171  
DISH DBS Corp.
                        
10-01-14
     6.625       440,000       460,900  
02-01-16
     7.125       290,000       303,050  
Dominion Resources, Inc.
                        
Senior Unsecured
                        
08-01-33
     5.250       1,460,000       1,600,055  
Dr Pepper Snapple Group, Inc.
                        
12-21-11
     1.700       1,310,000       1,322,095  
DTE Energy Co.
                        
Senior Unsecured
                        
06-01-11
     7.050       115,000       117,338  
05-15-14
     7.625       1,540,000       1,775,897  
Duke Energy Corp.
                        
Senior Unsecured
                        
02-01-14
     6.300       450,000       504,365  
09-15-19
     5.050       720,000       758,507  
Duke Energy Indiana, Inc.
                        
1st Mortgage
                        
08-15-38
     6.350       940,000       1,049,026  
El Paso Corp.
                        
Senior Unsecured
                        
09-15-20
     6.500       405,000  (d)     413,100  
Embarq Corp.
                        
Senior Unsecured
                        
06-01-36
     7.995       920,000       1,036,664  
Energy Transfer Equity LP
                        
10-15-20
     7.500       210,000       224,175  
Entravision Communications Corp.
                        
Senior Secured
                        
08-01-17
     8.750       300,000       321,000  
ERAC USA Finance LLC
                        
10-15-37
     7.000       905,000  (d)     969,803  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Esterline Technologies Corp.
                        
08-01-20
     7.000       15,000       15,488  
EXCO Resources, Inc.
                        
09-15-18
     7.500       269,000       269,000  
Federal Home Loan Mortgage Corp. #A11799
                        
08-01-33
     6.500       121,444  (f)     136,944  
Federal Home Loan Mortgage Corp. #A15881
                        
11-01-33
     5.000       861,602  (f)     916,993  
Federal Home Loan Mortgage Corp. #E91486
                        
09-01-17
     6.500       86,212  (f)     94,391  
Federal Home Loan Mortgage Corp. #E99684
                        
10-01-18
     5.000       328,683  (f)     355,179  
Federal Home Loan Mortgage Corp. #G01960
                        
12-01-35
     5.000       1,767,207  (f)     1,859,650  
Federal National Mortgage Association
                        
10-15-14
     4.625       1,565,000       1,739,391  
Federal National Mortgage Association #545874
                        
08-01-32
     6.500       125,621  (f)     143,109  
Federal National Mortgage Association #555528
                        
04-01-33
     6.000       507,109  (f)     559,133  
Federal National Mortgage Association #555734
                        
07-01-23
     5.000       524,841  (f)     561,589  
Federal National Mortgage Association #555740
                        
08-01-18
     4.500       669,220  (f)     707,962  
Federal National Mortgage Association #555851
                        
01-01-33
     6.500       609,765  (f)     688,354  
Federal National Mortgage Association #575487
                        
04-01-17
     6.500       216,965  (f)     237,617  
Federal National Mortgage Association #621581
                        
12-01-31
     6.500       165,007  (f)     186,225  
Federal National Mortgage Association #633966
                        
03-01-17
     6.000       54,103  (f)     59,118  
Federal National Mortgage Association #634749
                        
03-01-17
     5.500       320,831  (f)     350,106  
Federal National Mortgage Association #640996
                        
05-01-32
     7.500       237,911  (f)     273,726  
Federal National Mortgage Association #643381
                        
06-01-17
     6.000       120,710  (f)     131,899  
Federal National Mortgage Association #645053
                        
05-01-32
     7.000       390,545  (f)     445,765  
Federal National Mortgage Association #646147
                        
06-01-32
     7.000       233,761  (f)     266,638  
Federal National Mortgage Association #652284
                        
08-01-32
     6.500       199,456  (f)     225,163  
Federal National Mortgage Association #653145
                        
07-01-17
     6.000       108,992  (f)     119,210  
Federal National Mortgage Association #653730
                        
09-01-32
     6.500       122,923  (f)     140,054  
Federal National Mortgage Association #655589
                        
08-01-32
     6.500       894,383  (f)     1,009,376  
Federal National Mortgage Association #666424
                        
08-01-32
     6.500       149,775  (f)     169,079  
Federal National Mortgage Association #670461
                        
11-01-32
     7.500       139,543  (f)     160,550  
Federal National Mortgage Association #677333
                        
01-01-33
     6.000       2,583,769  (f)     2,848,836  
Federal National Mortgage Association #688034
                        
03-01-33
     5.500       271,993  (f)     294,830  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Federal National Mortgage Association #688691
                        
03-01-33
     5.500       298,018  (f)     320,975  
Federal National Mortgage Association #711503
                        
06-01-33
     5.500       614,153  (f)     663,837  
Federal National Mortgage Association #720576
                        
06-01-33
     5.000       1,392,175  (f)     1,468,806  
Federal National Mortgage Association #735029
                        
09-01-13
     5.322       596,491  (f)     648,954  
Federal National Mortgage Association #741850
                        
09-01-33
     5.500       1,206,736  (f)     1,308,898  
Federal National Mortgage Association #753507
                        
12-01-18
     5.000       1,160,271  (f)     1,243,487  
Federal National Mortgage Association #755498
                        
11-01-18
     5.500       497,939  (f)     539,400  
Federal National Mortgage Association #756788
                        
11-01-33
     6.500       208,613  (f)     235,653  
Federal National Mortgage Association #928019
                        
01-01-37
     5.500       1,214,681  (f,k)     1,314,323  
Federal National Mortgage Association #AH5282
                        
01-01-41
     4.000       7,000,000  (f,g)     6,944,687  
Florida Power Corp.
                        
1st Mortgage
                        
06-15-38
     6.400       210,000       237,371  
04-01-40
     5.650       600,000       615,152  
Fresenius Medical Care US Finance, Inc.
                        
02-15-21
     5.750       385,000  (d,g)     380,188  
Frontier Communications Corp.
                        
Senior Unsecured
                        
04-15-15
     7.875       78,000       86,580  
04-15-17
     8.250       194,000       217,280  
04-15-20
     8.500       158,000       178,145  
General Electric Capital Assurance Co.
                        
Series 2003-1 Class A4
                        
05-12-35
     5.254       356,381  (d,f)     377,600  
General Electric Capital Corp.
                        
(GBP) Senior Unsecured
                        
05-17-12
     6.125       474,000       795,466  
General Electric Capital Corp.
                        
Senior Unsecured
                        
09-16-20
     4.375       2,855,000       2,774,026  
01-07-21
     4.625       2,825,000       2,797,778  
Georgia-Pacific LLC
                        
05-01-16
     8.250       230,000  (d)     258,750  
11-01-20
     5.400       260,000  (d)     256,687  
Giant Funding Corp.
                        
Secured
                        
02-01-18
     8.250       161,000  (d)     166,434  
Government National Mortgage Association #604708
                        
10-15-33
     5.500       633,830  (f)     688,802  
Government National Mortgage Association
                        
CMO I.O. Series 2002-80 Class CI
                        
01-20-32
     164.541       15,444  (f,i,o)     —  
Graphic Packaging International, Inc.
                        
10-01-18
     7.875       38,000       40,470  
Greenwich Capital Commercial Funding Corp.
                        
Series 2003-C1 Class A3
                        
07-05-35
     3.858       634,805  (f)     647,374  
Greenwich Capital Commercial Funding Corp.
                        
Series 2004-GG1 Class A5
                        
06-10-36
     4.883       292,866  (f)     295,420  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Greenwich Capital Commercial Funding Corp.
                        
Series 2007-GG9 Class A4
                        
03-10-39
     5.444       2,100,000  (f)     2,233,846  
Greif, Inc.
                        
Senior Unsecured
                        
02-01-17
     6.750       195,000       205,725  
GS Mortgage Securities Corp. II
                        
Series 2007-EOP Class J
                        
03-06-20
     4.930       1,250,000  (b,d,f)     1,167,925  
GS Mortgage Securities Corp. II
                        
Series 2007-GG10 Class F
                        
08-10-45
     5.804       775,000  (f)     65,330  
GTP Towers Issuer LLC
                        
Secured
                        
02-15-15
     4.436       450,000  (d)     479,294  
Harborview Mortgage Loan Trust
                        
CMO Series 2004-1 Class 4A
                        
04-19-34
     4.786       999,843  (b,f)     981,155  
HCA, Inc.
                        
Senior Secured
                        
02-15-17
     9.875       325,000       359,938  
09-15-20
     7.250       360,000       385,200  
HJ Heinz Finance Co.
                        
07-15-11
     6.625       500,000       513,467  
Indiana Michigan Power Co.
                        
Senior Unsecured
                        
03-15-37
     6.050       1,450,000       1,493,393  
Interface, Inc.
                        
Senior Notes
                        
12-01-18
     7.625       43,000  (d)     45,258  
Interline Brands, Inc.
                        
11-15-18
     7.000       73,000       75,008  
International Lease Finance Corp.
                        
Senior Unsecured
                        
12-15-20
     8.250       245,000       267,050  
JP Morgan Chase Commercial Mortgage Securities Corp.
                        
Series 2003-LN1 Class A1
                        
10-15-37
     4.134       127,384  (f)     132,420  
JP Morgan Chase Commercial Mortgage Securities Corp.
                        
Series 2003-ML1A Class A1
                        
03-12-39
     3.972       106,515  (f)     108,752  
JP Morgan Chase Commercial Mortgage Securities Corp.
                        
Series 2005-LDP3 Class ASB
                        
08-15-42
     4.893       1,047,266  (f)     1,091,260  
JPMorgan Chase & Co.
                        
Senior Unsecured
                        
10-15-20
     4.250       1,350,000       1,300,281  
K Hovnanian Enterprises, Inc.
                        
Senior Secured
                        
10-15-16
     10.625       140,000       148,400  
Kraft Foods, Inc.
                        
Senior Unsecured
                        
02-19-14
     6.750       145,000       165,300  
08-11-17
     6.500       514,000       596,486  
02-01-18
     6.125       2,925,000       3,319,652  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Lamar Media Corp.
                        
04-01-14
     9.750       255,000       295,163  
LB-UBS Commercial Mortgage Trust
                        
Series 2004-C2 Class A3
                        
03-15-29
     3.973       750,000  (f)     762,068  
LB-UBS Commercial Mortgage Trust
                        
Series 2006-C4 Class AAB
                        
06-15-32
     5.858       750,000  (f)     806,645  
LB-UBS Commercial Mortgage Trust
                        
Series 2007-C7 Class A3
                        
09-15-45
     5.866       1,660,000  (f)     1,782,972  
Lear Corp.
                        
03-15-18
     7.875       214,000       232,190  
03-15-20
     8.125       117,000       128,993  
LifePoint Hospitals, Inc.
                        
10-01-20
     6.625       61,000  (d)     61,686  
LyondellBasell Industries
                        
Senior Secured
                        
11-01-17
     8.000       478,000  (d)     535,359  
Mantech International Corp.
                        
04-15-18
     7.250       57,000       58,995  
Marathon Petroleum Corp.
                        
03-01-21
     5.125       400,000  (d,g)     403,580  
Marathon Petroleum Corp.
                        
Senior Unsecured
                        
03-01-41
     6.500       160,000  (d,g)     158,315  
Mellon Funding Corp.
                        
(GBP)
                        
11-08-11
     6.375       370,000       612,192  
MetroPCS Wireless, Inc.
                        
11-15-20
     6.625       295,000       284,675  
MGM Resorts International
                        
Senior Secured
                        
11-15-17
     11.125       290,000       334,950  
Midwest Generation LLC
                        
Pass-Through Certificates
                        
01-02-16
     8.560       123,024       123,639  
Morgan Stanley Capital I
                        
Series 2004-HQ4 Class A5
                        
04-14-40
     4.590       750,000  (f)     753,600  
Morgan Stanley Capital I
                        
Series 2006-T23 Class AAB
                        
08-12-41
     5.793       575,000  (f)     622,663  
Morgan Stanley
                        
(EUR) Senior Unsecured
                        
10-02-17
     5.500       625,000       867,864  
Morgan Stanley
                        
(GBP) Senior Unsecured
                        
04-11-11
     7.500       470,000       757,706  
Morgan Stanley
                        
Senior Unsecured
                        
01-25-21
     5.750       2,120,000       2,142,627  
Mylan, Inc.
                        
11-15-18
     6.000       145,000  (d)     147,900  
Nalco Co.
                        
Senior Notes
                        
01-15-19
     6.625       380,000  (d)     396,625  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
National Collegiate Student Loan Trust
                        
CMO I.O. Series 2006-3 Class AIO
                        
01-25-12
     5.880       2,400,000  (i)     120,166  
Nevada Power Co.
                        
01-15-15
     5.875       1,000,000       1,117,985  
05-15-18
     6.500       365,000       420,144  
Nextel Communications, Inc.
                        
08-01-15
     7.375       225,000       226,688  
Nisource Finance Corp.
                        
09-15-17
     5.250       2,855,000       3,025,018  
09-15-20
     5.450       970,000       1,013,021  
Northern States Power Co.
                        
1st Mortgage
                        
08-28-12
     8.000       515,000       569,990  
Northwest Pipeline GP
                        
Senior Unsecured
                        
04-15-17
     5.950       1,085,000       1,236,009  
NRG Energy, Inc.
                        
01-15-17
     7.375       238,000       247,520  
Oracle Corp.
                        
Senior Notes
                        
07-15-40
     5.375       90,000  (d)     88,687  
Oshkosh Corp.
                        
03-01-17
     8.250       146,000       160,235  
03-01-20
     8.500       119,000       132,983  
PacifiCorp
                        
1st Mortgage
                        
10-15-37
     6.250       200,000       219,800  
01-15-39
     6.000       440,000       469,566  
Peabody Energy Corp.
                        
09-15-20
     6.500       250,000       265,312  
Pinafore LLC/Inc.
                        
Senior Secured
                        
10-01-18
     9.000       30,000  (d)     33,113  
Polymer Group, Inc.
                        
Senior Secured
                        
02-01-19
     7.750       35,000  (d)     35,963  
Polypore International, Inc.
                        
11-15-17
     7.500       145,000  (d)     150,075  
Potomac Electric Power Co.
                        
1st Mortgage
                        
04-15-14
     4.650       280,000       300,045  
PPL Electric Utilities Corp.
                        
1st Mortgage
                        
11-30-13
     7.125       2,850,000       3,289,339  
Pride International, Inc.
                        
Senior Unsecured
                        
08-15-20
     6.875       106,000       115,805  
Progress Energy, Inc.
                        
Senior Unsecured
                        
03-01-11
     7.100       325,000       326,603  
03-15-14
     6.050       875,000       978,298  
Prudential Financial, Inc.
                        
Senior Unsecured
                        
11-15-20
     4.500       1,900,000       1,873,661  
QEP Resources, Inc.
                        
Senior Unsecured
                        
03-01-21
     6.875       170,000       177,650  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
QVC, Inc.
                        
Senior Secured
                        
10-15-20
     7.375       316,000  (d)     332,195  
Qwest Communications International, Inc.
                        
04-01-18
     7.125       370,000       399,600  
Rain CII Carbon LLC/Corp.
                        
Senior Secured
                        
12-01-18
     8.000       155,000  (d)     164,300  
Range Resources Corp.
                        
05-15-16
     7.500       265,000       276,925  
05-15-19
     8.000       225,000       247,500  
Regal Cinemas Corp.
                        
07-15-19
     8.625       200,000       213,000  
Regency Energy Partners LP/Finance Corp.
                        
06-01-16
     9.375       5,000       5,525  
12-01-18
     6.875       75,000       76,875  
Renaissance Home Equity Loan Trust
                        
Series 2005-4 Class A3
                        
02-25-36
     5.565       358,238       340,303  
Reynolds Group Issuer, Inc. LLC
                        
Senior Secured
                        
02-15-21
     6.875       50,000  (d,g)     50,438  
Reynolds Group Issuer, Inc./LLC
                        
Senior Secured
                        
10-15-16
     7.750       270,000  (d)     286,200  
04-15-19
     7.125       234,000  (d)     241,605  
RR Donnelley & Sons Co.
                        
Senior Unsecured
                        
01-15-17
     6.125       1,800,000       1,826,857  
SBA Telecommunications, Inc.
                        
08-15-16
     8.000       240,000       262,200  
08-15-19
     8.250       85,000       93,713  
Seneca Gaming Corp.
                        
12-01-18
     8.250       129,000  (d)     131,580  
Sierra Pacific Power Co.
                        
05-15-16
     6.000       2,935,000       3,327,573  
SM Energy Co.
                        
Senior Unsecured
                        
02-15-19
     6.625       17,000  (d,g)     17,000  
Southern California Gas Co.
                        
1st Mortgage
                        
03-15-14
     5.500       845,000       932,158  
Southern Natural Gas Co.
                        
Senior Unsecured
                        
04-01-17
     5.900       2,131,000  (d)     2,298,147  
Spectrum Brands Holdings, Inc.
                        
Senior Secured
                        
06-15-18
     9.500       196,000  (d)     216,090  
Speedway Motorsports, Inc.
                        
06-01-16
     8.750       380,000       413,250  
Speedway Motorsports, Inc.
                        
Senior Notes
                        
02-01-19
     6.750       31,000  (d,g)     31,310  
Sprint Nextel Corp.
                        
Senior Unsecured
                        
08-15-17
     8.375       150,000  (j)     163,875  
SPX Corp.
                        
09-01-17
     6.875       30,000  (d)     32,250  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Tampa Electric Co.
                        
Senior Unsecured
                        
05-15-18
     6.100       620,000       700,265  
TCM Sub LLC
                        
01-15-15
     3.550       845,000  (d)     873,744  
The Cleveland Electric Illuminating Co.
                        
1st Mortgage
                        
11-15-18
     8.875       750,000       947,576  
The Cleveland Electric Illuminating Co.
                        
Senior Unsecured
                        
12-15-13
     5.650       925,000       1,012,620  
The Dow Chemical Co.
                        
(EUR) Senior Unsecured
                        
05-27-11
     4.625       520,000       716,073  
The Dow Chemical Co.
                        
Senior Unsecured
                        
02-15-15
     5.900       65,000       72,110  
The Goldman Sachs Group, Inc.
                        
(EUR) Senior Unsecured
                        
05-02-18
     6.375       350,000       516,621  
The Hertz Corp.
                        
10-15-18
     7.500       155,000  (d,j)     163,525  
01-15-21
     7.375       276,000  (d)     286,005  
The Manitowoc Co., Inc.
                        
11-01-13
     7.125       470,000  (j)     475,287  
11-01-20
     8.500       90,000       96,975  
The Toledo Edison Co.
                        
Senior Secured
                        
05-15-37
     6.150       1,600,000       1,611,277  
Time Warner Cable, Inc.
                        
11-15-40
     5.875       75,000       71,944  
Transcontinental Gas Pipe Line Co. LLC
                        
Senior Unsecured
                        
04-15-16
     6.400       3,590,000       4,144,462  
TransDigm, Inc.
                        
Senior Subordinated Notes
                        
12-15-18
     7.750       159,000  (d,j)     170,527  
tw telecom holdings, inc.
                        
03-01-18
     8.000       216,000       231,660  
U.S. Treasury
                        
10-31-11
     1.000       670,000  (j)     673,821  
07-15-12
     1.500       2,130,000  (j)     2,164,280  
11-30-15
     1.375       837,000  (j)     817,514  
12-31-15
     2.125       115,000  (j)     116,114  
01-31-16
     2.000       275,000  (g)     275,580  
07-31-17
     2.375       715,000       706,956  
11-15-20
     2.625       910,000       853,125  
08-15-23
     6.250       2,000,000  (j)     2,491,250  
08-15-40
     3.875       3,749,000       3,326,068  
United States Cellular Corp.
                        
Senior Unsecured
                        
12-15-33
     6.700       165,000       158,019  
United States Steel Corp.
                        
Senior Unsecured
                        
02-01-18
     7.000       78,000       80,145  
04-01-20
     7.375       229,000       238,732  
Valeant Pharmaceuticals International
                        
10-01-20
     7.000       465,000  (d)     479,531  
Valmont Industries, Inc.
                        
04-20-20
     6.625       522,000       539,913  

 

 

                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Verizon New York, Inc.
                        
Senior Unsecured
                        
04-01-12
     6.875       2,380,000       2,534,648  
04-01-32
     7.375       1,455,000       1,604,543  
Wachovia Bank Commercial Mortgage Trust
                        
Series 2005-C20 Class A5
                        
07-15-42
     5.087       800,000  (f)     814,105  
Wachovia Bank Commercial Mortgage Trust
                        
Series 2006-C24 Class APB
                        
03-15-45
     5.576       500,000  (f)     528,776  
Wachovia Bank Commercial Mortgage Trust
                        
Series 2006-C27 Class APB
                        
07-15-45
     5.727       650,000  (f)     683,971  
Warner Chilcott Co. LLC/Finance
                        
09-15-18
     7.750       134,000  (d)     139,360  
Wells Fargo & Co.
                        
(EUR) Senior Unsecured
                        
11-03-16
     4.125       330,000       452,023  
Windstream Corp.
                        
03-15-19
     7.000       40,000       39,800  
10-15-20
     7.750       170,000  (d)     175,525  
Wyndham Worldwide Corp.
                        
Senior Unsecured
                        
02-01-18
     5.750       107,000       109,707  
XM Satellite Radio, Inc.
                        
11-01-18
     7.625       237,000  (d)     245,888  
Yum! Brands, Inc.
                        
Senior Unsecured
                        
03-15-18
     6.250       540,000       612,709  
 
                      
Total
                     176,873,804  
 
                      
 
                        
Uruguay (0.2%)
                        
Uruguay Government International Bond
                        
11-18-22
     8.000       450,000       558,000  
Uruguay Government International Bond
                        
Senior Unsecured
                        
03-21-36
     7.625       275,000       327,250  
 
                      
Total
                     885,250  
 
                      
 
                        
Venezuela (0.4%)
                        
Petroleos de Venezuela SA
                        
04-12-17
     5.250       1,190,000       674,135  
Venezuela Government International Bond
                        
02-26-16
     5.750       620,000  (d)     441,750  
Venezuela Government International Bond
                        
Senior Unsecured
                        
10-08-14
     8.500       160,000       136,800  
05-07-23
     9.000       931,000  (d)     631,218  
 
                      
Total
                     1,883,903  
 
                      
Total Bonds
 (Cost: $463,989,752)
                   $ 492,925,314  
 
                      

 

 

Senior Loans (—%)(l)
                         
    Coupon     Principal        
Borrower   rate     amount     Value(a)  
United States
                        
Goodman Global, Inc.
                        
1st Lien Term Loan
                        
10-28-16
     5.750 %   $ 34,913     $ 35,183  
 
                      
Total Senior Loans
(Cost: $34,563)
           $ 35,183  
 
              
Money Market Fund (2.4%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.218%
     12,180,102  (n)   $ 12,180,102  
 
              
Total Money Market Fund
(Cost: $12,180,102)
           $ 12,180,102  
 
              
Investments of Cash Collateral Received for Securities on Loan (1.4%)
                         
      Effective   Principal      
Issuer     yield   amount   Value(a)  
Repurchase Agreements(m)
                        
Cantor Fitzgerald & Co.
dated 01-31-11, matures 02-01-11,
repurchase price
                        
$5,000,033
     0.240 %   $ 5,000,000     $ 5,000,000  
Deutsche Bank AG
dated 01-31-11, matures 02-01-11,
repurchase price
                        
$1,363,324
     0.220       1,363,316       1,363,316  
MF Global Holdings Ltd.
dated 01-31-11, matures 02-01-11,
repurchase price
                        
$1,000,007
     0.250       1,000,000       1,000,000  
Total
                     7,363,316  
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $7,363,316)
                   $ 7,363,316  
 
                      
Total Investments in Securities
                        
(Cost: $483,567,733)(p)
                   $ 512,503,915  
 
                      
Investments in Derivatives
Futures Contracts Outstanding at Jan. 31, 2011
                                         
    Number of                
    contracts   Notional   Expiration   Unrealized   Unrealized
Contract description   long (short)   market value   date   appreciation   depreciation
 
Euro-Bobl, 5-year
     9     $ 1,439,025     March 2011   $ —     $ (29,078 )
Euro-Bund, 10-year
     (20 )     (3,387,260 )   March 2011     63,975       —  
Japanese Government Bond, 10-year
     7       11,939,822     March 2011     —       (50,747 )
U.S. Treasury Long Bond, 20-year
     24       2,895,000     March 2011     —       (111,786 )
U.S. Treasury Note, 5-year
     (66 )     (7,815,328 )   April 2011     70,728       —  
U.S. Treasury Note, 10-year
     (99 )     (11,958,891 )   March 2011     86,335       —  
U.S. Treasury Ultra Bond, 30-year
     (23 )     (2,832,594 )   March 2011     137,606       —  
 
Total
                           $ 358,644     $ (191,611 )
 
Forward Foreign Currency Exchange Contracts Open at Jan. 31, 2011
                                         
                        Unrealized     Unrealized  
Counterparty   Exchange date   Currency to be delivered   Currency to be received   appreciation   depreciation
 
J.P. Morgan Securities, Inc.
   Feb. 03, 2011   1,182,566
(EUR)		   1,620,056
(USD)		   $ 1,478     $ —  
 
UBS Securities
   Feb. 07, 2011   3,377,000
(NZD)		   2,563,312
(USD)		     —       (40,545 )
 
HSBC Securities (USA), Inc.
   Feb. 11, 2011   5,030,011
(USD)		   229,620,000
(INR)		     —       (37,305 )
 
HSBC Securities (USA), Inc.
   Feb. 14, 2011   5,260,000
(AUD)		   5,211,608
(USD)		     —       (23,883 )
 
State Street Bank & Trust Co.
   Feb. 15, 2011   9,122,000
(EUR)		   11,842,180
(USD)		     —       (641,374 )
 
Barclays Bank PLC
   Feb. 18, 2011   1,626,788
(USD)		   1,043,000
(GBP)		     43,133       —  
 
Barclays Bank PLC
   Feb. 23, 2011   2,188,000
(GBP)		   2,604,917
(EUR)		     61,486       —  
 
J.P. Morgan Securities, Inc.
   Feb. 23, 2011   17,928,206
(USD)		   1,484,814,000
(JPY)		     160,833       —  
 
J.P. Morgan Securities, Inc.
   Feb. 24, 2011   42,000
(CAD)		   42,186
(USD)		     254       —  
 
HSBC Securities (USA), Inc.
   Feb. 28, 2011   6,150,000
(SGD)		   4,795,658
(USD)		     —       (9,530 )
 
J.P. Morgan Securities, Inc.
   Feb. 28, 2011   2,570,768
(USD)		   31,150,000
(MXN)		     —       (8,187 )
 
Total
                           $ 267,184     $ (760,824 )
 
Notes to Portfolio of Investments
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CMO — Collateralized Mortgage Obligation
CZK — Czech Koruna
DKK — Danish Krone
EUR — European Monetary Unit
GBP — British Pound Sterling
IDR — Indonesian Rupiah
INR — Indian Rupee
I.O. — Interest Only
JPY — Japanese Yen
MXN — Mexican Peso
NOK — Norwegian Krone
NZD — New Zealand Dollar
PLN — Polish Zloty
SEK — Swedish Krona
SGD — Sinapore Dollar
ZAR — South African Rand

 

 
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Oct. 31, 2010.
 
(b)   Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Jan. 31, 2011.
 
(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 may be determined to be liquid under guidelines established by the Fund’s Board of Directors. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2011, the value of these securities amounted to $44,339,527 or 8.68% of net assets.
 
(e)   This is a variable rate security that entitles holders to receive only interest payments. Interest is paid annually. The interest payment is based on the Gross Domestic Product (GDP) level of the previous year for the respective country. To the extent that the previous year’s GDP exceeds the ‘base case GDP’, an interest payment is made equal to 0.012225 of the difference.
 
(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 Jan. 31, 2011, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $8,268,353.
 
(h)   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)   Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only security 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. The interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows at Jan. 31, 2011.
 
(j)   At Jan. 31, 2011, security was partially or fully on loan.
 
(k)   At Jan. 31, 2011, investments in securities included securities valued at $467,110 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
 
(l)   Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
 
(m)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
Cantor Fitzgerald & Co. (0.240%)
         
Security description   Value (a)  
 
Fannie Mae Interest Strip
   $ 259,774  
Fannie Mae Pool
     1,111,095  
Fannie Mae Principal Strip
     10,799  
Fannie Mae REMICS
     328,424  
Fannie Mae Whole Loan
     18,089  
Federal Farm Credit Bank
     73,516  
Federal Home Loan Banks
     447,345  
Federal Home Loan Mortgage Corp
     122,738  
Federal National Mortgage Association
     315,021  
FHLMC Structured Pass Through Securities
     121,093  
Freddie Mac Coupon Strips
     163  
Freddie Mac Non Gold Pool
     469,381  
Freddie Mac Reference REMIC
     2,730  
Freddie Mac REMICS
     147,430  
Freddie Mac Strips
     39,305  
Ginnie Mae I Pool
     231,019  
Ginnie Mae II Pool
     469,876  
Government National Mortgage Association
     228,892  
United States Treasury Inflation Indexed Bonds
     75,550  
United States Treasury Note/Bond
     96,227  
United States Treasury Strip Coupon
     457,043  
United States Treasury Strip Principal
     74,501  
 
Total market value of collateral securities
   $ 5,100,011  
 
Deutsche Bank AG (0.220%)
         
Security description   Value (a)  
 
Ginnie Mae I Pool
   $ 516,168  
Ginnie Mae II Pool
     874,414  
 
Total market value of collateral securities
   $ 1,390,582  
 
MF Global Holdings Ltd. (0.250%)
         
Security description   Value (a)  
 
Fannie Mae REMICS
   $ 48,701  
Freddie Mac Gold Pool
     300,538  
Freddie Mac REMICS
     53,156  
Ginnie Mae I Pool
     164,281  
Ginnie Mae II Pool
     339,649  
Government National Mortgage Association
     113,686  
 
Total market value of collateral securities
   $ 1,020,011  
 
 
(n)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Jan. 31, 2011.
 
(o)   Negligible market value.

 

 

(p)   At Jan. 31, 2011, the cost of securities for federal income tax purposes was approximately $483,568,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 34,381,000  
Unrealized depreciation
     (5,445,000 )
 
Net unrealized appreciation
   $ 28,936,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
•   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
•   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
•   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Jan. 31, 2011:
                                 
    Fair value at Jan. 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Bonds
                                
Foreign Government Obligations & Agencies
   $ —     $ 278,474,265     $ —     $ 278,474,265  
U.S. Government Obligations & Agencies
     11,424,708       1,739,391       —       13,164,099  
Asset-Backed Securities
     —       4,987,948       —       4,987,948  
Commercial Mortgage-Backed Securities
     —       16,691,657       —       16,691,657  
Residential Mortgage-Backed Securities
     —       28,651,519       —       28,651,519  
Corporate Debt Securities
                                
Life Insurance
     —       3,948,045       1,193,812       5,141,857  
All Other Industries
     —       145,813,969       —       145,813,969  
 
Total Bonds
     11,424,708       480,306,794       1,193,812       492,925,314  
 
 
Other
                                
Senior Loans
     —       35,183       —       35,183  
Affiliated Money Market Fund(c)
     12,180,102       —       —       12,180,102  
Investments of Cash Collateral Received for Securities on Loan
     —       7,363,316       —       7,363,316  
 
Total Other
     12,180,102       7,398,499       —       19,578,601  
 
 
Investments in Securities
     23,604,810       487,705,293       1,193,812       512,503,915  
Derivatives(d)
                                
Assets
                                
Futures Contracts
     358,644       —       —       358,644  
Forward Foreign Currency Exchange Contracts
     —       267,184       —       267,184  
Liabilities
                                
Futures Contracts
     (191,611 )     —       —       (191,611 )
Forward Foreign Currency Exchange Contracts
     —       (760,824 )     —       (760,824 )
 
 
Total
   $ 23,771,843     $ 487,211,653     $ 1,193,812     $ 512,177,308  
 
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   There were no significant transfers between Levels 1 and 2 during the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Jan. 31, 2011.
 
(d)   Derivative instruments are valued at unrealized appreciation (depreciation).
The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
                         
    Asset-Backed   Corporate Debt    
    Securities   Securities   Total
 
Balance as of Oct. 31, 2010
   $ 1,798,579     $ 1,193,364     $ 2,991,943  
Accrued discounts/premiums
     —       8,360       8,360  
Realized gain (loss)
     —       —       —  
Change in unrealized appreciation (depreciation)*
     —       (7,912 )     (7,912 )
Sales
     —       —       —  
Purchases
     —       —       —  
Transfers into Level 3
     —       —       —  
Transfers out of Level 3
     (1,798,579 )     —       (1,798,579 )
 
Balance as of Jan. 31, 2011
   $ —     $ 1,193,812     $ 1,193,812  
 
 
*   Change in unrealized appreciation (depreciation) relating to securities held at Jan. 31, 2011 was $(7,912), which was comprised of Corporate Debt Securities.
Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

 

 

Portfolio of Investments
Columbia Global Equity Fund
Jan. 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (99.3%)(c)
                 
Issuer   Shares     Value(a)  
Australia (1.0%)
                
Atlas Iron Ltd.
     567,790  (b,g)   $ 1,817,343  
CSL Ltd.
     73,801  (g)     2,746,066  
 
              
Total
             4,563,409  
 
              
 
                
Belgium (0.5%)
                
Ageas
     869,347       2,462,492  
 
                
Brazil (2.4%)
                
Banco Santander Brasil SA, ADR
     166,871       1,935,704  
Itaú Unibanco Holding SA, ADR
     100,000       2,150,000  
MRV Engenharia e Participacoes SA
     258,700       2,188,558  
Multiplan Empreendimentos Imobiliarios SA
     155,400       2,982,688  
Totvs SA
     17,900       1,739,845  
 
              
Total
             10,996,795  
 
              
 
                
Canada (1.1%)
                
Barrick Gold Corp.
     43,873       2,084,406  
CGI Group, Inc., Class A
     141,100  (b)     2,714,600  
 
              
Total
             4,799,006  
 
              
 
                
China (1.3%)
                
AsiaInfo-Linkage, Inc.
     167,312  (b)     3,590,516  
Focus Media Holding Ltd., ADR
     88,967  (b)     2,216,168  
 
              
Total
             5,806,684  
 
              
 
                
Denmark (0.9%)
                
FLSmidth & Co. A/S
     47,694  (g)     4,097,230  
 
                
Finland (0.5%)
                
Talvivaara Mining Co. PLC
     250,000  (b,g)     2,339,086  
 
                
France (2.5%)
                
Cie Generale des Etablissements Michelin, Series B
     39,624       2,882,701  
Euler Hermes SA
     39,140  (b)     3,599,855  
Renault SA
     72,174  (b)     4,716,515  
 
              
Total
             11,199,071  
 
              
 
                
Germany (2.4%)
                
BMW AG
     45,000       3,452,486  
Linde AG
     28,000       4,080,986  
MTU Aero Engines Holding AG
     49,958       3,522,185  
 
              
Total
             11,055,657  
 
              
 
                
Hong Kong (2.6%)
                
Champion REIT
     2,957,770  (g)     1,789,930  
Great Eagle Holdings Ltd.
     1,155,377       3,875,026  
Sun Hung Kai Properties Ltd.
     199,000       3,344,365  
The Hongkong & Shanghai Hotels
     1,603,500  (g)     2,812,829  
 
              
Total
             11,822,150  
 
              

 

 

                 
Issuer   Shares     Value(a)  
India (1.1%)
                
State Bank of India, GDR
     42,923  (d)     5,043,452  
 
                
Indonesia (2.3%)
                
Bank Mandiri Tbk PT
     3,189,500       2,116,044  
Bank Rakyat Indonesia Persero Tbk PT
     4,118,000       2,222,897  
Indocement Tunggal Prakarsa Tbk PT
     1,208,000       1,821,408  
PT Perusahaan Gas Negara Tbk
     7,564,500       3,558,965  
Semen Gresik Persero Tbk PT
     982,500       846,559  
 
              
Total
             10,565,873  
 
              
 
                
Ireland (0.7%)
                
Accenture PLC, Class A
     60,849       3,131,898  
 
                
Italy (2.5%)
                
Fiat SpA
     399,948       3,879,846  
Prysmian SpA
     248,125       5,008,890  
Tod’s SpA
     22,123       2,266,654  
 
              
Total
             11,155,390  
 
              
 
                
Japan (7.8%)
                
Asahi Breweries Ltd.
     278,500       5,227,959  
Canon, Inc.
     83,200       4,094,915  
Hoya Corp.
     170,800       4,028,783  
Komatsu Ltd.
     114,800       3,423,760  
Makita Corp.
     106,300       4,601,741  
Nippon Electric Glass Co., Ltd.
     238,000       3,588,640  
THK Co., Ltd.
     100,000       2,607,568  
Ushio, Inc.
     151,500  (g)     3,069,770  
Yamada Denki Co., Ltd.
     65,760       4,461,497  
 
              
Total
             35,104,633  
 
              
 
                
Mexico (1.0%)
                
America Movil SAB de CV, Series L, ADR
     80,000       4,559,200  
 
                
Netherlands (2.5%)
                
Fugro NV-CVA
     83,138       6,691,545  
ING Groep NV-CVA
     399,460  (b)     4,547,309  
 
              
Total
             11,238,854  
 
              
 
                
Norway (1.1%)
                
Prosafe
     290,681       2,166,079  
Telenor ASA
     168,342       2,595,387  
 
              
Total
             4,761,466  
 
              
 
                
Panama (0.7%)
                
Copa Holdings SA, Class A
     58,793       3,307,106  
 
                
Poland (0.9%)
                
KGHM Polska Miedz SA
     69,975       4,095,550  
 
                
Portugal (1.0%)
                
Galp Energia SGPS SA, Series B
     224,386       4,573,865  
 
                
Singapore (0.8%)
                
DBS Group Holdings Ltd.
     318,000       3,750,618  

 

 

                 
Issuer   Shares     Value(a)  
South Africa (0.9%)
                
MTN Group Ltd.
     250,000       4,286,742  
 
South Korea (3.3%)
                
Hyundai Department Store Co., Ltd.
     17,650       2,067,776  
KB Financial Group, Inc.
     54,668       2,821,600  
NHN Corp.
     19,104  (b)     3,408,020  
Samsung Electronics Co., Ltd.
     7,724       6,782,774  
 
              
Total
             15,080,170  
 
              
 
                
Switzerland (4.0%)
                
Credit Suisse Group AG
     86,723       3,871,300  
Nestlé SA
     33,045       1,785,094  
Novartis AG
     79,262       4,412,034  
The Swatch Group AG
     11,869       4,761,402  
Xstrata PLC
     152,013       3,365,436  
 
              
Total
             18,195,266  
 
              
 
                
Taiwan (0.9%)
                
Taiwan Semiconductor Manufacturing Co., Ltd.
     1,488,000       3,869,523  
 
                
United Kingdom (12.7%)
                
3i Group PLC
     616,624       3,056,261  
Aggreko PLC
     115,000       2,644,571  
BG Group PLC
     314,834       7,061,566  
Burberry Group PLC
     237,624       4,082,038  
Centamin Egypt Ltd.
     1,008,583  (b)     2,203,508  
Chemring Group PLC
     50,000       2,694,926  
Ensco PLC, ADR
     42,124       2,289,018  
HSBC Holdings PLC
     207,064       2,256,711  
Intercontinental Hotels Group PLC
     239,315       5,044,759  
Rio Tinto PLC
     101,712       6,982,336  
Tesco PLC
     459,996       2,963,967  
The Weir Group PLC
     124,181       3,151,504  
Tullow Oil PLC
     244,252       5,194,376  
Ultra Electronics Holdings PLC
     85,262       2,437,724  
Vodafone Group PLC
     1,714,041       4,808,672  
 
              
Total
             56,871,937  
 
              
 
                
United States (39.9%)
                
Advance Auto Parts, Inc.
     63,315       4,048,361  
Aetna, Inc.
     78,635       2,590,237  
Apple, Inc.
     28,808  (b)     9,775,131  
Avon Products, Inc.
     129,710       3,672,090  
Bank of America Corp.
     406,860       5,586,188  
Cisco Systems, Inc.
     210,950  (b)     4,461,592  
Citigroup, Inc.
     1,133,647  (b)     5,464,179  
Cliffs Natural Resources, Inc.
     41,595       3,554,709  
Cloud Peak Energy, Inc.
     168,042  (b)     3,826,316  
Crown Castle International Corp.
     62,800  (b)     2,648,276  
Dell, Inc.
     307,465  (b)     4,046,239  
Devon Energy Corp.
     51,040       4,526,739  
Dresser-Rand Group, Inc.
     71,326  (b)     3,276,003  
Flowserve Corp.
     35,728       4,465,643  
Gilead Sciences, Inc.
     70,000  (b)     2,686,600  
Google, Inc., Class A
     11,043  (b)     6,629,776  
Hartford Financial Services Group, Inc.
     177,637       4,934,756  

 

 

                 
Issuer   Shares     Value(a)  
Henry Schein, Inc.
     78,207  (b)     5,135,072  
Hewlett-Packard Co.
     38,489       1,758,562  
IBM Corp.
     42,717       6,920,154  
JPMorgan Chase & Co.
     175,723       7,896,992  
Laboratory Corp. of America Holdings
     61,434  (b)     5,523,530  
Marathon Oil Corp.
     75,683       3,458,713  
MetLife, Inc.
     49,275       2,255,317  
Micron Technology, Inc.
     424,257  (b)     4,471,669  
Microsoft Corp.
     134,388       3,725,907  
Oracle Corp.
     169,055       5,414,832  
QUALCOMM, Inc.
     80,683       4,367,371  
Sirona Dental Systems, Inc.
     148,645  (b)     6,512,137  
The Walt Disney Co.
     169,081       6,572,178  
Thermo Fisher Scientific, Inc.
     98,731  (b)     5,654,324  
Tidewater, Inc.
     43,843       2,608,220  
Tiffany & Co.
     55,000       3,197,150  
Tyco Electronics Ltd.
     109,389       3,963,163  
Ultra Petroleum Corp.
     71,660  (b)     3,420,332  
Union Pacific Corp.
     56,662       5,361,925  
Wal-Mart Stores, Inc.
     65,000       3,644,550  
Waste Connections, Inc.
     125,338       3,631,042  
WESCO International, Inc.
     88,653  (b)     4,969,001  
World Fuel Services Corp.
     77,370       2,904,470  
 
              
Total
             179,559,446  
 
              
Total Common Stocks
(Cost: $367,252,049)
           $ 448,292,569  
 
              
Money Market Fund (0.1%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.218%
     272,054  (e)   $ 272,054  
 
              
Total Money Market Fund
(Cost: $272,054)
           $ 272,054  
 
              
Investments of Cash Collateral Received for Securities on Loan (2.5%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(f)
                        
G.X. Clarke and Company
dated 01-31-11, matures 02-01-11,
repurchase price
$5,000,042
     0.300 %   $ 5,000,000     $ 5,000,000  
Goldman Sachs & Co.
dated 01-31-11, matures 02-01-11,
repurchase price
$1,415,115
     0.220       1,415,107       1,415,107  
Pershing LLC
dated 01-31-11, matures 02-01-11,
repurchase price
$5,000,042
     0.300       5,000,000       5,000,000  
 
                      
Total
                     11,415,107  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $11,415,107)
                   $ 11,415,107  
 
                      
Total Investments in Securities
                        
(Cost: $378,939,210)(h)
                   $ 459,979,730  
 
                      

 

 

Summary of Investments in Securities by Industry
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at Jan. 31, 2011:
                 
    Percentage of net        
Industry   assets     Value(a)  
 
Aerospace & Defense
     1.9 %   $ 8,654,835  
Airlines
     0.7       3,307,106  
Auto Components
     0.6       2,882,701  
Automobiles
     2.7       12,048,847  
Beverages
     1.2       5,227,959  
Biotechnology
     1.2       5,432,666  
Capital Markets
     1.5       6,927,561  
Chemicals
     0.9       4,080,986  
Commercial Banks
     4.9       22,297,026  
Commercial Services & Supplies
     1.4       6,275,613  
Communications Equipment
     2.0       8,828,963  
Computers & Peripherals
     3.5       15,579,932  
Construction & Engineering
     0.9       4,097,230  
Construction Materials
     0.6       2,667,967  
Diversified Financial Services
     5.2       23,494,668  
Diversified Telecommunication Services
     0.6       2,595,387  
Electrical Equipment
     1.8       8,078,660  
Electronic Equipment, Instruments & Components
     2.6       11,580,586  
Energy Equipment & Services
     3.8       17,030,865  
Food & Staples Retailing
     1.5       6,608,517  
Food Products
     0.4       1,785,094  
Gas Utilities
     0.8       3,558,965  
Health Care Equipment & Supplies
     1.4       6,512,137  
Health Care Providers & Services
     2.9       13,248,839  
Hotels, Restaurants & Leisure
     1.7       7,857,588  
Household Durables
     0.5       2,188,558  
Insurance
     2.9       13,252,420  
Internet Software & Services
     2.2       10,037,796  
IT Services
     2.8       12,766,652  
Life Sciences Tools & Services
     1.3       5,654,324  
Machinery
     4.0       18,250,216  
Media
     1.9       8,788,346  
Metals & Mining
     5.9       26,442,374  
Multiline Retail
     0.5       2,067,776  
Office Electronics
     0.9       4,094,915  
Oil, Gas & Consumable Fuels
     7.7       34,966,377  
Personal Products
     0.8       3,672,090  
Pharmaceuticals
     1.0       4,412,034  
Real Estate Investment Trusts (REITs)
     0.4       1,789,930  
Real Estate Management & Development
     2.3       10,202,079  
Road & Rail
     1.2       5,361,925  
Semiconductors & Semiconductor Equipment
     3.3       15,123,966  
Software
     3.2       14,471,100  
Specialty Retail
     2.6       11,707,008  
Textiles, Apparel & Luxury Goods
     2.5       11,110,094  
Trading Companies & Distributors
     1.1       4,969,001  
Wireless Telecommunication Services
     3.6       16,302,890  
Other(1)
     2.6       11,687,161  
 
 
                
Total
           $ 459,979,730  
 
              
(1)   Cash & Cash Equivalents.
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
Investments in Derivatives
Forward Foreign Currency Exchange Contracts Open at Jan. 31, 2011
                                         
                Unrealized   Unrealized
Counterparty   Exchange date   Currency to be delivered   Currency to be received   appreciation   depreciation
 
J.P. Morgan Securities, Inc.
   Feb. 2, 2011   500,000   70,071   $495   $—
 
           (ZAR)   (USD)                
Notes to Portfolio of Investments
ADR — American Depositary Receipt

GDR — Global Depositary Receipt

ZAR — South African Rand
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Oct. 31, 2010.
 
(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 may be determined to be liquid under guidelines established by the Fund’s Board of Directors. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2011, the value of these securities amounted to $5,043,452 or 1.12% of net assets.
 
(e)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Jan. 31, 2011.
 
(f)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
G.X. Clarke and Company (0.300%)
         
Security description   Value (a)
 
Fannie Mae Interest Strip
   $ 11,452  
Federal Farm Credit Bank
     420,180  
Federal Home Loan Banks
     1,324,679  
Federal Home Loan Mortgage Corp
     1,659,276  
Federal National Mortgage Association
     1,257,839  
Freddie Mac Strips
     16,375  
Resolution Funding Corp
     136  
Resolution Funding Corp Interest Strip
     9  
Tennessee Valley Authority
     128,867  
United States Treasury Inflation Indexed Bonds
     279,122  
United States Treasury Strip Coupon
     2,148  
 
Total market value of collateral securities
   $ 5,100,083  
 
Goldman Sachs & Co. (0.220%)
         
Security description   Value (a)
 
Government National Mortgage Association
   $ 1,443,409  
 
Total market value of collateral securities
   $ 1,443,409  
 
Pershing LLC (0.300%)
         
Security description   Value (a)
 
Fannie Mae Pool
   $ 763,472  
Fannie Mae REMICS
     792,371  
Federal Farm Credit Bank
     79,662  
Federal Home Loan Banks
     46,557  
Federal Home Loan Mortgage Corp
     6,688  
Federal National Mortgage Association
     23,251  
Freddie Mac Gold Pool
     209,802  
Freddie Mac Non Gold Pool
     30,026  
Freddie Mac REMICS
     724,727  
Ginnie Mae I Pool
     130,313  
Ginnie Mae II Pool
     148,923  
Government National Mortgage Association
     2,138,569  
United States Treasury Note/Bond
     1,933  
United States Treasury Strip Principal
     3,706  
 
Total market value of collateral securities
   $ 5,100,000  
 
(g)   At Jan. 31, 2011, security was partially or fully on loan.
 
(h)   At Jan. 31, 2011, the cost of securities for federal income tax purposes was approximately $378,939,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 86,257,000  
Unrealized depreciation
     (5,216,000 )
 
Net unrealized appreciation
   $ 81,041,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Oct. 31, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Jan. 31, 2011:
                                 
    Fair value at Jan. 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Equity Securities
                                
Common Stocks
                                
Aerospace & Defense
   $ —     $ 8,654,835     $ —     $ 8,654,835  
Auto Components
     —       2,882,701       —       2,882,701  
Automobiles
     —       12,048,847       —       12,048,847  
Beverages
     —       5,227,959       —       5,227,959  
Biotechnology
     2,686,600       2,746,066       —       5,432,666  
Capital Markets
     —       6,927,561       —       6,927,561  
Chemicals
     —       4,080,986       —       4,080,986  
Commercial Banks
     4,085,703       18,211,323       —       22,297,026  
Commercial Services & Supplies
     3,631,042       2,644,571       —       6,275,613  
Construction & Engineering
     —       4,097,230       —       4,097,230  
Construction Materials
     —       2,667,967       —       2,667,967  
Diversified Financial Services
     18,947,358       4,547,310       —       23,494,668  
Diversified Telecommunication Services
     —       2,595,387       —       2,595,387  
Electrical Equipment
     —       8,078,660       —       8,078,660  
Electronic Equipment, Instruments & Components
     3,963,164       7,617,422       —       11,580,586  
Energy Equipment & Services
     8,173,241       8,857,624       —       17,030,865  
Food & Staples Retailing
     3,644,550       2,963,967       —       6,608,517  
Food Products
     —       1,785,094       —       1,785,094  
Gas Utilities
     —       3,558,965       —       3,558,965  
Hotels, Restaurants & Leisure
     —       7,857,588       —       7,857,588  
Insurance
     7,190,073       6,062,347       —       13,252,420  
Internet Software & Services
     6,629,776       3,408,020       —       10,037,796  
Machinery
     4,465,643       13,784,573       —       18,250,216  
Metals & Mining
     5,639,116       20,803,258       —       26,442,374  
Multiline Retail
     —       2,067,776       —       2,067,776  
Office Electronics
     —       4,094,915       —       4,094,915  
Oil, Gas & Consumable Fuels
     18,136,570       16,829,807       —       34,966,377  
Pharmaceuticals
     —       4,412,034       —       4,412,034  
Real Estate Investment Trusts (REITs)
     —       1,789,930       —       1,789,930  
Real Estate Management & Development
     2,982,688       7,219,391       —       10,202,079  
Semiconductors & Semiconductor Equipment
     4,471,668       10,652,298       —       15,123,966  
Specialty Retail
     7,245,511       4,461,497       —       11,707,008  
Textiles, Apparel & Luxury Goods
     —       11,110,094       —       11,110,094  
Wireless Telecommunication Services
     7,207,476       9,095,414       —       16,302,890  
All Other Industries
     105,348,973       —       —       105,348,973  
 
Total Equity Securities
     214,449,152       233,843,417       —       448,292,569  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     272,054       —       —       272,054  
Investments of Cash Collateral Received for Securities on Loan
     —       11,415,107       —       11,415,107  
 
Total Other
     272,054       11,415,107       —       11,687,161  
 
 
                                
Investments in Securities
     214,721,206       245,258,524       —       459,979,730  
Derivatives(d)
                                
Assets
                                
Forward Foreign Currency Exchange Contracts
     —       495       —       495  
 
 
Total
   $ 214,721,206     $ 245,259,019     $ —     $ 459,980,225  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   The amount of securities transferred out of Level 1 into Level 2 during the period was $195,210,937.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Jan. 31, 2011.
 
(d)   Derivative instruments are valued at unrealized appreciation (depreciation).

 

 

Portfolio of Investments
Columbia Global Extended Alpha Fund
Jan. 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (94.6%)(c)
                 
Issuer     Shares     Value(a)  
Australia (0.5%)
                
InterOil Corp.
     720  (b)   $ 49,824  
 
                
Brazil (1.7%)
                
Banco Santander Brasil SA, ADR
     8,700       100,920  
MRV Engenharia e Participacoes SA
     10,000       84,598  
 
              
Total
             185,518  
 
              
 
                
Canada (6.9%)
                
CGI Group, Inc., Class A
     11,500  (b)     221,247  
Fairfax Financial Holdings Ltd.
     400       152,632  
IESI-BFC Ltd.
     8,500       201,875  
MacDonald, Dettwiler & Associates Ltd.
     3,400  (b)     164,651  
 
              
Total
             740,405  
 
              
 
                
China (1.9%)
                
AsiaInfo-Linkage, Inc.
     9,595  (b)     205,909  
 
                
Cyprus (1.5%)
                
ProSafe SE
     21,500       160,212  
 
                
Denmark (1.1%)
                
FLSmidth & Co. A/S
     1,350       115,974  
 
                
France (2.3%)
                
Euler Hermes SA
     1,000  (b)     91,974  
Renault SA
     2,300  (b)     150,303  
 
              
Total
             242,277  
 
              
 
                
Germany (4.7%)
                
Linde AG
     1,690       246,317  
MTU Aero Engines Holding AG
     3,699       260,790  
 
              
Total
             507,107  
 
              
 
                
Hong Kong (1.9%)
                
Great Eagle Holdings Ltd.
     60,359       202,438  
 
                
India (2.0%)
                
State Bank of India, GDR
     1,010  (d)     118,675  
Union Bank of India
     13,085       94,662  
 
              
Total
             213,337  
 
              
 
                
Indonesia (2.2%)
                
Bank Rakyat Indonesia Persero Tbk PT
     160,000       86,368  
PT Perusahaan Gas Negara Tbk
     309,000       145,379  
 
              
Total
             231,747  
 
              
 
                
Ireland (1.7%)
                
Accenture PLC, Class A
     3,596       185,086  
 
                
Italy (1.7%)
                
Prysmian SpA
     9,000       181,683  

 

 

                 
Issuer   Shares     Value(a)  
Japan (6.6%)
                
Asahi Breweries Ltd.
     9,800       183,964  
Komatsu Ltd.
     6,300       187,889  
Makita Corp.
     5,000       216,451  
Ushio, Inc.
     5,800       117,523  
 
              
Total
             705,827  
 
              
 
                
Mexico (1.8%)
                
America Movil SAB de CV, Series L, ADR
     3,300       188,067  
 
                
Netherlands (2.2%)
                
Fugro NV-CVA
     2,890       232,608  
 
                
South Africa (1.7%)
                
MTN Group Ltd.
     10,750       184,330  
 
                
South Korea (2.9%)
                
Hyundai Home Shopping Network Corp.
     1,825  (b)     170,112  
NHN Corp.
     800  (b)     142,714  
 
              
Total
             312,826  
 
              
 
                
United Kingdom (7.8%)
                
BG Group PLC
     8,874       199,039  
Ensco PLC, ADR
     2,000       108,680  
Tesco PLC
     18,863       121,543  
The Weir Group PLC
     4,000       101,513  
Tullow Oil PLC
     6,800       144,612  
Vodafone Group PLC
     57,885       162,394  
 
              
Total
             837,781  
 
              
 
                
United States (41.5%)
                
Advance Auto Parts, Inc.
     3,200       204,608  
Air Products & Chemicals, Inc.
     1,200       104,700  
Blackstone Group LP
     12,000       188,760  
Cloud Peak Energy, Inc.
     4,975  (b)     113,281  
Colgate-Palmolive Co.
     1,446       111,009  
Crown Castle International Corp.
     3,700  (b)     156,029  
Dresser-Rand Group, Inc.
     1,820  (b)     83,593  
Flowserve Corp.
     1,550       193,735  
Halliburton Co.
     3,538       159,211  
Hartford Financial Services Group, Inc.
     5,045       140,150  
Hewlett-Packard Co.
     3,500       159,915  
Laboratory Corp. of America Holdings
     2,620  (b)     235,564  
Limited Brands, Inc.
     4,000       116,960  
McDonald’s Corp.
     2,438       179,607  
Micron Technology, Inc.
     12,579  (b)     132,583  
Oasis Petroleum, Inc.
     3,100  (b)     99,107  
Roper Industries, Inc.
     2,500       194,224  
The Coca-Cola Co.
     3,283       206,337  
Thermo Fisher Scientific, Inc.
     4,790  (b)     274,323  
Tidewater, Inc.
     1,517       90,246  
Time Warner Cable, Inc.
     2,400       162,792  
Tyco Electronics Ltd.
     7,549       273,500  
Union Pacific Corp.
     2,300       217,649  
Waste Connections, Inc.
     5,700       165,129  
WESCO International, Inc.
     5,200  (b)     291,460  
World Fuel Services Corp.
     5,696       213,828  
 
              
Total
             4,468,300  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Total Common Stocks
(Cost: $8,551,603)
           $ 10,151,256  
 
              
Money Market Fund (7.1%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.218%
     764,532  (e)   $ 764,532  
 
              
Total Money Market Fund
(Cost: $764,532)
           $ 764,532  
 
              
Total Investments in Securities
(Cost: $9,316,135)(f)
           $ 10,915,788  
 
              
Summary of Investments in Securities by Industry
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at Jan. 31, 2011:
                 
    Percentage of net        
Industry   assets     Value(a)  
 
Aerospace & Defense
     2.4 %   $ 260,790  
Automobiles
     1.4       150,303  
Beverages
     3.6       390,301  
Capital Markets
     1.8       188,760  
Chemicals
     3.3       351,017  
Commercial Banks
     3.7       400,625  
Commercial Services & Supplies
     3.4       367,004  
Computers & Peripherals
     1.5       159,915  
Construction & Engineering
     1.1       115,974  
Electrical Equipment
     4.6       493,430  
Electronic Equipment, Instruments & Components
     2.5       273,500  
Energy Equipment & Services
     7.9       834,550  
Food & Staples Retailing
     1.1       121,543  
Gas Utilities
     1.4       145,379  
Health Care Providers & Services
     2.2       235,564  
Hotels, Restaurants & Leisure
     1.7       179,607  
Household Durables
     0.8       84,598  
Household Products
     1.0       111,009  
Insurance
     3.6       384,756  
Internet & Catalog Retail
     1.6       170,112  
Internet Software & Services
     1.3       142,714  
IT Services
     3.8       406,333  
Life Sciences Tools & Services
     2.6       274,323  
Machinery
     6.5       699,588  
Media
     1.5       162,792  
Oil, Gas & Consumable Fuels
     7.6       819,691  
Real Estate Management & Development
     1.9       202,438  
Road & Rail
     2.0       217,649  
Semiconductors & Semiconductor Equipment
     1.2       132,583  
Software
     3.5       370,560  
Specialty Retail
     3.0       321,568  
Trading Companies & Distributors
     2.7       291,460  
Wireless Telecommunication Services
     6.4       690,820  
Other(1)
     7.1       764,532  
 
 
                
Total
           $ 10,915,788  
 
              
(1)   Cash & Cash Equivalents.
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
Investments in Derivatives
Portfolio Swap(1) Outstanding at Jan. 31, 2011
                         
        Next   Unrealized   Unrealized
Counterparty   Description   reset date   appreciation   depreciation
 
UBS
  The Fund receives (pays) the total return on a custom basket of long (short) equity positions and pays (receives) a floating rate based on the 1-day LIBOR which is denominated in various foreign currencies based on the local currencies of the securities underlying the custom basket.   Feb. 8, 2011   $ 696     $ —  
 
Total
          $ 696     $ —  
 
Summary of Portfolio Swap Exposure by Industry
The following table represents the exposure of the custom basket of equity securities underlying the portfolio swap by industry classifications as a percentage of net assets at Jan. 31, 2011:
                                 
    Percentage of     Value  
    net assets     Long     Short     Net  
 
Aerospace & Defense
     1.9 %   $ 203,250     $ —     $ 203,250  
Auto Components
     1.7       184,939       —       184,939  
Capital Markets
     (1.8 )     —       (192,809 )     (192,809 )
Computers & Peripherals
     3.2       339,320       —       339,320  
Construction & Engineering
     (1.3 )     —       (142,380 )     (142,380 )
Construction Materials
     (2.0 )     —       (218,050 )     (218,050 )
Diversified Financial Services
     3.3       349,920       —       349,920  
Electric Utilities
     (2.5 )     —       (266,519 )     (266,519 )
Health Care Equipment & Supplies
     1.7       265,051       (82,133 )     182,918  
Health Care Providers & Services
     1.1       118,188       —       118,188  
Hotels, Restaurants & Leisure
     (0.6 )     148,300       (217,508 )     (69,208 )
IT Services
     5.4       583,200       —       583,200  
Machinery
     1.6       175,028       —       175,028  
Media
     (1.3 )     —       (140,035 )     (140,035 )
Multiline-Utilities
     (0.9 )     —       (99,820 )     (99,820 )
Oil, Gas & Consumable Fuels
     0.5       141,872       (91,711 )     50,161  
Real Estate Investment Trusts (REITs)
     (2.6 )     —       (276,073 )     (276,073 )
Road & Rail
     (2.3 )     —       (243,466 )     (243,466 )
Semiconductors & Semiconductor Equipment
     1.2       130,700       —       130,700  
Software
     3.6       384,360       —       384,360  
Specialty Retail
     1.0       110,447       —       110,447  
Textiles, Apparel & Luxury Goods
     1.9       200,581       —       200,581  
U.S. Large Cap
     (12.0 )     —       (1,286,700 )     (1,286,700 )
Water Utilities
     (1.1 )     —       (115,600 )     (115,600 )
(1)   The Fund has entered into a portfolio swap agreement. A portfolio swap allows the Fund to obtain exposure to a custom basket of securities and foreign markets (both long and short exposures) without owning or taking physical custody of such securities. Under the terms of the agreement, payments made by the Fund or the counterparty are based on the total return of the reference assets within the basket. That is, one party agrees to pay another party the return on the basket in return for a specified interest rate. The agreement allows the Investment Manager of the Fund to alter the composition of the custom basket by trading in and out of the notional security positions at its discretion.
 
    The notional amounts of the security positions held in the basket are not recorded in the financial statements. The portfolio swap is valued daily, and the change in value is recorded as unrealized appreciation (depreciation). The swap resets monthly at which time the Fund settles in cash with the counterparty. Payments received or made are recorded as realized gains (losses).
Notes to Portfolio of Investments
ADR — American Depositary Receipt
 
GDR — Global Depositary Receipt
 
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Oct. 31, 2010.
 
(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 may be determined to be liquid under guidelines established by the Fund’s Board of Directors. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2011, the value of these securities amounted to $118,675 or 1.11% of net assets.
 
(e)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Jan. 31, 2011.
 
(f)   At Jan. 31, 2011, the cost of securities for federal income tax purposes was approximately $9,316,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 1,662,000  
Unrealized depreciation
     (62,000 )
 
Net unrealized appreciation
   $ 1,600,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Oct. 31, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Jan. 31, 2011:
                                 
    Fair value at Jan. 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Equity Securities
                                
Common Stocks
                                
Aerospace & Defense
   $ —     $ 260,790     $ —     $ 260,790  
Automobiles
     —       150,303       —       150,303  
Beverages
     206,337       183,964       —       390,301  
Chemicals
     104,700       246,317       —       351,017  
Commercial Banks
     100,920       299,705       —       400,625  
Construction & Engineering
     —       115,974       —       115,974  
Electrical Equipment
     194,225       299,205       —       493,430  
Energy Equipment & Services
     441,729       392,821       —       834,550  
Food & Staples Retailing
     —       121,543       —       121,543  
Gas Utilities
     —       145,379       —       145,379  
Insurance
     292,782       91,974       —       384,756  
Internet & Catalog Retail
     —       170,112       —       170,112  
Internet Software & Services
     —       142,714       —       142,714  
Machinery
     193,735       505,853       —       699,588  
Oil, Gas & Consumable Fuels
     476,039       343,652       —       819,691  
Real Estate Management & Development
     —       202,438       —       202,438  
Wireless Telecommunication Services
     344,096       346,724       —       690,820  
All Other Industries
     3,777,225       —       —       3,777,225  
 
Total Equity Securities
     6,131,788       4,019,468       —       10,151,256  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     764,532       —       —       764,532  
 
Total Other
     764,532       —       —       764,532  
 
 
                                
Investments in Securities
     6,896,320       4,019,468       —       10,915,788  
Derivatives(d)
                                
Assets
                                
Swap Contracts
     —       696       —       696  
 
 
                                
Total
   $ 6,896,320     $ 4,020,164     $ —     $ 10,916,484  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   The amount of securities transferred out of Level 1 into Level 2 during the period was $3,196,450.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Jan. 31, 2011.
 
(d)   Derivative instruments are valued at unrealized appreciation (depreciation)

 

 

Portfolio of Investments
Threadneedle Global Equity Income Fund
Jan. 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (92.9%)(c)
                 
Issuer   Shares     Value(a)  
Australia (3.9%)
                
Ausdrill Ltd.
     68,893     $ 200,802  
Coca-Cola Amatil Ltd.
     36,130       404,835  
Foster’s Group Ltd.
     67,714       381,971  
National Australia Bank Ltd.
     14,835       366,104  
Telstra Corp., Ltd.
     124,085       347,209  
 
              
Total
             1,700,921  
 
              
 
                
Bermuda (0.9%)
                
Seadrill Ltd.
     12,303       407,845  
 
                
Brazil (1.4%)
                
Multiplus SA
     25,037       468,383  
Redecard SA
     11,500       142,137  
 
              
Total
             610,520  
 
              
 
                
Canada (4.4%)
                
AGF Management Ltd., Class B
     26,400       491,555  
Baytex Energy Corp.
     18,609       920,772  
Crescent Point Energy Corp.
     11,758  (d)     519,720  
 
              
Total
             1,932,047  
 
              
 
                
China (0.8%)
                
Jiangsu Expressway Co., Ltd., Series H
     324,000       349,448  
 
                
Cyprus (0.6%)
                
ProSafe SE
     37,814       281,780  
 
                
Finland (2.9%)
                
Fortum OYJ
     20,998       645,914  
Sampo OYJ, Series A
     21,125       622,646  
 
              
Total
             1,268,560  
 
              
 
                
France (4.4%)
                
France Telecom SA
     28,331       617,700  
Sanofi-Aventis SA
     4,117       281,275  
Total SA
     6,325       369,994  
Vivendi SA
     22,924       655,117  
 
              
Total
             1,924,086  
 
              
 
                
Germany (2.2%)
                
BASF SE
     6,467       497,692  
Deutsche Telekom AG
     14,920       198,836  
E.ON AG
     7,694       256,604  
 
              
Total
             953,132  
 
              
 
                
Greece (0.5%)
                
OPAP SA
     10,223       206,304  

 

                 
Issuer   Shares     Value(a)  
Hong Kong (2.7%)
                
Champion REIT
     1,225,000  (d)     741,323  
Hang Seng Bank Ltd.
     26,000       430,136  
 
              
Total
             1,171,459  
 
              
 
                
Indonesia (0.8%)
                
PT Perusahaan Gas Negara Tbk
     774,500       364,389  
 
                
Italy (2.7%)
                
ENI SpA
     13,847       327,735  
Snam Rete Gas SpA
     66,898       350,790  
Telecom Italia SpA
     146,525       208,078  
Tod’s SpA
     2,917  (d)     298,867  
 
              
Total
             1,185,470  
 
              
 
                
Malaysia (0.7%)
                
Maxis Bhd
     166,700       291,531  
 
                
Mexico (1.1%)
                
Grupo Continental SAB de CV
     133,200       458,379  
 
                
Norway (0.8%)
                
DnB NOR ASA
     24,352       335,680  
 
                
Poland (1.0%)
                
KGHM Polska Miedz SA
     7,482       437,912  
 
                
Singapore (4.7%)
                
Ascendas Real Estate Investment Trust
     247,000       405,705  
DBS Group Holdings Ltd.
     59,500       701,766  
Mapletree Industrial Trust
     462,000       386,505  
StarHub Ltd.
     284,000       568,327  
 
              
Total
             2,062,303  
 
              
 
                
South Africa (1.9%)
                
Kumba Iron Ore Ltd.
     8,341       523,574  
The Foschini Group Ltd.
     29,066       321,526  
 
              
Total
             845,100  
 
              
 
                
South Korea (3.3%)
                
Kangwon Land, Inc.
     21,440       497,720  
KT Corp., ADR
     24,117       474,623  
KT&G Corp.
     8,755       462,168  
 
              
Total
             1,434,511  
 
              
 
                
Spain (1.5%)
                
Banco Santander SA
     52,459       642,105  
 
                
Sweden (1.0%)
                
Skanska AB, Series B
     21,778       441,161  

 

 

                 
Issuer   Shares     Value(a)  
Taiwan (7.2%)
                
Chunghwa Telecom Co. Ltd., ADR
     24,827       741,576  
Delta Electronics, Inc.
     108,040       498,387  
HTC Corp.
     32,900       1,106,025  
Hung Poo Real Estate Development Corp.
     227,000       362,436  
Taiwan Semiconductor Manufacturing Co., Ltd.
     160,000       416,078  
 
              
Total
             3,124,502  
 
              
 
                
United Kingdom (15.1%)
                
Admiral Group PLC
     27,759       730,154  
AstraZeneca PLC
     8,990       438,119  
BAE Systems PLC
     75,007       410,713  
British American Tobacco PLC
     13,560       500,605  
Close Brothers Group PLC
     19,936       270,521  
GlaxoSmithKline PLC
     24,177       436,371  
Man Group PLC
     115,464       543,557  
National Grid PLC
     46,757       414,506  
Pearson PLC
     47,680       784,300  
Royal Dutch Shell PLC, Series B
     16,143       562,282  
RSA Insurance Group PLC
     164,284       357,857  
United Utilities Group PLC
     30,529       265,641  
Vodafone Group PLC
     305,974       858,398  
 
              
Total
             6,573,024  
 
              
 
                
United States (26.4%)
                
AllianceBernstein Holding LP
     13,891       294,211  
Altria Group, Inc.
     26,271       617,631  
Annaly Capital Management, Inc.
     26,326       469,393  
AT&T, Inc.
     14,942       411,204  
Blackstone Group LP
     29,530       464,507  
BP Prudhoe Bay Royalty Trust
     8,391       989,550  
Bristol-Myers Squibb Co.
     23,660       595,758  
CenturyLink, Inc.
     13,360       577,686  
Enterprise Products Partners LP
     9,014       392,650  
Frontier Communications Corp.
     23,658       216,944  
Kimberly-Clark Corp.
     5,391       348,959  
Kinder Morgan Energy Partners LP
     8,929       639,049  
Linn Energy LLC Unit
     19,810       784,277  
Merck & Co., Inc.
     17,562       582,532  
Mesabi Trust
     13,714       457,088  
Penn Virginia Resource Partners LP
     15,833       443,641  
Pfizer, Inc.
     19,527       355,782  
Philip Morris International, Inc.
     9,011       515,790  
Plum Creek Timber Co., Inc.
     9,114       381,603  
Qwest Communications International, Inc.
     52,192       372,129  
Reynolds American, Inc.
     14,454       459,782  
Southern Co.
     10,916       410,660  
Southern Copper Corp.
     10,278       460,660  
Verizon Communications, Inc.
     6,942       247,274  
 
              
Total
             11,488,760  
 
              
Total Common Stocks
(Cost: $32,382,014)
           $ 40,490,929  
 
              
Preferred Stocks (1.9%)(c)
                 
Issuer   Shares     Value(a)  
Brazil (1.3%)
                
Cia de Bebidas das Americas
     22,015     $ 591,619  
 
Italy (0.6%)
                
Fiat SpA
     33,075  (d)     250,617  
 
              
Total Preferred Stocks
(Cost: $490,155)
           $ 842,236  
 
              

 

 

Rights (—%)(c)
                 
Issuer   Shares     Value(a)  
Spain
                
Banco Santander SA
     52,459  (b)   $ 9,908  
 
              
Total Rights
(Cost: $—)
           $ 9,908  
 
              
Bonds (1.7%)(c)
                         
    Coupon     Principal        
Issuer   rate     amount     Value(a)  
Finland
                        
Talvivaara Mining Co. PLC
                        
(EUR) Senior Unsecured Convertible
                        
05-20-13
     5.250 %   $ 500,000     $ 745,942  
 
                      
Total Bonds
(Cost: $383,269)
                   $ 745,942  
 
                      
Money Market Fund (2.9%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.218%
     1,243,872  (f)   $ 1,243,872  
 
              
Total Money Market Fund
(Cost: $1,243,872)
           $ 1,243,872  
 
              
Investments of Cash Collateral Received for Securities on Loan (2.3%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(e)
                        
Goldman Sachs & Co.
dated 01-31-11, matures 02-01-11,
repurchase price
$1,014,924
     0.220 %   $ 1,014,918     $ 1,014,918  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $1,014,918)
                   $ 1,014,918  
 
                      
Total Investments in Securities
                        
(Cost: $35,514,228)(g)
                   $ 44,347,805  
 
                      
Summary of Investments in Securities by Industry
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at Jan. 31, 2011:
                 
    Percentage of net        
Industry   assets     Value(a)  
 
Aerospace & Defense
     0.9 %   $ 410,713  
Automobiles
     0.6       250,617  
Beverages
     2.9       1,245,185  
Capital Markets
     4.7       2,064,351  
Chemicals
     1.1       497,692  
Commercial Banks
     5.7       2,485,699  
Commercial Services & Supplies
     1.1       468,383  
Communications Equipment
     2.5       1,106,025  
Construction & Engineering
     1.0       441,161  
Diversified Telecommunication Services
     10.1       4,413,259  
Electric Utilities
     3.0       1,313,178  
Electronic Equipment, Instruments & Components
     1.1       498,387  
Energy Equipment & Services
     1.6       689,625  
Food and Beverage
     1.3       591,619  
Gas Utilities
     1.6       715,179  
Hotels, Restaurants & Leisure
     1.6       704,024  
Household Products
     0.8       348,959  
Insurance
     3.9       1,710,657  
IT Services
     0.3       142,137  
Media
     3.3       1,439,417  
Metals
     1.7       745,942  
Metals & Mining
     4.8       2,080,036  
Multi-Utilities
     1.6       680,147  
Oil, Gas & Consumable Fuels
     13.8       5,949,670  
Pharmaceuticals
     6.2       2,689,837  
Real Estate Investment Trusts (REITs)
     5.5       2,384,529  
Real Estate Management & Development
     0.8       362,436  
Semiconductors & Semiconductor Equipment
     1.0       416,078  
Specialty Retail
     0.7       321,526  
Textiles, Apparel & Luxury Goods
     0.7       298,867  
Tobacco
     5.9       2,555,976  
Transportation Infrastructure
     0.8       349,448  
Wireless Telecommunication Services
     3.9       1,718,256  
Other(1)
     5.2       2,258,790  
 
 
                
Total
           $ 44,347,805  
 
              
(1) Cash & Cash Equivalents.
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
 
Notes to Portfolio of Investments
 
ADR — American Depositary Receipt
 
EUR — European Monetary Unit
 
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Oct. 31, 2010.
 
(b)   Non-income producing.
 
(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)   At Jan. 31, 2011, security was partially or fully on loan.
 
(e)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
Goldman Sachs & Co. (0.220%)
         
Security description   Value (a)
 
Government National Mortgage Association
   $ 1,035,216  
 
Total market value of collateral securities
   $ 1,035,216  
 
(f)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Jan. 31, 2011.
 
(g)   At Jan. 31, 2011, the cost of securities for federal income tax purposes was approximately $35,514,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 9,188,000  
Unrealized depreciation
     (354,000 )
 
Net unrealized appreciation
   $ 8,834,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Oct. 31, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Jan. 31, 2011:
                                 
    Fair value at Jan. 31, 2011
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets   inputs(b)   inputs   Total
 
Equity Securities
                                
Common Stocks
                                
Aerospace & Defense
   $ —     $ 410,713     $ —     $ 410,713  
Beverages
     458,379       786,806       —       1,245,185  
Capital Markets
     1,250,273       814,078       —       2,064,351  
Chemicals
     —       497,692       —       497,692  
Commercial Banks
     —       2,475,791       —       2,475,791  
Communications Equipment
     —       1,106,025       —       1,106,025  
Construction & Engineering
     —       441,161       —       441,161  
Diversified Telecommunication Services
     3,041,436       1,371,823       —       4,413,259  
Electric Utilities
     410,660       902,518       —       1,313,178  
Electronic Equipment, Instruments & Components
     —       498,387       —       498,387  
Energy Equipment & Services
     407,845       281,780       —       689,625  
Gas Utilities
     —       715,179       —       715,179  
Hotels, Restaurants & Leisure
     —       704,024       —       704,024  
Insurance
     —       1,710,657       —       1,710,657  
Media
     —       1,439,417       —       1,439,417  
Metals & Mining
     917,748       1,162,288       —       2,080,036  
Multi-Utilities
     —       680,147       —       680,147  
Oil, Gas & Consumable Fuels
     4,689,660       1,260,010       —       5,949,670  
Pharmaceuticals
     1,534,072       1,155,765       —       2,689,837  
Real Estate Investment Trusts (REITs)
     850,996       1,533,533       —       2,384,529  
Real Estate Management & Development
     —       362,436       —       362,436  
Semiconductors & Semiconductor Equipment
     —       416,078       —       416,078  
Specialty Retail
     —       321,526       —       321,526  
Textiles, Apparel & Luxury Goods
     —       298,867       —       298,867  
Tobacco
     1,593,203       962,773       —       2,555,976  
Transportation Infrastructure
     —       349,448       —       349,448  
Wireless Telecommunication Services
     —       1,718,256       —       1,718,256  
All Other Industries
     959,479       —       —       959,479  
Preferred Stocks
                                
Automobiles
     —       250,617       —       250,617  
All Other Industries
     591,619       —       —       591,619  
Rights
                                
Commercial Banks
     —       9,908       —       9,908  
 
Total Equity Securities
     16,705,370       24,637,703       —       41,343,073  
 
 
                                
Bonds
                                
Corporate Debt Securities
     —       745,942       —       745,942  
 
Total Bonds
     —       745,942       —       745,942  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     1,243,872       —       —       1,243,872  
Investments of Cash Collateral Received for Securities on Loan
     —       1,014,918       —       1,014,918  
 
 
                                
Total Other
     1,243,872       1,014,918       —       2,258,790  
 
 
                                
Total
   $ 17,949,242     $ 26,398,563     $ —     $ 44,347,805  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   The amount of securities transferred out of Level 1 into Level 2 during the period was $19,631,519.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Jan. 31, 2011.
The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
         
    Corporate Debt
    Securities
 
Balance as of Oct. 31, 2010
   $ 768,694  
Accrued discounts/premiums
     —  
Realized gain (loss)
     —  
Change in unrealized appreciation (depreciation)*
     —  
Sales
     —  
Purchases
     —  
Transfers into Level 3
     —  
Transfers out of Level 3
     (768,694 )
 
Balance as of Jan. 31, 2011
   $ —  
 
*   Change in unrealized appreciation (depreciation) relating to securities held at Jan. 31, 2011 was $0.
Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

 

 

Item 2. Control and Procedures.
(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
(Registrant)
  RiverSource Global Series, Inc.
         
By
  /s/ J. Kevin Connaughton
 
J. Kevin Connaughton 		   
 
  President and Principal Executive Officer    
 
        
Date
  March 23, 2011    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
By
  /s/ J. Kevin Connaughton
 
J. Kevin Connaughton 		   
 
  President and Principal Executive Officer    
 
        
Date
  March 23, 2011    
 
        
By
  /s/ Michael G. Clarke
 
Michael G. Clarke 		   
 
  Treasurer and Principal Financial Officer    
 
        
Date
  March 23, 2011